Cover Page
Cover Page - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2022 | Feb. 10, 2023 | Jun. 30, 2022 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2022 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 1-8787 | ||
Entity Registrant Name | American International Group, Inc. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 13-2592361 | ||
Entity Address, Address Line One | 1271 Avenue of the Americas | ||
Entity Address, City or Town | New York | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 10020 | ||
City Area Code | (212) | ||
Local Phone Number | 770-7000 | ||
Entity Well Known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 35.3 | ||
Entity Common Stock, Shares Outstanding | 737,247,384 | ||
Documents Incorporated By Reference | Document of the Registrant Form 10-K Reference Locations Portions of the registrant’s definitive proxy statement for the 2023 Annual Meeting of Shareholders Part II, Item 5 and Part III, Items 10, 11, 12, 13 and 14 | ||
Document Fiscal Year Focus | 2022 | ||
Entity Central Index Key | 0000005272 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Common Stock, Par Value $2.50 Per Share | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Common Stock, Par Value $2.50 Per Share | ||
Trading Symbol | AIG | ||
Security Exchange Name | NYSE | ||
4.875% Series A-3 Junior Subordinated Debentures | |||
Document Information [Line Items] | |||
Title of 12(b) Security | 4.875% Series A-3 Junior Subordinated Debentures | ||
Trading Symbol | AIG 67EU | ||
Security Exchange Name | NYSE | ||
Depositary Shares Each Representing a 1/1,000th Interest in a Share of Series A 5.85% Non-Cumulative Perpetual Preferred Stock | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Depositary Shares Each Representing a 1/1,000th Interest in a Share of Series A 5.85% Non-Cumulative Perpetual Preferred Stock | ||
Trading Symbol | AIG PRA | ||
Security Exchange Name | NYSE |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2022 | |
Auditor Information [Abstract] | |
Auditor Firm ID | 238 |
Auditor Name | PricewaterhouseCoopers LLP |
Auditor Location | New York, New York |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | |
Fixed maturity securities: | |||
Bonds available for sale, at fair value, net of allowance for credit losses of $186 in 2022 and $98 in 2021 (amortized cost: 2022 - $255,993; 2021 - $259,210) | [1] | $ 226,156 | $ 277,202 |
Other bond securities, at fair value (See Note 5) | [1] | 4,485 | 6,278 |
Equity securities, at fair value (See Note 5) | [1] | 575 | 739 |
Mortgage and other loans receivable | [1] | 49,605 | 46,048 |
Other invested assets | [1] | 15,953 | 15,668 |
Short-term investments | [1] | 12,376 | 13,357 |
Total investments | 309,150 | 359,292 | |
Cash | [1] | 2,043 | 2,198 |
Accrued investment income | [1] | 2,376 | 2,239 |
Premiums and other receivables, net of allowance for credit losses and disputes of $169 in 2022 and $185 in 2021 | 13,243 | 12,409 | |
Deferred income taxes | 15,144 | 11,714 | |
Deferred policy acquisition costs | 15,518 | 10,514 | |
Other assets | [1] | 12,714 | 14,351 |
Separate account assets, at fair value | 84,853 | 109,111 | |
Total assets | 526,634 | 596,112 | |
Liabilities: | |||
Liability for unpaid losses and loss adjustment expenses, including allowance for credit losses of $14 in 2022 and $14 in 2021 | 75,167 | 79,026 | |
Unearned premiums | 18,338 | 19,313 | |
Future policy benefits for life and accident and health insurance contracts | 59,223 | 59,950 | |
Policyholder contract deposits (portion measured at fair value: 2022 - $7,146; 2021 - $9,736) | 158,891 | 156,686 | |
Other policyholder funds | 3,909 | 3,476 | |
Fortitude Re funds withheld payable (portion measured at fair value: 2022 - $(2,235); 2021 - $5,922) | 30,383 | 40,771 | |
Other liabilities (portion measured at fair value: 2022 - $343; 2021 - $586) | [1] | 26,456 | 28,704 |
Separate account liabilities | 84,853 | 109,111 | |
Total liabilities | 484,399 | 527,200 | |
Contingencies, commitments and guarantees (See Note 15) | |||
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: 2022 - 20,000 and 2021 - 20,000; liquidation preference $500 | 485 | 485 | |
Common stock, $2.50 par value; 5,000,000,000 shares authorized; shares issued: 2022 - 1,906,671,492 and 2021 - 1,906,671,492 | 4,766 | 4,766 | |
Treasury stock, at cost; 2022 - 1,172,543,436 shares; 2021 - 1,087,984,129 shares of common stock | (56,473) | (51,618) | |
Additional paid-in capital | 80,284 | 81,851 | |
Retained earnings | 33,032 | 23,785 | |
Accumulated other comprehensive income (loss) | (22,092) | 6,687 | |
Total AIG shareholders’ equity | 40,002 | 65,956 | |
Non-redeemable noncontrolling interests | 2,233 | 2,956 | |
Total equity | 42,235 | 68,912 | |
Total liabilities and equity | 526,634 | 596,112 | |
Recurring Basis | |||
Fixed maturity securities: | |||
Other invested assets | 12,042 | 10,504 | |
Short-term investments | 5,708 | 4,426 | |
Other assets | 621 | 957 | |
Liabilities: | |||
Policyholder contract deposits (portion measured at fair value: 2022 - $7,146; 2021 - $9,736) | 7,146 | 9,736 | |
Fortitude Re funds withheld payable | (2,235) | ||
Fortitude Re funds withheld payable (portion measured at fair value: 2022 - $(2,235); 2021 - $5,922) | 5,922 | ||
Consolidated Entities, Excluding Consolidated Investments | |||
Liabilities: | |||
Short-term and long-term debt | 21,299 | 23,741 | |
Consolidated Investments, Including Variable Interest Entities, Primarily Beneficiary | |||
Liabilities: | |||
Short-term and long-term debt | [1] | 5,880 | 6,422 |
Fortitude RE | |||
Fixed maturity securities: | |||
Reinsurance assets, net of allowance for credit losses and disputes | 32,159 | 33,365 | |
Excluding Fortitude | |||
Fixed maturity securities: | |||
Reinsurance assets, net of allowance for credit losses and disputes | $ 39,434 | $ 40,919 | |
[1]See Note 9 for details of balances associated with variable interest entities. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | |
Assets: | |||
Bonds available for sale, allowance for credit losses | $ 186 | $ 98 | |
Bonds available for sale, amortized cost | 255,993 | 259,210 | |
Mortgage and other loans receivable, allowance for credit losses | 38,351 | 629 | |
Other invested assets | [1] | 15,953 | 15,668 |
Short-term investments | [1] | 12,376 | 13,357 |
Premiums and other receivables, allowance for credit losses and disputes | 169 | 185 | |
Reinsurance asset, allowance for credit loss | 295 | 333 | |
Other assets, allowance for credit losses | 49 | 49 | |
Other assets | [1] | 12,714 | 14,351 |
Liabilities: | |||
Liability for unpaid losses and loss adjustment expenses, allowance for credit losses | 14 | 14 | |
Policyholder contract deposits | 158,891 | 156,686 | |
Fortitude Re funds withheld payable | 30,383 | $ 40,771 | |
Short term debt | $ 1,500 | ||
AIG shareholders’ equity: | |||
Preferred stock, par value (in dollars per share) | $ 5 | $ 5 | |
Preferred stock, shares authorized (in shares) | 100,000,000 | 100,000,000 | |
Preferred stock, shares issued (in shares) | 20,000 | 20,000 | |
Preferred stock liquidation preference | $ 500 | $ 500 | |
Common stock, par value (in dollars per share) | $ 2.50 | $ 2.50 | |
Common stock, shares authorized (in shares) | 5,000,000,000 | 5,000,000,000 | |
Common stock, shares issued (in shares) | 1,906,671,492 | 1,906,671,492 | |
Treasury stock, shares of common stock (in shares) | 1,172,543,436 | 1,087,984,129 | |
Fortitude RE | |||
Assets: | |||
Reinsurance asset, allowance for credit loss | $ 0 | $ 0 | |
Excluding Fortitude | |||
Assets: | |||
Reinsurance asset, allowance for credit loss | 295 | ||
Short-term investments, at cost (approximates fair value) | |||
Assets: | |||
Restricted cash | 140 | 197 | |
Other assets | |||
Assets: | |||
Restricted cash | 33 | 32 | |
Recurring Basis | |||
Assets: | |||
Other invested assets | 12,042 | 10,504 | |
Short-term investments | 5,708 | 4,426 | |
Other assets | 621 | 957 | |
Liabilities: | |||
Policyholder contract deposits | 7,146 | 9,736 | |
Fortitude Re funds withheld payable | (2,235) | ||
Fortitude Re funds withheld payable | 5,922 | ||
Other liabilities | 343 | 586 | |
Long-term debt, portion measured at fair value | $ 56 | $ 1,871 | |
[1]See Note 9 for details of balances associated with variable interest entities. |
Consolidated Statements of Inco
Consolidated Statements of Income (Loss) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues: | |||
Premiums | $ 31,857 | $ 31,259 | $ 28,523 |
Policy fees | 2,972 | 3,051 | 2,917 |
Total net investment income | 11,767 | 14,612 | 13,631 |
Total net realized gains (losses) | 8,991 | 2,151 | (2,238) |
Other income | 850 | 984 | 903 |
Total revenues | 56,437 | 52,057 | 43,736 |
Benefits, losses and expenses: | |||
Policyholder benefits and losses incurred | 22,771 | 24,388 | 24,806 |
Interest credited to policyholder account balances | 3,709 | 3,557 | 3,622 |
Amortization of deferred policy acquisition costs | 4,970 | 4,573 | 4,211 |
General operating and other expenses | 9,195 | 8,790 | 8,396 |
Interest expense | 1,125 | 1,305 | 1,457 |
Loss on extinguishment of debt | 303 | 389 | 12 |
Net (gain) loss on divestitures and other | 82 | (3,044) | 8,525 |
Total benefits, losses and expenses | 42,155 | 39,958 | 51,029 |
Income (loss) from continuing operations before income tax expense (benefit) | 14,282 | 12,099 | (7,293) |
Income tax expense (benefit): | |||
Current | 517 | (45) | 217 |
Deferred | 2,489 | 2,221 | (1,677) |
Income tax expense (benefit) | 3,006 | 2,176 | (1,460) |
Income (loss) from continuing operations | 11,276 | 9,923 | (5,833) |
Income (loss) from discontinued operations, net of income tax expense | (1) | 0 | 4 |
Net income (loss) | 11,275 | 9,923 | (5,829) |
Less: | |||
Net income from continuing operations attributable to noncontrolling interests | 999 | 535 | 115 |
Net income (loss) attributable to AIG | 10,276 | 9,388 | (5,944) |
Less: Dividends on preferred stock | 29 | 29 | 29 |
Net income (loss) attributable to AIG common shareholders | $ 10,247 | $ 9,359 | $ (5,973) |
Basic: | |||
Income (loss) from continuing operations (in dollars per share) | $ 13.16 | $ 10.95 | $ (6.88) |
Income from discontinued operations (in dollars per share) | 0 | 0 | 0 |
Net income (loss) attributable to AIG common shareholders (in dollars per share) | 13.16 | 10.95 | (6.88) |
Diluted: | |||
Income (loss) from continuing operations (in dollars per share) | 13.01 | 10.82 | (6.88) |
Income from discontinued operations (in dollars per share) | 0 | 0 | 0 |
Net income attributable to AIG common shareholders (in dollars per share) | $ 13.01 | $ 10.82 | $ (6.88) |
Weighted average shares outstanding: | |||
Basic (in shares) | 778,621,118 | 854,320,449 | 869,309,458 |
Diluted (in shares) | 787,941,750 | 864,884,879 | 869,309,458 |
Excluding Fortitude Re Funds Withheld Assets | |||
Revenues: | |||
Total net investment income | $ 10,824 | $ 12,641 | $ 12,578 |
Total net realized gains (losses) | 1,996 | 1,751 | (56) |
Fortitude Re funds withheld assets | |||
Revenues: | |||
Total net investment income | 943 | 1,971 | 1,053 |
Total net realized gains (losses) | (486) | 1,003 | 463 |
Fortitude Re funds withheld embedded derivative | |||
Revenues: | |||
Total net realized gains (losses) | $ 7,481 | $ (603) | $ (2,645) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ 11,275 | $ 9,923 | $ (5,829) |
Other comprehensive income (loss), net of tax | |||
Change in unrealized appreciation (depreciation) of fixed maturity securities on which allowance for credit losses was taken | (87) | 35 | (95) |
Change in unrealized appreciation (depreciation) of all other investments | (32,775) | (6,001) | 8,354 |
Change in foreign currency translation adjustments | (514) | (187) | 359 |
Change in retirement plan liabilities adjustment | (20) | 325 | (106) |
Change in fair value of liabilities under fair value option attributable to changes in own credit risk | (6) | (2) | 1 |
Other comprehensive income (loss) | (33,402) | (5,830) | 8,513 |
Comprehensive income (loss) | (22,127) | 4,093 | 2,684 |
Comprehensive income (loss) attributable to noncontrolling interests | (1,584) | 430 | 99 |
Comprehensive income (loss) attributable to AIG | $ (20,543) | $ 3,663 | $ 2,585 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Millions | Total | Cumulative effect of change in accounting principle | Total AIG Shareholders' Equity | Total AIG Shareholders' Equity Cumulative effect of change in accounting principle | Preferred Stock and Additional Paid-in Capital | Common Stock | Treasury Stock | Additional Paid-in Capital | Retained Earnings | Retained Earnings Cumulative effect of change in accounting principle | Accumulated Other Comprehensive Income (Loss) | Non- redeemable Non- controlling Interests |
Balance, beginning of period at Dec. 31, 2019 | $ 67,427 | $ (487) | $ 65,675 | $ (487) | $ 485 | $ 4,766 | $ (48,987) | $ 81,345 | $ 23,084 | $ (487) | $ 4,982 | $ 1,752 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Common stock issued under stock plans | (99) | (99) | 172 | (271) | ||||||||
Purchase of common stock | (500) | (500) | (500) | |||||||||
Net income (loss) attributable to AIG or noncontrolling interests | (5,829) | (5,944) | (5,944) | 115 | ||||||||
Dividends on preferred stock | (29) | (29) | (29) | |||||||||
Dividends on common stock | (1,103) | (1,103) | (1,103) | |||||||||
Other comprehensive income (loss) | 8,513 | 8,529 | 8,529 | (16) | ||||||||
Net increase (decrease) due to divestitures and acquisitions | (958) | (958) | ||||||||||
Contributions from noncontrolling interests | 108 | 108 | ||||||||||
Distributions to noncontrolling interests | (156) | (156) | ||||||||||
Other | 312 | 320 | (7) | 344 | (17) | (8) | ||||||
Balance, end of period at Dec. 31, 2020 | 67,199 | 66,362 | 485 | 4,766 | (49,322) | 81,418 | 15,504 | 13,511 | 837 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Common stock issued under stock plans | (64) | (64) | 217 | (281) | ||||||||
Purchase of common stock | (2,643) | (2,643) | (2,614) | (29) | ||||||||
Net income (loss) attributable to AIG or noncontrolling interests | 9,923 | 9,388 | 9,388 | 535 | ||||||||
Dividends on preferred stock | (29) | (29) | (29) | |||||||||
Dividends on common stock | (1,083) | (1,083) | (1,083) | |||||||||
Other comprehensive income (loss) | (5,830) | (5,725) | (5,725) | (105) | ||||||||
Net increase (decrease) due to divestitures and acquisitions | 1,713 | (629) | 470 | (1,099) | 2,342 | |||||||
Contributions from noncontrolling interests | 22 | 22 | ||||||||||
Distributions to noncontrolling interests | (682) | (682) | ||||||||||
Other | 386 | 379 | 101 | 273 | 5 | 7 | ||||||
Balance, end of period at Dec. 31, 2021 | 68,912 | 65,956 | 485 | 4,766 | (51,618) | 81,851 | 23,785 | 6,687 | 2,956 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Common stock issued under stock plans | (74) | (74) | 294 | (368) | ||||||||
Purchase of common stock | (5,149) | (5,149) | (5,149) | |||||||||
Net income (loss) attributable to AIG or noncontrolling interests | 11,275 | 10,276 | $ 100 | 10,276 | 999 | |||||||
Dividends on preferred stock | (29) | (29) | (29) | |||||||||
Dividends on common stock | (982) | (982) | (982) | |||||||||
Other comprehensive income (loss) | (33,402) | (30,819) | (30,819) | (2,583) | ||||||||
Net increase (decrease) due to divestitures and acquisitions | 1,614 | 608 | (1,432) | 2,040 | 1,006 | |||||||
Contributions from noncontrolling interests | 133 | 608 | 133 | |||||||||
Distributions to noncontrolling interests | (284) | (284) | ||||||||||
Other | 221 | 215 | 0 | 233 | (18) | 6 | ||||||
Balance, end of period at Dec. 31, 2022 | $ 42,235 | $ 40,002 | $ 485 | $ 4,766 | $ (56,473) | $ 80,284 | $ 33,032 | $ (22,092) | $ 2,233 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |||
Cash flows from operating activities: | |||||
Net income (loss) | $ 11,275 | $ 9,923 | $ (5,829) | ||
Income (loss) from discontinued operations, net of income taxes | 1 | 0 | (4) | ||
Noncash revenues, expenses, gains and losses included in income (loss): | |||||
Net (gains) losses on sales of securities available for sale and other assets | 959 | (2,099) | (1,179) | ||
Net (gain) loss on divestitures and other | 82 | (3,044) | 8,525 | ||
Loss on extinguishment of debt | 303 | 389 | 12 | ||
Unrealized gains in earnings - net | (1,392) | (1,889) | (735) | ||
Equity in (income) loss from equity method investments, net of dividends or distributions | (164) | 3 | 246 | ||
Depreciation and other amortization | 4,848 | 4,633 | 4,120 | ||
Impairments of assets | 26 | 46 | 98 | ||
Changes in operating assets and liabilities: | |||||
Insurance reserves | (2,332) | 5,127 | 461 | ||
Premiums and other receivables and payables - net | (10,193) | (655) | 2,586 | ||
Reinsurance assets, net | 2,843 | (1,241) | (693) | ||
Capitalization of deferred policy acquisition costs | (4,649) | (4,906) | (4,292) | ||
Current and deferred income taxes - net | 2,260 | 1,314 | (2,434) | ||
Other, net | 340 | (1,322) | 156 | ||
Total adjustments | (7,069) | (3,644) | 6,871 | ||
Net cash provided by operating activities | 4,207 | 6,279 | 1,038 | ||
Sales or distributions of: | |||||
Available for sale securities | 21,660 | 26,098 | 23,103 | ||
Other securities | 3,060 | 975 | 2,533 | ||
Other invested assets | 2,891 | 6,258 | 3,896 | ||
Divestitures, net | 0 | 4,683 | 2,173 | ||
Maturities of fixed maturity securities available for sale | 18,485 | 34,765 | 27,620 | ||
Principal payments received on and sales of mortgage and other loans receivable | 9,435 | 8,267 | 7,805 | ||
Purchases of: | |||||
Available for sale securities | (38,885) | (74,204) | (58,284) | ||
Other securities | (3,714) | (2,034) | (617) | ||
Other invested assets | (2,346) | (3,168) | (3,522) | ||
Mortgage and other loans receivable | (14,364) | (9,013) | (5,990) | ||
Net change in short-term investments | 595 | 5,088 | (4,925) | ||
Other, net | (443) | (995) | 6 | ||
Net cash used in investing activities | (3,626) | (3,280) | (6,202) | ||
Proceeds from (payments for) | |||||
Policyholder contract deposits | 26,508 | 25,424 | 22,385 | ||
Policyholder contract withdrawals | (20,722) | (22,481) | (17,854) | ||
Issuance of debt | 7,477 | 107 | 4,196 | ||
Repayments of debt | (9,455) | (4,147) | (1,923) | ||
Borrowings under delayed draw term loan agreement | 1,500 | 0 | 0 | ||
Purchase of common stock | (5,200) | (2,592) | (500) | ||
Dividends paid on preferred stock | (29) | (29) | (29) | ||
Dividends paid on common stock | (982) | (1,083) | (1,103) | ||
Other, net | 545 | 1,222 | 541 | ||
Net cash provided by (used in) financing activities | (676) | (3,735) | 5,058 | ||
Effect of exchange rate changes on cash and restricted cash | (117) | (67) | 49 | ||
Net decrease in cash and restricted cash | (211) | (803) | (57) | ||
Cash and restricted cash at beginning of year | 2,427 | 3,230 | 3,287 | ||
Cash and restricted cash at end of year | 2,216 | 2,427 | 3,230 | ||
Cash Equivalents, Restricted Cash and Restricted Cash Equivalents: | |||||
Cash | 2,043 | [1] | 2,198 | [1] | 2,827 |
Total cash and restricted cash shown in the Consolidated Statements of Cash Flows | 2,216 | 2,427 | 3,230 | ||
Cash paid during the period for: | |||||
Interest | 1,127 | 1,348 | 1,147 | ||
Taxes | 746 | 862 | 975 | ||
Non-cash investing activities: | |||||
Fixed maturity securities available for sale received in connection with pension risk transfer transactions | 1,121 | 2,284 | 1,140 | ||
Fixed maturity securities received in connection with reinsurance transactions | 110 | 161 | 362 | ||
Fixed maturity securities transferred in connection with reinsurance transactions | (224) | (837) | (266) | ||
Non-cash financing activities: | |||||
Interest credited to policyholder contract deposits included in financing activities | 3,606 | 3,586 | 3,734 | ||
Fee income debited to policyholder contract deposits included in financing activities | (1,694) | (1,690) | (1,710) | ||
Consolidated VIE | |||||
Proceeds from (payments for) | |||||
Issuance of debt | 933 | 4,338 | 2,128 | ||
Repayments of debt | (1,251) | (4,494) | (2,783) | ||
Cash Equivalents, Restricted Cash and Restricted Cash Equivalents: | |||||
Cash | 71 | 96 | |||
Short-term investments | |||||
Cash Equivalents, Restricted Cash and Restricted Cash Equivalents: | |||||
Restricted cash | 140 | [2] | 197 | [2] | 180 |
Other assets | |||||
Cash Equivalents, Restricted Cash and Restricted Cash Equivalents: | |||||
Restricted cash | $ 33 | [2] | $ 32 | [2] | $ 223 |
[1]See Note 9 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 real estate. |
Consolidated Statements of Eq_2
Consolidated Statements of Equity (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Stockholders' Equity [Abstract] | |||
Dividends declared, preferred stock (in dollars per share) | $ 365.625 | $ 365.625 | $ 365.625 |
Dividend paid (in dollars per share) | $ 0.32 | $ 0.32 | $ 0.32 |
Net increase (decrease) due to divestitures and acquisitions | $ 1,614 | $ 1,713 | $ (958) |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | 1. Basis of PresentationAmerican International Group, Inc. (AIG) is a leading global insurance organization serving customers in approximately 70 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 Life and Retirement 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,” “our” or "the Company" mean American International Group, Inc. and its consolidated subsidiaries and the term “AIG Parent” means American International Group, Inc. and not any of its consolidated subsidiaries. The consolidated financial statements include the accounts of AIG Parent, our controlled subsidiaries (generally through a greater than 50 percent ownership of voting rights and voting interests), and variable interest entities (VIEs) of which we are the primary beneficiary. Equity investments in entities that we do not consolidate, including corporate entities in which we have significant influence and partnership and partnership-like entities in which we have more than minor influence over the operating and financial policies, are accounted for under the equity method unless we have elected the fair value option. Prior to the fourth quarter ending December 31, 2022, certain of our foreign property and casualty subsidiaries reported on the basis of a fiscal year ending November 30. The effect on our consolidated financial condition and results of operations of all material events occurring at these subsidiaries from November 30 through December 31 of the periods previously presented in these Consolidated Financial Statements was considered for adjustment and/or disclosure. Effective with the fourth quarter of the year ended December 31, 2022, the foreign property and casualty subsidiaries now report on a calendar year ending December 31. The elimination of a one-month reporting lag of a subsidiary is considered a change in accounting principle. We believe this change in accounting principle is preferable given that it aligns the reporting dates with other consolidated entities, which allows for a timelier and more consistent basis of reporting within our Consolidated Financial Statements. A change in accounting principle requires retrospective application. However, we determined that the effect of not retroactively applying this change was not material to our Consolidated Financial Statements for the current and prior periods. Therefore, we reported the cumulative effect of the change in accounting principle within the Consolidated Statements of Income (Loss) for the year ended December 31, 2022 and did not retrospectively apply the effects of this change to prior periods. The adoption impact was an increase to net income of $100 million for the year ended December 31, 2022. The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP). All material intercompany accounts and transactions have been eliminated. SALES/DISPOSALS OF ASSETS AND BUSINESSES Separation of Life and Retirement Business and Relationship with Blackstone Inc. On September 19, 2022, AIG closed on the initial public offering (IPO) of 80 million shares of Corebridge Financial, Inc. (Corebridge) common stock at a public offering price of $21.00 per share, representing 12.4 percent of Corebridge's common stock. Corebridge is the holding company for AIG’s Life and Retirement business. The aggregate gross proceeds of the offering to AIG, before deducting underwriting discounts and commissions and other expenses payable by AIG, were approximately $1.7 billion. After consideration of underwriting discounts, commissions and other related expenses payable by AIG, AIG recorded $608 million as an increase in AIG’s shareholder’s equity. Blackstone Inc. (Blackstone) completed the acquisition of a 9.9 percent equity stake in Corebridge in November 2021. Blackstone is required to hold its ownership interest in Corebridge following the completion of the separation of the Life and Retirement business, subject to exceptions permitting Blackstone to sell 25 percent, 67 percent and 75 percent of its shares after the first, second and third anniversaries, respectively, of Corebridge IPO (which will be September 19, 2023, 2024 and 2025, respectively), with the transfer restrictions terminating in full on the fifth anniversary of the IPO (September 19, 2027). In the event that the IPO of Corebridge was not completed prior to November 2, 2023, Blackstone had the right to require AIG to undertake the IPO, and in the event that the IPO had not been completed prior to November 2, 2024, Blackstone had the right to exchange all or a portion of its ownership interest in Corebridge for shares of AIG's common stock. As a result of the consummation of the IPO on September 19, 2022, this exchange right of Blackstone was terminated. Also in November 2021, Corebridge declared a dividend payable to AIG Parent in the amount of $8.3 billion. In connection with such dividend, Corebridge issued a promissory note to AIG Parent in the amount of $8.3 billion (the Intercompany Note). The Intercompany Note was repaid to AIG Parent prior to the IPO of Corebridge with the proceeds of (i) the issuance by Corebridge, on April 5, 2022, of senior unsecured notes in the aggregate principal amount of $6.5 billion, (ii) the issuance by Corebridge, on August 23, 2022, of $1.0 billion aggregate principal amount of 6.875% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2052, and (iii) a portion of the $1.5 billion borrowing under Corebridge's $1.5 billion 3-Year Delayed Draw Term Loan Agreement. Following the IPO, AIG owns 77.7 percent of the outstanding common stock of Corebridge and continues to consolidate the assets, liabilities, and results of operations of Corebridge in AIG’s Consolidated Financial Statements. The portion of equity interest of Corebridge that AIG does not own is reflected as noncontrolling interest in AIG’s Consolidated Financial Statements. In 2021, AIG entered into a long-term asset management relationship with Blackstone, pursuant to which Blackstone is initially managing $50 billion of Corebridge’s existing investment portfolio, with that amount increasing to an aggregate of $92.5 billion over the next five years. On December 15, 2021, AIG and Blackstone Real Estate Income Trust (BREIT), a long-term, perpetual capital vehicle affiliated with Blackstone, completed the acquisition by BREIT of AIG’s interests in a U.S. affordable housing portfolio for $4.9 billion, in an all cash transaction, resulting in a pre-tax gain of $3.0 billion. The historical results of the U.S. affordable housing portfolio were reported in our Life and Retirement operating segments. Our Investment Management Agreements with BlackRock Since April 2022, AIG and Corebridge insurance company subsidiaries have entered into separate investment management agreements with BlackRock. Certain additional insurance company subsidiaries will also enter into such investment management agreements over the coming months. We have since transferred the management of $162 billion of our investments in liquid fixed income and certain private placement assets, including $98 billion of the Corebridge investment portfolio, to BlackRock under such investment management agreements as of December 31, 2022. Sale of Certain AIG Life and Retirement Retail Mutual Funds Business On July 16, 2021, AIG announced the closing of its sale of certain assets of Life and Retirement's Retail Mutual Funds business to Touchstone Investments (Touchstone), an indirect wholly-owned subsidiary of Western & Southern Financial Group. This sale consisted of the reorganization of twelve of the retail mutual funds managed by SunAmerica Asset Management, LLC (SAAMCo), a Life and Retirement entity, into certain Touchstone funds. We received initial proceeds, and the twelve retail mutual funds managed by SAAMCo, with $6.8 billion in assets, were reorganized into Touchstone funds. Additional consideration has been and may be earned over a three-year period based on asset levels in certain reorganized funds. 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 (the Purchase Agreement) 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 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, 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. As a result of completion of the Majority Interest Fortitude Sale, AIG retained a 3.5 percent ownership interest in Fortitude Holdings and one seat on its Board of Managers and received $2.2 billion of proceeds. 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. 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. At December 31, 2022, the letter of credit agreements were cancelled and the transition services provided by AIG are de minimis. Other Events On December 14, 2022, AIG announced that its wholly-owned subsidiary, AIG Financial Products Corp. (AIGFP), filed a voluntary petition to reorganize under Chapter 11 of Title 11 of the United States Code in the United States Bankruptcy Court for the District of Delaware and filed a proposed plan of reorganization. The reorganization will not have a material impact on the consolidated balance sheets of AIG or our respective businesses. AIGFP has no material operations or businesses and no employees. In conjunction with the bankruptcy filing, AIGFP and its consolidated subsidiaries were deconsolidated from the results of AIG, resulting in a pre-tax loss of $114 million reported in Net gain (loss) on divestitures and other. In addition, AIGFP and its subsidiaries were determined to be an unconsolidated variable interest entity. USE OF ESTIMATES The preparation of financial statements in accordance with U.S. GAAP requires the application of accounting policies that often involve a significant degree of judgment. Accounting policies that we believe are most dependent on the application of estimates and assumptions are considered our critical accounting estimates and are related to the determination of: • loss reserves; • future policy benefits for life and accident and health insurance contracts; • guaranteed benefit features of variable annuity, fixed annuity and fixed index annuity products; • valuation of embedded derivative liabilities for fixed index annuity and life products; • estimated gross profits to value deferred acquisition costs and unearned revenue for investment-oriented products; • reinsurance assets, including the allowance for credit losses and disputes; • goodwill impairment; • allowance for credit losses on certain investments, primarily on loans and available for sale fixed maturity securities; • fair value measurements of certain financial assets and financial liabilities; and • income taxes, in particular the recoverability of our deferred tax asset and establishment of provisions for uncertain tax positions. These accounting estimates require the use of assumptions about matters, some of which are highly uncertain at the time of estimation. To the extent actual experience differs from the assumptions used, our consolidated financial condition, results of operations and cash flows could be materially affected. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies The following list identifies our significant accounting policies presented in other Notes to these Consolidated Financial Statements, with a reference to the Note where a detailed description can be found: Note 5. Investments • Fixed maturity and equity securities • Other invested assets • Short-term investments • Net investment income • Net realized gains (losses) • Allowance for credit losses Note 6. Lending Activities • Mortgage and other loans receivable – net of allowance Note 7. Reinsurance • Reinsurance assets – net of allowance • Retroactive reinsurance Note 8. Deferred Policy Acquisition Costs • Deferred policy acquisition costs • Amortization of deferred policy acquisition costs Note 9. Variable Interest Entities Note 10. Derivatives and Hedge Accounting • Derivative assets and liabilities, at fair value Note 11. Goodwill and Other Intangible Assets Note 12. Insurance Liabilities • Liability for unpaid losses and loss adjustment expenses • Discounting of reserves • Future policy benefits • Policyholder contract deposits • Other policyholder funds Note 13. Variable Life and Annuity Contracts Note 14. Debt • Long-term debt • Debt of consolidated investment entities Note 15. Contingencies, Commitments and Guarantees • Legal contingencies Note 17. Earnings Per Common Share (EPS) OTHER SIGNIFICANT ACCOUNTING POLICIES Premiums for short-duration contracts are recorded as written on the inception date of the policy. Premiums are earned primarily on a pro rata basis over the term of the related coverage. Sales of extended services contracts are reflected as premiums written and earned on a pro rata basis over the term of the related coverage. In addition, certain miscellaneous income is included as premiums written and earned. The reserve for unearned premiums includes the portion of premiums written relating to the unexpired terms of coverage. Reinsurance premiums are typically earned over the same period as the underlying policies or risks covered by the contract. As a result, the earnings pattern of a reinsurance contract may extend up to 24 months, reflecting the inception dates of the underlying policies throughout the year. Reinsurance premiums ceded under prospective reinsurance agreements are recognized as a reduction in revenues over the period the reinsurance coverage is provided in proportion to the risks to which the premiums relate. Reinsurance premiums for assumed business are estimated based on information received from brokers and ceding companies. Any subsequent differences that arise regarding such estimates are recorded in the periods in which they are determined. Premiums for long-duration insurance products and life contingent annuities are recognized as revenues when due. Estimates for premiums due but not yet collected are accrued. Policy fees represent fees recognized from universal life and investment-type products consisting of policy charges for the cost of insurance, policy administration charges, surrender charges and amortization of unearned revenue reserves. Policy fees are recognized as revenues in the period in which they are assessed against policyholders, unless the fees are designed to compensate AIG for services to be provided in the future. Fees deferred as unearned revenue are amortized in relation to the incidence of expected gross profits to be realized over the estimated lives of the contracts, similar to DAC. Other income includes advisory fee income from the Life and Retirement broker dealer business. Cash represents cash on hand and demand deposits. Short-term investments Short-term investments include highly liquid securities and other investments with remaining maturities of one year or less, but greater than three months, at the time of purchase. Securities included within short-term investments are stated at estimated fair value, while other investments included within short-term investments are stated at amortized cost, which approximates estimated fair value. Premiums and other receivables – net of allowance for credit losses and disputes include premium balances receivable, amounts due from agents and brokers and policyholders, receivables resulting from sales of securities that had not yet settled, cash collateral posted to derivative counterparties that is not eligible to be netted against derivative liabilities and other receivables. Deposit assets and liabilities We have entered into certain insurance and reinsurance contracts, primarily in our General Insurance companies, that do not contain sufficient insurance risk to be accounted for as insurance or reinsurance. When we receive premiums on such contracts, the premiums received, after deduction for certain related expenses, are recorded as deposits within Other liabilities in the Consolidated Balance Sheets. Net proceeds of these deposits are invested and generate Net investment income. When we pay premiums on such contracts, the premiums paid are recorded as deposits within Other assets in the Consolidated Balance Sheets. The deposit asset or liability is adjusted as amounts are paid, consistent with the underlying contracts. Other assets consist of deferred sales inducements (DSI), prepaid expenses, deposits, other deferred charges, real estate, other fixed assets, capitalized software costs, goodwill, intangible assets other than goodwill, restricted cash, derivative assets, accrued interest income, and assets classified as held-for-sale. The cost of buildings and furniture and equipment is depreciated principally on the straight-line basis over their estimated useful lives (maximum of 40 years for buildings and 10 years for furniture and fixtures). Expenditures for maintenance and repairs are charged to income as incurred and expenditures for improvements are capitalized and depreciated. We periodically assess the carrying amount of our real estate for purposes of determining any asset impairment. Capitalized software costs, which represent costs directly related to obtaining, developing or upgrading internal use software, are capitalized and amortized using the straight-line method over a period generally not exceeding ten years. Separate accounts represent funds for which investment income and investment gains and losses accrue directly to the policyholders who bear the investment risk. Each account has specific investment objectives and the assets are carried at fair value. The assets of each account are legally segregated and are not subject to claims that arise from any of our other businesses. The liabilities for these accounts are equal to the account assets. Separate accounts may also include deposits for funds held under stable value wrap funding agreements, although the majority of stable value wrap sales are measured based on the notional amount included in assets under management and do not include the receipt of funds. For additional information on separate accounts, see Note 13 . Other liabilities consist of other funds on deposit, other payables, securities sold under agreements to repurchase, securities sold but not yet purchased, liabilities resulting from purchases of securities that have not yet settled, derivative liabilities, cash collateral received from derivative counterparties that contractually cannot be netted against derivative assets, allowance for credit losses in relation to off-balance sheet commitments, deferred gains on retroactive reinsurance agreements and liabilities classified as held-for-sale. Foreign currency Financial statement accounts expressed in foreign currencies are translated into U.S. dollars. Functional currency assets and liabilities are translated into U.S. dollars generally using rates of exchange prevailing at the balance sheet date of each respective subsidiary and the related translation adjustments are recorded as a separate component of Accumulated other comprehensive income, net of any related taxes, in Total AIG shareholders’ equity. Income statement accounts expressed in functional currencies are translated using average exchange rates during the period. Functional currencies are generally the currencies of the local operating environment. Financial statement accounts expressed in currencies other than the functional currency of a consolidated entity are remeasured into that entity’s functional currency resulting in exchange gains or losses recorded in income. The adjustments resulting from translation of financial statements of foreign entities operating in highly inflationary economies are recorded in income. Non-redeemable noncontrolling interest is the portion of equity (net assets) and net income (loss) in a subsidiary not attributable, directly or indirectly, to AIG. ACCOUNTING STANDARDS ADOPTED Reference Rate Reform In March 2020, the FASB issued an accounting standard that provides temporary optional guidance to ease the potential burden in accounting for reference rate reform. The standard allows us to account for certain contract modifications that result from the discontinuation of the London Inter-Bank Offered Rate (LIBOR) or another reference rate as a continuation of the existing contract without additional analysis. This standard was set to expire on December 31, 2022, but was extended to December 31, 2024, after which application of the guidance will no longer be permitted. During this period, this standard may be elected and applied prospectively as reference reforms occur. Where permitted by the guidance, we have accounted for contract modifications stemming from the discontinuation of LIBOR or another reference rate as a continuation of the existing contract. As part of our implementation efforts, we have and will continue to assess our operational readiness and current and alternative reference rates’ merits, limitations, risks and suitability for our investment and insurance processes. The adoption of the standard has not had, and is not expected to have, a material impact on our reported consolidated financial condition, results of operations, cash flows and required disclosures. 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 Company adopted the standard on January 1, 2023, with a transition date of January 1, 2021 (as described in the additional detail below). The adoption of this standard will impact our financial condition, results of operations, statement of cash flows and disclosures, as well as systems, processes and controls. The Company adopted the standard using the modified retrospective transition method relating to liabilities for traditional and limited payment contracts and deferred policy acquisition costs associated therewith, while the Company adopted the standard in relation to market risk benefits (MRBs) on a retrospective basis. Based upon this transition method, as of the January 1, 2021 transition date (Transition Date) the impact from adoption is expected to result in a decrease of the Company’s after-tax equity between approximately $1.0 billion and $1.5 billion; consisting of a decrease in AOCI between approximately $1.8 billion and $2.3 billion, offset by an increase in Retained earnings between approximately $800 million and $1.3 billion. The net increase in Retained earnings resulted from (1) the reclassification of the cumulative effect of non-performance adjustments related to our products in our Individual Retirement and Group Retirement segments that are currently measured at fair value (e.g., living benefit guarantees associated with variable annuities), partially offset by (2) a reduction from the difference between the fair value and carrying value of benefits not currently measured at fair value (e.g., death benefit guarantees associated with variable annuities). The net decrease in AOCI resulted from (1) the reclassification of the cumulative effect of non-performance adjustments discussed above and (2) changes to the discount rate which will most significantly impact our Life Insurance and Institutional Markets segments, partially offset by (3) the removal of balances recorded in AOCI related to changes in unrealized appreciation (depreciation) on investments. The Company estimates that the after-tax impact to equity from the adoption of LDTI as of September 30,2022 is expected to result in an increase between approximately $800 million and $1.3 billion; consisting of an increase to Retained earnings between approximately $1.2 billion and $1.7 billion, and a decrease in AOCI between approximately $400 million and $900 million. This increase in the estimate since January 1, 2021 has been predominately driven by market movements. Market risk benefits: The standard requires the measurement of all MRBs (e.g., living benefit and death benefit guarantees) associated with deposit (or account balance) contracts at fair value at each reporting period. Changes in fair value compared to prior periods will be recorded and presented separately within the income statement, except that instrument-specific credit risk changes (non-performance adjustments) will be recognized in other comprehensive income. MRBs will impact both retained earnings and AOCI upon transition. The transition adjustment for MRBs will primarily impact our Individual Retirement and Group Retirement segments. Discount rate assumption: The standard requires the discount rate assumption for the liability for future policy benefits to be updated at the end of each reporting period using an upper-medium grade (low credit risk) fixed income instrument yield that maximizes the use of observable market inputs. Upon transition, the Company currently estimates an adjustment to AOCI due to the fact that the market upper-medium grade (low credit risk) interest rates as of the Transition Date differ from reserve interest accretion rates. Lower interest rates result in a higher liability for future policy benefits and are anticipated to more significantly impact our Life Insurance, in particular non-universal life contracts and Institutional Markets segments. The standard does not impact the discount rate assumption for universal life contracts. Removal of balances related to changes in unrealized appreciation (depreciation) on investments: Currently, DAC and reserves for universal life insurance and investment-oriented products are adjusted at each balance sheet date to reflect the change in DAC, unearned revenue, and benefit reserves with an offset to Other comprehensive income (loss) as if securities available for sale had been sold at their stated aggregate fair value and the proceeds reinvested at current yields (changes related to unrealized appreciation (depreciation) of investments). Under the standard, the majority of balances recorded in AOCI related to changes in unrealized appreciation (depreciation) on investments will be eliminated. In addition to the above, the standard also: • Requires the review and, if necessary, update of future policy benefit assumptions at least annually for traditional and limited pay long duration contracts, with the recognition and separate presentation of any resulting re-measurement gain or loss (except for discount rate changes as noted above) in the income statement. The Company still anticipates completing its annual assumption update in the third quarter. • 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. Accordingly, we expect less variability in our DAC amortization as the DAC related to universal life insurance and investment-type products, for example variable, fixed, and fixed index annuities, will no longer be required to be amortized in relation to the incidence of estimated gross profits to be realized over the expected lives of the contract. As DAC will be amortized on a constant level basis, DAC amortization related to universal life insurance and investment-type products will be less impacted by the annual actuarial assumption update or changing economic conditions. • Increases disclosures of disaggregated roll-forwards of several balances, including: liabilities for future policy benefits, deferred acquisition costs, account balances, market risk benefits, separate account liabilities and information about significant inputs, judgments and methods used in measurement and changes thereto and impact of those changes. We expect that the accounting for Fortitude Re will continue to remain largely unchanged. With respect to Fortitude Re, the reinsurance assets, including the discount rates, will continue to be calculated using the same methodology and assumptions as the direct policies. Accounting for modco remains unchanged. We have created a governance framework and a plan to support implementation of the updated standard. As part of our implementation plan, we have also advanced the modernization of our actuarial technology platform to enhance our modeling, data management, experience study and analytical capabilities, increase the end-to-end automation of key reporting and analytical processes and optimize our control framework. We have designed and implemented internal controls related to the new processes created as part of implementing the updated standard and are substantially complete with our testing of these internal controls. Troubled Debt Restructuring and Vintage Disclosures In March 2022, the FASB issued an accounting standard update that eliminates the accounting guidance for troubled debt restructurings for creditors and amends the guidance on “vintage disclosures” to require disclosure of current-period gross write-offs by year of origination. The standard also updates the requirements for accounting for credit losses by adding enhanced disclosures for creditors related to loan refinancings and restructurings for borrowers experiencing financial difficulty. Because the Company has already adopted the current expected credit loss model, the amendments in this standard are effective for fiscal years beginning after December 15, 2022, including interim periods within those years. We do not expect the standard to have a material impact on our reported consolidated financial condition, results of operations, cash flows or required disclosures. Fair Value Measurement On June 30, 2022, the FASB issued an accounting standards update to address diversity in practice by clarifying that a contractual sale restriction should not be considered in the measurement of the fair value of an equity security. It also requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. The guidance is effective for public companies for fiscal years beginning after December 15, 2023 and interim period within those years, with early adoption permitted. For entities other than investment companies, the accounting standards update applies prospectively, with any adjustments resulting from adoption recognized in earnings on the date of adoption. We are assessing the impact of this standard. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Segment Information | 3. Segment Information We report our results of operations consistent with the manner in which our chief operating decision makers review the business to assess performance and allocate resources, as follows: GENERAL INSURANCE General Insurance business is presented as two operating segments: • North America – consists of insurance businesses in the United States, Canada and Bermuda, and our global reinsurance business, AIG Re. • International – consists of regional insurance businesses in Japan, the United Kingdom, Europe, Middle East and Africa (EMEA region), Asia Pacific, Latin America and Caribbean, and China. International also includes the results of Talbot Holdings, Ltd. as well as AIG’s Global Specialty business. North America and International operating segments consist of the following products: – Commercial Lines – consists of Property, Liability, Financial Lines, and Specialty. – Personal Insurance – consists of Accident & Health and Personal Lines. 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 record-keeping, plan administrative and compliance services, financial planning and advisory solutions offered to employer-defined contribution plan participants, along with proprietary and non-proprietary annuities and advisory and brokerage products offered outside of plans. • Life Insurance – primary products in the U.S. include term life and universal life insurance. International operations primarily include distribution of life and health products in the UK and Ireland. • 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). OTHER OPERATIONS Other Operations primarily consists of income from assets held by AIG Parent and other corporate subsidiaries, deferred tax assets related to tax attributes, corporate expenses and intercompany eliminations, our institutional asset management business and results of our consolidated investment entities, General Insurance portfolios in run-off as well as the historical results of our legacy insurance lines ceded to Fortitude Re. SEGMENT RESULTS (in millions) Adjusted Net Interest Amortization Adjusted 2022 General Insurance North America $ 12,071 $ — $ 1,585 $ 648 (a) International 13,269 — 1,948 1,400 (a) Net investment income 2,382 $ 2,382 — — 2,382 Total General Insurance 27,722 2,382 — 3,533 4,430 Life and Retirement Individual Retirement 5,415 3,898 11 761 1,222 Group Retirement 2,780 2,005 6 96 749 Life Insurance 5,299 1,393 4 267 337 Institutional Markets 4,160 1,051 2 6 349 Total Life and Retirement 17,654 8,347 23 1,130 2,657 Other Operations Other Operations before consolidation and eliminations 827 714 1,131 5 (1,542) AIG consolidation and eliminations (435) (446) (56) — (405) Total Other Operations 392 268 1,075 5 (1,947) Total 45,768 10,997 1,098 4,668 5,140 Reconciling items: Changes in fair value of securities used to hedge guaranteed living benefits 55 55 — — 30 Changes in benefit reserves and DAC, VOBA and DSI related to net realized gains (losses) — — — 302 (308) Changes in the fair value of equity securities (53) (53) — — (53) Other income (expense) - net (29) 28 28 — — Loss on extinguishment of debt — — — — (303) Net investment income on Fortitude Re funds withheld assets 943 943 — — 943 Net realized gains (losses) on Fortitude Re funds withheld assets (486) — — — (486) Net realized gains (losses) on Fortitude Re funds withheld embedded derivative 7,481 — — — 7,481 Net realized gains (losses) (b) 1,731 (244) (1) — 1,750 Net gain (loss) on divestitures and other — — — — (82) Non-operating litigation reserves and settlements 49 — — — 41 Favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements — — — — 160 Net loss reserve discount benefit (charge) — — — — 703 Pension expense related to a one-time lump sum payment to former employees — — — — (60) Integration and transaction costs associated with acquiring or divesting businesses — — — — (194) Restructuring and other costs — — — — (570) Non-recurring costs related to regulatory or accounting changes — — — — (37) Net impact from elimination of international reporting lag (c) 978 41 — — 127 Revenues and pre-tax income (loss) $ 56,437 $ 11,767 $ 1,125 $ 4,970 $ 14,282 (in millions) Adjusted Net Interest Amortization Adjusted 2021 General Insurance North America $ 10,989 $ — $ 1,333 $ (47) (a) International 14,068 — 2,197 1,102 (a) Net investment income 3,304 $ 3,304 — — 3,304 Total General Insurance 28,361 3,304 — 3,530 4,359 Life and Retirement Individual Retirement 6,083 4,338 61 736 1,939 Group Retirement 3,291 2,410 35 61 1,284 Life Insurance 5,112 1,619 25 170 106 Institutional Markets 5,108 1,154 9 6 582 Total Life and Retirement 19,594 9,521 130 973 3,911 Other Operations Other Operations before consolidation and eliminations 1,338 1,112 1,220 37 (1,418) AIG consolidation and eliminations (991) (996) (65) — (932) Total Other Operations 347 116 1,155 37 (2,350) Total 48,302 12,941 1,285 4,540 5,920 Reconciling items: Changes in fair value of securities used to hedge guaranteed living benefits 60 60 — — 61 Changes in benefit reserves and DAC, VOBA and DSI related to net realized gains (losses) — — — 33 (52) Changes in the fair value of equity securities (237) (237) — — (237) Other income (expense) - net (24) 33 33 — — Loss on extinguishment of debt — — — — (389) Net investment income on Fortitude Re funds withheld assets 1,971 1,971 — — 1,971 Net realized gains (losses) on Fortitude Re funds withheld assets 1,003 — — — 1,003 Net realized gains (losses) on Fortitude Re funds withheld embedded derivative (603) — — — (603) Net realized gains (losses) (b) 1,585 (156) (13) — 1,623 Net gain (loss) on divestitures and other — — — — 3,044 Non-operating litigation reserves and settlements — — — — (3) Favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements — — — — 186 Net loss reserve discount benefit (charge) — — — — 193 Pension expense related to a one-time lump sum payment to former employees — — — — (34) Integration and transaction costs associated with acquiring or divesting businesses — — — — (83) Restructuring and other costs — — — — (433) Non-recurring costs related to regulatory or accounting changes — — — — (68) Revenues and pre-tax income (loss) $ 52,057 $ 14,612 $ 1,305 $ 4,573 $ 12,099 (in millions) Adjusted Net Interest Amortization Adjusted 2020 General Insurance North America $ 10,302 $ — $ 1,365 $ (1,301) (a) International 13,360 — 2,173 277 (a) Net investment income 2,925 $ 2,925 — — 2,925 Total General Insurance 26,587 2,925 — 3,538 1,901 Life and Retirement Individual Retirement 5,714 4,131 72 590 1,938 Group Retirement 2,970 2,236 42 7 1,013 Life Insurance 4,877 1,526 30 30 142 Institutional Markets 3,714 988 11 5 438 Total Life and Retirement 17,275 8,881 155 632 3,531 Other Operations Other Operations before consolidation and eliminations 1,385 1,087 1,306 50 (1,963) AIG consolidation and eliminations (562) (572) (70) — (466) Total Other Operations 823 515 1,236 50 (2,429) Total 44,685 12,321 1,391 4,220 3,003 Reconciling items: Changes in fair value of securities used to hedge guaranteed living benefits 56 56 — — 41 Changes in benefit reserves and DAC, VOBA and DSI related to net realized gains (losses) — — — (9) 12 Changes in the fair value of equity securities 200 200 — — 200 Other income (expense) - net 49 99 99 — — Loss on extinguishment of debt — — — — (12) Net investment income on Fortitude Re funds withheld assets 1,053 1,053 — — 1,053 Net realized gains (losses) on Fortitude Re funds withheld assets 463 — — — 463 Net realized gains (losses) on Fortitude Re funds withheld embedded derivative (2,645) — — — (2,645) Net realized gains (losses) (b) (148) (98) (33) — (97) Net gain (loss) on divestitures and other — — — — (8,525) Non-operating litigation reserves and settlements 23 — — — 21 Favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements — — — — 221 Net loss reserve discount benefit (charge) — — — — (516) Integration and transaction costs associated with acquiring or divesting businesses — — — — (12) Restructuring and other costs — — — — (435) Non-recurring costs related to regulatory or accounting changes — — — — (65) Revenues and pre-tax income (loss) $ 43,736 $ 13,631 $ 1,457 $ 4,211 $ (7,293) (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). (c) See Note 1. The following table presents AIG’s year-end identifiable assets and capital expenditures by segment: Year-End Identifiable Assets Capital Expenditures (in millions) 2022 2021 2022 2021 General Insurance $ 147,102 $ 159,000 $ 68 $ 76 Life and Retirement 356,623 406,104 102 62 Other Operations 22,909 31,008 40 205 Total Assets $ 526,634 $ 596,112 $ 210 $ 343 The following table presents AIG’s consolidated total revenues and real estate and other fixed assets, net of accumulated depreciation, by major geographic area: Total Revenues* Real Estate and Other Fixed Assets, (in millions) 2022 2021 2020 2022 2021 2020 North America $ 41,605 $ 37,224 $ 30,204 $ 1,206 $ 1,212 $ 1,230 International 14,832 14,833 13,532 387 500 610 Consolidated $ 56,437 $ 52,057 $ 43,736 $ 1,593 $ 1,712 $ 1,840 * Revenues are generally reported according to the geographic location of the segment. International revenues consists of revenues from our General Insurance International operating segment. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 4. Fair Value MeasurementsFAIR VALUE MEASUREMENTS ON A RECURRING BASIS We carry certain of our financial instruments at fair value. We define the fair value of a financial instrument as the amount that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. We are responsible for the determination of the value of the investments carried at fair value and the supporting methodologies and assumptions. The degree of judgment used in measuring the fair value of financial instruments generally inversely correlates with the level of observable valuation inputs. We maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Financial instruments with quoted prices in active markets generally have more pricing observability and less judgment is used in measuring fair value. Conversely, financial instruments for which no quoted prices are available have less observability and are measured at fair value using valuation models or other pricing techniques that require more judgment. Pricing observability is affected by a number of factors, including the type of financial instrument, whether the financial instrument is new to the market and not yet established, the characteristics specific to the transaction, liquidity and general market conditions. Fair Value Hierarchy Assets and liabilities recorded at fair value in the Consolidated Balance Sheets are measured and classified in accordance with a fair value hierarchy consisting of three “levels” based on the observability of valuation inputs: • Level 1: Fair value measurements based on quoted prices (unadjusted) in active markets that we have the ability to access for identical assets or liabilities. Market price data generally is obtained from exchange or dealer markets. We do not adjust the quoted price for such instruments. • Level 2: Fair value measurements based on inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals. • Level 3: Fair value measurements based on valuation techniques that use significant inputs that are unobservable. Both observable and unobservable inputs may be used to determine the fair values of positions classified in Level 3. The circumstances for using these measurements include those in which there is little, if any, market activity for the asset or liability. Therefore, we must make certain assumptions about the inputs a hypothetical market participant would use to value that asset or liability. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. VALUATION METHODOLOGIES OF FINANCIAL INSTRUMENTS MEASURED AT FAIR VALUE Incorporation of Credit Risk in Fair Value Measurements • Our Own Credit Risk. Fair value measurements for certain liabilities incorporate our own credit risk by determining the explicit cost for each counterparty to protect against its net credit exposure to us at the balance sheet date by reference to observable AIG credit default swaps (CDS) or cash bond spreads. We calculate the effect of credit spread changes using discounted cash flow techniques that incorporate current market interest rates. A derivative counterparty’s net credit exposure to us is determined based on master netting agreements, when applicable, which take into consideration all derivative positions with us, as well as collateral we post with the counterparty at the balance sheet date. For a description of how we incorporate our own credit risk in the valuation of embedded derivatives related to certain annuity and life insurance products, see – Embedded Derivatives within Policyholder Contract Deposits below. • Counterparty Credit Risk. Fair value measurements for freestanding derivatives incorporate counterparty credit by determining the explicit cost for us to protect against our net credit exposure to each counterparty at the balance sheet date by reference to observable counterparty CDS spreads, when available. When not available, other directly or indirectly observable credit spreads will be used to derive the best estimates of the counterparty spreads. Our net credit exposure to a counterparty is determined based on master netting agreements, which take into consideration all derivative positions with the counterparty, as well as collateral posted by the counterparty at the balance sheet date. Fair values for fixed maturity securities based on observable market prices for identical or similar instruments implicitly incorporate counterparty credit risk. Fair values for fixed maturity securities based on internal models incorporate counterparty credit risk by using discount rates that take into consideration cash issuance spreads for similar instruments or other observable information. For fair values measured based on internal models, the cost of credit protection is determined under a discounted present value approach considering the market levels for single name CDS spreads for each specific counterparty, the mid-market value of the net exposure (reflecting the amount of protection required) and the weighted average life of the net exposure. CDS spreads are provided to us by an independent third party. We utilize an interest rate based on the appropriate benchmark curve to derive our discount rates. While this approach does not explicitly consider all potential future behavior of the derivative transactions or potential future changes in valuation inputs, we believe this approach provides a reasonable estimate of the fair value of the assets and liabilities, including consideration of the impact of non-performance risk. Fixed Maturity Securities Whenever available, we obtain quoted prices in active markets for identical assets at the balance sheet date to measure fixed maturity securities at fair value. Market price data is generally obtained from dealer markets. We employ independent third-party valuation service providers to gather, analyze, and interpret market information to derive fair value estimates for individual investments, based upon market-accepted methodologies and assumptions. The methodologies used by these independent third-party valuation service providers are reviewed and understood by management, through periodic discussion with and information provided by the independent third-party valuation service providers. In addition, as discussed further below, control processes designed to ensure the accuracy of these values are applied to the fair values received from independent third-party valuation service providers. Valuation service providers typically obtain data about market transactions and other key valuation model inputs from multiple sources and, through the use of market-accepted valuation methodologies, which may utilize matrix pricing, financial models, accompanying model inputs and various assumptions, provide a single fair value measurement for individual securities. The inputs used by the valuation service providers include, but are not limited to, market prices from completed transactions for identical securities and transactions for comparable securities, benchmark yields, interest rate yield curves, credit spreads, prepayment rates, default rates, recovery assumptions, currency rates, quoted prices for similar securities and other market-observable information, as applicable. If fair value is determined using financial models, these models generally take into account, among other things, market observable information as of the measurement date as well as the specific attributes of the security being valued, including its term, interest rate, credit rating, industry sector, and when applicable, collateral quality and other security or issuer-specific information. When market transactions or other market observable data is limited, the extent to which judgment is applied in determining fair value is greatly increased. We have control processes designed to ensure that the fair values received from independent third-party valuation service providers are accurately recorded, that their data inputs and valuation techniques are appropriate and consistently applied and that the assumptions used appear reasonable and consistent with the objective of determining fair value. We assess the reasonableness of individual security values received from independent third-party valuation service providers through various analytical techniques, and have procedures to escalate related questions internally and to the independent third-party valuation service providers for resolution. To assess the degree of pricing consensus among various valuation service providers for specific asset types, we conduct comparisons of prices received from available sources. We use these comparisons to establish a hierarchy for the fair values received from independent third-party valuation service providers to be used for particular security classes. We also validate prices for selected securities through reviews by members of management who have relevant expertise and who are independent of those charged with executing investing transactions. When our independent third-party valuation service providers are unable to obtain sufficient market observable information upon which to estimate the fair value for a particular security, fair value is determined either by requesting brokers who are knowledgeable about these securities to provide a price quote, which is generally non-binding, or by employing market accepted valuation models internally or via our third party asset managers. Broker prices may be based on an income approach, which converts expected future cash flows to a single present value amount, with specific consideration of inputs relevant to particular security types. For structured securities, such inputs may include ratings, collateral types, geographic concentrations, underlying loan vintages, loan delinquencies and defaults, loss severity assumptions, prepayments, and weighted average coupons and maturities. When the volume or level of market activity for a security is limited, certain inputs used to determine fair value may not be observable in the market. Broker prices may also be based on a market approach that considers recent transactions involving identical or similar securities. Fair values provided by brokers are subject to similar control processes to those noted above for fair values from independent third-party valuation service providers, including management reviews. For those corporate debt instruments (for example, private placements) that are not traded in active markets or that are subject to transfer restrictions, valuations reflect illiquidity and non-transferability, based on available market evidence. When observable price quotations are not available, fair value is determined based on discounted cash flow models using discount rates based on credit spreads, yields or price levels of comparable securities, adjusted for illiquidity and structure. Fair values determined internally or via our third party asset managers are also subject to management review to ensure that valuation models and related inputs are reasonable. The methodology above is relevant for all fixed maturity securities including residential mortgage backed securities (RMBS), commercial mortgage backed securities (CMBS), collateralized loan obligations (CLO), other asset‑backed securities (ABS) and fixed maturity securities issued by government sponsored entities and corporate entities. Equity Securities Traded in Active Markets Whenever available, we obtain quoted prices in active markets for identical assets at the balance sheet date to measure equity securities at fair value. Market price data is generally obtained from exchange or dealer markets. Mortgage and Other Loans Receivable We estimate the fair value of mortgage and other loans receivable that are measured at fair value by using dealer quotations, discounted cash flow analyses and/or internal valuation models. The determination of fair value considers inputs such as interest rate, maturity, the borrower’s creditworthiness, collateral, subordination, guarantees, past-due status, yield curves, credit curves, prepayment rates, market pricing for comparable loans and other relevant factors. Other Invested Assets We initially estimate the fair value of investments in certain hedge funds, private equity funds and other investment partnerships by reference to the transaction price. Subsequently, we generally obtain the fair value of these investments from net asset value information provided by the general partner or manager of the investments, the financial statements of which are generally audited annually. We consider observable market data and perform certain control procedures to validate the appropriateness of using the net asset value as a fair value measurement. The fair values of other investments carried at fair value, such as direct private equity holdings, are initially determined based on transaction price and are subsequently estimated based on available evidence such as market transactions in similar instruments, other financing transactions of the issuer and other available financial information for the issuer, with adjustments made to reflect illiquidity as appropriate. Short-term Investments For short-term investments that are measured at amortized cost, the carrying amounts of these assets approximate fair values because of the relatively short period of time between origination and expected realization, and their limited exposure to credit risk. Securities purchased under agreements to resell (reverse repurchase agreements) are generally treated as collateralized receivables. We report certain receivables arising from securities purchased under agreements to resell as Short-term investments in the Consolidated Balance Sheets. When these receivables are measured at fair value, we use market-observable interest rates to determine fair value. Separate Account Assets Separate account assets are composed primarily of registered and unregistered open-end mutual funds that generally trade daily and are measured at fair value in the manner discussed above for equity securities traded in active markets. Freestanding Derivatives Derivative assets and liabilities can be exchange-traded or traded over-the-counter (OTC). We generally value exchange-traded derivatives such as futures and options using quoted prices in active markets for identical derivatives at the balance sheet date. OTC derivatives are valued using market transactions and other market evidence whenever possible, including market-based inputs to models, model calibration to market clearing transactions, broker or dealer quotations or alternative pricing sources with reasonable levels of price transparency. When models are used, the selection of a particular model to value an OTC derivative depends on the contractual terms of, and specific risks inherent in the instrument, as well as the availability of pricing information in the market. We generally use similar models to value similar instruments. Valuation models require a variety of inputs, including contractual terms, market prices and rates, yield curves, credit curves, measures of volatility, prepayment rates and correlations of such inputs. For OTC derivatives that trade in liquid markets, such as generic forwards, swaps and options, model inputs can generally be corroborated by observable market data by correlation or other means, and model selection does not involve significant management judgment. For certain OTC derivatives that trade in less liquid markets, where we generally do not have corroborating market evidence to support significant model inputs and cannot verify the model to market transactions, the transaction price may provide the best estimate of fair value. Accordingly, when a pricing model is used to value such an instrument, the model is adjusted so the model value at inception equals the transaction price. We will update valuation inputs in these models only when corroborated by evidence such as similar market transactions, independent third-party valuation service providers and/or broker or dealer quotations, or other empirical market data. When appropriate, valuations are adjusted for various factors such as liquidity, bid/offer spreads and credit considerations. Such adjustments are generally based on available market evidence. In the absence of such evidence, management’s best estimate is used. We value our super senior credit default swap portfolio using prices obtained from vendors and/or counterparties. The valuation of the super senior credit derivatives is complex because of the limited availability of market observable information due to the lack of trading and price transparency in certain structured finance markets. Our valuation methodologies for the super senior CDS portfolio have evolved over time in response to market conditions and the availability of market observable information. We have sought to calibrate the methodologies to available market information and to review the assumptions of the methodologies on a regular basis. Embedded Derivatives within Policyholder Contract Deposits Certain variable annuity and fixed index annuity and life contracts contain embedded derivatives that we bifurcate from the host contracts and account for separately at fair value, with changes in fair value recognized in earnings. These embedded derivatives are classified within Policyholder contract deposits. We have concluded these contracts contain either (i) a written option that guarantees a minimum accumulation value at maturity, (ii) a written option that guarantees annual withdrawals regardless of underlying market performance for a specific period or for life, or (iii) fixed index written options that meet the criteria of derivatives and must be bifurcated. The fair value of embedded derivatives contained in certain variable annuity and fixed index annuity and life contracts is measured based on policyholder behavior and capital market assumptions related to projected cash flows over the expected lives of the contracts. These discounted cash flow projections primarily include benefits and related fees assessed, when applicable. In some instances, the projected cash flows from fees may exceed projected cash flows related to benefit payments and therefore, at a point in time, the carrying value of the embedded derivative may be in a net asset position. The projected cash flows incorporate best estimate assumptions for policyholder behavior (including mortality, lapses, withdrawals and benefit utilization), along with an explicit risk margin to reflect a market participant’s estimates of projected cash flows and policyholder behavior. Estimates of future policyholder behavior assumptions are subjective and based primarily on our historical experience. Because of the dynamic and complex nature of the projected cash flows with respect to embedded derivatives in our variable and certain fixed index annuity contracts, risk neutral valuations are used, which are calibrated to observable interest rate and equity option prices. Estimating the underlying cash flows for these products involves judgments regarding the capital market assumptions related to expected market rates of return, market volatility, credit spreads, correlations of certain market variables, fund performance and discount rates. Additionally, estimating the underlying cash flows for these products also involves judgments regarding policyholder behavior. The portion of fees attributable to the fair value of expected benefit payments are included within the fair value measurement of these embedded derivatives, and related fees are classified in net realized gain/loss as earned, consistent with other changes in the fair value of these embedded policy derivatives. Any portion of the fees not attributed to the embedded derivatives are excluded from the fair value measurement and classified in policy fees as earned. With respect to embedded derivatives in our fixed index annuity and life contracts, option pricing models are used to estimate fair value, taking into account the capital market assumptions for future equity index growth rates, volatility of the equity index, future interest rates, and our ability to adjust the participation rate and the cap on fixed index credited rates in light of market conditions and policyholder behavior assumptions. Projected cash flows are discounted using the interest rate swap curve (swap curve), which is commonly viewed as being consistent with the credit spreads for highly‑rated financial institutions (S&P AA-rated or above). A swap curve shows the fixed-rate leg of a non-complex swap against the floating rate (for example, LIBOR) leg of a related tenor. We also incorporate our own risk of non-performance in the valuation of the embedded derivatives associated with variable annuity and fixed index annuity and life contracts. The non-performance risk adjustment (NPA) reflects a market participant’s view of our claims-paying ability by incorporating an additional spread to the swap curve used to discount projected benefit cash flows in the valuation of these embedded derivatives. The non-performance risk adjustment is calculated by constructing forward rates based on a weighted average of observable corporate credit indices to approximate the claims-paying ability rating of our Life and Retirement companies. Fortitude Re funds withheld payable The reinsurance transactions between AIG and Fortitude Re were structured as modified coinsurance (modco) and loss portfolio transfer arrangements with funds withheld (funds withheld). 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 realized gains (losses). This embedded derivative is considered a total return swap with contractual returns that are attributable to various assets and liabilities associated with these reinsurance agreements. Long-Term Debt The fair value of non-structured liabilities is generally determined by using market prices from exchange or dealer markets, when available, or discounting expected cash flows using the appropriate discount rate for the applicable maturity. We determine the fair value of structured liabilities and hybrid financial instruments (where performance is linked to structured interest rates, inflation or currency risks) using the appropriate derivative valuation methodology (described above) given the nature of the embedded risk profile. In addition, adjustments are made to the valuations of both non-structured and structured liabilities to reflect our own creditworthiness based on the methodology described under the caption “Incorporation of Credit Risk in Fair Value Measurements – Our Own Credit Risk” above. Borrowings under obligations of guaranteed investment agreements (GIAs), which are guaranteed by us, are recorded at fair value using discounted cash flow calculations based on interest rates currently being offered for similar contracts and our current market observable implicit credit spread rates with maturities consistent with those remaining for the contracts being valued. Obligations may be called at various times prior to maturity at the option of the counterparty. Other Liabilities Other liabilities measured at fair value include certain securities sold under agreements to repurchase and certain securities sold but not yet purchased. Liabilities arising from securities sold under agreements to repurchase are generally treated as collateralized borrowings. We estimate the fair value of liabilities arising under these agreements by using market-observable interest rates. This methodology considers such factors as the coupon rate, yield curves and other relevant factors. Fair values for securities sold but not yet purchased are based on current market prices. ASSETS AND LIABILITIES MEASURED AT FAIR VALUE ON A RECURRING BASIS The following table presents information about assets and liabilities measured at fair value on a recurring basis and indicates the level of the fair value measurement based on the observability of the inputs used: December 31, 2022 Level 1 Level 2 Level 3 Counterparty Netting (a) Cash Collateral Total (in millions) Assets: Bonds available for sale: U.S. government and government sponsored entities $ 25 $ 6,594 $ — $ — $ — $ 6,619 Obligations of states, municipalities and political subdivisions — 11,275 824 — — 12,099 Non-U.S. governments 158 13,326 1 — — 13,485 Corporate debt — 134,992 2,847 — — 137,839 RMBS — 11,264 7,553 — — 18,817 CMBS — 13,267 926 — — 14,193 CLO/ABS — 10,356 12,748 — — 23,104 Total bonds available for sale 183 201,074 24,899 — — 226,156 Other bond securities: U.S. government and government sponsored entities — — — — — — Obligations of states, municipalities and political subdivisions — 111 — — — 111 Non-U.S. governments — 66 — — — 66 Corporate debt — 1,976 416 — — 2,392 RMBS — 113 173 — — 286 CMBS — 303 28 — — 331 CLO/ABS — 389 910 — — 1,299 Total other bond securities — 2,958 1,527 — — 4,485 Equity securities 518 18 39 — — 575 Other invested assets (b) — 145 2,075 — — 2,220 Derivative assets (c) : Interest rate contracts 1 3,410 311 — — 3,722 Foreign exchange contracts — 1,844 — — — 1,844 Equity contracts 11 132 285 — — 428 Commodity contracts — 9 — — — 9 Credit contracts — — 32 — — 32 Other contracts — — 14 — — 14 Counterparty netting and cash collateral — — — (3,895) (1,640) (5,535) Total derivative assets 12 5,395 642 (3,895) (1,640) 514 Short-term investments 2,821 2,887 — — — 5,708 Other assets (c) — — 107 — — 107 Separate account assets 81,655 3,198 — — — 84,853 Total $ 85,189 $ 215,675 $ 29,289 $ (3,895) $ (1,640) $ 324,618 Liabilities: Policyholder contract deposits $ — $ 41 $ 7,105 $ — $ — $ 7,146 Derivative liabilities (c) : Interest rate contracts — 4,838 — — — 4,838 Foreign exchange contracts — 1,138 — — — 1,138 Equity contracts 2 10 14 — — 26 Credit contracts — 9 32 — — 41 Counterparty netting and cash collateral — — — (3,895) (1,917) (5,812) Total derivative liabilities 2 5,995 46 (3,895) (1,917) 231 Fortitude Re funds withheld payable — — (2,235) — — (2,235) Other liabilities — — 112 — — 112 Long-term debt — 56 — — — 56 Total $ 2 $ 6,092 $ 5,028 $ (3,895) $ (1,917) $ 5,310 December 31, 2021 Level 1 Level 2 Level 3 Counterparty Netting (a) Cash Total (in millions) Assets: Bonds available for sale: U.S. government and government sponsored entities $ 2,553 $ 5,641 $ — $ — $ — $ 8,194 Obligations of states, municipalities and political subdivisions — 13,096 1,431 — — 14,527 Non-U.S. governments 9 16,314 7 — — 16,330 Corporate debt — 172,967 2,641 — — 175,608 RMBS — 16,909 10,378 — — 27,287 CMBS — 14,619 1,190 — — 15,809 CLO/ABS — 8,232 11,215 — — 19,447 Total bonds available for sale 2,562 247,778 26,862 — — 277,202 Other bond securities: U.S. government and government sponsored entities — 1,750 — — — 1,750 Obligations of states, municipalities and political subdivisions — 97 — — — 97 Non-U.S. governments — 76 — — — 76 Corporate debt — 916 134 — — 1,050 RMBS — 215 196 — — 411 CMBS — 280 35 — — 315 CLO/ABS — 247 2,332 — — 2,579 Total other bond securities — 3,581 2,697 — — 6,278 Equity securities 669 64 6 — — 739 Other invested assets (b) — 138 1,948 — — 2,086 Derivative assets (c) : Interest rate contracts — 3,873 — — — 3,873 Foreign exchange contracts — 1,188 1 — — 1,189 Equity contracts 7 224 450 — — 681 Commodity contracts — 4 — — — 4 Credit contracts — — 1 — — 1 Other contracts — — 13 — — 13 Counterparty netting and cash collateral — — — (2,779) (2,139) (4,918) Total derivative assets 7 5,289 465 (2,779) (2,139) 843 Short-term investments 2,584 1,842 — — — 4,426 Other assets (c) — — 114 — — 114 Separate account assets 105,221 3,890 — — — 109,111 Total $ 111,043 $ 262,582 $ 32,092 $ (2,779) $ (2,139) $ 400,799 Liabilities: Policyholder contract deposits $ — $ 54 $ 9,682 $ — $ — $ 9,736 Derivative liabilities (c) : Interest rate contracts 1 3,632 — — — 3,633 Foreign exchange contracts — 721 — — — 721 Equity contracts 1 46 6 — — 53 Credit contracts — 16 31 — — 47 Counterparty netting and cash collateral — — — (2,779) (1,089) (3,868) Total derivative liabilities 2 4,415 37 (2,779) (1,089) 586 Fortitude Re funds withheld payable — — 5,922 — — 5,922 Long-term debt — 1,871 — — — 1,871 Total $ 2 $ 6,340 $ 15,641 $ (2,779) $ (1,089) $ 18,115 (a) Represents netting of derivative exposures covered by qualifying master netting agreements. (b) Excludes investments that are measured at fair value using the net asset value (NAV) per share (or its equivalent), which totaled $9.8 billion and $8.4 billion as of December 31, 2022 and 2021, respectively. (c) Presented as part of Other assets and Other liabilities on the Consolidated Balance Sheets. CHANGES IN LEVEL 3 RECURRING FAIR VALUE MEASUREMENTS The following tables present changes during the years ended December 31, 2022 and 2021 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 Consolidated Balance Sheets at December 31, 2022 and 2021: (in millions) Fair Value Net Realized Other Purchases, Gross Gross Other Fair Changes in Changes in December 31, 2022 Assets: Bonds available for sale: Obligations of states, municipalities and political subdivisions $ 1,431 $ 1 $ (533) $ (104) $ 40 $ (11) $ — $ 824 $ — $ (223) Non-U.S. governments 7 1 3 (10) 3 (3) — 1 — (1) Corporate debt 2,641 37 (238) (87) 1,155 (661) — 2,847 — (217) RMBS 10,378 452 (1,319) (1,511) 8 (455) — 7,553 — (504) CMBS 1,190 7 (162) 137 102 (348) — 926 — (133) CLO/ABS 11,215 114 (1,658) 3,279 2,003 (2,205) — 12,748 — (1,605) Total bonds available for sale 26,862 612 (3,907) 1,704 3,311 (3,683) — 24,899 — (2,683) Other bond securities: Corporate debt 134 (5) — 158 334 (205) — 416 (2) — RMBS 196 (39) — 16 — — — 173 (38) — CMBS 35 (6) — (1) — — — 28 (4) — CLO/ABS 2,332 (233) — (1,182) 77 (84) — 910 (156) — Total other bond securities 2,697 (283) — (1,009) 411 (289) — 1,527 (200) — Equity securities 6 (1) — 27 16 (9) — 39 (1) — Other invested assets 1,948 338 (22) (26) 47 (210) — 2,075 355 — Other assets 114 — — (7) — — — 107 — — Total $ 31,627 $ 666 $ (3,929) $ 689 $ 3,785 $ (4,191) $ — $ 28,647 $ 154 $ (2,683) (in millions) Fair Value Net Other Purchases, Gross Gross Other Fair Changes in Changes in Liabilities: Policyholder contract deposits $ 9,682 $ (3,602) $ — $ 1,025 $ — $ — $ — $ 7,105 $ 3,857 $ — Derivative liabilities, net: Interest rate contracts — 9 — (245) (81) 6 — (311) 71 — Foreign exchange contracts (1) — — 1 — — — — (1) — Equity contracts (444) 487 — (313) — (1) — (271) (246) — Credit contracts 30 3 — (1) — — (32) — (31) — Other contracts (13) (65) — 64 — — — (14) 65 — Total derivative liabilities, net (a) (428) 434 — (494) (81) 5 (32) (596) (142) — Fortitude Re funds withheld payable 5,922 (7,481) — (676) — — — (2,235) 7,729 — Other Liabilities — — — 112 — — — 112 — — Total $ 15,176 $ (10,649) $ — $ (33) $ (81) $ 5 $ (32) $ 4,386 $ 11,444 $ — (in millions) Fair Value Net Realized Other Purchases, Gross Gross Other Fair Changes in Changes in December 31, 2021 Assets: Bonds available for sale: Obligations of states, municipalities and political subdivisions $ 2,105 $ 15 $ (9) $ (358) $ — $ (260) $ (62) $ 1,431 $ — $ 254 Non-U.S. governments 5 — (1) 1 5 (3) — 7 — — Corporate debt 2,349 (20) (31) 188 524 (369) — 2,641 — (141) RMBS 11,694 595 (127) (1,163) 8 (629) — 10,378 — 790 CMBS 922 25 (49) 414 57 (179) — 1,190 — (55) CLO |
Investments
Investments | 12 Months Ended |
Dec. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | 5. Investments FIXED MATURITY SECURITIES Bonds held to maturity are carried at amortized cost when we have the ability and positive intent to hold these securities until maturity. When we do not have the ability or positive intent to hold bonds until maturity, these securities are classified as available for sale or are measured at fair value at our election. None of our fixed maturity securities met the criteria for held to maturity classification at December 31, 2022 or 2021. Unrealized gains and losses from available for sale investments in fixed maturity securities carried at fair value were reported as a separate component of AOCI, net of policy related amounts and deferred income taxes, in shareholders’ equity. Realized and unrealized gains and losses from fixed maturity securities measured at fair value at our election are reflected in Net investment income. Investments in fixed maturity securities are recorded on a trade-date basis. Interest income is recognized using the effective yield method and reflects amortization of premium and accretion of discount. Premiums and discounts arising from the purchase of bonds classified as available for sale are treated as yield adjustments over their estimated holding periods, until maturity, or call date, if applicable. For investments in certain structured securities, recognized yields are updated based on current information regarding the timing and amount of expected undiscounted future cash flows. For high credit quality structured securities, effective yields are recalculated based on actual payments received and updated prepayment expectations, and the amortized cost is adjusted to the amount that would have existed had the new effective yield been applied since acquisition with a corresponding charge or credit to net investment income. For structured securities that are not high credit quality, the structured securities yields are based on expected cash flows which take into account both expected credit losses and prepayments. An allowance for credit losses is not established upon initial recognition of the asset (unless the security is determined to be a purchased credit deteriorated (PCD) asset which is discussed in more detail below). Subsequently, differences between actual and expected cash flows and changes in expected cash flows are recognized as adjustments to the allowance for credit losses. Changes that cannot be reflected as adjustments to the allowance for credit losses are accounted for as prospective adjustments to yield. SECURITIES AVAILABLE FOR SALE The following table presents the amortized cost and fair value of our available for sale securities: (in millions) Amortized Cost Allowance for Credit Losses (a) Gross Unrealized Gains Gross Unrealized Losses Fair Value December 31, 2022 Bonds available for sale: U.S. government and government sponsored entities $ 7,094 $ — $ 21 $ (496) $ 6,619 Obligations of states, municipalities and political subdivisions 13,195 — 99 (1,195) 12,099 Non-U.S. governments 15,133 (6) 91 (1,733) 13,485 Corporate debt 160,242 (132) 1,152 (23,423) 137,839 Mortgage-backed, asset-backed and collateralized: RMBS 19,584 (37) 807 (1,537) 18,817 CMBS 15,610 (11) 14 (1,420) 14,193 CLO/ABS 25,135 — 38 (2,069) 23,104 Total mortgage-backed, asset-backed and collateralized 60,329 (48) 859 (5,026) 56,114 Total bonds available for sale (b) $ 255,993 $ (186) $ 2,222 $ (31,873) $ 226,156 December 31, 2021 Bonds available for sale: U.S. government and government sponsored entities $ 7,874 $ — $ 347 $ (27) $ 8,194 Obligations of states, municipalities and political subdivisions 12,760 — 1,782 (15) 14,527 Non-U.S. governments 15,858 — 719 (247) 16,330 Corporate debt 163,064 (89) 13,892 (1,259) 175,608 Mortgage-backed, asset-backed and collateralized: RMBS 25,027 (9) 2,422 (153) 27,287 CMBS 15,333 — 555 (79) 15,809 CLO/ABS 19,294 — 276 (123) 19,447 Total mortgage-backed, asset-backed and collateralized 59,654 (9) 3,253 (355) 62,543 Total bonds available for sale (b) $ 259,210 $ (98) $ 19,993 $ (1,903) $ 277,202 (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 December 31, 2022 and 2021, the fair value of bonds available for sale held by us that were below investment grade or not rated totaled $22.3 billion or 10 percent and $27.0 billion or 10 percent, respectively. Securities Available for Sale in a Loss Position for Which No Allowance for Credit Loss Has Been Recorded The following table summarizes the fair value and gross unrealized losses on our available for sale securities, aggregated by major investment category and length of time that individual securities have been in a continuous unrealized loss position for which no allowance for credit loss has been recorded: Less than 12 Months 12 Months or More Total (in millions) Fair Gross Fair Gross Fair Gross December 31, 2022 Bonds available for sale: U.S. government and government sponsored entities $ 3,493 $ 368 $ 1,816 $ 128 $ 5,309 $ 496 Obligations of states, municipalities and political subdivisions 8,697 1,180 73 15 8,770 1,195 Non-U.S. governments 10,702 1,526 779 191 11,481 1,717 Corporate debt 110,683 19,756 13,778 3,609 124,461 23,365 RMBS 10,953 1,293 1,005 182 11,958 1,475 CMBS 11,620 1,094 1,728 326 13,348 1,420 CLO/ABS 16,852 1,388 4,307 681 21,159 2,069 Total bonds available for sale $ 173,000 $ 26,605 $ 23,486 $ 5,132 $ 196,486 $ 31,737 Less than 12 Months 12 Months or More Total (in millions) Fair Gross Fair Gross Fair Gross December 31, 2021 Bonds available for sale: U.S. government and government sponsored entities $ 3,696 $ 14 $ 447 $ 13 $ 4,143 $ 27 Obligations of states, municipalities and political subdivisions 714 11 57 4 771 15 Non-U.S. governments 4,644 115 1,324 132 5,968 247 Corporate debt 31,914 720 8,819 467 40,733 1,187 RMBS 5,362 102 1,154 46 6,516 148 CMBS 3,980 63 153 16 4,133 79 CLO/ABS 8,263 112 339 11 8,602 123 Total bonds available for sale $ 58,573 $ 1,137 $ 12,293 $ 689 $ 70,866 $ 1,826 At December 31, 2022, we held 36,549 individual fixed maturity securities that were in an unrealized loss position and for which no allowance for credit losses has been recorded (including 4,048 individual fixed maturity securities that were in a continuous unrealized loss position for 12 months or more). At December 31, 2021, we held 15,029 individual fixed maturity securities that were in an unrealized loss position and for which no allowance for credit losses has been recorded (including 2,644 individual fixed maturity securities that were in a continuous unrealized loss position for 12 months or more). We did not recognize the unrealized losses in earnings on these fixed maturity securities at December 31, 2022 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 (in millions) Amortized Cost, Fair Value December 31, 2022 Due in one year or less $ 9,150 $ 9,010 Due after one year through five years 50,935 48,517 Due after five years through ten years 44,213 39,449 Due after ten years 91,228 73,066 Mortgage-backed, asset-backed and collateralized 60,281 56,114 Total $ 255,807 $ 226,156 Actual maturities may differ from contractual maturities because certain borrowers have the right to call or prepay certain obligations with or without call or prepayment penalties. The following table presents the gross realized gains and gross realized losses from sales or maturities of our available for sale securities: Years Ended December 31, 2022 2021 2020 (in millions) Gross Gross Gross Gross Gross Gross Fixed maturity securities $ 446 $ 1,628 $ 1,369 $ 441 $ 1,824 $ 810 OTHER SECURITIES MEASURED AT FAIR VALUE The following table presents the fair value of fixed maturity securities measured at fair value based on our election of the fair value option, which are reported in the other bond securities caption in the financial statements, and equity securities measured at fair value: (in millions) December 31, 2022 December 31, 2021 Fair Percent Fair Percent Fixed maturity securities: U.S. government and government sponsored entities $ — — % $ 1,750 25 % Obligations of states, municipalities and political subdivisions 111 2 97 1 Non-U.S. governments 66 1 76 1 Corporate debt 2,392 47 1,050 15 Mortgage-backed, asset-backed and collateralized: RMBS 286 6 411 6 CMBS 331 7 315 4 CLO/ABS and other collateralized 1,299 26 2,579 37 Total mortgage-backed, asset-backed and collateralized 1,916 39 3,305 47 Total fixed maturity securities 4,485 89 6,278 89 Equity securities 575 11 739 11 Total $ 5,060 100 % $ 7,017 100 % OTHER INVESTED ASSETS The following table summarizes the carrying amounts of other invested assets: (in millions) December 31, 2022 December 31, 2021 Alternative investments (a)(b) $ 11,809 $ 10,951 Investment real estate (c) 2,153 2,727 All other investments (d) 1,991 1,990 Total $ 15,953 $ 15,668 (a) At December 31, 2022, included hedge funds of $1.4 billion, and private equity funds of $10.4 billion. At December 31, 2021, included hedge funds of $2.0 billion, and private equity funds of $8.9 billion. (b) At December 31, 2022, approximately 66 percent of our hedge fund portfolio is available for redemption in 2023. The remaining 34 percent will be available for redemption between 2024 and 2028. (c) Represents values net of accumulated depreciation. At December 31, 2022 and 2021, the accumulated depreciation was $786 million and $778 million, respectively. (d) Includes AIG's ownership interest in Fortitude Group Holdings, LLC (FRL), which is recorded using the measurement alternative for equity securities. Our investment in FRL totaled $156 million and $100 million at December 31, 2022 and 2021, respectively. Other Invested Assets Carried at Fair Value Certain hedge funds, private equity funds, and other investment partnerships for which we have elected the fair value option are reported at fair value with changes in fair value recognized in Net investment income. Other Invested Assets – Equity Method Investments We account for hedge funds, private equity funds and other investment partnerships using the equity method of accounting unless our interest is so minor that we may have virtually no influence over partnership operating and financial policies, or we have elected the fair value option. Under the equity method of accounting, our carrying amount generally is our share of the net asset value of the funds or the partnerships, and changes in our share of the net asset values are recorded in Net investment income. In applying the equity method of accounting, we consistently use the most recently available financial information provided by the general partner or manager of each of these investments. Hedge funds are reported as of the balance sheet date. Private equity funds are generally reported on a one-quarter lag. The financial statements of these investees are generally audited annually. Summarized Financial Information of Equity Method Investees The following is the aggregated summarized financial information of our equity method investees, including those for which the fair value option has been elected: Years Ended December 31, (in millions) 2022 2021 2020 Operating results: Total revenues $ 28,500 $ 31,560 $ 13,090 Total expenses (2,789) (2,241) (2,897) Net income $ 25,711 $ 29,319 $ 10,193 At December 31, (in millions) 2022 2021 Balance sheet: Total assets $ 134,435 $ 105,837 Total liabilities $ (14,701) $ (12,779) The following table presents the carrying amount and ownership percentage of equity method investments at December 31, 2022 and 2021: 2022 2021 (in millions) Carrying Ownership Carrying Ownership Equity method investments $ 5,963 Various $ 5,145 Various Summarized financial information for these equity method investees may be presented on a lag, due to the unavailability of information for the investees at our respective balance sheet dates, and is included for the periods in which we held an equity method ownership interest. Other Investments Also included in Other invested assets are real estate held for investment. These investments are reported at cost, less depreciation and are subject to impairment review, as discussed below. Net investment income represents income primarily from the following sources: • Interest income and related expenses, including amortization of premiums and accretion of discounts with changes in the timing and the amount of expected principal and interest cash flows reflected in yield, as applicable. • Dividend income from common and preferred stocks. • Realized and unrealized gains and losses from investments in other securities and investments for which we elected the fair value option. • Earnings from alternative investments. • Prepayment premiums. Years Ended December 31, 2022 2021 2020 (in millions) Excluding Fortitude Total Excluding Fortitude Total Excluding Fortitude Total Available for sale fixed maturity securities, including short-term investments $ 8,664 $ 1,067 $ 9,731 $ 8,583 $ 1,468 $ 10,051 $ 9,508 $ 851 $ 10,359 Other fixed maturity securities (a) (363) (459) (822) (19) 7 (12) 540 13 553 Equity securities (53) — (53) (237) — (237) 200 — 200 Interest on mortgage and other loans 1,959 203 2,162 1,745 207 1,952 1,883 106 1,989 Alternative investments (b) 819 170 989 2,579 321 2,900 913 99 1,012 Real estate 57 — 57 225 — 225 195 — 195 Other investments (c) 359 (5) 354 250 5 255 (120) 1 (119) Total investment income 11,442 976 12,418 13,126 2,008 15,134 13,119 1,070 14,189 Investment expenses 618 33 651 485 37 522 541 17 558 Net investment income $ 10,824 $ 943 $ 11,767 $ 12,641 $ 1,971 $ 14,612 $ 12,578 $ 1,053 $ 13,631 (a) Included in the years ended December 31, 2022, 2021 and 2020 were income (loss) of $(195) million, $(49) million and $195 million, respectively, related to fixed maturity securities measured at fair value that economically hedge liabilities described in (c) below. (b) Included income from hedge funds, private equity funds and affordable housing partnerships. Hedge funds are recorded as of the balance sheet date. Private equity funds are generally reported on a one-quarter lag. (c) Included in the years ended December 31, 2022, 2021 and 2020 were income (loss) of $186 million, $65 million and $(162) 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 are determined by specific identification. The net realized gains and losses are generated primarily from the following sources: • Sales of available for sale fixed maturity securities, real estate and other alternative investments. • Reductions to the amortized cost basis of available for sale fixed maturity securities that have been written down due to our intent to sell them or it being more likely than not that we will be required to sell them. • Changes in the allowance for credit losses on bonds available for sale, mortgage and other loans receivable, and loans commitments. • Changes in fair value of free standing and embedded derivatives, including changes in the non-performance adjustment, except for those instruments that are designated as hedging instruments when the change in the fair value of the hedged item is not reported in Net realized gains (losses). • Foreign exchange gains and losses resulting from foreign currency transactions. • Changes in fair value of the embedded derivative related to the Fortitude Re funds withheld assets. Years Ended December 31, 2022 2021 2020 (in millions) Excluding Fortitude Total Excluding Fortitude Total Excluding Fortitude Total Sales of fixed maturity securities $ (871) $ (311) $ (1,182) $ 211 $ 717 $ 928 $ 307 $ 707 $ 1,014 Intent to sell (66) — (66) — — — (3) — (3) Change in allowance for credit losses on fixed maturity securities (184) (32) (216) 19 7 26 (270) (10) (280) Change in allowance for credit losses on loans (55) (47) (102) 163 9 172 (105) 2 (103) Foreign exchange transactions (17) (5) (22) 16 (5) 11 365 13 378 Variable annuity embedded derivatives, net of related hedges 1,221 — 1,221 (39) — (39) 166 — 166 All other derivatives and hedge accounting 1,814 (134) 1,680 179 28 207 (672) (249) (921) Sales of alternative investments and real estate investments 193 43 236 988 237 1,225 143 — 143 Other (39) — (39) 214 10 224 13 — 13 Net realized gains (losses) – excluding Fortitude Re funds withheld embedded derivative 1,996 (486) 1,510 1,751 1,003 2,754 (56) 463 407 Net realized gains (losses) on Fortitude Re funds withheld embedded derivative — 7,481 7,481 — (603) (603) — (2,645) (2,645) Net realized gains (losses) $ 1,996 $ 6,995 $ 8,991 $ 1,751 $ 400 $ 2,151 $ (56) $ (2,182) $ (2,238) CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENTS The following table presents the increase (decrease) in unrealized appreciation (depreciation) of our available for sale securities and other investments: Years Ended December 31, (in millions) 2022 2021 Increase (decrease) in unrealized appreciation (depreciation) of investments: Fixed maturity securities $ (47,741) $ (9,255) Other investments (25) — Total increase (decrease) in unrealized appreciation (depreciation) of investments $ (47,766) $ (9,255) The following table summarizes the unrealized gains and losses recognized in Net investment income during the reporting period on equity securities and other investments still held at the reporting date: Years Ended December 31, 2022 2021 (in millions) Equities Other Total Equities Other Total Net gains (losses) recognized during the period on equity securities and other investments $ (53) $ 355 $ 302 $ (237) $ 2,028 $ 1,791 Less: Net gains (losses) recognized during the period on equity securities and other investments sold during the period 96 (23) 73 (180) 114 (66) Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date $ (149) $ 378 $ 229 $ (57) $ 1,914 $ 1,857 Fixed Maturity Securities If we intend to sell a fixed maturity security or it is more likely than not that we will be required to sell a fixed maturity security before recovery of its amortized cost basis and if the fair value of the security is below amortized cost, an impairment has occurred and the amortized cost is written down to current fair value, with a corresponding charge to Net realized gains (losses). No allowance is established in these situations and any previously recorded allowance is reversed. The new cost basis is not adjusted for subsequent increases in estimated fair value. When assessing our intent to sell a fixed maturity security, or whether it is more likely than not that we will be required to sell a fixed maturity security before recovery of its amortized cost basis, management evaluates relevant facts and circumstances including, but not limited to, decisions to reposition our investment portfolio, sales of securities to meet cash flow needs and sales of securities to take advantage of favorable pricing. For fixed maturity securities for which a decline in the fair value below the amortized cost is due to credit related factors, an allowance is established for the difference between the estimated recoverable value and amortized cost with a corresponding charge to Net realized gains (losses). The allowance for credit losses is limited to the difference between amortized cost and fair value. The estimated recoverable value is the present value of cash flows expected to be collected, as determined by management. The difference between fair value and amortized cost that is not associated with credit related factors is presented in unrealized appreciation (depreciation) of fixed maturity securities on which an allowance for credit losses was previously recognized (a separate component of AOCI). Accrued interest is excluded from the measurement of the allowance for credit losses. When estimating future cash flows for structured fixed maturity securities (e.g., RMBS, CMBS, CLO, ABS) management considers the historical performance of underlying assets and available market information as well as bond-specific structural considerations, such as credit enhancement and the priority of payment structure of the security. In addition, the process of estimating future cash flows includes, but is not limited to, the following critical inputs, which vary by asset class: • Current delinquency rates; • Expected default rates and the timing of such defaults; • Loss severity and the timing of any recovery; and • Expected prepayment speeds. When estimating future cash flows for corporate, municipal and sovereign fixed maturity securities determined to be credit impaired, management considers: • Expected default rates and the timing of such defaults; • Loss severity and the timing of any recovery; and • Scenarios specific to the issuer and the security, which may also include estimates of outcomes of corporate restructurings, political and macroeconomic factors, stability and financial strength of the issuer, the value of any secondary sources of repayment and the disposition of assets. We consider severe price declines in our assessment of potential credit impairments. We may also modify our model inputs when we determine that price movements in certain sectors are indicative of factors not captured by the cash flow models. Under the current expected credit loss (CECL) model, credit losses are reassessed each period. The allowance for credit losses and the corresponding charge to Net realized gains (losses) can be reversed if conditions change, however, the allowance for credit losses will never be reduced below zero. When we determine that all or a portion of a fixed maturity security is uncollectable, the uncollectable amortized cost amount is written off with a corresponding reduction to the allowance for credit losses. If we collect cash flows that were previously written off, the recovery is recognized by recording a gain in Net realized gains (losses). Credit Impairments The following table presents a rollforward of the changes in allowance for credit losses on available for sale fixed maturity securities by major investment category: Years Ended December 31, 2022 2021 2020 (in millions) Structured Non- Total Structured Non- Total Structured Non- Total Balance, beginning of year* $ 8 $ 90 $ 98 $ 17 $ 169 $ 186 $ 7 $ — $ 7 Additions: Securities for which allowance for credit losses were not previously recorded 69 238 307 9 56 65 38 290 328 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) (92) (95) (4) (29) (33) (5) (26) (31) 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 (27) (64) (91) (14) (77) (91) (50) 33 (17) Write-offs charged against the allowance — (30) (30) — (29) (29) — (128) (128) Other (1) (2) (3) — — — — — — Balance, end of year $ 46 $ 140 $ 186 $ 8 $ 90 $ 98 $ 17 $ 169 $ 186 * The beginning balance incorporates the Day 1 gross up on PCD assets held as of January 1, 2020. Other Invested Assets Our equity method investments in private equity funds, hedge funds and other entities are evaluated for impairment each reporting period. Such evaluation considers market conditions, events and volatility that may impact the recoverability of the underlying investments within these private equity funds and hedge funds and is based on the nature of the underlying investments and specific inherent risks. Such risks may evolve based on the nature of the underlying investments. Our investments in real estate are periodically evaluated for recoverability whenever changes in circumstances indicate the carrying amount of an asset may be impaired. When impairment indicators are present, we compare expected investment cash flows to carrying amount. When the expected cash flows are less than the carrying amount, the investments are written down to fair value with a corresponding charge to earnings. Purchased Credit Deteriorated (PCD) Securities We purchase certain RMBS securities that have experienced more-than-insignificant deterioration in credit quality since origination. These are referred to as PCD assets. At the time of purchase an allowance is recognized for these PCD assets by adding it to the purchase price to arrive at the initial amortized cost. There is no credit loss expense recognized upon acquisition of a PCD asset. When determining the initial allowance for credit losses, management considers the historical performance of underlying assets and available market information as well as bond-specific structural considerations, such as credit enhancement and the priority of payment structure of the security. In addition, the process of estimating future cash flows includes, but is not limited to, the following critical inputs: • Current delinquency rates; • Expected default rates and the timing of such defaults; • Loss severity and the timing of any recovery; and • Expected prepayment speeds. Subsequent to the acquisition date, the PCD assets follow the same accounting as other structured securities that are not high credit quality. We did not purchase securities with more than insignificant credit deterioration since their origination during the twelve-month periods ended December 31, 2022 and 2021. During the twelve-month period ended December 31, 2020, we purchased certain securities which had more than insignificant credit deterioration since their origination. These PCD securities are held in the portfolio of bonds available for sale in their natural classes at December 31, 2020. The following table presents a reconciliation of the purchase price to the unpaid principal balance at the acquisition date of the PCD securities that were purchased with credit deterioration: Year Ended December 31, (in millions) 2020 Unpaid principal balance $ 644 Allowance for expected credit losses at acquisition (26) Purchase (discount) premium (149) Purchase price $ 469 PLEDGED INVESTMENTS Secured Financing and Similar Arrangements We enter into secured financing transactions whereby certain securities are sold under agreements to repurchase (repurchase agreements), in which we transfer securities in exchange for cash, with an agreement by us to repurchase the same or substantially similar securities. Our secured financing transactions also include those that involve the transfer of securities to financial institutions in exchange for cash (securities lending agreements). In all of these secured financing transactions, the securities transferred by us (pledged collateral) may be sold or repledged by the counterparties. These agreements are recorded at their contracted amounts plus accrued interest, other than those that are accounted for at fair value. Pledged collateral levels are monitored daily and are generally maintained at an agreed-upon percentage of the fair value of the amounts borrowed during the life of the transactions. In the event of a decline in the fair value of the pledged collateral under these secured financing transactions, we may be required to transfer cash or additional securities as pledged collateral under these agreements. At the termination of the transactions, we and our counterparties are obligated to return the amounts borrowed and the securities transferred, respectively. The following table presents the fair value of securities pledged to counterparties under secured financing transactions, including repurchase and securities lending agreements: (in millions) December 31, 2022 December 31, 2021 Fixed maturity securities available for sale $ 2,968 $ 3,583 At December 31, 2022 and 2021, amounts borrowed under repurchase and securities lending agreements totaled $3.1 billion and $3.7 billion, respectively. The following table presents the fair value of securities pledged under our repurchase agreements by collateral type and by remaining contractual maturity: Remaining Contractual Maturity of the Agreements (in millions) Overnight up to 31 - 90 91 - 364 365 days Total December 31, 2022 Bonds available for sale: U.S. government and government sponsored entities $ — $ — $ — $ — $ — $ — Non-U.S. governments — 20 — — — 20 Corporate debt — 2,371 577 — — 2,948 Total $ — $ 2,391 $ 577 $ — $ — $ 2,968 December 31, 2021 Bonds available for sale: Non-U.S. governments $ 48 $ — $ — $ — $ — $ 48 Corporate debt 128 61 22 — — 211 Total $ 176 $ 61 $ 22 $ — $ — $ 259 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 up to 31 - 90 91 - 364 365 days Total December 31, 2022 Bonds available for sale: Obligations of states, municipalities and political subdivisions $ — $ — $ — $ — $ — $ — Non-U.S. governments — — — — — — Total $ — $ — $ — $ — $ — $ — December 31, 2021 Bonds available for sale: Obligations of states, municipalities and political subdivisions $ — $ — $ 106 $ — $ — $ 106 Non-U.S. governments — — 43 — — 43 Corporate debt — 534 2,641 — — 3,175 Total $ — $ 534 $ 2,790 $ — $ — $ 3,324 We also enter into agreements in which securities are purchased by us under reverse repurchase agreements, which are accounted for as secured financing transactions and reported as short-term investments or other assets, depending on their terms. These agreements are recorded at their contracted resale amounts plus accrued interest, other than those that are accounted for at fair value. In all reverse repurchase transactions, we take possession of or obtain a security interest in the related securities, and we have the right to sell or repledge this collateral received. The following table presents information on the fair value of securities pledged to us under reverse repurchase agreements: (in millions) December 31, 2022 December 31, 2021 Securities collateral pledged to us $ — $ 1,839 At December 31, 2021, the carrying value of reverse repurchase agreements totaled $1.9 billion. 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 $13.6 billion and $13.5 billion at December 31, 2022 and 2021, 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 $239 million and $211 million of stock in FHLBs at December 31, 2022 and 2021, 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 $5.8 billion and $1.8 billion, respectively, at December 31, 2022 and $5.1 billion and $1.5 billion, respectively, at December 31, 2021. 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 ag |
Lending Activities
Lending Activities | 12 Months Ended |
Dec. 31, 2022 | |
Receivables [Abstract] | |
Lending Activities | 6. Lending Activities Mortgage and other loans receivable include commercial mortgages, residential mortgages, life insurance policy loans, commercial loans, and other loans and notes receivable. Commercial mortgages, residential mortgages, commercial loans, and other loans and notes receivable are carried at unpaid principal balances less allowance for credit losses and plus or minus adjustments for the accretion or amortization of discount or premium. Interest income on such loans is accrued as earned. Direct costs of originating commercial mortgages, commercial loans, and other loans and notes receivable, net of nonrefundable points and fees, are deferred and included in the carrying amount of the related receivables. The amount deferred is amortized to income as an adjustment to earnings using the interest method. Premiums and discounts on purchased residential mortgages are also amortized to income as an adjustment to earnings using the interest method. Life insurance policy loans are carried at unpaid principal balances. There is no allowance for policy loans because these loans serve to reduce the death benefit paid when the death claim is made and the balances are effectively collateralized by the cash surrender value of the policy. The following table presents the composition of Mortgage and other loans receivable, net: (in millions) December 31, 2022 December 31, 2021 Commercial mortgages (a) $ 37,128 $ 35,665 Residential mortgages 6,130 5,492 Life insurance policy loans 1,758 1,843 Commercial loans, other loans and notes receivable (b) 5,305 3,677 Total mortgage and other loans receivable (c) 50,321 46,677 Allowance for credit losses (c) (d) (716) (629) Mortgage and other loans receivable, net (c) $ 49,605 $ 46,048 (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 19 percent and 11 percent, respectively, at December 31, 2022 and 21 percent and 10 percent, respectively, at December 31, 2021). (b) Includes loans held for sale which are carried at lower of cost or market and are collateralized primarily by apartments. As of December 31, 2022 and 2021, the net carrying value of these loans were $170 million and $15 million, respectively. (c) In 2022, excludes $37.6 billion loan receivable from AIGFP, which has a full allowance for credit losses, recognized upon the deconsolidation of AIGFP. For additional information, see Note 1. (d) Does not include allowance for credit losses of $69 million and $71 million, respectively, at December 31, 2022 and 2021, in relation to off-balance-sheet commitments to fund commercial mortgage loans, which is recorded in Other liabilities. Interest income is not accrued when payment of contractual principal and interest is not expected. Any cash received on impaired loans is generally recorded as a reduction of the current carrying amount of the loan. Accrual of interest income is generally resumed when delinquent contractual principal and interest is repaid or when a portion of the delinquent contractual payments are made and the ongoing required contractual payments have been made for an appropriate period. As of December 31, 2022, $5 million and $703 million of residential mortgage loans and commercial mortgage loans, respectively, were placed on nonaccrual status. As of December 31, 2021, $7 million and $226 million of residential mortgage loans and commercial mortgage loans, respectively, were placed on nonaccrual status. Accrued interest is presented separately and is included in Accrued investment income on the Consolidated Balance Sheets. As of December 31, 2022, accrued interest receivable was $15 million and $147 million associated with residential mortgage loans and commercial mortgage loans, respectively. As of December 31, 2021, accrued interest receivable was $12 million and $126 million associated with residential mortgage loans and commercial mortgage loans, respectively. A significant majority of commercial mortgages in the portfolio are non-recourse loans and, accordingly, the only guarantees are for specific items that are exceptions to the non-recourse provisions. It is therefore extremely rare for us to have cause to enforce the provisions of a guarantee on a commercial real estate or mortgage loan. Nonperforming loans are generally those loans where payment of contractual principal or interest is more than 90 days past due. Nonperforming loans were not significant for any of the periods presented. CREDIT QUALITY OF COMMERCIAL MORTGAGES The following table presents debt service coverage ratios (a) for commercial mortgages by year of vintage: December 31, 2022 2022 2021 2020 2019 2018 Prior Total (in millions) >1.2X $ 5,518 $ 2,457 $ 1,710 $ 4,985 $ 4,120 $ 11,663 $ 30,453 1.00 - 1.20X 910 898 473 416 567 1,353 4,617 <1.00X 45 — 23 52 744 1,194 2,058 Total commercial mortgages $ 6,473 $ 3,355 $ 2,206 $ 5,453 $ 5,431 $ 14,210 $ 37,128 December 31, 2021 2021 2020 2019 2018 2017 Prior Total (in millions) >1.2X $ 2,245 $ 1,662 $ 5,126 $ 3,926 $ 3,557 $ 10,796 $ 27,312 1.00 - 1.20X 574 1,019 700 1,138 136 1,929 5,496 <1.00X 1 27 71 925 41 1,792 2,857 Total commercial mortgages $ 2,820 $ 2,708 $ 5,897 $ 5,989 $ 3,734 $ 14,517 $ 35,665 The following table presents loan-to-value ratios (b) for commercial mortgages by year of vintage: December 31, 2022 2022 2021 2020 2019 2018 Prior Total (in millions) Less than 65% $ 5,425 $ 2,548 $ 1,775 $ 3,958 $ 3,016 $ 10,739 $ 27,461 65% to 75% 998 517 405 1,445 1,487 1,393 6,245 76% to 80% 50 52 — — 168 229 499 Greater than 80% — 238 26 50 760 1,849 2,923 Total commercial mortgages $ 6,473 $ 3,355 $ 2,206 $ 5,453 $ 5,431 $ 14,210 $ 37,128 December 31, 2021 2021 2020 2019 2018 2017 Prior Total (in millions) Less than 65% $ 2,286 $ 2,272 $ 4,149 $ 4,815 $ 2,892 $ 9,902 $ 26,316 65% to 75% 372 410 1,748 1,174 406 3,490 7,600 76% to 80% — — — — 188 274 462 Greater than 80% 162 26 — — 248 851 1,287 Total commercial mortgages $ 2,820 $ 2,708 $ 5,897 $ 5,989 $ 3,734 $ 14,517 $ 35,665 (a) The debt service coverage ratio compares a property’s net operating income to its debt service payments, including principal and interest. Our weighted average debt service coverage ratio was 1.9x at period ended December 31, 2022 and 1.9x at period ended December 31, 2021. The debt service coverage ratios have been updated within the last three 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 59 percent at December 31, 2022 and was 57 percent at December 31, 2021. The loan-to-value ratios have been updated within the last three months. The following table presents supplementary credit quality information related to commercial mortgages: Number Class Percent (dollars in millions) Apartments Offices Retail Industrial Hotel Others Total December 31, 2022 Past Due Status: In good standing 615 $ 14,597 $ 9,652 $ 3,634 $ 6,006 $ 1,935 $ 407 $ 36,231 97 % Restructured (a) 10 — 450 140 — 92 — 682 2 90 days or less delinquent — — — — — — — — — >90 days delinquent or in process of foreclosure 4 — 173 42 — — — 215 1 Total (b) 629 $ 14,597 $ 10,275 $ 3,816 $ 6,006 $ 2,027 $ 407 $ 37,128 100 % Allowance for credit losses $ 100 $ 351 81 71 29 8 $ 640 2 % December 31, 2021 Past Due Status: In good standing 636 $ 14,267 $ 9,695 $ 4,778 $ 3,858 $ 1,985 $ 432 $ 35,015 98 % Restructured (a) 8 — 354 25 — 136 — 515 2 90 days or less delinquent — — — — — — — — — >90 days delinquent or in process of foreclosure 5 — 81 54 — — — 135 — Total (b) 649 $ 14,267 $ 10,130 $ 4,857 $ 3,858 $ 2,121 $ 432 $ 35,665 100 % Allowance for credit losses $ 109 $ 247 $ 103 $ 47 $ 31 $ 8 $ 545 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 – Troubled Debt Restructurings. (b) Does not reflect allowance for credit losses. The following table presents credit quality performance indicators for residential mortgages by year of vintage: December 31, 2022 2022 2021 2020 2019 2018 Prior Total (in millions) FICO*: 780 and greater $ 296 $ 2,204 $ 654 $ 232 $ 77 $ 567 $ 4,030 720 - 779 536 728 168 76 32 169 1,709 660 - 719 163 80 28 16 9 62 358 600 - 659 2 4 2 2 2 14 26 Less than 600 — — — 1 — 6 7 Total residential mortgages $ 997 $ 3,016 $ 852 $ 327 $ 120 $ 818 $ 6,130 December 31, 2021 2021 2020 2019 2018 2017 Prior Total (in millions) FICO*: 780 and greater $ 1,601 $ 691 $ 297 $ 107 $ 192 $ 501 $ 3,389 720 - 779 1,306 230 86 44 58 154 1,878 660 - 719 48 42 22 12 20 49 193 600 - 659 1 1 2 3 2 12 21 Less than 600 — — 1 1 2 7 11 Total residential mortgages $ 2,956 $ 964 $ 408 $ 167 $ 274 $ 723 $ 5,492 * Fair Isaac Corporation (FICO) is the credit quality indicator used to evaluate consumer credit risk for residential mortgage loan borrowers and have been updated within the last twelve months. METHODOLOGY USED TO ESTIMATE THE ALLOWANCE FOR CREDIT LOSSES At the time of origination or purchase, an allowance for credit losses is established for mortgage and other loan receivables and is updated each reporting period. Changes in the allowance for credit losses are recorded in realized losses. This allowance reflects the risk of loss, even when that risk is remote, that is expected over the remaining contractual life of the loan. The allowance for credit losses considers available relevant information about the collectability of cash flows, including information about past events, current conditions, and reasonable and supportable forecasts of future economic conditions. We revert to historical information when we determine that we can no longer reliably forecast future economic assumptions. The allowances for the commercial mortgage loans and residential mortgage loans are estimated utilizing a probability of default and loss given default model. Loss rate factors are determined based on historical data and adjusted for current and forecasted information. The loss rates are applied based on individual loan attributes and considering such data points as loan-to-value ratios, FICO scores, and debt service coverage. The estimate of credit losses also reflects management’s assumptions on certain macroeconomic factors that include, but are not limited to, gross domestic product growth, employment, inflation, housing price index, interest rates and credit spreads. Accrued interest is excluded from the measurement of the allowance for credit losses and accrued interest is reversed through interest income once a loan is placed on nonaccrual. When all or a portion of a loan is deemed uncollectible, the uncollectible portion of the carrying amount of the loan is charged off against the allowance. The following table presents a rollforward of the changes in the allowance for credit losses on Mortgage and other loans receivable (a) : Years Ended December 31, 2022 2021 2020 (in millions) Commercial Other Total Commercial Other Total Commercial Other Total Allowance, beginning of year $ 545 $ 84 $ 629 $ 685 $ 129 $ 814 $ 336 $ 102 $ 438 Initial allowance upon CECL adoption — — — — — — 311 7 318 Loans charged off (17) — (17) (2) — (2) (12) (5) (17) Net charge-offs (17) — (17) (2) — (2) (12) (5) (17) Addition to (release of) allowance for loan losses 112 (8) 104 (138) (26) (164) 50 25 75 Divestitures — — — — (19) (19) — — — Allowance, end of year (b) $ 640 $ 76 $ 716 $ 545 $ 84 $ 629 $ 685 $ 129 $ 814 (a) Does not include allowance for credit losses of $69 million and $71 million, respectively, at December 31, 2022 and 2021 in relation to off-balance-sheet commitments to fund commercial mortgage loans, which is recorded in Other liabilities. (b) In 2022, excludes $37.6 billion loan receivable from AIGFP, which has a full allowance for credit losses, recognized upon the deconsolidation of AIGFP. For additional information, see Note 1. Our expectations and models used to estimate the allowance for losses on commercial and residential mortgage loans are regularly updated to reflect the current economic environment. 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. During the years ended December 31, 2022 and 2021, loans with a carrying value of $219 million and $345 million, respectively, were modified in TDRs. |
Reinsurance
Reinsurance | 12 Months Ended |
Dec. 31, 2022 | |
Insurance [Abstract] | |
Reinsurance | 7. Reinsurance In the ordinary course of business, our insurance companies may use both treaty and facultative reinsurance to minimize their net loss exposure to any single catastrophic loss event or to an accumulation of losses from a number of smaller events or to provide greater diversification of our businesses. In addition, our General Insurance subsidiaries assume reinsurance from other insurance companies. We determine the portion of the incurred but not reported (IBNR) loss that will be recoverable under our reinsurance contracts by reference to the terms of the reinsurance protection purchased. This determination is necessarily based on the estimate of IBNR and accordingly, is subject to the same uncertainties as the estimate of IBNR. Reinsurance assets include the balances due from reinsurance and insurance companies under the terms of our reinsurance agreements for paid and unpaid losses and loss adjustment expenses incurred, ceded unearned premiums and ceded future policy benefits for life and accident and health insurance contracts and benefits paid and unpaid. Amounts related to paid and unpaid losses and benefits and loss expenses with respect to these reinsurance agreements are sometimes collateralized. We remain liable to the extent that our reinsurers do not meet their obligation under the reinsurance contracts, and as such, we regularly evaluate the financial condition of our reinsurers and monitor concentration of our credit risk. The estimation of the allowance for credit losses and disputes requires judgment for which key inputs typically include historical trends regarding uncollectible balances, disputes and credit events as well as specific reviews of balances in dispute or subject to credit impairment. The allowance for credit losses and disputes on reinsurance assets was $295 million and $333 million at December 31, 2022 and 2021, respectively. Changes in the allowance for credit losses and disputes on reinsurance assets are reflected in Policyholder benefits and losses incurred within the Consolidated Statements of Income (Loss). The following table provides supplemental information for loss and benefit reserves, gross and net of ceded reinsurance: At December 31, 2022 2021 (in millions) As Net of As Net of Liability for unpaid losses and loss adjustment expenses $ (75,167) $ (42,955) $ (79,026) $ (43,678) Future policy benefits for life and accident and health insurance contracts (59,223) (33,666) (59,950) (33,964) Policyholder contract deposits (158,891) (154,712) (156,686) (152,266) Reserve for unearned premiums (18,338) (13,992) (19,313) (15,028) Other policyholder funds (3,909) (3,344) (3,476) (2,885) Reinsurance assets* 66,859 70,630 * Reinsurance assets excludes (i) allowance for credit losses and disputes of $295 million and $333 million (of which $110 million and $135 million pertains to CECL reserve for Liability for unpaid losses and loss adjustment expenses) for the years ended December 31, 2022 and 2021, respectively, (ii) paid loss recoveries of $4,663 million and $3,645 million for the years ended December 31, 2022 and 2021, respectively, and (iii) policy and contract claims recoverable of $366 million and $342 million for the years ended December 31, 2022 and 2021, respectively. SHORT-DURATION REINSURANCE Short-duration reinsurance is effected under reinsurance treaties and by negotiation on individual risks. Certain of these reinsurance arrangements consist of excess of loss contracts that protect us against losses above stipulated amounts. Ceded premiums are considered prepaid reinsurance premiums and are recognized as a reduction of premiums earned over the contract period in proportion to the protection received. Amounts recoverable from reinsurers on short-duration contracts are estimated in a manner consistent with the claims liabilities associated with the reinsurance and presented as a component of Reinsurance assets. Reinsurance premiums for assumed business are estimated based on information received from brokers, ceding companies and reinsurers. Any subsequent differences arising on such estimates are recorded in the periods in which they are determined. Assumed reinsurance premiums are earned primarily on a pro-rata basis over the terms of the reinsurance contracts and the portion of premiums relating to the unexpired terms of coverage is included in the reserve for unearned premiums. Reinsurance premiums for assumed business are estimated based on information received from brokers, ceding companies and reinsureds. Any subsequent differences arising on such estimates are recorded in the periods in which they are determined. For both ceded and assumed reinsurance, risk transfer requirements must be met for reinsurance accounting to apply. If risk transfer requirements are not met, the contract is accounted for as a deposit, resulting in the recognition of cash flows under the contract through a deposit asset or liability and not as revenue or expense. To meet risk transfer requirements, a reinsurance contract must include both insurance risk, consisting of both underwriting and timing risk, and a reasonable possibility of a significant loss for the assuming entity. Similar risk transfer criteria are used to determine whether directly written insurance contracts should be accounted for as insurance or as a deposit. The following table presents short-duration insurance premiums written and earned: Years Ended December 31, (in millions) 2022 2021 2020 Premiums written: Direct $ 32,025 $ 30,910 $ 28,521 Assumed 7,385 7,209 5,947 Ceded (12,650) (11,702) (11,012) Net $ 26,760 $ 26,417 $ 23,456 Premiums earned: Direct $ 32,053 $ 30,279 $ 28,596 Assumed 7,137 6,640 5,984 Ceded (12,425) (11,301) (10,435) Net $ 26,765 $ 25,618 $ 24,145 For the years ended December 31, 2022, 2021 and 2020, reinsurance recoveries, which reduced losses and loss adjustment expenses incurred, amounted to $7.1 billion, $7.2 billion and $7.7 billion, respectively. Retroactive reinsurance agreements are reinsurance agreements under which our reinsurer agrees to reimburse us as a result of past insurable events. For these agreements, the excess of the amounts ultimately collectible under the agreement over the consideration paid is recognized as a deferred gain liability and amortized into income over the settlement period of the ceded reserves. The amount of the deferral is recalculated each period based on loss payments and updated estimates. If the consideration paid exceeds the ultimate losses collectible under the agreement, the net loss on the agreement is recognized in income immediately. Ceded loss reserves under retroactive agreements were $14.3 billion and $16.8 billion, and the deferred gain liability was $661 million and $1.3 billion, as of December 31, 2022 and 2021, respectively. The effect on income from amortization of the deferred gain was $252 million, $191 million and $237 million for the years ended December 31, 2022, 2021 and 2020, respectively. In the first quarter of 2017, we entered into an adverse development reinsurance agreement with National Indemnity Company (NICO), a subsidiary of Berkshire Hathaway Inc., under which we transferred to NICO 80 percent of the reserve risk on substantially all of our U.S. Commercial long-tail exposures for accident years 2015 and prior. Under this agreement, we ceded to NICO 80 percent of the losses on subject business paid on or after January 1, 2016 in excess of $25 billion of net paid losses, up to an aggregate limit of $25 billion. We account for this transaction as retroactive reinsurance. This transaction resulted in a gain, which under U.S. GAAP retroactive reinsurance accounting is deferred and amortized into income over the settlement period. NICO created a collateral trust account as security for their claim payment obligations to us, into which they deposited the consideration paid under the agreement, and Berkshire Hathaway Inc. has provided a parental guarantee to secure NICO’s obligations under the agreement. LONG-DURATION REINSURANCE Long-duration reinsurance is effected principally under yearly renewable term (YRT) treaties, along with a large modco treaty with a former affiliate, Fortitude Re, that was deconsolidated following the Majority Interest Fortitude Sale. This modco treaty reinsures the majority of our long-duration run-off business. The premiums with respect to YRT treaties are earned over the contract period in proportion to the protection provided, while ceded premiums related to modco treaties are recognized when due. Amounts recoverable on YRT treaties are recognized when claims are incurred on the reinsured policies and are presented as a component of reinsurance assets. Amounts recoverable from reinsurers related to coinsurance or modco contracts are estimated in a manner consistent with the assumptions used for the underlying policy benefits. Amounts recoverable from reinsurers are presented as a component of Reinsurance assets. The following table presents premiums earned and policy fees for our long-duration life insurance and annuity operations: Years Ended December 31, (in millions) 2022 2021 2020 Premiums Direct $ 4,738 $ 4,596 $ 4,381 Assumed 1,318 2,265 1,058 Ceded (964) (1,220) (1,061) Net $ 5,092 $ 5,641 $ 4,378 Policy Fees Direct $ 3,048 $ 3,130 $ 2,957 Assumed — — — Ceded (76) (79) (40) Net $ 2,972 $ 3,051 $ 2,917 Long-duration reinsurance recoveries, which reduced Policyholder benefits and losses incurred, was approximately $0.9 billion, $1.3 billion and $1.1 billion for the years ended December 31, 2022, 2021 and 2020 respectively. The following table presents long-duration insurance in-force ceded to other insurance companies: At December 31, (in millions) 2022 2021 2020 Long-duration insurance in force ceded $ 346,879 $ 363,008 $ 349,453 Long-duration insurance in-force assumed as a percentage of gross long-duration insurance in-force was 0.01 percent, 0.01 percent, and 0.02 percent at December 31, 2022, 2021 and 2020, respectively; and premiums assumed represented 21.8 percent, 33.0 percent and 19.5 percent of gross premiums for the years ended December 31, 2022, 2021 and 2020, respectively. The U.S. Life and Retirement companies manage the capital impact of their statutory reserve requirements for certain whole life and universal life policies through unaffiliated and affiliated reinsurance transactions. An evaluation is performed to determine whether these reinsurance transactions meet the requirements of risk transfer under U.S. GAAP. If risk transfer requirements are not met, deposit accounting is used for these reinsurance transactions with a reinsurance risk charge recorded in income. Under one affiliated reinsurance arrangement, one of the U.S. Life and Retirement subsidiaries had one bilateral letter of credit currently in the amount of $175 million, which was issued on May 9, 2022 and expires on February 7, 2026. As of May 12, 2022, this letter of credit is subject to reimbursement by Corebridge Parent in the event of a drawdown. For additional information on the use of reinsurance, see Note 18. FORTITUDE RE Fortitude Re is the reinsurer of the majority of AIG’s run-off operations. The reinsurance transactions are structured as modco and loss portfolio transfer arrangements with funds withheld (funds withheld). In modco and funds withheld arrangements, the investments supporting the reinsurance agreements, and which reflect the majority of the consideration that would be paid to the reinsurer for entering into the transaction, are withheld by, and therefore continue to reside on the balance sheet of, the ceding company (i.e., AIG) thereby creating an obligation for the ceding company to pay the reinsurer (i.e., Fortitude Re) at a later date. Additionally, as AIG maintains ownership of these investments, AIG will maintain its existing accounting for these assets (e.g., the changes in fair value of available for sale securities will be recognized within Other comprehensive income (loss)). As a result of the deconsolidation resulting from the sale of our majority interest in Fortitude Group Holdings, LLC, AIG has established a funds withheld payable to Fortitude Re while simultaneously establishing a reinsurance asset representing reserves for the insurance coverage that Fortitude Re has assumed. The funds withheld payable contains an embedded derivative and changes in fair value of the embedded derivative related to the funds withheld payable are recognized in earnings through Net realized gains (losses). This embedded derivative is considered a total return swap with contractual returns that are attributable to various assets and liabilities associated with these reinsurance agreements. As of December 31, 2022, approximately $29.0 billion of reserves from our Life and Retirement Run-Off Lines and approximately $3.2 billion of reserves from our General Insurance Run-Off Lines related to business written by multiple wholly-owned AIG subsidiaries, had been ceded to Fortitude Re under these reinsurance transactions. There is a diverse pool of assets supporting the funds withheld arrangements with Fortitude Re. The following summarizes the composition of the pool of assets: December 31, 2022 December 31, 2021 (in millions) Carrying Fair Carrying Fair Corresponding Accounting Policy Fixed maturity securities - available for sale (a) $ 18,821 $ 18,821 $ 31,815 $ 31,815 Fair value through other comprehensive income (loss) Fixed maturity securities - fair value option 4,182 4,182 1,983 1,983 Fair value through net investment income Commercial mortgage loans 4,107 3,837 3,637 3,859 Amortized cost Real estate investments 133 348 201 395 Amortized cost Private equity funds / hedge funds 1,893 1,893 1,606 1,606 Fair value through net investment income Policy loans 355 355 380 380 Amortized cost Short-term investments 75 75 50 50 Fair value through net investment income Funds withheld investment assets 29,566 29,511 39,672 40,088 Derivative assets, net (b) 90 90 81 81 Fair value through net realized gains (losses) Other (c) 782 782 602 602 Amortized cost Total $ 30,438 $ 30,383 $ 40,355 $ 40,771 (a) The change in the net unrealized gains (losses) on available for sale securities related to the Fortitude Re funds withheld assets was $(7.5) billion ($(5.9) billion after-tax) and $(2.2) billion ($(1.8) billion after-tax), respectively for 2022 and 2021. (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 $192 million and $28 million, respectively, as of December 31, 2022. The derivative assets and liabilities supporting the Fortitude Re funds withheld arrangements had a fair market value of $389 million and $10 million, respectively, as of December 31, 2021. These derivative assets and liabilities are fully collateralized either by cash or securities. (c) Primarily comprised of Cash and Accrued investment income. The impact of the funds withheld arrangements with Fortitude Re was as follows: Years Ended December 31, (in millions) 2022 2021 2020 Net underwriting income $ — $ — $ — Net investment income - Fortitude Re funds withheld assets 943 1,971 1,053 Net realized gains (losses) on Fortitude Re funds withheld assets: Net realized gains (losses) - Fortitude Re funds withheld assets (486) 1,003 463 Net realized gains (losses) - Fortitude Re embedded derivative 7,481 (603) (2,645) Net realized gains (losses) on Fortitude Re funds withheld assets 6,995 400 (2,182) Income (loss) from continuing operations before income tax expense (benefit) 7,938 2,371 (1,129) Income tax expense (benefit) (a) 1,667 499 (237) Net income (loss) 6,271 1,872 (892) Change in unrealized appreciation (depreciation) of all other investments (a) (5,900) (1,760) 812 Comprehensive income (loss) $ 371 $ 112 $ (80) (a) The income tax expense (benefit) and the tax impact in AOCI was computed using AIG’s U.S. statutory tax rate of 21 percent. Various assets supporting the Fortitude Re funds withheld arrangements are reported at amortized cost, and as such, changes in the fair value of these assets are not reflected in the financial statements. However, changes in the fair value of these assets are included in the embedded derivative in the Fortitude Re funds withheld arrangements and the appreciation of these assets is the primary driver of the comprehensive income (loss) reflected above. Reinsurance Security Our third-party reinsurance arrangements do not relieve us from our direct obligations to our beneficiaries. Thus, a credit exposure exists with respect to both short-duration and long-duration reinsurance ceded to the extent that any reinsurer fails to meet the obligations assumed under any reinsurance agreement. We hold substantial collateral as security under related reinsurance agreements in the form of funds, securities, and/or letters of credit. A provision has been recorded for estimated unrecoverable reinsurance. In light of collateral held, we believe that no exposure to a single reinsurer represents an inappropriate concentration of credit risk to AIG. Gross reinsurance assets due from reinsurers exceeding 5 percent of our total reinsurance assets were approximately $48.4 billion and $51.5 billion at December 31, 2022 and 2021, respectively, of which approximately $3.6 billion and $3.1 billion at December 31, 2022 and 2021, respectively, was not secured by collateral. REINSURANCE – CREDIT LOSSES The estimation of reinsurance recoverables involves a significant amount of judgment, particularly for latent exposures, such as asbestos, due to their long-tail nature. 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 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; reinsurers that are financially troubled (i.e., in run-off, have voluntarily or involuntarily been placed in receivership, are insolvent, are in the process of liquidation or otherwise subject to formal or informal regulatory restriction) are assigned ORRs that will generate a significant allowance; and • whether collateral and collateral arrangements exist. An estimate of the reinsurance recoverables lifetime expected credit losses is established utilizing a probability of default and loss given default method, which reflects the reinsurer’s ORR. The allowance for credit losses excludes disputed amounts. An allowance for disputes is established for a reinsurance recoverable using the losses incurred model for contingencies. The total reinsurance recoverables as of December 31, 2022 were $73.7 billion. As of that date, utilizing AIG’s ORRs, (i) approximately 92 percent of the reinsurance recoverables were investment grade, of which 53 percent related to General Insurance and 39 percent related to Life and Retirement; (ii) approximately 7 percent of the reinsurance recoverables were non-investment grade, the majority of which related to General Insurance; (iii) less than one percent of the non-investment grade reinsurance recoverables related to Life and Retirement and (iv) approximately one percent of the reinsurance recoverables related to entities that were not rated by AIG. The total reinsurance recoverables as of December 31, 2021 were $76.3 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 7 percent of the reinsurance recoverables were non-investment grade, the majority of which related to General Insurance; (iii) less than one percent of the non-investment grade reinsurance recoverables related to Life and Retirement and (iv) approximately one percent of the reinsurance recoverables related to entities that were not rated by AIG. As of December 31, 2022 and December 31, 2021, approximately 77 percent and 71 percent, respectively, of our non-investment grade reinsurance exposure related to captive insurers. These arrangements are typically collateralized by letters of credit, funds withheld or trust agreements. Reinsurance Recoverable Allowance The following table presents a rollforward of the reinsurance recoverable allowance: Years Ended December 31, 2022 2021 2020 (in millions) General Insurance Life and Retirement Total General Insurance Life and Retirement Total General Insurance Life and Retirement Total Balance, beginning of year $ 281 $ 101 $ 382 $ 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 (22) (17) (39) 6 18 24 (12) 21 9 Write-offs charged against the allowance for credit losses and disputes (5) — (5) (17) — (17) (9) — (9) Recoveries of amounts previously written off 2 — 2 — — — — — — Other changes 4 — 4 — — — — — — Balance, end of year $ 260 $ 84 $ 344 $ 281 $ 101 $ 382 $ 292 $ 83 $ 375 Past-Due Status We consider a reinsurance asset to be past due when it is 90 days past due. The allowance for credit losses is estimated excluding disputed amounts. An allowance for disputes is established using the losses incurred method for contingencies. Past due balances on claims that are not in dispute were not material for any of the periods presented. |
Deferred Policy Acquisition Cos
Deferred Policy Acquisition Costs | 12 Months Ended |
Dec. 31, 2022 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Deferred Policy Acquisition Costs | 8. Deferred Policy Acquisition Costs DAC represent those costs that are incremental and directly related to the successful acquisition of new or renewal of existing insurance contracts. We defer incremental costs that result directly from, and are essential to, the acquisition or renewal of an insurance contract. Such deferred policy acquisition costs generally include agent or broker commissions and bonuses, premium taxes, and medical and inspection fees that would not have been incurred if the insurance contract had not been acquired or renewed. Each cost is analyzed to assess whether it is fully deferrable. We partially defer costs, including certain commissions, when we do not believe that the entire cost is directly related to the acquisition or renewal of insurance contracts. Commissions that are not deferred to DAC are recorded in Non-deferrable insurance commissions in the Consolidated Statements of Income. We also defer a portion of employee total compensation and payroll-related fringe benefits directly related to time spent performing specific acquisition or renewal activities, including costs associated with the time spent on underwriting, policy issuance and processing, and sales force contract selling. The amounts deferred are derived based on successful efforts for each distribution channel and/or cost center from which the cost originates. Short-duration insurance contracts: Policy acquisition costs are deferred and amortized over the period in which the related premiums written are earned, generally 12 months. DAC is grouped consistent with the manner in which the insurance contracts are acquired, serviced and measured for profitability and is reviewed for recoverability based on the profitability of the underlying insurance contracts. Investment income is anticipated in assessing the recoverability of DAC. We assess the recoverability of DAC on an annual basis or more frequently if circumstances indicate an impairment may have occurred. This assessment is performed by comparing recorded net unearned premiums and anticipated investment income on in-force business to the sum of expected losses and loss adjustment expenses incurred, unamortized DAC and maintenance costs. If the sum of these costs exceeds the amount of recorded net unearned premiums and anticipated investment income, the excess is recognized as an offset against the asset established for DAC. This offset is referred to as a premium deficiency charge. Increases in expected losses and loss adjustment expenses incurred can have a significant impact on the likelihood and amount of a premium deficiency charge. Long-duration insurance contracts: Policy acquisition costs for participating life, traditional life and accident and health insurance products are generally deferred and amortized, with interest, over the premium paying period. The assumptions used to calculate the benefit liabilities and DAC for these traditional products are set when a policy is issued and do not change with changes in actual experience, unless a loss recognition event occurs. These “locked-in” assumptions include mortality, morbidity, persistency, maintenance expenses and investment returns, and include margins for adverse deviation to reflect uncertainty given that actual experience might deviate from these assumptions. A loss recognition event occurs when there is a shortfall between the carrying amount of future policy benefit liabilities, net of DAC, and what the future policy benefit liabilities, net of DAC, would be when applying updated current assumptions. When we determine a loss recognition event has occurred, we first reduce any DAC related to that block of business through amortization of acquisition expense, and after DAC is depleted, we record additional liabilities through a charge to Policyholder benefits and losses incurred. Groupings for loss recognition testing are consistent with our manner of acquiring, servicing and measuring the profitability of the business and applied by product groupings. We perform separate loss recognition tests for traditional life products, payout annuities and long-term care products. Our policy is to perform loss recognition testing net of reinsurance. Once loss recognition has been recorded for a block of business, the old assumption set is replaced, and the assumption set used for the loss recognition would then be subject to the lock-in principle. Investment-oriented contracts : Certain policy acquisition costs and policy issuance costs related to investment-oriented contracts, for example universal life, variable and fixed annuities, and fixed index annuities, are deferred and amortized, with interest, in relation to the incidence of estimated gross profits to be realized over the estimated lives of the contracts. DAC on investment-oriented contracts were approximately $11.0 billion and $5.8 billion at December 31, 2022 and 2021, respectively. Estimated gross profits are affected by a number of factors, including levels of current and expected interest rates, net investment income and spreads, net realized gains and losses, fees, surrender rates, mortality experience, policyholder behavior experience and equity market returns and volatility. In each reporting period, current period amortization expense is adjusted to reflect actual gross profits. If the assumptions used for estimating gross profit change significantly, DAC is recalculated using the new assumptions, including actuarial assumptions such as mortality, lapse, benefit utilization, and premium persistency, and any resulting adjustment is included in income. If the new assumptions indicate that future estimated gross profits are higher than previously estimated, DAC will be increased resulting in a decrease in amortization expense and increase in income in the current period; if future estimated gross profits are lower than previously estimated, DAC will be decreased resulting in an increase in amortization expense and decrease in income in the current period. Updating such assumptions may result in acceleration of amortization in some products and deceleration of amortization in other products. DAC is grouped consistent with the manner in which the insurance contracts are acquired, serviced and measured for profitability and is reviewed for recoverability based on the current and projected future profitability of the underlying insurance contracts. To estimate future estimated gross profits for variable life and annuity products, a long-term annual asset growth assumption is applied to determine the future growth in assets and related asset-based fees. In determining the asset growth rate, the effect of short-term fluctuations in the equity markets is partially mitigated through the use of a “reversion to the mean” methodology for variable annuities, whereby short-term asset growth above or below long-term annual rate assumptions impacts the growth assumption applied to the five-year period subsequent to the current balance sheet date. The reversion to the mean methodology allows us to maintain our long-term growth assumptions, while also giving consideration to the effect of actual investment performance. When actual performance significantly deviates from the annual long-term growth assumption, as evidenced by growth assumptions in the five-year reversion to the mean period falling below a certain rate (floor) or rising above a certain rate (cap) for a sustained period, judgment may be applied to revise or “unlock” the growth rate assumptions to be used for both the five-year reversion to the mean period as well as the long-term annual growth assumption applied to subsequent periods. Unrealized Appreciation (Depreciation) of Investments: DAC related to investment-oriented contracts is also adjusted to reflect the effect of unrealized gains or losses on fixed maturity securities available for sale on estimated gross profits, with related changes recognized through Other comprehensive income. The adjustment is made at each balance sheet date, as if the securities had been sold at their stated aggregate fair value and the proceeds reinvested at current yields. Similarly, for long-duration traditional insurance contracts, if the assets supporting the liabilities are in a net unrealized gain position at the balance sheet date, loss recognition testing assumptions are updated to exclude such gains from future cash flows by reflecting the impact of reinvestment rates on future yields. If a future loss is anticipated under this basis, any additional shortfall indicated by loss recognition tests is recognized as a reduction in accumulated other comprehensive income. Similar to other loss recognition on long-duration insurance contracts, such shortfall is first reflected as a reduction in DAC and secondly as an increase in liabilities for future policy benefits. The change in these adjustments, net of tax, is included with the change in net unrealized appreciation of investments that is credited or charged directly to Other comprehensive income. Internal Replacements of Long-duration and Investment-oriented Products: For some products, policyholders can elect to modify product benefits, features, rights or coverages by exchanging a contract for a new contract or by amendment, endorsement, or rider to a contract, or by the election of a feature or coverage within a contract. These transactions are known as internal replacements. If the modification does not substantially change the contract, we do not change the accounting and amortization of existing DAC and related actuarial balances. If an internal replacement represents a substantial change, the original contract is considered to be extinguished and any related DAC or other policy balances are charged or credited to income, and any new deferrable costs associated with the replacement contract are deferred. Value of Business Acquired (VOBA): VOBA is determined at the time of acquisition and is reported in the Consolidated Balance Sheets with DAC. As of December 31, 2022 and 2021, the VOBA balances were $94 million and $111 million, respectively. The following table presents a rollforward of DAC: Years Ended December 31, (in millions) 2022 2021 2020 Balance, beginning of year $ 10,403 $ 9,679 $ 10,890 Acquisition costs deferred 4,643 4,666 4,292 Amortization expense (4,954) (4,562) (4,188) Change related to unrealized appreciation (depreciation) of investments 5,631 773 (1,116) Dispositions — — (298) Other, including foreign exchange (298) (153) 99 Balance, end of year (a) $ 15,425 $ 10,403 $ 9,679 (a) Net of cumulative additions (reductions) in DAC of $3.3 billion, $(2.4) billion and $(3.1) billion at December 31, 2022, 2021 and 2020, respectively, related to the effect of net unrealized gains and losses on available for sale securities. We offer deferred sales inducements which include enhanced crediting rates or bonus payments to contract holders (bonus interest) on certain annuity and investment contract products. Such amounts are deferred and amortized over the life of the contract using the same methodology and assumptions used to amortize DAC. The deferred bonus interest and other deferred sales inducement assets, recorded in Other assets, totaled $889 million and $307 million at December 31, 2022 and 2021, respectively. DAC, VOBA and DSI for insurance-oriented and investment-oriented products are reviewed for recoverability, which involves estimating the future profitability of current business. This review involves significant management judgment. If actual profitability is substantially lower than estimated, AIG’s DAC, VOBA and DSI may be subject to an impairment charge and AIG’s results of operations could be significantly affected in the period the impairment charge is recognized and in future periods. |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | 9. Variable Interest EntitiesA variable interest entity (VIE) is a legal entity that does not have sufficient equity at risk to finance its activities without additional subordinated financial support or is structured such that equity investors lack the ability to make significant decisions relating to the entity’s operations through voting rights or do not substantively participate in the gains and losses of the entity. Consolidation of a VIE by its primary beneficiary is not based on majority voting interest, but is based on other criteria discussed below. We enter into various arrangements with VIEs in the normal course of business and consolidate the VIEs when we determine we are the primary beneficiary. This analysis includes a review of the VIE’s capital structure, related contractual relationships and terms, nature of the VIE’s operations and purpose, nature of the VIE’s interests issued and our involvement with the entity. When assessing the need to consolidate a VIE, we evaluate the design of the VIE as well as the related risks to which the entity was designed to expose the variable interest holders. The primary beneficiary is the entity that has both (i) the power to direct the activities of the VIE that most significantly affect the entity’s economic performance and (ii) the obligation to absorb losses or the right to receive benefits that could be potentially significant to the VIE. While also considering these factors, the consolidation conclusion depends on the breadth of our decision-making ability and our ability to influence activities that significantly affect the economic performance of the VIE. BALANCE SHEET CLASSIFICATION AND EXPOSURE TO LOSS Creditors or beneficial interest holders of VIEs for which AIG is the primary beneficiary generally have recourse only to the assets and cash flows of the VIEs and do not have recourse to AIG, except in limited circumstances when AIG has provided a guarantee to the VIE’s interest holders. The following table presents the total assets and total liabilities associated with our variable interests in consolidated VIEs, as classified in the Consolidated Balance Sheets: (in millions) Real Estate and Investment Entities (d) Securitization Total December 31, 2022 Assets: Bonds available for sale $ — $ 3,672 $ 3,672 Other bond securities — — — Equity securities 51 — 51 Mortgage and other loans receivable — 2,221 2,221 Other invested assets Alternative investments (a) 2,842 — 2,842 Investment real estate 1,731 — 1,731 Short-term investments 191 281 472 Cash 71 — 71 Accrued investment income — 9 9 Other assets 102 70 172 Total (b) $ 4,988 $ 6,253 $ 11,241 Liabilities: Debt of consolidated investment entities $ 1,358 $ 4,336 $ 5,694 Other (c) 85 47 132 Total $ 1,443 $ 4,383 $ 5,826 (in millions) Real Estate and Investment Entities (d) Securitization Total December 31, 2021 Assets: Bonds available for sale $ — $ 5,543 $ 5,543 Other bond securities — 1,852 1,852 Equity securities 223 — 223 Mortgage and other loans receivable — 2,523 2,523 Other invested assets Alternative investments (a) 3,017 — 3,017 Investment real estate 2,257 — 2,257 Short-term investments 487 151 638 Cash 96 — 96 Accrued investment income — 17 17 Other assets 190 558 748 Total (b) $ 6,270 $ 10,644 $ 16,914 Liabilities: Debt of consolidated investment entities $ 1,743 $ 4,504 $ 6,247 Other (c) 122 722 844 Total $ 1,865 $ 5,226 $ 7,091 (a) Comprised primarily of investments in real estate joint ventures at December 31, 2022 and 2021. (b) The assets of each VIE can be used only to settle specific obligations of that VIE. (c) Comprised primarily of Other liabilities at December 31, 2022 and 2021. (d) At December 31, 2022 and 2021, off-balance sheet exposure primarily consisting of our insurance companies’ commitments to real estate and investment entities were $2.1 billion and $2.2 billion, respectively, of which commitments to external parties were $0.6 billion and $0.6 billion, respectively. We calculate our maximum exposure to loss to be (i) the amount invested in the debt or equity of the VIE, (ii) the notional amount of VIE assets or liabilities where we have also provided credit protection to the VIE with the VIE as the referenced obligation, and (iii) other commitments and guarantees to the VIE. The following table presents total assets of unconsolidated VIEs in which we hold a variable interest, as well as our maximum exposure to loss associated with these VIEs: Maximum Exposure to Loss (in millions) Total VIE On-Balance (b) Off-Balance Total December 31, 2022 Real estate and investment entities (a) $ 504,219 $ 9,145 $ 3,938 (c) $ 13,083 Other (e) 1,302 247 747 (d) 994 Total $ 505,521 $ 9,392 $ 4,685 $ 14,077 December 31, 2021 Real estate and investment entities (a) $ 457,335 $ 7,650 $ 3,448 (c) $ 11,098 Other 1,738 237 528 (d) 765 Total $ 459,073 $ 7,887 $ 3,976 $ 11,863 (a) Comprised primarily of hedge funds and private equity funds. (b) At December 31, 2022 and 2021, $9.3 billion and $7.8 billion, respectively, of our total unconsolidated VIE assets were recorded as Other invested assets. (c) These amounts represent our unfunded commitments to invest in private equity funds and hedge funds. (d) 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. (e) At December 31, 2022, excludes approximately $2,057 million of VIE assets related to AIGFP and its consolidated subsidiaries, with maximum off-balance sheet exposure to loss of $2,033 million. For additional information, see Note 1. REAL ESTATE AND INVESTMENT ENTITIES Through our insurance operations and AIG Global Real Estate Investment Corp., we are an investor in various real estate investment entities, some of which are VIEs. These investments are typically with unaffiliated third-party developers via a partnership or limited liability company structure. The VIEs’ activities consist of the development or redevelopment of commercial, industrial and residential real estate. Our involvement varies from being a passive equity investor or finance provider to actively managing the activities of the VIEs. Our insurance operations participate as passive investors in the equity issued by certain third-party-managed hedge and private equity funds that are VIEs. Our insurance operations typically are not involved in the design or establishment of these VIEs, nor do they actively participate in the management of the VIEs. SECURITIZATION AND REPACKAGING VEHICLES We created certain VIEs that hold investments, primarily in investment-grade debt securities and loans, and issued beneficial interests in these investments. Some of these VIEs were created to facilitate our purchase of asset-backed securities. In these situations, all of the beneficial interests are owned by our insurance operations and are consolidated by AIG. In other instances, we have created VIEs that are securitizations of residential mortgage loans or other forms of collateralized loan obligations or repackage loan and other assets into pass-through securities. Our insurance subsidiaries own some of the beneficial interests of these VIEs, and we maintain the power to direct the activities of the VIEs that most significantly impact their economic performance. Accordingly, we consolidate these entities and those beneficial interests issued to third parties are reported as debt of consolidated investment entities. This debt is non-recourse to AIG. RMBS, CMBS, OTHER ABS AND CLOS Primarily through our insurance operations, we are a passive investor in RMBS, CMBS, other ABS and CLOs, the majority of which are issued by domestic special purpose entities. We generally do not sponsor or transfer assets to, or act as the servicer to these asset-backed structures, and were not involved in the design of these entities. Our maximum exposure in these types of structures is limited to our investment in securities issued by these entities and, where applicable, any unfunded commitments to these entities. Conditional unfunded commitments for these unconsolidated entities are $526 million at December 31, 2022. Based on the nature of our investments and our passive involvement in these types of structures, we have determined that we are not the primary beneficiary of these entities. We have not included these entities in the above tables; however, the fair values of our investments in these structures are reported in Notes 4 and 5. Additionally from time to time, AIG participates in the design of certain VIEs which we do not consolidate. The notes issued by these VIEs are recognized at fair value and included in available for sale securities in our financial statements. As of December 31, 2022, the total VIE assets from these securitizations are $3 billion, of which AIG’s maximum exposure to loss is $2 billion. |
Derivatives and Hedge Accountin
Derivatives and Hedge Accounting | 12 Months Ended |
Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedge Accounting | 10. 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. Interest rate, currency, equity and commodity swaps, credit contracts, swaptions, options and forward transactions are accounted for as derivatives, recorded on a trade-date basis and carried at fair value. Unrealized gains and losses are reflected in income, when appropriate. Aggregate asset or liability positions are netted on the Consolidated Balance Sheets only to the extent permitted by qualifying master netting arrangements in place with each respective counterparty. Cash collateral posted with counterparties in conjunction with transactions supported by qualifying master netting arrangements is reported as a reduction of the corresponding net derivative liability, while cash collateral received in conjunction with transactions supported by qualifying master netting arrangements is reported as a reduction of the corresponding net derivative asset. Derivatives, with the exception of embedded derivatives, are reported at fair value in the Consolidated Balance Sheets in Other assets and Other liabilities. Embedded derivatives are generally presented with the host contract in the Consolidated Balance Sheets. A bifurcated embedded derivative is measured at fair value and accounted for in the same manner as a free standing derivative contract. The corresponding host contract is accounted for according to the accounting guidance applicable for that instrument. For additional information on embedded derivatives, see Notes 4 and 13. The following table presents the notional amounts of our derivatives and the fair value of derivative assets and liabilities in the Consolidated Balance Sheets: December 31, 2022 December 31, 2021 Gross Derivative Assets Gross Derivative Liabilities Gross Derivative Assets Gross Derivative Liabilities (in millions) Notional Fair Notional Fair Notional Fair Notional Fair Derivatives designated as hedging instruments: (a) Interest rate contracts $ 251 $ 355 $ 1,688 $ 66 $ 265 $ 5 $ 895 $ 11 Foreign exchange contracts 4,543 642 4,899 317 5,431 467 5,828 197 Derivatives not designated as hedging instruments: (a) Interest rate contracts 39,833 3,367 34,128 4,772 47,499 3,868 42,113 3,622 Foreign exchange contracts 8,626 1,202 10,397 821 7,905 722 9,997 524 Equity contracts 31,264 428 4,740 26 27,423 681 5,091 53 Commodity contracts 212 9 20 — 303 4 219 — Credit contracts (b) 1,808 32 933 41 3,790 1 936 47 Other contracts (c) 47,184 14 — — 43,892 13 51 — Total derivatives, gross $ 133,721 $ 6,049 $ 56,805 $ 6,043 $ 136,508 $ 5,761 $ 65,130 $ 4,454 Counterparty netting (d) (3,895) (3,895) (2,779) (2,779) Cash collateral (e) (1,640) (1,917) (2,139) (1,089) Total derivatives on Consolidated Balance Sheets (f) $ 514 $ 231 $ 843 $ 586 (a) Fair value amounts are shown before the effects of counterparty netting adjustments and offsetting cash collateral. (b) As of December 31, 2022 and 2021, included CDSs on super senior multi-sector CLOs with a net notional amount of $79 million and $97 million (fair value liability of $32 million and $30 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 $2.2 billion at December 31, 2022 and zero at December 31, 2021. Fair value of liabilities related to bifurcated embedded derivatives was $7.2 billion and $14.5 billion, respectively, at December 31, 2022 and 2021. A bifurcated embedded derivative is generally presented with the host contract in the Consolidated Balance Sheets. Embedded derivatives are primarily related to guarantee features in variable annuity products, which include equity and interest rate components, and the funds withheld arrangement with Fortitude Re. For additional information, see Note 7. 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 and $2.7 billion at December 31, 2022 and 2021, respectively. In the case of collateral posted under derivative transactions that are not subject to clearing, this collateral can generally be repledged or resold by the counterparties. Collateral provided to us from third parties for derivative transactions was $2.0 billion and $2.4 billion at December 31, 2022 and 2021, respectively. In the case of collateral provided to us under derivative transactions that are not subject to clearing, we generally can repledge or resell collateral. OFFSETTING We have elected to present all derivative receivables and derivative payables, and the related cash collateral received and paid, on a net basis on our Consolidated Balance Sheets when a legally enforceable ISDA Master Agreement exists between us and our derivative counterparty. An ISDA Master Agreement is an agreement governing multiple derivative transactions between two counterparties. The ISDA Master Agreement generally provides for the net settlement of all, or a specified group, of these derivative transactions, as well as transferred collateral, through a single payment, and in a single currency, as applicable. The net settlement provisions apply in the event of a default on, or affecting any, one derivative transaction or a termination event affecting all, or a specified group of, derivative transactions governed by the ISDA Master Agreement. HEDGE ACCOUNTING We designated certain derivatives entered into with third parties as fair value hedges of available for sale investment securities held by our insurance subsidiaries. The fair value hedges include foreign currency forwards and cross currency swaps designated as hedges of the change in fair value of foreign currency denominated available for sale securities attributable to changes in foreign exchange rates. We also designated certain interest rate swaps entered into with third parties as fair value hedges of fixed rate GICs attributable to changes in benchmark interest rates. We use foreign currency denominated debt and cross-currency swaps as hedging instruments in net investment hedge relationships to mitigate the foreign exchange risk associated with our non-U.S. dollar functional currency foreign subsidiaries. For net investment hedge relationships where issued debt is used as a hedging instrument, we assess the hedge effectiveness and measure the amount of ineffectiveness based on changes in spot rates. For net investment hedge relationships that use derivatives as hedging instruments, we assess hedge effectiveness and measure hedge ineffectiveness using changes in forward rates. For the years ended December 31, 2022, 2021 and 2020, we recognized gains (losses) of $312 million, $201 million and $(128) million, respectively, included in Change in foreign currency translation adjustments in Other comprehensive income (loss) related to the net investment hedge relationships. A qualitative methodology is utilized to assess hedge effectiveness for net investment hedges, while regression analysis is employed for all other hedges. The following table presents the gain (loss) recognized in income on our derivative instruments in fair value hedging relationships in the Consolidated Statements of Income (Loss): Gains/(Losses) Recognized in Income for: (in millions) Hedging Derivatives (a) Excluded Components (b) Hedged Net Impact Year Ended December 31, 2022 Interest rate contracts: Interest credited to policyholder account balances $ (81) $ — $ 83 $ 2 Net investment income 11 — (12) (1) Foreign exchange contracts: Net realized gains/(losses) 382 244 (382) 244 Year Ended December 31, 2021 Interest rate contracts: Interest credited to policyholder account balances $ (19) $ — $ 17 $ (2) Net investment income 9 — (11) (2) Foreign exchange contracts: Net realized gains/(losses) 210 139 (210) 139 Year Ended December 31, 2020 Interest rate contracts: Interest credited to policyholder account balances $ 14 $ — $ (14) $ — Net investment income (6) — 5 (1) Foreign exchange contracts: Net realized gains/(losses) (422) 49 422 49 (a) Gains and losses on derivative instruments designated and qualifying in fair value hedges that are included in the assessment of hedge effectiveness. (b) Gains and losses on derivative instruments designated and qualifying in fair value hedges that are excluded from the assessment of hedge effectiveness and recognized in income on a mark-to-market basis. DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS The following table presents the effect of derivative instruments not designated as hedging instruments in the Consolidated Statements of Income (Loss): Years Ended December 31, Gains (Losses) Recognized in Income (in millions) 2022 2021 2020 By Derivative Type: Interest rate contracts $ (2,190) $ (573) $ 1,451 Foreign exchange contracts 1,149 278 (389) Equity contracts (497) (736) 211 Commodity contracts (13) (9) — Credit contracts (4) (12) 52 Other contracts 100 64 61 Embedded derivatives 11,873 623 (4,722) Total $ 10,418 $ (365) $ (3,336) By Classification: Policy fees $ 63 $ 61 $ 62 Net investment income - excluding Fortitude Re funds withheld assets 2 5 (8) Net investment income - Fortitude Re funds withheld assets (10) — — Net realized gains (losses) - excluding Fortitude Re funds withheld assets 3,035 148 (508) Net realized gains (losses) on Fortitude Re funds withheld assets (a) 7,347 (575) (2,894) Policyholder benefits and claims incurred (19) (4) 12 Total $ 10,418 $ (365) $ (3,336) (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 December 31, 2022, based on our outstanding financial derivative transactions, a downgrade of our long-term senior debt ratings to BBB or BBB– by Standard & Poor’s Financial Services LLC, a subsidiary of S&P Global Inc., and/or a downgrade to Baa2 or Baa3 by Moody’s Investors’ Service, Inc. would permit counterparties to make additional collateral calls and permit certain counterparties to elect early termination of contracts, resulting in corresponding collateral postings and termination payments in the total amount of up to approximately $6 million. The aggregate fair value of our derivatives that were in a net liability position and that contain such credit risk-related contingencies which can be triggered below our long-term senior debt ratings of BBB+ or Baa1 was approximately $32 million and $206 million at December 31, 2022 and 2021, respectively. The aggregate fair value of assets posted as collateral under these contracts at December 31, 2022 and 2021, was approximately $34 million and $239 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, CLOs and ABS, our investments in these hybrid securities are exposed to losses only up to the amount of our initial investment in the hybrid security. Other than our initial investment in the hybrid securities, we have no further obligation to make payments on the embedded credit derivatives in the related hybrid securities. We elect to account for our investments in these hybrid securities with embedded written credit derivatives at fair value, with changes in fair value recognized in Net investment income. Our investments in these hybrid securities are reported as Other bond securities in the Consolidated Balance Sheets. The fair values of these hybrid securities were under $1 million and $2.0 billion at December 31, 2022 and 2021, respectively. These securities have par amounts of $42 million and $4.6 billion at December 31, 2022 and 2021, respectively, and have remaining stated maturity dates that extend to 2052. The majority of these securities were sold in the fourth quarter of 2022 resulting in the decrease in fair value and par value. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | 11. Goodwill and Other Intangible Assets Goodwill represents the future economic benefits arising from assets acquired in a business combination that are not individually identified and separately recognized. Goodwill is tested for impairment at the reporting unit level, which is defined as an operating segment or one level below, and the test is performed annually, or more frequently if circumstances indicate an impairment may have occurred. At December 31, 2022, goodwill is reported within our General Insurance business – North America and International operating segments, our Life and Retirement business – Life Insurance operating segment and our Other Operations segment. When a business is transferred from one reporting unit to another, goodwill from the original reporting unit is allocated among reporting units based on the fair value of business transferred, relative to business retained by a reporting unit. The impairment assessment involves an option to first assess qualitative factors to determine whether events or circumstances exist that lead to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the qualitative assessment is not performed, or after assessing the totality of the events or circumstances, we determine it is more likely than not that the fair value of a reporting unit is less than its carrying amount, a quantitative assessment for potential impairment is performed. If the qualitative test is not performed or if the test indicates a potential impairment is present, we estimate the fair value of each reporting unit and compare the estimated fair value with the carrying amount of the reporting unit, including allocated goodwill. The estimate of a reporting unit’s fair value involves management judgment and is based on one or a combination of approaches including discounted expected future cash flows, market-based earnings multiples of the unit’s peer companies, external appraisals or, in the case of reporting units being considered for sale, third-party indications of fair value, if available. We consider one or more of these estimates when determining the fair value of a reporting unit to be used in the impairment test. If the estimated fair value of a reporting unit exceeds its carrying amount, goodwill is not impaired. If the carrying value of a reporting unit exceeds its estimated fair value, goodwill associated with that reporting unit potentially is impaired. The amount of impairment, if any, is measured as the excess of a reporting unit’s carrying amount over its fair value not to exceed the total amount of goodwill allocated to that reporting unit and recognized in income. The following table presents the changes in goodwill by operating segment: General Insurance (in millions) North International Life Other Total Balance at January 1, 2021: Goodwill - gross 3,791 3,456 244 60 7,551 Accumulated impairments (1,145) (2,255) (67) (10) (3,477) Net goodwill 2,646 1,201 177 50 4,074 Increase (decrease) due to: Other — (13) (5) — (18) Balance at December 31, 2021: Goodwill - gross 3,791 3,443 239 60 7,533 Accumulated impairments (1,145) (2,255) (67) (10) (3,477) Net goodwill 2,646 1,188 172 50 4,056 Increase (decrease) due to: Other — (92) (16) (21) (129) Balance at December 31, 2022: Goodwill - gross 3,791 3,351 223 39 7,404 Accumulated impairments (1,145) (2,255) (67) (10) (3,477) Net goodwill $ 2,646 $ 1,096 $ 156 $ 29 $ 3,927 Indefinite lived intangible assets are not subject to amortization. Indefinite lived intangible assets primarily include Lloyd’s syndicate capacity and brand names. Finite lived intangible assets are amortized over their useful lives. Finite lived intangible assets primarily include distribution networks and are recorded net of accumulated amortization. The Company tests intangible assets for impairment on an annual basis or whenever events or circumstances suggest that the carrying value of an intangible asset may exceed the sum of the undiscounted cash flows expected to result from its use and eventual disposition. If this condition exists and the carrying value of an intangible asset exceeds its fair value, the excess is recognized as an impairment and is recorded as a charge against net income (loss). |
Insurance Liabilities
Insurance Liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Insurance [Abstract] | |
Insurance Liabilities | 12. Insurance Liabilities LIABILITY FOR UNPAID LOSSES AND LOSS ADJUSTMENT EXPENSES (LOSS RESERVES) Loss reserves represent the accumulation of estimates of unpaid claims, including estimates for claims incurred but not reported and loss adjustment expenses, less applicable discount. We regularly review and update the methods used to determine loss reserve estimates. Any adjustments resulting from this review are reflected currently in pre-tax income, except to the extent such adjustment impacts a deferred gain under a retroactive reinsurance agreement, in which case the ceded portion would be amortized into pre-tax income in subsequent periods. Because these estimates are subject to the outcome of future events, changes in estimates are common given that loss trends vary and time is often required for changes in trends to be recognized and confirmed. Reserve changes that increase previous estimates of ultimate cost are referred to as unfavorable or adverse development or reserve strengthening. Reserve changes that decrease previous estimates of ultimate cost are referred to as favorable development or reserve releases. Our gross loss reserves before reinsurance and discount are net of contractual deductible recoverable amounts due from policyholders of approximately $12.1 billion and $12.3 billion at December 31, 2022 and 2021, 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 December 31, 2022 and 2021 we held collateral of approximately $8.6 billion for these deductible recoverable amounts, consisting primarily of letters of credit and funded trust agreements. Allowance for credit losses for the unsecured portion of these recoverable amounts was $14 million at both December 31, 2022 and 2021. The following table presents the rollforward of activity in loss reserves: Years Ended December 31, (in millions) 2022 2021 2020 Liability for unpaid loss and loss adjustment expenses, beginning of year $ 79,026 $ 77,720 $ 78,328 Reinsurance recoverable (35,213) (34,431) (31,069) Initial allowance upon CECL adoption — — 164 Net Liability for unpaid loss and loss adjustment expenses, beginning of year 43,813 43,289 47,423 Losses and loss adjustment expenses incurred: Current year 16,434 16,434 16,928 Prior years, excluding discount and amortization of deferred gain (530) (171) (90) Prior years, discount charge (benefit) (605) (131) 587 Prior years, amortization of deferred gain on retroactive reinsurance (a) (252) (190) (237) Total losses and loss adjustment expenses incurred 15,047 15,942 17,188 Losses and loss adjustment expenses paid: Current year (4,011) (3,868) (4,062) Prior years (11,066) (11,503) (14,603) Total losses and loss adjustment expenses paid (15,077) (15,371) (18,665) Other changes: Foreign exchange effect (1,463) (593) 815 Allowance for credit losses — — (15) Retroactive reinsurance adjustment (net of discount) (b) 745 546 361 Fortitude sale (c) — — (3,818) Total other changes (718) (47) (2,657) Liability for unpaid loss and loss adjustment expenses, end of year: Net liability for unpaid losses and loss adjustment expenses 43,065 43,813 43,289 Reinsurance recoverable 32,102 35,213 34,431 Total $ 75,167 $ 79,026 $ 77,720 (a) Includes $63 million, $53 million and $41 million for the retroactive reinsurance agreement with NICO covering U.S. asbestos exposures for the years ended December 31, 2022, 2021 and 2020, respectively. (b) Includes benefit (charge) from change in discount on retroactive reinsurance in the amount of $(301) million, $(42) million and $340 million for the years ended December 31, 2022, 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. The following table presents the reconciliation of the net liability for unpaid losses and loss adjustment expenses in the following tables to Loss Reserves in the Consolidated Balance Sheets for the year ended December 31, 2022: (in millions) Net liability for unpaid Reinsurance recoverable on Gross liability U.S. Workers' Compensation (before discount) $ 3,962 $ 5,573 $ 9,535 U.S. Excess Casualty 3,638 3,701 7,339 U.S. Other Casualty 3,858 3,872 7,730 U.S. Financial Lines 5,899 1,773 7,672 U.S. Property and Special Risks 6,815 3,295 10,110 U.S. Personal Insurance 794 2,052 2,846 UK/Europe Casualty and Financial lines 6,984 1,538 8,522 UK/Europe Property and Special Risks 2,717 1,464 4,181 UK/Europe and Japan Personal Insurance 1,628 592 2,220 Total $ 36,295 $ 23,860 $ 60,155 Reconciling Items Discount on workers' compensation lines (2,532) Other product lines* 15,072 Unallocated loss adjustment expenses 2,472 Total Loss Reserves $ 75,167 * Reinsurance recoverable for other product lines of $8.5 billion resulted in a net liability for unpaid losses and loss adjustment expenses of $6.6 billion for the year ended December 31, 2022. Prior Year Development In the sections below, we provide details by coverage group regarding incurred losses, reserve balances and prior year development. The first table below shows prior year development by coverage group, the first two columns of which will again be presented in the coverage group sections that follow. After this table we describe historical drivers of prior year development as well as actuarial methods and relevant terminology. The following coverage group sections present the undiscounted incurred losses and allocated loss adjustment expenses by accident year on a net basis after reinsurance, with separate presentation of the adverse development cover where applicable, excluding related amortization of the deferred gain. Each section also contains a description of the business included in that section. Finally, we show a table of claims payout patterns by coverage. In 2017, we entered into adverse development reinsurance agreement (ADC) cessions with National Indemnity Company (NICO) under which we transferred to NICO 80 percent of the reserve risk on substantially all of our U.S. Commercial long-tail exposures for accident years 2015 and prior. The following table presents the reconciliation of net prior year development before the ADC cessions from the tables below to the net prior year development after ADC cessions and amortization of deferred gain for the year ended December 31, 2022: (in millions) Prior Year Prior Year (a) Re-Attribution (b) Amortization Prior Year U.S. Workers' Compensation $ (644) $ (338) $ (29) $ (52) $ (419) U.S. Excess Casualty (116) 17 15 (40) (8) U.S. Other Casualty (149) (162) 33 (38) (167) U.S. Financial Lines 939 707 (22) (27) 658 U.S. Property and Special Risks (81) (100) 3 (9) (106) U.S. Personal Insurance (28) (32) — (1) (33) UK/Europe Casualty and Financial lines 82 82 — — 82 UK/Europe Property and Special Risks (153) (153) — — (153) UK/Europe and Japan Personal Insurance (111) (111) — — (111) Other Operations Run-Off (5) (5) — — (5) Other product lines (264) (261) — — (261) Subtotal, adjusted pre-tax basis $ (530) $ (356) $ — $ (167) $ (523) Remove impact of Retroactive Reinsurance Amortization of deferred gain at inception 167 Prior year development ceded under the Asbestos LPT — Prior year development ceded under the ADC (174) Total, prior years, excluding discount and amortization of deferred gain $ (530) (a) Change in net ultimate loss and loss adjustment expenses excludes the portion of prior year development we have ceded under the Asbestos Loss Portfolio Transfer (LPT) and the ADC, both of which are provided by NICO and are considered retroactive reinsurance under U.S. GAAP. (b) Reattribution of the ADC recovery takes place annually as we model the future payments on the subject reserves covered by the ADC to determine when the aggregate payments will exceed the attachment. ADC recoverables are then reallocated by line based on payments expected to be made after attachment point is exceeded. During 2022, we recognized favorable prior year loss reserve development of $530 million excluding discount and amortization of deferred gain. The development was primarily driven by: • Favorable development on U.S. Workers’ Compensation of $644 million, net of external reinsurance but before ADC cessions due to continued favorable frequency and severity trends across most accident years particularly for excess and guaranteed cost US Workers Compensation segments; • Favorable development on U.S. Excess Casualty of $116 million, net of external reinsurance but before ADC cessions, driven by lead and mid-excess Retail Excess Casualty; • Favorable development on U.S Other Casualty of $149 million, net of external reinsurance but before ADC cessions, largely driven by favorable experience in Commercial Auto, General Liability and Construction Wraps; • Unfavorable development in U.S. Financial Lines of $939 million, net of external reinsurance but before ADC cessions, due to higher severity trends particularly in Excess & Primary D&O and Excess & Financial Institutions E&O. This was partially offset by favorable development in EPLI; • Favorable development in U.S. Property and Special Risks of $81 million driven by more favorable crop experience than anticipated; • Unfavorable development in UK/Europe Casualty and Financial Lines of $82 million due to unfavorable experience in UK Financial Lines in M&A, Commercial PI and Commercial D&O as well as unfavorable Casualty experience due to large loss activity in the UK, European Excess Casualty, and French Auto experience; • Favorable development on UK/Europe Property and Special Risks of $153 million driven by Global Specialty, primarily from accident years 2020 and 2021. This favorable experience was seen in each product line and in every region; • Favorable development on UK/Europe and Japan Personal Insurance of $111 million driven by Japan Auto and A&H business with additional favorable experience in UK and Europe; and • Favorable development of $264 million in total on other product lines, net of external reinsurance but before ADC cessions, driven by runoff construction business and favorable results from our Canadian business across most products. During 2021, we recognized favorable prior year loss reserve development of $171 million excluding discount and amortization of deferred gain. The development was primarily driven by: • Favorable development on U.S. Workers’ Compensation of $617 million, net of external reinsurance but before ADC cessions due to continued favorable frequency and severity trends seen across the diagonals for many subsets of U.S. Workers Compensation especially for recent accident years; • Favorable development in U.S. Personal Lines of $412 million, net of external reinsurance but before ADC cessions, mainly due to favorable development and subrogation recoveries from the 2017 and 2018 catastrophe years; • Favorable development on UK/Europe and Japan Personal Insurance of $173 million due to favorable loss trends in personal auto in Japan and Europe and accident and health in all three regions; • Favorable development on UK/Europe Property and Special Risks of $118 million driven by favorable emergence across several Specialty classes; • Unfavorable development in U.S. Financial Lines of $649 million, net of external reinsurance but before ADC cessions, due to adverse experience in D&O, Cyber and EPLI. This includes adverse experience in Fiduciary from emergence of Excessive Fee claims and Cyber ransomware losses; • Unfavorable development on UK/Europe Casualty and Financial Lines of $210 million driven by recognition of large loss activity in Financial PI in the UK and Commercial D&O in Europe; and • Unfavorable development in U.S. Property and Special Risks of $172 million driven largely by the impact of reductions in reinsurance recoveries driven by changes in catastrophe loss estimates. During 2020, we recognized favorable prior year loss reserve development of $90 million excluding discount and amortization of deferred gain. The development was primarily driven by: • Favorable development on U.S. Workers’ Compensation business of $367 million, net of external reinsurance but before ADC cessions due to continued favorable frequency and severity trends seen across the diagonals for many subsets of U.S. Workers Compensation especially for recent accident years; • Favorable development on U.S. Excess Casualty of $149 million driven by favorable emergence on the older years offset by higher severity claim emergence in recent accident years across various excess casualty classes. Auto liability deteriorated slightly in the more recent accident years; • Favorable development on U.S. Other Casualty of $141 million, net of external reinsurance but before ADC cessions, largely driven by favorable development on extra-contractual obligations, environmental impairment business and loss sensitive casualty business; • Favorable development in U.S. Property and Special Risks of $80 million driven largely by attritional property and favorable emergence on specialty losses coming in better than expected; • Unfavorable development in U.S. Financial Lines of $479 million driven by loss severity emergence in recent accident years in our D&O business especially National and Private and Not For Profit segments, adverse loss emergence and loss trends in EPLI and adverse claim activity in E&O (including Architects and Engineers), Cyber and Mergers and Acquisitions segments; • Unfavorable development in U.S. Personal Lines of $94 million, net of external reinsurance but before ADC cessions, mainly due to large losses in Homeowners and Umbrella; • Unfavorable development on UK/Europe Casualty and Financial Lines of $258 million driven by Financial Lines in the UK and Europe and Excess Casualty in Europe as we continue to see increased severity of large losses in these classes; • Favorable development on UK/Europe Property and Special Risks of $155 million driven by favorable emergence across several Specialty classes; and • Favorable development on UK/Europe and Japan Personal Insurance of $39 million due to favorable frequency and severity trends. Our analyses and conclusions about prior year reserves also help inform our judgments about the current accident year loss and loss adjustment expense ratios we selected. Loss Development Information The following is information about incurred and paid loss developments as of December 31, 2022, net of reinsurance. The cumulative number of reported claims, the total of IBNR liabilities and expected development on reported loss included within the net incurred loss amounts are presented in the following section. Reserving Methodology We use a combination of methods to project ultimate losses for both long-tail and short-tail exposures, which include: • Paid Development method: The Paid Development method estimates ultimate losses by reviewing paid loss patterns and selecting paid ultimate loss development factors. These factors are then applied to paid losses by applying them to accident years, with further expected changes in paid loss. Since the method does not rely on case reserves, it is not directly influenced by changes in the adequacy of case reserves. • Incurred Development method: The Incurred Development method is similar to the Paid Development method, but it uses case incurred losses instead of paid losses. Since this method uses more data (case reserves in addition to paid losses) than the Paid Development method, the incurred development patterns may be less variable than paid development patterns. • Expected Loss Ratio method: The Expected Loss Ratio method multiplies premiums by an expected loss ratio to produce ultimate loss estimates for each accident year. This method may be useful if loss development patterns are inconsistent, losses emerge very slowly, or there is relatively little loss history from which to estimate future losses. Expected loss ratio methods for business written in excess of a deductible may be given significant weight in the most recent five accident years. The expected loss ratios used for recent accident years are based on the projected ultimate loss ratios for older years adjusted for rate changes, loss trend including inflation, and where appropriate, changing market conditions. • Bornhuetter-Ferguson method: The Bornhuetter-Ferguson method using premiums and paid losses is a combination of the Paid Development method and the Expected Loss Ratio method where the weight given to each method is the reciprocal of the loss development factor. This method normally determines expected loss ratios similar to the method used for the Expected Loss Ratio method. The Bornhuetter-Ferguson method using premiums and incurred losses is similar to the Bornhuetter-Ferguson method using premiums and paid losses except that it uses case-incurred losses. • Cape Cod method: The Cape Cod method is mechanically similar to the Bornhuetter-Ferguson method with the difference being that the Expected Loss Ratio estimates are determined based on a weighting of the loss estimates that come from the Paid/Incurred Development Methods. This method may be more responsive to recent loss trends than the Bornhuetter-Ferguson method. • Average Loss method: The Average Loss method multiplies a projected number of ultimate claims by an estimated ultimate severity average loss for each accident year to produce ultimate loss estimates. Since projections of the ultimate number of claims are often less variable than projections of ultimate loss, this method can provide more reliable results for reserve categories where loss development patterns are inconsistent or too variable to be relied on exclusively. In updating our loss reserve estimates, we consider and evaluate inputs from many sources, including actual claims data, the performance of prior reserve estimates, observed industry trends, our internal peer review processes, including challenges and recommendations from our Enterprise Risk Management group, as well as the views of third-party actuarial firms. We use these inputs to improve our evaluation techniques, and to analyze and assess the change in estimated ultimate loss for each accident year by product line. Our analyses produce a range of indications from various methods, from which we select our best estimate. In determining the actual carried loss reserves, we consider both the internal actuarial best estimate and numerous other internal and external factors, including: • an assessment of economic conditions, including real GDP growth, inflation, employment rates or unemployment duration, stock market volatility and changes in corporate bond spreads; • changes in the legal, regulatory, judicial and social environment, including changes in road safety, public health and cleanup standards; • changes in medical cost trends (inflation, intensity and utilization of medical services) and wage inflation trends; • underlying policy pricing, terms and conditions including attachment points and policy limits; • change in claims handling philosophy, operating model, processes, and related ongoing enhancements; • third-party claims reviews that are periodically performed for key classes of claims such as toxic tort, environmental and other complex casualty claims; • third-party actuarial reviews that are periodically performed for key classes of business; • input from underwriters on pricing, terms, and conditions and market trends; and • changes in our reinsurance program, pricing and commutations. Where appropriate and identifiable, adjustments have been made to standard projection techniques. Changes in Claims organization management, differing referral and review criteria and other factors may also be expected to alter loss emergence. The following factors are relevant to the loss development information included in the tables below: • Table organization: The tables are organized by accident year and include policies written on an occurrence and claims- made basis. We note that for certain categories of claims (e.g., construction defect claims and environmental claims) and for reinsurance recoverable, losses may sometimes be reclassified to an earlier or later accident year as more information about the date of occurrence becomes available to us. These reclassifications are shown as development in the respective years in the tables below. Financial Lines business is primarily written on a claims-made basis, while the majority of the workers’ compensation, excess casualty, other casualty, and run-off property and casualty lines of business are written on an occurrence basis. Primarily, all short-tail lines in Property and Special Risks and Personal Insurance are written on an occurrence basis. • Groupings: We believe our groupings have homogenous risk characteristics with similar development patterns and would generally be subject to similar trends and reflect our reportable segments. The incurred losses and loss adjustment expenses and paid losses in the following tables for the current reporting year are allocated to the line of business and accident years based on how the business is coded by profit center and line of business. • Reinsurance: Our reinsurance program varies by exposure type. Historically we have leveraged facultative and treaty reinsurance, both on a pro-rata and excess of loss basis. Our reinsurance program may change from year to year, which may affect the comparability of the data presented in our tables. • Adverse development reinsurance agreement: We have provided the impact of the ADC in an additional table below our Incurred Losses and Allocated Loss Adjustment Expenses (ALAE) tables. The impact of the ADC is shown beginning in 2016 given the retroactive date of the contract and coincides with the effective date of the contract. For the lines of business covered by the agreement (U.S. Workers' Compensation, U.S. Excess Casualty, U.S. Other Casualty, U.S. Financial Lines, U.S. Property and Special Risks and U.S. Personal Insurance or collectively, the Covered Lines), an attribution of the loss recoveries to the line of business by calendar year and accident year is performed based on the underlying distribution of the losses subject to the agreement. Specifically, the future claim payments for all subject incurred losses were projected into future years based on the same actuarial assumptions underlying the related reserves. The additional table presented after discussion of prior year development by line of business reconciles the changes in net ultimates to our overall prior year development and provides the reattribution of loss recoveries for the Covered Lines. The reinsurance terms of the ADC were then used to identify the future claims payments for which 80% will be reimbursed by NICO. At each reporting period, the attribution of the ADC recoveries is performed. The factors that could cause the attribution to lines of business and accident year to change include changes in underlying actuarial assumptions as to timing and amount of future claim payments. • Incurred but not reported liabilities (IBNR): We include development from past reported losses in IBNR. • Data excluded from tables: Information with respect to accident years older than ten years is excluded from the development tables. Unallocated loss adjustment expenses are also excluded. • Foreign exchange: The loss development for operations outside of the U.S. is presented for all accident years using the current exchange rate at December 31, 2022. Although this approach requires restating all prior accident year information, the changes in exchange rates do not impact incurred and paid loss development trends. • Acquisitions: We include acquisitions from all accident years presented in the tables. For purposes of this disclosure, we have applied the retrospective method for the acquired reserves, including incurred and paid claim development histories throughout the relevant tables. It should be noted that historical reserves for the acquired businesses were established by the acquired companies using methods, assumptions and procedures then in effect which may differ from our current reserving bases. Accordingly, it may not be appropriate to extrapolate future redundancies or deficiencies based on the aggregated historical results shown in the triangles. • Dispositions: We exclude dispositions from all accident years presented in the tables. • Claim counts: We consider a reported claim to be one claim for each claimant or feature for each loss occurrence. Claims relating to losses that are 100 percent reinsured are excluded from the reported claims in the tables below. Reported claims for losses from assumed reinsurance contracts are not available and hence not included in the reported claims. • There are limitations that should be considered on the reported claim count data in the tables below, including: – Claim counts are presented only on a reported (not an ultimate) basis; – The tables below include lines of business and geographies at a certain aggregated level which may indicate different frequency and severity trends and characteristics, and may not be as meaningful as the claim count information related to the individual products within those lines of business and geographies; – Certain lines of business are more likely to be subject to occurrences involving multiple claimants and features, which can distort measures based on the reported claim counts in the table below; and – Reported claim counts are not adjusted for ceded reinsurance, which may distort the measure of frequency or severity. Supplemental Information: The information about incurred and paid loss development for all periods preceding the year ended December 31, 2022 and the related historical claims payout percentage disclosure is unaudited and is presented as supplementary information. U.S. Workers' Compensation U.S. Workers’ Compensation is an extremely long-tail line of business, with loss emergence extending for decades. We generally use a combination of loss development, frequency/severity and expected loss ratio methods for workers’ compensation. Many of our workers compensation policies contain risk-sharing features, including high deductibles, self-insured retentions or retrospective rating features, in addition to a traditional insurance component. These risk-sharing programs generally are large and complex, comprising multiple products, years and structures, and are subject to amendment over time. We group guaranteed cost and excess of deductible business separately and then further by state and industry subset to the extent that meaningful differences are determined to exist. We also separately analyze certain subsets of the portfolio that have unique characteristics (e.g., U.S. government sub-contractor accounts and construction wrap-up business). For excess of deductible business, we also segment by size of deductible and whether the claim is handled by AIG or an outside third-party administrator. The proportion of large deductible business has increased over time, which has slowed the reporting pattern of claims. Incurred Losses and Allocated Loss Adjustment Expenses, Undiscounted and Net of Reinsurance Years Ended December 31, (in millions) December 31, 2022 Accident 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2022 Total of IBNR Cumulative Incurred IBNR 2022 Total of Unaudited 2013 $ 1,932 $ 1,880 $ 1,950 $ 2,060 $ 2,032 $ 1,974 $ 1,916 $ 1,886 $ 1,877 $ 1,878 $ 1 $ 116 48,545 $ (326) $ (103) $ 1,552 $ 13 2014 1,729 1,764 1,866 1,862 1,794 1,709 1,679 1,637 1,614 (23) 213 40,986 (371) (164) 1,243 49 2015 1,708 1,864 1,866 1,814 1,722 1,675 1,634 1,612 (22) 395 36,645 (520) (311) 1,092 84 2016 1,299 1,346 1,318 1,140 1,090 1,075 1,036 (39) 241 31,540 — — 1,036 241 2017 789 850 776 763 731 712 (19) 231 27,312 — — 712 231 2018 998 1,021 961 911 896 (15) 399 21,939 — — 896 399 2019 887 873 812 801 (11) 313 16,712 — — 801 313 2020 597 573 521 (52) 176 13,503 — — 521 176 2021 597 570 (27) 314 10,480 — — 570 314 2022 523 391 7,213 — — 523 391 Total $ 10,163 $ (207) $ (1,217) $ 8,946 Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below (5,905) — 170 (5,735) Liabilities for losses and loss adjustment expenses and prior year development before accident year 2013, net of reinsurance 4,390 (404) (3,639) 751 Unallocated loss adjustment expense prior year development (33) Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance $ 8,648 $ (644) $ (4,686) $ 3,962 Incurred Losses and Loss Adjustment Expenses, Undiscounted, Net of Reinsurance (including impact of ADC) Calendar Years Ended December 31, (in millions) Accident 2016 2017 2018 2019 2020 2021 2022 Prior Year Unaudited 2013 $ 1,500 $ 1,494 $ 1,481 $ 1,458 $ 1,520 $ 1,504 $ 1,552 $ 48 2014 1,311 1,310 1,309 1,329 1,223 1,171 1,243 72 2015 1,279 1,279 1,318 1,134 1,105 1,041 1,092 51 2016 1,299 1,346 1,318 1,140 1,090 1,075 1,036 (39) 2017 789 850 776 763 731 712 (19) 2018 998 1,021 961 911 896 (15) 2019 887 873 812 801 (11) 2020 597 573 521 (52) 2021 597 570 (27) 2022 523 Total $ 5,389 $ 6,218 $ 7,274 $ 7,745 $ 8,132 $ 8,415 $ 8,946 $ 8 Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below (5,735) Liabilities for losses and allocated loss adjustment expenses and prior year development before 2013, net of reinsurance 751 (325) Unallocated loss adjustment expense prior year adjustment (21) Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance $ 3,962 $ (338) The following table provides our attribution of our reinsurance recoverable for the ADC only (included in the table above): Calendar Years Ended December 31, (in millions) Accident 2016 2017 2018 2019 2020 2021 2022 Prior Year Unaudited 2013 $ (560) $ (538) $ (493) $ (458) $ (366) $ (373) $ (326) $ 47 2014 (555) (552) (485) (380) (456) (466) (371) 95 2015 (585) (587) (496) (588) (570) (593) (520) 73 2016 — — — — — — — — 2017 — — — — — — — — 2018 — — — — — — — — 2019 — — — — — — — — 2020 — — — — — — — — 2021 — — — — — — — — 2022 — — — — — — — — Total $ (1,700) $ (1,677) $ (1,474) $ (1,426) $ (1,392) $ (1,432) $ (1,217) $ 215 Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below 170 Liabilities for losses and allocated loss adjustment expenses and prior year development before 2013, net of reinsurance (3,639) 79 Unallocated loss adjustment expense prior year development 12 Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance $ (4,686) $ 306 Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31, (in millions) Paid Impact of ADC Accident Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Unaudited 2013 $ 282 $ 619 $ 879 $ 1,067 $ 1,214 $ 1,287 $ 1,335 $ 1,372 $ 1,422 $ 1,472 $ (74) 2014 231 558 786 930 1,030 1,096 1,137 1,180 1,207 (53) 2015 234 524 725 854 925 979 1,013 1,038 (43) 2016 147 378 521 584 630 662 686 — 2017 93 224 294 333 367 389 — 2018 85 215 296 359 388 — 2019 93 219 301 347 — 2020 64 159 205 — 2021 60 128 — 2022 45 — Total $ 5,905 $ (170) U.S. Excess Casualty U.S. Excess Casualty policies tend to attach at a high layer above underlying policies, which causes the loss development pattern to lag significantly. Many of the claims notified to the excess layers are closed without payment because the claims never reach our layer as a result of high deductibles and other underlying coverages, while the claims that reach our layer can have large case reserves or settlements and be highly variable in terms of reported timing and amount. For a portion of this business, the underlying primary policies are issued by other insurance companies, which can limit our access to relevant information to help inform our judgments as the loss events evolve and mature. Furthermore, this coverage is often significantly impacted by the underwriting |
Variable Life and Annuity Contr
Variable Life and Annuity Contracts | 12 Months Ended |
Dec. 31, 2022 | |
Insurance [Abstract] | |
Variable Life and Annuity Contracts | 13. Variable Life and Annuity Contracts We report variable contracts within the separate accounts when investment income and investment gains and losses accrue directly to, and investment risk is borne by, the contract holder and the separate account meets additional accounting criteria to qualify for separate account treatment. The assets supporting the variable portion of variable annuity and variable universal life contracts that qualify for separate account treatment are carried at fair value and reported as Separate account assets, with an equivalent summary total reported as Separate account liabilities. Policy values for variable products and investment contracts are expressed in terms of investment units. Each unit is linked to an asset portfolio. The value of a unit increases or decreases based on the value of the linked asset portfolio. The current liability at any time is the sum of the current unit value of all investment units in the separate accounts, plus any liabilities for guaranteed minimum death benefits (GMDB) or guaranteed minimum withdrawal benefits (GMWB) included in Future policy benefits or Policyholder contract deposits, respectively. Amounts assessed against the policyholders for mortality, administrative and other services are included in policy fees. Investment performance (including investment income, net investment gains (losses) and changes in unrealized gains (losses)) and the corresponding amounts credited to policyholders of such separate accounts are offset within the same line in the Consolidated Statements of Income. Variable annuity contracts may include certain contractually guaranteed benefits to the contract holder. These guaranteed features include GMDB that are payable in the event of death, and living benefits that are payable in the event of annuitization, or, in other instances, at specified dates during the accumulation period. Living benefits primarily include GMWB. A variable annuity contract may include more than one type of guaranteed benefit feature; for example, it may have both a GMDB and a GMWB. However, a policyholder can only receive payout from one guaranteed feature on a contract containing a death benefit and a living benefit, i.e. the features are mutually exclusive (except a surviving spouse who has a rider to potentially collect both a GMDB upon their spouse’s death and a GMWB during their lifetime). A policyholder cannot purchase more than one living benefit on one contract. The net amount at risk for each feature is calculated irrespective of the existence of other features; as a result, the net amount at risk for each feature is not additive to that of other features. Account balances of variable annuity contracts with guarantees were invested in separate account investment options as follows: At December 31, (in millions) 2022 2021 Equity funds $ 46,965 $ 62,241 Bond funds 7,688 9,016 Balanced funds 22,393 29,311 Money market funds 1,253 1,005 Total $ 78,299 $ 101,573 GMDB Depending on the contract, the GMDB feature may provide a death benefit of either (a) total deposits made to the contract less any partial withdrawals plus a minimum return (and in rare instances, no minimum return) or (b) the highest contract value attained, typically on any anniversary date minus any subsequent withdrawals following the contract anniversary. GMDB is our most widely offered benefit. The liability for GMDB, which is recorded in Future policy benefits, represents the expected value of benefits in excess of the projected account value, with the excess recognized ratably over the accumulation period based on total expected assessments, through Policyholder benefits and losses incurred. The net amount at risk for GMDB represents the amount of benefits in excess of account value if death claims were filed on all contracts on the balance sheet date. The following table presents details concerning our GMDB exposures, by benefit type: At December 31, 2022 2021 (dollars in millions) Net Deposits Plus a Minimum Return Highest Contract Net Deposits Plus a Minimum Return Highest Contract Account value $ 94,446 $ 13,276 $ 114,936 $ 17,298 Net amount at risk $ 1,517 $ 2,076 $ 509 $ 258 Average attained age of contract holders by product 66 73 66 72 Range of guaranteed minimum return rates 0.0% – 4.5% 0.0% – 4.5% The following summarizes GMDB liability related to variable annuity contracts: Years Ended December 31, (in millions) 2022 2021 2020 Balance, beginning of year $ 445 $ 421 $ 407 Reserve increase (decrease) 156 72 41 Benefits paid (69) (35) (43) Changes in reserves related to unrealized appreciation (depreciation) of investments (82) (13) 16 Balance, end of year $ 450 $ 445 $ 421 Assumptions used to determine the GMDB liability include interest rates, which vary by year of issuance and products; mortality rates, which are based upon actual experience modified to allow for variations in policy form; lapse rates, which are based upon actual experience modified to allow for variations in policy form; investment returns, based on stochastically generated scenarios; and asset growth assumptions, which include a reversion to the mean methodology, similar to that applied for DAC. We regularly evaluate estimates used to determine the GMDB liability and adjust the additional liability balance, with a related charge or credit to Policyholder benefits and losses incurred, if actual experience or other evidence suggests that earlier assumptions should be revised. GMWB Certain of our variable annuity contracts contain optional GMWB benefits. With a GMWB, the contract holder can monetize the excess of the guaranteed amount over the account value of the contract only through a series of withdrawals that do not exceed a specific percentage per year of the guaranteed amount. If, after the series of withdrawals, the account value is exhausted, the contract holder will receive a series of annuity payments equal to the remaining guaranteed amount, and, for lifetime GMWB products, the annuity payments continue as long as the covered person(s) is living. The liabilities for GMWB, which are recorded in Policyholder contract deposits, are accounted for as embedded derivatives measured at fair value, with changes in the fair value of the liabilities recorded in Net realized gains (losses). The fair value of these embedded derivatives was a net liability of $0.7 billion and $2.5 billion at December 31, 2022 and 2021, respectively. For information regarding the fair value measurement of guaranteed benefits that are accounted for as embedded derivatives, see Note 4. We had account values subject to GMWB that totaled $41 billion and $51 billion at December 31, 2022 and 2021, respectively. The net amount at risk for GMWB represents the present value of minimum guaranteed withdrawal payments, in accordance with contract terms, in excess of account value, assuming no lapses. The net amount at risk related to the GMWB guarantees was $206 million and $513 million at December 31, 2022 and 2021, respectively. We use derivative instruments and other financial instruments to mitigate a portion of our exposure that arises from GMWB benefits. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Debt | 14. Debt Our long-term debt is denominated in various currencies, with both fixed and variable interest rates. Long-term debt is carried at the principal amount borrowed, including unamortized discounts, hedge accounting valuation adjustments and fair value adjustments, when applicable. The following table lists our total debt outstanding at December 31, 2022 and 2021. The interest rates presented in the following table are the range of contractual rates in effect at December 31, 2022, including fixed and variable-rates: At December 31, 2022 Range of Maturity Balance at Balance at (in millions) Debt issued or guaranteed by AIG: AIG general borrowings: Notes and bonds payable 0% - 6.82% 2023 - 2055 $ 10,242 $ 19,633 Junior subordinated debt 4.88% - 8.18% 2037 - 2058 991 1,164 AIG Japan Holdings Kabushiki Kaisha 0.20% - 0.35% 2023 - 2025 273 333 Validus notes and bonds payable 8.88% 2040 269 293 Total AIG general borrowings 11,775 21,423 AIG borrowings supported by assets (a) : AIG notes and bonds payable 7.00% - 8.13% 2023 - 2026 81 — Series AIGFP matched notes and bonds payable 4.74% - 4.77% 2046 18 18 GIAs, at fair value 4.88% - 5.04% 2035 - 2037 56 1,803 Notes and bonds payable, at fair value — 68 Total AIG borrowings supported by assets 155 1,889 Total debt issued or guaranteed by AIG 11,930 23,312 Corebridge debt: AIGLH notes and bonds payable (b) 6.63% - 7.50% 2025 - 2029 200 199 AIGLH junior subordinated debt (b) 7.57% - 8.50% 2030 - 2046 227 227 Corebridge senior unsecured notes - not guaranteed by AIG 3.50% - 4.40% 2025 - 2052 6,452 — Corebridge junior subordinated debt - not guaranteed by AIG 6.88% 2052 989 — DDTL facility - not guaranteed by AIG 3.00% - 5.50% 2023 1,500 — Total Corebridge debt 9,368 426 Other subsidiaries' notes, bonds, loans and mortgages payable - not guaranteed by AIG 2.76% - 4.50% 2023 - 2024 1 3 Total Short-term and long-term debt $ 21,299 $ 23,741 Debt of consolidated investment entities - not guaranteed by AIG (c) 0% - 7.95% 2023 - 2051 $ 5,880 $ 6,422 Total debt $ 27,179 $ 30,163 (a) AIG Parent guarantees all such debt, except for Series AIGFP matched notes and bonds payable and AIG notes and bonds payable, which are direct obligations of AIG Parent. Collateral posted to third parties was $63 million at December 31, 2022 and $1.4 billion at December 31, 2021. 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. (b) We have entered into a guarantee reimbursement agreement with Corebridge and AIG Life Holdings, Inc. (AIGLH) which provides that Corebridge and AIGLH will reimburse AIG for the full amount of any payment made by or on behalf of AIG pursuant to AIG’s guarantee of the AIGLH notes and junior subordinated debt. We have also entered into a collateral agreement with Corebridge and AIGLH which provides that in the event of: (i) a ratings downgrade of Corebridge or AIGLH long-term unsecured indebtedness below specified levels or (ii) the failure by AIGLH to pay principal and interest on the AIGLH debt when due, Corebridge and AIGLH must collateralize an amount equal to the sum of: (i) 100 percent of the principal amount outstanding, (ii) accrued and unpaid interest and (iii) 100 percent of the net present value of scheduled interest payments. through the maturity dates of the AIGLH debt. (c) At December 31, 2022, includes debt of consolidated investment entities primarily related to real estate investments of $1.5 billion and other securitization vehicles of $4.4 billion. At December 31, 2021, includes debt of consolidated investment entities related to real estate investments of $1.9 billion and other securitization vehicles of $4.5 billion. The following table presents maturities of short-term and long-term debt (including unamortized original issue discount, hedge accounting valuation adjustments and fair value adjustments, when applicable): December 31, 2022 Year Ending (in millions) Total 2023 2024 2025 2026 2027 Thereafter Debt issued or guaranteed by AIG: AIG general borrowings: Notes and bonds payable $ 10,242 $ 401 $ 459 $ 997 $ 783 $ 1,067 $ 6,535 Junior subordinated debt 991 — — — — — 991 AIG Japan Holdings Kabushiki Kaisha 273 179 — 94 — — — Validus notes and bonds payable 269 — — — — — 269 Total AIG general borrowings 11,775 580 459 1,091 783 1,067 7,795 AIG borrowings supported by assets: AIG notes and bonds payable 81 62 — 12 7 — — Series AIGFP matched notes and bonds payable 18 — — — — — 18 GIAs, at fair value 56 — — — — — 56 Total AIG borrowings supported by assets 155 62 — 12 7 — 74 Total debt issued or guaranteed by AIG 11,930 642 459 1,103 790 1,067 7,869 Corebridge debt: AIGLH notes and bonds payable 200 — — 101 — — 99 AIGLH junior subordinated debt 227 — — — — — 227 Corebridge senior unsecured notes 6,452 — — 994 — 1,240 4,218 Corebridge junior subordinated debt 989 — — — — — 989 DDTL facility (a) 1,500 1,500 — — — — — Total Corebridge debt 9,368 1,500 — 1,095 — 1,240 5,533 Other subsidiaries notes, bonds, loans and mortgages payable 1 1 — — — — — Total (b) $ 21,299 $ 2,143 $ 459 $ 2,198 $ 790 $ 2,307 $ 13,402 (a) Corebridge continued this borrowing through June 21, 2023. Corebridge has the ability to further continue this borrowing through February 25, 2025. (b) Does not reflect $5.9 billion of notes issued by consolidated investment entities, for which recourse is limited to the assets of the respective investment entities and for which there is no recourse to the general credit of AIG. AIGLH JUNIOR SUBORDINATED DEBENTURES In connection with our acquisition of AIGLH in 2001, we entered into arrangements with AIGLH with respect to outstanding AIGLH capital securities. In 1996, AIGLH issued capital securities through a trust to institutional investors and funded the trust with AIGLH junior subordinated debentures issued to the trust with the same terms as the capital securities. On July 11, 2013, the AIGLH junior subordinated debentures were distributed to holders of the capital securities, the capital securities were cancelled and the trusts were dissolved. At December 31, 2022, the junior subordinated debentures outstanding consisted of $54 million of 8.5 percent junior subordinated debentures due July 2030, $142 million of 8.125 percent junior subordinated debentures due March 2046 and $31 million of 7.57 percent junior subordinated debentures due December 2045, each guaranteed by AIG Parent. DEBT ISSUANCE On April 5, 2022, Corebridge issued $6.5 billion of senior unsecured notes consisting of $1.0 billion aggregate principal amount of its 3.5% Senior Notes due 2025, $1.25 billion aggregate principal amount of its 3.65% Senior Notes due 2027, $1.0 billion aggregate principal amount of its 3.85% Senior Notes due 2029, $1.5 billion aggregate principal amount of its 3.90% Senior Notes due 2032, $500 million aggregate principal amount of its 4.35% Senior Notes due 2042 and $1.25 billion aggregate principal amount of its 4.40% Senior Notes due 2052. On August 23, 2022, Corebridge issued $1.0 billion aggregate principal amount of 6.875% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2052. Subject to certain redemption provisions and other terms of the hybrid junior subordinated notes, the interest rate and interest payment date reset every five years based on the average of the yields on five year U.S. Treasury securities, as of the most recent interest rate determination on a reset plus a spread, payable semi-annually. DEBT CASH TENDER OFFERS AND REDEMPTIONS In 2022, we repurchased, through cash tender offers, and redeemed $9.4 billion aggregate principal amount of certain notes and debentures issued or guaranteed by AIG, for an aggregate purchase price of $9.7 billion, resulting in a total loss on extinguishment of debt of $0.3 billion. This includes the following: • redeemed €750 million aggregate principal amount of our 1.500% Notes due 2023 for a redemption price of 101.494 percent of the principal amount, plus accrued and unpaid interest. • repurchased, through cash tender offers, approximately $6.8 billion aggregate principal amount of certain notes and debentures issued or guaranteed by AIG for an aggregate purchase price of approximately $7.1 billion. • redeemed $750 million aggregate principal amount of our 3.900% Notes Due 2026 for a redemption price of 100 percent of the principal amount, plus accrued and unpaid interest; • redeemed approximately $522 million aggregate principal amount of our 3.750% Notes Due 2025 for a redemption price of 100 percent of the principal amount, plus accrued and unpaid interest; • redeemed $500 million aggregate principal amount of our 2.500% Notes Due 2025 for a redemption price of 100 percent of the principal amount, plus accrued and unpaid interest. CREDIT FACILITIES On November 19, 2021, we entered into a credit agreement, which provides for a committed, revolving syndicated credit facility (the Facility) as a potential source of liquidity for general corporate purposes. The Facility provides for aggregate commitments by the bank syndicate to provide unsecured revolving loans and/or standby letters of credit of up to $4.5 billion without any limits on the type of borrowings and is scheduled to expire in November 2026. Under circumstances described in the credit agreement, the aggregate commitments may be increased by up to $500 million, for a total commitment of up to $5 billion. As of December 31, 2022, a total of $4.5 billion remained available under the Facility. Corebridge maintains a revolving syndicated credit facility (the Corebridge Facility) with aggregate commitments by the bank syndicate to provide unsecured revolving loans and/or standby letters of credit of up to $2.5 billion without any limits on the type of borrowings. The Corebridge Facility is scheduled to expire in May 2027. As of December 31, 2022, a total of $2.5 billion remained available under the Corebridge Facility. Corebridge also maintains a 3-Year Delayed Draw Term Loan Agreement (the DDTL Facility) with aggregate commitments by the bank syndicate to provide Corebridge with delayed draw term loans of up to $1.5 billion, with no recourse to AIG Parent. On September 15, 2022, Corebridge borrowed $1.5 billion under the DDTL Facility, a portion of which was used to repay the remaining amount due to AIG Parent under the Intercompany Note. The DDTL Facility is scheduled to expire in February 2025. We also maintain revolving credit facilities that can be utilized exclusively by certain consolidated investment entities to acquire assets related to securitizations. Draws under those credit facilities cannot be utilized for general corporate purposes. Prior to the pricing of the related securitizations, these credit facilities have combined limits of up to $556 million. Subsequent to pricing of the related securitizations, the combined limits are expected to increase to up to approximately $1.4 billion. As of December 31, 2022, we have drawn $177 million under the credit facilities. These credit facilities have maturity dates ranging from one year to eight years. We also maintain revolving credit facilities that can exclusively be utilized by certain consolidated investment entities to acquire real estate assets. Draws under those credit facilities cannot be utilized for general corporate purposes. These credit facilities have consolidated limits of up to $420 million. As of December 31, 2022, we have drawn $326 million, under the credit facilities. Each of these credit facilities have maturity dates ranging from one year to two years. |
Contingencies, Commitments and
Contingencies, Commitments and Guarantees | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies, Commitments and Guarantees | 15. 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. On February 7, 2022, Plaintiff filed motions for summary judgment and class certification; AGL opposed both motions and filed its own motion for partial summary judgment. On July 26, 2022, the District Court granted in part and denied in part AGL’s motion for partial summary judgment, and on September 7, 2022, the District Court denied Plaintiff's motion for summary judgment. In the summary judgment decisions, the District Court declined to adopt Plaintiff's theory that a failure to comply with the Act necessitates payment of policy benefits or to make a pre-trial determination as to AGL’s liability. On September 27, 2022, the District Court denied Plaintiff’s motion for class certification without prejudice. The District Court declined to certify Plaintiff's proposed class consisting of claims for monetary damages and equitable relief, but indicated LEASE COMMITMENTS We lease office space and equipment in various locations across jurisdictions in which the Company operates. The majority of the resulting obligation arising from these contracts is generated by our real estate portfolio, which only includes contracts classified as operating leases. The lease liability right of use asset Other liabilities Other assets The weighted average discount rate and lease term assumptions used in determining the liability are 2.96 percent and 10.4 years, respectively. The primary assumption used to determine the discount rate is the cost of funding for the Company, which is based on the secured borrowing rate for terms similar to the lease term, and for the major financial markets in which AIG operates. Rent expense was $190 million, $237 million and $258 million for the years ended December 31, 2022, 2021 and 2020, respectively. The following table presents the future undiscounted cash flows under operating leases at December 31, 2022: (in millions) 2023 $ 194 2024 155 2025 113 2026 88 2027 82 Remaining years after 2027 647 Total undiscounted lease payments 1,279 Less: Present value adjustment 228 Net lease liabilities $ 1,051 OTHER COMMITMENTS In the normal course of business, we enter into commitments to invest in limited partnerships, private equity funds and hedge funds and to purchase and develop real estate in the U.S. and abroad. These commitments totaled $6.6 billion and $7.3 billion at December 31, 2022 and 2021, respectively. GUARANTEES Subsidiaries We have issued unconditional guarantees with respect to the prompt payment, when due, of all present and future payment obligations and liabilities of AIGFP and certain of its subsidiaries. We have also issued guarantees of all present and future payment obligations and liabilities of AIG Markets, Inc. Upon the deconsolidation of AIGFP and its subsidiaries, we recognized a $112 million guarantee related to the obligations of AIGFP and certain of its subsidiaries, which is reported in Other liabilities. Business and Asset Dispositions We are subject to financial guarantees and indemnity arrangements in connection with the completed sales of businesses and assets. The various arrangements may be triggered by, among other things, declines in asset values, the occurrence of specified business contingencies, the realization of contingent liabilities, developments in litigation or breaches of representations, warranties or covenants provided by us. These arrangements are typically subject to various time limitations, defined by the contract or by operation of law, such as statutes of limitation. In some cases, the maximum potential obligation is subject to contractual limitations, while in other cases such limitations are not specified or are not applicable. We are unable to develop a reasonable estimate of the maximum potential payout under certain of these arrangements. Overall, we believe the likelihood that we will have to make any material payments related to completed sales under these arrangements is remote, and no material liabilities related to these arrangements have been recorded in the Consolidated Balance Sheets. Other • For additional information on commitments and guarantees associated with VIEs, see Note 9. • For additional information on derivatives, see Note 10. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2022 | |
Stockholders' Equity Note [Abstract] | |
Equity | 16. Equity SHARES OUTSTANDING Preferred Stock On March 14, 2019, we issued 20,000 shares of Series A 5.85% Non-Cumulative Perpetual Preferred Stock (Series A Preferred Stock) (equivalent to 20,000,000 Depositary Shares, each representing a 1/1,000th interest in a share of Series A Preferred Stock), $5.00 par value and $25,000 liquidation preference per share (equivalent to $25 per Depositary Share). After underwriting discounts and expenses, we received net proceeds of approximately $485 million. We may redeem the Series A Preferred Stock at our option, (a) in whole, but not in part, at any time prior to March 15, 2024, within 90 days after the occurrence of a “Rating Agency Event,” (as defined in our Amended and Restated Certificate of Incorporation), at a redemption price equal to $25,500 per share of the Series A Preferred Stock (equivalent to $25.50 per Depositary Share), plus an amount equal to any dividends per share that have been declared but not paid prior to the redemption date (but no amount due in respect of any dividends that have not been declared prior to such date), or (b) (i) in whole, but not in part, at any time prior to March 15, 2024, within 90 days after the occurrence of a “Regulatory Capital Event,” or (ii) in whole or in part, from time to time, on or after March 15, 2024, in each case, at a redemption price equal to $25,000 per share of the Series A Preferred Stock (equivalent to $25.00 per Depositary Share), plus an amount equal to any dividends per share that have been declared but not paid prior to the redemption date (but no amount due in respect of any dividends that have not been declared prior to such date). Holders of the Series A Preferred Stock will be entitled to receive dividend payments only when, as and if declared by our Board of Directors (or a duly authorized committee of the board). Dividends will be payable from the original date of issue at a rate of 5.85% per annum, payable quarterly, in arrears, on the fifteenth day of March, June, September and December of each year, beginning on June 15, 2019. Dividends on the Series A Preferred Stock will be non-cumulative. In the event of any liquidation, dissolution or winding-up of the affairs of AIG, whether voluntary or involuntary, before any distribution or payment out of our assets may be made to or set aside for the holders of any junior stock, holders of the Series A Preferred Stock will be entitled to receive out of our assets legally available for distribution to our stockholders, an amount equal to $25,000 per share of Series A Preferred Stock (equivalent to $25.00 per Depositary Share), together with an amount equal to all declared and unpaid dividends (if any), but no amount in respect of any undeclared dividends prior to such payment date. Distributions will be made only to the extent of our assets that are available for distribution to stockholders (i.e., after satisfaction of all our liabilities to creditors, if any). The Series A Preferred Stock does not have voting rights, except in limited circumstances, including in the case of certain dividend non-payments. Common Stock The following table presents a rollforward of outstanding shares: Years Ended December 31, 2022 2021 2020 (in millions) Common Treasury Common Stock Common Treasury Common Stock Common Treasury Common Stock Shares, beginning of year 1,906.7 (1,088.0) 818.7 1,906.7 (1,045.1) 861.6 1,906.7 (1,036.7) 870.0 Shares issued — 5.5 5.5 — 6.8 6.8 — 3.7 3.7 Shares repurchased — (90.1) (90.1) — (49.7) (49.7) — (12.1) (12.1) Shares, end of year 1,906.7 (1,172.6) 734.1 1,906.7 (1,088.0) 818.7 1,906.7 (1,045.1) 861.6 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. Repurchase of AIG Common Stock Shares may be repurchased from time to time in the open market, private purchases, through forward, derivative, accelerated repurchase or automatic repurchase transactions or otherwise. Certain of our share repurchases have been and may from time to time be effected through the Securities Exchange Act of 1934, as amended (the Exchange Act) Rule 10b5-1 repurchase plans. On May 3, 2022, the Board of Directors authorized the repurchase of $6.5 billion of AIG Common Stock (inclusive of the approximately $1.5 billion of expected remaining authorization upon expiration of the then-current 10b5-1 Plan as of May 20, 2022). 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. DIVIDENDS DECLARED On February 15, 2023, our Board of Directors declared a cash dividend on AIG Common Stock of $0.32 per share, payable on March 31, 2023 to shareholders of record on March 17, 2023. On February 15, 2023, our Board of Directors declared a cash dividend on AIG’s Series A Preferred Stock of $365.625 per share, payable on March 15, 2023 to holders of record on February 28, 2023. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The following table presents a rollforward of Accumulated other comprehensive income (loss): (in millions) Unrealized Appreciation Unrealized Foreign Retirement Fair Value of Total Balance, January 1, 2020, net of tax $ — $ 8,722 $ (2,625) $ (1,122) $ 7 $ 4,982 Change in unrealized appreciation (depreciation) of investments (133) 9,624 — — — 9,491 Change in deferred policy acquisition costs adjustment and other 11 (1,327) — — — (1,316) Change in future policy benefits — 2,408 — — — 2,408 Change in foreign currency translation adjustments — — 303 — — 303 Change in net actuarial loss — — — (67) — (67) Change in prior service cost — — — (18) — (18) Change in deferred tax asset (liability) 27 (2,351) 56 (21) — (2,289) Change in fair value of liabilities under fair value option attributable to changes in own credit risk — — — — 1 1 Total other comprehensive income (loss) (95) 8,354 359 (106) 1 8,513 (in millions) Unrealized Appreciation Unrealized Foreign Retirement Fair Value of Total Noncontrolling interests — (17) 1 — — (16) Balance, December 31, 2020, net of tax $ (95) $ 17,093 $ (2,267) $ (1,228) $ 8 $ 13,511 Change in unrealized appreciation (depreciation) of investments 58 (9,313) — — — (9,255) Change in deferred policy acquisition costs adjustment and other (14) 885 — — — 871 Change in future policy benefits — 917 — — — 917 Change in foreign currency translation adjustments — — (117) — — (117) Change in net actuarial loss — — — 417 — 417 Change in prior service cost — — — 8 — 8 Change in deferred tax asset (liability) (9) 1,510 (70) (100) — 1,331 Change in fair value of liabilities under fair value option attributable to changes in own credit risk — — — — (2) (2) Total other comprehensive income (loss) 35 (6,001) (187) 325 (2) (5,830) Other changes in AOCI: Corebridge 9.9% noncontrolling interests sale 3 (1,100) (2) — — (1,099) Noncontrolling interests — (102) (3) — — (105) Balance, December 31, 2021, net of tax $ (57) $ 10,094 $ (2,453) $ (903) $ 6 $ 6,687 Change in unrealized appreciation (depreciation) of investments (119) (47,647) — — — (47,766) Change in deferred policy acquisition costs adjustment and other 9 6,284 — — — 6,293 Change in future policy benefits — 2,612 — — — 2,612 Change in foreign currency translation adjustments — — (470) — — (470) Change in net actuarial loss — — — (31) — (31) Change in prior service cost — — — 8 — 8 Change in deferred tax asset (liability) 23 5,976 (44) 3 — 5,958 Change in fair value of liabilities under fair value option attributable to changes in own credit risk — — — — (6) (6) Total other comprehensive loss (87) (32,775) (514) (20) (6) (33,402) Other changes in AOCI: Corebridge 12.4% noncontrolling interests sale — 2,044 (3) (1) — 2,040 Noncontrolling interests (6) (2,588) 11 — — (2,583) Balance, December 31, 2022, net of tax $ (138) $ (18,049) $ (2,981) $ (924) $ — $ (22,092) The following table presents the other comprehensive income (loss) reclassification adjustments for the years ended December 31, 2022, 2021 and 2020 , respectively: (in millions) Unrealized Appreciation Unrealized Foreign Retirement Fair Value of Total Year Ended December 31, 2022 Unrealized change arising during period $ (103) $ (39,940) $ (470) $ (53) $ (6) $ (40,572) Less: Reclassification adjustments included in net income 7 (1,189) — (30) — (1,212) Total other comprehensive income (loss), before of income tax expense (benefit) (110) (38,751) (470) (23) (6) (39,360) Less: Income tax expense (benefit) (23) (5,976) 44 (3) — (5,958) Total other comprehensive income (loss), net of income tax expense (benefit) $ (87) $ (32,775) $ (514) $ (20) $ (6) $ (33,402) Year Ended December 31, 2021 Unrealized change arising during period $ 44 $ (6,583) $ (117) $ 379 $ (2) $ (6,279) Less: Reclassification adjustments included in net income — 928 — (46) — 882 Total other comprehensive income (loss), before income tax expense (benefit) 44 (7,511) (117) 425 (2) (7,161) Less: Income tax expense (benefit) 9 (1,510) 70 100 — (1,331) (in millions) Unrealized Appreciation Unrealized Foreign Retirement Fair Value of Total Total other comprehensive income (loss), net of income tax expense (benefit) $ 35 $ (6,001) $ (187) $ 325 $ (2) $ (5,830) Year Ended December 31, 2020 Unrealized change arising during period $ (161) $ 11,758 $ 303 $ (130) $ 1 $ 11,771 Less: Reclassification adjustments included in net income (39) 1,053 — (45) — 969 Total other comprehensive income (loss), before income tax expense (benefit) (122) 10,705 303 (85) 1 10,802 Less: Income tax expense (benefit) (27) 2,351 (56) 21 — 2,289 Total other comprehensive income (loss), net of income tax expense (benefit) $ (95) $ 8,354 $ 359 $ (106) $ 1 $ 8,513 The following table presents the effect of the reclassification of significant items out of AOCI on the respective line items in the Consolidated Statements of Income (Loss): Affected Line Item in the Years Ended December 31, Amount Reclassified from AOCI Consolidated (in millions) 2022 2021 2020 Statements of Income (Loss) Unrealized appreciation (depreciation) of fixed maturity securities on which allowance for credit losses was taken Investments $ 7 $ — $ (39) Net realized gains (losses) Total 7 — (39) Unrealized appreciation (depreciation) of all other investments Investments (1,189) 928 1,053 Net realized gains (losses) Total (1,189) 928 1,053 Change in retirement plan liabilities adjustment Prior-service credit (2) (3) (1) * Actuarial losses (28) (43) (44) * Total (30) (46) (45) Total reclassifications for the period $ (1,212) $ 882 $ 969 * These AOCI components are included in the computation of net periodic pension cost. For additional information, see Note 20. NON-CONTROLLING INTEREST On September 19, 2022, AIG sold a 12.4 percent equity interest in Corebridge in the IPO, reducing its equity ownership to 77.7 percent. For additional information on the Corebridge IPO, see Note 1. The following table presents the effect of changes in our ownership interest in Corebridge on our equity: Year Ended December 31, (in millions) 2022 Net income attributable to AIG common shareholders $ 10,247 Changes in AIG equity for sale of 12.4% interest in Corebridge 608 Change from Net income attributable to AIG common shareholders and changes in AIG's ownership interests $ 10,855 |
Earnings Per Common Share (EPS)
Earnings Per Common Share (EPS) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share (EPS) | 17. Earnings Per Common Share (EPS) The basic EPS computation is based on the weighted average number of common shares outstanding, adjusted to reflect all stock dividends and stock splits. The diluted EPS computation is based on those shares used in the basic EPS computation plus common shares that would have been outstanding assuming issuance of common shares for all dilutive potential common shares outstanding and adjusted to reflect all stock dividends and stock splits, using the treasury stock method or the if-converted method, as applicable. The following table presents the computation of basic and diluted EPS: Years Ended December 31, (dollars in millions, except per common share data) 2022 2021 2020 Numerator for EPS: Income (loss) from continuing operations $ 11,276 $ 9,923 $ (5,833) Less: Net income from continuing operations attributable to noncontrolling interests 999 535 115 Less: Preferred stock dividends 29 29 29 Income (loss) attributable to AIG common shareholders from continuing operations 10,248 9,359 (5,977) Income (loss) from discontinued operations, net of income tax expense (1) — 4 Net income (loss) attributable to AIG common shareholders $ 10,247 $ 9,359 $ (5,973) Denominator for EPS: Weighted average common shares outstanding - basic 778,621,118 854,320,449 869,309,458 Dilutive common shares 9,320,632 10,564,430 — Weighted average common shares outstanding - diluted (a)(b) 787,941,750 864,884,879 869,309,458 Income (loss) per common share attributable to AIG common shareholders: Basic: Income (loss) from continuing operations $ 13.16 $ 10.95 $ (6.88) Income from discontinued operations $ — $ — $ — Income (loss) attributable to AIG common shareholders $ 13.16 $ 10.95 $ (6.88) Diluted: Income (loss) from continuing operations $ 13.01 $ 10.82 $ (6.88) Income from discontinued operations $ — $ — $ — Income (loss) attributable to AIG common shareholders $ 13.01 $ 10.82 $ (6.88) (a) For the year ended December 31, 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 5,401,597 shares. (b) Potential dilutive common shares include our share-based employee compensation plans, 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 and an option for Blackstone to exchange all or a portion of its ownership interest in Corebridge for AIG common shares in the event an IPO did not occur prior to 2024. As a result of the consummation of the IPO on September 19, 2022, this exchange right of Blackstone was terminated. The number of common shares excluded from diluted shares outstanding was 24.1 million, 12.0 million and 68.7 million for the years ended December 31, 2022, 2021 and 2020, respectively, because the effect of including those common shares in the calculation would have been anti-dilutive. For information regarding the Blackstone option to exchange all or a portion of its ownership interest in Corebridge for AIG common shares, see Note 1. For information regarding our repurchases of AIG Common Stock, see Note 16. |
Statutory Financial Data and Re
Statutory Financial Data and Restrictions | 12 Months Ended |
Dec. 31, 2022 | |
Insurance [Abstract] | |
Statutory Financial Data and Restrictions | 18. Statutory Financial Data and Restrictions The following table presents statutory net income (loss) and capital and surplus for our General Insurance companies and our Life and Retirement companies in accordance with statutory accounting practices: (in millions) 2022 2021 2020 Years Ended December 31, Statutory net income (loss) (a)(b) : General Insurance companies: Domestic $ 2,272 $ 2,649 $ 1,044 Foreign 1,047 1,573 797 Total General Insurance companies $ 3,319 $ 4,222 $ 1,841 Life and Retirement companies: Domestic $ 3,091 $ 2,588 $ 482 Foreign 5 5 11 Total Life and Retirement companies $ 3,096 $ 2,593 $ 493 At December 31, Statutory capital and surplus (a)(b) : General Insurance companies: Domestic $ 19,563 $ 19,385 Foreign 13,913 15,567 Total General Insurance companies $ 33,476 $ 34,952 Life and Retirement companies: Domestic $ 12,229 $ 12,471 Foreign 486 629 Total Life and Retirement companies $ 12,715 $ 13,100 Aggregate minimum required statutory capital and surplus: General Insurance companies: Domestic $ 3,680 $ 3,897 Foreign 7,314 8,051 Total General Insurance companies $ 10,994 $ 11,948 Life and Retirement companies: Domestic $ 4,057 $ 3,903 Foreign 194 214 Total Life and Retirement companies $ 4,251 $ 4,117 (a) Excludes discontinued operations and other divested businesses. (b) The 2022 amounts reflect our best estimate of the statutory net income, capital and surplus as of the date of AIG’s Form 10-K filing. In aggregate, the 2021 General Insurance companies and Life and Retirement companies statutory net income decreased by $99 million and the 2021 General Insurance companies and Life and Retirement companies statutory capital and surplus increased by $136 million, compared to the amounts previously reported in our Annual Report on Form 10-K for the year ended December 31, 2021, due to finalization of statutory filings and revision of prior period numbers. Our insurance subsidiaries file financial statements prepared in accordance with statutory accounting practices prescribed or permitted by domestic and foreign insurance regulatory authorities. The principal differences between statutory financial statements and financial statements prepared in accordance with U.S. GAAP for domestic companies are that statutory financial statements do not reflect DAC, some bond portfolios may be carried at amortized cost, investment impairments are determined in accordance with statutory accounting practices, assets and liabilities are presented net of reinsurance, policyholder liabilities are generally valued using more conservative assumptions and certain assets are non-admitted. For domestic insurance subsidiaries, aggregate minimum required statutory capital and surplus is based on the greater of the RBC level that would trigger regulatory action or minimum requirements per state insurance regulation. Capital and surplus requirements of our foreign subsidiaries differ from those prescribed in the U.S., and can vary significantly by jurisdiction. At both December 31, 2022 and 2021, all domestic and foreign insurance subsidiaries individually exceeded the minimum required statutory capital and surplus requirements and all domestic insurance subsidiaries individually exceeded RBC minimum required levels. For foreign insurance companies, financial statements are prepared in accordance with local regulatory requirements. These accounting practices differ from U.S. GAAP primarily by different rules on deferral of policy acquisition costs, amortization of deferred acquisition costs, and establishing future policy benefit liabilities using different actuarial assumptions, as well as valuing for deferred taxes on a different basis. STATUTORY PERMITTED ACCOUNTING PRACTICE At December 31, 2022 and 2021, AGL used the following permitted practices that resulted in reported statutory surplus or risk-based capital that is significantly different from the statutory surplus or risk based capital that would have been reported had NAIC statutory accounting practices or the prescribed regulatory accounting practices of their respective state regulator been followed in all respects: • Effective December 31, 2019 and periods through September 30, 2020, AGL, a life insurance subsidiary domiciled in Texas, implemented a permitted statutory accounting practice to recognize an admitted asset related to the notional value of coverage defined in an excess of loss reinsurance agreement. This reinsurance agreement has a 20-year term and provides coverage to AGL for aggregate claims incurred during the agreement term associated with guaranteed living benefits on certain fixed index annuities generally issued prior to April 2019 (Block 1) exceeding an attachment point as defined in the agreement. • Effective October 1, 2020 and periods through September 30, 2023, this permitted practice was expanded to similarly recognize an additional admitted asset related to the net notional value of coverage as defined in a separate excess of loss reinsurance agreement. This additional reinsurance agreement has a 25-year term and provides coverage to AGL for aggregate excess of loss claims associated with guaranteed living benefits on a block of fixed index annuities generally issued in April 2019 or later, including new business issued after the effective date (Block 2). • Effective December 31, 2020, this expanded permitted practice also extended the term of the permitted practice for Block 1 from September 30, 2020 to September 30, 2023. The reinsurance agreement covering contracts in Block 1 was also amended to conform certain provisions with the Block 2 reinsurance agreement. Additionally, effective December 31, 2022, the reinsurance agreement for Block 2 was amended to update certain definitions contained in the agreement related to new business. • Effective October 1, 2022 and periods through September 30, 2023, AGL implemented an additional permitted statutory accounting practice to recognize an additional admitted asset related to the net notional value of coverage as defined in a separate excess of loss reinsurance agreement. This additional reinsurance agreement has a 25-year term and provides coverage to AGL for aggregate excess of loss claims associated with the base contract along with the guaranteed living benefits rider on a block of fixed annuities inforce on the treaty effective date, including new business issued after the effective date (Block 3). These permitted practices allows AGL to manage its reserves in a manner more in line with anticipated principle-based reserving requirements once they have been developed. These permitted practices resulted in an increase in the statutory surplus of AGL of approximately $1.0 billion and $584 million at December 31, 2022 and 2021, respectively. AGL may seek continuation of the permitted practices beyond September 30, 2023, subject to the approval of its domiciliary regulator. SUBSIDIARY DIVIDEND RESTRICTIONS Payments of dividends to us by our insurance subsidiaries are subject to certain restrictions imposed by regulatory authorities. With respect to our domestic insurance subsidiaries, the payment of any dividend requires formal notice to the insurance department in which the particular insurance subsidiary is domiciled. For example, unless permitted by the Superintendent of Financial Services, property casualty companies domiciled in New York generally may not pay dividends to shareholders that, in any 12-month period, exceed the lesser of 10 percent of such company’s statutory policyholders’ surplus or 100 percent of its “adjusted net investment income,” for the previous year, as defined. Generally, less severe restrictions applicable to both property casualty and life insurance companies exist in most of the other states in which our insurance subsidiaries are domiciled. Under state insurance laws, an insurer may pay a dividend without prior approval of the insurance regulator when the amount of the dividend is below certain regulatory thresholds. Other foreign jurisdictions may restrict the ability of our foreign insurance subsidiaries to pay dividends. Various other regulatory restrictions also limit cash loans and advances to us by our subsidiaries. Largely as a result of these restrictions, approximately $41.1 billion of the statutory capital and surplus of our consolidated insurance subsidiaries were restricted from transfer to AIG Parent without prior approval of state insurance regulators at December 31, 2022. To our knowledge, no AIG insurance company is currently on any regulatory or similar “watch list” with regard to solvency. PARENT COMPANY DIVIDEND RESTRICTIONS At December 31, 2022, our ability to pay dividends is not subject to any significant contractual restrictions, but remains subject to regulatory restrictions. For additional information about our ability to pay dividends to our shareholders, see Note 16. |
Share-Based Compensation Plans
Share-Based Compensation Plans | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Share-Based Compensation Plans | 19. Share-Based Compensation Plans The following table presents our total share-based compensation expense: Years Ended December 31, (in millions) 2022 2021 2020 Share-based compensation expense - pre-tax (a) $ 288 $ 278 $ 274 Share-based compensation expense - after tax (b) 228 220 216 (a) As a result of accelerated vesting events, such as retirement eligibility in the year of grant and involuntary terminations, we recognized $67 million, $67 million and $63 million in 2022, 2021 and 2020, respectively, prior to the end of the specified vesting periods. It is our policy to reverse compensation expense for forfeited awards when they occur. (b) We also recognized $19 million of tax benefit due to share settlements occurring in 2022. EMPLOYEE PLANS The Company sponsors several stock compensation programs under the AIG Long Term Incentive Plan (LTIP) (as amended) from which performance share units (PSUs), restricted stock units (RSUs), stock options and deferred stock units (DSUs) (collectively units) are issued. In addition, off-cycle grants are made from time to time during the year generally as sign-on awards to new hires or as a result of a change in employee status. The LTIP was governed by the AIG 2013 Omnibus Incentive Plan (2013 Plan), until it was replaced by the AIG 2021 Omnibus Incentive Plan (2021 Omnibus Plan), which was adopted at the annual shareholders’ meeting in May 2021. The adoption occurred after the annual 2021 LTIP awards were granted. Our share-settled awards are settled with previously acquired shares held in AIG’s treasury. AIG Omnibus Incentive Plan The 2021 Omnibus Plan provided for the grants of share-based awards to our employees and non-employee directors. The total number of shares granted under the 2021 Plan (the reserve) was the sum of 1) 8.1 million shares of AIG Common Stock, plus 2) the number of authorized shares that remained available for issuance under the 2013 Plan when the 2021 Omnibus Plan became effective, plus 3) the number of shares of AIG Common Stock relating to outstanding awards under the 2013 Plan at the time the 2021 Omnibus Plan became effective that subsequently were forfeited, expired, terminated or otherwise lapse or are settled in cash. Each share-based unit granted under the Omnibus Plan reduces the number of shares available for future grants by one share. However, shares with respect to awards that are forfeited, expired or settled for cash are returned to the reserve. As of December 31, 2022, 24,654,162 shares are available for future grants. AIG Long Term Incentive Plan Long-Term Incentive (LTI) Awards The LTIP provides for an annual award to certain employees, including our senior executive officers and other highly compensated employees that may be comprised of a combination of one or more of the following units: PSUs, RSUs or stock options. The number of PSUs issued on the grant date (the target) provides the opportunity for LTIP participants (usually senior management) to receive shares of AIG Common Stock based on AIG achieving specified performance goals at the end of a three-year performance period. These performance goals are pre-established by AIG’s Compensation and Management Resources Committee (CMRC) for each annual grant and may differ from year to year. The actual number of PSUs earned can vary from zero to 200 percent of the target for the 2022, 2021 and 2020 LTI awards, depending on AIG’s performance relative to a specified peer group and/or the outcome of pre-established financial goals, as applicable. RSUs and stock options are earned based solely on continued service by the participant. Vesting occurs on January 1 of the year immediately following the end of the three-year performance and service period. Beginning in 2022, vesting for RSUs and stock options awarded will occur in three equal installments on the first, second and third anniversary of the grant date. Recipients must be employed at each vesting date to be entitled to share delivery, except upon the occurrence of an accelerated vesting event, such as an involuntary termination without cause, disability, retirement eligibility or death during the vesting period. However, for involuntarily terminated employees hired after April 1, 2022 unvested RSUs and options are forfeited on the termination date, while PSUs are pro-rated based on the number of completed years in the performance period. Prior to 2021, LTI awards accrued dividend equivalent units (DEUs) in the form of additional PSUs and RSUs whenever a cash dividend was declared on shares of AIG Common Stock; the DEUs are subject to the same vesting terms and conditions as the underlying unit. Beginning in 2021, PSUs and RSUs granted via the annual 2021 LTI award (as of the date of grant), and those existing from the 2020 and 2019 LTI awards (as of the third quarter) accrue dividend equivalent rights (DERs) as AIG’s dividends are declared. These DERs will be settled in cash only if the underlying units’ vesting conditions are met; previously accrued DEUs were not impacted by this change. Unit Valuation The fair value of time-vesting RSUs as well as PSUs that are earned based on certain company-specific metrics was based on the closing price of AIG Common Stock on the grant date; while the fair value of PSUs that are earned based on AIG’s relative total shareholder return (TSR) was determined on the grant date using a Monte Carlo simulation. The following table presents the assumptions used to estimate the fair value of PSUs that vest based on AIG’s TSR (a) : 2022 2021 2020 Expected dividend yield (b) — % — % — % Expected volatility (c) 47.60 % 47.63 % 46.43 % Risk-free interest rate (d) 1.71 % 0.28 % 0.18 % (a) PSUs will be adjusted by +/-25 percent and +/-10 percent if AIG's TSR is in the top or bottom quartile of the peer group at the culmination of the performance period for the 2021 LTI and 2020 LTI awards, respectively. (b) The award agreement provides that TSR for AIG and each member of the Peer Group will be calculated assuming dividends distributed are reinvested on the ex‑dividend date. (c) We used the historical volatility over the most recent 2.86-year period for AIG and the members of the Peer Group, commensurate with the remaining Performance Period as of the valuation date. (d) We converted the semi-annual zero-coupon U.S. Treasury rates as of the valuation date to continuously compounded rates. We then chose the continuously compounded risk-free rate that is commensurate with the length of the remaining performance period as of the valuation date and interpolated between the yields of the two-year and the three-year continuously compounded rates to determine the yield. Modification In connection with the Corebridge IPO, approximately 4 million RSUs held by 735 Corebridge LTIP participants who were actively employed on the IPO date were converted to approximately 10 million Corebridge RSUs in accordance with the anti-dilution provision of the 2021 Omnibus Plan. The vesting terms of the Corebridge RSUs remain the same as the pre-converted RSUs but will be settled in Corebridge common stock. This conversion is considered a modification for accounting purposes and did not result in incremental compensation expense. The following table summarizes outstanding share-settled LTI awards (a) : Number of Units Weighted Average Grant-Date Fair Value As of or for the Year Ended December 31, 2022 (b) 2022 LTI 2021 LTI 2020 LTI 2022 LTI 2021 LTI 2020 LTI Unvested, beginning of year — 4,388,434 4,166,494 $ — $ 45.00 $ 31.43 Granted 4,125,047 — — 61.79 — — Vested (c) (602,246) (146,654) (2,482,796) 61.75 44.23 31.35 Converted (d) (1,083,662) (1,306,677) (1,441,635) 61.67 44.30 31.69 Forfeited (158,708) (238,839) (242,063) 61.74 44.43 32.09 Unvested, end of year (e) 2,280,431 2,696,264 — $ 61.86 $ 45.40 $ — (a) Excludes stock options, other RSUs and DSUs, which are discussed under Stock Options, Other RSU Grants and Non-Employee Plan, respectively. (b) PSUs represent target amount granted and does not reflect potential increases or decreases that could result from the final outcome of the performance goals for the respective awards, which is determined by the CMRC in the quarter after the applicable performance period ends. (c) Also reflects units that vest as a result of an accelerated vesting event that occurred prior to the specified vesting date but for which share delivery has not yet occurred. (d) Represents AIG LTI RSUs converted to Corebridge RSUs as a result of the IPO. (e) At December 31, 2022, the total unrecognized compensation cost for outstanding RSUs and PSUs was $138 million and the weighted-average and expected period of years over which that cost is expected to be recognized are 0.98 years and 2.75 years. Stock Options Stock options were issued as part of the 2022, 2021 and 2020 LTI awards, and to certain newly hired senior executives in 2017 and 2018. Option awards are generally granted with an exercise price equal to the market price of the company’s stock on the grant date and are exercisable up to 10 years from the date of grant, or 3 years from the date of an involuntary termination or the option's expiration date, if earlier. The fair value of the options was estimated on the grant date using the Black-Scholes model for the time-vesting options, and a Monte Carlo simulation for the hurdle-vesting options using the assumptions noted in the following table. The following weighted-average assumptions were used for stock options granted: 2022 2021 2020 Expected annual dividend yield (a) 2.08 % 2.89 % 3.97 % Expected volatility (b) 32.13 % 36.68 % 42.03 % Risk-free interest rate (c) 1.92 % 0.95 % 0.57 % Expected term (d) 6.00 years 6.43 years 6.39 years (a) The dividend yield is the projected annualized AIG dividend yield estimated by Bloomberg Professional service as of the valuation date. (b) The expected volatility is based on the implied volatility of 24 months stock option estimated by the Bloomberg Professional service as of the valuation date. (c) The risk-free interest rate is the continuously compounded interest rate for the term between the valuation date and the expiration date that is assumed to be constant and equal to the interpolated value between the closest data points on the U.S. dollar LIBOR-swap curve as of the valuation date. (d) The contractual term is 10 years from the date of grant. The following table provides a rollforward of stock option activity: As of or for the Year Ended December 31, 2022 Units Weighted Average Weighted Average Aggregate Outstanding, beginning of year 13,021,427 $ 47.12 7.59 Granted 1,436,075 61.61 Exercised (1,515,836) 45.10 Forfeited or expired (48,254) 54.80 Outstanding, end of year 12,893,412 $ 48.94 6.95 $ 186 Exercisable, end of year 5,353,091 $ 50.27 5.97 $ 70 The weighted average grant-date fair value of stock options granted during 2022, 2021 and 2020 was $10.77, $10.00 and $9.61, respectively. As of December 31, 2022, we recognized $28 million of expense, while $17 million was unrecognized and is expected to be amortized up to 2.25 years. We received $68 million in cash from the exercise of stock options during 2022. Other RSU Grants The Company may issue time-vesting RSUs for various reasons including, as a sign-on bonus, retention grant or replacement award in an acquisition. Vesting for these awards ranges from 1 to 5 years and is contingent on continuous service. The following table summarizes outstanding share-settled Other RSU grants. Number of Units Weighted Average Grant-Date Fair Value As of or for the Year Ended December 31, 2022 2021 2020 2022 2021 2020 Unvested, beginning of year 819,640 1,151,380 1,231,185 $ 43.95 $ 46.18 $ 54.17 Granted 1,070,458 493,140 583,068 60.16 49.36 35.54 Vested (290,037) (699,067) (535,220) 44.59 50.03 50.89 Converted (a) (91,300) — — 52.90 — — Forfeited (20,513) (125,813) (127,653) 55.89 51.80 54.90 Unvested, end of year 1,488,248 819,640 1,151,380 $ 54.77 $ 43.95 $ 46.18 (a) Represents RSUs converted to Corebridge RSUs as a result of the IPO. We recognized $21 million of expense related to these RSU grants in 2022. Total unrecognized compensation cost related to these grants was $65 million and the weighted-average and expected period of years over which that cost is expected to be recognized are 2.23 years and 5 years at December 31, 2022. NON-EMPLOYEE PLAN Our non-employee directors, who serve on our Board of Directors, receive share-based compensation in the form of fully vested DSUs with delivery deferred until retirement from the Board. DSUs granted in 2022, 2021 and 2020 accrue dividend equivalents in the form of additional DSUs equal to the amount of any regular quarterly dividend that would have been paid by AIG if the shares of AIG Common Stock underlying the DSUs had been outstanding. In 2022, 2021 and 2020, we granted to non-employee directors 46,273, 55,133 and 94,062 DSUs, respectively, and recognized expense of $2.7 million, $2.7 million and $2.4 million, respectively. |
Employee Benefits
Employee Benefits | 12 Months Ended |
Dec. 31, 2022 | |
Retirement Benefits [Abstract] | |
Employee Benefits | 20. Employee Benefits PENSION PLANS We offer various defined benefit plans to eligible employees. Effective January 1, 2016, the U.S. defined benefit pension plans were frozen. Consequently, these plans are closed to new participants and current participants no longer earn benefits. The U.S. AIG Retirement Plan (the qualified plan) is a noncontributory defined benefit plan subject to the provisions of ERISA. In 2012, the qualified plan was converted to a cash balance formula comprised of pay credits based on 6% of a plan participant’s annual compensation (subject to IRS limitations) and annual interest credits. Although benefits are frozen, these interest credits continue to accrue on the cash balance accounts of active participants, who also accrue years of service for purposes of early retirement eligibility and subsidies. Employees can take their vested benefits as a lump sum or an annuity option when they leave AIG or are terminated from the plan. Employees satisfying certain age and service requirements (i.e., grandfathered employees) remain covered under the average pay formula that was in effect prior to the conversion. The final average pay formula is based upon a percentage of final average compensation multiplied by years of credited service, up to 44 years. Grandfathered employees will receive the higher of the benefit under the cash balance formula or the final average pay formula at retirement. In the U.S. we also sponsor non-qualified unfunded defined benefit plans, such as the AIG Non-Qualified Retirement Income Plan (AIG NQRIP) for certain employees, including key executives, designed to supplement pension benefits provided by the qualified plan. The AIG NQRIP provides a benefit equal to the reduction in benefits under the qualified plan as a result of federal tax limitations on compensation and benefits payable. Non-U.S. defined benefit plans generally are either based on the employee’s years of credited service and compensation in the years preceding retirement or on points accumulated based on the employee’s job grade and other factors during each year of service. POSTRETIREMENT PLANS U.S. postretirement medical and life insurance benefits are based upon the employee attaining the age of 55 and having a minimum of ten years of service, which was reduced to 5 years in 2019 for medical coverage only. Eligible employees who have medical coverage can enroll in retiree medical upon termination of employment. Medical benefits are contributory, while the life insurance benefits, which are closed to new employees, are generally non-contributory. Retiree medical contributions vary from none for pre-1989 retirees to actual premium payments reduced by certain subsidies for post-1992 retirees. These retiree contributions are subject to annual adjustments. Other cost sharing features of the medical plan include deductibles, coinsurance, Medicare coordination, and an employer subsidy for grandfathered employees only. Postretirement benefits are offered in certain non-U.S. countries and vary by geographic location. The following table presents the funded status of the plans reconciled to the amount reported in the Consolidated Balance Sheets. As of or for the Years Ended Pension Postretirement December 31, U.S. Plans (a) Non-U.S. Plans (a) U.S. Plans Non-U.S. Plans (in millions) 2022 2021 2022 2021 2022 2021 2022 2021 Change in projected benefit obligation: Benefit obligation, beginning of year $ 4,795 $ 5,410 $ 1,157 $ 1,231 $ 174 $ 191 $ 47 $ 71 Service cost 5 5 18 21 1 1 — 1 Interest cost 109 92 10 9 4 3 1 2 Actuarial (gain) loss (b) (1,082) (384) (183) 10 (36) (10) (14) (17) Benefits paid: AIG assets (19) (18) (8) (9) (12) (11) (1) (1) Plan assets (174) (174) (26) (30) — — — — Plan amendment — — 1 — — — — (2) Curtailments — — — — — — — (7) Settlements (157) (135) (3) (9) — — — — Foreign exchange effect — — (139) (66) — — (1) — Other (2) (1) (1) — — — — — Projected benefit obligation, end of year $ 3,475 $ 4,795 $ 826 $ 1,157 $ 131 $ 174 $ 32 $ 47 Change in plan assets: Fair value of plan assets, beginning of year $ 4,746 $ 4,931 $ 996 $ 977 $ — $ — $ — $ — Actual return on plan assets, net of expenses (1,070) 124 (133) 77 — — — — AIG contributions 19 18 42 48 12 11 1 1 Benefits paid: AIG assets (19) (18) (8) (9) (12) (11) (1) (1) Plan assets (174) (174) (26) (30) — — — — Settlements (157) (135) (3) (9) — — — — Foreign exchange effect — — (137) (58) — — — — Fair value of plan assets, end of year $ 3,345 $ 4,746 $ 731 $ 996 $ — $ — $ — $ — Funded status, end of year $ (130) $ (49) $ (95) $ (161) $ (131) $ (174) $ (32) $ (47) Amounts recognized in the balance sheet: Assets $ 55 $ 198 $ 78 $ 84 $ — $ — $ — $ — Liabilities (185) (247) (173) (245) (131) (174) (32) (47) Total amounts recognized $ (130) $ (49) $ (95) $ (161) $ (131) $ (174) $ (32) $ (47) Pre-tax amounts recognized in Accumulated other comprehensive income (loss): Net gain (loss) $ (1,279) $ (1,162) $ (70) $ (119) $ 39 $ 3 $ 24 $ 11 Prior service (cost) credit — — (25) (34) — — 1 2 Total amounts recognized $ (1,279) $ (1,162) $ (95) $ (153) $ 39 $ 3 $ 25 $ 13 (a) Includes non-qualified unfunded plans of which the aggregate projected benefit obligation was $186 million and $247 million for the U.S. at December 31, 2022 and 2021, respectively, and $143 million and $204 million for the non-U.S. at December 31, 2022 and 2021, respectively. (b) The significant gain in 2022 is primarily due to an increase in the discount rate for the U.S. AIG Retirement Plan. The following table presents the accumulated benefit obligations for U.S. and non-U.S. pension benefit plans: At December 31, (in millions) 2022 2021 U.S. pension benefit plans $ 3,475 $ 4,795 Non-U.S. pension benefit plans $ 815 $ 1,141 Defined benefit plan obligations in which the projected benefit obligation (PBO) was in excess of the related plan assets and the accumulated benefit obligation (ABO) was in excess of the related plan assets were as follows: At December 31, PBO Exceeds Fair Value of Plan Assets ABO Exceeds Fair Value of Plan Assets At U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans (in millions) 2022 2021 2022 2021 2022 2021 2022 2021 Projected benefit obligation $ 185 $ 247 $ 280 $ 897 $ — $ — $ — $ — Accumulated benefit obligation — — — — 186 247 238 836 Fair value of plan assets — — 76 605 — — 76 605 The following table presents the components of net periodic benefit cost with respect to pensions and other postretirement benefits: Years Ended December 31, Pension Postretirement U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans (in millions) 2022 2021 2020 2022 2021 2020 2022 2021 2020 2022 2021 2020 Components of net periodic benefit cost: Service cost* $ 5 $ 5 $ 5 $ 18 $ 21 $ 21 $ 1 $ 1 $ 1 $ — $ 1 $ 1 Interest cost 109 92 134 10 9 10 4 3 5 1 2 2 Expected return on assets (213) (243) (239) (17) (21) (21) — — — — — — Amortization of prior service cost (credit) — — — 3 3 2 — — — — — (1) Amortization of net (gain) loss 24 33 33 4 7 8 — — — (1) 1 — Net periodic benefit cost (credit) $ (75) $ (113) $ (67) $ 18 $ 19 $ 20 $ 5 $ 4 $ 6 $ — $ 4 $ 2 Settlement loss 60 34 — — 1 3 — — — — — — Net benefit cost (credit) $ (15) $ (79) $ (67) $ 18 $ 20 $ 23 $ 5 $ 4 $ 6 $ — $ 4 $ 2 Total recognized in Accumulated other comprehensive income (loss) $ (117) $ 332 $ (57) $ 57 $ 65 $ (1) $ 36 $ 10 $ (17) $ 13 $ 27 $ (9) Total recognized in net periodic benefit cost and other comprehensive income (loss) $ (102) $ 411 $ 10 $ 39 $ 45 $ (24) $ 31 $ 6 $ (23) $ 13 $ 23 $ (11) * Reflects administrative fees for the U.S. pension plans. Interest cost for pension and postretirement benefits for our U.S. plans and largest non-U.S. plans is measured using the spot rate approach, which applies specific spot rates along the yield curve to a plan’s corresponding discounted cash flows that comprise the obligation. This method provides a more precise measurement of interest cost by aligning the timing of the plans’ discounted cash flows to the corresponding spot rates on the yield curve. For certain non-U.S. plans, interest cost is measured utilizing a single weighted-average discount rate derived from the yield curve used to measure the benefit obligations. A 100 basis point increase in the expected long-term rate of return would decrease the 2023 pension expense by approximately $39 million with all other items remaining the same. A 100 basis point increase in the discount rate would decrease the 2023 pension expense by approximately $17 million. Conversely, a 100 basis point decrease in the discount rate would increase the 2023 pension expense by approximately $2 million, while a 100 basis point decrease in the expected long-term rate of return would increase the 2023 pension expense by approximately $39 million, with all other items remaining the same. ASSUMPTIONS The following table summarizes the weighted average assumptions used to determine the benefit obligations: Pension Postretirement U.S. Plans Non-U.S. Plans (a) U.S. Plans Non-U.S. Plans (a) December 31, 2022 Discount rate 5.22 % 2.51 % 5.19 % 5.23 % Interest crediting rate 4.02 % 1.07 % (b) N/A N/A Rate of compensation increase N/A (c) 2.38 % N/A N/A December 31, 2021 Discount rate 2.75 % 1.09 % 2.87 % 2.89 % Interest crediting rate 2.06 % 0.70 % (b) N/A N/A Rate of compensation increase N/A (c) 2.40 % N/A N/A (a) The non-U.S. plans reflect those assumptions that were most appropriate for the local economic environments of each of the subsidiaries providing such benefits. (b) Represents the weighted average interest crediting rate of non-U.S. cash balance plans primarily in Japan and Switzerland. (c) Compensation increases are no longer applicable as the plan is frozen effective January 1, 2016. The following table summarizes assumed health care cost trend rates for the U.S. plans: At December 31, 2022 2021 Following year: Medical (before age 65) 6.01 % 5.45 % Medical (age 65 and older) 4.95 % 4.98 % Ultimate rate to which cost increase is assumed to decline 4.00 % 4.00 % Year in which the ultimate trend rate is reached: Medical (before age 65) 2046 2046 Medical (age 65 and older) 2046 2046 The following table presents the weighted average assumptions used to determine the net periodic benefit costs: Pension Postretirement U.S. Plans Non-U.S. Plans (a) U.S. Plans Non-U.S. Plans (a) For the Year Ended December 31, 2022 Discount rate 2.75 % 1.09 % 2.87 % 2.89 % Interest crediting rate 2.06 % 0.70 % (b) 2.20 % N/A Rate of compensation increase N/A 2.40 % N/A N/A Expected return on assets 4.65 % 1.84 % 2.78 % N/A For the Year Ended December 31, 2021 Discount rate 2.28 % 1.00 % 2.45 % 2.33 % Interest crediting rate 1.57 % 0.72 % (b) N/A N/A Rate of compensation increase N/A 2.28 % N/A N/A Expected return on assets 5.15 % 2.23 % N/A N/A For the Year Ended December 31, 2020 Discount rate 3.16 % 1.09 % 3.14 % 3.18 % Interest crediting rate 2.19 % 0.44 % (b) N/A N/A Rate of compensation increase N/A 2.22 % N/A 3.00 % Expected return on assets 5.55 % 2.32 % N/A N/A (a) The non-U.S. plans reflect those assumptions that were most appropriate for the local economic environments of each of the subsidiaries providing such benefits. (b) Represents the weighted average interest crediting rate of non-U.S. cash balance plans primarily in Japan and Switzerland. Discount Rate Methodology The projected benefit cash flows under the U.S. AIG Retirement Plan were discounted using the spot rates derived from the Mercer U.S. Pension Discount Yield Curve (Mercer Yield Curve) at December 31, 2022 and 2021, which resulted in a single discount rate that would produce the same liability at the respective measurement dates. The discount rates were 5.22 percent at December 31, 2022 and 2.75 percent at December 31, 2021. The methodology was consistently applied for the respective years in determining the discount rates for the other U.S. pension plans. In general, the discount rates for the non-U.S. plans were developed using a similar methodology to the U.S. AIG Retirement plan, by using country-specific Mercer Yield Curves. The projected benefit obligation for AIG’s Japan pension plans represents approximately 54 percent and 50 percent of the total projected benefit obligations for our non-U.S. pension plans at December 31, 2022 and 2021, respectively. The weighted average discount rate of 1.12 percent and 0.52 percent at December 31, 2022 and 2021, respectively, was selected by reference to the Mercer Yield Curve for Japan. Plan Assets The investment strategy with respect to assets relating to our U.S. and non-U.S. pension plans is designed to achieve investment returns that will provide for the benefit obligations of the plans over the long term, limit the risk of short-term funding shortfalls and maintain liquidity sufficient to address cash needs. Accordingly, the asset allocation strategy is designed to maximize the investment rate of return while managing various risk factors, including, but not limited to, volatility relative to the benefit obligations, liquidity, and concentration, and incorporates the risk/return profile applicable to each asset class. There were no shares of AIG Common Stock included in the U.S. and non-U.S. pension plans assets at December 31, 2022 or 2021. U.S. Pension Plan The assets of the qualified plan are monitored by the AIG U.S. Investment Committee and actively managed by the investment managers, which involves allocating the plan’s assets among approved asset classes within ranges as permitted by the strategic allocation. The long-term strategic asset allocation historically has been reviewed and revised approximately every three years. The investment strategy is focused on de-risking the qualified plan via regular monitoring through liability driven investing and the glide path approach, where the glide path defines the target allocation for the “Return-Seeking” portion of the portfolio (i.e., growth assets) based on the funded ratio and level of interest rates. Under this approach, the allocation to growth assets is reduced and the allocation to liability-hedging assets is increased as the plan’s funded ratio increases in accordance with the defined glide path. The following table presents the asset allocation percentage by major asset class for the U.S. qualified plan and the target allocation for 2022 based on the plan’s funded status at December 31, 2022: At December 31, Target 2023 Actual 2022 Actual 2021 Asset class: Equity securities 9 % 6 % 15 % Fixed maturity securities 80 77 71 Other investments 11 17 14 Total 100 % 100 % 100 % The expected weighted average long-term rate of return for the plan was 4.65 percent and 5.15 percent for 2022 and 2021, respectively. The expected weighted average rate of return is an aggregation of expected returns within each asset class category, weighted for the investment mix of the assets. The combination of the expected asset return and any contributions made by us are expected to maintain the plan’s ability to meet all required benefit obligations. The expected asset return for each asset class was developed based on an approach that considers key fundamental drivers of the asset class returns in addition to historical returns, current market conditions, asset volatility and the expectations for future market returns. Non-U.S. Pension Plans The assets of the non-U.S. pension plans are held in various trusts in multiple countries and are invested primarily in equities and fixed maturity securities to maximize the long-term return on assets for a given level of risk. The following table presents the asset allocation percentage by major asset class for non-U.S. pension plans and the target allocation: At December 31, Target 2023 Actual 2022 Actual 2021 Asset class: Equity securities 21 % 24 % 24 % Fixed maturity securities 59 44 44 Other investments 17 23 24 Cash and cash equivalents 3 9 8 Total 100 % 100 % 100 % The assets of AIG’s Japan pension plans represent approximately 65 percent and 61 percent of total non-U.S. pension plan assets at December 31, 2022 and 2021, respectively. The expected long-term rate of return was 1.86 percent and 1.85 percent, for 2022 and 2021, respectively, and is evaluated by the Japanese Pension Investment Committee on a quarterly and annual basis along with various investment managers and is revised to achieve the optimal allocation to meet targeted funding levels if necessary. In addition, the funding policy is revised in accordance with local regulation every five years. The expected weighted average long-term rate of return for all our non-U.S. pension plans was 1.84 percent and 2.23 percent for the years ended December 31, 2022 and 2021, respectively. It is an aggregation of expected returns within each asset class that was generally developed based on the building block approach that considers historical returns, current market conditions, asset volatility and the expectations for future market returns. ASSETS MEASURED AT FAIR VALUE The following table presents information about our plan assets and indicates the level of the fair value measurement based on the observability of the inputs used. The inputs and methodology used in determining the fair value of these assets are consistent with those used to measure our assets as discussed in Note 4 to the Consolidated Financial Statements. U.S. Plans Non-U.S. Plans (in millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total At December 31, 2022 Assets: Cash and cash equivalents $ 119 $ — $ — $ 119 $ 64 $ — $ — $ 64 Equity securities: U.S. (a) 90 — — 90 — — — — International (b) 5 — — 5 130 44 — 174 Fixed maturity securities: U.S. investment grade (c) 45 2,213 10 2,268 — — — — International investment grade (c) — 177 — 177 — 140 — 140 U.S. and international high yield (d) — 58 — 58 — 184 — 184 Mortgage and other asset-backed securities — 43 5 48 — — — — Other investment types (e) : Futures (15) — — (15) — — — — Direct private equity (f) — — 5 5 — — — — Insurance contracts — 10 — 10 — — 134 134 Mutual funds (g) — — — — — 35 — 35 Total $ 244 $ 2,501 $ 20 $ 2,765 $ 194 $ 403 $ 134 $ 731 At December 31, 2021 Assets: Cash and cash equivalents $ 118 $ — $ — $ 118 $ 84 $ — $ — $ 84 Equity securities: U.S. (a) 301 — — 301 — — — — International (b) 9 — — 9 185 54 — 239 Fixed maturity securities: U.S. investment grade (c) 27 2,858 16 2,901 — — — — International investment grade (c) — 302 — 302 — 180 — 180 U.S. and international high yield (d) — 90 — 90 — 239 — 239 Mortgage and other asset-backed securities — 55 1 56 — — — — Other fixed maturity securities — 3 — 3 — 19 — 19 Other investment types (e) : Futures 4 — — 4 — — — — Direct private equity (f) — — 8 8 — — — — Insurance contracts — 11 — 11 — — 171 171 Mutual funds (g) — — — — — 64 — 64 Total $ 459 $ 3,319 $ 25 $ 3,803 $ 269 $ 556 $ 171 $ 996 (a) Includes passive and active U.S. equity strategies. (b) Includes passive and active international equity strategies. (c) Includes investments in U.S. and non-U.S. government issued bonds, U.S. government agency or sponsored agency bonds, and investment grade corporate bonds. (d) Consists primarily of investments in securities or debt obligations that have a rating below investment grade. (e) Excludes investments that are measured at fair value using the NAV per share (or its equivalent), which totaled $580 million and $943 million at December 31, 2022 and 2021, respectively. (f) Comprised of private capital financing including private debt and private equity securities. (g) Comprised of mutual fund investing in variety of equity, derivatives, and bonds. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in these securities. Based on our investment strategy, we had no significant concentrations of risks at December 31, 2022. Changes in Level 3 Fair Value Measurements The following table presents changes in our U.S. and non-U.S. Level 3 plan assets measured at fair value: At December 31, 2022 Balance Net Purchases Sales Issuances Settlements Transfers Transfers Balance Changes in Changes in Unrealized (in millions) U.S. Plan Assets: Fixed maturity securities U.S. investment grade $ 16 $ (4) $ 4 $ — $ — $ — $ — $ (6) $ 10 $ (4) $ — Mortgage and other asset backed securities 1 (1) 3 — — — 2 — 5 (1) — Direct private equity 8 (1) — (2) — — — — 5 (2) — Total $ 25 $ (6) $ 7 $ (2) $ — $ — $ 2 $ (6) $ 20 $ (7) $ — Non-U.S. Plan Assets: Insurance contracts $ 171 $ (43) $ 4 $ — $ — $ — $ 2 $ — $ 134 $ — $ — Total $ 171 $ (43) $ 4 $ — $ — $ — $ 2 $ — $ 134 $ — $ — At December 31, 2021 U.S. Plan Assets: Fixed maturity securities U.S. investment grade $ 10 $ — $ 5 $ (4) $ — $ — $ 5 $ — $ 16 $ — $ — Mortgage and other asset backed securities — — 1 — — — — — 1 — — Direct private equity 6 2 — — — — — — 8 1 — Total $ 16 $ 2 $ 6 $ (4) $ — $ — $ 5 $ — $ 25 $ 1 $ — Non-U.S. Plan Assets: Insurance contracts $ 179 $ (9) $ 1 $ — $ — $ — $ — $ — $ 171 $ — $ — Total $ 179 $ (9) $ 1 $ — $ — $ — $ — $ — $ 171 $ — $ — EXPECTED CASH FLOWS Funding for the qualified plan ranges from the minimum amount required by ERISA to the maximum amount that would be deductible for U.S. tax purposes. Contributed amounts in excess of the minimum amounts are deemed voluntary. Amounts in excess of the maximum amount would be subject to an excise tax and may not be deductible under the Internal Revenue Code. There are no minimum required cash contributions in 2022 for the U.S. AIG Retirement Plan. The non-qualified and postretirement plans’ benefit payments are deductible when paid to participants. Our annual pension contribution in 2023 is expected to be approximately $58 million for our U.S. and non-U.S. pension plans. This estimate is subject to change, since contribution decisions are affected by various factors including our liquidity, market performance and management’s discretion. The expected future benefit payments, net of participants’ contributions, with respect to the defined benefit pension plans and other postretirement benefit plans, are as follows: Pension Postretirement (in millions) U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans 2023 $ 287 $ 38 $ 12 $ 1 2024 292 43 11 1 2025 289 45 11 1 2026 282 47 10 2 2027 280 48 10 2 2028-2032 1,295 251 44 9 DEFINED CONTRIBUTION PLANS We sponsor several defined contribution plans for U.S. employees that provide for pre-tax salary reduction contributions by employees. The most significant plan is the AIG Incentive Savings Plan, for which the matching contribution is 100 percent of the first 6% of a participant’s contributions, subject to the IRS-imposed limitations. Participants in the AIG Incentive Savings Plan receive an additional fully vested, non-elective, non-discretionary contribution equal to 3% of the participant’s eligible compensation for the plan year, paid each pay period regardless of whether the participant currently contributes to the plan, and subject to the IRS-imposed limitations. Our pre-tax expenses associated with these plans were $176 million,$183 million and $188 million in 2022, 2021 and 2020, respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 21. Income Taxes U.S. TAX LAW CHANGES On August 16, 2022, President Biden signed the Inflation Reduction Act (IRA) of 2022 (H.R. 5376), which finances climate and energy provisions and an extension of enhanced subsidies under the Affordable Care Act. Key provisions include a 15 percent corporate alternative minimum tax (CAMT) on adjusted financial statement income for corporations with average profits over $1 billion over a three-year period, a 1 percent stock buyback tax, increased IRS enforcement funding, and Medicare's new ability to negotiate prescription drug prices. CAMT and the stock buyback tax are effective for tax years beginning after December 31, 2022. The tax provisions of IRA are not expected to have a material impact on AIG’s financial results. However, the CAMT may impact our U.S. cash tax liabilities. BASIS OF PRESENTATION We file a consolidated U.S. federal income tax return with our eligible U.S. subsidiaries. Income earned by subsidiaries operating outside the U.S. is taxed, and income tax expense is recorded, based on applicable U.S. and foreign laws. Following the IPO of Corebridge on September 19, 2022, AIG’s remaining ownership in Corebridge decreased below 80 percent, resulting in tax deconsolidation of Corebridge parent and its subsidiaries from the AIG consolidated U.S. federal income tax group as well as certain state and local jurisdictions where unitary returns are filed. Subsequent to the tax deconsolidation from AIG, due to the application of relevant U.S. tax laws, American General Corporation and its directly owned life insurance subsidiaries (the AGC Group) will not be permitted to join in the filing of a consolidated U.S. federal income tax return with Corebridge parent and its non-life-insurance subsidiaries for a period of five years. Corebridge’s net operating losses and tax credit carryforwards that have not been utilized prior to tax deconsolidation from AIG will remain with the relevant Corebridge entities and will be available for utilization by the respective Corebridge U.S. federal income tax groups. The realizability of the deferred tax assets related to such carryforwards is based on the positive and negative evidence applicable to each U.S. federal income tax group. TAX ACCOUNTING POLICIES We use an item-by-item approach to release the stranded or disproportionate income tax effects in AOCI related to our available-for-sale securities. Under this approach, a portion of the disproportionate tax effects is assigned to each individual security lot at the date the amount becomes lodged. When the individual securities are sold, mature, or are otherwise impaired on an other-than-temporary basis, the assigned portion of the disproportionate tax effect is reclassified from AOCI to income (loss) from continuing operations. We consider our foreign earnings with respect to certain operations in Canada, South Africa, Japan, Latin America, Bermuda as well as the European, Asia Pacific and Middle East regions to be indefinitely reinvested. These earnings relate to ongoing operations and have been reinvested in active business operations. A deferred tax liability has not been recorded for those foreign subsidiaries whose earnings are considered to be indefinitely reinvested. If recorded, such deferred tax liability would not be material to our consolidated financial condition. Deferred taxes, if necessary, have been provided on earnings of non-U.S. affiliates whose earnings are not indefinitely reinvested. Global Intangible Low-Taxed Income (GILTI) imposes U.S. taxes on the excess of a deemed return on tangible assets of certain foreign subsidiaries. Consistent with accounting guidance, we have made an accounting policy election to treat GILTI taxes as a period tax charge in the period the tax is incurred. EFFECTIVE TAX RATE The following table presents income (loss) from continuing operations before income tax expense (benefit) by U.S. and foreign location in which such pre-tax income (loss) was earned or incurred: Years Ended December 31, (in millions) 2022 2021 2020 U.S. $ 12,432 $ 9,838 $ (8,396) Foreign 1,850 2,261 1,103 Total $ 14,282 $ 12,099 $ (7,293) The following table presents the income tax expense (benefit) attributable to pre-tax income (loss) from continuing operations: Years Ended December 31, (in millions) 2022 2021 2020 Foreign and U.S. components of actual income tax expense (benefit): U.S.: Current $ 246 $ (216) $ (57) Deferred 2,348 2,190 (1,676) Foreign: Current 271 171 274 Deferred 141 31 (1) Total $ 3,006 $ 2,176 $ (1,460) Our actual income tax expense (benefit) differs from the statutory U.S. federal amount computed by applying the federal income tax rate due to the following: Years Ended December 31, 2022 2021 2020 (dollars in millions) Pre-Tax Tax Percent of Pre-Tax Tax Percent of Pre-Tax Tax Percent of U.S. federal income tax at statutory rate $ 14,281 $ 2,999 21.0 % $ 12,099 $ 2,540 21.0 % $ (7,288) $ (1,531) 21.0 % Adjustments: Tax exempt interest (18) (0.1) (18) (0.1) (19) 0.3 Uncertain tax positions (a)(b) (17) (0.1) (9) (0.1) 165 (2.3) Reclassifications from AOCI (81) (0.6) (109) (0.9) (101) 1.4 Dispositions of subsidiaries (c) — — 11 0.1 180 (2.5) Non-controlling interest (31) (0.2) (97) (0.8) (12) 0.2 Non-deductible transfer pricing charges 12 0.1 16 0.1 11 (0.2) Dividends received deduction (36) (0.3) (37) (0.3) (39) 0.5 Effect of foreign operations (d) 149 1.0 134 1.1 76 (1.0) Share-based compensation payments excess tax effect (19) (0.1) 16 0.1 35 (0.5) State income taxes 33 0.2 37 0.3 15 (0.2) Expiration of tax attribute carryforwards — — 16 0.1 221 (3.0) Tax audit resolution — — (935) (7.6) (379) 5.2 Other (b) 40 0.3 (107) (0.9) (16) 0.2 Effect of discontinued operations — — — — — — Valuation allowance: Continuing operations (25) (0.2) 718 5.9 (65) 0.9 Consolidated total amounts 14,281 3,006 21.0 12,099 2,176 18.0 (7,288) (1,459) 20.0 Amounts attributable to discontinued operations (1) — — — — — 5 1 20.0 Amounts attributable to continuing operations $ 14,282 $ 3,006 21.0 % $ 12,099 $ 2,176 18.0 % $ (7,293) $ (1,460) 20.0 % (a) Refer to the Accounting for Uncertainty in Income Taxes section below for further discussion on 2021 and 2020 tax audit resolution activity. (b) 2020 includes a net charge of $67 million related to the accrual of IRS interest, of which $139 million tax expense is reported in Uncertain tax positions and $72 million tax benefit is reported in Other. (c) 2020 disposition of subsidiaries is primarily related to the tax effects of the Majority Interest Fortitude Sale. (d) Effect of foreign operations is primarily related to income and losses in our foreign operations taxed at statutory tax rates different than 21 percent, and foreign income subject to U.S. taxation. DEFERRED TAX ASSET The following table presents the components of the net deferred tax assets (liabilities): December 31, (in millions) 2022 2021 Deferred tax assets: Losses and tax credit carryforwards $ 6,868 $ 7,291 Basis differences on investments 2,652 2,944 Fortitude Re funds withheld embedded derivative — 543 Life policy reserves 3,697 3,751 Accruals not currently deductible, and other 389 634 Loss reserve discount 352 455 Loan loss and other reserves 62 509 Unearned premium reserve reduction 294 283 Fixed assets and intangible assets 1,081 1,262 Unrealized losses related to available for sale debt securities 5,595 — Other 498 247 Employee benefits 382 407 Total deferred tax assets 21,870 18,326 Deferred tax liabilities: Investments in foreign subsidiaries (41) (15) Deferred policy acquisition costs (1,868) (2,054) Unrealized gains related to available for sale debt securities — (2,791) Fortitude Re funds withheld embedded derivative (862) — Other — — Total deferred tax liabilities (2,771) (4,860) Net deferred tax assets before valuation allowance 19,099 13,466 Valuation allowance (4,250) (1,987) Net deferred tax assets (liabilities) $ 14,849 $ 11,479 The following table presents AIG's U.S. consolidated federal income tax group tax losses and credits carryforwards. December 31, 2022 Tax Carryforward Period Ending Tax Year (b) Unlimited Carryforward Period and Carryforward Periods (b) (in millions) Gross Effected 2023 2024 2025 2026 2027 2028 2029 - After Net operating loss carryforwards $ 24,804 $ 5,209 $ — $ — $ — $ — $ — $ 3,253 $ 1,956 Capital loss carryforwards $ — — — — — — — — — Foreign tax credit carryforwards 22 22 — — — — — — Other carryforwards — — — — — — — — Total AIG U.S. consolidated federal income tax group tax losses and credits carryforwards on a U.S. GAAP basis (a) $ 5,231 $ 22 $ — $ — $ — $ — $ 3,253 $ 1,956 (a) Financial reporting basis reflects the impact of unrecognized tax benefits for tax years in which tax attributes can be realized through carryback upon settlement. (b) Carryforward periods are based on U.S. tax laws governing utilization of tax attributes. Expiration periods are based on the year the carryforward was generated. ASSESSMENT OF DEFERRED TAX ASSET VALUATION ALLOWANCE The evaluation of the recoverability of our deferred tax asset and the need for a valuation allowance requires us to weigh all positive and negative evidence to reach a conclusion that it is more likely than not that all or some portion of the deferred tax asset will not be realized. The weight given to the evidence is commensurate with the extent to which it can be objectively verified. The more negative evidence that exists, the more positive evidence is necessary and the more difficult it is to support a conclusion that a valuation allowance is not needed. Recent events, including changes in target interest rates by the Board of Governors of the Federal Reserve System, and significant market volatility, continue to impact actual and projected results of our business operations as well as our views on potential effectiveness of certain prudent and feasible tax planning strategies. In order to demonstrate the predictability and sufficiency of future taxable income necessary to support the realizability of the net operating losses and foreign tax credit carryforwards, we have considered forecasts of future income for each of our businesses, including assumptions about future 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 period of our foreign tax credit carryforwards runs 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. Although tax deconsolidation of Corebridge from the AIG consolidated U.S. federal income tax group resulted in the formation of new federal tax filing groups requiring separate deferred tax asset realizability assessments, there was no material change to the total deferred tax asset valuation allowance recorded as of December 31, 2022. After factoring in multiple data points and assessing relative weight of all positive and negative evidence, we concluded that a valuation allowance of $864 million is necessary. Accordingly, as of December 31, 2022, the balance sheet reflects a valuation allowance of $864 million, of which $713 million relates to AIG's U.S. federal consolidated income tax group and $151 million relates to Corebridge. The valuation allowance recorded with respect to AIG's U.S. federal consolidated income tax group relates to a portion of tax attribute carryforwards that are no longer more-likely-than-not to be realized. The valuation allowance at Corebridge relates to a portion of both tax attribute carryforwards and certain other deferred tax assets of the Corebridge non-life insurance group that are not more-likely-than-not to be realized. For the year ended December 31, 2022, recent changes in market conditions, including rising interest rates, impacted the unrealized tax gains and losses in the available for sale securities portfolios of both our U.S. Life Insurance and non-life insurance companies, resulting in deferred tax assets related to net unrealized tax capital losses. The deferred tax assets relate to the unrealized tax capital losses for which the carryforward period has not yet begun, and as such, when assessing recoverability, we consider our ability and intent to hold the underlying securities to recovery. As of December 31, 2022, based on all available evidence, we concluded that a valuation allowance should be established on a portion of the deferred tax assets related to unrealized tax capital losses that are not more-likely-than-not to be realized. For the year ended December 31, 2022, we established $1.4 billion of valuation allowance associated with the unrealized tax capital losses in the U.S. Life Insurance Companies’ available for sale securities portfolio and $905 million of valuation allowance associated with the unrealized tax capital losses in the non-life insurance companies’ available for sale securities portfolio. For the year ended December 31, 2022, we recognized a net $31 million decrease in deferred tax asset valuation allowance associated with certain foreign and state jurisdictions, primarily attributable to current year activity. The following table presents the net deferred tax assets (liabilities) at December 31, 2022 and 2021 on a U.S. GAAP basis: December 31, (in millions) 2022 2021 Net U.S. deferred tax assets $ 12,094 $ 14,656 Net deferred tax assets (liabilities) in AOCI 4,958 (2,772) Valuation allowance (3,128) (859) Subtotal 13,924 11,025 Net foreign, state and local deferred tax assets 2,342 1,817 Valuation allowance (1,122) (1,128) Subtotal 1,220 689 Subtotal - Net U.S., foreign, state and local deferred tax assets 15,144 11,714 Net foreign, state and local deferred tax liabilities (295) (235) Total AIG net deferred tax assets (liabilities) $ 14,849 $ 11,479 TAX EXAMINATIONS AND LITIGATION We are currently under examination by the IRS for the tax years 2011 through 2019. 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 had an IRS Appeals conference in October 2021 and are continuing to engage in the Appeals process. 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 2020, the parties executed a binding settlement agreement with respect to the underlying issues in the lawsuit. On October 22, 2020, the Southern District dismissed the case based upon the settlement reached between AIG and the government. In March 2022, interest amounts due on the settlement of items challenged by the IRS during the audit of AIG's 2006 and prior years were agreed to between AIG and the IRS, thus concluding this matter. ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES The following table presents a reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits, excluding interest and penalties: Years Ended December 31, (in millions) 2022 2021 2020 Gross unrecognized tax benefits, beginning of year $ 1,157 $ 2,343 $ 4,762 Increases in tax positions for prior years 29 22 45 Decreases in tax positions for prior years (33) (1,233) (131) Increases in tax positions for current year 59 37 13 Lapse in statute of limitations (21) — — Settlements — (12) (2,346) Gross unrecognized tax benefits, end of year $ 1,191 $ 1,157 $ 2,343 There was no significant activity in unrecognized tax benefits for the year ended December 31, 2022. The activity in unrecognized tax benefits for the year ended December 31, 2021 is primarily attributable to effective settlement of reserves for uncertain tax positions due to the completion of audit activity by the IRS and New York State. The activity for the year ended December 31, 2020 includes the impact of the binding settlement agreement with the IRS for tax years 1991-2006 with respect to cross border financing transactions. After remeasurement based on the settlement terms, the remaining balances of the unrecognized tax benefits, penalties and interest related to the 1991-2006 tax years are no longer presented as uncertain tax positions and were reclassified as prior year current tax payable. At December 31, 2022 and 2021 and 2020, the amounts of unrecognized tax benefits that, if recognized, would favorably affect the effective tax rate were $1.2 billion, $1.1 billion and $2.3 billion, respectively. Unrecognized tax benefits that would not affect the effective tax rate generally relate to such factors as the timing, rather than the permissibility of the deduction. Interest and penalties related to unrecognized tax benefits are recognized in income tax expense. At December 31, 2022, 2021 and 2020, we had accrued liabilities of $63 million, $69 million and $286 million, respectively for the payment of interest (net of the federal benefit) and penalties. For the years ended December 31, 2022, 2021, and 2020, we accrued expense (benefit) of $(2) million, $(207) million, and $128 million, respectively, for the payment of interest and penalties. The activity in 2022 was due to the completion of audit activity and expiration of a certain statute related to foreign operations. The activity in 2021 was primarily related to the completion of audit activity by the IRS and New York State. The activity in 2020 was primarily attributable to decreases and settlements of interest and penalties associated with the completion of the IRS examination for tax years 1991-2006. Although it is reasonably possible that a change in the balance of unrecognized tax benefits may occur within the next 12 months, based on the information currently available, we do not expect any change to be material to our consolidated financial condition. Listed below are the tax years that remain subject to examination by major tax jurisdictions: At December 31, 2022 Open Tax Years Major Tax Jurisdiction United States 2007-2021 Australia 2018-2021 Canada 2018-2021 France 2019-2021 Japan 2016-2021 Korea 2014-2021 Singapore 2018-2021 United Kingdom 2021-2021 |
Schedule I
Schedule I | 12 Months Ended |
Dec. 31, 2022 | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Abstract] | |
Schedule I | Summary of Investments – Other than Investments in Related Parties Schedule I At December 31, 2022 Amount at (in millions) Cost (a) Fair value Fixed maturities: U.S. government and government sponsored entities $ 7,094 $ 6,619 $ 6,619 Obligations of states, municipalities and political subdivisions 13,306 12,210 12,210 Non-U.S. governments 15,199 13,551 13,551 Public utilities 23,095 19,190 19,190 All other corporate debt securities 139,538 121,041 121,041 Mortgage-backed, asset-backed and collateralized 62,246 58,030 58,030 Total fixed maturity securities 260,478 230,641 230,641 Equity securities and mutual funds: Common stock: Public utilities 1 1 1 Banks, trust and insurance companies 155 155 155 Industrial, miscellaneous and all other 172 172 172 Total common stock 328 328 328 Preferred stock 32 32 32 Mutual funds 215 215 215 Total equity securities and mutual funds 575 575 575 Mortgage and other loans receivable, net of allowance 49,605 46,007 49,605 Other invested assets 16,739 15,953 15,953 Short-term investments, at cost (approximates fair value) 12,376 12,376 12,376 Derivative assets (b) 514 514 514 Total investments $ 340,287 $ 306,066 $ 309,664 (a) Original cost of fixed maturities is reduced by repayments and adjusted for amortization of premiums or accretion of discounts. (b) The balance is reported in Other assets. |
Schedule II
Schedule II | 12 Months Ended |
Dec. 31, 2022 | |
Condensed Financial Information Disclosure [Abstract] | |
Schedule II | Condensed Financial Information of Registrant Balance Sheets – Parent Company Only Schedule II December 31, (in millions) 2022 2021 Assets: Short-term investments $ 3,389 $ 4,332 Other investments 1,930 6,671 Total investments 5,319 11,003 Cash 5 3 Loans to subsidiaries (a) 84 45,415 Due from affiliates - net (a) 1,224 1,941 Intercompany tax receivable (a) 329 426 Deferred income taxes 4,992 5,845 Investment in consolidated subsidiaries (a) 43,855 29,713 Other assets 250 406 Total assets $ 56,058 $ 94,752 Liabilities: Due to affiliates (a) $ 1,195 $ 2,992 Intercompany tax payable (a) 1,633 2,193 Notes and bonds payable 10,323 19,633 Junior subordinated debt 991 1,164 Series AIGFP matched notes and bonds payable 18 18 Loans from subsidiaries (a) 521 739 Other liabilities 1,375 2,057 Total liabilities 16,056 28,796 AIG Shareholders’ equity: Preferred stock 485 485 Common stock 4,766 4,766 Treasury stock (56,473) (51,618) Additional paid-in capital 80,284 81,851 Retained earnings 33,032 23,785 Accumulated other comprehensive income (22,092) 6,687 Total AIG shareholders’ equity 40,002 65,956 Total liabilities and equity $ 56,058 $ 94,752 (a) Eliminated in consolidation. See accompanying Notes to Condensed Financial Information of Registrant. Condensed Financial Information of Registrant (Continued) Statements of Income – Parent Company Only Schedule II Years Ended December 31, (in millions) 2022 2021 2020 Revenues: Equity in undistributed net income (loss) of consolidated subsidiaries (a) $ 7,924 $ (3,370) $ (2,569) Dividend income from consolidated subsidiaries (a) 2,974 14,699 1,797 Interest income (b) 936 169 348 Net realized losses (433) (1) (149) Other income (loss) 22 (3) (1) Expenses: Interest expense 631 948 1,043 Net loss on extinguishment of debt 301 304 2 Net (gain) loss on divestitures and other 111 (10) 4,010 Other expenses 960 1,214 980 Income (loss) from continuing operations before income tax benefit 9,420 9,038 (6,609) Income tax benefit (838) (350) (667) Net income (loss) 10,258 9,388 (5,942) Loss from discontinued operations 18 — (2) Net income (loss) attributable to AIG Parent Company $ 10,276 $ 9,388 $ (5,944) (a) Eliminated in consolidation. (b) Includes interest income on intercompany borrowings of $813 million, $131 million and $295 million on December 31, 2022, 2021 and 2020, respectively, eliminated in consolidation. See accompanying Notes to Condensed Financial Information of Registrant. Condensed Financial Information of Registrant (Continued) Statements of Comprehensive Income – Parent Company Only Schedule II Years Ended December 31, (in millions) 2022 2021 2020 Net income (loss) $ 10,276 $ 9,388 $ (5,944) Other comprehensive income (loss) (30,819) (5,725) 8,529 Total comprehensive income attributable to AIG $ (20,543) $ 3,663 $ 2,585 See accompanying Notes to Condensed Financial Information of Registrant. Condensed Financial Information of Registrant (Continued) Statements of Cash Flows – Parent Company Only Schedule II Years Ended December 31, (in millions) 2022 2021 2020 Net cash provided by (used in) operating activities $ 191 $ 3,837 $ (30) Cash flows from investing activities: Sales and maturities of investments 5,205 4,228 5,181 Sales of divested businesses — — 2,225 Purchase of investments (90) (5,761) (3,250) Net change in short-term investments 945 2,647 (3,559) Contributions from (to) subsidiaries - net (330) 403 (964) Loans to subsidiaries - net 8,427 (104) (22) Other, net 45 (41) (402) Net cash provided by (used in) investing activities 14,202 1,372 (791) Cash flows from financing activities: Issuance of long-term debt — — 4,065 Repayments of long-term debt (9,364) (3,703) (1,696) Cash dividends paid on preferred stock (29) (29) (29) Cash dividends paid on common stock (982) (1,083) (1,103) Loans from subsidiaries - net (224) 3 16 Purchase of common stock (5,200) (2,598) (500) Other, net 1,408 2,201 (33) Net cash provided by (used in) financing activities (14,391) (5,209) 720 Change in cash and restricted cash 2 — (101) Cash and restricted cash at beginning of year 4 4 105 Cash and restricted cash at end of year $ 6 $ 4 $ 4 Supplementary disclosure of cash flow information: Years Ended December 31, (in millions) 2022 2021 2020 Cash $ 5 $ 3 $ 3 Restricted cash included in Other assets 1 1 1 Total cash and restricted cash shown in Statements of Cash Flows – Parent Company Only $ 6 $ 4 $ 4 Cash (paid) received during the period for: Interest: Third party $ (716) $ (941) $ (1,014) Intercompany 63 1 — Taxes: Income tax authorities (348) (494) (466) Intercompany 1,120 1,950 1,592 Intercompany non-cash financing and investing activities: Capital contributions 660 2,284 333 Return of capital — 1,365 — Dividend received in the form of intercompany note — 8,300 — Dividends received in the form of securities 494 1,289 879 See accompanying Notes to Condensed Financial Information of Registrant. NOTES TO CONDENSED FINANCIAL INFORMATION OF REGISTRANT American International Group, Inc.’s (the Registrant) investments in consolidated subsidiaries are stated at cost plus equity in undistributed income of consolidated subsidiaries. The accompanying condensed financial statements of the Registrant should be read in conjunction with the consolidated financial statements and notes thereto of American International Group, Inc. and subsidiaries included in the Registrant’s 2022 Annual Report on Form 10-K for the year ended December 31, 2022 (Annual Report on Form 10-K) filed with the Securities and Exchange Commission on February 17, 2023. The Registrant includes in its Statement of Income dividends from its subsidiaries and equity in undistributed income (loss) of consolidated subsidiaries, which represents the net income (loss) of each of its wholly-owned subsidiaries. The five-year debt maturity schedule is incorporated by reference from Note 14 to Consolidated Financial Statements. On December 14, 2022, AIG announced that its wholly-owned subsidiary, AIG Financial Products Corp. (AIGFP), filed a voluntary petition to reorganize under Chapter 11 of Title 11 of the United States Code in the United States Bankruptcy Court for the District of Delaware and filed a proposed plan of reorganization. The reorganization will not have a material impact on the consolidated balance sheets of AIG or our respective businesses. AIGFP has no material operations or businesses and no employees. In conjunction with the bankruptcy filing, AIGFP and its consolidated subsidiaries were deconsolidated from the results of AIG, resulting in a pre-tax loss of $114 million reported in Net gain (loss) on divestitures and other. The AIGFP loan receivable of $37.6 billion was reclassified to a third party asset, which has a full allowance for credit losses. In addition, AIGFP and its subsidiaries were determined to be an unconsolidated variable interest entity. The Registrant files a consolidated federal income tax return with certain subsidiaries and acts as an agent for the consolidated tax group when making payments to the Internal Revenue Service. The Registrant and its subsidiaries have adopted, pursuant to a written agreement, a method of allocating consolidated Federal income taxes. Amounts allocated to the subsidiaries under the written agreement are included in Due from affiliates in the accompanying Condensed Balance Sheets. Under the U.S. federal tax laws, AIGFP will continue to join in filing of AIG’s consolidated U.S. federal income tax return and AIGFP’s net operating losses continue to be available to offset taxable income of AIG’s consolidated U.S. federal income tax group. Accordingly, deferred tax assets related to AIGFP’s net operating losses remain part of AIG’s deferred tax assets as of December 31, 2022. No additional valuation allowance is required in connection with AIGFP’s reorganization. Income taxes in the accompanying Condensed Balance Sheets are composed of the Registrant’s current and deferred tax assets, the consolidated group’s current income tax receivable and deferred taxes related to tax attribute carryforwards of AIG’s U.S. consolidated federal income tax group. The consolidated U.S. deferred tax asset for net operating loss and tax credit carryforwards are recorded by the Parent Company, which files the consolidated U.S. Federal income tax return, and are not allocated to its subsidiaries. Generally, as, and if, the consolidated net operating losses and other tax attribute carryforwards are utilized, the intercompany tax balance will be settled with the subsidiaries. For additional information, see Note 21 to the Consolidated Financial Statements. |
Schedule III
Schedule III | 12 Months Ended |
Dec. 31, 2022 | |
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Abstract] | |
Schedule III | Supplementary Insurance Information Schedule III At December 31, 2022, 2021 Segment (in millions) Deferred Policy Liability for Unpaid Unearned Policy and 2022 General Insurance $ 2,307 $ 71,599 $ 18,253 $ — Life and Retirement 13,211 57,266 59 1,309 Other Operations (a) — 5,525 26 147 $ 15,518 $ 134,390 $ 18,338 $ 1,456 2021 General Insurance $ 2,428 $ 75,500 $ 19,209 $ — Life and Retirement 8,086 57,749 68 1,460 Other Operations (a) — 5,727 36 89 $ 10,514 $ 138,976 $ 19,313 $ 1,549 For the years ended December 31, 2022, 2021, and 2020 Segment (in millions) Premiums Net Losses and Amortization of Other Net Premiums Written 2022 General Insurance $ 25,340 $ 2,382 $ 15,407 $ 3,533 $ 4,352 $ 25,512 Life and Retirement 8,480 8,347 11,340 1,130 2,504 — Other Operations (a) 1,009 1,038 (267) 307 2,339 1,248 $ 34,829 $ 11,767 $ 26,480 $ 4,970 $ 9,195 $ 26,760 2021 General Insurance $ 25,057 $ 3,304 $ 16,097 $ 3,530 $ 4,375 $ 25,890 Life and Retirement 9,080 9,521 11,944 973 2,636 — Other Operations (a) 173 1,787 (96) 70 1,779 527 $ 34,310 $ 14,612 $ 27,945 $ 4,573 $ 8,790 $ 26,417 2020 General Insurance $ 23,662 $ 2,925 $ 16,803 $ 3,538 $ 4,345 $ 22,959 Life and Retirement 7,498 8,881 10,435 632 2,522 — Other Operations (a) 280 1,825 1,190 41 1,529 497 $ 31,440 $ 13,631 $ 28,428 $ 4,211 $ 8,396 $ 23,456 (a) Includes consolidation and elimination entries and reconciling items from adjusted pre-tax income to pre-tax income. See Note 3 to the Consolidated Financial Statements. |
Schedule IV
Schedule IV | 12 Months Ended |
Dec. 31, 2022 | |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract] | |
Schedule IV | Reinsurance Schedule IV For the years ended December 31, 2022, 2021, and 2020 (in millions) Gross Ceded to Other Assumed from Net Amount Percent of Amount 2022 Long-duration insurance in-force $ 1,280,831 $ 346,879 $ 188 $ 934,140 — % Premiums earned: General Insurance companies $ 32,053 $ 12,425 $ 7,137 $ 26,765 26.7 % Life and Retirement companies 4,738 964 1,318 5,092 25.9 Total $ 36,791 $ 13,389 $ 8,455 $ 31,857 26.5 % 2021 Long-duration insurance in-force $ 1,280,090 $ 363,008 $ 192 $ 917,274 — % Premiums earned: General Insurance companies $ 30,279 $ 11,301 $ 6,640 $ 25,618 25.9 % Life and Retirement companies 4,596 1,220 2,265 5,641 40.2 Total $ 34,875 $ 12,521 $ 8,905 $ 31,259 28.5 % 2020 Long-duration insurance in-force $ 1,243,389 $ 349,453 $ 225 $ 894,161 — % Premiums earned: General Insurance companies $ 28,596 $ 10,435 $ 5,984 $ 24,145 24.8 % Life and Retirement companies 4,381 1,061 1,058 4,378 24.2 Total $ 32,977 $ 11,496 $ 7,042 $ 28,523 24.7 % |
Schedule V
Schedule V | 12 Months Ended |
Dec. 31, 2022 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule V | Valuation and Qualifying Accounts Schedule V For the years ended December 31, 2022, 2021, and 2020 (in millions) Balance, Initial Charged to Charge Divestitures Other Changes (a) Balance, 2022 Allowance for mortgage and other loans receivable (b) $ 629 $ — $ 104 $ (17) $ — $ — $ 716 Allowance for premiums and insurances balances receivable 185 — — (15) — (1) 169 Allowance for reinsurance assets 333 — (39) (5) — 6 295 Federal and foreign valuation allowance for deferred tax assets 1,987 — (25) — — 2,284 4,246 2021 Allowance for mortgage and other loans receivable $ 814 $ — $ (164) $ (2) $ (19) $ — $ 629 Allowance for premiums and insurances balances receivable 205 — (15) (2) — (3) 185 Allowance for reinsurance assets 326 — 24 (17) — — 333 Federal and foreign valuation allowance for deferred tax assets 1,330 — 718 — — (61) 1,987 2020 Allowance for mortgage and other loans receivable $ 438 $ 318 $ 75 $ (17) $ — $ — $ 814 Allowance for premiums and insurances balances receivable 178 34 6 (12) — (1) 205 Allowance for reinsurance assets 151 172 12 (9) — — 326 Federal and foreign valuation allowance for deferred tax assets 1,425 — (65) — — (30) 1,330 (a) Includes recoveries of amounts previously charged off and reclassifications to/from other accounts. (b) Excludes $37.6 billion loan receivable from AIGFP, which has a full allowance for credit losses, recognized upon the deconsolidation of AIGFP. For additional information, see Note 1 to the Consolidated Financial Statements. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Use of Estimates | USE OF ESTIMATES The preparation of financial statements in accordance with U.S. GAAP requires the application of accounting policies that often involve a significant degree of judgment. Accounting policies that we believe are most dependent on the application of estimates and assumptions are considered our critical accounting estimates and are related to the determination of: • loss reserves; • future policy benefits for life and accident and health insurance contracts; • guaranteed benefit features of variable annuity, fixed annuity and fixed index annuity products; • valuation of embedded derivative liabilities for fixed index annuity and life products; • estimated gross profits to value deferred acquisition costs and unearned revenue for investment-oriented products; • reinsurance assets, including the allowance for credit losses and disputes; • goodwill impairment; • allowance for credit losses on certain investments, primarily on loans and available for sale fixed maturity securities; • fair value measurements of certain financial assets and financial liabilities; and • income taxes, in particular the recoverability of our deferred tax asset and establishment of provisions for uncertain tax positions. These accounting estimates require the use of assumptions about matters, some of which are highly uncertain at the time of estimation. To the extent actual experience differs from the assumptions used, our consolidated financial condition, results of operations and cash flows could be materially affected. |
Premiums | Premiums for short-duration contracts are recorded as written on the inception date of the policy. Premiums are earned primarily on a pro rata basis over the term of the related coverage. Sales of extended services contracts are reflected as premiums written and earned on a pro rata basis over the term of the related coverage. In addition, certain miscellaneous income is included as premiums written and earned. The reserve for unearned premiums includes the portion of premiums written relating to the unexpired terms of coverage. Reinsurance premiums are typically earned over the same period as the underlying policies or risks covered by the contract. As a result, the earnings pattern of a reinsurance contract may extend up to 24 months, reflecting the inception dates of the underlying policies throughout the year. Reinsurance premiums ceded under prospective reinsurance agreements are recognized as a reduction in revenues over the period the reinsurance coverage is provided in proportion to the risks to which the premiums relate. Reinsurance premiums for assumed business are estimated based on information received from brokers and ceding companies. Any subsequent differences that arise regarding such estimates are recorded in the periods in which they are determined. Premiums for long-duration insurance products and life contingent annuities are recognized as revenues when due. Estimates for premiums due but not yet collected are accrued. Policy fees represent fees recognized from universal life and investment-type products consisting of policy charges for the cost of insurance, policy administration charges, surrender charges and amortization of unearned revenue reserves. Policy fees are recognized as revenues in the period in which they are assessed against policyholders, unless the fees are designed to compensate AIG for services to be provided in the future. Fees deferred as unearned revenue are amortized in relation to the incidence of expected gross profits to be realized over the estimated lives of the contracts, similar to DAC. Other income includes advisory fee income from the Life and Retirement broker dealer business. |
Cash | Cash represents cash on hand and demand deposits. |
Investments | Short-term investments Short-term investments include highly liquid securities and other investments with remaining maturities of one year or less, but greater than three months, at the time of purchase. Securities included within short-term investments are stated at estimated fair value, while other investments included within short-term investments are stated at amortized cost, which approximates estimated fair value. FIXED MATURITY SECURITIES Bonds held to maturity are carried at amortized cost when we have the ability and positive intent to hold these securities until maturity. When we do not have the ability or positive intent to hold bonds until maturity, these securities are classified as available for sale or are measured at fair value at our election. None of our fixed maturity securities met the criteria for held to maturity classification at December 31, 2022 or 2021. Unrealized gains and losses from available for sale investments in fixed maturity securities carried at fair value were reported as a separate component of AOCI, net of policy related amounts and deferred income taxes, in shareholders’ equity. Realized and unrealized gains and losses from fixed maturity securities measured at fair value at our election are reflected in Net investment income. Investments in fixed maturity securities are recorded on a trade-date basis. Interest income is recognized using the effective yield method and reflects amortization of premium and accretion of discount. Premiums and discounts arising from the purchase of bonds classified as available for sale are treated as yield adjustments over their estimated holding periods, until maturity, or call date, if applicable. For investments in certain structured securities, recognized yields are updated based on current information regarding the timing and amount of expected undiscounted future cash flows. For high credit quality structured securities, effective yields are recalculated based on actual payments received and updated prepayment expectations, and the amortized cost is adjusted to the amount that would have existed had the new effective yield been applied since acquisition with a corresponding charge or credit to net investment income. For structured securities that are not high credit quality, the structured securities yields are based on expected cash flows which take into account both expected credit losses and prepayments. An allowance for credit losses is not established upon initial recognition of the asset (unless the security is determined to be a purchased credit deteriorated (PCD) asset which is discussed in more detail below). Subsequently, differences between actual and expected cash flows and changes in expected cash flows are recognized as adjustments to the allowance for credit losses. Changes that cannot be reflected as adjustments to the allowance for credit losses are accounted for as prospective adjustments to yield. Other Invested Assets Carried at Fair Value Certain hedge funds, private equity funds, and other investment partnerships for which we have elected the fair value option are reported at fair value with changes in fair value recognized in Net investment income. Other Invested Assets – Equity Method Investments We account for hedge funds, private equity funds and other investment partnerships using the equity method of accounting unless our interest is so minor that we may have virtually no influence over partnership operating and financial policies, or we have elected the fair value option. Under the equity method of accounting, our carrying amount generally is our share of the net asset value of the funds or the partnerships, and changes in our share of the net asset values are recorded in Net investment income. In applying the equity method of accounting, we consistently use the most recently available financial information provided by the general partner or manager of each of these investments. Hedge funds are reported as of the balance sheet date. Private equity funds are generally reported on a one-quarter lag. The financial statements of these investees are generally audited annually. Other Investments Also included in Other invested assets are real estate held for investment. These investments are reported at cost, less depreciation and are subject to impairment review, as discussed below. Net investment income represents income primarily from the following sources: • Interest income and related expenses, including amortization of premiums and accretion of discounts with changes in the timing and the amount of expected principal and interest cash flows reflected in yield, as applicable. • Dividend income from common and preferred stocks. • Realized and unrealized gains and losses from investments in other securities and investments for which we elected the fair value option. • Earnings from alternative investments. • Prepayment premiums. Net realized gains and losses are determined by specific identification. The net realized gains and losses are generated primarily from the following sources: • Sales of available for sale fixed maturity securities, real estate and other alternative investments. • Reductions to the amortized cost basis of available for sale fixed maturity securities that have been written down due to our intent to sell them or it being more likely than not that we will be required to sell them. • Changes in the allowance for credit losses on bonds available for sale, mortgage and other loans receivable, and loans commitments. • Changes in fair value of free standing and embedded derivatives, including changes in the non-performance adjustment, except for those instruments that are designated as hedging instruments when the change in the fair value of the hedged item is not reported in Net realized gains (losses). • Foreign exchange gains and losses resulting from foreign currency transactions. • Changes in fair value of the embedded derivative related to the Fortitude Re funds withheld assets. Fixed Maturity Securities If we intend to sell a fixed maturity security or it is more likely than not that we will be required to sell a fixed maturity security before recovery of its amortized cost basis and if the fair value of the security is below amortized cost, an impairment has occurred and the amortized cost is written down to current fair value, with a corresponding charge to Net realized gains (losses). No allowance is established in these situations and any previously recorded allowance is reversed. The new cost basis is not adjusted for subsequent increases in estimated fair value. When assessing our intent to sell a fixed maturity security, or whether it is more likely than not that we will be required to sell a fixed maturity security before recovery of its amortized cost basis, management evaluates relevant facts and circumstances including, but not limited to, decisions to reposition our investment portfolio, sales of securities to meet cash flow needs and sales of securities to take advantage of favorable pricing. For fixed maturity securities for which a decline in the fair value below the amortized cost is due to credit related factors, an allowance is established for the difference between the estimated recoverable value and amortized cost with a corresponding charge to Net realized gains (losses). The allowance for credit losses is limited to the difference between amortized cost and fair value. The estimated recoverable value is the present value of cash flows expected to be collected, as determined by management. The difference between fair value and amortized cost that is not associated with credit related factors is presented in unrealized appreciation (depreciation) of fixed maturity securities on which an allowance for credit losses was previously recognized (a separate component of AOCI). Accrued interest is excluded from the measurement of the allowance for credit losses. When estimating future cash flows for structured fixed maturity securities (e.g., RMBS, CMBS, CLO, ABS) management considers the historical performance of underlying assets and available market information as well as bond-specific structural considerations, such as credit enhancement and the priority of payment structure of the security. In addition, the process of estimating future cash flows includes, but is not limited to, the following critical inputs, which vary by asset class: • Current delinquency rates; • Expected default rates and the timing of such defaults; • Loss severity and the timing of any recovery; and • Expected prepayment speeds. When estimating future cash flows for corporate, municipal and sovereign fixed maturity securities determined to be credit impaired, management considers: • Expected default rates and the timing of such defaults; • Loss severity and the timing of any recovery; and • Scenarios specific to the issuer and the security, which may also include estimates of outcomes of corporate restructurings, political and macroeconomic factors, stability and financial strength of the issuer, the value of any secondary sources of repayment and the disposition of assets. We consider severe price declines in our assessment of potential credit impairments. We may also modify our model inputs when we determine that price movements in certain sectors are indicative of factors not captured by the cash flow models. Under the current expected credit loss (CECL) model, credit losses are reassessed each period. The allowance for credit losses and the corresponding charge to Net realized gains (losses) can be reversed if conditions change, however, the allowance for credit losses will never be reduced below zero. When we determine that all or a portion of a fixed maturity security is uncollectable, the uncollectable amortized cost amount is written off with a corresponding reduction to the allowance for credit losses. If we collect cash flows that were previously written off, the recovery is recognized by recording a gain in Net realized gains (losses). Other Invested Assets Our equity method investments in private equity funds, hedge funds and other entities are evaluated for impairment each reporting period. Such evaluation considers market conditions, events and volatility that may impact the recoverability of the underlying investments within these private equity funds and hedge funds and is based on the nature of the underlying investments and specific inherent risks. Such risks may evolve based on the nature of the underlying investments. Our investments in real estate are periodically evaluated for recoverability whenever changes in circumstances indicate the carrying amount of an asset may be impaired. When impairment indicators are present, we compare expected investment cash flows to carrying amount. When the expected cash flows are less than the carrying amount, the investments are written down to fair value with a corresponding charge to earnings. 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. 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. Mortgage and other loans receivable include commercial mortgages, residential mortgages, life insurance policy loans, commercial loans, and other loans and notes receivable. Commercial mortgages, residential mortgages, commercial loans, and other loans and notes receivable are carried at unpaid principal balances less allowance for credit losses and plus or minus adjustments for the accretion or amortization of discount or premium. Interest income on such loans is accrued as earned. Direct costs of originating commercial mortgages, commercial loans, and other loans and notes receivable, net of nonrefundable points and fees, are deferred and included in the carrying amount of the related receivables. The amount deferred is amortized to income as an adjustment to earnings using the interest method. Premiums and discounts on purchased residential mortgages are also amortized to income as an adjustment to earnings using the interest method. Life insurance policy loans are carried at unpaid principal balances. There is no allowance for policy loans because these loans serve to reduce the death benefit paid when the death claim is made and the balances are effectively collateralized by the cash surrender value of the policy. At the time of origination or purchase, an allowance for credit losses is established for mortgage and other loan receivables and is updated each reporting period. Changes in the allowance for credit losses are recorded in realized losses. This allowance reflects the risk of loss, even when that risk is remote, that is expected over the remaining contractual life of the loan. The allowance for credit losses considers available relevant information about the collectability of cash flows, including information about past events, current conditions, and reasonable and supportable forecasts of future economic conditions. We revert to historical information when we determine that we can no longer reliably forecast future economic assumptions. The allowances for the commercial mortgage loans and residential mortgage loans are estimated utilizing a probability of default and loss given default model. Loss rate factors are determined based on historical data and adjusted for current and forecasted information. The loss rates are applied based on individual loan attributes and considering such data points as loan-to-value ratios, FICO scores, and debt service coverage. The estimate of credit losses also reflects management’s assumptions on certain macroeconomic factors that include, but are not limited to, gross domestic product growth, employment, inflation, housing price index, interest rates and credit spreads. Accrued interest is excluded from the measurement of the allowance for credit losses and accrued interest is reversed through interest income once a loan is placed on nonaccrual. When all or a portion of a loan is deemed uncollectible, the uncollectible portion of the carrying amount of the loan is charged off against the allowance. |
Premiums and Other Receivables - Net of allowance for credit losses | Premiums and other receivables – net of allowance for credit losses and disputes include premium balances receivable, amounts due from agents and brokers and policyholders, receivables resulting from sales of securities that had not yet settled, cash collateral posted to derivative counterparties that is not eligible to be netted against derivative liabilities and other receivables. |
Deposit assets and liabilities | Deposit assets and liabilities We have entered into certain insurance and reinsurance contracts, primarily in our General Insurance companies, that do not contain sufficient insurance risk to be accounted for as insurance or reinsurance. When we receive premiums on such contracts, the premiums received, after deduction for certain related expenses, are recorded as deposits within Other liabilities in the Consolidated Balance Sheets. Net proceeds of these deposits are invested and generate Net investment income. When we pay premiums on such contracts, the premiums paid are recorded as deposits within Other assets in the Consolidated Balance Sheets. The deposit asset or liability is adjusted as amounts are paid, consistent with the underlying contracts. |
Other Assets | Other assets consist of deferred sales inducements (DSI), prepaid expenses, deposits, other deferred charges, real estate, other fixed assets, capitalized software costs, goodwill, intangible assets other than goodwill, restricted cash, derivative assets, accrued interest income, and assets classified as held-for-sale. The cost of buildings and furniture and equipment is depreciated principally on the straight-line basis over their estimated useful lives (maximum of 40 years for buildings and 10 years for furniture and fixtures). Expenditures for maintenance and repairs are charged to income as incurred and expenditures for improvements are capitalized and depreciated. We periodically assess the carrying amount of our real estate for purposes of determining any asset impairment. Capitalized software costs, which represent costs directly related to obtaining, developing or upgrading internal use software, are capitalized and amortized using the straight-line method over a period generally not exceeding ten years. |
Separate accounts | Separate accounts represent funds for which investment income and investment gains and losses accrue directly to the policyholders who bear the investment risk. Each account has specific investment objectives and the assets are carried at fair value. The assets of each account are legally segregated and are not subject to claims that arise from any of our other businesses. The liabilities for these accounts are equal to the account assets. Separate accounts may also include deposits for funds held under stable value wrap funding agreements, although the majority of stable value wrap sales are measured based on the notional amount included in assets under management and do not include the receipt of funds. For additional information on separate accounts, see Note 13 . |
Other liabilities | Other liabilities consist of other funds on deposit, other payables, securities sold under agreements to repurchase, securities sold but not yet purchased, liabilities resulting from purchases of securities that have not yet settled, derivative liabilities, cash collateral received from derivative counterparties that contractually cannot be netted against derivative assets, allowance for credit losses in relation to off-balance sheet commitments, deferred gains on retroactive reinsurance agreements and liabilities classified as held-for-sale. |
Foreign currency | Foreign currency Financial statement accounts expressed in foreign currencies are translated into U.S. dollars. Functional currency assets and liabilities are translated into U.S. dollars generally using rates of exchange prevailing at the balance sheet date of each respective subsidiary and the related translation adjustments are recorded as a separate component of Accumulated other comprehensive income, net of any related taxes, in Total AIG shareholders’ equity. Income statement accounts expressed in functional currencies are translated using average exchange rates during the period. Functional currencies are generally the |
Non-redeemable noncontrolling interest | Non-redeemable noncontrolling interest is the portion of equity (net assets) and net income (loss) in a subsidiary not attributable, directly or indirectly, to AIG. |
Accounting Standards Adopted and Future Application of Accounting Standards | ACCOUNTING STANDARDS ADOPTED Reference Rate Reform In March 2020, the FASB issued an accounting standard that provides temporary optional guidance to ease the potential burden in accounting for reference rate reform. The standard allows us to account for certain contract modifications that result from the discontinuation of the London Inter-Bank Offered Rate (LIBOR) or another reference rate as a continuation of the existing contract without additional analysis. This standard was set to expire on December 31, 2022, but was extended to December 31, 2024, after which application of the guidance will no longer be permitted. During this period, this standard may be elected and applied prospectively as reference reforms occur. Where permitted by the guidance, we have accounted for contract modifications stemming from the discontinuation of LIBOR or another reference rate as a continuation of the existing contract. As part of our implementation efforts, we have and will continue to assess our operational readiness and current and alternative reference rates’ merits, limitations, risks and suitability for our investment and insurance processes. The adoption of the standard has not had, and is not expected to have, a material impact on our reported consolidated financial condition, results of operations, cash flows and required disclosures. 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 Company adopted the standard on January 1, 2023, with a transition date of January 1, 2021 (as described in the additional detail below). The adoption of this standard will impact our financial condition, results of operations, statement of cash flows and disclosures, as well as systems, processes and controls. The Company adopted the standard using the modified retrospective transition method relating to liabilities for traditional and limited payment contracts and deferred policy acquisition costs associated therewith, while the Company adopted the standard in relation to market risk benefits (MRBs) on a retrospective basis. Based upon this transition method, as of the January 1, 2021 transition date (Transition Date) the impact from adoption is expected to result in a decrease of the Company’s after-tax equity between approximately $1.0 billion and $1.5 billion; consisting of a decrease in AOCI between approximately $1.8 billion and $2.3 billion, offset by an increase in Retained earnings between approximately $800 million and $1.3 billion. The net increase in Retained earnings resulted from (1) the reclassification of the cumulative effect of non-performance adjustments related to our products in our Individual Retirement and Group Retirement segments that are currently measured at fair value (e.g., living benefit guarantees associated with variable annuities), partially offset by (2) a reduction from the difference between the fair value and carrying value of benefits not currently measured at fair value (e.g., death benefit guarantees associated with variable annuities). The net decrease in AOCI resulted from (1) the reclassification of the cumulative effect of non-performance adjustments discussed above and (2) changes to the discount rate which will most significantly impact our Life Insurance and Institutional Markets segments, partially offset by (3) the removal of balances recorded in AOCI related to changes in unrealized appreciation (depreciation) on investments. The Company estimates that the after-tax impact to equity from the adoption of LDTI as of September 30,2022 is expected to result in an increase between approximately $800 million and $1.3 billion; consisting of an increase to Retained earnings between approximately $1.2 billion and $1.7 billion, and a decrease in AOCI between approximately $400 million and $900 million. This increase in the estimate since January 1, 2021 has been predominately driven by market movements. Market risk benefits: The standard requires the measurement of all MRBs (e.g., living benefit and death benefit guarantees) associated with deposit (or account balance) contracts at fair value at each reporting period. Changes in fair value compared to prior periods will be recorded and presented separately within the income statement, except that instrument-specific credit risk changes (non-performance adjustments) will be recognized in other comprehensive income. MRBs will impact both retained earnings and AOCI upon transition. The transition adjustment for MRBs will primarily impact our Individual Retirement and Group Retirement segments. Discount rate assumption: The standard requires the discount rate assumption for the liability for future policy benefits to be updated at the end of each reporting period using an upper-medium grade (low credit risk) fixed income instrument yield that maximizes the use of observable market inputs. Upon transition, the Company currently estimates an adjustment to AOCI due to the fact that the market upper-medium grade (low credit risk) interest rates as of the Transition Date differ from reserve interest accretion rates. Lower interest rates result in a higher liability for future policy benefits and are anticipated to more significantly impact our Life Insurance, in particular non-universal life contracts and Institutional Markets segments. The standard does not impact the discount rate assumption for universal life contracts. Removal of balances related to changes in unrealized appreciation (depreciation) on investments: Currently, DAC and reserves for universal life insurance and investment-oriented products are adjusted at each balance sheet date to reflect the change in DAC, unearned revenue, and benefit reserves with an offset to Other comprehensive income (loss) as if securities available for sale had been sold at their stated aggregate fair value and the proceeds reinvested at current yields (changes related to unrealized appreciation (depreciation) of investments). Under the standard, the majority of balances recorded in AOCI related to changes in unrealized appreciation (depreciation) on investments will be eliminated. In addition to the above, the standard also: • Requires the review and, if necessary, update of future policy benefit assumptions at least annually for traditional and limited pay long duration contracts, with the recognition and separate presentation of any resulting re-measurement gain or loss (except for discount rate changes as noted above) in the income statement. The Company still anticipates completing its annual assumption update in the third quarter. • 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. Accordingly, we expect less variability in our DAC amortization as the DAC related to universal life insurance and investment-type products, for example variable, fixed, and fixed index annuities, will no longer be required to be amortized in relation to the incidence of estimated gross profits to be realized over the expected lives of the contract. As DAC will be amortized on a constant level basis, DAC amortization related to universal life insurance and investment-type products will be less impacted by the annual actuarial assumption update or changing economic conditions. • Increases disclosures of disaggregated roll-forwards of several balances, including: liabilities for future policy benefits, deferred acquisition costs, account balances, market risk benefits, separate account liabilities and information about significant inputs, judgments and methods used in measurement and changes thereto and impact of those changes. We expect that the accounting for Fortitude Re will continue to remain largely unchanged. With respect to Fortitude Re, the reinsurance assets, including the discount rates, will continue to be calculated using the same methodology and assumptions as the direct policies. Accounting for modco remains unchanged. We have created a governance framework and a plan to support implementation of the updated standard. As part of our implementation plan, we have also advanced the modernization of our actuarial technology platform to enhance our modeling, data management, experience study and analytical capabilities, increase the end-to-end automation of key reporting and analytical processes and optimize our control framework. We have designed and implemented internal controls related to the new processes created as part of implementing the updated standard and are substantially complete with our testing of these internal controls. Troubled Debt Restructuring and Vintage Disclosures In March 2022, the FASB issued an accounting standard update that eliminates the accounting guidance for troubled debt restructurings for creditors and amends the guidance on “vintage disclosures” to require disclosure of current-period gross write-offs by year of origination. The standard also updates the requirements for accounting for credit losses by adding enhanced disclosures for creditors related to loan refinancings and restructurings for borrowers experiencing financial difficulty. Because the Company has already adopted the current expected credit loss model, the amendments in this standard are effective for fiscal years beginning after December 15, 2022, including interim periods within those years. We do not expect the standard to have a material impact on our reported consolidated financial condition, results of operations, cash flows or required disclosures. Fair Value Measurement On June 30, 2022, the FASB issued an accounting standards update to address diversity in practice by clarifying that a contractual sale restriction should not be considered in the measurement of the fair value of an equity security. It also requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. The guidance is effective for public companies for fiscal years beginning after December 15, 2023 and interim period within those years, with early adoption permitted. For entities other than investment companies, the accounting standards update applies prospectively, with any adjustments resulting from adoption recognized in earnings on the date of adoption. We are assessing the impact of this standard. |
Reinsurance | In the ordinary course of business, our insurance companies may use both treaty and facultative reinsurance to minimize their net loss exposure to any single catastrophic loss event or to an accumulation of losses from a number of smaller events or to provide greater diversification of our businesses. In addition, our General Insurance subsidiaries assume reinsurance from other insurance companies. We determine the portion of the incurred but not reported (IBNR) loss that will be recoverable under our reinsurance contracts by reference to the terms of the reinsurance protection purchased. This determination is necessarily based on the estimate of IBNR and accordingly, is subject to the same uncertainties as the estimate of IBNR. Reinsurance assets include the balances due from reinsurance and insurance companies under the terms of our reinsurance agreements for paid and unpaid losses and loss adjustment expenses incurred, ceded unearned premiums and ceded future policy benefits for life and accident and health insurance contracts and benefits paid and unpaid. Amounts related to paid and unpaid losses and benefits and loss expenses with respect to these reinsurance agreements are sometimes collateralized. We remain liable to the extent that our reinsurers do not meet their obligation under the reinsurance contracts, and as such, we regularly evaluate the financial condition of our reinsurers and monitor concentration of our credit risk. The estimation of the allowance for credit losses and disputes requires judgment for which key inputs typically include historical trends regarding uncollectible balances, disputes and credit events as well as specific reviews of balances in dispute or subject to credit impairment. The allowance for credit losses and disputes on reinsurance assets was $295 million and $333 million at December 31, 2022 and 2021, respectively. Changes in the allowance for credit losses and disputes on reinsurance assets are reflected in Policyholder benefits and losses incurred within the Consolidated Statements of Income (Loss). SHORT-DURATION REINSURANCE Short-duration reinsurance is effected under reinsurance treaties and by negotiation on individual risks. Certain of these reinsurance arrangements consist of excess of loss contracts that protect us against losses above stipulated amounts. Ceded premiums are considered prepaid reinsurance premiums and are recognized as a reduction of premiums earned over the contract period in proportion to the protection received. Amounts recoverable from reinsurers on short-duration contracts are estimated in a manner consistent with the claims liabilities associated with the reinsurance and presented as a component of Reinsurance assets. Reinsurance premiums for assumed business are estimated based on information received from brokers, ceding companies and reinsurers. Any subsequent differences arising on such estimates are recorded in the periods in which they are determined. Assumed reinsurance premiums are earned primarily on a pro-rata basis over the terms of the reinsurance contracts and the portion of premiums relating to the unexpired terms of coverage is included in the reserve for unearned premiums. Reinsurance premiums for assumed business are estimated based on information received from brokers, ceding companies and reinsureds. Any subsequent differences arising on such estimates are recorded in the periods in which they are determined. For both ceded and assumed reinsurance, risk transfer requirements must be met for reinsurance accounting to apply. If risk transfer requirements are not met, the contract is accounted for as a deposit, resulting in the recognition of cash flows under the contract through a deposit asset or liability and not as revenue or expense. To meet risk transfer requirements, a reinsurance contract must include both insurance risk, consisting of both underwriting and timing risk, and a reasonable possibility of a significant loss for the assuming entity. Similar risk transfer criteria are used to determine whether directly written insurance contracts should be accounted for as insurance or as a deposit. LONG-DURATION REINSURANCE Long-duration reinsurance is effected principally under yearly renewable term (YRT) treaties, along with a large modco treaty with a former affiliate, Fortitude Re, that was deconsolidated following the Majority Interest Fortitude Sale. This modco treaty reinsures the majority of our long-duration run-off business. The premiums with respect to YRT treaties are earned over the contract period in proportion to the protection provided, while ceded premiums related to modco treaties are recognized when due. Amounts recoverable on YRT treaties are recognized when claims are incurred on the reinsured policies and are presented as a component of reinsurance assets. Amounts recoverable from reinsurers related to coinsurance or modco contracts are estimated in a manner consistent with the assumptions used for the underlying policy benefits. Amounts recoverable from reinsurers are presented as a component of Reinsurance assets. Fortitude Re is the reinsurer of the majority of AIG’s run-off operations. The reinsurance transactions are structured as modco and loss portfolio transfer arrangements with funds withheld (funds withheld). In modco and funds withheld arrangements, the investments supporting the reinsurance agreements, and which reflect the majority of the consideration that would be paid to the reinsurer for entering into the transaction, are withheld by, and therefore continue to reside on the balance sheet of, the ceding company (i.e., AIG) thereby creating an obligation for the ceding company to pay the reinsurer (i.e., Fortitude Re) at a later date. Additionally, as AIG maintains ownership of these investments, AIG will maintain its existing accounting for these assets (e.g., the changes in fair value of available for sale securities will be recognized within Other comprehensive income (loss)). As a result of the deconsolidation resulting from the sale of our majority interest in Fortitude Group Holdings, LLC, AIG has established a funds withheld payable to Fortitude Re while simultaneously establishing a reinsurance asset representing reserves for the insurance coverage that Fortitude Re has assumed. The funds withheld payable contains an embedded derivative and changes in fair value of the embedded derivative related to the funds withheld payable are recognized in earnings through Net realized gains (losses). This embedded derivative is considered a total return swap with contractual returns that are attributable to various assets and liabilities associated with these reinsurance agreements. As of December 31, 2022, approximately $29.0 billion of reserves from our Life and Retirement Run-Off Lines and approximately $3.2 billion of reserves from our General Insurance Run-Off Lines related to business written by multiple wholly-owned AIG subsidiaries, had been ceded to Fortitude Re under these reinsurance transactions. There is a diverse pool of assets supporting the funds withheld arrangements with Fortitude Re. The following summarizes the composition of the pool of assets: December 31, 2022 December 31, 2021 (in millions) Carrying Fair Carrying Fair Corresponding Accounting Policy Fixed maturity securities - available for sale (a) $ 18,821 $ 18,821 $ 31,815 $ 31,815 Fair value through other comprehensive income (loss) Fixed maturity securities - fair value option 4,182 4,182 1,983 1,983 Fair value through net investment income Commercial mortgage loans 4,107 3,837 3,637 3,859 Amortized cost Real estate investments 133 348 201 395 Amortized cost Private equity funds / hedge funds 1,893 1,893 1,606 1,606 Fair value through net investment income Policy loans 355 355 380 380 Amortized cost Short-term investments 75 75 50 50 Fair value through net investment income Funds withheld investment assets 29,566 29,511 39,672 40,088 Derivative assets, net (b) 90 90 81 81 Fair value through net realized gains (losses) Other (c) 782 782 602 602 Amortized cost Total $ 30,438 $ 30,383 $ 40,355 $ 40,771 (a) The change in the net unrealized gains (losses) on available for sale securities related to the Fortitude Re funds withheld assets was $(7.5) billion ($(5.9) billion after-tax) and $(2.2) billion ($(1.8) billion after-tax), respectively for 2022 and 2021. (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 $192 million and $28 million, respectively, as of December 31, 2022. The derivative assets and liabilities supporting the Fortitude Re funds withheld arrangements had a fair market value of $389 million and $10 million, respectively, as of December 31, 2021. These derivative assets and liabilities are fully collateralized either by cash or securities. (c) Primarily comprised of Cash and Accrued investment income. 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 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; reinsurers that are financially troubled (i.e., in run-off, have voluntarily or involuntarily been placed in receivership, are insolvent, are in the process of liquidation or otherwise subject to formal or informal regulatory restriction) are assigned ORRs that will generate a significant allowance; and • whether collateral and collateral arrangements exist. An estimate of the reinsurance recoverables lifetime expected credit losses is established utilizing a probability of default and loss given default method, which reflects the reinsurer’s ORR. The allowance for credit losses excludes disputed amounts. An allowance for disputes is established for a reinsurance recoverable using the losses incurred model for contingencies. |
Credit Losses | 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 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; reinsurers that are financially troubled (i.e., in run-off, have voluntarily or involuntarily been placed in receivership, are insolvent, are in the process of liquidation or otherwise subject to formal or informal regulatory restriction) are assigned ORRs that will generate a significant allowance; and • whether collateral and collateral arrangements exist. An estimate of the reinsurance recoverables lifetime expected credit losses is established utilizing a probability of default and loss given default method, which reflects the reinsurer’s ORR. The allowance for credit losses excludes disputed amounts. An allowance for disputes is established for a reinsurance recoverable using the losses incurred model for contingencies. |
Liability for Unpaid Losses and Loss Adjustment Expenses (Loss Reserves) | Loss reserves represent the accumulation of estimates of unpaid claims, including estimates for claims incurred but not reported and loss adjustment expenses, less applicable discount. We regularly review and update the methods used to determine loss reserve estimates. Any adjustments resulting from this review are reflected currently in pre-tax income, except to the extent such adjustment impacts a deferred gain under a retroactive reinsurance agreement, in which case the ceded portion would be amortized into pre-tax income in subsequent periods. Because these estimates are subject to the outcome of future events, changes in estimates are common given that loss trends vary and time is often required for changes in trends to be recognized and confirmed. Reserve changes that increase previous estimates of ultimate cost are referred to as unfavorable or adverse development or reserve strengthening. Reserve changes that decrease previous estimates of ultimate cost are referred to as favorable development or reserve releases. |
Deferred Policy Acquisition Costs | DAC represent those costs that are incremental and directly related to the successful acquisition of new or renewal of existing insurance contracts. We defer incremental costs that result directly from, and are essential to, the acquisition or renewal of an insurance contract. Such deferred policy acquisition costs generally include agent or broker commissions and bonuses, premium taxes, and medical and inspection fees that would not have been incurred if the insurance contract had not been acquired or renewed. Each cost is analyzed to assess whether it is fully deferrable. We partially defer costs, including certain commissions, when we do not believe that the entire cost is directly related to the acquisition or renewal of insurance contracts. Commissions that are not deferred to DAC are recorded in Non-deferrable insurance commissions in the Consolidated Statements of Income. We also defer a portion of employee total compensation and payroll-related fringe benefits directly related to time spent performing specific acquisition or renewal activities, including costs associated with the time spent on underwriting, policy issuance and processing, and sales force contract selling. The amounts deferred are derived based on successful efforts for each distribution channel and/or cost center from which the cost originates. Short-duration insurance contracts: Policy acquisition costs are deferred and amortized over the period in which the related premiums written are earned, generally 12 months. DAC is grouped consistent with the manner in which the insurance contracts are acquired, serviced and measured for profitability and is reviewed for recoverability based on the profitability of the underlying insurance contracts. Investment income is anticipated in assessing the recoverability of DAC. We assess the recoverability of DAC on an annual basis or more frequently if circumstances indicate an impairment may have occurred. This assessment is performed by comparing recorded net unearned premiums and anticipated investment income on in-force business to the sum of expected losses and loss adjustment expenses incurred, unamortized DAC and maintenance costs. If the sum of these costs exceeds the amount of recorded net unearned premiums and anticipated investment income, the excess is recognized as an offset against the asset established for DAC. This offset is referred to as a premium deficiency charge. Increases in expected losses and loss adjustment expenses incurred can have a significant impact on the likelihood and amount of a premium deficiency charge. Long-duration insurance contracts: Policy acquisition costs for participating life, traditional life and accident and health insurance products are generally deferred and amortized, with interest, over the premium paying period. The assumptions used to calculate the benefit liabilities and DAC for these traditional products are set when a policy is issued and do not change with changes in actual experience, unless a loss recognition event occurs. These “locked-in” assumptions include mortality, morbidity, persistency, maintenance expenses and investment returns, and include margins for adverse deviation to reflect uncertainty given that actual experience might deviate from these assumptions. A loss recognition event occurs when there is a shortfall between the carrying amount of future policy benefit liabilities, net of DAC, and what the future policy benefit liabilities, net of DAC, would be when applying updated current assumptions. When we determine a loss recognition event has occurred, we first reduce any DAC related to that block of business through amortization of acquisition expense, and after DAC is depleted, we record additional liabilities through a charge to Policyholder benefits and losses incurred. Groupings for loss recognition testing are consistent with our manner of acquiring, servicing and measuring the profitability of the business and applied by product groupings. We perform separate loss recognition tests for traditional life products, payout annuities and long-term care products. Our policy is to perform loss recognition testing net of reinsurance. Once loss recognition has been recorded for a block of business, the old assumption set is replaced, and the assumption set used for the loss recognition would then be subject to the lock-in principle. Investment-oriented contracts : Certain policy acquisition costs and policy issuance costs related to investment-oriented contracts, for example universal life, variable and fixed annuities, and fixed index annuities, are deferred and amortized, with interest, in relation to the incidence of estimated gross profits to be realized over the estimated lives of the contracts. DAC on investment-oriented contracts were approximately $11.0 billion and $5.8 billion at December 31, 2022 and 2021, respectively. Estimated gross profits are affected by a number of factors, including levels of current and expected interest rates, net investment income and spreads, net realized gains and losses, fees, surrender rates, mortality experience, policyholder behavior experience and equity market returns and volatility. In each reporting period, current period amortization expense is adjusted to reflect actual gross profits. If the assumptions used for estimating gross profit change significantly, DAC is recalculated using the new assumptions, including actuarial assumptions such as mortality, lapse, benefit utilization, and premium persistency, and any resulting adjustment is included in income. If the new assumptions indicate that future estimated gross profits are higher than previously estimated, DAC will be increased resulting in a decrease in amortization expense and increase in income in the current period; if future estimated gross profits are lower than previously estimated, DAC will be decreased resulting in an increase in amortization expense and decrease in income in the current period. Updating such assumptions may result in acceleration of amortization in some products and deceleration of amortization in other products. DAC is grouped consistent with the manner in which the insurance contracts are acquired, serviced and measured for profitability and is reviewed for recoverability based on the current and projected future profitability of the underlying insurance contracts. To estimate future estimated gross profits for variable life and annuity products, a long-term annual asset growth assumption is applied to determine the future growth in assets and related asset-based fees. In determining the asset growth rate, the effect of short-term fluctuations in the equity markets is partially mitigated through the use of a “reversion to the mean” methodology for variable annuities, whereby short-term asset growth above or below long-term annual rate assumptions impacts the growth assumption applied to the five-year period subsequent to the current balance sheet date. The reversion to the mean methodology allows us to maintain our long-term growth assumptions, while also giving consideration to the effect of actual investment performance. When actual performance significantly deviates from the annual long-term growth assumption, as evidenced by growth assumptions in the five-year reversion to the mean period falling below a certain rate (floor) or rising above a certain rate (cap) for a sustained period, judgment may be applied to revise or “unlock” the growth rate assumptions to be used for both the five-year reversion to the mean period as well as the long-term annual growth assumption applied to subsequent periods. Unrealized Appreciation (Depreciation) of Investments: DAC related to investment-oriented contracts is also adjusted to reflect the effect of unrealized gains or losses on fixed maturity securities available for sale on estimated gross profits, with related changes recognized through Other comprehensive income. The adjustment is made at each balance sheet date, as if the securities had been sold at their stated aggregate fair value and the proceeds reinvested at current yields. Similarly, for long-duration traditional insurance contracts, if the assets supporting the liabilities are in a net unrealized gain position at the balance sheet date, loss recognition testing assumptions are updated to exclude such gains from future cash flows by reflecting the impact of reinvestment rates on future yields. If a future loss is anticipated under this basis, any additional shortfall indicated by loss recognition tests is recognized as a reduction in accumulated other comprehensive income. Similar to other loss recognition on long-duration insurance contracts, such shortfall is first reflected as a reduction in DAC and secondly as an increase in liabilities for future policy benefits. The change in these adjustments, net of tax, is included with the change in net unrealized appreciation of investments that is credited or charged directly to Other comprehensive income. Internal Replacements of Long-duration and Investment-oriented Products: For some products, policyholders can elect to modify product benefits, features, rights or coverages by exchanging a contract for a new contract or by amendment, endorsement, or rider to a contract, or by the election of a feature or coverage within a contract. These transactions are known as internal replacements. If the modification does not substantially change the contract, we do not change the accounting and amortization of existing DAC and related actuarial balances. If an internal replacement represents a substantial change, the original contract is considered to be extinguished and any related DAC or other policy balances are charged or credited to income, and any new deferrable costs associated with the replacement contract are deferred. Value of Business Acquired (VOBA): VOBA is determined at the time of acquisition and is reported in the Consolidated Balance Sheets with DAC. As of December 31, 2022 and 2021, the VOBA balances were $94 million and $111 million, respectively. |
Tax Accounting Policies | TAX ACCOUNTING POLICIES We use an item-by-item approach to release the stranded or disproportionate income tax effects in AOCI related to our available-for-sale securities. Under this approach, a portion of the disproportionate tax effects is assigned to each individual security lot at the date the amount becomes lodged. When the individual securities are sold, mature, or are otherwise impaired on an other-than-temporary basis, the assigned portion of the disproportionate tax effect is reclassified from AOCI to income (loss) from continuing operations. We consider our foreign earnings with respect to certain operations in Canada, South Africa, Japan, Latin America, Bermuda as well as the European, Asia Pacific and Middle East regions to be indefinitely reinvested. These earnings relate to ongoing operations and have been reinvested in active business operations. A deferred tax liability has not been recorded for those foreign subsidiaries whose earnings are considered to be indefinitely reinvested. If recorded, such deferred tax liability would not be material to our consolidated financial condition. Deferred taxes, if necessary, have been provided on earnings of non-U.S. affiliates whose earnings are not indefinitely reinvested. Global Intangible Low-Taxed Income (GILTI) imposes U.S. taxes on the excess of a deemed return on tangible assets of certain foreign subsidiaries. Consistent with accounting guidance, we have made an accounting policy election to treat GILTI taxes as a period tax charge in the period the tax is incurred. ASSESSMENT OF DEFERRED TAX ASSET VALUATION ALLOWANCE The evaluation of the recoverability of our deferred tax asset and the need for a valuation allowance requires us to weigh all positive and negative evidence to reach a conclusion that it is more likely than not that all or some portion of the deferred tax asset will not be realized. The weight given to the evidence is commensurate with the extent to which it can be objectively verified. The more negative evidence that exists, the more positive evidence is necessary and the more difficult it is to support a conclusion that a valuation allowance is not needed. Recent events, including changes in target interest rates by the Board of Governors of the Federal Reserve System, and significant market volatility, continue to impact actual and projected results of our business operations as well as our views on potential effectiveness of certain prudent and feasible tax planning strategies. In order to demonstrate the predictability and sufficiency of future taxable income necessary to support the realizability of the net operating losses and foreign tax credit carryforwards, we have considered forecasts of future income for each of our businesses, including assumptions about future 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 period of our foreign tax credit carryforwards runs 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. |
Variable Interest Entity | A variable interest entity (VIE) is a legal entity that does not have sufficient equity at risk to finance its activities without additional subordinated financial support or is structured such that equity investors lack the ability to make significant decisions relating to the entity’s operations through voting rights or do not substantively participate in the gains and losses of the entity. Consolidation of a VIE by its primary beneficiary is not based on majority voting interest, but is based on other criteria discussed below. We enter into various arrangements with VIEs in the normal course of business and consolidate the VIEs when we determine we are the primary beneficiary. This analysis includes a review of the VIE’s capital structure, related contractual relationships and terms, nature of the VIE’s operations and purpose, nature of the VIE’s interests issued and our involvement with the entity. When assessing the need to consolidate a VIE, we evaluate the design of the VIE as well as the related risks to which the entity was designed to expose the variable interest holders. The primary beneficiary is the entity that has both (i) the power to direct the activities of the VIE that most significantly affect the entity’s economic performance and (ii) the obligation to absorb losses or the right to receive benefits that could be potentially significant to the VIE. While also considering these factors, the consolidation conclusion depends on the breadth of our decision-making ability and our ability to influence activities that significantly affect the economic performance of the VIE. |
Derivatives and Hedge Accounting | We use derivatives and other financial instruments as part of our financial risk management programs and as part of our investment operations. Interest rate derivatives (such as interest rate swaps) are used to manage interest rate risk associated with embedded derivatives contained in insurance contract liabilities, fixed maturity securities, outstanding medium- and long-term notes as well as other interest rate sensitive assets and liabilities. Foreign exchange derivatives (principally foreign exchange forwards and swaps) are used to economically mitigate risk associated with non-U.S. dollar denominated debt, net capital exposures, foreign currency transactions, and foreign denominated investments. Equity derivatives are used to 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.Interest rate, currency, equity and commodity swaps, credit contracts, swaptions, options and forward transactions are accounted for as derivatives, recorded on a trade-date basis and carried at fair value. Unrealized gains and losses are reflected in income, when appropriate. Aggregate asset or liability positions are netted on the Consolidated Balance Sheets only to the extent permitted by qualifying master netting arrangements in place with each respective counterparty. Cash collateral posted with counterparties in conjunction with transactions supported by qualifying master netting arrangements is reported as a reduction of the corresponding net derivative liability, while cash collateral received in conjunction with transactions supported by qualifying master netting arrangements is reported as a reduction of the corresponding net derivative asset.Derivatives, with the exception of embedded derivatives, are reported at fair value in the Consolidated Balance Sheets in Other assets and Other liabilities. Embedded derivatives are generally presented with the host contract in the Consolidated Balance Sheets. A bifurcated embedded derivative is measured at fair value and accounted for in the same manner as a free standing derivative contract. The corresponding host contract is accounted for according to the accounting guidance applicable for that instrument. |
Goodwill and Intangible Assets | Goodwill represents the future economic benefits arising from assets acquired in a business combination that are not individually identified and separately recognized. Goodwill is tested for impairment at the reporting unit level, which is defined as an operating segment or one level below, and the test is performed annually, or more frequently if circumstances indicate an impairment may have occurred. At December 31, 2022, goodwill is reported within our General Insurance business – North America and International operating segments, our Life and Retirement business – Life Insurance operating segment and our Other Operations segment. When a business is transferred from one reporting unit to another, goodwill from the original reporting unit is allocated among reporting units based on the fair value of business transferred, relative to business retained by a reporting unit. The impairment assessment involves an option to first assess qualitative factors to determine whether events or circumstances exist that lead to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the qualitative assessment is not performed, or after assessing the totality of the events or circumstances, we determine it is more likely than not that the fair value of a reporting unit is less than its carrying amount, a quantitative assessment for potential impairment is performed. If the qualitative test is not performed or if the test indicates a potential impairment is present, we estimate the fair value of each reporting unit and compare the estimated fair value with the carrying amount of the reporting unit, including allocated goodwill. The estimate of a reporting unit’s fair value involves management judgment and is based on one or a combination of approaches including discounted expected future cash flows, market-based earnings multiples of the unit’s peer companies, external appraisals or, in the case of reporting units being considered for sale, third-party indications of fair value, if available. We consider one or more of these estimates when determining the fair value of a reporting unit to be used in the impairment test. If the estimated fair value of a reporting unit exceeds its carrying amount, goodwill is not impaired. If the carrying value of a reporting unit exceeds its estimated fair value, goodwill associated with that reporting unit potentially is impaired. The amount of impairment, if any, is measured as the excess of a reporting unit’s carrying amount over its fair value not to exceed the total amount of goodwill allocated to that reporting unit and recognized in income. |
Future policy benefits for life and accident and health insurance contracts and policyholder contract deposits | FUTURE POLICY BENEFITS Future policy benefits primarily include reserves for traditional life and annuity payout contracts, which represent an estimate of the present value of future benefits less the present value of future net premiums. Included in Future policy benefits are liabilities for annuities issued in structured settlements whereby a claimant receives life contingent payments over their lifetime or guaranteed payments over a defined period. Also included are pension risk transfer arrangements whereby an upfront premium is received in exchange for guaranteed retirement benefits. All payments under these arrangements are fixed and determinable with respect to their amounts and dates. Also included in Future policy benefits, are reserves for contracts in loss recognition, including the adjustment to reflect the effect of unrealized gains on fixed maturity securities available for sale with related changes recognized through Other comprehensive income (loss). Future policy benefits also include certain guaranteed benefits of annuity products that are not considered embedded derivatives. For universal life policies with secondary guarantees, we recognize certain liabilities in addition to policyholder account balances. For universal life policies with secondary guarantees, as well as other universal life policies for which profits followed by losses are expected at contract inception, a liability is recognized based on a benefit ratio of (a) the present value of total expected payments, in excess of the account value, over the life of the contract, divided by (b) the present value of total expected assessments over the life of the contract. Universal life account balances are reported in Policyholder contract deposits, while these additional liabilities related to universal life products are reported within Future Policy Benefits in the Consolidated Balance Sheets. These additional liabilities are also adjusted to reflect the effect of unrealized gains or losses on fixed maturity securities available for sale on accumulated assessments, with related changes recognized through Other comprehensive income (loss). The primary policyholder behavior assumptions for these liabilities include mortality, lapses and premium persistency. The primary capital market assumptions used for the liability for universal life secondary guarantees include discount rates and net earned rates. The liability for Policyholder contract deposits is primarily recorded at accumulated value (deposits received and net transfers from separate accounts, plus accrued interest credited at rates ranging from 0 percent to 9 percent at December 31, 2022, less withdrawals and assessed fees). Deposits collected on investment-oriented products are not reflected as revenues, because they are recorded directly to Policyholder contract deposits upon receipt. Amounts assessed against the policyholders for mortality, administrative, and other services are included in revenues. In addition to liabilities for universal life, fixed annuities, fixed options within variable annuities, annuities without life contingencies, funding agreements and GICs, policyholder contract deposits also include our liability for (a) indexed and variable features accounted for as embedded derivatives at fair value, and (b) annuities issued in a structured settlement arrangement with no life contingency. OTHER POLICYHOLDER FUNDS Other policyholder funds include unearned revenue reserves (URR). URR consist of front-end loads on investment-oriented contracts, representing those policy loads that are non-level and typically higher in initial policy years than in later policy years. URR for investment-oriented contracts are generally deferred and amortized, with interest, in relation to the incidence of estimated gross profits (EGPs) to be realized over the estimated lives of the contracts and are subject to the same adjustments due to changes in the assumptions underlying EGPs as DAC. Amortization of URR is recorded in Policy fees. Similar to unrealized appreciation (depreciation) of investments for DAC, URR related to investment-oriented products is also adjusted to reflect the effect of unrealized gains or losses on fixed maturity securities available for sale on EGPs, with related changes recognized through Other comprehensive income. Other policyholder funds also include provisions for future dividends to participating policyholders, accrued in accordance with all applicable regulatory or contractual provisions. Participating life business represented approximately 0.7 percent of gross insurance in force at December 31, 2022 and 1.3 percent of gross domestic premiums and other considerations in 2022. The amount of annual dividends to be paid is approved by the boards of directors of the Life and Retirement companies. Provisions for future dividend payments are computed by jurisdiction, reflecting local regulations. The portions of current and prior net income and of current unrealized appreciation of investments that can inure to our benefit are restricted in some cases by the insurance contracts and by the insurance regulations of the jurisdictions in which the policies are in force. Certain products are subject to experience adjustments. These include group life and group medical products, credit life contracts, accident and health insurance contracts/riders attached to life policies and, to a limited extent, reinsurance agreements with other direct insurers. Ultimate premiums from these contracts are estimated and recognized as revenue with the unearned portions of the premiums recorded as liabilities in Other policyholder funds. Experience adjustments vary according to the type of contract and the territory in which the policy is in force and are subject to local regulatory guidance. |
Variable Life and Annuity Contracts | We report variable contracts within the separate accounts when investment income and investment gains and losses accrue directly to, and investment risk is borne by, the contract holder and the separate account meets additional accounting criteria to qualify for separate account treatment. The assets supporting the variable portion of variable annuity and variable universal life contracts that qualify for separate account treatment are carried at fair value and reported as Separate account assets, with an equivalent summary total reported as Separate account liabilities. Policy values for variable products and investment contracts are expressed in terms of investment units. Each unit is linked to an asset portfolio. The value of a unit increases or decreases based on the value of the linked asset portfolio. The current liability at any time is the sum of the current unit value of all investment units in the separate accounts, plus any liabilities for guaranteed minimum death benefits (GMDB) or guaranteed minimum withdrawal benefits (GMWB) included in Future policy benefits or Policyholder contract deposits, respectively. Amounts assessed against the policyholders for mortality, administrative and other services are included in policy fees. Investment performance (including investment income, net investment gains (losses) and changes in unrealized gains (losses)) and the corresponding amounts credited to policyholders of such separate accounts are offset within the same line in the Consolidated Statements of Income. |
Debt | Our long-term debt is denominated in various currencies, with both fixed and variable interest rates. Long-term debt is carried at the principal amount borrowed, including unamortized discounts, hedge accounting valuation adjustments and fair value adjustments, when applicable. |
Earnings Per Share | The basic EPS computation is based on the weighted average number of common shares outstanding, adjusted to reflect all stock dividends and stock splits. The diluted EPS computation is based on those shares used in the basic EPS computation plus common shares that would have been outstanding assuming issuance of common shares for all dilutive potential common shares outstanding and adjusted to reflect all stock dividends and stock splits, using the treasury stock method or the if-converted method, as applicable. |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Continuing Operations by Operating Segment | The following table presents AIG’s continuing operations by operating segment: (in millions) Adjusted Net Interest Amortization Adjusted 2022 General Insurance North America $ 12,071 $ — $ 1,585 $ 648 (a) International 13,269 — 1,948 1,400 (a) Net investment income 2,382 $ 2,382 — — 2,382 Total General Insurance 27,722 2,382 — 3,533 4,430 Life and Retirement Individual Retirement 5,415 3,898 11 761 1,222 Group Retirement 2,780 2,005 6 96 749 Life Insurance 5,299 1,393 4 267 337 Institutional Markets 4,160 1,051 2 6 349 Total Life and Retirement 17,654 8,347 23 1,130 2,657 Other Operations Other Operations before consolidation and eliminations 827 714 1,131 5 (1,542) AIG consolidation and eliminations (435) (446) (56) — (405) Total Other Operations 392 268 1,075 5 (1,947) Total 45,768 10,997 1,098 4,668 5,140 Reconciling items: Changes in fair value of securities used to hedge guaranteed living benefits 55 55 — — 30 Changes in benefit reserves and DAC, VOBA and DSI related to net realized gains (losses) — — — 302 (308) Changes in the fair value of equity securities (53) (53) — — (53) Other income (expense) - net (29) 28 28 — — Loss on extinguishment of debt — — — — (303) Net investment income on Fortitude Re funds withheld assets 943 943 — — 943 Net realized gains (losses) on Fortitude Re funds withheld assets (486) — — — (486) Net realized gains (losses) on Fortitude Re funds withheld embedded derivative 7,481 — — — 7,481 Net realized gains (losses) (b) 1,731 (244) (1) — 1,750 Net gain (loss) on divestitures and other — — — — (82) Non-operating litigation reserves and settlements 49 — — — 41 Favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements — — — — 160 Net loss reserve discount benefit (charge) — — — — 703 Pension expense related to a one-time lump sum payment to former employees — — — — (60) Integration and transaction costs associated with acquiring or divesting businesses — — — — (194) Restructuring and other costs — — — — (570) Non-recurring costs related to regulatory or accounting changes — — — — (37) Net impact from elimination of international reporting lag (c) 978 41 — — 127 Revenues and pre-tax income (loss) $ 56,437 $ 11,767 $ 1,125 $ 4,970 $ 14,282 (in millions) Adjusted Net Interest Amortization Adjusted 2021 General Insurance North America $ 10,989 $ — $ 1,333 $ (47) (a) International 14,068 — 2,197 1,102 (a) Net investment income 3,304 $ 3,304 — — 3,304 Total General Insurance 28,361 3,304 — 3,530 4,359 Life and Retirement Individual Retirement 6,083 4,338 61 736 1,939 Group Retirement 3,291 2,410 35 61 1,284 Life Insurance 5,112 1,619 25 170 106 Institutional Markets 5,108 1,154 9 6 582 Total Life and Retirement 19,594 9,521 130 973 3,911 Other Operations Other Operations before consolidation and eliminations 1,338 1,112 1,220 37 (1,418) AIG consolidation and eliminations (991) (996) (65) — (932) Total Other Operations 347 116 1,155 37 (2,350) Total 48,302 12,941 1,285 4,540 5,920 Reconciling items: Changes in fair value of securities used to hedge guaranteed living benefits 60 60 — — 61 Changes in benefit reserves and DAC, VOBA and DSI related to net realized gains (losses) — — — 33 (52) Changes in the fair value of equity securities (237) (237) — — (237) Other income (expense) - net (24) 33 33 — — Loss on extinguishment of debt — — — — (389) Net investment income on Fortitude Re funds withheld assets 1,971 1,971 — — 1,971 Net realized gains (losses) on Fortitude Re funds withheld assets 1,003 — — — 1,003 Net realized gains (losses) on Fortitude Re funds withheld embedded derivative (603) — — — (603) Net realized gains (losses) (b) 1,585 (156) (13) — 1,623 Net gain (loss) on divestitures and other — — — — 3,044 Non-operating litigation reserves and settlements — — — — (3) Favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements — — — — 186 Net loss reserve discount benefit (charge) — — — — 193 Pension expense related to a one-time lump sum payment to former employees — — — — (34) Integration and transaction costs associated with acquiring or divesting businesses — — — — (83) Restructuring and other costs — — — — (433) Non-recurring costs related to regulatory or accounting changes — — — — (68) Revenues and pre-tax income (loss) $ 52,057 $ 14,612 $ 1,305 $ 4,573 $ 12,099 (in millions) Adjusted Net Interest Amortization Adjusted 2020 General Insurance North America $ 10,302 $ — $ 1,365 $ (1,301) (a) International 13,360 — 2,173 277 (a) Net investment income 2,925 $ 2,925 — — 2,925 Total General Insurance 26,587 2,925 — 3,538 1,901 Life and Retirement Individual Retirement 5,714 4,131 72 590 1,938 Group Retirement 2,970 2,236 42 7 1,013 Life Insurance 4,877 1,526 30 30 142 Institutional Markets 3,714 988 11 5 438 Total Life and Retirement 17,275 8,881 155 632 3,531 Other Operations Other Operations before consolidation and eliminations 1,385 1,087 1,306 50 (1,963) AIG consolidation and eliminations (562) (572) (70) — (466) Total Other Operations 823 515 1,236 50 (2,429) Total 44,685 12,321 1,391 4,220 3,003 Reconciling items: Changes in fair value of securities used to hedge guaranteed living benefits 56 56 — — 41 Changes in benefit reserves and DAC, VOBA and DSI related to net realized gains (losses) — — — (9) 12 Changes in the fair value of equity securities 200 200 — — 200 Other income (expense) - net 49 99 99 — — Loss on extinguishment of debt — — — — (12) Net investment income on Fortitude Re funds withheld assets 1,053 1,053 — — 1,053 Net realized gains (losses) on Fortitude Re funds withheld assets 463 — — — 463 Net realized gains (losses) on Fortitude Re funds withheld embedded derivative (2,645) — — — (2,645) Net realized gains (losses) (b) (148) (98) (33) — (97) Net gain (loss) on divestitures and other — — — — (8,525) Non-operating litigation reserves and settlements 23 — — — 21 Favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements — — — — 221 Net loss reserve discount benefit (charge) — — — — (516) Integration and transaction costs associated with acquiring or divesting businesses — — — — (12) Restructuring and other costs — — — — (435) Non-recurring costs related to regulatory or accounting changes — — — — (65) Revenues and pre-tax income (loss) $ 43,736 $ 13,631 $ 1,457 $ 4,211 $ (7,293) (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). (c) See Note 1. The following table presents AIG’s year-end identifiable assets and capital expenditures by segment: Year-End Identifiable Assets Capital Expenditures (in millions) 2022 2021 2022 2021 General Insurance $ 147,102 $ 159,000 $ 68 $ 76 Life and Retirement 356,623 406,104 102 62 Other Operations 22,909 31,008 40 205 Total Assets $ 526,634 $ 596,112 $ 210 $ 343 The following table presents AIG’s consolidated total revenues and real estate and other fixed assets, net of accumulated depreciation, by major geographic area: Total Revenues* Real Estate and Other Fixed Assets, (in millions) 2022 2021 2020 2022 2021 2020 North America $ 41,605 $ 37,224 $ 30,204 $ 1,206 $ 1,212 $ 1,230 International 14,832 14,833 13,532 387 500 610 Consolidated $ 56,437 $ 52,057 $ 43,736 $ 1,593 $ 1,712 $ 1,840 * Revenues are generally reported according to the geographic location of the segment. International revenues consists of revenues from our General Insurance International operating segment. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table presents information about assets and liabilities measured at fair value on a recurring basis and indicates the level of the fair value measurement based on the observability of the inputs used: December 31, 2022 Level 1 Level 2 Level 3 Counterparty Netting (a) Cash Collateral Total (in millions) Assets: Bonds available for sale: U.S. government and government sponsored entities $ 25 $ 6,594 $ — $ — $ — $ 6,619 Obligations of states, municipalities and political subdivisions — 11,275 824 — — 12,099 Non-U.S. governments 158 13,326 1 — — 13,485 Corporate debt — 134,992 2,847 — — 137,839 RMBS — 11,264 7,553 — — 18,817 CMBS — 13,267 926 — — 14,193 CLO/ABS — 10,356 12,748 — — 23,104 Total bonds available for sale 183 201,074 24,899 — — 226,156 Other bond securities: U.S. government and government sponsored entities — — — — — — Obligations of states, municipalities and political subdivisions — 111 — — — 111 Non-U.S. governments — 66 — — — 66 Corporate debt — 1,976 416 — — 2,392 RMBS — 113 173 — — 286 CMBS — 303 28 — — 331 CLO/ABS — 389 910 — — 1,299 Total other bond securities — 2,958 1,527 — — 4,485 Equity securities 518 18 39 — — 575 Other invested assets (b) — 145 2,075 — — 2,220 Derivative assets (c) : Interest rate contracts 1 3,410 311 — — 3,722 Foreign exchange contracts — 1,844 — — — 1,844 Equity contracts 11 132 285 — — 428 Commodity contracts — 9 — — — 9 Credit contracts — — 32 — — 32 Other contracts — — 14 — — 14 Counterparty netting and cash collateral — — — (3,895) (1,640) (5,535) Total derivative assets 12 5,395 642 (3,895) (1,640) 514 Short-term investments 2,821 2,887 — — — 5,708 Other assets (c) — — 107 — — 107 Separate account assets 81,655 3,198 — — — 84,853 Total $ 85,189 $ 215,675 $ 29,289 $ (3,895) $ (1,640) $ 324,618 Liabilities: Policyholder contract deposits $ — $ 41 $ 7,105 $ — $ — $ 7,146 Derivative liabilities (c) : Interest rate contracts — 4,838 — — — 4,838 Foreign exchange contracts — 1,138 — — — 1,138 Equity contracts 2 10 14 — — 26 Credit contracts — 9 32 — — 41 Counterparty netting and cash collateral — — — (3,895) (1,917) (5,812) Total derivative liabilities 2 5,995 46 (3,895) (1,917) 231 Fortitude Re funds withheld payable — — (2,235) — — (2,235) Other liabilities — — 112 — — 112 Long-term debt — 56 — — — 56 Total $ 2 $ 6,092 $ 5,028 $ (3,895) $ (1,917) $ 5,310 December 31, 2021 Level 1 Level 2 Level 3 Counterparty Netting (a) Cash Total (in millions) Assets: Bonds available for sale: U.S. government and government sponsored entities $ 2,553 $ 5,641 $ — $ — $ — $ 8,194 Obligations of states, municipalities and political subdivisions — 13,096 1,431 — — 14,527 Non-U.S. governments 9 16,314 7 — — 16,330 Corporate debt — 172,967 2,641 — — 175,608 RMBS — 16,909 10,378 — — 27,287 CMBS — 14,619 1,190 — — 15,809 CLO/ABS — 8,232 11,215 — — 19,447 Total bonds available for sale 2,562 247,778 26,862 — — 277,202 Other bond securities: U.S. government and government sponsored entities — 1,750 — — — 1,750 Obligations of states, municipalities and political subdivisions — 97 — — — 97 Non-U.S. governments — 76 — — — 76 Corporate debt — 916 134 — — 1,050 RMBS — 215 196 — — 411 CMBS — 280 35 — — 315 CLO/ABS — 247 2,332 — — 2,579 Total other bond securities — 3,581 2,697 — — 6,278 Equity securities 669 64 6 — — 739 Other invested assets (b) — 138 1,948 — — 2,086 Derivative assets (c) : Interest rate contracts — 3,873 — — — 3,873 Foreign exchange contracts — 1,188 1 — — 1,189 Equity contracts 7 224 450 — — 681 Commodity contracts — 4 — — — 4 Credit contracts — — 1 — — 1 Other contracts — — 13 — — 13 Counterparty netting and cash collateral — — — (2,779) (2,139) (4,918) Total derivative assets 7 5,289 465 (2,779) (2,139) 843 Short-term investments 2,584 1,842 — — — 4,426 Other assets (c) — — 114 — — 114 Separate account assets 105,221 3,890 — — — 109,111 Total $ 111,043 $ 262,582 $ 32,092 $ (2,779) $ (2,139) $ 400,799 Liabilities: Policyholder contract deposits $ — $ 54 $ 9,682 $ — $ — $ 9,736 Derivative liabilities (c) : Interest rate contracts 1 3,632 — — — 3,633 Foreign exchange contracts — 721 — — — 721 Equity contracts 1 46 6 — — 53 Credit contracts — 16 31 — — 47 Counterparty netting and cash collateral — — — (2,779) (1,089) (3,868) Total derivative liabilities 2 4,415 37 (2,779) (1,089) 586 Fortitude Re funds withheld payable — — 5,922 — — 5,922 Long-term debt — 1,871 — — — 1,871 Total $ 2 $ 6,340 $ 15,641 $ (2,779) $ (1,089) $ 18,115 (a) Represents netting of derivative exposures covered by qualifying master netting agreements. (b) Excludes investments that are measured at fair value using the net asset value (NAV) per share (or its equivalent), which totaled $9.8 billion and $8.4 billion as of December 31, 2022 and 2021, respectively. (c) Presented as part of Other assets and Other liabilities on the Consolidated Balance Sheets. (in millions) Fair Value Net Realized Other Purchases, Gross Gross Other Fair Changes in Changes in December 31, 2022 Assets: Bonds available for sale: Obligations of states, municipalities and political subdivisions $ 1,431 $ 1 $ (533) $ (104) $ 40 $ (11) $ — $ 824 $ — $ (223) Non-U.S. governments 7 1 3 (10) 3 (3) — 1 — (1) Corporate debt 2,641 37 (238) (87) 1,155 (661) — 2,847 — (217) RMBS 10,378 452 (1,319) (1,511) 8 (455) — 7,553 — (504) CMBS 1,190 7 (162) 137 102 (348) — 926 — (133) CLO/ABS 11,215 114 (1,658) 3,279 2,003 (2,205) — 12,748 — (1,605) Total bonds available for sale 26,862 612 (3,907) 1,704 3,311 (3,683) — 24,899 — (2,683) Other bond securities: Corporate debt 134 (5) — 158 334 (205) — 416 (2) — RMBS 196 (39) — 16 — — — 173 (38) — CMBS 35 (6) — (1) — — — 28 (4) — CLO/ABS 2,332 (233) — (1,182) 77 (84) — 910 (156) — Total other bond securities 2,697 (283) — (1,009) 411 (289) — 1,527 (200) — Equity securities 6 (1) — 27 16 (9) — 39 (1) — Other invested assets 1,948 338 (22) (26) 47 (210) — 2,075 355 — Other assets 114 — — (7) — — — 107 — — Total $ 31,627 $ 666 $ (3,929) $ 689 $ 3,785 $ (4,191) $ — $ 28,647 $ 154 $ (2,683) (in millions) Fair Value Net Other Purchases, Gross Gross Other Fair Changes in Changes in Liabilities: Policyholder contract deposits $ 9,682 $ (3,602) $ — $ 1,025 $ — $ — $ — $ 7,105 $ 3,857 $ — Derivative liabilities, net: Interest rate contracts — 9 — (245) (81) 6 — (311) 71 — Foreign exchange contracts (1) — — 1 — — — — (1) — Equity contracts (444) 487 — (313) — (1) — (271) (246) — Credit contracts 30 3 — (1) — — (32) — (31) — Other contracts (13) (65) — 64 — — — (14) 65 — Total derivative liabilities, net (a) (428) 434 — (494) (81) 5 (32) (596) (142) — Fortitude Re funds withheld payable 5,922 (7,481) — (676) — — — (2,235) 7,729 — Other Liabilities — — — 112 — — — 112 — — Total $ 15,176 $ (10,649) $ — $ (33) $ (81) $ 5 $ (32) $ 4,386 $ 11,444 $ — (in millions) Fair Value Net Realized Other Purchases, Gross Gross Other Fair Changes in Changes in December 31, 2021 Assets: Bonds available for sale: Obligations of states, municipalities and political subdivisions $ 2,105 $ 15 $ (9) $ (358) $ — $ (260) $ (62) $ 1,431 $ — $ 254 Non-U.S. governments 5 — (1) 1 5 (3) — 7 — — Corporate debt 2,349 (20) (31) 188 524 (369) — 2,641 — (141) RMBS 11,694 595 (127) (1,163) 8 (629) — 10,378 — 790 CMBS 922 25 (49) 414 57 (179) — 1,190 — (55) CLO/ABS 9,814 38 (122) 1,588 1,138 (1,241) — 11,215 — 315 Total bonds available for sale 26,889 653 (339) 670 1,732 (2,681) (62) 26,862 — 1,163 Other bond securities: Corporate debt — (1) — 135 — — — 134 (1) — RMBS 139 3 — 54 — — — 196 (87) — CMBS 47 (3) — (15) 6 — — 35 2 — CLO/ABS 2,512 28 — (208) — — — 2,332 127 — Total other bond securities 2,698 27 — (34) 6 — — 2,697 41 — Equity securities 51 11 1 (123) 77 (11) — 6 3 — Other invested assets 1,827 641 (14) (570) 64 — — 1,948 617 — Other assets 113 — — 1 — — — 114 — — Total $ 31,578 $ 1,332 $ (352) $ (56) $ 1,879 $ (2,692) $ (62) $ 31,627 $ 661 $ 1,163 (in millions) Fair Value Net Other Purchases, Gross Gross Other Fair Changes in Changes in Liabilities: Policyholder contract deposits $ 9,798 $ (545) $ — $ 484 $ — $ (55) $ — $ 9,682 $ 1,860 $ — Derivative liabilities, net: Interest rate contracts — (1) — 1 — — — — 1 — Foreign exchange contracts (2) — — 1 — — — (1) — — Equity contracts (151) (75) — (271) — 53 — (444) 32 — Credit contracts 42 9 — (21) — — — 30 1 — Other contracts (8) (66) — 61 — — — (13) 66 — Total derivative liabilities, net(a) (119) (133) — (229) — 53 — (428) 100 — Fortitude Re funds withheld payable 6,042 603 — (723) — — — 5,922 2,094 — Total $ 15,721 $ (75) $ — $ (468) $ — $ (2) $ — $ 15,176 $ 4,054 $ — (a) Total Level 3 derivative exposures have been netted in these tables for presentation purposes only. |
Schedule of Assets Measured on a Recurring Basis | The following table presents the gross components of purchases, sales, issuances and settlements, net, shown above, for the years ended December 31, 2022 and 2021 related to Level 3 assets and liabilities in the Consolidated Balance Sheets: (in millions) Purchases Sales Issuances and Settlements (a) Purchases, Sales, Issuances and Settlements, Net (a) December 31, 2022 Assets: Bonds available for sale: Obligations of states, municipalities and political subdivisions $ 6 $ (72) $ (38) $ (104) Non-U.S. governments — — (10) (10) Corporate debt 143 (79) (151) (87) RMBS 391 (76) (1,826) (1,511) CMBS 195 (17) (41) 137 CLO/ABS 3,655 (25) (351) 3,279 Total bonds available for sale 4,390 (269) (2,417) 1,704 Other bond securities: Corporate debt 26 — 132 158 RMBS 62 (5) (41) 16 CMBS — (1) — (1) CLO/ABS 750 (1,530) (402) (1,182) Total other bond securities 838 (1,536) (311) (1,009) Equity securities 27 (1) 1 27 Other invested assets 682 — (708) (26) Other assets — — (7) (7) Total $ 5,937 $ (1,806) $ (3,442) $ 689 Liabilities: Policyholder contract deposits $ — $ 1,105 $ (80) $ 1,025 Derivative liabilities, net (687) 12 181 (494) Fortitude Re funds withheld payable — — (676) (676) Other Liabilities — — 112 112 Total $ (687) $ 1,117 $ (463) $ (33) December 31, 2021 Assets: Bonds available for sale: Obligations of states, municipalities and political subdivisions $ 55 $ (247) $ (166) $ (358) Non-U.S. governments 1 — — 1 Corporate Debt 973 (95) (690) 188 RMBS 1,567 (280) (2,450) (1,163) CMBS 510 (15) (81) 414 CLO/ABS 4,409 70 (2,891) 1,588 Total bonds available for sale 7,515 (567) (6,278) 670 Other bond securities: Corporate debt 86 — 49 135 RMBS 54 (10) 10 54 CMBS — (15) — (15) CLO/ABS 320 (39) (489) (208) Total other bond securities 460 (64) (430) (34) Equity securities 2 (3) (122) (123) Other invested assets 578 — (1,148) (570) Other assets — — 1 1 Total $ 8,555 $ (634) $ (7,977) $ (56) Liabilities: Policyholder contract deposits $ — $ 818 $ (334) $ 484 Derivative liabilities, net (281) 6 46 (229) Fortitude Re funds withheld payable — — (723) (723) Total $ (281) $ 824 $ (1,011) $ (468) (a) There were no issuances during the years ended December 31, 2022 and 2021. |
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings | Net realized and unrealized gains and losses included in income related to Level 3 assets and liabilities shown above are reported in the Consolidated Statements of Income (Loss) as follows: (in millions) Net Net Realized Other Total December 31, 2022 Assets: Bonds available for sale $ 694 $ (82) $ — $ 612 Other bond securities (283) — — (283) Equity securities (1) — — (1) Other invested assets 346 (8) — 338 December 31, 2021 Assets: Bonds available for sale $ 654 $ (1) $ — $ 653 Other bond securities 27 — — 27 Equity securities 11 — — 11 Other invested assets 630 11 — 641 (in millions) Net Net Realized Other Total December 31, 2022 Liabilities: Policyholder contract deposits* $ — $ (3,602) $ — $ (3,602) Derivative liabilities, net — 495 (61) 434 Fortitude Re funds withheld payable — (7,481) — (7,481) December 31, 2021 Liabilities: Policyholder contract deposits* $ — $ (545) $ — $ (545) Derivative liabilities, net — (74) (59) (133) Fortitude Re funds withheld payable — 603 — 603 * Primarily embedded derivatives. |
Fair Value, Liabilities Measured on Recurring Basis, Liabilities | The following table presents the gross components of purchases, sales, issuances and settlements, net, shown above, for the years ended December 31, 2022 and 2021 related to Level 3 assets and liabilities in the Consolidated Balance Sheets: |
Fair Value Measurement Inputs and Valuation Techniques | The table below presents information about the significant unobservable inputs used for recurring fair value measurements for certain Level 3 instruments, and includes only those instruments for which information about the inputs is reasonably available to us, such as data from independent third-party valuation service providers. Because input information from third-parties with respect to certain Level 3 instruments (primarily CLO/ABS) may not be reasonably available to us, balances shown below may not equal total amounts reported for such Level 3 assets and liabilities: (in millions) Fair Value at Valuation Unobservable Input (b) Range (Weighted Average) (c) Assets: Obligations of states, municipalities and political subdivisions $ 799 Discounted cash flow Yield 5.28% - 5.94% (5.61%) Corporate debt 2,527 Discounted cash flow Yield 4.98% - 9.36% (7.17%) RMBS (a) 5,235 Discounted cash flow Constant prepayment rate 4.89% - 10.49% (7.69%) Loss severity 45.06% - 76.87% (60.97%) Constant default rate 0.82% - 2.72% (1.77%) Yield 5.98% - 7.75% (6.87%) CLO/ABS (a) 7,503 Discounted cash flow Yield 6.00% - 7.97% (6.99%) CMBS 587 Discounted cash flow Yield 4.06% - 13.14% (8.60%) Liabilities (d) : Embedded derivatives within Policyholder contract deposits: Variable annuity guaranteed minimum withdrawal benefits (GMWB) 677 Discounted cash flow Equity volatility 6.45% - 50.75% Base lapse rate 0.16% - 12.60% Dynamic lapse multiplier 20.00% - 186.00% Mortality multiplier (e) 38.00% - 147.00% Utilization 90.00% - 100.00% Equity / interest rate correlation 10.00% - 30.00% NPA (f) 0.00% - 2.03% Fixed Index annuities including certain GMWB 5,718 Discounted cash flow Base lapse rate 0.50% - 50.00% Dynamic lapse multiplier 20.00% - 186.00% Mortality multiplier (e) 24.00% - 180.00% Utilization (g) 60.00% - 95.00% Option budget 0.00% - 5.00% Equity volatility 6.45% - 50.75% NPA (f) 0.00% - 2.03% Indexed life 710 Discounted cash flow Base lapse rate 0.00% - 37.97% Mortality rate 0.00% - 100.00% Equity volatility 5.75% - 23.63% NPA (f) 0.00% - 2.03% (in millions) Fair Value at Valuation Unobservable Input (b) Range (Weighted Average) (c) Assets: Obligations of states, municipalities and political subdivisions $ 1,400 Discounted cash flow Yield 2.74% - 3.33% (3.06%) Corporate debt 1,561 Discounted cash flow Yield 2.23% - 7.69% (4.96%) RMBS (a) 9,916 Discounted cash flow Constant prepayment rate 5.25% - 17.70% (11.47%) Loss severity 26.13% - 71.93% (49.03%) Constant default rate 1.15% - 5.85% (3.50%) Yield 1.69% - 3.97% (2.83%) CLO/ABS (a) 8,229 Discounted cash flow Yield 1.84% - 4.77% (3.31%) CMBS 580 Discounted cash flow Yield 1.50% - 5.01% (3.25%) Liabilities (d) : Embedded derivatives within Policyholder contract deposits: GMWB 2,472 Discounted cash flow Equity volatility 5.95% - 46.65% Base lapse rate 0.16% - 12.60% Dynamic lapse multiplier 20.00% - 186.00% Mortality multiplier (e) 38.00% - 147.00% Utilization 90.00% - 100.00% Equity / interest rate correlation 20.00% - 40.00% NPA (f) 0.01% - 1.40% Fixed Index annuities including certain GMWB 6,445 Discounted cash flow Base lapse rate 0.50% - 50.00% Dynamic lapse multiplier 20.00% - 186.00% Mortality multiplier (e) 24.00% - 180.00% Utilization (g) 60.00% - 95.00% Option budget 0.00% - 4.00% Equity volatility 5.95% - 46.65% NPA (f) 0.01% - 1.40% Indexed life 765 Discounted cash flow Base lapse rate 0.00% - 37.97% Mortality rate 0.00% - 100.00% Equity volatility 7.65% - 20.70% NPA (f) 0.01% - 1.40% (a) Information received from third-party valuation service providers. The ranges of the unobservable inputs for constant prepayment rate, loss severity and constant default rate relate to each of the individual underlying mortgage loans that comprise the entire portfolio of securities in the RMBS and CLO securitization vehicles and not necessarily to the securitization vehicle bonds (tranches) purchased by us. The ranges of these inputs do not directly correlate to changes in the fair values of the tranches purchased by us, because there are other factors relevant to the fair values of specific tranches owned by us including, but not limited to, purchase price, position in the waterfall, senior versus subordinated position and attachment points. (b) Represents discount rates, estimates and assumptions that we believe would be used by market participants when valuing these assets and liabilities. (c) The weighted averaging for fixed maturity securities is based on the estimated fair value of the securities. Because the valuation methodology for embedded derivatives 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 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 December 31, 2022 and 2021 was approximately $1.0 billion and $1.2 billion, respectively. The remaining guaranteed minimum riders on the fixed index annuities are valued under the accounting guidance for certain nontraditional long-duration contracts. |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share | The following table includes information related to our investments in certain other invested assets, including private equity funds, hedge funds and other alternative investments that calculate net asset value per share (or its equivalent). For these investments, which are measured at fair value on a recurring basis, we use the net asset value per share to measure fair value. December 31, 2022 December 31, 2021 (in millions) Investment Category Includes Fair Value Using NAV Per Share (or its equivalent) Unfunded Commitments Fair Value Using NAV Per Share (or its equivalent) Unfunded Commitments Investment Category Private equity funds: Leveraged buyout Debt and/or equity investments made as part of a transaction in which assets of mature companies are acquired from the current shareholders, typically with the use of financial leverage $ 3,146 $ 2,448 $ 2,768 $ 1,798 Real assets Investments in real estate properties, agricultural and infrastructure assets, including power plants and other energy producing assets 1,851 840 904 487 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 272 183 252 201 Growth equity Funds that make investments in established companies for the purpose of growing their businesses 732 60 914 82 Mezzanine Funds that make investments in the junior debt and equity securities of leveraged companies 598 142 534 354 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 1,829 391 1,216 408 Total private equity funds 8,428 4,064 6,588 3,330 Hedge funds: Event-driven Securities of companies undergoing material structural changes, including mergers, acquisitions and other reorganizations 92 — 466 — Long-short Securities that the manager believes are undervalued, with corresponding short positions to hedge market risk 696 — 432 — Macro Investments that take long and short positions in financial instruments based on a top-down view of certain economic and capital market conditions 414 — 516 — 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 192 — 416 — Total hedge funds 1,394 — 1,830 — Total $ 9,822 $ 4,064 $ 8,418 $ 3,330 |
Fair Value Option | The following table presents the gains or losses recorded related to the eligible instruments for which we elected the fair value option: Years Ended December 31, Gain (Loss) (in millions) 2022 2021 2020 Assets: Other bond securities (a) $ (822) $ (12) $ 552 Alternative investments (b) 224 1,650 685 Liabilities: Long-term debt (c) 225 66 (176) Total gain (loss) $ (373) $ 1,704 $ 1,061 (a) Includes certain securities supporting the funds withheld arrangements with Fortitude Re. For additional information regarding the gains and losses for Other bond securities, see Note 5. For additional information regarding the funds withheld arrangements with Fortitude Re, see Note 7. (b) Includes certain hedge funds, private equity funds and other investment partnerships. (c) Includes guaranteed investment agreements (GIAs), notes, bonds and mortgages payable. The following table presents the difference between fair value and the aggregate contractual principal amount of long-term debt for which the fair value option was elected: December 31, 2022 December 31, 2021 (in millions) Fair Value Outstanding Principal Amount Difference Fair Value Outstanding Principal Amount Difference Liabilities: Long-term debt* $ 56 $ 45 $ 11 $ 1,871 $ 1,405 $ 466 * Includes GIAs, notes, bonds, loans and mortgages payable. |
Fair Value Measurements, Nonrecurring | The following table presents assets measured at fair value on a non-recurring basis at the time of impairment and the related impairment charges recorded during the periods presented: Assets at Fair Value Impairment Charges Non-Recurring Basis December 31, (in millions) Level 1 Level 2 Level 3 Total 2022 2021 2020 December 31, 2022 Other investments $ — $ — $ 12 $ 12 $ 25 $ 6 $ 77 Other assets — — — — 1 67 14 Total $ — $ — $ 12 $ 12 $ 26 $ 73 $ 91 December 31, 2021 Other investments $ — $ — $ 104 $ 104 Total $ — $ — $ 104 $ 104 |
Fair Value, by Balance Sheet Grouping | The following table presents the carrying amounts and estimated fair values of our financial instruments not measured at fair value and indicates the level in the fair value hierarchy of the estimated fair value measurement based on the observability of the inputs used: Estimated Fair Value Carrying (in millions) Level 1 Level 2 Level 3 Total December 31, 2022 Assets: Mortgage and other loans receivable $ — $ 89 $ 45,755 $ 45,844 $ 49,442 Other invested assets — 848 6 854 854 Short-term investments — 6,668 — 6,668 6,668 Cash 2,043 — — 2,043 2,043 Other assets 24 9 — 33 33 Liabilities: Policyholder contract deposits associated with investment-type contracts — 119 131,844 131,963 138,243 Fortitude Re funds withheld payable — — 32,618 32,618 32,618 Other liabilities — 3,101 — 3,101 3,101 Short-term and long-term debt — 19,328 275 19,603 21,243 Debt of consolidated investment entities — 3,055 2,478 5,533 5,880 Separate account liabilities - investment contracts — 80,649 — 80,649 80,649 December 31, 2021 Assets: Mortgage and other loans receivable $ — $ 82 $ 47,947 $ 48,029 $ 46,033 Other invested assets — 871 6 877 878 Short-term investments — 8,931 — 8,931 8,931 Cash 2,198 — — 2,198 2,198 Other assets 21 11 — 32 32 Liabilities: Policyholder contract deposits associated with investment-type contracts — 169 142,974 143,143 133,043 Fortitude Re funds withheld payable — — 34,849 34,849 34,849 Other liabilities — 3,704 — 3,704 3,704 Short-term and long-term debt — 24,758 336 25,094 21,870 Debt of consolidated investment entities — 3,077 3,313 6,390 6,422 Separate account liabilities - investment contracts — 104,126 — 104,126 104,126 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Amortized Cost and Fair Value of Available For Sale Securities | The following table presents the amortized cost and fair value of our available for sale securities: (in millions) Amortized Cost Allowance for Credit Losses (a) Gross Unrealized Gains Gross Unrealized Losses Fair Value December 31, 2022 Bonds available for sale: U.S. government and government sponsored entities $ 7,094 $ — $ 21 $ (496) $ 6,619 Obligations of states, municipalities and political subdivisions 13,195 — 99 (1,195) 12,099 Non-U.S. governments 15,133 (6) 91 (1,733) 13,485 Corporate debt 160,242 (132) 1,152 (23,423) 137,839 Mortgage-backed, asset-backed and collateralized: RMBS 19,584 (37) 807 (1,537) 18,817 CMBS 15,610 (11) 14 (1,420) 14,193 CLO/ABS 25,135 — 38 (2,069) 23,104 Total mortgage-backed, asset-backed and collateralized 60,329 (48) 859 (5,026) 56,114 Total bonds available for sale (b) $ 255,993 $ (186) $ 2,222 $ (31,873) $ 226,156 December 31, 2021 Bonds available for sale: U.S. government and government sponsored entities $ 7,874 $ — $ 347 $ (27) $ 8,194 Obligations of states, municipalities and political subdivisions 12,760 — 1,782 (15) 14,527 Non-U.S. governments 15,858 — 719 (247) 16,330 Corporate debt 163,064 (89) 13,892 (1,259) 175,608 Mortgage-backed, asset-backed and collateralized: RMBS 25,027 (9) 2,422 (153) 27,287 CMBS 15,333 — 555 (79) 15,809 CLO/ABS 19,294 — 276 (123) 19,447 Total mortgage-backed, asset-backed and collateralized 59,654 (9) 3,253 (355) 62,543 Total bonds available for sale (b) $ 259,210 $ (98) $ 19,993 $ (1,903) $ 277,202 (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 December 31, 2022 and 2021, the fair value of bonds available for sale held by us that were below investment grade or not rated totaled $22.3 billion or 10 percent and $27.0 billion or 10 percent, respectively. |
Schedule of Unrealized Loss on Investments | The following table summarizes the fair value and gross unrealized losses on our available for sale securities, aggregated by major investment category and length of time that individual securities have been in a continuous unrealized loss position for which no allowance for credit loss has been recorded: Less than 12 Months 12 Months or More Total (in millions) Fair Gross Fair Gross Fair Gross December 31, 2022 Bonds available for sale: U.S. government and government sponsored entities $ 3,493 $ 368 $ 1,816 $ 128 $ 5,309 $ 496 Obligations of states, municipalities and political subdivisions 8,697 1,180 73 15 8,770 1,195 Non-U.S. governments 10,702 1,526 779 191 11,481 1,717 Corporate debt 110,683 19,756 13,778 3,609 124,461 23,365 RMBS 10,953 1,293 1,005 182 11,958 1,475 CMBS 11,620 1,094 1,728 326 13,348 1,420 CLO/ABS 16,852 1,388 4,307 681 21,159 2,069 Total bonds available for sale $ 173,000 $ 26,605 $ 23,486 $ 5,132 $ 196,486 $ 31,737 Less than 12 Months 12 Months or More Total (in millions) Fair Gross Fair Gross Fair Gross December 31, 2021 Bonds available for sale: U.S. government and government sponsored entities $ 3,696 $ 14 $ 447 $ 13 $ 4,143 $ 27 Obligations of states, municipalities and political subdivisions 714 11 57 4 771 15 Non-U.S. governments 4,644 115 1,324 132 5,968 247 Corporate debt 31,914 720 8,819 467 40,733 1,187 RMBS 5,362 102 1,154 46 6,516 148 CMBS 3,980 63 153 16 4,133 79 CLO/ABS 8,263 112 339 11 8,602 123 Total bonds available for sale $ 58,573 $ 1,137 $ 12,293 $ 689 $ 70,866 $ 1,826 |
Investments Classified by Contractual Maturity Date | The following table presents the amortized cost and fair value of fixed maturity securities available for sale by contractual maturity: Total Fixed Maturity Securities (in millions) Amortized Cost, Fair Value December 31, 2022 Due in one year or less $ 9,150 $ 9,010 Due after one year through five years 50,935 48,517 Due after five years through ten years 44,213 39,449 Due after ten years 91,228 73,066 Mortgage-backed, asset-backed and collateralized 60,281 56,114 Total $ 255,807 $ 226,156 |
Realized Gain (Loss) on Investments | The following table presents the gross realized gains and gross realized losses from sales or maturities of our available for sale securities: Years Ended December 31, 2022 2021 2020 (in millions) Gross Gross Gross Gross Gross Gross Fixed maturity securities $ 446 $ 1,628 $ 1,369 $ 441 $ 1,824 $ 810 Years Ended December 31, 2022 2021 2020 (in millions) Excluding Fortitude Total Excluding Fortitude Total Excluding Fortitude Total Sales of fixed maturity securities $ (871) $ (311) $ (1,182) $ 211 $ 717 $ 928 $ 307 $ 707 $ 1,014 Intent to sell (66) — (66) — — — (3) — (3) Change in allowance for credit losses on fixed maturity securities (184) (32) (216) 19 7 26 (270) (10) (280) Change in allowance for credit losses on loans (55) (47) (102) 163 9 172 (105) 2 (103) Foreign exchange transactions (17) (5) (22) 16 (5) 11 365 13 378 Variable annuity embedded derivatives, net of related hedges 1,221 — 1,221 (39) — (39) 166 — 166 All other derivatives and hedge accounting 1,814 (134) 1,680 179 28 207 (672) (249) (921) Sales of alternative investments and real estate investments 193 43 236 988 237 1,225 143 — 143 Other (39) — (39) 214 10 224 13 — 13 Net realized gains (losses) – excluding Fortitude Re funds withheld embedded derivative 1,996 (486) 1,510 1,751 1,003 2,754 (56) 463 407 Net realized gains (losses) on Fortitude Re funds withheld embedded derivative — 7,481 7,481 — (603) (603) — (2,645) (2,645) Net realized gains (losses) $ 1,996 $ 6,995 $ 8,991 $ 1,751 $ 400 $ 2,151 $ (56) $ (2,182) $ (2,238) |
Debt Securities, Trading, and Equity Securities, FV-NI | The following table presents the fair value of fixed maturity securities measured at fair value based on our election of the fair value option, which are reported in the other bond securities caption in the financial statements, and equity securities measured at fair value: (in millions) December 31, 2022 December 31, 2021 Fair Percent Fair Percent Fixed maturity securities: U.S. government and government sponsored entities $ — — % $ 1,750 25 % Obligations of states, municipalities and political subdivisions 111 2 97 1 Non-U.S. governments 66 1 76 1 Corporate debt 2,392 47 1,050 15 Mortgage-backed, asset-backed and collateralized: RMBS 286 6 411 6 CMBS 331 7 315 4 CLO/ABS and other collateralized 1,299 26 2,579 37 Total mortgage-backed, asset-backed and collateralized 1,916 39 3,305 47 Total fixed maturity securities 4,485 89 6,278 89 Equity securities 575 11 739 11 Total $ 5,060 100 % $ 7,017 100 % |
Schedule of Other Invested Assets | The following table summarizes the carrying amounts of other invested assets: (in millions) December 31, 2022 December 31, 2021 Alternative investments (a)(b) $ 11,809 $ 10,951 Investment real estate (c) 2,153 2,727 All other investments (d) 1,991 1,990 Total $ 15,953 $ 15,668 (a) At December 31, 2022, included hedge funds of $1.4 billion, and private equity funds of $10.4 billion. At December 31, 2021, included hedge funds of $2.0 billion, and private equity funds of $8.9 billion. (b) At December 31, 2022, approximately 66 percent of our hedge fund portfolio is available for redemption in 2023. The remaining 34 percent will be available for redemption between 2024 and 2028. (c) Represents values net of accumulated depreciation. At December 31, 2022 and 2021, the accumulated depreciation was $786 million and $778 million, respectively. |
Equity Method Investments Summarized Financial Information | The following is the aggregated summarized financial information of our equity method investees, including those for which the fair value option has been elected: Years Ended December 31, (in millions) 2022 2021 2020 Operating results: Total revenues $ 28,500 $ 31,560 $ 13,090 Total expenses (2,789) (2,241) (2,897) Net income $ 25,711 $ 29,319 $ 10,193 At December 31, (in millions) 2022 2021 Balance sheet: Total assets $ 134,435 $ 105,837 Total liabilities $ (14,701) $ (12,779) The following table presents the carrying amount and ownership percentage of equity method investments at December 31, 2022 and 2021: 2022 2021 (in millions) Carrying Ownership Carrying Ownership Equity method investments $ 5,963 Various $ 5,145 Various |
Investment Income | The following table presents the components of Net investment income: Years Ended December 31, 2022 2021 2020 (in millions) Excluding Fortitude Total Excluding Fortitude Total Excluding Fortitude Total Available for sale fixed maturity securities, including short-term investments $ 8,664 $ 1,067 $ 9,731 $ 8,583 $ 1,468 $ 10,051 $ 9,508 $ 851 $ 10,359 Other fixed maturity securities (a) (363) (459) (822) (19) 7 (12) 540 13 553 Equity securities (53) — (53) (237) — (237) 200 — 200 Interest on mortgage and other loans 1,959 203 2,162 1,745 207 1,952 1,883 106 1,989 Alternative investments (b) 819 170 989 2,579 321 2,900 913 99 1,012 Real estate 57 — 57 225 — 225 195 — 195 Other investments (c) 359 (5) 354 250 5 255 (120) 1 (119) Total investment income 11,442 976 12,418 13,126 2,008 15,134 13,119 1,070 14,189 Investment expenses 618 33 651 485 37 522 541 17 558 Net investment income $ 10,824 $ 943 $ 11,767 $ 12,641 $ 1,971 $ 14,612 $ 12,578 $ 1,053 $ 13,631 (a) Included in the years ended December 31, 2022, 2021 and 2020 were income (loss) of $(195) million, $(49) million and $195 million, respectively, related to fixed maturity securities measured at fair value that economically hedge liabilities described in (c) below. (b) Included income from hedge funds, private equity funds and affordable housing partnerships. Hedge funds are recorded as of the balance sheet date. Private equity funds are generally reported on a one-quarter lag. (c) Included in the years ended December 31, 2022, 2021 and 2020 were income (loss) of $186 million, $65 million and $(162) million, respectively, related to liabilities measured at fair value that are economically hedged with fixed maturity securities as described in (a) above. |
Unrealized Gain (Loss) on Investments | The following table presents the increase (decrease) in unrealized appreciation (depreciation) of our available for sale securities and other investments: Years Ended December 31, (in millions) 2022 2021 Increase (decrease) in unrealized appreciation (depreciation) of investments: Fixed maturity securities $ (47,741) $ (9,255) Other investments (25) — Total increase (decrease) in unrealized appreciation (depreciation) of investments $ (47,766) $ (9,255) The following table summarizes the unrealized gains and losses recognized in Net investment income during the reporting period on equity securities and other investments still held at the reporting date: Years Ended December 31, 2022 2021 (in millions) Equities Other Total Equities Other Total Net gains (losses) recognized during the period on equity securities and other investments $ (53) $ 355 $ 302 $ (237) $ 2,028 $ 1,791 Less: Net gains (losses) recognized during the period on equity securities and other investments sold during the period 96 (23) 73 (180) 114 (66) Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date $ (149) $ 378 $ 229 $ (57) $ 1,914 $ 1,857 |
Debt Securities, Available-for-sale, Allowance for Credit Loss | The following table presents a rollforward of the changes in allowance for credit losses on available for sale fixed maturity securities by major investment category: Years Ended December 31, 2022 2021 2020 (in millions) Structured Non- Total Structured Non- Total Structured Non- Total Balance, beginning of year* $ 8 $ 90 $ 98 $ 17 $ 169 $ 186 $ 7 $ — $ 7 Additions: Securities for which allowance for credit losses were not previously recorded 69 238 307 9 56 65 38 290 328 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) (92) (95) (4) (29) (33) (5) (26) (31) 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 (27) (64) (91) (14) (77) (91) (50) 33 (17) Write-offs charged against the allowance — (30) (30) — (29) (29) — (128) (128) Other (1) (2) (3) — — — — — — Balance, end of year $ 46 $ 140 $ 186 $ 8 $ 90 $ 98 $ 17 $ 169 $ 186 * The beginning balance incorporates the Day 1 gross up on PCD assets held as of January 1, 2020. |
Reconciliation of Purchase Price to Unpaid Principal Balance on Acquisition Date of PCD Securities | The following table presents a reconciliation of the purchase price to the unpaid principal balance at the acquisition date of the PCD securities that were purchased with credit deterioration: Year Ended December 31, (in millions) 2020 Unpaid principal balance $ 644 Allowance for expected credit losses at acquisition (26) Purchase (discount) premium (149) Purchase price $ 469 |
Schedule of Financial Instruments Owned and Pledged as Collateral | The following table presents the fair value of securities pledged to counterparties under secured financing transactions, including repurchase and securities lending agreements: (in millions) December 31, 2022 December 31, 2021 Fixed maturity securities available for sale $ 2,968 $ 3,583 The following table presents the fair value of securities pledged under our repurchase agreements by collateral type and by remaining contractual maturity: Remaining Contractual Maturity of the Agreements (in millions) Overnight up to 31 - 90 91 - 364 365 days Total December 31, 2022 Bonds available for sale: U.S. government and government sponsored entities $ — $ — $ — $ — $ — $ — Non-U.S. governments — 20 — — — 20 Corporate debt — 2,371 577 — — 2,948 Total $ — $ 2,391 $ 577 $ — $ — $ 2,968 December 31, 2021 Bonds available for sale: Non-U.S. governments $ 48 $ — $ — $ — $ — $ 48 Corporate debt 128 61 22 — — 211 Total $ 176 $ 61 $ 22 $ — $ — $ 259 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 up to 31 - 90 91 - 364 365 days Total December 31, 2022 Bonds available for sale: Obligations of states, municipalities and political subdivisions $ — $ — $ — $ — $ — $ — Non-U.S. governments — — — — — — Total $ — $ — $ — $ — $ — $ — December 31, 2021 Bonds available for sale: Obligations of states, municipalities and political subdivisions $ — $ — $ 106 $ — $ — $ 106 Non-U.S. governments — — 43 — — 43 Corporate debt — 534 2,641 — — 3,175 Total $ — $ 534 $ 2,790 $ — $ — $ 3,324 The following table presents information on the fair value of securities pledged to us under reverse repurchase agreements: (in millions) December 31, 2022 December 31, 2021 Securities collateral pledged to us $ — $ 1,839 |
Lending Activities (Tables)
Lending Activities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Receivables [Abstract] | |
Composition of Mortgages and Other Loans Receivable | The following table presents the composition of Mortgage and other loans receivable, net: (in millions) December 31, 2022 December 31, 2021 Commercial mortgages (a) $ 37,128 $ 35,665 Residential mortgages 6,130 5,492 Life insurance policy loans 1,758 1,843 Commercial loans, other loans and notes receivable (b) 5,305 3,677 Total mortgage and other loans receivable (c) 50,321 46,677 Allowance for credit losses (c) (d) (716) (629) Mortgage and other loans receivable, net (c) $ 49,605 $ 46,048 (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 19 percent and 11 percent, respectively, at December 31, 2022 and 21 percent and 10 percent, respectively, at December 31, 2021). (b) Includes loans held for sale which are carried at lower of cost or market and are collateralized primarily by apartments. As of December 31, 2022 and 2021, the net carrying value of these loans were $170 million and $15 million, respectively. (c) In 2022, excludes $37.6 billion loan receivable from AIGFP, which has a full allowance for credit losses, recognized upon the deconsolidation of AIGFP. For additional information, see Note 1. (d) Does not include allowance for credit losses of $69 million and $71 million, respectively, at December 31, 2022 and 2021, in relation to off-balance-sheet commitments to fund commercial mortgage loans, which is recorded in Other liabilities. |
Credit Quality | The following table presents debt service coverage ratios (a) for commercial mortgages by year of vintage: December 31, 2022 2022 2021 2020 2019 2018 Prior Total (in millions) >1.2X $ 5,518 $ 2,457 $ 1,710 $ 4,985 $ 4,120 $ 11,663 $ 30,453 1.00 - 1.20X 910 898 473 416 567 1,353 4,617 <1.00X 45 — 23 52 744 1,194 2,058 Total commercial mortgages $ 6,473 $ 3,355 $ 2,206 $ 5,453 $ 5,431 $ 14,210 $ 37,128 December 31, 2021 2021 2020 2019 2018 2017 Prior Total (in millions) >1.2X $ 2,245 $ 1,662 $ 5,126 $ 3,926 $ 3,557 $ 10,796 $ 27,312 1.00 - 1.20X 574 1,019 700 1,138 136 1,929 5,496 <1.00X 1 27 71 925 41 1,792 2,857 Total commercial mortgages $ 2,820 $ 2,708 $ 5,897 $ 5,989 $ 3,734 $ 14,517 $ 35,665 The following table presents loan-to-value ratios (b) for commercial mortgages by year of vintage: December 31, 2022 2022 2021 2020 2019 2018 Prior Total (in millions) Less than 65% $ 5,425 $ 2,548 $ 1,775 $ 3,958 $ 3,016 $ 10,739 $ 27,461 65% to 75% 998 517 405 1,445 1,487 1,393 6,245 76% to 80% 50 52 — — 168 229 499 Greater than 80% — 238 26 50 760 1,849 2,923 Total commercial mortgages $ 6,473 $ 3,355 $ 2,206 $ 5,453 $ 5,431 $ 14,210 $ 37,128 December 31, 2021 2021 2020 2019 2018 2017 Prior Total (in millions) Less than 65% $ 2,286 $ 2,272 $ 4,149 $ 4,815 $ 2,892 $ 9,902 $ 26,316 65% to 75% 372 410 1,748 1,174 406 3,490 7,600 76% to 80% — — — — 188 274 462 Greater than 80% 162 26 — — 248 851 1,287 Total commercial mortgages $ 2,820 $ 2,708 $ 5,897 $ 5,989 $ 3,734 $ 14,517 $ 35,665 (a) The debt service coverage ratio compares a property’s net operating income to its debt service payments, including principal and interest. Our weighted average debt service coverage ratio was 1.9x at period ended December 31, 2022 and 1.9x at period ended December 31, 2021. The debt service coverage ratios have been updated within the last three 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 59 percent at December 31, 2022 and was 57 percent at December 31, 2021. The loan-to-value ratios have been updated within the last three months. The following table presents supplementary credit quality information related to commercial mortgages: Number Class Percent (dollars in millions) Apartments Offices Retail Industrial Hotel Others Total December 31, 2022 Past Due Status: In good standing 615 $ 14,597 $ 9,652 $ 3,634 $ 6,006 $ 1,935 $ 407 $ 36,231 97 % Restructured (a) 10 — 450 140 — 92 — 682 2 90 days or less delinquent — — — — — — — — — >90 days delinquent or in process of foreclosure 4 — 173 42 — — — 215 1 Total (b) 629 $ 14,597 $ 10,275 $ 3,816 $ 6,006 $ 2,027 $ 407 $ 37,128 100 % Allowance for credit losses $ 100 $ 351 81 71 29 8 $ 640 2 % December 31, 2021 Past Due Status: In good standing 636 $ 14,267 $ 9,695 $ 4,778 $ 3,858 $ 1,985 $ 432 $ 35,015 98 % Restructured (a) 8 — 354 25 — 136 — 515 2 90 days or less delinquent — — — — — — — — — >90 days delinquent or in process of foreclosure 5 — 81 54 — — — 135 — Total (b) 649 $ 14,267 $ 10,130 $ 4,857 $ 3,858 $ 2,121 $ 432 $ 35,665 100 % Allowance for credit losses $ 109 $ 247 $ 103 $ 47 $ 31 $ 8 $ 545 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 – Troubled Debt Restructurings. (b) Does not reflect allowance for credit losses. The following table presents credit quality performance indicators for residential mortgages by year of vintage: December 31, 2022 2022 2021 2020 2019 2018 Prior Total (in millions) FICO*: 780 and greater $ 296 $ 2,204 $ 654 $ 232 $ 77 $ 567 $ 4,030 720 - 779 536 728 168 76 32 169 1,709 660 - 719 163 80 28 16 9 62 358 600 - 659 2 4 2 2 2 14 26 Less than 600 — — — 1 — 6 7 Total residential mortgages $ 997 $ 3,016 $ 852 $ 327 $ 120 $ 818 $ 6,130 December 31, 2021 2021 2020 2019 2018 2017 Prior Total (in millions) FICO*: 780 and greater $ 1,601 $ 691 $ 297 $ 107 $ 192 $ 501 $ 3,389 720 - 779 1,306 230 86 44 58 154 1,878 660 - 719 48 42 22 12 20 49 193 600 - 659 1 1 2 3 2 12 21 Less than 600 — — 1 1 2 7 11 Total residential mortgages $ 2,956 $ 964 $ 408 $ 167 $ 274 $ 723 $ 5,492 * Fair Isaac Corporation (FICO) is the credit quality indicator used to evaluate consumer credit risk for residential mortgage loan borrowers and have been updated within the last twelve months. |
Allowance for Credit Loss | The following table presents a rollforward of the changes in the allowance for credit losses on Mortgage and other loans receivable (a) : Years Ended December 31, 2022 2021 2020 (in millions) Commercial Other Total Commercial Other Total Commercial Other Total Allowance, beginning of year $ 545 $ 84 $ 629 $ 685 $ 129 $ 814 $ 336 $ 102 $ 438 Initial allowance upon CECL adoption — — — — — — 311 7 318 Loans charged off (17) — (17) (2) — (2) (12) (5) (17) Net charge-offs (17) — (17) (2) — (2) (12) (5) (17) Addition to (release of) allowance for loan losses 112 (8) 104 (138) (26) (164) 50 25 75 Divestitures — — — — (19) (19) — — — Allowance, end of year (b) $ 640 $ 76 $ 716 $ 545 $ 84 $ 629 $ 685 $ 129 $ 814 (a) Does not include allowance for credit losses of $69 million and $71 million, respectively, at December 31, 2022 and 2021 in relation to off-balance-sheet commitments to fund commercial mortgage loans, which is recorded in Other liabilities. (b) In 2022, excludes $37.6 billion loan receivable from AIGFP, which has a full allowance for credit losses, recognized upon the deconsolidation of AIGFP. For additional information, see Note 1. |
Reinsurance (Tables)
Reinsurance (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Insurance [Abstract] | |
Summary of The Composition of Pool of Assets | The following table provides supplemental information for loss and benefit reserves, gross and net of ceded reinsurance: At December 31, 2022 2021 (in millions) As Net of As Net of Liability for unpaid losses and loss adjustment expenses $ (75,167) $ (42,955) $ (79,026) $ (43,678) Future policy benefits for life and accident and health insurance contracts (59,223) (33,666) (59,950) (33,964) Policyholder contract deposits (158,891) (154,712) (156,686) (152,266) Reserve for unearned premiums (18,338) (13,992) (19,313) (15,028) Other policyholder funds (3,909) (3,344) (3,476) (2,885) Reinsurance assets* 66,859 70,630 * Reinsurance assets excludes (i) allowance for credit losses and disputes of $295 million and $333 million (of which $110 million and $135 million pertains to CECL reserve for Liability for unpaid losses and loss adjustment expenses) for the years ended December 31, 2022 and 2021, respectively, (ii) paid loss recoveries of $4,663 million and $3,645 million for the years ended December 31, 2022 and 2021, respectively, and (iii) policy and contract claims recoverable of $366 million and $342 million for the years ended December 31, 2022 and 2021, respectively. |
Effects of Reinsurance | The following table presents short-duration insurance premiums written and earned: Years Ended December 31, (in millions) 2022 2021 2020 Premiums written: Direct $ 32,025 $ 30,910 $ 28,521 Assumed 7,385 7,209 5,947 Ceded (12,650) (11,702) (11,012) Net $ 26,760 $ 26,417 $ 23,456 Premiums earned: Direct $ 32,053 $ 30,279 $ 28,596 Assumed 7,137 6,640 5,984 Ceded (12,425) (11,301) (10,435) Net $ 26,765 $ 25,618 $ 24,145 The following table presents premiums earned and policy fees for our long-duration life insurance and annuity operations: Years Ended December 31, (in millions) 2022 2021 2020 Premiums Direct $ 4,738 $ 4,596 $ 4,381 Assumed 1,318 2,265 1,058 Ceded (964) (1,220) (1,061) Net $ 5,092 $ 5,641 $ 4,378 Policy Fees Direct $ 3,048 $ 3,130 $ 2,957 Assumed — — — Ceded (76) (79) (40) Net $ 2,972 $ 3,051 $ 2,917 |
Schedule of Life Insurance in Force Ceded to Other Insurance Companies | The following table presents long-duration insurance in-force ceded to other insurance companies: At December 31, (in millions) 2022 2021 2020 Long-duration insurance in force ceded $ 346,879 $ 363,008 $ 349,453 |
Summary of Assets Supporting Funds Withheld Arrangements | There is a diverse pool of assets supporting the funds withheld arrangements with Fortitude Re. The following summarizes the composition of the pool of assets: December 31, 2022 December 31, 2021 (in millions) Carrying Fair Carrying Fair Corresponding Accounting Policy Fixed maturity securities - available for sale (a) $ 18,821 $ 18,821 $ 31,815 $ 31,815 Fair value through other comprehensive income (loss) Fixed maturity securities - fair value option 4,182 4,182 1,983 1,983 Fair value through net investment income Commercial mortgage loans 4,107 3,837 3,637 3,859 Amortized cost Real estate investments 133 348 201 395 Amortized cost Private equity funds / hedge funds 1,893 1,893 1,606 1,606 Fair value through net investment income Policy loans 355 355 380 380 Amortized cost Short-term investments 75 75 50 50 Fair value through net investment income Funds withheld investment assets 29,566 29,511 39,672 40,088 Derivative assets, net (b) 90 90 81 81 Fair value through net realized gains (losses) Other (c) 782 782 602 602 Amortized cost Total $ 30,438 $ 30,383 $ 40,355 $ 40,771 (a) The change in the net unrealized gains (losses) on available for sale securities related to the Fortitude Re funds withheld assets was $(7.5) billion ($(5.9) billion after-tax) and $(2.2) billion ($(1.8) billion after-tax), respectively for 2022 and 2021. (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 $192 million and $28 million, respectively, as of December 31, 2022. The derivative assets and liabilities supporting the Fortitude Re funds withheld arrangements had a fair market value of $389 million and $10 million, respectively, as of December 31, 2021. These derivative assets and liabilities are fully collateralized either by cash or securities. (c) Primarily comprised of Cash and Accrued investment income. |
Summary of The Impact of Funds Withheld Arrangements | The impact of the funds withheld arrangements with Fortitude Re was as follows: Years Ended December 31, (in millions) 2022 2021 2020 Net underwriting income $ — $ — $ — Net investment income - Fortitude Re funds withheld assets 943 1,971 1,053 Net realized gains (losses) on Fortitude Re funds withheld assets: Net realized gains (losses) - Fortitude Re funds withheld assets (486) 1,003 463 Net realized gains (losses) - Fortitude Re embedded derivative 7,481 (603) (2,645) Net realized gains (losses) on Fortitude Re funds withheld assets 6,995 400 (2,182) Income (loss) from continuing operations before income tax expense (benefit) 7,938 2,371 (1,129) Income tax expense (benefit) (a) 1,667 499 (237) Net income (loss) 6,271 1,872 (892) Change in unrealized appreciation (depreciation) of all other investments (a) (5,900) (1,760) 812 Comprehensive income (loss) $ 371 $ 112 $ (80) (a) The income tax expense (benefit) and the tax impact in AOCI was computed using AIG’s U.S. statutory tax rate of 21 percent. |
Reinsurance Recoverable, Allowance for Credit Loss | The following table presents a rollforward of the reinsurance recoverable allowance: Years Ended December 31, 2022 2021 2020 (in millions) General Insurance Life and Retirement Total General Insurance Life and Retirement Total General Insurance Life and Retirement Total Balance, beginning of year $ 281 $ 101 $ 382 $ 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 (22) (17) (39) 6 18 24 (12) 21 9 Write-offs charged against the allowance for credit losses and disputes (5) — (5) (17) — (17) (9) — (9) Recoveries of amounts previously written off 2 — 2 — — — — — — Other changes 4 — 4 — — — — — — Balance, end of year $ 260 $ 84 $ 344 $ 281 $ 101 $ 382 $ 292 $ 83 $ 375 |
Deferred Policy Acquisition C_2
Deferred Policy Acquisition Costs (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Deferred Policy Acquisition Costs | The following table presents a rollforward of DAC: Years Ended December 31, (in millions) 2022 2021 2020 Balance, beginning of year $ 10,403 $ 9,679 $ 10,890 Acquisition costs deferred 4,643 4,666 4,292 Amortization expense (4,954) (4,562) (4,188) Change related to unrealized appreciation (depreciation) of investments 5,631 773 (1,116) Dispositions — — (298) Other, including foreign exchange (298) (153) 99 Balance, end of year (a) $ 15,425 $ 10,403 $ 9,679 (a) Net of cumulative additions (reductions) in DAC of $3.3 billion, $(2.4) billion and $(3.1) billion at December 31, 2022, 2021 and 2020, respectively, related to the effect of net unrealized gains and losses on available for sale securities. |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Variable Interest Entities | The following table presents the total assets and total liabilities associated with our variable interests in consolidated VIEs, as classified in the Consolidated Balance Sheets: (in millions) Real Estate and Investment Entities (d) Securitization Total December 31, 2022 Assets: Bonds available for sale $ — $ 3,672 $ 3,672 Other bond securities — — — Equity securities 51 — 51 Mortgage and other loans receivable — 2,221 2,221 Other invested assets Alternative investments (a) 2,842 — 2,842 Investment real estate 1,731 — 1,731 Short-term investments 191 281 472 Cash 71 — 71 Accrued investment income — 9 9 Other assets 102 70 172 Total (b) $ 4,988 $ 6,253 $ 11,241 Liabilities: Debt of consolidated investment entities $ 1,358 $ 4,336 $ 5,694 Other (c) 85 47 132 Total $ 1,443 $ 4,383 $ 5,826 (in millions) Real Estate and Investment Entities (d) Securitization Total December 31, 2021 Assets: Bonds available for sale $ — $ 5,543 $ 5,543 Other bond securities — 1,852 1,852 Equity securities 223 — 223 Mortgage and other loans receivable — 2,523 2,523 Other invested assets Alternative investments (a) 3,017 — 3,017 Investment real estate 2,257 — 2,257 Short-term investments 487 151 638 Cash 96 — 96 Accrued investment income — 17 17 Other assets 190 558 748 Total (b) $ 6,270 $ 10,644 $ 16,914 Liabilities: Debt of consolidated investment entities $ 1,743 $ 4,504 $ 6,247 Other (c) 122 722 844 Total $ 1,865 $ 5,226 $ 7,091 (a) Comprised primarily of investments in real estate joint ventures at December 31, 2022 and 2021. (b) The assets of each VIE can be used only to settle specific obligations of that VIE. (c) Comprised primarily of Other liabilities at December 31, 2022 and 2021. (d) At December 31, 2022 and 2021, off-balance sheet exposure primarily consisting of our insurance companies’ commitments to real estate and investment entities were $2.1 billion and $2.2 billion, respectively, of which commitments to external parties were $0.6 billion and $0.6 billion, respectively. The following table presents total assets of unconsolidated VIEs in which we hold a variable interest, as well as our maximum exposure to loss associated with these VIEs: Maximum Exposure to Loss (in millions) Total VIE On-Balance (b) Off-Balance Total December 31, 2022 Real estate and investment entities (a) $ 504,219 $ 9,145 $ 3,938 (c) $ 13,083 Other (e) 1,302 247 747 (d) 994 Total $ 505,521 $ 9,392 $ 4,685 $ 14,077 December 31, 2021 Real estate and investment entities (a) $ 457,335 $ 7,650 $ 3,448 (c) $ 11,098 Other 1,738 237 528 (d) 765 Total $ 459,073 $ 7,887 $ 3,976 $ 11,863 (a) Comprised primarily of hedge funds and private equity funds. (b) At December 31, 2022 and 2021, $9.3 billion and $7.8 billion, respectively, of our total unconsolidated VIE assets were recorded as Other invested assets. (c) These amounts represent our unfunded commitments to invest in private equity funds and hedge funds. (d) 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. (e) At December 31, 2022, excludes approximately $2,057 million of VIE assets related to AIGFP and its consolidated subsidiaries, with maximum off-balance sheet exposure to loss of $2,033 million. For additional information, see Note 1. |
Derivatives and Hedge Account_2
Derivatives and Hedge Accounting (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments | The following table presents the notional amounts of our derivatives and the fair value of derivative assets and liabilities in the Consolidated Balance Sheets: December 31, 2022 December 31, 2021 Gross Derivative Assets Gross Derivative Liabilities Gross Derivative Assets Gross Derivative Liabilities (in millions) Notional Fair Notional Fair Notional Fair Notional Fair Derivatives designated as hedging instruments: (a) Interest rate contracts $ 251 $ 355 $ 1,688 $ 66 $ 265 $ 5 $ 895 $ 11 Foreign exchange contracts 4,543 642 4,899 317 5,431 467 5,828 197 Derivatives not designated as hedging instruments: (a) Interest rate contracts 39,833 3,367 34,128 4,772 47,499 3,868 42,113 3,622 Foreign exchange contracts 8,626 1,202 10,397 821 7,905 722 9,997 524 Equity contracts 31,264 428 4,740 26 27,423 681 5,091 53 Commodity contracts 212 9 20 — 303 4 219 — Credit contracts (b) 1,808 32 933 41 3,790 1 936 47 Other contracts (c) 47,184 14 — — 43,892 13 51 — Total derivatives, gross $ 133,721 $ 6,049 $ 56,805 $ 6,043 $ 136,508 $ 5,761 $ 65,130 $ 4,454 Counterparty netting (d) (3,895) (3,895) (2,779) (2,779) Cash collateral (e) (1,640) (1,917) (2,139) (1,089) Total derivatives on Consolidated Balance Sheets (f) $ 514 $ 231 $ 843 $ 586 (a) Fair value amounts are shown before the effects of counterparty netting adjustments and offsetting cash collateral. (b) As of December 31, 2022 and 2021, included CDSs on super senior multi-sector CLOs with a net notional amount of $79 million and $97 million (fair value liability of $32 million and $30 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 $2.2 billion at December 31, 2022 and zero at December 31, 2021. Fair value of liabilities related to bifurcated embedded derivatives was $7.2 billion and $14.5 billion, respectively, at December 31, 2022 and 2021. A bifurcated embedded derivative is generally presented with the host contract in the Consolidated Balance Sheets. Embedded derivatives are primarily related to guarantee features in variable annuity products, which include equity and interest rate components, and the funds withheld arrangement with Fortitude Re. For additional information, see Note 7. |
Schedule of Gain (Loss) Recognized in Income on Derivative Instruments in Fair Value Hedging Relationships | The following table presents the gain (loss) recognized in income on our derivative instruments in fair value hedging relationships in the Consolidated Statements of Income (Loss): Gains/(Losses) Recognized in Income for: (in millions) Hedging Derivatives (a) Excluded Components (b) Hedged Net Impact Year Ended December 31, 2022 Interest rate contracts: Interest credited to policyholder account balances $ (81) $ — $ 83 $ 2 Net investment income 11 — (12) (1) Foreign exchange contracts: Net realized gains/(losses) 382 244 (382) 244 Year Ended December 31, 2021 Interest rate contracts: Interest credited to policyholder account balances $ (19) $ — $ 17 $ (2) Net investment income 9 — (11) (2) Foreign exchange contracts: Net realized gains/(losses) 210 139 (210) 139 Year Ended December 31, 2020 Interest rate contracts: Interest credited to policyholder account balances $ 14 $ — $ (14) $ — Net investment income (6) — 5 (1) Foreign exchange contracts: Net realized gains/(losses) (422) 49 422 49 (a) Gains and losses on derivative instruments designated and qualifying in fair value hedges that are included in the assessment of hedge effectiveness. (b) Gains and losses on derivative instruments designated and qualifying in fair value hedges that are excluded from the assessment of hedge effectiveness and recognized in income on a mark-to-market basis. |
Derivatives Not Designated as Hedging Instruments | The following table presents the effect of derivative instruments not designated as hedging instruments in the Consolidated Statements of Income (Loss): Years Ended December 31, Gains (Losses) Recognized in Income (in millions) 2022 2021 2020 By Derivative Type: Interest rate contracts $ (2,190) $ (573) $ 1,451 Foreign exchange contracts 1,149 278 (389) Equity contracts (497) (736) 211 Commodity contracts (13) (9) — Credit contracts (4) (12) 52 Other contracts 100 64 61 Embedded derivatives 11,873 623 (4,722) Total $ 10,418 $ (365) $ (3,336) By Classification: Policy fees $ 63 $ 61 $ 62 Net investment income - excluding Fortitude Re funds withheld assets 2 5 (8) Net investment income - Fortitude Re funds withheld assets (10) — — Net realized gains (losses) - excluding Fortitude Re funds withheld assets 3,035 148 (508) Net realized gains (losses) on Fortitude Re funds withheld assets (a) 7,347 (575) (2,894) Policyholder benefits and claims incurred (19) (4) 12 Total $ 10,418 $ (365) $ (3,336) (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. |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The following table presents the changes in goodwill by operating segment: General Insurance (in millions) North International Life Other Total Balance at January 1, 2021: Goodwill - gross 3,791 3,456 244 60 7,551 Accumulated impairments (1,145) (2,255) (67) (10) (3,477) Net goodwill 2,646 1,201 177 50 4,074 Increase (decrease) due to: Other — (13) (5) — (18) Balance at December 31, 2021: Goodwill - gross 3,791 3,443 239 60 7,533 Accumulated impairments (1,145) (2,255) (67) (10) (3,477) Net goodwill 2,646 1,188 172 50 4,056 Increase (decrease) due to: Other — (92) (16) (21) (129) Balance at December 31, 2022: Goodwill - gross 3,791 3,351 223 39 7,404 Accumulated impairments (1,145) (2,255) (67) (10) (3,477) Net goodwill $ 2,646 $ 1,096 $ 156 $ 29 $ 3,927 |
Insurance Liabilities (Tables)
Insurance Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Insurance [Abstract] | |
Rollforward of Activity in Loss Reserves | The following table presents the rollforward of activity in loss reserves: Years Ended December 31, (in millions) 2022 2021 2020 Liability for unpaid loss and loss adjustment expenses, beginning of year $ 79,026 $ 77,720 $ 78,328 Reinsurance recoverable (35,213) (34,431) (31,069) Initial allowance upon CECL adoption — — 164 Net Liability for unpaid loss and loss adjustment expenses, beginning of year 43,813 43,289 47,423 Losses and loss adjustment expenses incurred: Current year 16,434 16,434 16,928 Prior years, excluding discount and amortization of deferred gain (530) (171) (90) Prior years, discount charge (benefit) (605) (131) 587 Prior years, amortization of deferred gain on retroactive reinsurance (a) (252) (190) (237) Total losses and loss adjustment expenses incurred 15,047 15,942 17,188 Losses and loss adjustment expenses paid: Current year (4,011) (3,868) (4,062) Prior years (11,066) (11,503) (14,603) Total losses and loss adjustment expenses paid (15,077) (15,371) (18,665) Other changes: Foreign exchange effect (1,463) (593) 815 Allowance for credit losses — — (15) Retroactive reinsurance adjustment (net of discount) (b) 745 546 361 Fortitude sale (c) — — (3,818) Total other changes (718) (47) (2,657) Liability for unpaid loss and loss adjustment expenses, end of year: Net liability for unpaid losses and loss adjustment expenses 43,065 43,813 43,289 Reinsurance recoverable 32,102 35,213 34,431 Total $ 75,167 $ 79,026 $ 77,720 (a) Includes $63 million, $53 million and $41 million for the retroactive reinsurance agreement with NICO covering U.S. asbestos exposures for the years ended December 31, 2022, 2021 and 2020, respectively. (b) Includes benefit (charge) from change in discount on retroactive reinsurance in the amount of $(301) million, $(42) million and $340 million for the years ended December 31, 2022, 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. |
Schedule Of Liability For Policyholders Contract Deposits | The following table presents Policyholder contract deposits: At December 31, (in millions) 2022 2021 Policyholder contract deposits: Individual Retirement $ 90,069 $ 87,664 Group Retirement 43,332 44,087 Life Insurance 10,258 10,298 Institutional Markets 11,643 10,810 Fortitude Re 3,589 3,827 Total Policyholder contract deposits $ 158,891 $ 156,686 |
Reconciliation of claims development to liability | The following table presents the reconciliation of the net liability for unpaid losses and loss adjustment expenses in the following tables to Loss Reserves in the Consolidated Balance Sheets for the year ended December 31, 2022: (in millions) Net liability for unpaid Reinsurance recoverable on Gross liability U.S. Workers' Compensation (before discount) $ 3,962 $ 5,573 $ 9,535 U.S. Excess Casualty 3,638 3,701 7,339 U.S. Other Casualty 3,858 3,872 7,730 U.S. Financial Lines 5,899 1,773 7,672 U.S. Property and Special Risks 6,815 3,295 10,110 U.S. Personal Insurance 794 2,052 2,846 UK/Europe Casualty and Financial lines 6,984 1,538 8,522 UK/Europe Property and Special Risks 2,717 1,464 4,181 UK/Europe and Japan Personal Insurance 1,628 592 2,220 Total $ 36,295 $ 23,860 $ 60,155 Reconciling Items Discount on workers' compensation lines (2,532) Other product lines* 15,072 Unallocated loss adjustment expenses 2,472 Total Loss Reserves $ 75,167 * Reinsurance recoverable for other product lines of $8.5 billion resulted in a net liability for unpaid losses and loss adjustment expenses of $6.6 billion for the year ended December 31, 2022. |
Reconciliation Of Change In Net Ultimate Loss And Loss Adjustment Expense To Prior Year Development | The following table presents the reconciliation of net prior year development before the ADC cessions from the tables below to the net prior year development after ADC cessions and amortization of deferred gain for the year ended December 31, 2022: (in millions) Prior Year Prior Year (a) Re-Attribution (b) Amortization Prior Year U.S. Workers' Compensation $ (644) $ (338) $ (29) $ (52) $ (419) U.S. Excess Casualty (116) 17 15 (40) (8) U.S. Other Casualty (149) (162) 33 (38) (167) U.S. Financial Lines 939 707 (22) (27) 658 U.S. Property and Special Risks (81) (100) 3 (9) (106) U.S. Personal Insurance (28) (32) — (1) (33) UK/Europe Casualty and Financial lines 82 82 — — 82 UK/Europe Property and Special Risks (153) (153) — — (153) UK/Europe and Japan Personal Insurance (111) (111) — — (111) Other Operations Run-Off (5) (5) — — (5) Other product lines (264) (261) — — (261) Subtotal, adjusted pre-tax basis $ (530) $ (356) $ — $ (167) $ (523) Remove impact of Retroactive Reinsurance Amortization of deferred gain at inception 167 Prior year development ceded under the Asbestos LPT — Prior year development ceded under the ADC (174) Total, prior years, excluding discount and amortization of deferred gain $ (530) (a) Change in net ultimate loss and loss adjustment expenses excludes the portion of prior year development we have ceded under the Asbestos Loss Portfolio Transfer (LPT) and the ADC, both of which are provided by NICO and are considered retroactive reinsurance under U.S. GAAP. (b) Reattribution of the ADC recovery takes place annually as we model the future payments on the subject reserves covered by the ADC to determine when the aggregate payments will exceed the attachment. ADC recoverables are then reallocated by line based on payments expected to be made after attachment point is exceeded. |
Schedule of incurred losses and allocated loss adjustment expenses, Undiscounted and net of reinsurance | The following tables present undiscounted, incurred and paid losses and allocated loss adjustment expenses by accident year, on a net basis after reinsurance, with a separate presentation of the ADC excluding the related amortization of the deferred gain: Incurred Losses and Allocated Loss Adjustment Expenses, Undiscounted and Net of Reinsurance Years Ended December 31, (in millions) December 31, 2022 Accident 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2022 Total of IBNR Cumulative Incurred IBNR 2022 Total of Unaudited 2013 $ 1,932 $ 1,880 $ 1,950 $ 2,060 $ 2,032 $ 1,974 $ 1,916 $ 1,886 $ 1,877 $ 1,878 $ 1 $ 116 48,545 $ (326) $ (103) $ 1,552 $ 13 2014 1,729 1,764 1,866 1,862 1,794 1,709 1,679 1,637 1,614 (23) 213 40,986 (371) (164) 1,243 49 2015 1,708 1,864 1,866 1,814 1,722 1,675 1,634 1,612 (22) 395 36,645 (520) (311) 1,092 84 2016 1,299 1,346 1,318 1,140 1,090 1,075 1,036 (39) 241 31,540 — — 1,036 241 2017 789 850 776 763 731 712 (19) 231 27,312 — — 712 231 2018 998 1,021 961 911 896 (15) 399 21,939 — — 896 399 2019 887 873 812 801 (11) 313 16,712 — — 801 313 2020 597 573 521 (52) 176 13,503 — — 521 176 2021 597 570 (27) 314 10,480 — — 570 314 2022 523 391 7,213 — — 523 391 Total $ 10,163 $ (207) $ (1,217) $ 8,946 Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below (5,905) — 170 (5,735) Liabilities for losses and loss adjustment expenses and prior year development before accident year 2013, net of reinsurance 4,390 (404) (3,639) 751 Unallocated loss adjustment expense prior year development (33) Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance $ 8,648 $ (644) $ (4,686) $ 3,962 Incurred Losses and Loss Adjustment Expenses, Undiscounted, Net of Reinsurance (including impact of ADC) Calendar Years Ended December 31, (in millions) Accident 2016 2017 2018 2019 2020 2021 2022 Prior Year Unaudited 2013 $ 1,500 $ 1,494 $ 1,481 $ 1,458 $ 1,520 $ 1,504 $ 1,552 $ 48 2014 1,311 1,310 1,309 1,329 1,223 1,171 1,243 72 2015 1,279 1,279 1,318 1,134 1,105 1,041 1,092 51 2016 1,299 1,346 1,318 1,140 1,090 1,075 1,036 (39) 2017 789 850 776 763 731 712 (19) 2018 998 1,021 961 911 896 (15) 2019 887 873 812 801 (11) 2020 597 573 521 (52) 2021 597 570 (27) 2022 523 Total $ 5,389 $ 6,218 $ 7,274 $ 7,745 $ 8,132 $ 8,415 $ 8,946 $ 8 Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below (5,735) Liabilities for losses and allocated loss adjustment expenses and prior year development before 2013, net of reinsurance 751 (325) Unallocated loss adjustment expense prior year adjustment (21) Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance $ 3,962 $ (338) The following table provides our attribution of our reinsurance recoverable for the ADC only (included in the table above): Calendar Years Ended December 31, (in millions) Accident 2016 2017 2018 2019 2020 2021 2022 Prior Year Unaudited 2013 $ (560) $ (538) $ (493) $ (458) $ (366) $ (373) $ (326) $ 47 2014 (555) (552) (485) (380) (456) (466) (371) 95 2015 (585) (587) (496) (588) (570) (593) (520) 73 2016 — — — — — — — — 2017 — — — — — — — — 2018 — — — — — — — — 2019 — — — — — — — — 2020 — — — — — — — — 2021 — — — — — — — — 2022 — — — — — — — — Total $ (1,700) $ (1,677) $ (1,474) $ (1,426) $ (1,392) $ (1,432) $ (1,217) $ 215 Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below 170 Liabilities for losses and allocated loss adjustment expenses and prior year development before 2013, net of reinsurance (3,639) 79 Unallocated loss adjustment expense prior year development 12 Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance $ (4,686) $ 306 Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31, (in millions) Paid Impact of ADC Accident Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Unaudited 2013 $ 282 $ 619 $ 879 $ 1,067 $ 1,214 $ 1,287 $ 1,335 $ 1,372 $ 1,422 $ 1,472 $ (74) 2014 231 558 786 930 1,030 1,096 1,137 1,180 1,207 (53) 2015 234 524 725 854 925 979 1,013 1,038 (43) 2016 147 378 521 584 630 662 686 — 2017 93 224 294 333 367 389 — 2018 85 215 296 359 388 — 2019 93 219 301 347 — 2020 64 159 205 — 2021 60 128 — 2022 45 — Total $ 5,905 $ (170) Incurred Losses and Allocated Loss Adjustment Expenses, Undiscounted and Net of Reinsurance Years Ended December 31, (in millions) December 31, 2022 Accident 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2022 Total of IBNR Cumulative Incurred IBNR 2022 Total of Unaudited 2013 $ 1,123 $ 1,035 $ 1,169 $ 1,308 $ 1,241 $ 1,282 $ 1,292 $ 1,316 $ 1,303 $ 1,237 $ (66) $ 194 3,423 $ (324) $ (175) $ 913 $ 19 2014 938 1,069 1,275 1,260 1,339 1,283 1,248 1,269 1,259 (10) 324 2,924 (390) (200) 869 124 2015 989 1,463 1,440 1,603 1,656 1,694 1,721 1,686 (35) 281 3,053 (512) (219) 1,174 62 2016 898 1,146 1,162 1,171 1,274 1,250 1,263 13 362 2,628 — — 1,263 362 2017 856 1,002 1,097 1,153 1,157 1,200 43 354 1,985 — — 1,200 354 2018 648 646 721 769 769 — 189 1,350 — — 769 189 2019 577 583 597 612 15 357 1,162 — — 612 357 2020 406 413 410 (3) 324 1,064 — — 410 324 2021 278 277 (1) 150 652 — — 277 150 2022 305 280 254 — — 305 280 Total $ 9,018 $ (44) $ (1,226) $ 7,792 Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below (5,054) — 228 (4,826) Liabilities for losses and loss adjustment expenses and prior year development before accident year 2013, net of reinsurance 2,205 (121) (1,533) 672 Unallocated loss adjustment expense prior year development 49 Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance $ 6,169 $ (116) $ (2,531) $ 3,638 Incurred Losses and Loss Adjustment Expenses, Undiscounted, Net of Reinsurance (including impact of ADC) Calendar Years Ended December 31, (in millions) Accident 2016 2017 2018 2019 2020 2021 2022 Prior Year Unaudited 2013 $ 935 $ 932 $ 981 $ 1,032 $ 970 $ 970 $ 913 $ (57) 2014 902 905 915 844 912 949 869 (80) 2015 1,027 1,015 1,139 1,163 1,211 1,231 1,174 (57) 2016 898 1,146 1,162 1,171 1,274 1,250 1,263 13 2017 856 1,002 1,097 1,153 1,157 1,200 43 2018 648 646 721 769 769 — 2019 577 583 597 612 15 2020 406 413 410 (3) 2021 278 277 (1) 2022 305 Total $ 3,762 $ 4,854 $ 5,847 $ 6,530 $ 7,230 $ 7,614 $ 7,792 $ (127) Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below (4,826) Liabilities for losses and allocated loss adjustment expenses and prior year development before 2013, net of reinsurance 672 67 Unallocated loss adjustment expense prior year adjustment 77 Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance $ 3,638 $ 17 The following table provides our attribution of our reinsurance recoverable for the ADC only (included in the table above): Calendar Years Ended December 31, (in millions) Accident 2016 2017 2018 2019 2020 2021 2022 Prior Year Unaudited 2013 $ (373) $ (309) $ (301) $ (260) $ (346) $ (333) $ (324) $ 9 2014 (373) (355) (424) (439) (336) (320) (390) (70) 2015 (436) (425) (464) (493) (483) (490) (512) (22) 2016 — — — — — — — — 2017 — — — — — — — — 2018 — — — — — — — — 2019 — — — — — — — — 2020 — — — — — — — — 2021 — — — — — — — — 2022 — — — — — — — — Total $ (1,182) $ (1,089) $ (1,189) $ (1,192) $ (1,165) $ (1,143) $ (1,226) $ (83) Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below 228 Liabilities for losses and allocated loss adjustment expenses and prior year development before 2013, net of reinsurance (1,533) 188 Unallocated loss adjustment expense prior year development 28 Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance $ (2,531) $ 133 Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31, (in millions) Paid Impact of ADC Accident Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Unaudited 2013 $ 15 $ 105 $ 207 $ 387 $ 578 $ 705 $ 819 $ 882 $ 903 $ 916 $ (33) 2014 3 77 240 444 590 703 815 839 878 (54) 2015 9 210 391 718 935 1,061 1,124 1,253 (141) 2016 28 80 204 388 502 566 670 — 2017 1 45 156 505 585 676 — 2018 1 125 227 315 414 — 2019 7 43 79 157 — 2020 4 15 33 — 2021 4 43 — 2022 14 — Total $ 5,054 $ (228) Incurred Losses and Allocated Loss Adjustment Expenses, Undiscounted and Net of Reinsurance Years Ended December 31, (in millions) December 31, 2022 Accident 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2022 Total of IBNR Cumulative Incurred IBNR 2022 Total of Unaudited 2013 $ 1,653 $ 1,729 $ 1,912 $ 2,148 $ 2,185 $ 2,164 $ 2,211 $ 2,196 $ 2,178 $ 2,158 $ (20) $ 144 40,358 $ (231) $ (128) $ 1,927 $ 16 2014 1,751 1,721 1,963 2,009 1,910 1,916 1,946 1,935 1,944 9 87 38,469 (226) (65) 1,718 22 2015 1,329 1,762 1,829 1,736 1,794 1,834 1,824 1,815 (9) 25 35,664 (252) (17) 1,563 8 2016 1,339 1,343 1,321 1,391 1,340 1,323 1,293 (30) 165 29,099 — — 1,293 165 2017 602 629 738 674 668 643 (25) 51 21,090 — — 643 51 2018 802 845 837 870 824 (46) 235 16,736 — — 824 235 2019 1,059 1,058 1,053 1,062 9 615 20,690 — — 1,062 615 2020 524 576 538 (38) 329 10,808 — — 538 329 2021 795 793 (2) 615 9,560 — — 793 615 2022 793 708 9,650 — — 793 708 Total $ 11,863 $ (152) $ (709) $ 11,154 Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below (8,018) — 277 (7,741) Liabilities for losses and loss adjustment expenses and prior year development before accident year 2013, net of reinsurance 1,485 — (1,040) 445 Unallocated loss adjustment expense prior year development 3 Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance $ 5,330 $ (149) $ (1,472) $ 3,858 Incurred Losses and Loss Adjustment Expenses, Undiscounted, Net of Reinsurance (including impact of ADC) Calendar Years Ended December 31, (in millions) Accident 2016 2017 2018 2019 2020 2021 2022 Prior Year Unaudited 2013 $ 1,948 $ 1,960 $ 1,929 $ 1,948 $ 1,920 $ 1,926 $ 1,927 $ 1 2014 1,667 1,678 1,634 1,694 1,701 1,722 1,718 (4) 2015 1,361 1,373 1,423 1,493 1,553 1,562 1,563 1 2016 1,339 1,343 1,321 1,391 1,340 1,323 1,293 (30) 2017 602 629 738 674 668 643 (25) 2018 802 845 837 870 824 (46) 2019 1,059 1,058 1,053 1,062 9 2020 524 576 538 (38) 2021 795 793 (2) 2022 793 Total $ 6,315 $ 6,956 $ 7,738 $ 9,168 $ 9,607 $ 10,495 $ 11,154 $ (134) Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below (7,741) Liabilities for losses and allocated loss adjustment expenses and prior year development before 2013, net of reinsurance 445 (40) Unallocated loss adjustment expense prior year adjustment 12 Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance $ 3,858 $ (162) The following table provides our attribution of our reinsurance recoverable for the ADC only (included in the table above): Calendar Years Ended December 31, (in millions) Accident 2016 2017 2018 2019 2020 2021 2022 Prior Year Unaudited 2013 $ (200) $ (225) $ (235) $ (263) $ (276) $ (252) $ (231) $ 21 2014 (296) (331) (276) (222) (245) (213) (226) (13) 2015 (401) (456) (313) (301) (281) (262) (252) 10 2016 — — — — — — — — 2017 — — — — — — — — 2018 — — — — — — — — 2019 — — — — — — — — 2020 — — — — — — — — 2021 — — — — — — — — 2022 — — — — — — — — Total $ (897) $ (1,012) $ (824) $ (786) $ (802) $ (727) $ (709) $ 18 Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below 277 Liabilities for losses and allocated loss adjustment expenses and prior year development before 2013, net of reinsurance (1,040) (40) Unallocated loss adjustment expense prior year development 9 Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance $ (1,472) $ (13) Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31, (in millions) Paid Impact of ADC Accident Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Unaudited 2013 $ 169 $ 594 $ 962 $ 1,248 $ 1,485 $ 1,688 $ 1,809 $ 1,885 $ 1,900 $ 1,943 $ (42) 2014 210 620 868 1,150 1,392 1,572 1,653 1,719 1,795 (97) 2015 105 309 769 1,087 1,351 1,485 1,603 1,680 (138) 2016 77 298 489 703 846 938 1,018 — 2017 51 111 216 314 455 527 — 2018 43 122 227 360 470 — 2019 53 138 226 321 — 2020 26 73 139 — 2021 32 87 — 2022 38 — Total $ 8,018 $ (277) Incurred Losses and Allocated Loss Adjustment Expenses, Undiscounted and Net of Reinsurance Years Ended December 31, (in millions) December 31, 2022 Accident 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2022 Total of IBNR Cumulative Incurred IBNR 2022 Total of Unaudited 2013 $ 1,790 $ 1,719 $ 1,670 $ 1,613 $ 1,555 $ 1,497 $ 1,509 $ 1,550 $ 1,542 $ 1,589 $ 47 $ 52 19,157 $ (180) $ (49) $ 1,409 $ 3 2014 1,812 1,777 1,892 1,927 1,960 1,981 2,000 2,057 2,014 (43) 110 17,638 (276) (82) 1,738 28 2015 1,737 1,762 1,743 1,788 1,830 1,874 1,959 2,044 85 99 16,235 (439) (78) 1,605 21 2016 1,605 1,855 1,993 2,064 2,139 2,281 2,325 44 246 16,135 — — 2,325 246 2017 1,564 1,675 1,756 1,846 1,898 1,987 89 266 15,213 — — 1,987 266 2018 1,640 1,766 1,882 2,063 2,225 162 574 14,787 — — 2,225 574 2019 1,503 1,536 1,627 1,926 299 672 13,242 — — 1,926 672 2020 1,213 1,252 1,408 156 525 10,251 — — 1,408 525 2021 1,430 1,408 (22) 1,144 6,934 — — 1,408 1,144 2022 1,130 1,076 5,192 — — 1,130 1,076 Total $ 18,056 $ 817 $ (895) $ 17,161 Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below (11,719) — 478 (11,241) Liabilities for losses and loss adjustment expenses and prior year development before accident year 2013, net of reinsurance 261 134 (282) (21) Unallocated loss adjustment expense prior year development (12) Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance $ 6,598 $ 939 $ (699) $ 5,899 Incurred Losses and Loss Adjustment Expenses, Undiscounted, Net of Reinsurance (including impact of ADC) Calendar Years Ended December 31, (in millions) Accident 2016 2017 2018 2019 2020 2021 2022 Prior Year Unaudited 2013 $ 1,442 $ 1,429 $ 1,408 $ 1,409 $ 1,402 $ 1,415 $ 1,409 $ (6) 2014 1,733 1,729 1,753 1,741 1,759 1,761 1,738 (23) 2015 1,429 1,430 1,462 1,552 1,550 1,595 1,605 10 2016 1,605 1,855 1,993 2,064 2,139 2,281 2,325 44 2017 1,564 1,675 1,756 1,846 1,898 1,987 89 2018 1,640 1,766 1,882 2,063 2,225 162 2019 1,503 1,536 1,627 1,926 299 2020 1,213 1,252 1,408 156 2021 1,430 1,408 (22) 2022 1,130 Total $ 6,209 $ 8,007 $ 9,931 $ 11,791 $ 13,327 $ 15,322 $ 17,161 $ 709 Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below (11,241) Liabilities for losses and allocated loss adjustment expenses and prior year development before 2013, net of reinsurance (21) (4) Unallocated loss adjustment expense prior year adjustment 2 Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance $ 5,899 $ 707 The following table provides our attribution of our reinsurance recoverable for the ADC only (included in the table above): Calendar Years Ended December 31, (in millions) Accident 2016 2017 2018 2019 2020 2021 2022 Prior Year Unaudited 2013 $ (171) $ (126) $ (89) $ (100) $ (148) $ (127) $ (180) $ (53) 2014 (159) (198) (207) (240) (241) (296) (276) 20 2015 (333) (313) (326) (278) (324) (364) (439) (75) 2016 — — — — — — — — 2017 — — — — — — — — 2018 — — — — — — — — 2019 — — — — — — — — 2020 — — — — — — — — 2021 — — — — — — — — 2022 — — — — — — — — Total $ (663) $ (637) $ (622) $ (618) $ (713) $ (787) $ (895) $ (108) Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below 478 Liabilities for losses and allocated loss adjustment expenses and prior year development before 2013, net of reinsurance (282) (138) Unallocated loss adjustment expense prior year development 14 Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance $ (699) $ (232) Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31, (in millions) Paid Impact of ADC Accident Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Unaudited 2013 $ 41 $ 327 $ 682 $ 945 $ 1,139 $ 1,235 $ 1,314 $ 1,362 $ 1,440 $ 1,466 $ (81) 2014 66 366 849 1,158 1,387 1,573 1,658 1,758 1,820 (128) 2015 63 390 791 1,055 1,282 1,488 1,686 1,818 (269) 2016 73 499 1,002 1,358 1,659 1,826 1,903 — 2017 64 391 761 1,118 1,396 1,515 — 2018 86 486 835 1,126 1,415 — 2019 94 367 642 953 — 2020 84 356 648 — 2021 43 151 — 2022 30 — Total $ 11,719 $ (478) Incurred Losses and Allocated Loss Adjustment Expenses, Undiscounted and Net of Reinsurance Years Ended December 31, (in millions) December 31, 2022 Accident 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2022 Total of IBNR Cumulative Incurred IBNR 2022 Total of Unaudited 2013 $ 2,524 $ 2,525 $ 2,382 $ 2,428 $ 2,441 $ 2,443 $ 2,435 $ 2,428 $ 2,417 $ 2,438 $ 21 $ 27 50,022 $ (41) $ (20) $ 2,397 $ 7 2014 2,940 2,708 2,779 2,765 2,783 2,763 2,745 2,725 2,719 (6) 57 60,738 (76) (36) 2,643 21 2015 3,100 2,973 2,903 2,892 2,856 2,852 2,859 2,869 10 41 59,443 (115) (31) 2,754 10 2016 3,143 3,177 3,094 3,084 3,076 3,060 3,065 5 12 54,740 — — 3,065 12 2017 5,367 4,892 4,734 4,733 4,741 4,777 36 94 79,644 — — 4,777 94 2018 3,674 3,711 3,667 3,882 3,863 (19) 258 69,608 — — 3,863 258 2019 2,783 2,812 2,847 2,859 12 153 78,576 — — 2,859 153 2020 4,483 4,469 4,497 28 1,127 68,119 — — 4,497 1,127 2021 3,517 3,308 (209) 393 80,684 — — 3,308 393 2022 4,035 1,781 75,535 — — 4,035 1,781 Total $ 34,430 $ (122) $ (232) $ 34,198 Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below (27,778) — 85 (27,693) Liabilities for losses and loss adjustment expenses and prior year development before accident year 2013, net of reinsurance 417 47 (107) 310 Unallocated loss adjustment expense prior year development (6) Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance $ 7,069 $ (81) $ (254) $ 6,815 Incurred Losses and Loss Adjustment Expenses, Undiscounted, Net of Reinsurance (including impact of ADC) Calendar Years Ended December 31, (in millions) Accident 2016 2017 2018 2019 2020 2021 2022 Prior Year Unaudited 2013 $ 2,401 $ 2,403 $ 2,416 $ 2,397 $ 2,392 $ 2,385 $ 2,397 $ 12 2014 2,712 2,704 2,719 2,687 2,667 2,655 2,643 (12) 2015 2,832 2,805 2,805 2,762 2,753 2,752 2,754 2 2016 3,143 3,177 3,094 3,084 3,076 3,060 3,065 5 2017 5,367 4,892 4,734 4,733 4,741 4,777 36 2018 3,674 3,711 3,667 3,882 3,863 (19) 2019 2,783 2,812 2,847 2,859 12 2020 4,483 4,469 4,497 28 2021 3,517 3,308 (209) 2022 4,035 Total $ 11,088 $ 16,456 $ 19,600 $ 22,158 $ 26,583 $ 30,308 $ 34,198 $ (145) Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below (27,693) Liabilities for losses and allocated loss adjustment expenses and prior year development before 2013, net of reinsurance 310 48 Unallocated loss adjustment expense prior year adjustment (3) Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance $ 6,815 $ (100) The following table provides our attribution of our reinsurance recoverable for the ADC only (included in the table above): Calendar Years Ended December 31, (in millions) Accident 2016 2017 2018 2019 2020 2021 2022 Prior Year Unaudited 2013 $ (27) $ (38) $ (27) $ (38) $ (36) $ (32) $ (41) $ (9) 2014 (67) (61) (64) (76) (78) (70) (76) (6) 2015 (141) (98) (87) (94) (99) (107) (115) (8) 2016 — — — — — — — — 2017 — — — — — — — — 2018 — — — — — — — — 2019 — — — — — — — — 2020 — — — — — — — — 2021 — — — — — — — — 2022 — — — — — — — — Total $ (235) $ (197) $ (178) $ (208) $ (213) $ (209) $ (232) $ (23) Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below 85 Liabilities for losses and allocated loss adjustment expenses and prior year development before 2013, net of reinsurance (107) 1 Unallocated loss adjustment expense prior year development 3 Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance $ (254) $ (19) Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31, (in millions) Paid Impact of ADC Accident Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Unaudited 2013 $ 733 $ 1,568 $ 1,844 $ 2,037 $ 2,184 $ 2,296 $ 2,321 $ 2,339 $ 2,350 $ 2,385 $ (12) 2014 914 1,758 2,109 2,322 2,461 2,553 2,592 2,623 2,635 (17) 2015 1,038 1,865 2,230 2,485 2,610 2,680 2,717 2,765 (56) 2016 1,004 2,025 2,358 2,611 2,797 2,880 2,962 — 2017 1,363 3,064 3,785 4,136 4,390 4,503 — 2018 1,066 2,618 3,009 3,254 3,427 — 2019 1,145 2,013 2,316 2,499 — 2020 1,191 2,348 2,747 — 2021 1,189 2,472 — 2022 1,383 — Total $ 27,778 $ (85) Incurred Losses and Allocated Loss Adjustment Expenses, Undiscounted and Net of Reinsurance Years Ended December 31, (in millions) December 31, 2022 Accident 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2022 Total of IBNR Cumulative Incurred IBNR 2022 Total of Unaudited 2013 $ 1,887 $ 1,816 $ 1,803 $ 1,782 $ 1,780 $ 1,776 $ 1,777 $ 1,778 $ 1,777 $ 1,777 $ — $ 2 335,448 $ (1) $ — $ 1,776 $ 2 2014 1,552 1,562 1,572 1,572 1,583 1,584 1,588 1,587 1,592 5 6 275,096 (8) — 1,584 6 2015 1,511 1,498 1,494 1,483 1,482 1,485 1,487 1,488 1 11 261,060 (7) (1) 1,481 10 2016 1,536 1,533 1,533 1,540 1,542 1,544 1,544 — 16 247,328 — — 1,544 16 2017 1,878 2,137 2,011 2,057 1,924 1,916 (8) 37 219,816 — — 1,916 37 2018 2,188 2,193 2,154 1,937 1,936 (1) 36 102,027 — — 1,936 36 2019 1,593 1,664 1,646 1,596 (50) 95 92,763 — — 1,596 95 2020 954 906 913 7 75 54,375 — — 913 75 2021 748 765 17 90 53,806 — — 765 90 2022 517 99 37,022 — — 517 99 Total $ 14,044 $ (29) $ (16) $ 14,028 Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below (13,186) — 14 (13,172) Liabilities for losses and loss adjustment expenses and prior year development before accident year 2013, net of reinsurance (59) 1 (3) (62) Unallocated loss adjustment expense prior year development — Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance $ 799 $ (28) $ (5) $ 794 Incurred Losses and Loss Adjustment Expenses, Undiscounted, Net of Reinsurance (including impact of ADC) Calendar Years Ended December 31, (in millions) Accident 2016 2017 2018 2019 2020 2021 2022 Prior Year Unaudited 2013 $ 1,774 $ 1,774 $ 1,774 $ 1,776 $ 1,776 $ 1,776 $ 1,776 $ — 2014 1,564 1,564 1,571 1,580 1,584 1,582 1,584 2 2015 1,476 1,475 1,472 1,476 1,480 1,482 1,481 (1) 2016 1,536 1,533 1,533 1,540 1,542 1,544 1,544 — 2017 1,878 2,137 2,011 2,057 1,924 1,916 (8) 2018 2,188 2,193 2,154 1,937 1,936 (1) 2019 1,593 1,664 1,646 1,596 (50) 2020 954 906 913 7 2021 748 765 17 2022 517 Total $ 6,350 $ 8,224 $ 10,675 $ 12,169 $ 13,211 $ 13,545 $ 14,028 $ (34) Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below (13,172) Liabilities for losses and allocated loss adjustment expenses and prior year development before 2013, net of reinsurance (62) 2 Unallocated loss adjustment expense prior year adjustment — Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance $ 794 $ (32) The following table provides our attribution of our reinsurance recoverable for the ADC only (included in the table above): Calendar Years Ended December 31, (in millions) Accident 2016 2017 2018 2019 2020 2021 2022 Prior Year Unaudited 2013 $ (8) $ (6) $ (2) $ (1) $ (2) $ (1) $ (1) $ — 2014 (8) (8) (12) (4) (4) (5) (8) (3) 2015 (22) (19) (11) (6) (5) (5) (7) (2) 2016 — — — — — — — — 2017 — — — — — — — — 2018 — — — — — — — — 2019 — — — — — — — — 2020 — — — — — — — — 2021 — — — — — — — — 2022 — — — — — — — — Total $ (38) $ (33) $ (25) $ (11) $ (11) $ (11) $ (16) $ (5) Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below 14 Liabilities for losses and allocated loss adjustment expenses and prior year development before 2013, net of reinsurance (3) 1 Unallocated loss adjustment expense prior year development — Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance $ (5) $ (4) Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31, (in millions) Paid Impact of ADC Accident Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Unaudited 2013 $ 1,109 $ 1,634 $ 1,705 $ 1,744 $ 1,759 $ 1,766 $ 1,772 $ 1,774 $ 1,775 $ 1,774 $ (1) 2014 959 1,380 1,463 1,507 1,536 1,555 1,568 1,572 1,579 (7) 2015 931 1,320 1,411 1,439 1,455 1,461 1,463 1,468 (6) 2016 857 1,344 1,422 1,460 1,501 1,512 1,518 — 2017 941 1,672 1,896 1,789 1,826 1,852 — 2018 1,227 1,939 1,973 1,789 1,832 — 2019 884 1,295 1,379 1,416 — 2020 667 679 725 — 2021 488 650 — 2022 372 — Total $ 13,186 $ (14) Incurred Losses and Allocated Loss Adjustment Expenses, Undiscounted and Net of Reinsurance* Years Ended December 31, (in millions) December 31, 2022 Accident Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2022 Total of IBNR Cumulative Unaudited 2013 $ 979 $ 1,022 $ 996 $ 980 $ 1,011 $ 1,054 $ 1,101 $ 1,124 $ 1,119 $ 1,133 $ 14 $ 48 109,297 2014 979 954 979 984 981 1,070 1,011 1,052 1,077 25 73 101,355 2015 1,034 1,167 1,200 1,109 1,188 1,179 1,184 1,190 6 61 112,087 2016 1,242 1,383 1,427 1,430 1,529 1,525 1,519 (6) 137 141,037 2017 1,270 1,256 1,186 1,258 1,317 1,326 9 199 148,408 2018 1,315 1,342 1,407 1,444 1,490 46 277 152,379 2019 1,176 1,197 1,268 1,307 39 359 141,643 2020 1,157 1,208 1,144 (64) 603 88,677 2021 1,309 1,308 (1) 847 74,872 2022 1,553 1,033 58,460 Total $ 13,047 $ 68 Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below (6,856) — Liabilities for losses and loss adjustment expenses and prior year development before accident year 2013, net of reinsurance 793 14 Unallocated loss adjustment expense prior year development — Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance $ 6,984 $ 82 * The losses reported in the table are not covered by the ADC. Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance* Years Ended December 31, (in millions) Accident Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Unaudited 2013 $ 85 $ 321 $ 461 $ 587 $ 696 $ 805 $ 883 $ 929 $ 959 $ 992 2014 68 245 389 503 598 660 720 778 817 2015 68 228 414 542 653 824 909 952 2016 114 359 558 740 888 1,014 1,118 2017 92 266 424 575 720 859 2018 107 357 546 707 863 2019 94 295 455 628 2020 57 217 348 2021 49 224 2022 55 Total $ 6,856 * The losses reported in the table are not covered by the ADC. Incurred Losses and Allocated Loss Adjustment Expenses, Undiscounted and Net of Reinsurance* Years Ended December 31, (in millions) December 31, 2022 Accident Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2022 Total of IBNR Cumulative Unaudited 2013 $ 1,383 $ 1,380 $ 1,271 $ 1,251 $ 1,235 $ 1,226 $ 1,209 $ 1,201 $ 1,200 $ 1,199 $ (1) $ 5 40,096 2014 1,434 1,460 1,442 1,432 1,441 1,414 1,376 1,371 1,369 (2) 3 48,543 2015 1,542 1,499 1,486 1,455 1,429 1,419 1,405 1,399 (6) 13 54,054 2016 1,508 1,649 1,641 1,644 1,641 1,635 1,614 (21) 12 57,174 2017 1,625 1,598 1,593 1,599 1,582 1,558 (24) 22 53,706 2018 1,498 1,508 1,486 1,495 1,426 (69) 31 44,504 2019 1,138 1,107 1,083 1,108 25 76 33,563 2020 1,293 1,236 1,214 (22) 193 25,634 2021 994 965 (29) 213 20,675 2022 1,323 476 16,150 Total $ 13,175 $ (149) Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below (10,514) — Liabilities for losses and loss adjustment expenses and prior year development before accident year 2013, net of reinsurance 56 (4) Unallocated loss adjustment expense prior year development — Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance $ 2,717 $ (153) * The losses reported in the table are not covered by the ADC. Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance* Years Ended December 31, (in millions) Accident Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Unaudited 2013 $ 321 $ 791 $ 1,013 $ 1,087 $ 1,135 $ 1,156 $ 1,166 $ 1,172 $ 1,174 $ 1,176 2014 308 900 1,178 1,246 1,285 1,311 1,320 1,332 1,341 2015 337 899 1,175 1,278 1,314 1,336 1,345 1,347 2016 443 1,083 1,330 1,463 1,507 1,535 1,551 2017 345 924 1,203 1,348 1,403 1,441 2018 307 956 1,138 1,263 1,277 2019 258 632 799 887 2020 250 664 815 2021 185 489 2022 190 Total $ 10,514 * The losses reported in the table are not covered by the ADC. Incurred Losses and Allocated Loss Adjustment Expenses, Undiscounted and Net of Reinsurance* Years Ended December 31, (in millions) December 31, 2022 Accident Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2022 Total of IBNR Cumulative Unaudited 2013 $ 2,285 $ 2,286 $ 2,256 $ 2,257 $ 2,252 $ 2,247 $ 2,245 $ 2,245 $ 2,245 $ 2,246 $ 1 $ 2 1,736,957 2014 2,256 2,266 2,251 2,249 2,242 2,241 2,243 2,242 2,239 (3) 2 1,795,535 2015 2,324 2,304 2,306 2,296 2,295 2,295 2,295 2,293 (2) 2 1,776,269 2016 2,281 2,279 2,265 2,260 2,258 2,255 2,251 (4) 4 1,798,323 2017 2,234 2,157 2,142 2,138 2,155 2,152 (3) 4 1,724,404 2018 2,605 2,515 2,514 2,488 2,492 4 19 1,889,426 2019 2,092 2,062 2,027 2,019 (8) 15 1,666,974 2020 1,914 1,777 1,747 (30) 61 1,390,787 2021 1,803 1,734 (69) 114 1,357,947 2022 1,933 286 1,837,966 Total $ 21,106 $ (114) Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below (19,520) — Liabilities for losses and loss adjustment expenses and prior year development before accident year 2013, net of reinsurance 42 3 Unallocated loss adjustment expense prior year development — Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance $ 1,628 $ (111) * The losses reported in the table are not covered by the ADC. Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance* Years Ended December 31, (in millions) Accident Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Unaudited 2013 $ 1,249 $ 1,870 $ 2,052 $ 2,142 $ 2,189 $ 2,214 $ 2,225 $ 2,232 $ 2,236 $ 2,238 2014 1,227 1,854 2,041 2,134 2,182 2,203 2,214 2,223 2,228 2015 1,251 1,895 2,083 2,184 2,221 2,247 2,264 2,273 2016 1,251 1,864 2,047 2,137 2,183 2,208 2,223 2017 1,224 1,823 1,984 2,055 2,091 2,112 2018 1,554 2,113 2,280 2,365 2,409 2019 1,226 1,739 1,867 1,929 2020 1,023 1,474 1,580 2021 1,005 1,424 2022 1,104 Total $ 19,520 * The losses reported in the table are not covered by the ADC. |
Schedule of historical average annual percentage claims payout on an accident year basis | The following table presents the historical average annual percentage claims payout on an accident year basis at the same level of disaggregation as presented in the claims development table. Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance (Unaudited) Year 1 2 3 4 5 6 7 8 9 10 U.S. Workers' compensation 12.4 % 17.5 % 11.5 % 7.3 % 5.2 % 3.5 % 2.4 % 2.0 % 2.2 % 2.7 % U.S. Excess casualty 1.3 7.9 9.3 16.9 11.4 7.9 7.5 4.9 2.4 1.0 U.S. Other casualty 6.2 12.4 14.9 14.6 14.0 8.9 5.6 3.7 2.3 2.0 U.S. Financial Lines 3.6 15.9 19.6 15.3 12.4 7.7 5.6 4.8 4.0 1.6 U.S. Property and Special Risks 32.5 33.1 11.6 7.6 5.2 3.1 1.6 1.2 0.5 1.4 U.S. Personal Insurance 61.7 26.3 5.5 (0.5) 1.8 0.8 0.4 0.3 0.2 — UK/Europe Casualty and Financial Lines 6.1 15.5 12.8 11.4 9.8 9.7 6.6 4.4 3.1 2.9 UK/Europe Property and Special Risks 22.2 38.3 16.5 7.5 2.8 1.9 0.8 0.5 0.4 0.2 UK/Europe and Japan Personal Insurance 57.4 26.3 7.4 3.8 1.9 1.1 0.6 0.4 0.2 0.1 |
Schedule of Components of Loss Reserve Discount | The following table presents the components of the loss reserve discount discussed above: (in millions) December 31, 2022 December 31, 2021 U.S. workers' compensation $ 2,532 $ 1,829 Retroactive reinsurance (1,254) (953) Total reserve discount (a)(b) $ 1,278 $ 876 (a) Excludes $135 million and $116 million of discount related to certain long-tail liabilities in the UK at December 31, 2022 and 2021, respectively. |
Schedule of Loss Reserve Discount | The following table presents the net loss reserve discount benefit (charge): Years Ended December 31, (in millions) 2022 2021 2020 Current accident year $ 98 $ 62 $ 71 Accretion and other adjustments to prior year discount (239) (88) (180) Effect of interest rate changes 844 219 (407) Net reserve discount benefit (charge) 703 193 (516) Change in discount on loss reserves ceded under retroactive reinsurance (301) (42) 340 Net change in total reserve discount* $ 402 $ 151 $ (176) * Excludes $19 million, $(35) million and $(20) million of discount related to certain long-tail liabilities in the UK for the years ended December 31, 2022, 2021 and 2020, respectively. |
Schedule of Universal life Policies with Secondary Guarantees | The following table presents universal life policies with secondary guarantees and similar features (excluding account balances and embedded derivatives): Years Ended December 31, (in millions) 2022 2021 2020 Balance, beginning of year $ 4,505 $ 4,751 $ 3,787 Incurred guaranteed benefits* 739 603 1,041 Paid guaranteed benefits (588) (489) (470) Changes related to unrealized appreciation (depreciation) of investments (1,831) (360) 393 Balance, end of year $ 2,825 $ 4,505 $ 4,751 * Incurred guaranteed benefits include the portion of assessments established as additions to reserves as well as changes in estimates (assumption unlockings) affecting these reserves. |
Schedule of Details Concerning Universal life Policies with Secondary Guarantees | The following table presents details concerning our Universal life policies with secondary guarantees and similar features: At December 31, (dollars in millions) 2022 2021 Account value $ 3,514 $ 3,313 Net amount at risk $ 69,335 $ 65,801 Average attained age of contract holders 53 53 |
Variable Life and Annuity Con_2
Variable Life and Annuity Contracts (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Insurance [Abstract] | |
Schedule of Minimum Guaranteed Benefit Liabilities | Account balances of variable annuity contracts with guarantees were invested in separate account investment options as follows: At December 31, (in millions) 2022 2021 Equity funds $ 46,965 $ 62,241 Bond funds 7,688 9,016 Balanced funds 22,393 29,311 Money market funds 1,253 1,005 Total $ 78,299 $ 101,573 The following table presents details concerning our GMDB exposures, by benefit type: At December 31, 2022 2021 (dollars in millions) Net Deposits Plus a Minimum Return Highest Contract Net Deposits Plus a Minimum Return Highest Contract Account value $ 94,446 $ 13,276 $ 114,936 $ 17,298 Net amount at risk $ 1,517 $ 2,076 $ 509 $ 258 Average attained age of contract holders by product 66 73 66 72 Range of guaranteed minimum return rates 0.0% – 4.5% 0.0% – 4.5% The following summarizes GMDB liability related to variable annuity contracts: Years Ended December 31, (in millions) 2022 2021 2020 Balance, beginning of year $ 445 $ 421 $ 407 Reserve increase (decrease) 156 72 41 Benefits paid (69) (35) (43) Changes in reserves related to unrealized appreciation (depreciation) of investments (82) (13) 16 Balance, end of year $ 450 $ 445 $ 421 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The following table lists our total debt outstanding at December 31, 2022 and 2021. The interest rates presented in the following table are the range of contractual rates in effect at December 31, 2022, including fixed and variable-rates: At December 31, 2022 Range of Maturity Balance at Balance at (in millions) Debt issued or guaranteed by AIG: AIG general borrowings: Notes and bonds payable 0% - 6.82% 2023 - 2055 $ 10,242 $ 19,633 Junior subordinated debt 4.88% - 8.18% 2037 - 2058 991 1,164 AIG Japan Holdings Kabushiki Kaisha 0.20% - 0.35% 2023 - 2025 273 333 Validus notes and bonds payable 8.88% 2040 269 293 Total AIG general borrowings 11,775 21,423 AIG borrowings supported by assets (a) : AIG notes and bonds payable 7.00% - 8.13% 2023 - 2026 81 — Series AIGFP matched notes and bonds payable 4.74% - 4.77% 2046 18 18 GIAs, at fair value 4.88% - 5.04% 2035 - 2037 56 1,803 Notes and bonds payable, at fair value — 68 Total AIG borrowings supported by assets 155 1,889 Total debt issued or guaranteed by AIG 11,930 23,312 Corebridge debt: AIGLH notes and bonds payable (b) 6.63% - 7.50% 2025 - 2029 200 199 AIGLH junior subordinated debt (b) 7.57% - 8.50% 2030 - 2046 227 227 Corebridge senior unsecured notes - not guaranteed by AIG 3.50% - 4.40% 2025 - 2052 6,452 — Corebridge junior subordinated debt - not guaranteed by AIG 6.88% 2052 989 — DDTL facility - not guaranteed by AIG 3.00% - 5.50% 2023 1,500 — Total Corebridge debt 9,368 426 Other subsidiaries' notes, bonds, loans and mortgages payable - not guaranteed by AIG 2.76% - 4.50% 2023 - 2024 1 3 Total Short-term and long-term debt $ 21,299 $ 23,741 Debt of consolidated investment entities - not guaranteed by AIG (c) 0% - 7.95% 2023 - 2051 $ 5,880 $ 6,422 Total debt $ 27,179 $ 30,163 (a) AIG Parent guarantees all such debt, except for Series AIGFP matched notes and bonds payable and AIG notes and bonds payable, which are direct obligations of AIG Parent. Collateral posted to third parties was $63 million at December 31, 2022 and $1.4 billion at December 31, 2021. 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. (b) We have entered into a guarantee reimbursement agreement with Corebridge and AIG Life Holdings, Inc. (AIGLH) which provides that Corebridge and AIGLH will reimburse AIG for the full amount of any payment made by or on behalf of AIG pursuant to AIG’s guarantee of the AIGLH notes and junior subordinated debt. We have also entered into a collateral agreement with Corebridge and AIGLH which provides that in the event of: (i) a ratings downgrade of Corebridge or AIGLH long-term unsecured indebtedness below specified levels or (ii) the failure by AIGLH to pay principal and interest on the AIGLH debt when due, Corebridge and AIGLH must collateralize an amount equal to the sum of: (i) 100 percent of the principal amount outstanding, (ii) accrued and unpaid interest and (iii) 100 percent of the net present value of scheduled interest payments. through the maturity dates of the AIGLH debt. (c) At December 31, 2022, includes debt of consolidated investment entities primarily related to real estate investments of $1.5 billion and other securitization vehicles of $4.4 billion. At December 31, 2021, includes debt of consolidated investment entities related to real estate investments of $1.9 billion and other securitization vehicles of $4.5 billion. |
Schedule of Maturities of Long-Term Debt | The following table presents maturities of short-term and long-term debt (including unamortized original issue discount, hedge accounting valuation adjustments and fair value adjustments, when applicable): December 31, 2022 Year Ending (in millions) Total 2023 2024 2025 2026 2027 Thereafter Debt issued or guaranteed by AIG: AIG general borrowings: Notes and bonds payable $ 10,242 $ 401 $ 459 $ 997 $ 783 $ 1,067 $ 6,535 Junior subordinated debt 991 — — — — — 991 AIG Japan Holdings Kabushiki Kaisha 273 179 — 94 — — — Validus notes and bonds payable 269 — — — — — 269 Total AIG general borrowings 11,775 580 459 1,091 783 1,067 7,795 AIG borrowings supported by assets: AIG notes and bonds payable 81 62 — 12 7 — — Series AIGFP matched notes and bonds payable 18 — — — — — 18 GIAs, at fair value 56 — — — — — 56 Total AIG borrowings supported by assets 155 62 — 12 7 — 74 Total debt issued or guaranteed by AIG 11,930 642 459 1,103 790 1,067 7,869 Corebridge debt: AIGLH notes and bonds payable 200 — — 101 — — 99 AIGLH junior subordinated debt 227 — — — — — 227 Corebridge senior unsecured notes 6,452 — — 994 — 1,240 4,218 Corebridge junior subordinated debt 989 — — — — — 989 DDTL facility (a) 1,500 1,500 — — — — — Total Corebridge debt 9,368 1,500 — 1,095 — 1,240 5,533 Other subsidiaries notes, bonds, loans and mortgages payable 1 1 — — — — — Total (b) $ 21,299 $ 2,143 $ 459 $ 2,198 $ 790 $ 2,307 $ 13,402 (a) Corebridge continued this borrowing through June 21, 2023. Corebridge has the ability to further continue this borrowing through February 25, 2025. (b) Does not reflect $5.9 billion of notes issued by consolidated investment entities, for which recourse is limited to the assets of the respective investment entities and for which there is no recourse to the general credit of AIG. |
Commitment and Contingencies (T
Commitment and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Future Undiscounted Cash Flows Under Operating Leases | The following table presents the future undiscounted cash flows under operating leases at December 31, 2022: (in millions) 2023 $ 194 2024 155 2025 113 2026 88 2027 82 Remaining years after 2027 647 Total undiscounted lease payments 1,279 Less: Present value adjustment 228 Net lease liabilities $ 1,051 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Stockholders' Equity Note [Abstract] | |
Rollforward of common stock outstanding | The following table presents a rollforward of outstanding shares: Years Ended December 31, 2022 2021 2020 (in millions) Common Treasury Common Stock Common Treasury Common Stock Common Treasury Common Stock Shares, beginning of year 1,906.7 (1,088.0) 818.7 1,906.7 (1,045.1) 861.6 1,906.7 (1,036.7) 870.0 Shares issued — 5.5 5.5 — 6.8 6.8 — 3.7 3.7 Shares repurchased — (90.1) (90.1) — (49.7) (49.7) — (12.1) (12.1) Shares, end of year 1,906.7 (1,172.6) 734.1 1,906.7 (1,088.0) 818.7 1,906.7 (1,045.1) 861.6 |
Schedule of accumulated other comprehensive income (loss) | The following table presents a rollforward of Accumulated other comprehensive income (loss): (in millions) Unrealized Appreciation Unrealized Foreign Retirement Fair Value of Total Balance, January 1, 2020, net of tax $ — $ 8,722 $ (2,625) $ (1,122) $ 7 $ 4,982 Change in unrealized appreciation (depreciation) of investments (133) 9,624 — — — 9,491 Change in deferred policy acquisition costs adjustment and other 11 (1,327) — — — (1,316) Change in future policy benefits — 2,408 — — — 2,408 Change in foreign currency translation adjustments — — 303 — — 303 Change in net actuarial loss — — — (67) — (67) Change in prior service cost — — — (18) — (18) Change in deferred tax asset (liability) 27 (2,351) 56 (21) — (2,289) Change in fair value of liabilities under fair value option attributable to changes in own credit risk — — — — 1 1 Total other comprehensive income (loss) (95) 8,354 359 (106) 1 8,513 (in millions) Unrealized Appreciation Unrealized Foreign Retirement Fair Value of Total Noncontrolling interests — (17) 1 — — (16) Balance, December 31, 2020, net of tax $ (95) $ 17,093 $ (2,267) $ (1,228) $ 8 $ 13,511 Change in unrealized appreciation (depreciation) of investments 58 (9,313) — — — (9,255) Change in deferred policy acquisition costs adjustment and other (14) 885 — — — 871 Change in future policy benefits — 917 — — — 917 Change in foreign currency translation adjustments — — (117) — — (117) Change in net actuarial loss — — — 417 — 417 Change in prior service cost — — — 8 — 8 Change in deferred tax asset (liability) (9) 1,510 (70) (100) — 1,331 Change in fair value of liabilities under fair value option attributable to changes in own credit risk — — — — (2) (2) Total other comprehensive income (loss) 35 (6,001) (187) 325 (2) (5,830) Other changes in AOCI: Corebridge 9.9% noncontrolling interests sale 3 (1,100) (2) — — (1,099) Noncontrolling interests — (102) (3) — — (105) Balance, December 31, 2021, net of tax $ (57) $ 10,094 $ (2,453) $ (903) $ 6 $ 6,687 Change in unrealized appreciation (depreciation) of investments (119) (47,647) — — — (47,766) Change in deferred policy acquisition costs adjustment and other 9 6,284 — — — 6,293 Change in future policy benefits — 2,612 — — — 2,612 Change in foreign currency translation adjustments — — (470) — — (470) Change in net actuarial loss — — — (31) — (31) Change in prior service cost — — — 8 — 8 Change in deferred tax asset (liability) 23 5,976 (44) 3 — 5,958 Change in fair value of liabilities under fair value option attributable to changes in own credit risk — — — — (6) (6) Total other comprehensive loss (87) (32,775) (514) (20) (6) (33,402) Other changes in AOCI: Corebridge 12.4% noncontrolling interests sale — 2,044 (3) (1) — 2,040 Noncontrolling interests (6) (2,588) 11 — — (2,583) Balance, December 31, 2022, net of tax $ (138) $ (18,049) $ (2,981) $ (924) $ — $ (22,092) |
Schedule of other comprehensive income (loss) reclassification adjustments | The following table presents the other comprehensive income (loss) reclassification adjustments for the years ended December 31, 2022, 2021 and 2020 , respectively: (in millions) Unrealized Appreciation Unrealized Foreign Retirement Fair Value of Total Year Ended December 31, 2022 Unrealized change arising during period $ (103) $ (39,940) $ (470) $ (53) $ (6) $ (40,572) Less: Reclassification adjustments included in net income 7 (1,189) — (30) — (1,212) Total other comprehensive income (loss), before of income tax expense (benefit) (110) (38,751) (470) (23) (6) (39,360) Less: Income tax expense (benefit) (23) (5,976) 44 (3) — (5,958) Total other comprehensive income (loss), net of income tax expense (benefit) $ (87) $ (32,775) $ (514) $ (20) $ (6) $ (33,402) Year Ended December 31, 2021 Unrealized change arising during period $ 44 $ (6,583) $ (117) $ 379 $ (2) $ (6,279) Less: Reclassification adjustments included in net income — 928 — (46) — 882 Total other comprehensive income (loss), before income tax expense (benefit) 44 (7,511) (117) 425 (2) (7,161) Less: Income tax expense (benefit) 9 (1,510) 70 100 — (1,331) (in millions) Unrealized Appreciation Unrealized Foreign Retirement Fair Value of Total Total other comprehensive income (loss), net of income tax expense (benefit) $ 35 $ (6,001) $ (187) $ 325 $ (2) $ (5,830) Year Ended December 31, 2020 Unrealized change arising during period $ (161) $ 11,758 $ 303 $ (130) $ 1 $ 11,771 Less: Reclassification adjustments included in net income (39) 1,053 — (45) — 969 Total other comprehensive income (loss), before income tax expense (benefit) (122) 10,705 303 (85) 1 10,802 Less: Income tax expense (benefit) (27) 2,351 (56) 21 — 2,289 Total other comprehensive income (loss), net of income tax expense (benefit) $ (95) $ 8,354 $ 359 $ (106) $ 1 $ 8,513 |
Schedule of effect of the reclassification of significant items out of accumulated other comprehensive income on the respective line items in the Consolidated Statements of Income | The following table presents the effect of the reclassification of significant items out of AOCI on the respective line items in the Consolidated Statements of Income (Loss): Affected Line Item in the Years Ended December 31, Amount Reclassified from AOCI Consolidated (in millions) 2022 2021 2020 Statements of Income (Loss) Unrealized appreciation (depreciation) of fixed maturity securities on which allowance for credit losses was taken Investments $ 7 $ — $ (39) Net realized gains (losses) Total 7 — (39) Unrealized appreciation (depreciation) of all other investments Investments (1,189) 928 1,053 Net realized gains (losses) Total (1,189) 928 1,053 Change in retirement plan liabilities adjustment Prior-service credit (2) (3) (1) * Actuarial losses (28) (43) (44) * Total (30) (46) (45) Total reclassifications for the period $ (1,212) $ 882 $ 969 * These AOCI components are included in the computation of net periodic pension cost. For additional information, see Note 20. |
Schedule of noncontrolling interest | The following table presents the effect of changes in our ownership interest in Corebridge on our equity: Year Ended December 31, (in millions) 2022 Net income attributable to AIG common shareholders $ 10,247 Changes in AIG equity for sale of 12.4% interest in Corebridge 608 Change from Net income attributable to AIG common shareholders and changes in AIG's ownership interests $ 10,855 |
Earnings Per Common Share (EP_2
Earnings Per Common Share (EPS) (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted EPS | The following table presents the computation of basic and diluted EPS: Years Ended December 31, (dollars in millions, except per common share data) 2022 2021 2020 Numerator for EPS: Income (loss) from continuing operations $ 11,276 $ 9,923 $ (5,833) Less: Net income from continuing operations attributable to noncontrolling interests 999 535 115 Less: Preferred stock dividends 29 29 29 Income (loss) attributable to AIG common shareholders from continuing operations 10,248 9,359 (5,977) Income (loss) from discontinued operations, net of income tax expense (1) — 4 Net income (loss) attributable to AIG common shareholders $ 10,247 $ 9,359 $ (5,973) Denominator for EPS: Weighted average common shares outstanding - basic 778,621,118 854,320,449 869,309,458 Dilutive common shares 9,320,632 10,564,430 — Weighted average common shares outstanding - diluted (a)(b) 787,941,750 864,884,879 869,309,458 Income (loss) per common share attributable to AIG common shareholders: Basic: Income (loss) from continuing operations $ 13.16 $ 10.95 $ (6.88) Income from discontinued operations $ — $ — $ — Income (loss) attributable to AIG common shareholders $ 13.16 $ 10.95 $ (6.88) Diluted: Income (loss) from continuing operations $ 13.01 $ 10.82 $ (6.88) Income from discontinued operations $ — $ — $ — Income (loss) attributable to AIG common shareholders $ 13.01 $ 10.82 $ (6.88) (a) For the year ended December 31, 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 5,401,597 shares. (b) Potential dilutive common shares include our share-based employee compensation plans, 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 and an option for Blackstone to exchange all or a portion of its ownership interest in Corebridge for AIG common shares in the event an IPO did not occur prior to 2024. As a result of the consummation of the IPO on September 19, 2022, this exchange right of Blackstone was terminated. The number of common shares excluded from diluted shares outstanding was 24.1 million, 12.0 million and 68.7 million for the years ended December 31, 2022, 2021 and 2020, respectively, because the effect of including those common shares in the calculation would have been anti-dilutive. |
Statutory Financial Data and _2
Statutory Financial Data and Restrictions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Insurance [Abstract] | |
Statutory Accounting Practices Disclosure | The following table presents statutory net income (loss) and capital and surplus for our General Insurance companies and our Life and Retirement companies in accordance with statutory accounting practices: (in millions) 2022 2021 2020 Years Ended December 31, Statutory net income (loss) (a)(b) : General Insurance companies: Domestic $ 2,272 $ 2,649 $ 1,044 Foreign 1,047 1,573 797 Total General Insurance companies $ 3,319 $ 4,222 $ 1,841 Life and Retirement companies: Domestic $ 3,091 $ 2,588 $ 482 Foreign 5 5 11 Total Life and Retirement companies $ 3,096 $ 2,593 $ 493 At December 31, Statutory capital and surplus (a)(b) : General Insurance companies: Domestic $ 19,563 $ 19,385 Foreign 13,913 15,567 Total General Insurance companies $ 33,476 $ 34,952 Life and Retirement companies: Domestic $ 12,229 $ 12,471 Foreign 486 629 Total Life and Retirement companies $ 12,715 $ 13,100 Aggregate minimum required statutory capital and surplus: General Insurance companies: Domestic $ 3,680 $ 3,897 Foreign 7,314 8,051 Total General Insurance companies $ 10,994 $ 11,948 Life and Retirement companies: Domestic $ 4,057 $ 3,903 Foreign 194 214 Total Life and Retirement companies $ 4,251 $ 4,117 (a) Excludes discontinued operations and other divested businesses. (b) The 2022 amounts reflect our best estimate of the statutory net income, capital and surplus as of the date of AIG’s Form 10-K filing. In aggregate, the 2021 General Insurance companies and Life and Retirement companies statutory net income decreased by $99 million and the 2021 General Insurance companies and Life and Retirement companies statutory capital and surplus increased by $136 million, compared to the amounts previously reported in our Annual Report on Form 10-K for the year ended December 31, 2021, due to finalization of statutory filings and revision of prior period numbers. |
Share-Based Compensation Plans
Share-Based Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of share-based compensation expense recognized in Consolidated Statements of Income | The following table presents our total share-based compensation expense: Years Ended December 31, (in millions) 2022 2021 2020 Share-based compensation expense - pre-tax (a) $ 288 $ 278 $ 274 Share-based compensation expense - after tax (b) 228 220 216 (a) As a result of accelerated vesting events, such as retirement eligibility in the year of grant and involuntary terminations, we recognized $67 million, $67 million and $63 million in 2022, 2021 and 2020, respectively, prior to the end of the specified vesting periods. It is our policy to reverse compensation expense for forfeited awards when they occur. (b) We also recognized $19 million of tax benefit due to share settlements occurring in 2022. |
Schedule of assumptions used to estimate the fair value of PSUs based on AIG's TSR | The following table presents the assumptions used to estimate the fair value of PSUs that vest based on AIG’s TSR (a) : 2022 2021 2020 Expected dividend yield (b) — % — % — % Expected volatility (c) 47.60 % 47.63 % 46.43 % Risk-free interest rate (d) 1.71 % 0.28 % 0.18 % (a) PSUs will be adjusted by +/-25 percent and +/-10 percent if AIG's TSR is in the top or bottom quartile of the peer group at the culmination of the performance period for the 2021 LTI and 2020 LTI awards, respectively. (b) The award agreement provides that TSR for AIG and each member of the Peer Group will be calculated assuming dividends distributed are reinvested on the ex‑dividend date. (c) We used the historical volatility over the most recent 2.86-year period for AIG and the members of the Peer Group, commensurate with the remaining Performance Period as of the valuation date. (d) We converted the semi-annual zero-coupon U.S. Treasury rates as of the valuation date to continuously compounded rates. We then chose the continuously compounded risk-free rate that is commensurate with the length of the remaining performance period as of the valuation date and interpolated between the yields of the two-year and the three-year continuously compounded rates to determine the yield. |
Summary of outstanding share-settled LTI awards | The following table summarizes outstanding share-settled LTI awards (a) : Number of Units Weighted Average Grant-Date Fair Value As of or for the Year Ended December 31, 2022 (b) 2022 LTI 2021 LTI 2020 LTI 2022 LTI 2021 LTI 2020 LTI Unvested, beginning of year — 4,388,434 4,166,494 $ — $ 45.00 $ 31.43 Granted 4,125,047 — — 61.79 — — Vested (c) (602,246) (146,654) (2,482,796) 61.75 44.23 31.35 Converted (d) (1,083,662) (1,306,677) (1,441,635) 61.67 44.30 31.69 Forfeited (158,708) (238,839) (242,063) 61.74 44.43 32.09 Unvested, end of year (e) 2,280,431 2,696,264 — $ 61.86 $ 45.40 $ — (a) Excludes stock options, other RSUs and DSUs, which are discussed under Stock Options, Other RSU Grants and Non-Employee Plan, respectively. (b) PSUs represent target amount granted and does not reflect potential increases or decreases that could result from the final outcome of the performance goals for the respective awards, which is determined by the CMRC in the quarter after the applicable performance period ends. (c) Also reflects units that vest as a result of an accelerated vesting event that occurred prior to the specified vesting date but for which share delivery has not yet occurred. (d) Represents AIG LTI RSUs converted to Corebridge RSUs as a result of the IPO. (e) At December 31, 2022, the total unrecognized compensation cost for outstanding RSUs and PSUs was $138 million and the weighted-average and expected period of years over which that cost is expected to be recognized are 0.98 years and 2.75 years. |
Schedule of weighted-average assumptions | The following weighted-average assumptions were used for stock options granted: 2022 2021 2020 Expected annual dividend yield (a) 2.08 % 2.89 % 3.97 % Expected volatility (b) 32.13 % 36.68 % 42.03 % Risk-free interest rate (c) 1.92 % 0.95 % 0.57 % Expected term (d) 6.00 years 6.43 years 6.39 years (a) The dividend yield is the projected annualized AIG dividend yield estimated by Bloomberg Professional service as of the valuation date. (b) The expected volatility is based on the implied volatility of 24 months stock option estimated by the Bloomberg Professional service as of the valuation date. (c) The risk-free interest rate is the continuously compounded interest rate for the term between the valuation date and the expiration date that is assumed to be constant and equal to the interpolated value between the closest data points on the U.S. dollar LIBOR-swap curve as of the valuation date. (d) The contractual term is 10 years from the date of grant. |
Schedule of stock option activity | The following table provides a rollforward of stock option activity: As of or for the Year Ended December 31, 2022 Units Weighted Average Weighted Average Aggregate Outstanding, beginning of year 13,021,427 $ 47.12 7.59 Granted 1,436,075 61.61 Exercised (1,515,836) 45.10 Forfeited or expired (48,254) 54.80 Outstanding, end of year 12,893,412 $ 48.94 6.95 $ 186 Exercisable, end of year 5,353,091 $ 50.27 5.97 $ 70 |
Summary of outstanding share-settled RSU grants | The following table summarizes outstanding share-settled Other RSU grants. Number of Units Weighted Average Grant-Date Fair Value As of or for the Year Ended December 31, 2022 2021 2020 2022 2021 2020 Unvested, beginning of year 819,640 1,151,380 1,231,185 $ 43.95 $ 46.18 $ 54.17 Granted 1,070,458 493,140 583,068 60.16 49.36 35.54 Vested (290,037) (699,067) (535,220) 44.59 50.03 50.89 Converted (a) (91,300) — — 52.90 — — Forfeited (20,513) (125,813) (127,653) 55.89 51.80 54.90 Unvested, end of year 1,488,248 819,640 1,151,380 $ 54.77 $ 43.95 $ 46.18 |
Employee Benefits (Tables)
Employee Benefits (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Retirement Benefits [Abstract] | |
Schedule of funded status of the plans reconciled to the amount reported in the balance sheets | The following table presents the funded status of the plans reconciled to the amount reported in the Consolidated Balance Sheets. As of or for the Years Ended Pension Postretirement December 31, U.S. Plans (a) Non-U.S. Plans (a) U.S. Plans Non-U.S. Plans (in millions) 2022 2021 2022 2021 2022 2021 2022 2021 Change in projected benefit obligation: Benefit obligation, beginning of year $ 4,795 $ 5,410 $ 1,157 $ 1,231 $ 174 $ 191 $ 47 $ 71 Service cost 5 5 18 21 1 1 — 1 Interest cost 109 92 10 9 4 3 1 2 Actuarial (gain) loss (b) (1,082) (384) (183) 10 (36) (10) (14) (17) Benefits paid: AIG assets (19) (18) (8) (9) (12) (11) (1) (1) Plan assets (174) (174) (26) (30) — — — — Plan amendment — — 1 — — — — (2) Curtailments — — — — — — — (7) Settlements (157) (135) (3) (9) — — — — Foreign exchange effect — — (139) (66) — — (1) — Other (2) (1) (1) — — — — — Projected benefit obligation, end of year $ 3,475 $ 4,795 $ 826 $ 1,157 $ 131 $ 174 $ 32 $ 47 Change in plan assets: Fair value of plan assets, beginning of year $ 4,746 $ 4,931 $ 996 $ 977 $ — $ — $ — $ — Actual return on plan assets, net of expenses (1,070) 124 (133) 77 — — — — AIG contributions 19 18 42 48 12 11 1 1 Benefits paid: AIG assets (19) (18) (8) (9) (12) (11) (1) (1) Plan assets (174) (174) (26) (30) — — — — Settlements (157) (135) (3) (9) — — — — Foreign exchange effect — — (137) (58) — — — — Fair value of plan assets, end of year $ 3,345 $ 4,746 $ 731 $ 996 $ — $ — $ — $ — Funded status, end of year $ (130) $ (49) $ (95) $ (161) $ (131) $ (174) $ (32) $ (47) Amounts recognized in the balance sheet: Assets $ 55 $ 198 $ 78 $ 84 $ — $ — $ — $ — Liabilities (185) (247) (173) (245) (131) (174) (32) (47) Total amounts recognized $ (130) $ (49) $ (95) $ (161) $ (131) $ (174) $ (32) $ (47) Pre-tax amounts recognized in Accumulated other comprehensive income (loss): Net gain (loss) $ (1,279) $ (1,162) $ (70) $ (119) $ 39 $ 3 $ 24 $ 11 Prior service (cost) credit — — (25) (34) — — 1 2 Total amounts recognized $ (1,279) $ (1,162) $ (95) $ (153) $ 39 $ 3 $ 25 $ 13 (a) Includes non-qualified unfunded plans of which the aggregate projected benefit obligation was $186 million and $247 million for the U.S. at December 31, 2022 and 2021, respectively, and $143 million and $204 million for the non-U.S. at December 31, 2022 and 2021, respectively. (b) The significant gain in 2022 is primarily due to an increase in the discount rate for the U.S. AIG Retirement Plan. |
Schedule of accumulated benefit obligations | The following table presents the accumulated benefit obligations for U.S. and non-U.S. pension benefit plans: At December 31, (in millions) 2022 2021 U.S. pension benefit plans $ 3,475 $ 4,795 Non-U.S. pension benefit plans $ 815 $ 1,141 |
Schedule of projected benefit obligation in excess of the plan assets and the accumulated benefit obligation in excess of the plan assets | Defined benefit plan obligations in which the projected benefit obligation (PBO) was in excess of the related plan assets and the accumulated benefit obligation (ABO) was in excess of the related plan assets were as follows: At December 31, PBO Exceeds Fair Value of Plan Assets ABO Exceeds Fair Value of Plan Assets At U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans (in millions) 2022 2021 2022 2021 2022 2021 2022 2021 Projected benefit obligation $ 185 $ 247 $ 280 $ 897 $ — $ — $ — $ — Accumulated benefit obligation — — — — 186 247 238 836 Fair value of plan assets — — 76 605 — — 76 605 |
Schedule of components of net periodic benefit cost | The following table presents the components of net periodic benefit cost with respect to pensions and other postretirement benefits: Years Ended December 31, Pension Postretirement U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans (in millions) 2022 2021 2020 2022 2021 2020 2022 2021 2020 2022 2021 2020 Components of net periodic benefit cost: Service cost* $ 5 $ 5 $ 5 $ 18 $ 21 $ 21 $ 1 $ 1 $ 1 $ — $ 1 $ 1 Interest cost 109 92 134 10 9 10 4 3 5 1 2 2 Expected return on assets (213) (243) (239) (17) (21) (21) — — — — — — Amortization of prior service cost (credit) — — — 3 3 2 — — — — — (1) Amortization of net (gain) loss 24 33 33 4 7 8 — — — (1) 1 — Net periodic benefit cost (credit) $ (75) $ (113) $ (67) $ 18 $ 19 $ 20 $ 5 $ 4 $ 6 $ — $ 4 $ 2 Settlement loss 60 34 — — 1 3 — — — — — — Net benefit cost (credit) $ (15) $ (79) $ (67) $ 18 $ 20 $ 23 $ 5 $ 4 $ 6 $ — $ 4 $ 2 Total recognized in Accumulated other comprehensive income (loss) $ (117) $ 332 $ (57) $ 57 $ 65 $ (1) $ 36 $ 10 $ (17) $ 13 $ 27 $ (9) Total recognized in net periodic benefit cost and other comprehensive income (loss) $ (102) $ 411 $ 10 $ 39 $ 45 $ (24) $ 31 $ 6 $ (23) $ 13 $ 23 $ (11) * Reflects administrative fees for the U.S. pension plans. |
Schedule of weighted average assumptions used to determine the benefit obligations | The following table summarizes the weighted average assumptions used to determine the benefit obligations: Pension Postretirement U.S. Plans Non-U.S. Plans (a) U.S. Plans Non-U.S. Plans (a) December 31, 2022 Discount rate 5.22 % 2.51 % 5.19 % 5.23 % Interest crediting rate 4.02 % 1.07 % (b) N/A N/A Rate of compensation increase N/A (c) 2.38 % N/A N/A December 31, 2021 Discount rate 2.75 % 1.09 % 2.87 % 2.89 % Interest crediting rate 2.06 % 0.70 % (b) N/A N/A Rate of compensation increase N/A (c) 2.40 % N/A N/A (a) The non-U.S. plans reflect those assumptions that were most appropriate for the local economic environments of each of the subsidiaries providing such benefits. (b) Represents the weighted average interest crediting rate of non-U.S. cash balance plans primarily in Japan and Switzerland. (c) Compensation increases are no longer applicable as the plan is frozen effective January 1, 2016. |
Schedule of assumed health care cost trend rates | The following table summarizes assumed health care cost trend rates for the U.S. plans: At December 31, 2022 2021 Following year: Medical (before age 65) 6.01 % 5.45 % Medical (age 65 and older) 4.95 % 4.98 % Ultimate rate to which cost increase is assumed to decline 4.00 % 4.00 % Year in which the ultimate trend rate is reached: Medical (before age 65) 2046 2046 Medical (age 65 and older) 2046 2046 |
Schedule of weighted average assumptions used to determine the net periodic benefit costs | The following table presents the weighted average assumptions used to determine the net periodic benefit costs: Pension Postretirement U.S. Plans Non-U.S. Plans (a) U.S. Plans Non-U.S. Plans (a) For the Year Ended December 31, 2022 Discount rate 2.75 % 1.09 % 2.87 % 2.89 % Interest crediting rate 2.06 % 0.70 % (b) 2.20 % N/A Rate of compensation increase N/A 2.40 % N/A N/A Expected return on assets 4.65 % 1.84 % 2.78 % N/A For the Year Ended December 31, 2021 Discount rate 2.28 % 1.00 % 2.45 % 2.33 % Interest crediting rate 1.57 % 0.72 % (b) N/A N/A Rate of compensation increase N/A 2.28 % N/A N/A Expected return on assets 5.15 % 2.23 % N/A N/A For the Year Ended December 31, 2020 Discount rate 3.16 % 1.09 % 3.14 % 3.18 % Interest crediting rate 2.19 % 0.44 % (b) N/A N/A Rate of compensation increase N/A 2.22 % N/A 3.00 % Expected return on assets 5.55 % 2.32 % N/A N/A (a) The non-U.S. plans reflect those assumptions that were most appropriate for the local economic environments of each of the subsidiaries providing such benefits. (b) Represents the weighted average interest crediting rate of non-U.S. cash balance plans primarily in Japan and Switzerland. |
Schedule of asset allocation percentage by major asset class and target allocation | The following table presents the asset allocation percentage by major asset class for the U.S. qualified plan and the target allocation for 2022 based on the plan’s funded status at December 31, 2022: At December 31, Target 2023 Actual 2022 Actual 2021 Asset class: Equity securities 9 % 6 % 15 % Fixed maturity securities 80 77 71 Other investments 11 17 14 Total 100 % 100 % 100 % The following table presents the asset allocation percentage by major asset class for non-U.S. pension plans and the target allocation: At December 31, Target 2023 Actual 2022 Actual 2021 Asset class: Equity securities 21 % 24 % 24 % Fixed maturity securities 59 44 44 Other investments 17 23 24 Cash and cash equivalents 3 9 8 Total 100 % 100 % 100 % |
Schedule of plan assets based on the level within the fair value hierarchy in which the fair value measurement falls | The following table presents information about our plan assets and indicates the level of the fair value measurement based on the observability of the inputs used. The inputs and methodology used in determining the fair value of these assets are consistent with those used to measure our assets as discussed in Note 4 to the Consolidated Financial Statements. U.S. Plans Non-U.S. Plans (in millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total At December 31, 2022 Assets: Cash and cash equivalents $ 119 $ — $ — $ 119 $ 64 $ — $ — $ 64 Equity securities: U.S. (a) 90 — — 90 — — — — International (b) 5 — — 5 130 44 — 174 Fixed maturity securities: U.S. investment grade (c) 45 2,213 10 2,268 — — — — International investment grade (c) — 177 — 177 — 140 — 140 U.S. and international high yield (d) — 58 — 58 — 184 — 184 Mortgage and other asset-backed securities — 43 5 48 — — — — Other investment types (e) : Futures (15) — — (15) — — — — Direct private equity (f) — — 5 5 — — — — Insurance contracts — 10 — 10 — — 134 134 Mutual funds (g) — — — — — 35 — 35 Total $ 244 $ 2,501 $ 20 $ 2,765 $ 194 $ 403 $ 134 $ 731 At December 31, 2021 Assets: Cash and cash equivalents $ 118 $ — $ — $ 118 $ 84 $ — $ — $ 84 Equity securities: U.S. (a) 301 — — 301 — — — — International (b) 9 — — 9 185 54 — 239 Fixed maturity securities: U.S. investment grade (c) 27 2,858 16 2,901 — — — — International investment grade (c) — 302 — 302 — 180 — 180 U.S. and international high yield (d) — 90 — 90 — 239 — 239 Mortgage and other asset-backed securities — 55 1 56 — — — — Other fixed maturity securities — 3 — 3 — 19 — 19 Other investment types (e) : Futures 4 — — 4 — — — — Direct private equity (f) — — 8 8 — — — — Insurance contracts — 11 — 11 — — 171 171 Mutual funds (g) — — — — — 64 — 64 Total $ 459 $ 3,319 $ 25 $ 3,803 $ 269 $ 556 $ 171 $ 996 (a) Includes passive and active U.S. equity strategies. (b) Includes passive and active international equity strategies. (c) Includes investments in U.S. and non-U.S. government issued bonds, U.S. government agency or sponsored agency bonds, and investment grade corporate bonds. (d) Consists primarily of investments in securities or debt obligations that have a rating below investment grade. (e) Excludes investments that are measured at fair value using the NAV per share (or its equivalent), which totaled $580 million and $943 million at December 31, 2022 and 2021, respectively. (f) Comprised of private capital financing including private debt and private equity securities. (g) Comprised of mutual fund investing in variety of equity, derivatives, and bonds. |
Schedule of changes in Level 3 plan assets measured at fair value | The following table presents changes in our U.S. and non-U.S. Level 3 plan assets measured at fair value: At December 31, 2022 Balance Net Purchases Sales Issuances Settlements Transfers Transfers Balance Changes in Changes in Unrealized (in millions) U.S. Plan Assets: Fixed maturity securities U.S. investment grade $ 16 $ (4) $ 4 $ — $ — $ — $ — $ (6) $ 10 $ (4) $ — Mortgage and other asset backed securities 1 (1) 3 — — — 2 — 5 (1) — Direct private equity 8 (1) — (2) — — — — 5 (2) — Total $ 25 $ (6) $ 7 $ (2) $ — $ — $ 2 $ (6) $ 20 $ (7) $ — Non-U.S. Plan Assets: Insurance contracts $ 171 $ (43) $ 4 $ — $ — $ — $ 2 $ — $ 134 $ — $ — Total $ 171 $ (43) $ 4 $ — $ — $ — $ 2 $ — $ 134 $ — $ — At December 31, 2021 U.S. Plan Assets: Fixed maturity securities U.S. investment grade $ 10 $ — $ 5 $ (4) $ — $ — $ 5 $ — $ 16 $ — $ — Mortgage and other asset backed securities — — 1 — — — — — 1 — — Direct private equity 6 2 — — — — — — 8 1 — Total $ 16 $ 2 $ 6 $ (4) $ — $ — $ 5 $ — $ 25 $ 1 $ — Non-U.S. Plan Assets: Insurance contracts $ 179 $ (9) $ 1 $ — $ — $ — $ — $ — $ 171 $ — $ — Total $ 179 $ (9) $ 1 $ — $ — $ — $ — $ — $ 171 $ — $ — |
Schedule of expected future benefit payments, net of participants' contributions | The expected future benefit payments, net of participants’ contributions, with respect to the defined benefit pension plans and other postretirement benefit plans, are as follows: Pension Postretirement (in millions) U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans 2023 $ 287 $ 38 $ 12 $ 1 2024 292 43 11 1 2025 289 45 11 1 2026 282 47 10 2 2027 280 48 10 2 2028-2032 1,295 251 44 9 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of income (loss) from continuing operations before income tax expense (benefit) by U.S. and foreign location | The following table presents income (loss) from continuing operations before income tax expense (benefit) by U.S. and foreign location in which such pre-tax income (loss) was earned or incurred: Years Ended December 31, (in millions) 2022 2021 2020 U.S. $ 12,432 $ 9,838 $ (8,396) Foreign 1,850 2,261 1,103 Total $ 14,282 $ 12,099 $ (7,293) |
Schedule of income tax expense (benefit) attributable to pre-tax income (loss) from continuing operations | The following table presents the income tax expense (benefit) attributable to pre-tax income (loss) from continuing operations: Years Ended December 31, (in millions) 2022 2021 2020 Foreign and U.S. components of actual income tax expense (benefit): U.S.: Current $ 246 $ (216) $ (57) Deferred 2,348 2,190 (1,676) Foreign: Current 271 171 274 Deferred 141 31 (1) Total $ 3,006 $ 2,176 $ (1,460) |
Schedule of reconciliation between actual income tax (benefit) expense and statutory U.S. federal amount computed by applying the federal income tax rate | Our actual income tax expense (benefit) differs from the statutory U.S. federal amount computed by applying the federal income tax rate due to the following: Years Ended December 31, 2022 2021 2020 (dollars in millions) Pre-Tax Tax Percent of Pre-Tax Tax Percent of Pre-Tax Tax Percent of U.S. federal income tax at statutory rate $ 14,281 $ 2,999 21.0 % $ 12,099 $ 2,540 21.0 % $ (7,288) $ (1,531) 21.0 % Adjustments: Tax exempt interest (18) (0.1) (18) (0.1) (19) 0.3 Uncertain tax positions (a)(b) (17) (0.1) (9) (0.1) 165 (2.3) Reclassifications from AOCI (81) (0.6) (109) (0.9) (101) 1.4 Dispositions of subsidiaries (c) — — 11 0.1 180 (2.5) Non-controlling interest (31) (0.2) (97) (0.8) (12) 0.2 Non-deductible transfer pricing charges 12 0.1 16 0.1 11 (0.2) Dividends received deduction (36) (0.3) (37) (0.3) (39) 0.5 Effect of foreign operations (d) 149 1.0 134 1.1 76 (1.0) Share-based compensation payments excess tax effect (19) (0.1) 16 0.1 35 (0.5) State income taxes 33 0.2 37 0.3 15 (0.2) Expiration of tax attribute carryforwards — — 16 0.1 221 (3.0) Tax audit resolution — — (935) (7.6) (379) 5.2 Other (b) 40 0.3 (107) (0.9) (16) 0.2 Effect of discontinued operations — — — — — — Valuation allowance: Continuing operations (25) (0.2) 718 5.9 (65) 0.9 Consolidated total amounts 14,281 3,006 21.0 12,099 2,176 18.0 (7,288) (1,459) 20.0 Amounts attributable to discontinued operations (1) — — — — — 5 1 20.0 Amounts attributable to continuing operations $ 14,282 $ 3,006 21.0 % $ 12,099 $ 2,176 18.0 % $ (7,293) $ (1,460) 20.0 % (a) Refer to the Accounting for Uncertainty in Income Taxes section below for further discussion on 2021 and 2020 tax audit resolution activity. (b) 2020 includes a net charge of $67 million related to the accrual of IRS interest, of which $139 million tax expense is reported in Uncertain tax positions and $72 million tax benefit is reported in Other. (c) 2020 disposition of subsidiaries is primarily related to the tax effects of the Majority Interest Fortitude Sale. (d) Effect of foreign operations is primarily related to income and losses in our foreign operations taxed at statutory tax rates different than 21 percent, and foreign income subject to U.S. taxation. |
Schedule of components of the net deferred tax asset | The following table presents the components of the net deferred tax assets (liabilities): December 31, (in millions) 2022 2021 Deferred tax assets: Losses and tax credit carryforwards $ 6,868 $ 7,291 Basis differences on investments 2,652 2,944 Fortitude Re funds withheld embedded derivative — 543 Life policy reserves 3,697 3,751 Accruals not currently deductible, and other 389 634 Loss reserve discount 352 455 Loan loss and other reserves 62 509 Unearned premium reserve reduction 294 283 Fixed assets and intangible assets 1,081 1,262 Unrealized losses related to available for sale debt securities 5,595 — Other 498 247 Employee benefits 382 407 Total deferred tax assets 21,870 18,326 Deferred tax liabilities: Investments in foreign subsidiaries (41) (15) Deferred policy acquisition costs (1,868) (2,054) Unrealized gains related to available for sale debt securities — (2,791) Fortitude Re funds withheld embedded derivative (862) — Other — — Total deferred tax liabilities (2,771) (4,860) Net deferred tax assets before valuation allowance 19,099 13,466 Valuation allowance (4,250) (1,987) Net deferred tax assets (liabilities) $ 14,849 $ 11,479 |
Schedule of consolidated income tax group credits carryforwards | The following table presents AIG's U.S. consolidated federal income tax group tax losses and credits carryforwards. December 31, 2022 Tax Carryforward Period Ending Tax Year (b) Unlimited Carryforward Period and Carryforward Periods (b) (in millions) Gross Effected 2023 2024 2025 2026 2027 2028 2029 - After Net operating loss carryforwards $ 24,804 $ 5,209 $ — $ — $ — $ — $ — $ 3,253 $ 1,956 Capital loss carryforwards $ — — — — — — — — — Foreign tax credit carryforwards 22 22 — — — — — — Other carryforwards — — — — — — — — Total AIG U.S. consolidated federal income tax group tax losses and credits carryforwards on a U.S. GAAP basis (a) $ 5,231 $ 22 $ — $ — $ — $ — $ 3,253 $ 1,956 (a) Financial reporting basis reflects the impact of unrecognized tax benefits for tax years in which tax attributes can be realized through carryback upon settlement. |
Schedule of net deferred tax assets (liabilities) | The following table presents the net deferred tax assets (liabilities) at December 31, 2022 and 2021 on a U.S. GAAP basis: December 31, (in millions) 2022 2021 Net U.S. deferred tax assets $ 12,094 $ 14,656 Net deferred tax assets (liabilities) in AOCI 4,958 (2,772) Valuation allowance (3,128) (859) Subtotal 13,924 11,025 Net foreign, state and local deferred tax assets 2,342 1,817 Valuation allowance (1,122) (1,128) Subtotal 1,220 689 Subtotal - Net U.S., foreign, state and local deferred tax assets 15,144 11,714 Net foreign, state and local deferred tax liabilities (295) (235) Total AIG net deferred tax assets (liabilities) $ 14,849 $ 11,479 |
Schedule of reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits | The following table presents a reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits, excluding interest and penalties: Years Ended December 31, (in millions) 2022 2021 2020 Gross unrecognized tax benefits, beginning of year $ 1,157 $ 2,343 $ 4,762 Increases in tax positions for prior years 29 22 45 Decreases in tax positions for prior years (33) (1,233) (131) Increases in tax positions for current year 59 37 13 Lapse in statute of limitations (21) — — Settlements — (12) (2,346) Gross unrecognized tax benefits, end of year $ 1,191 $ 1,157 $ 2,343 |
Schedule of tax years that remain subject to examination by major tax jurisdictions | Listed below are the tax years that remain subject to examination by major tax jurisdictions: At December 31, 2022 Open Tax Years Major Tax Jurisdiction United States 2007-2021 Australia 2018-2021 Canada 2018-2021 France 2019-2021 Japan 2016-2021 Korea 2014-2021 Singapore 2018-2021 United Kingdom 2021-2021 |
Basis of Presentation (Details)
Basis of Presentation (Details) | 12 Months Ended | |||||||||||||
Dec. 31, 2022 USD ($) country $ / shares | Dec. 14, 2022 USD ($) | Sep. 19, 2022 USD ($) $ / shares shares | Dec. 15, 2021 USD ($) | Nov. 02, 2021 | Jul. 16, 2021 USD ($) mutualFund | Jun. 02, 2020 USD ($) | Dec. 31, 2022 USD ($) country $ / shares | Dec. 31, 2021 USD ($) $ / shares | Dec. 31, 2020 USD ($) | Dec. 31, 2027 USD ($) | Aug. 23, 2022 USD ($) | Apr. 05, 2022 USD ($) | Nov. 01, 2021 USD ($) | |
Basis of Presentation Information | ||||||||||||||
Number of countries in which the entity operates | country | 70 | 70 | ||||||||||||
Common stock, par value (in dollars per share) | $ / shares | $ 2.50 | $ 2.50 | $ 2.50 | |||||||||||
Net income (loss) | $ 11,275,000,000 | $ 9,923,000,000 | $ (5,829,000,000) | |||||||||||
Contributions from noncontrolling interests | 133,000,000 | 22,000,000 | 108,000,000 | |||||||||||
Notes receivable, related party | $ 8,300,000,000 | |||||||||||||
Short term debt | $ 1,500,000,000 | 1,500,000,000 | ||||||||||||
Number of funds reorganized | mutualFund | 12 | |||||||||||||
Net gain (loss) on divestitures and other | (82,000,000) | 3,044,000,000 | (8,525,000,000) | |||||||||||
Reduction in shareholder equity | $ 4,300,000,000 | |||||||||||||
Parent Company | ||||||||||||||
Basis of Presentation Information | ||||||||||||||
Net income (loss) | 10,258,000,000 | 9,388,000,000 | (5,942,000,000) | |||||||||||
Net gain (loss) on divestitures and other | $ 111,000,000 | (10,000,000) | 4,010,000,000 | |||||||||||
Deconsolidation, Gain (Loss), Amount | $ 114,000,000 | |||||||||||||
Aigs Interest In Us Affordable Housing Portfolio | ||||||||||||||
Basis of Presentation Information | ||||||||||||||
Disposal consideration | $ 4,900,000,000 | |||||||||||||
Net gain (loss) on divestitures and other | $ 3,000,000,000 | |||||||||||||
Fortitude | ||||||||||||||
Basis of Presentation Information | ||||||||||||||
Disposal consideration | 2,200,000,000 | |||||||||||||
Maximum borrowing capacity | $ 600,000,000 | |||||||||||||
Corebridge Financial Inc | ||||||||||||||
Basis of Presentation Information | ||||||||||||||
Ownership (as a percent) | 77.70% | 77.70% | ||||||||||||
Corebridge Financial | ||||||||||||||
Basis of Presentation Information | ||||||||||||||
Assets under management | 50,000,000,000 | |||||||||||||
Corebridge Financial | Forecast | ||||||||||||||
Basis of Presentation Information | ||||||||||||||
Assets under management | $ 92,500,000,000 | |||||||||||||
Corebridge senior unsecured notes | ||||||||||||||
Basis of Presentation Information | ||||||||||||||
Amount of debt issued | $ 6,500,000,000 | |||||||||||||
Junior Notes | ||||||||||||||
Basis of Presentation Information | ||||||||||||||
Interest rate | 6.875% | |||||||||||||
Blackstone | Corebridge Financial Inc | ||||||||||||||
Basis of Presentation Information | ||||||||||||||
Ownership percentage by noncontrolling owners | 9.90% | |||||||||||||
Percent of ownership interest permitted to be sold after first anniversary | 25% | |||||||||||||
Percent of ownership interest permitted to be sold after second anniversary | 67% | |||||||||||||
Percent of ownership interest permitted to be sold after third anniversary | 75% | |||||||||||||
Corebridge Financial Inc | ||||||||||||||
Basis of Presentation Information | ||||||||||||||
Dividends payable | $ 8,300,000,000 | |||||||||||||
Short term debt | $ 1,500,000,000 | $ 1,500,000,000 | ||||||||||||
Debt instrument term (in years) | 3 years | |||||||||||||
Corebridge Financial Inc | Corebridge senior unsecured notes | ||||||||||||||
Basis of Presentation Information | ||||||||||||||
Amount of debt issued | $ 6,500,000,000 | |||||||||||||
Corebridge Financial Inc | Junior Notes | ||||||||||||||
Basis of Presentation Information | ||||||||||||||
Amount of debt issued | $ 1,000,000,000 | |||||||||||||
BlackRock | ||||||||||||||
Basis of Presentation Information | ||||||||||||||
Transfer to investments | 162,000,000,000 | |||||||||||||
BlackRock | Corebridge Investment Portfolio | ||||||||||||||
Basis of Presentation Information | ||||||||||||||
Transfer to investments | 98,000,000,000 | |||||||||||||
SAAMCo | ||||||||||||||
Basis of Presentation Information | ||||||||||||||
Assets under management | $ 6,800,000,000 | |||||||||||||
Annual increase period (in years) | 3 years | |||||||||||||
American International Group Inc | Fortitude | ||||||||||||||
Basis of Presentation Information | ||||||||||||||
Ownership (as a percent) | 3.50% | |||||||||||||
IPO | Corebridge Financial Inc | ||||||||||||||
Basis of Presentation Information | ||||||||||||||
Shares issued in IPO (in shares) | shares | 80,000,000 | |||||||||||||
Price per share (in USD per share) | $ / shares | $ 21 | |||||||||||||
Percentage of stock sold (as a percent) | 12.40% | |||||||||||||
Gross proceeds from sale of stock | $ 1,700,000,000 | |||||||||||||
Total AIG Shareholders' Equity | ||||||||||||||
Basis of Presentation Information | ||||||||||||||
Net income (loss) | 10,276,000,000 | $ 9,388,000,000 | $ (5,944,000,000) | |||||||||||
Contributions from noncontrolling interests | $ 608,000,000 | 608,000,000 | ||||||||||||
Cumulative effect of change in accounting principle | Total AIG Shareholders' Equity | ||||||||||||||
Basis of Presentation Information | ||||||||||||||
Net income (loss) | $ 100,000,000 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2022 | Jan. 01, 2023 | Sep. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Summary of Significant Accounting Policies [Line Items] | ||||||
Earning pattern of reinsurance contract extension (in years) | 24 months | |||||
Stockholders' equity | $ 42,235 | $ 68,912 | $ 67,199 | $ 67,427 | ||
Accumulated Other Comprehensive Income (Loss) | ||||||
Summary of Significant Accounting Policies [Line Items] | ||||||
Stockholders' equity | (22,092) | 6,687 | 13,511 | 4,982 | ||
Retained Earnings | ||||||
Summary of Significant Accounting Policies [Line Items] | ||||||
Stockholders' equity | $ 33,032 | $ 23,785 | $ 15,504 | 23,084 | ||
Cumulative effect of change in accounting principle | ||||||
Summary of Significant Accounting Policies [Line Items] | ||||||
Stockholders' equity | (487) | |||||
Cumulative effect of change in accounting principle | Retained Earnings | ||||||
Summary of Significant Accounting Policies [Line Items] | ||||||
Stockholders' equity | $ (487) | |||||
ASU 2018-12 | Cumulative effect of change in accounting principle | Minimum | ||||||
Summary of Significant Accounting Policies [Line Items] | ||||||
Stockholders' equity | $ 800 | |||||
ASU 2018-12 | Cumulative effect of change in accounting principle | Minimum | Accumulated Other Comprehensive Income (Loss) | ||||||
Summary of Significant Accounting Policies [Line Items] | ||||||
Stockholders' equity | (400) | |||||
ASU 2018-12 | Cumulative effect of change in accounting principle | Minimum | Retained Earnings | ||||||
Summary of Significant Accounting Policies [Line Items] | ||||||
Stockholders' equity | 1,200 | |||||
ASU 2018-12 | Cumulative effect of change in accounting principle | Maximum | ||||||
Summary of Significant Accounting Policies [Line Items] | ||||||
Stockholders' equity | 1,300 | |||||
ASU 2018-12 | Cumulative effect of change in accounting principle | Maximum | Accumulated Other Comprehensive Income (Loss) | ||||||
Summary of Significant Accounting Policies [Line Items] | ||||||
Stockholders' equity | (900) | |||||
ASU 2018-12 | Cumulative effect of change in accounting principle | Maximum | Retained Earnings | ||||||
Summary of Significant Accounting Policies [Line Items] | ||||||
Stockholders' equity | $ 1,700 | |||||
ASU 2018-12 | Cumulative effect of change in accounting principle | Forecast | Minimum | ||||||
Summary of Significant Accounting Policies [Line Items] | ||||||
Stockholders' equity | $ (1,000) | |||||
ASU 2018-12 | Cumulative effect of change in accounting principle | Forecast | Minimum | Accumulated Other Comprehensive Income (Loss) | ||||||
Summary of Significant Accounting Policies [Line Items] | ||||||
Stockholders' equity | (1,800) | |||||
ASU 2018-12 | Cumulative effect of change in accounting principle | Forecast | Minimum | Retained Earnings | ||||||
Summary of Significant Accounting Policies [Line Items] | ||||||
Stockholders' equity | 800 | |||||
ASU 2018-12 | Cumulative effect of change in accounting principle | Forecast | Maximum | ||||||
Summary of Significant Accounting Policies [Line Items] | ||||||
Stockholders' equity | (1,500) | |||||
ASU 2018-12 | Cumulative effect of change in accounting principle | Forecast | Maximum | Accumulated Other Comprehensive Income (Loss) | ||||||
Summary of Significant Accounting Policies [Line Items] | ||||||
Stockholders' equity | (2,300) | |||||
ASU 2018-12 | Cumulative effect of change in accounting principle | Forecast | Maximum | Retained Earnings | ||||||
Summary of Significant Accounting Policies [Line Items] | ||||||
Stockholders' equity | $ 1,300 | |||||
Building | Maximum | ||||||
Summary of Significant Accounting Policies [Line Items] | ||||||
Useful life (in years) | 40 years | |||||
Furniture and Fixtures | Maximum | ||||||
Summary of Significant Accounting Policies [Line Items] | ||||||
Useful life (in years) | 10 years | |||||
Capitalized Software Costs | Maximum | ||||||
Summary of Significant Accounting Policies [Line Items] | ||||||
Useful life (in years) | 10 years |
Segment Information - Narrative
Segment Information - Narrative (Details) | 12 Months Ended |
Dec. 31, 2022 segment | |
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 |
Segment Information - Schedule
Segment Information - Schedule of continuing operations by operating segment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||
Revenues | $ 56,437 | $ 52,057 | $ 43,736 |
Adjusted Pre-tax Income (Loss) | 14,282 | 12,099 | (7,293) |
Net Investment Income | 11,767 | 14,612 | 13,631 |
Interest expense | 1,125 | 1,305 | 1,457 |
Amortization of deferred policy acquisition costs | 4,970 | 4,573 | 4,211 |
Changes in fair value of securities used to hedge guaranteed living benefits, Adjusted Revenues | 55 | 60 | 56 |
Changes in fair value of securities used to hedge guaranteed living benefits | 30 | 61 | 41 |
Changes in benefit reserves and DAC, VOBA and DSI related to net realized gains (losses), Amortization of DAC | 302 | 33 | (9) |
Changes in benefit reserves and DAC, VOBA and DSI related to net realized gains (losses) | (308) | (52) | 12 |
Changes in the fair value of equity securities | (53) | (237) | 200 |
Other income (expense) - net | (29) | (24) | 49 |
Other income (expense) - net, investment income | 28 | 33 | 99 |
Other income (expense) - net, interest expense | 28 | 33 | 99 |
Loss on extinguishment of debt | (303) | (389) | (12) |
Net realized gains (losses) | 8,991 | 2,151 | (2,238) |
Net realized gains, adjusted revenues | 1,731 | 1,585 | (148) |
Net realized gains, adjusted net investment income | (244) | (156) | (98) |
Net realized gains, adjusted interest expense | (1) | (13) | (33) |
Net realized gains, adjusted pre-tax income (loss) | 1,750 | 1,623 | (97) |
Net gain (loss) on divestitures and other | (82) | 3,044 | (8,525) |
Non-operating litigation reserves and settlements, adjustment to revenue | 49 | 0 | 23 |
Non-operating litigation reserves and settlements, pre-tax income (loss) | 41 | (3) | 21 |
(Unfavorable) favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements | 160 | 186 | 221 |
Net loss reserve discount benefit | 703 | 193 | (516) |
Pension expense related to a one-time lump sum payment to former employees | (60) | (34) | |
Integration and transaction costs associated with acquiring or divesting businesses | (194) | (83) | (12) |
Restructuring and other costs | (570) | (433) | (435) |
Non-recurring costs related to regulatory or accounting changes | (37) | (68) | (65) |
Net impact from elimination of international reporting lag, adjusted revenues | 978 | ||
Net impact from elimination of international reporting lag, net investment income | 41 | ||
Net impact from elimination of international reporting lag, adjusted pre-tax income (loss) | 127 | ||
Fortitude Re funds withheld assets | |||
Segment Reporting Information [Line Items] | |||
Net Investment Income | 943 | 1,971 | 1,053 |
Net realized gains (losses) | (486) | 1,003 | 463 |
Fortitude Re funds withheld embedded derivative | |||
Segment Reporting Information [Line Items] | |||
Net realized gains (losses) | 7,481 | (603) | (2,645) |
Total | |||
Segment Reporting Information [Line Items] | |||
Revenues | 45,768 | 48,302 | 44,685 |
Adjusted Pre-tax Income (Loss) | 5,140 | 5,920 | 3,003 |
Net Investment Income | 10,997 | 12,941 | 12,321 |
Interest expense | 1,098 | 1,285 | 1,391 |
Amortization of deferred policy acquisition costs | 4,668 | 4,540 | 4,220 |
Corporate Reconciling Items And Eliminations | |||
Segment Reporting Information [Line Items] | |||
Revenues | 392 | 347 | 823 |
Adjusted Pre-tax Income (Loss) | (1,947) | (2,350) | (2,429) |
Net Investment Income | 268 | 116 | 515 |
Interest expense | 1,075 | 1,155 | 1,236 |
Amortization of deferred policy acquisition costs | 5 | 37 | 50 |
Other Operations before consolidation and eliminations | |||
Segment Reporting Information [Line Items] | |||
Revenues | 827 | 1,338 | 1,385 |
Adjusted Pre-tax Income (Loss) | (1,542) | (1,418) | (1,963) |
Net Investment Income | 714 | 1,112 | 1,087 |
Interest expense | 1,131 | 1,220 | 1,306 |
Amortization of deferred policy acquisition costs | 5 | 37 | 50 |
Consolidation and eliminations | |||
Segment Reporting Information [Line Items] | |||
Revenues | (435) | (991) | (562) |
Adjusted Pre-tax Income (Loss) | (405) | (932) | (466) |
Net Investment Income | (446) | (996) | (572) |
Interest expense | (56) | (65) | (70) |
Amortization of deferred policy acquisition costs | 0 | 0 | 0 |
General Insurance | Reportable Segments | |||
Segment Reporting Information [Line Items] | |||
Revenues | 27,722 | 28,361 | 26,587 |
Adjusted Pre-tax Income (Loss) | 4,430 | 4,359 | 1,901 |
Net Investment Income | 2,382 | 3,304 | 2,925 |
Amortization of deferred policy acquisition costs | 3,533 | 3,530 | 3,538 |
General Insurance | Reportable Segments | North America | |||
Segment Reporting Information [Line Items] | |||
Revenues | 12,071 | 10,989 | 10,302 |
Adjusted Pre-tax Income (Loss) | 648 | (47) | (1,301) |
Amortization of deferred policy acquisition costs | 1,585 | 1,333 | 1,365 |
General Insurance | Reportable Segments | International | |||
Segment Reporting Information [Line Items] | |||
Revenues | 13,269 | 14,068 | 13,360 |
Adjusted Pre-tax Income (Loss) | 1,400 | 1,102 | 277 |
Amortization of deferred policy acquisition costs | 1,948 | 2,197 | 2,173 |
General Insurance | Reportable Segments | Net investment income | |||
Segment Reporting Information [Line Items] | |||
Revenues | 2,382 | 3,304 | 2,925 |
Adjusted Pre-tax Income (Loss) | 2,382 | 3,304 | 2,925 |
Net Investment Income | 2,382 | 3,304 | 2,925 |
Amortization of deferred policy acquisition costs | 0 | 0 | 0 |
Life and Retirement | Reportable Segments | |||
Segment Reporting Information [Line Items] | |||
Revenues | 17,654 | 19,594 | 17,275 |
Adjusted Pre-tax Income (Loss) | 2,657 | 3,911 | 3,531 |
Net Investment Income | 8,347 | 9,521 | 8,881 |
Interest expense | 23 | 130 | 155 |
Amortization of deferred policy acquisition costs | 1,130 | 973 | 632 |
Life and Retirement | Reportable Segments | Individual Retirement | |||
Segment Reporting Information [Line Items] | |||
Revenues | 5,415 | 6,083 | 5,714 |
Adjusted Pre-tax Income (Loss) | 1,222 | 1,939 | 1,938 |
Net Investment Income | 3,898 | 4,338 | 4,131 |
Interest expense | 11 | 61 | 72 |
Amortization of deferred policy acquisition costs | 761 | 736 | 590 |
Life and Retirement | Reportable Segments | Group Retirement | |||
Segment Reporting Information [Line Items] | |||
Revenues | 2,780 | 3,291 | 2,970 |
Adjusted Pre-tax Income (Loss) | 749 | 1,284 | 1,013 |
Net Investment Income | 2,005 | 2,410 | 2,236 |
Interest expense | 6 | 35 | 42 |
Amortization of deferred policy acquisition costs | 96 | 61 | 7 |
Life and Retirement | Reportable Segments | Life Insurance | |||
Segment Reporting Information [Line Items] | |||
Revenues | 5,299 | 5,112 | 4,877 |
Adjusted Pre-tax Income (Loss) | 337 | 106 | 142 |
Net Investment Income | 1,393 | 1,619 | 1,526 |
Interest expense | 4 | 25 | 30 |
Amortization of deferred policy acquisition costs | 267 | 170 | 30 |
Life and Retirement | Reportable Segments | Institutional Markets | |||
Segment Reporting Information [Line Items] | |||
Revenues | 4,160 | 5,108 | 3,714 |
Adjusted Pre-tax Income (Loss) | 349 | 582 | 438 |
Net Investment Income | 1,051 | 1,154 | 988 |
Interest expense | 2 | 9 | 11 |
Amortization of deferred policy acquisition costs | $ 6 | $ 6 | $ 5 |
Segment Information - Schedul_2
Segment Information - Schedule of Identifiable assets (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | ||
Total assets | $ 526,634 | $ 596,112 |
Capital Expenditures | 210 | 343 |
General Insurance | Reportable Subsegments | ||
Segment Reporting Information [Line Items] | ||
Total assets | 147,102 | 159,000 |
Capital Expenditures | 68 | 76 |
Life and Retirement | Reportable Subsegments | ||
Segment Reporting Information [Line Items] | ||
Total assets | 356,623 | 406,104 |
Capital Expenditures | 102 | 62 |
Other Operations before consolidation and eliminations | Reportable Subsegments | ||
Segment Reporting Information [Line Items] | ||
Total assets | 22,909 | 31,008 |
Capital Expenditures | $ 40 | $ 205 |
Segment Information - Schedul_3
Segment Information - Schedule of Revenues and Other Assets by Geographic Area (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||
Revenues | $ 56,437 | $ 52,057 | $ 43,736 |
Real Estate and Other Fixed Assets, Net of Accumulated Depreciation | 1,593 | 1,712 | 1,840 |
North America | |||
Segment Reporting Information [Line Items] | |||
Revenues | 41,605 | 37,224 | 30,204 |
Real Estate and Other Fixed Assets, Net of Accumulated Depreciation | 1,206 | 1,212 | 1,230 |
International | |||
Segment Reporting Information [Line Items] | |||
Revenues | 14,832 | 14,833 | 13,532 |
Real Estate and Other Fixed Assets, Net of Accumulated Depreciation | $ 387 | $ 500 | $ 610 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and liabilities measured at fair value on a recurring basis (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 | |
Assets: | |||
Bonds available for sale | [1] | $ 226,156,000,000 | $ 277,202,000,000 |
Other bond securities, at fair value (See Note 5) | [1] | 4,485,000,000 | 6,278,000,000 |
Equity securities | [1] | 575,000,000 | 739,000,000 |
Derivative assets | 6,049,000,000 | 5,761,000,000 | |
Counterparty netting | (3,895,000,000) | (2,779,000,000) | |
Cash Collateral | (1,640,000,000) | (2,139,000,000) | |
Total derivative assets | 514,000,000 | 843,000,000 | |
Short-term investments | [1] | 12,376,000,000 | 13,357,000,000 |
Separate account assets | 84,853,000,000 | 109,111,000,000 | |
Liabilities: | |||
Policyholder contract deposits | 158,891,000,000 | 156,686,000,000 | |
Derivative liabilities | 6,043,000,000 | 4,454,000,000 | |
Counterparty netting | (3,895,000,000) | (2,779,000,000) | |
Cash Collateral | $ (1,917,000,000) | $ (1,089,000,000) | |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Other liabilities | Other liabilities | |
Total derivative liabilities | $ 231,000,000 | $ 586,000,000 | |
Fortitude Re funds withheld payable | 30,383,000,000 | 40,771,000,000 | |
U.S. government and government sponsored entities | |||
Assets: | |||
Bonds available for sale | 6,619,000,000 | 8,194,000,000 | |
Obligations of states, municipalities and political subdivisions | |||
Assets: | |||
Bonds available for sale | 12,099,000,000 | 14,527,000,000 | |
Non-U.S. governments | |||
Assets: | |||
Bonds available for sale | 13,485,000,000 | 16,330,000,000 | |
Corporate debt | |||
Assets: | |||
Bonds available for sale | 137,839,000,000 | 175,608,000,000 | |
RMBS | |||
Assets: | |||
Bonds available for sale | 18,817,000,000 | 27,287,000,000 | |
CMBS | |||
Assets: | |||
Bonds available for sale | 14,193,000,000 | 15,809,000,000 | |
CLO/ABS | |||
Assets: | |||
Bonds available for sale | 23,104,000,000 | 19,447,000,000 | |
Level 3 | Obligations of states, municipalities and political subdivisions | |||
Assets: | |||
Bonds available for sale | 799,000,000 | 1,400,000,000 | |
Level 3 | Corporate debt | |||
Assets: | |||
Bonds available for sale | 2,527,000,000 | 1,561,000,000 | |
Level 3 | RMBS | |||
Assets: | |||
Bonds available for sale | 5,235,000,000 | 9,916,000,000 | |
Level 3 | CMBS | |||
Assets: | |||
Bonds available for sale | 587,000,000 | 580,000,000 | |
Fair Value Measured at Net Asset Value Per Share | |||
Liabilities: | |||
Fair Value Using NAV Per Share (or its equivalent) | 9,800,000,000 | 8,400,000,000 | |
Recurring Basis | |||
Assets: | |||
Counterparty netting | (3,895,000,000) | (2,779,000,000) | |
Cash Collateral | (1,640,000,000) | (2,139,000,000) | |
Counterparty netting and cash collateral | (5,535,000,000) | (4,918,000,000) | |
Total derivative assets | 514,000,000 | 843,000,000 | |
Short-term investments | 5,708,000,000 | 4,426,000,000 | |
Liabilities: | |||
Policyholder contract deposits | 7,146,000,000 | 9,736,000,000 | |
Counterparty netting | (3,895,000,000) | (2,779,000,000) | |
Cash Collateral | (1,917,000,000) | (1,089,000,000) | |
Counterparty netting and cash collateral | (5,812,000,000) | (3,868,000,000) | |
Total derivative liabilities | 231,000,000 | 586,000,000 | |
Fortitude Re funds withheld payable | (2,235,000,000) | ||
Fortitude Re funds withheld payable | 5,922,000,000 | ||
Other liabilities | 343,000,000 | 586,000,000 | |
Long-term debt | 56,000,000 | 1,871,000,000 | |
Recurring Basis | Levels 1, 2 and 3 | |||
Assets: | |||
Bonds available for sale | 226,156,000,000 | 277,202,000,000 | |
Other bond securities, at fair value (See Note 5) | 4,485,000,000 | 6,278,000,000 | |
Equity securities | 575,000,000 | 739,000,000 | |
Other invested assets | 2,220,000,000 | 2,086,000,000 | |
Short-term investments | 5,708,000,000 | 4,426,000,000 | |
Other assets | 107,000,000 | 114,000,000 | |
Separate account assets | 84,853,000,000 | 109,111,000,000 | |
Total | 324,618,000,000 | 400,799,000,000 | |
Liabilities: | |||
Policyholder contract deposits | 7,146,000,000 | 9,736,000,000 | |
Fortitude Re funds withheld payable | (2,235,000,000) | ||
Fortitude Re funds withheld payable | 5,922,000,000 | ||
Other liabilities | 112,000,000 | ||
Long-term debt | 56,000,000 | 1,871,000,000 | |
Total | 5,310,000,000 | 18,115,000,000 | |
Recurring Basis | Levels 1, 2 and 3 | Interest rate contracts | |||
Assets: | |||
Derivative assets | 3,722,000,000 | 3,873,000,000 | |
Liabilities: | |||
Derivative liabilities | 4,838,000,000 | 3,633,000,000 | |
Recurring Basis | Levels 1, 2 and 3 | Foreign exchange contracts | |||
Assets: | |||
Derivative assets | 1,844,000,000 | 1,189,000,000 | |
Liabilities: | |||
Derivative liabilities | 1,138,000,000 | 721,000,000 | |
Recurring Basis | Levels 1, 2 and 3 | Equity contracts | |||
Assets: | |||
Derivative assets | 428,000,000 | 681,000,000 | |
Liabilities: | |||
Derivative liabilities | 26,000,000 | 53,000,000 | |
Recurring Basis | Levels 1, 2 and 3 | Commodity contracts | |||
Assets: | |||
Derivative assets | 9,000,000 | 4,000,000 | |
Recurring Basis | Levels 1, 2 and 3 | Credit contracts | |||
Assets: | |||
Derivative assets | 32,000,000 | 1,000,000 | |
Liabilities: | |||
Derivative liabilities | 41,000,000 | 47,000,000 | |
Recurring Basis | Levels 1, 2 and 3 | Other contracts | |||
Assets: | |||
Derivative assets | 14,000,000 | 13,000,000 | |
Recurring Basis | Levels 1, 2 and 3 | U.S. government and government sponsored entities | |||
Assets: | |||
Bonds available for sale | 6,619,000,000 | 8,194,000,000 | |
Other bond securities, at fair value (See Note 5) | 0 | 1,750,000,000 | |
Recurring Basis | Levels 1, 2 and 3 | Obligations of states, municipalities and political subdivisions | |||
Assets: | |||
Bonds available for sale | 12,099,000,000 | 14,527,000,000 | |
Other bond securities, at fair value (See Note 5) | 111,000,000 | 97,000,000 | |
Recurring Basis | Levels 1, 2 and 3 | Non-U.S. governments | |||
Assets: | |||
Bonds available for sale | 13,485,000,000 | 16,330,000,000 | |
Other bond securities, at fair value (See Note 5) | 66,000,000 | 76,000,000 | |
Recurring Basis | Levels 1, 2 and 3 | Corporate debt | |||
Assets: | |||
Bonds available for sale | 137,839,000,000 | 175,608,000,000 | |
Other bond securities, at fair value (See Note 5) | 2,392,000,000 | 1,050,000,000 | |
Recurring Basis | Levels 1, 2 and 3 | RMBS | |||
Assets: | |||
Bonds available for sale | 18,817,000,000 | 27,287,000,000 | |
Other bond securities, at fair value (See Note 5) | 286,000,000 | 411,000,000 | |
Recurring Basis | Levels 1, 2 and 3 | CMBS | |||
Assets: | |||
Bonds available for sale | 14,193,000,000 | 15,809,000,000 | |
Other bond securities, at fair value (See Note 5) | 331,000,000 | 315,000,000 | |
Recurring Basis | Levels 1, 2 and 3 | CLO/ABS | |||
Assets: | |||
Bonds available for sale | 23,104,000,000 | 19,447,000,000 | |
Other bond securities, at fair value (See Note 5) | 1,299,000,000 | 2,579,000,000 | |
Recurring Basis | Level 1 | |||
Assets: | |||
Bonds available for sale | 183,000,000 | 2,562,000,000 | |
Other bond securities, at fair value (See Note 5) | 0 | 0 | |
Equity securities | 518,000,000 | 669,000,000 | |
Other invested assets | 0 | 0 | |
Derivative assets | 12,000,000 | 7,000,000 | |
Short-term investments | 2,821,000,000 | 2,584,000,000 | |
Other assets | 0 | 0 | |
Separate account assets | 81,655,000,000 | 105,221,000,000 | |
Total | 85,189,000,000 | 111,043,000,000 | |
Liabilities: | |||
Policyholder contract deposits | 0 | 0 | |
Derivative liabilities | 2,000,000 | 2,000,000 | |
Fortitude Re funds withheld payable | 0 | ||
Fortitude Re funds withheld payable | 0 | ||
Other liabilities | 0 | ||
Long-term debt | 0 | 0 | |
Total | 2,000,000 | 2,000,000 | |
Recurring Basis | Level 1 | Interest rate contracts | |||
Assets: | |||
Derivative assets | 1,000,000 | 0 | |
Liabilities: | |||
Derivative liabilities | 0 | 1,000,000 | |
Recurring Basis | Level 1 | Foreign exchange contracts | |||
Assets: | |||
Derivative assets | 0 | 0 | |
Liabilities: | |||
Derivative liabilities | 0 | 0 | |
Recurring Basis | Level 1 | Equity contracts | |||
Assets: | |||
Derivative assets | 11,000,000 | 7,000,000 | |
Liabilities: | |||
Derivative liabilities | 2,000,000 | 1,000,000 | |
Recurring Basis | Level 1 | Commodity contracts | |||
Assets: | |||
Derivative assets | 0 | 0 | |
Recurring Basis | Level 1 | Credit contracts | |||
Assets: | |||
Derivative assets | 0 | 0 | |
Liabilities: | |||
Derivative liabilities | 0 | 0 | |
Recurring Basis | Level 1 | Other contracts | |||
Assets: | |||
Derivative assets | 0 | 0 | |
Recurring Basis | Level 1 | U.S. government and government sponsored entities | |||
Assets: | |||
Bonds available for sale | 25,000,000 | 2,553,000,000 | |
Other bond securities, at fair value (See Note 5) | 0 | 0 | |
Recurring Basis | Level 1 | Obligations of states, municipalities and political subdivisions | |||
Assets: | |||
Bonds available for sale | 0 | 0 | |
Other bond securities, at fair value (See Note 5) | 0 | 0 | |
Recurring Basis | Level 1 | Non-U.S. governments | |||
Assets: | |||
Bonds available for sale | 158,000,000 | 9,000,000 | |
Other bond securities, at fair value (See Note 5) | 0 | 0 | |
Recurring Basis | Level 1 | Corporate debt | |||
Assets: | |||
Bonds available for sale | 0 | 0 | |
Other bond securities, at fair value (See Note 5) | 0 | 0 | |
Recurring Basis | Level 1 | RMBS | |||
Assets: | |||
Bonds available for sale | 0 | 0 | |
Other bond securities, at fair value (See Note 5) | 0 | 0 | |
Recurring Basis | Level 1 | CMBS | |||
Assets: | |||
Bonds available for sale | 0 | 0 | |
Other bond securities, at fair value (See Note 5) | 0 | 0 | |
Recurring Basis | Level 1 | CLO/ABS | |||
Assets: | |||
Bonds available for sale | 0 | 0 | |
Other bond securities, at fair value (See Note 5) | 0 | 0 | |
Recurring Basis | Level 2 | |||
Assets: | |||
Bonds available for sale | 201,074,000,000 | 247,778,000,000 | |
Other bond securities, at fair value (See Note 5) | 2,958,000,000 | 3,581,000,000 | |
Equity securities | 18,000,000 | 64,000,000 | |
Other invested assets | 145,000,000 | 138,000,000 | |
Derivative assets | 5,395,000,000 | 5,289,000,000 | |
Short-term investments | 2,887,000,000 | 1,842,000,000 | |
Other assets | 0 | 0 | |
Separate account assets | 3,198,000,000 | 3,890,000,000 | |
Total | 215,675,000,000 | 262,582,000,000 | |
Liabilities: | |||
Policyholder contract deposits | 41,000,000 | 54,000,000 | |
Derivative liabilities | 5,995,000,000 | 4,415,000,000 | |
Fortitude Re funds withheld payable | 0 | ||
Fortitude Re funds withheld payable | 0 | ||
Other liabilities | 0 | ||
Long-term debt | 56,000,000 | 1,871,000,000 | |
Total | 6,092,000,000 | 6,340,000,000 | |
Recurring Basis | Level 2 | Interest rate contracts | |||
Assets: | |||
Derivative assets | 3,410,000,000 | 3,873,000,000 | |
Liabilities: | |||
Derivative liabilities | 4,838,000,000 | 3,632,000,000 | |
Recurring Basis | Level 2 | Foreign exchange contracts | |||
Assets: | |||
Derivative assets | 1,844,000,000 | 1,188,000,000 | |
Liabilities: | |||
Derivative liabilities | 1,138,000,000 | 721,000,000 | |
Recurring Basis | Level 2 | Equity contracts | |||
Assets: | |||
Derivative assets | 132,000,000 | 224,000,000 | |
Liabilities: | |||
Derivative liabilities | 10,000,000 | 46,000,000 | |
Recurring Basis | Level 2 | Commodity contracts | |||
Assets: | |||
Derivative assets | 9,000,000 | 4,000,000 | |
Recurring Basis | Level 2 | Credit contracts | |||
Assets: | |||
Derivative assets | 0 | 0 | |
Liabilities: | |||
Derivative liabilities | 9,000,000 | 16,000,000 | |
Recurring Basis | Level 2 | Other contracts | |||
Assets: | |||
Derivative assets | 0 | 0 | |
Recurring Basis | Level 2 | U.S. government and government sponsored entities | |||
Assets: | |||
Bonds available for sale | 6,594,000,000 | 5,641,000,000 | |
Other bond securities, at fair value (See Note 5) | 0 | 1,750,000,000 | |
Recurring Basis | Level 2 | Obligations of states, municipalities and political subdivisions | |||
Assets: | |||
Bonds available for sale | 11,275,000,000 | 13,096,000,000 | |
Other bond securities, at fair value (See Note 5) | 111,000,000 | 97,000,000 | |
Recurring Basis | Level 2 | Non-U.S. governments | |||
Assets: | |||
Bonds available for sale | 13,326,000,000 | 16,314,000,000 | |
Other bond securities, at fair value (See Note 5) | 66,000,000 | 76,000,000 | |
Recurring Basis | Level 2 | Corporate debt | |||
Assets: | |||
Bonds available for sale | 134,992,000,000 | 172,967,000,000 | |
Other bond securities, at fair value (See Note 5) | 1,976,000,000 | 916,000,000 | |
Recurring Basis | Level 2 | RMBS | |||
Assets: | |||
Bonds available for sale | 11,264,000,000 | 16,909,000,000 | |
Other bond securities, at fair value (See Note 5) | 113,000,000 | 215,000,000 | |
Recurring Basis | Level 2 | CMBS | |||
Assets: | |||
Bonds available for sale | 13,267,000,000 | 14,619,000,000 | |
Other bond securities, at fair value (See Note 5) | 303,000,000 | 280,000,000 | |
Recurring Basis | Level 2 | CLO/ABS | |||
Assets: | |||
Bonds available for sale | 10,356,000,000 | 8,232,000,000 | |
Other bond securities, at fair value (See Note 5) | 389,000,000 | 247,000,000 | |
Recurring Basis | Level 3 | |||
Assets: | |||
Bonds available for sale | 24,899,000,000 | 26,862,000,000 | |
Other bond securities, at fair value (See Note 5) | 1,527,000,000 | 2,697,000,000 | |
Equity securities | 39,000,000 | 6,000,000 | |
Other invested assets | 2,075,000,000 | 1,948,000,000 | |
Derivative assets | 642,000,000 | 465,000,000 | |
Short-term investments | 0 | 0 | |
Other assets | 107,000,000 | 114,000,000 | |
Separate account assets | 0 | 0 | |
Total | 29,289,000,000 | 32,092,000,000 | |
Liabilities: | |||
Policyholder contract deposits | 7,105,000,000 | 9,682,000,000 | |
Derivative liabilities | 46,000,000 | 37,000,000 | |
Fortitude Re funds withheld payable | (2,235,000,000) | ||
Fortitude Re funds withheld payable | 5,922,000,000 | ||
Other liabilities | 112,000,000 | ||
Long-term debt | 0 | 0 | |
Total | 5,028,000,000 | 15,641,000,000 | |
Recurring Basis | Level 3 | Interest rate contracts | |||
Assets: | |||
Derivative assets | 311,000,000 | 0 | |
Liabilities: | |||
Derivative liabilities | 0 | 0 | |
Recurring Basis | Level 3 | Foreign exchange contracts | |||
Assets: | |||
Derivative assets | 0 | 1,000,000 | |
Liabilities: | |||
Derivative liabilities | 0 | 0 | |
Recurring Basis | Level 3 | Equity contracts | |||
Assets: | |||
Derivative assets | 285,000,000 | 450,000,000 | |
Liabilities: | |||
Derivative liabilities | 14,000,000 | 6,000,000 | |
Recurring Basis | Level 3 | Commodity contracts | |||
Assets: | |||
Derivative assets | 0 | 0 | |
Recurring Basis | Level 3 | Credit contracts | |||
Assets: | |||
Derivative assets | 32,000,000 | 1,000,000 | |
Liabilities: | |||
Derivative liabilities | 32,000,000 | 31,000,000 | |
Recurring Basis | Level 3 | Other contracts | |||
Assets: | |||
Derivative assets | 14,000,000 | 13,000,000 | |
Recurring Basis | Level 3 | U.S. government and government sponsored entities | |||
Assets: | |||
Bonds available for sale | 0 | 0 | |
Other bond securities, at fair value (See Note 5) | 0 | 0 | |
Recurring Basis | Level 3 | Obligations of states, municipalities and political subdivisions | |||
Assets: | |||
Bonds available for sale | 824,000,000 | 1,431,000,000 | |
Other bond securities, at fair value (See Note 5) | 0 | 0 | |
Recurring Basis | Level 3 | Non-U.S. governments | |||
Assets: | |||
Bonds available for sale | 1,000,000 | 7,000,000 | |
Other bond securities, at fair value (See Note 5) | 0 | 0 | |
Recurring Basis | Level 3 | Corporate debt | |||
Assets: | |||
Bonds available for sale | 2,847,000,000 | 2,641,000,000 | |
Other bond securities, at fair value (See Note 5) | 416,000,000 | 134,000,000 | |
Recurring Basis | Level 3 | RMBS | |||
Assets: | |||
Bonds available for sale | 7,553,000,000 | 10,378,000,000 | |
Other bond securities, at fair value (See Note 5) | 173,000,000 | 196,000,000 | |
Recurring Basis | Level 3 | CMBS | |||
Assets: | |||
Bonds available for sale | 926,000,000 | 1,190,000,000 | |
Other bond securities, at fair value (See Note 5) | 28,000,000 | 35,000,000 | |
Recurring Basis | Level 3 | CLO/ABS | |||
Assets: | |||
Bonds available for sale | 12,748,000,000 | 11,215,000,000 | |
Other bond securities, at fair value (See Note 5) | $ 910,000,000 | $ 2,332,000,000 | |
[1]See Note 9 for details of balances associated with variable interest entities. |
Fair Value Measurements - Chang
Fair Value Measurements - Changes in level 3 recurring fair value measurements, assets (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair Value Beginning of Period | $ 31,627 | $ 31,578 |
Net Realized and Unrealized Gains (Losses) Included in Income | 666 | 1,332 |
Other Comprehensive Income (Loss) | (3,929) | (352) |
Purchases, Sales, Issuances and Settlements, Net | 689 | (56) |
Gross Transfers In | 3,785 | 1,879 |
Gross Transfers Out | (4,191) | (2,692) |
Other | 0 | (62) |
Fair Value End of Period | 28,647 | 31,627 |
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | 154 | 661 |
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period | $ (2,683) | $ 1,163 |
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Revenues | Revenues |
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Asset, Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration] | Other comprehensive income (loss) | Other comprehensive income (loss) |
Gross Transfers Out | $ 5 | |
Net realized gains/(losses) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Total net realized gains (losses) | Total net realized gains (losses) |
Bonds available for sale | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair Value Beginning of Period | $ 26,862 | $ 26,889 |
Net Realized and Unrealized Gains (Losses) Included in Income | 612 | 653 |
Other Comprehensive Income (Loss) | (3,907) | (339) |
Purchases, Sales, Issuances and Settlements, Net | 1,704 | 670 |
Gross Transfers In | 3,311 | 1,732 |
Gross Transfers Out | (3,683) | (2,681) |
Other | 0 | (62) |
Fair Value End of Period | 24,899 | 26,862 |
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period | (2,683) | 1,163 |
Bonds available for sale | Net realized gains/(losses) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Net Realized and Unrealized Gains (Losses) Included in Income | (82) | (1) |
Bonds available for sale | Obligations of states, municipalities and political subdivisions | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair Value Beginning of Period | 1,431 | 2,105 |
Net Realized and Unrealized Gains (Losses) Included in Income | 1 | 15 |
Other Comprehensive Income (Loss) | (533) | (9) |
Purchases, Sales, Issuances and Settlements, Net | (104) | (358) |
Gross Transfers In | 40 | 0 |
Gross Transfers Out | (11) | (260) |
Other | 0 | (62) |
Fair Value End of Period | 824 | 1,431 |
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period | (223) | 254 |
Bonds available for sale | Non-U.S. governments | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair Value Beginning of Period | 7 | 5 |
Net Realized and Unrealized Gains (Losses) Included in Income | 1 | 0 |
Other Comprehensive Income (Loss) | 3 | (1) |
Purchases, Sales, Issuances and Settlements, Net | (10) | 1 |
Gross Transfers In | 3 | 5 |
Gross Transfers Out | (3) | (3) |
Other | 0 | 0 |
Fair Value End of Period | 1 | 7 |
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period | (1) | 0 |
Bonds available for sale | Corporate debt | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair Value Beginning of Period | 2,641 | 2,349 |
Net Realized and Unrealized Gains (Losses) Included in Income | 37 | (20) |
Other Comprehensive Income (Loss) | (238) | (31) |
Purchases, Sales, Issuances and Settlements, Net | (87) | 188 |
Gross Transfers In | 1,155 | 524 |
Gross Transfers Out | (661) | (369) |
Other | 0 | 0 |
Fair Value End of Period | 2,847 | 2,641 |
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period | (217) | (141) |
Bonds available for sale | RMBS | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair Value Beginning of Period | 10,378 | 11,694 |
Net Realized and Unrealized Gains (Losses) Included in Income | 452 | 595 |
Other Comprehensive Income (Loss) | (1,319) | (127) |
Purchases, Sales, Issuances and Settlements, Net | (1,511) | (1,163) |
Gross Transfers In | 8 | 8 |
Gross Transfers Out | (455) | (629) |
Other | 0 | 0 |
Fair Value End of Period | 7,553 | 10,378 |
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period | (504) | 790 |
Bonds available for sale | CMBS | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair Value Beginning of Period | 1,190 | 922 |
Net Realized and Unrealized Gains (Losses) Included in Income | 7 | 25 |
Other Comprehensive Income (Loss) | (162) | (49) |
Purchases, Sales, Issuances and Settlements, Net | 137 | 414 |
Gross Transfers In | 102 | 57 |
Gross Transfers Out | (348) | (179) |
Other | 0 | 0 |
Fair Value End of Period | 926 | 1,190 |
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period | (133) | (55) |
Bonds available for sale | CLO/ABS | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair Value Beginning of Period | 11,215 | 9,814 |
Net Realized and Unrealized Gains (Losses) Included in Income | 114 | 38 |
Other Comprehensive Income (Loss) | (1,658) | (122) |
Purchases, Sales, Issuances and Settlements, Net | 3,279 | 1,588 |
Gross Transfers In | 2,003 | 1,138 |
Gross Transfers Out | (2,205) | (1,241) |
Other | 0 | 0 |
Fair Value End of Period | 12,748 | 11,215 |
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period | (1,605) | 315 |
Other bond securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair Value Beginning of Period | 2,697 | 2,698 |
Net Realized and Unrealized Gains (Losses) Included in Income | (283) | 27 |
Other Comprehensive Income (Loss) | 0 | 0 |
Purchases, Sales, Issuances and Settlements, Net | (1,009) | (34) |
Gross Transfers In | 411 | 6 |
Gross Transfers Out | (289) | 0 |
Other | 0 | 0 |
Fair Value End of Period | 1,527 | 2,697 |
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | (200) | 41 |
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period | 0 | 0 |
Other bond securities | Net realized gains/(losses) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Net Realized and Unrealized Gains (Losses) Included in Income | 0 | 0 |
Other bond securities | Corporate debt | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair Value Beginning of Period | 134 | 0 |
Net Realized and Unrealized Gains (Losses) Included in Income | (5) | (1) |
Other Comprehensive Income (Loss) | 0 | 0 |
Purchases, Sales, Issuances and Settlements, Net | 158 | 135 |
Gross Transfers In | 334 | 0 |
Gross Transfers Out | (205) | 0 |
Other | 0 | 0 |
Fair Value End of Period | 416 | 134 |
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | (2) | (1) |
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period | 0 | 0 |
Other bond securities | RMBS | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair Value Beginning of Period | 196 | 139 |
Net Realized and Unrealized Gains (Losses) Included in Income | (39) | 3 |
Other Comprehensive Income (Loss) | 0 | 0 |
Purchases, Sales, Issuances and Settlements, Net | 16 | 54 |
Gross Transfers In | 0 | 0 |
Gross Transfers Out | 0 | 0 |
Other | 0 | 0 |
Fair Value End of Period | 173 | 196 |
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | (38) | (87) |
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period | 0 | 0 |
Other bond securities | CMBS | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair Value Beginning of Period | 35 | 47 |
Net Realized and Unrealized Gains (Losses) Included in Income | (6) | (3) |
Other Comprehensive Income (Loss) | 0 | 0 |
Purchases, Sales, Issuances and Settlements, Net | (1) | (15) |
Gross Transfers In | 0 | 6 |
Gross Transfers Out | 0 | 0 |
Other | 0 | 0 |
Fair Value End of Period | 28 | 35 |
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | (4) | 2 |
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period | 0 | 0 |
Other bond securities | CLO/ABS | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair Value Beginning of Period | 2,332 | 2,512 |
Net Realized and Unrealized Gains (Losses) Included in Income | (233) | 28 |
Other Comprehensive Income (Loss) | 0 | 0 |
Purchases, Sales, Issuances and Settlements, Net | (1,182) | (208) |
Gross Transfers In | 77 | 0 |
Gross Transfers Out | (84) | 0 |
Other | 0 | 0 |
Fair Value End of Period | 910 | 2,332 |
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | (156) | 127 |
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period | 0 | 0 |
Equity securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair Value Beginning of Period | 6 | 51 |
Net Realized and Unrealized Gains (Losses) Included in Income | (1) | 11 |
Other Comprehensive Income (Loss) | 0 | 1 |
Purchases, Sales, Issuances and Settlements, Net | 27 | (123) |
Gross Transfers In | 16 | 77 |
Gross Transfers Out | (9) | (11) |
Other | 0 | 0 |
Fair Value End of Period | 39 | 6 |
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | (1) | 3 |
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period | 0 | 0 |
Equity securities | Net realized gains/(losses) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Net Realized and Unrealized Gains (Losses) Included in Income | 0 | 0 |
Other invested assets | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair Value Beginning of Period | 1,948 | 1,827 |
Net Realized and Unrealized Gains (Losses) Included in Income | 338 | 641 |
Other Comprehensive Income (Loss) | (22) | (14) |
Purchases, Sales, Issuances and Settlements, Net | (26) | (570) |
Gross Transfers In | 47 | 64 |
Gross Transfers Out | (210) | 0 |
Other | 0 | 0 |
Fair Value End of Period | 2,075 | 1,948 |
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | 355 | 617 |
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period | 0 | 0 |
Other invested assets | Net realized gains/(losses) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Net Realized and Unrealized Gains (Losses) Included in Income | (8) | 11 |
Other assets | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair Value Beginning of Period | 114 | 113 |
Net Realized and Unrealized Gains (Losses) Included in Income | 0 | 0 |
Other Comprehensive Income (Loss) | 0 | 0 |
Purchases, Sales, Issuances and Settlements, Net | (7) | 1 |
Gross Transfers In | 0 | 0 |
Gross Transfers Out | 0 | 0 |
Other | 0 | 0 |
Fair Value End of Period | 107 | 114 |
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period | $ 0 | $ 0 |
Fair Value Measurements - Cha_2
Fair Value Measurements - Changes in level 3 recurring fair value measurements, liabilities (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Liabilities: | |||
Fair Value Beginning of Period | $ 4,386 | $ 15,176 | $ 15,721 |
Net Realized and Unrealized (Gains) Losses Included in Income | (10,649) | (75) | |
Other Comprehensive Income (Loss) | 0 | 0 | |
Purchases, Sales, Issuances and Settlements, Net | (33) | (468) | |
Gross Transfers In | 0 | ||
Other | (32) | 0 | |
Fair Value End of Period | 4,386 | 15,176 | |
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | 11,444 | 4,054 | |
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period | 0 | 0 | |
Derivative liabilities, net: | |||
Gross Transfers Out | $ 5 | ||
Gross Transfers Out | $ (2) | ||
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Revenues | Revenues | |
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Liability, Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration] | Other comprehensive income (loss) | Other comprehensive income (loss) | |
Net realized gains/(losses) | |||
Derivative liabilities, net: | |||
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Total net realized gains (losses) | Total net realized gains (losses) | |
Policyholder contract deposits | |||
Liabilities: | |||
Fair Value Beginning of Period | $ 7,105 | $ 9,682 | 9,798 |
Net Realized and Unrealized (Gains) Losses Included in Income | (3,602) | (545) | |
Other Comprehensive Income (Loss) | 0 | 0 | |
Purchases, Sales, Issuances and Settlements, Net | 1,025 | 484 | |
Gross Transfers In | 0 | 0 | |
Other | 0 | 0 | |
Fair Value End of Period | 7,105 | 9,682 | |
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | 3,857 | 1,860 | |
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period | 0 | 0 | |
Derivative liabilities, net: | |||
Gross Transfers Out | 0 | (55) | |
Policyholder contract deposits | Net realized gains/(losses) | |||
Liabilities: | |||
Net Realized and Unrealized (Gains) Losses Included in Income | (3,602) | (545) | |
Derivative liabilities, net | |||
Liabilities: | |||
Net Realized and Unrealized (Gains) Losses Included in Income | 434 | (133) | |
Purchases, Sales, Issuances and Settlements, Net | (494) | (229) | |
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | (142) | 100 | |
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period | 0 | 0 | |
Derivative liabilities, net: | |||
Fair Value Beginning of Period | (428) | (119) | |
Net Realized and Unrealized (Gains) Losses Included in Income | 434 | (133) | |
Other Comprehensive Income (Loss) | 0 | 0 | |
Purchases, Sales, Issuances and Settlements, Net | (494) | (229) | |
Gross Transfers In | (81) | 0 | |
Gross Transfers Out | 5 | 53 | |
Other | (32) | 0 | |
Fair Value End of Period | (596) | (428) | |
Derivative liabilities, net | Net realized gains/(losses) | |||
Liabilities: | |||
Net Realized and Unrealized (Gains) Losses Included in Income | 495 | (74) | |
Interest rate contracts | |||
Liabilities: | |||
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | 71 | 1 | |
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period | 0 | 0 | |
Derivative liabilities, net: | |||
Fair Value Beginning of Period | 0 | 0 | |
Net Realized and Unrealized (Gains) Losses Included in Income | 9 | (1) | |
Other Comprehensive Income (Loss) | 0 | 0 | |
Purchases, Sales, Issuances and Settlements, Net | (245) | 1 | |
Gross Transfers In | (81) | 0 | |
Gross Transfers Out | 6 | 0 | |
Other | 0 | 0 | |
Fair Value End of Period | (311) | 0 | |
Foreign exchange contracts | |||
Liabilities: | |||
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | (1) | 0 | |
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period | 0 | 0 | |
Derivative liabilities, net: | |||
Fair Value Beginning of Period | (1) | (2) | |
Net Realized and Unrealized (Gains) Losses Included in Income | 0 | 0 | |
Other Comprehensive Income (Loss) | 0 | 0 | |
Purchases, Sales, Issuances and Settlements, Net | 1 | 1 | |
Gross Transfers In | 0 | 0 | |
Gross Transfers Out | 0 | 0 | |
Other | 0 | 0 | |
Fair Value End of Period | 0 | (1) | |
Equity contracts | |||
Liabilities: | |||
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | (246) | 32 | |
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period | 0 | 0 | |
Derivative liabilities, net: | |||
Fair Value Beginning of Period | (444) | (151) | |
Net Realized and Unrealized (Gains) Losses Included in Income | 487 | (75) | |
Other Comprehensive Income (Loss) | 0 | 0 | |
Purchases, Sales, Issuances and Settlements, Net | (313) | (271) | |
Gross Transfers In | 0 | 0 | |
Gross Transfers Out | (1) | 53 | |
Other | 0 | 0 | |
Fair Value End of Period | (271) | (444) | |
Credit contracts | |||
Liabilities: | |||
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | (31) | 1 | |
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period | 0 | 0 | |
Derivative liabilities, net: | |||
Fair Value Beginning of Period | 30 | 42 | |
Net Realized and Unrealized (Gains) Losses Included in Income | 3 | 9 | |
Other Comprehensive Income (Loss) | 0 | 0 | |
Purchases, Sales, Issuances and Settlements, Net | (1) | (21) | |
Gross Transfers In | 0 | 0 | |
Gross Transfers Out | 0 | 0 | |
Other | (32) | 0 | |
Fair Value End of Period | 0 | 30 | |
Other contracts | |||
Liabilities: | |||
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | 65 | 66 | |
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period | 0 | 0 | |
Derivative liabilities, net: | |||
Fair Value Beginning of Period | (13) | (8) | |
Net Realized and Unrealized (Gains) Losses Included in Income | (65) | (66) | |
Other Comprehensive Income (Loss) | 0 | 0 | |
Purchases, Sales, Issuances and Settlements, Net | 64 | 61 | |
Gross Transfers In | 0 | 0 | |
Gross Transfers Out | 0 | 0 | |
Other | 0 | 0 | |
Fair Value End of Period | (14) | (13) | |
Fortitude Re funds withheld payable | |||
Liabilities: | |||
Fair Value Beginning of Period | (2,235) | 5,922 | $ 6,042 |
Net Realized and Unrealized (Gains) Losses Included in Income | (7,481) | 603 | |
Other Comprehensive Income (Loss) | 0 | 0 | |
Purchases, Sales, Issuances and Settlements, Net | (676) | (723) | |
Gross Transfers In | 0 | 0 | |
Other | 0 | 0 | |
Fair Value End of Period | (2,235) | 5,922 | |
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | 7,729 | 2,094 | |
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period | 0 | 0 | |
Derivative liabilities, net: | |||
Gross Transfers Out | 0 | 0 | |
Fortitude Re funds withheld payable | Net realized gains/(losses) | |||
Liabilities: | |||
Net Realized and Unrealized (Gains) Losses Included in Income | (7,481) | 603 | |
Other Liabilities | |||
Liabilities: | |||
Fair Value Beginning of Period | 112 | 0 | |
Net Realized and Unrealized (Gains) Losses Included in Income | 0 | ||
Other Comprehensive Income (Loss) | 0 | ||
Purchases, Sales, Issuances and Settlements, Net | 112 | ||
Gross Transfers In | 0 | ||
Other | 0 | ||
Fair Value End of Period | 112 | $ 0 | |
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | 0 | ||
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period | 0 | ||
Derivative liabilities, net: | |||
Gross Transfers Out | $ 0 |
Fair Value Measurements - Net r
Fair Value Measurements - Net realized and unrealized gains and losses included in income related to Level 3 assets and liabilities (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net realized gains (losses), assets | $ 666 | $ 1,332 |
Net realized gains (losses), liabilities | $ (10,649) | $ (75) |
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Revenues | Revenues |
Policyholder contract deposits | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net realized gains (losses), liabilities | $ (3,602) | $ (545) |
Policyholder contract deposits | Net investment income - excluding Fortitude Re funds withheld assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net realized gains (losses), liabilities | 0 | 0 |
Policyholder contract deposits | Net realized gains/(losses) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net realized gains (losses), liabilities | (3,602) | (545) |
Policyholder contract deposits | Other Income | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net realized gains (losses), liabilities | 0 | 0 |
Derivative liabilities, net | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net realized gains (losses), liabilities | 434 | (133) |
Derivative liabilities, net | Net investment income - excluding Fortitude Re funds withheld assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net realized gains (losses), liabilities | 0 | 0 |
Derivative liabilities, net | Net realized gains/(losses) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net realized gains (losses), liabilities | 495 | (74) |
Derivative liabilities, net | Other Income | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net realized gains (losses), liabilities | (61) | (59) |
Fortitude Re funds withheld payable | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net realized gains (losses), liabilities | (7,481) | 603 |
Fortitude Re funds withheld payable | Net investment income - excluding Fortitude Re funds withheld assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net realized gains (losses), liabilities | 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 gains (losses), liabilities | (7,481) | 603 |
Fortitude Re funds withheld payable | Other Income | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net realized gains (losses), liabilities | 0 | 0 |
Bonds available for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net realized gains (losses), assets | 612 | 653 |
Bonds available for sale | Net investment income - excluding Fortitude Re funds withheld assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net realized gains (losses), assets | 694 | 654 |
Bonds available for sale | Net realized gains/(losses) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net realized gains (losses), assets | (82) | (1) |
Bonds available for sale | Other Income | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net realized gains (losses), assets | 0 | 0 |
Other bond securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net realized gains (losses), assets | (283) | 27 |
Other bond securities | Net investment income - excluding Fortitude Re funds withheld assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net realized gains (losses), assets | (283) | 27 |
Other bond securities | Net realized gains/(losses) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net realized gains (losses), assets | 0 | 0 |
Other bond securities | Other Income | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net realized gains (losses), assets | 0 | 0 |
Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net realized gains (losses), assets | (1) | 11 |
Equity securities | Net investment income - excluding Fortitude Re funds withheld assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net realized gains (losses), assets | (1) | 11 |
Equity securities | Net realized gains/(losses) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net realized gains (losses), assets | 0 | 0 |
Equity securities | Other Income | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net realized gains (losses), assets | 0 | 0 |
Other invested assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net realized gains (losses), assets | 338 | 641 |
Other invested assets | Net investment income - excluding Fortitude Re funds withheld assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net realized gains (losses), assets | 346 | 630 |
Other invested assets | Net realized gains/(losses) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net realized gains (losses), assets | (8) | 11 |
Other invested assets | Other Income | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net realized gains (losses), assets | $ 0 | $ 0 |
Fair Value Measurements - Gross
Fair Value Measurements - Gross components of purchases, sales, issuances and settlements (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Assets: | ||
Purchases | $ 5,937,000,000 | $ 8,555,000,000 |
Sales | (1,806,000,000) | (634,000,000) |
Issuances and Settlements | (3,442,000,000) | (7,977,000,000) |
Purchases, Sales, Issuances and Settlements, Net | 689,000,000 | (56,000,000) |
Liabilities: | ||
Purchases | (687,000,000) | (281,000,000) |
Sales | 1,117,000,000 | 824,000,000 |
Issuances and Settlements | (463,000,000) | (1,011,000,000) |
Purchases, Sales, Issuances and Settlements, Net | (33,000,000) | (468,000,000) |
Issuances, assets | 0 | 0 |
Issuances, liabilities | 0 | 0 |
Transfers into Level 3 at end of reporting period, net gains (losses) not included in realized and unrealized gains and losses related to Level 3 for the period | (128,000,000) | 18,000,000 |
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. | (129,000,000) | 7,000,000 |
Policyholder contract deposits | ||
Liabilities: | ||
Purchases | 0 | 0 |
Sales | 1,105,000,000 | 818,000,000 |
Issuances and Settlements | (80,000,000) | (334,000,000) |
Purchases, Sales, Issuances and Settlements, Net | 1,025,000,000 | 484,000,000 |
Derivative liabilities, net | ||
Liabilities: | ||
Purchases | (687,000,000) | (281,000,000) |
Sales | 12,000,000 | 6,000,000 |
Issuances and Settlements | 181,000,000 | 46,000,000 |
Purchases, Sales, Issuances and Settlements, Net | (494,000,000) | (229,000,000) |
Fortitude Re funds withheld payable | ||
Liabilities: | ||
Purchases | 0 | 0 |
Sales | 0 | 0 |
Issuances and Settlements | (676,000,000) | (723,000,000) |
Purchases, Sales, Issuances and Settlements, Net | (676,000,000) | (723,000,000) |
Other Liabilities | ||
Liabilities: | ||
Purchases | 0 | |
Sales | 0 | |
Issuances and Settlements | 112,000,000 | |
Purchases, Sales, Issuances and Settlements, Net | 112,000,000 | |
Bonds available for sale | ||
Assets: | ||
Purchases | 4,390,000,000 | 7,515,000,000 |
Sales | (269,000,000) | (567,000,000) |
Issuances and Settlements | (2,417,000,000) | (6,278,000,000) |
Purchases, Sales, Issuances and Settlements, Net | 1,704,000,000 | 670,000,000 |
Bonds available for sale | Obligations of states, municipalities and political subdivisions | ||
Assets: | ||
Purchases | 6,000,000 | 55,000,000 |
Sales | (72,000,000) | (247,000,000) |
Issuances and Settlements | (38,000,000) | (166,000,000) |
Purchases, Sales, Issuances and Settlements, Net | (104,000,000) | (358,000,000) |
Bonds available for sale | Non-U.S. governments | ||
Assets: | ||
Purchases | 0 | 1,000,000 |
Sales | 0 | 0 |
Issuances and Settlements | (10,000,000) | 0 |
Purchases, Sales, Issuances and Settlements, Net | (10,000,000) | 1,000,000 |
Bonds available for sale | Corporate debt | ||
Assets: | ||
Purchases | 143,000,000 | 973,000,000 |
Sales | (79,000,000) | (95,000,000) |
Issuances and Settlements | (151,000,000) | (690,000,000) |
Purchases, Sales, Issuances and Settlements, Net | (87,000,000) | 188,000,000 |
Bonds available for sale | RMBS | ||
Assets: | ||
Purchases | 391,000,000 | 1,567,000,000 |
Sales | (76,000,000) | (280,000,000) |
Issuances and Settlements | (1,826,000,000) | (2,450,000,000) |
Purchases, Sales, Issuances and Settlements, Net | (1,511,000,000) | (1,163,000,000) |
Bonds available for sale | CMBS | ||
Assets: | ||
Purchases | 195,000,000 | 510,000,000 |
Sales | (17,000,000) | (15,000,000) |
Issuances and Settlements | (41,000,000) | (81,000,000) |
Purchases, Sales, Issuances and Settlements, Net | 137,000,000 | 414,000,000 |
Bonds available for sale | CLO/ABS | ||
Assets: | ||
Purchases | 3,655,000,000 | 4,409,000,000 |
Sales | (25,000,000) | 70,000,000 |
Issuances and Settlements | (351,000,000) | (2,891,000,000) |
Purchases, Sales, Issuances and Settlements, Net | 3,279,000,000 | 1,588,000,000 |
Other bond securities | ||
Assets: | ||
Purchases | 838,000,000 | 460,000,000 |
Sales | (1,536,000,000) | (64,000,000) |
Issuances and Settlements | (311,000,000) | (430,000,000) |
Purchases, Sales, Issuances and Settlements, Net | (1,009,000,000) | (34,000,000) |
Other bond securities | Corporate debt | ||
Assets: | ||
Purchases | 26,000,000 | 86,000,000 |
Sales | 0 | 0 |
Issuances and Settlements | 132,000,000 | 49,000,000 |
Purchases, Sales, Issuances and Settlements, Net | 158,000,000 | 135,000,000 |
Other bond securities | RMBS | ||
Assets: | ||
Purchases | 62,000,000 | 54,000,000 |
Sales | (5,000,000) | (10,000,000) |
Issuances and Settlements | (41,000,000) | 10,000,000 |
Purchases, Sales, Issuances and Settlements, Net | 16,000,000 | 54,000,000 |
Other bond securities | CMBS | ||
Assets: | ||
Purchases | 0 | 0 |
Sales | (1,000,000) | (15,000,000) |
Issuances and Settlements | 0 | 0 |
Purchases, Sales, Issuances and Settlements, Net | (1,000,000) | (15,000,000) |
Other bond securities | CLO/ABS | ||
Assets: | ||
Purchases | 750,000,000 | 320,000,000 |
Sales | (1,530,000,000) | (39,000,000) |
Issuances and Settlements | (402,000,000) | (489,000,000) |
Purchases, Sales, Issuances and Settlements, Net | (1,182,000,000) | (208,000,000) |
Equity securities | ||
Assets: | ||
Purchases | 27,000,000 | 2,000,000 |
Sales | (1,000,000) | (3,000,000) |
Issuances and Settlements | 1,000,000 | (122,000,000) |
Purchases, Sales, Issuances and Settlements, Net | 27,000,000 | (123,000,000) |
Other invested assets | ||
Assets: | ||
Purchases | 682,000,000 | 578,000,000 |
Sales | 0 | 0 |
Issuances and Settlements | (708,000,000) | (1,148,000,000) |
Purchases, Sales, Issuances and Settlements, Net | (26,000,000) | (570,000,000) |
Other assets | ||
Assets: | ||
Purchases | 0 | 0 |
Sales | 0 | 0 |
Issuances and Settlements | (7,000,000) | 1,000,000 |
Purchases, Sales, Issuances and Settlements, Net | $ (7,000,000) | $ 1,000,000 |
Fair Value Measurements - Quant
Fair Value Measurements - Quantitative Information about Level 3 Fair Value Measurements (Details) $ in Millions | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Bonds available for sale | [1] | $ 226,156 | $ 277,202 |
Embedded derivatives within Policyholder contract deposits | 7,200 | 14,500 | |
Level 3 | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Embedded derivatives within Policyholder contract deposits | 1,000 | 1,200 | |
Obligations of states, municipalities and political subdivisions | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Bonds available for sale | $ 12,099 | $ 14,527 | |
Obligations of states, municipalities and political subdivisions | Minimum | Yield | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Derivative asset, measurement input | 0.0528 | 0.0274 | |
Obligations of states, municipalities and political subdivisions | Maximum | Yield | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Derivative asset, measurement input | 0.0594 | 0.0333 | |
Obligations of states, municipalities and political subdivisions | Weighted-average | Yield | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Derivative asset, measurement input | 0.0561 | 0.0306 | |
Obligations of states, municipalities and political subdivisions | Level 3 | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Bonds available for sale | $ 799 | $ 1,400 | |
Corporate debt | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Bonds available for sale | $ 137,839 | $ 175,608 | |
Corporate debt | Minimum | Yield | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Derivative asset, measurement input | 0.0498 | 0.0223 | |
Corporate debt | Maximum | Yield | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Derivative asset, measurement input | 0.0936 | 0.0769 | |
Corporate debt | Weighted-average | Yield | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Derivative asset, measurement input | 0.0717 | 0.0496 | |
Corporate debt | Level 3 | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Bonds available for sale | $ 2,527 | $ 1,561 | |
RMBS | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Bonds available for sale | $ 18,817 | $ 27,287 | |
RMBS | Minimum | Yield | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Derivative asset, measurement input | 0.0598 | 0.0169 | |
RMBS | Minimum | Constant prepayment rate | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Derivative asset, measurement input | 0.0489 | 0.0525 | |
RMBS | Minimum | Loss severity | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Derivative asset, measurement input | 0.4506 | 0.2613 | |
RMBS | Minimum | Constant default rate | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Derivative asset, measurement input | 0.0082 | 0.0115 | |
RMBS | Maximum | Yield | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Derivative asset, measurement input | 0.0775 | 0.0397 | |
RMBS | Maximum | Constant prepayment rate | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Derivative asset, measurement input | 0.1049 | 0.1770 | |
RMBS | Maximum | Loss severity | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Derivative asset, measurement input | 0.7687 | 0.7193 | |
RMBS | Maximum | Constant default rate | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Derivative asset, measurement input | 0.0272 | 0.0585 | |
RMBS | Weighted-average | Yield | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Derivative asset, measurement input | 0.0687 | 0.0283 | |
RMBS | Weighted-average | Constant prepayment rate | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Derivative asset, measurement input | 0.0769 | 0.1147 | |
RMBS | Weighted-average | Loss severity | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Derivative asset, measurement input | 0.6097 | 0.4903 | |
RMBS | Weighted-average | Constant default rate | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Derivative asset, measurement input | 0.0177 | 0.0350 | |
RMBS | Level 3 | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Bonds available for sale | $ 5,235 | $ 9,916 | |
CLO/ABS | Minimum | Yield | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Derivative asset, measurement input | 0.0600 | 0.0184 | |
CLO/ABS | Maximum | Yield | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Derivative asset, measurement input | 0.0797 | 0.0477 | |
CLO/ABS | Weighted-average | Yield | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Derivative asset, measurement input | 0.0699 | 0.0331 | |
CLO/ABS | Level 3 | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Bonds available for sale | $ 7,503 | $ 8,229 | |
CMBS | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Bonds available for sale | $ 14,193 | $ 15,809 | |
CMBS | Minimum | Yield | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Derivative asset, measurement input | 0.0406 | 0.0150 | |
CMBS | Maximum | Yield | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Derivative asset, measurement input | 0.1314 | 0.0501 | |
CMBS | Weighted-average | Yield | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Derivative asset, measurement input | 0.0860 | 0.0325 | |
CMBS | Level 3 | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Bonds available for sale | $ 587 | $ 580 | |
Variable annuity guaranteed minimum withdrawal benefits (GMWB) | Minimum | Equity volatility | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Embedded derivative liability, measurement input | 0.0645 | 0.0595 | |
Variable annuity guaranteed minimum withdrawal benefits (GMWB) | Minimum | Base lapse rate | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Embedded derivative liability, measurement input | 0.0016 | 0.0016 | |
Variable annuity guaranteed minimum withdrawal benefits (GMWB) | Minimum | Dynamic lapse multiplier | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Embedded derivative liability, measurement input | 0.2000 | 0.2000 | |
Variable annuity guaranteed minimum withdrawal benefits (GMWB) | Minimum | Mortality multiplier | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Embedded derivative liability, measurement input | 0.3800 | 0.3800 | |
Variable annuity guaranteed minimum withdrawal benefits (GMWB) | Minimum | Utilization | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Embedded derivative liability, measurement input | 0.9000 | 0.9000 | |
Variable annuity guaranteed minimum withdrawal benefits (GMWB) | Minimum | Equity / interest rate correlation | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Embedded derivative liability, measurement input | 0.1000 | 0.2000 | |
Variable annuity guaranteed minimum withdrawal benefits (GMWB) | Minimum | NPA | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Embedded derivative liability, measurement input | 0 | 0.0001 | |
Variable annuity guaranteed minimum withdrawal benefits (GMWB) | Maximum | Equity volatility | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Embedded derivative liability, measurement input | 0.5075 | 0.4665 | |
Variable annuity guaranteed minimum withdrawal benefits (GMWB) | Maximum | Base lapse rate | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Embedded derivative liability, measurement input | 0.1260 | 0.1260 | |
Variable annuity guaranteed minimum withdrawal benefits (GMWB) | Maximum | Dynamic lapse multiplier | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Embedded derivative liability, measurement input | 1.8600 | 1.8600 | |
Variable annuity guaranteed minimum withdrawal benefits (GMWB) | Maximum | Mortality multiplier | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Embedded derivative liability, measurement input | 1.4700 | 1.4700 | |
Variable annuity guaranteed minimum withdrawal benefits (GMWB) | Maximum | Utilization | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Embedded derivative liability, measurement input | 1 | 1 | |
Variable annuity guaranteed minimum withdrawal benefits (GMWB) | Maximum | Equity / interest rate correlation | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Embedded derivative liability, measurement input | 0.3000 | 0.4000 | |
Variable annuity guaranteed minimum withdrawal benefits (GMWB) | Maximum | NPA | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Embedded derivative liability, measurement input | 0.0203 | 0.0140 | |
Variable annuity guaranteed minimum withdrawal benefits (GMWB) | Level 3 | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Embedded derivatives within Policyholder contract deposits | $ 677 | $ 2,472 | |
Fixed Index annuities including certain GMWB | Minimum | Equity volatility | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Embedded derivative liability, measurement input | 0.0645 | 0.0595 | |
Fixed Index annuities including certain GMWB | Minimum | Base lapse rate | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Embedded derivative liability, measurement input | 0.0050 | 0.0050 | |
Fixed Index annuities including certain GMWB | Minimum | Dynamic lapse multiplier | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Embedded derivative liability, measurement input | 0.2000 | 0.2000 | |
Fixed Index annuities including certain GMWB | Minimum | Mortality multiplier | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Embedded derivative liability, measurement input | 0.2400 | 0.2400 | |
Fixed Index annuities including certain GMWB | Minimum | Utilization | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Embedded derivative liability, measurement input | 0.6000 | 0.6000 | |
Fixed Index annuities including certain GMWB | Minimum | NPA | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Embedded derivative liability, measurement input | 0 | 0.0001 | |
Fixed Index annuities including certain GMWB | Minimum | Option budget | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Embedded derivative liability, measurement input | 0 | 0 | |
Fixed Index annuities including certain GMWB | Maximum | Equity volatility | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Embedded derivative liability, measurement input | 0.5075 | 0.4665 | |
Fixed Index annuities including certain GMWB | Maximum | Base lapse rate | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Embedded derivative liability, measurement input | 0.5000 | 0.5000 | |
Fixed Index annuities including certain GMWB | Maximum | Dynamic lapse multiplier | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Embedded derivative liability, measurement input | 1.8600 | 1.8600 | |
Fixed Index annuities including certain GMWB | Maximum | Mortality multiplier | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Embedded derivative liability, measurement input | 1.8000 | 1.8000 | |
Fixed Index annuities including certain GMWB | Maximum | Utilization | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Embedded derivative liability, measurement input | 0.9500 | 0.9500 | |
Fixed Index annuities including certain GMWB | Maximum | NPA | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Embedded derivative liability, measurement input | 0.0203 | 0.0140 | |
Fixed Index annuities including certain GMWB | Maximum | Option budget | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Embedded derivative liability, measurement input | 0.0500 | 0.0400 | |
Fixed Index annuities including certain GMWB | Level 3 | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Embedded derivatives within Policyholder contract deposits | $ 5,718 | $ 6,445 | |
Indexed life | Minimum | Equity volatility | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Embedded derivative liability, measurement input | 0.0575 | 0.0765 | |
Indexed life | Minimum | Base lapse rate | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Embedded derivative liability, measurement input | 0 | 0 | |
Indexed life | Minimum | Mortality rate | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Embedded derivative liability, measurement input | 0 | 0 | |
Indexed life | Minimum | NPA | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Embedded derivative liability, measurement input | 0 | 0.0001 | |
Indexed life | Maximum | Equity volatility | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Embedded derivative liability, measurement input | 0.2363 | 0.2070 | |
Indexed life | Maximum | Base lapse rate | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Embedded derivative liability, measurement input | 0.3797 | 0.3797 | |
Indexed life | Maximum | Mortality rate | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Embedded derivative liability, measurement input | 1 | 1 | |
Indexed life | Maximum | NPA | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Embedded derivative liability, measurement input | 0.0203 | 0.0140 | |
Indexed life | Level 3 | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Embedded derivatives within Policyholder contract deposits | $ 710 | $ 765 | |
[1]See Note 9 for details of balances associated with variable interest entities. |
Fair Value Measurements - Inves
Fair Value Measurements - Investments in certain other invested assets (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Private Equity Funds and Hedge Funds | ||
INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING NET ASSET VALUE PER SHARE | ||
Fair Value Using NAV Per Share (or its equivalent) | $ 9,822 | $ 8,418 |
Unfunded Commitments | 4,064 | 3,330 |
Private equity funds | ||
INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING NET ASSET VALUE PER SHARE | ||
Fair Value Using NAV Per Share (or its equivalent) | 8,428 | 6,588 |
Unfunded Commitments | $ 4,064 | 3,330 |
Average original expected lives (in years) | 10 years | |
Private equity funds | Minimum | ||
INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING NET ASSET VALUE PER SHARE | ||
Extension period (in years) | 1 year | |
Private equity funds | Maximum | ||
INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING NET ASSET VALUE PER SHARE | ||
Extension period (in years) | 2 years | |
Leveraged buyout | ||
INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING NET ASSET VALUE PER SHARE | ||
Fair Value Using NAV Per Share (or its equivalent) | $ 3,146 | 2,768 |
Unfunded Commitments | 2,448 | 1,798 |
Real assets | ||
INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING NET ASSET VALUE PER SHARE | ||
Fair Value Using NAV Per Share (or its equivalent) | 1,851 | 904 |
Unfunded Commitments | 840 | 487 |
Venture capital | ||
INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING NET ASSET VALUE PER SHARE | ||
Fair Value Using NAV Per Share (or its equivalent) | 272 | 252 |
Unfunded Commitments | 183 | 201 |
Growth equity | ||
INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING NET ASSET VALUE PER SHARE | ||
Fair Value Using NAV Per Share (or its equivalent) | 732 | 914 |
Unfunded Commitments | 60 | 82 |
Mezzanine | ||
INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING NET ASSET VALUE PER SHARE | ||
Fair Value Using NAV Per Share (or its equivalent) | 598 | 534 |
Unfunded Commitments | 142 | 354 |
Other | ||
INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING NET ASSET VALUE PER SHARE | ||
Fair Value Using NAV Per Share (or its equivalent) | 1,829 | 1,216 |
Unfunded Commitments | 391 | 408 |
Hedge funds | ||
INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING NET ASSET VALUE PER SHARE | ||
Fair Value Using NAV Per Share (or its equivalent) | 1,394 | 1,830 |
Unfunded Commitments | 0 | 0 |
Event-driven | ||
INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING NET ASSET VALUE PER SHARE | ||
Fair Value Using NAV Per Share (or its equivalent) | 92 | 466 |
Unfunded Commitments | 0 | 0 |
Long-short | ||
INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING NET ASSET VALUE PER SHARE | ||
Fair Value Using NAV Per Share (or its equivalent) | 696 | 432 |
Unfunded Commitments | 0 | 0 |
Macro | ||
INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING NET ASSET VALUE PER SHARE | ||
Fair Value Using NAV Per Share (or its equivalent) | 414 | 516 |
Unfunded Commitments | 0 | 0 |
Other | ||
INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING NET ASSET VALUE PER SHARE | ||
Fair Value Using NAV Per Share (or its equivalent) | 192 | 416 |
Unfunded Commitments | $ 0 | $ 0 |
Fair Value Measurements - Gains
Fair Value Measurements - Gains or losses recorded related to fair value option (Details) - Fair Value Option - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Fair Value, Option, Quantitative Disclosures | |||
Fair value option gain (loss) | $ (373) | $ 1,704 | $ 1,061 |
Other bond securities | |||
Fair Value, Option, Quantitative Disclosures | |||
Fair value option gain (loss) | (822) | (12) | 552 |
Alternative investments | |||
Fair Value, Option, Quantitative Disclosures | |||
Fair value option gain (loss) | 224 | 1,650 | 685 |
Long-term debt | |||
Fair Value, Option, Quantitative Disclosures | |||
Fair value option gain (loss) | $ 225 | $ 66 | $ (176) |
Fair Value Measurements - Diffe
Fair Value Measurements - Difference between fair values fair value option (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Outstanding Principal Amount | $ 27,179 | $ 30,163 |
Fair Value Option | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Fair Value | 56 | 1,871 |
Outstanding Principal Amount | 45 | 1,405 |
Difference | $ 11 | $ 466 |
Fair Value Measurements - Ass_2
Fair Value Measurements - Assets measured at fair value on a non-recurring basis and related impairment charges (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other invested assets | [1] | $ 15,953 | $ 15,668 | |
Impairment Charges | 26 | 46 | $ 98 | |
Fair value on a non-recurring basis | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other invested assets | 12 | 104 | ||
Other assets | 0 | |||
Total | 12 | 104 | ||
Impairment Charges | 26 | 73 | 91 | |
Fair value on a non-recurring basis | Other investments | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impairment Charges | 25 | 6 | 77 | |
Fair value on a non-recurring basis | Asset Class to Loans Held For Sale | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total | 163 | |||
Fair value on a non-recurring basis | Other assets | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impairment Charges | 1 | 67 | $ 14 | |
Fair value on a non-recurring basis | Level 1 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other invested assets | 0 | 0 | ||
Other assets | 0 | |||
Total | 0 | 0 | ||
Fair value on a non-recurring basis | Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other invested assets | 0 | 0 | ||
Other assets | 0 | |||
Total | 0 | 0 | ||
Fair value on a non-recurring basis | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other invested assets | 12 | 104 | ||
Other assets | 0 | |||
Total | $ 12 | $ 104 | ||
[1]See Note 9 for details of balances associated with variable interest entities. |
Fair Value Measurements - Carry
Fair Value Measurements - Carrying values and estimated fair values of our financial instruments not measured at fair value (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |||
Assets: | ||||||
Mortgage and other loans receivable | [1] | $ 49,605 | $ 46,048 | |||
Other invested assets | [1] | 15,953 | 15,668 | |||
Short-term investments | [1] | 12,376 | 13,357 | |||
Cash | 2,043 | [1] | 2,198 | [1] | $ 2,827 | |
Other assets | [1] | 12,714 | 14,351 | |||
Liabilities: | ||||||
Fortitude Re funds withheld payable | 30,383 | 40,771 | ||||
Other liabilities | [1] | 26,456 | 28,704 | |||
Debt of consolidated investment entities | 27,179 | 30,163 | ||||
Estimated Fair Value | ||||||
Assets: | ||||||
Mortgage and other loans receivable | 45,844 | 48,029 | ||||
Other invested assets | 854 | 877 | ||||
Short-term investments | 6,668 | 8,931 | ||||
Cash | 2,043 | 2,198 | ||||
Other assets | 33 | 32 | ||||
Liabilities: | ||||||
Policyholder contract deposits associated with investment-type contracts | 131,963 | 143,143 | ||||
Fortitude Re funds withheld payable | 32,618 | 34,849 | ||||
Other liabilities | 3,101 | 3,704 | ||||
Short-term and long-term debt | 19,603 | 25,094 | ||||
Debt of consolidated investment entities | 5,533 | 6,390 | ||||
Separate account liabilities - investment contracts | 80,649 | 104,126 | ||||
Carrying Value | ||||||
Assets: | ||||||
Mortgage and other loans receivable | 49,442 | 46,033 | ||||
Other invested assets | 854 | 878 | ||||
Short-term investments | 6,668 | 8,931 | ||||
Cash | 2,043 | 2,198 | ||||
Other assets | 33 | 32 | ||||
Liabilities: | ||||||
Policyholder contract deposits associated with investment-type contracts | 138,243 | 133,043 | ||||
Fortitude Re funds withheld payable | 32,618 | 34,849 | ||||
Other liabilities | 3,101 | 3,704 | ||||
Short-term and long-term debt | 21,243 | 21,870 | ||||
Debt of consolidated investment entities | 5,880 | 6,422 | ||||
Separate account liabilities - investment contracts | 80,649 | 104,126 | ||||
Level 1 | Estimated Fair Value | ||||||
Assets: | ||||||
Mortgage and other loans receivable | 0 | 0 | ||||
Other invested assets | 0 | 0 | ||||
Short-term investments | 0 | 0 | ||||
Cash | 2,043 | 2,198 | ||||
Other assets | 24 | 21 | ||||
Liabilities: | ||||||
Policyholder contract deposits associated with investment-type contracts | 0 | 0 | ||||
Fortitude Re funds withheld payable | 0 | 0 | ||||
Other liabilities | 0 | 0 | ||||
Short-term and long-term debt | 0 | 0 | ||||
Debt of consolidated investment entities | 0 | 0 | ||||
Separate account liabilities - investment contracts | 0 | 0 | ||||
Level 2 | Estimated Fair Value | ||||||
Assets: | ||||||
Mortgage and other loans receivable | 89 | 82 | ||||
Other invested assets | 848 | 871 | ||||
Short-term investments | 6,668 | 8,931 | ||||
Cash | 0 | 0 | ||||
Other assets | 9 | 11 | ||||
Liabilities: | ||||||
Policyholder contract deposits associated with investment-type contracts | 119 | 169 | ||||
Fortitude Re funds withheld payable | 0 | 0 | ||||
Other liabilities | 3,101 | 3,704 | ||||
Short-term and long-term debt | 19,328 | 24,758 | ||||
Debt of consolidated investment entities | 3,055 | 3,077 | ||||
Separate account liabilities - investment contracts | 80,649 | 104,126 | ||||
Level 3 | Estimated Fair Value | ||||||
Assets: | ||||||
Mortgage and other loans receivable | 45,755 | 47,947 | ||||
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 | 131,844 | 142,974 | ||||
Fortitude Re funds withheld payable | 32,618 | 34,849 | ||||
Other liabilities | 0 | 0 | ||||
Short-term and long-term debt | 275 | 336 | ||||
Debt of consolidated investment entities | 2,478 | 3,313 | ||||
Separate account liabilities - investment contracts | $ 0 | $ 0 | ||||
[1]See Note 9 for details of balances associated with variable interest entities. |
Investments - Amortized cost or
Investments - Amortized cost or cost and fair value of available for sale securities (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Debt Securities, Available-for-sale [Line Items] | |||||
Amortized Cost | $ 255,993 | $ 259,210 | |||
Allowance for credit losses | (186) | (98) | $ (186) | $ (7) | |
Gross Unrealized Gains | 2,222 | 19,993 | |||
Gross Unrealized Losses | (31,873) | (1,903) | |||
Bonds available for sale | [1] | 226,156 | 277,202 | ||
Non-Investment Grade | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Bonds available for sale | $ 22,300 | $ 27,000 | |||
Non-Investment Grade | Credit Concentration Risk | Bonds available for sale | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Concentration risk, percentage | 10% | 10% | |||
U.S. government and government sponsored entities | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Amortized Cost | $ 7,094 | $ 7,874 | |||
Allowance for credit losses | 0 | 0 | |||
Gross Unrealized Gains | 21 | 347 | |||
Gross Unrealized Losses | (496) | (27) | |||
Bonds available for sale | 6,619 | 8,194 | |||
Obligations of states, municipalities and political subdivisions | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Amortized Cost | 13,195 | 12,760 | |||
Allowance for credit losses | 0 | 0 | |||
Gross Unrealized Gains | 99 | 1,782 | |||
Gross Unrealized Losses | (1,195) | (15) | |||
Bonds available for sale | 12,099 | 14,527 | |||
Non-U.S. governments | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Amortized Cost | 15,133 | 15,858 | |||
Allowance for credit losses | (6) | 0 | |||
Gross Unrealized Gains | 91 | 719 | |||
Gross Unrealized Losses | (1,733) | (247) | |||
Bonds available for sale | 13,485 | 16,330 | |||
Corporate debt | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Amortized Cost | 160,242 | 163,064 | |||
Allowance for credit losses | (132) | (89) | |||
Gross Unrealized Gains | 1,152 | 13,892 | |||
Gross Unrealized Losses | (23,423) | (1,259) | |||
Bonds available for sale | 137,839 | 175,608 | |||
Mortgage-backed, asset-backed and collateralized | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Amortized Cost | 60,329 | 59,654 | |||
Allowance for credit losses | (48) | (9) | |||
Gross Unrealized Gains | 859 | 3,253 | |||
Gross Unrealized Losses | (5,026) | (355) | |||
Bonds available for sale | 56,114 | 62,543 | |||
RMBS | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Amortized Cost | 19,584 | 25,027 | |||
Allowance for credit losses | (37) | (9) | |||
Gross Unrealized Gains | 807 | 2,422 | |||
Gross Unrealized Losses | (1,537) | (153) | |||
Bonds available for sale | 18,817 | 27,287 | |||
CMBS | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Amortized Cost | 15,610 | 15,333 | |||
Allowance for credit losses | (11) | 0 | |||
Gross Unrealized Gains | 14 | 555 | |||
Gross Unrealized Losses | (1,420) | (79) | |||
Bonds available for sale | 14,193 | 15,809 | |||
CLO/ABS | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Amortized Cost | 25,135 | 19,294 | |||
Allowance for credit losses | 0 | 0 | |||
Gross Unrealized Gains | 38 | 276 | |||
Gross Unrealized Losses | (2,069) | (123) | |||
Bonds available for sale | $ 23,104 | $ 19,447 | |||
[1]See Note 9 for details of balances associated with variable interest entities. |
Investments - Securities availa
Investments - Securities available for sale in a loss position (Details) $ in Millions | Dec. 31, 2022 USD ($) security | Dec. 31, 2021 USD ($) security |
Fair Value | ||
Fair Value, Less than 12 Months | $ 173,000 | $ 58,573 |
Fair Value, 12 Months or More | 23,486 | 12,293 |
Fair Value, Total | 196,486 | 70,866 |
Gross Unrealized Losses | ||
Gross Unrealized Losses, Less than 12 Months | 26,605 | 1,137 |
Gross Unrealized Losses, 12 Months or More | 5,132 | 689 |
Gross Unrealized Losses, Total | $ 31,737 | $ 1,826 |
Number of securities in an unrealized loss position | security | 36,549 | 15,029 |
Number of individual securities in continuous unrealized loss position for longer than twelve months | security | 4,048 | 2,644 |
U.S. government and government sponsored entities | ||
Fair Value | ||
Fair Value, Less than 12 Months | $ 3,493 | $ 3,696 |
Fair Value, 12 Months or More | 1,816 | 447 |
Fair Value, Total | 5,309 | 4,143 |
Gross Unrealized Losses | ||
Gross Unrealized Losses, Less than 12 Months | 368 | 14 |
Gross Unrealized Losses, 12 Months or More | 128 | 13 |
Gross Unrealized Losses, Total | 496 | 27 |
Obligations of states, municipalities and political subdivisions | ||
Fair Value | ||
Fair Value, Less than 12 Months | 8,697 | 714 |
Fair Value, 12 Months or More | 73 | 57 |
Fair Value, Total | 8,770 | 771 |
Gross Unrealized Losses | ||
Gross Unrealized Losses, Less than 12 Months | 1,180 | 11 |
Gross Unrealized Losses, 12 Months or More | 15 | 4 |
Gross Unrealized Losses, Total | 1,195 | 15 |
Non-U.S. governments | ||
Fair Value | ||
Fair Value, Less than 12 Months | 10,702 | 4,644 |
Fair Value, 12 Months or More | 779 | 1,324 |
Fair Value, Total | 11,481 | 5,968 |
Gross Unrealized Losses | ||
Gross Unrealized Losses, Less than 12 Months | 1,526 | 115 |
Gross Unrealized Losses, 12 Months or More | 191 | 132 |
Gross Unrealized Losses, Total | 1,717 | 247 |
Corporate debt | ||
Fair Value | ||
Fair Value, Less than 12 Months | 110,683 | 31,914 |
Fair Value, 12 Months or More | 13,778 | 8,819 |
Fair Value, Total | 124,461 | 40,733 |
Gross Unrealized Losses | ||
Gross Unrealized Losses, Less than 12 Months | 19,756 | 720 |
Gross Unrealized Losses, 12 Months or More | 3,609 | 467 |
Gross Unrealized Losses, Total | 23,365 | 1,187 |
RMBS | ||
Fair Value | ||
Fair Value, Less than 12 Months | 10,953 | 5,362 |
Fair Value, 12 Months or More | 1,005 | 1,154 |
Fair Value, Total | 11,958 | 6,516 |
Gross Unrealized Losses | ||
Gross Unrealized Losses, Less than 12 Months | 1,293 | 102 |
Gross Unrealized Losses, 12 Months or More | 182 | 46 |
Gross Unrealized Losses, Total | 1,475 | 148 |
CMBS | ||
Fair Value | ||
Fair Value, Less than 12 Months | 11,620 | 3,980 |
Fair Value, 12 Months or More | 1,728 | 153 |
Fair Value, Total | 13,348 | 4,133 |
Gross Unrealized Losses | ||
Gross Unrealized Losses, Less than 12 Months | 1,094 | 63 |
Gross Unrealized Losses, 12 Months or More | 326 | 16 |
Gross Unrealized Losses, Total | 1,420 | 79 |
CLO/ABS | ||
Fair Value | ||
Fair Value, Less than 12 Months | 16,852 | 8,263 |
Fair Value, 12 Months or More | 4,307 | 339 |
Fair Value, Total | 21,159 | 8,602 |
Gross Unrealized Losses | ||
Gross Unrealized Losses, Less than 12 Months | 1,388 | 112 |
Gross Unrealized Losses, 12 Months or More | 681 | 11 |
Gross Unrealized Losses, Total | $ 2,069 | $ 123 |
Investments - Amortized cost an
Investments - Amortized cost and fair value of fixed maturity securities available for sale by contractual maturity (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | |
Amortized Cost, Net of Allowance | |||
Due in one year or less | $ 9,150 | ||
Due after one year through five years | 50,935 | ||
Due after five years through ten years | 44,213 | ||
Due after ten years | 91,228 | ||
Mortgage-backed, asset-backed and collateralized | 60,281 | ||
Total | 255,807 | ||
Fair Value | |||
Due in one year or less | 9,010 | ||
Due after one year through five years | 48,517 | ||
Due after five years through ten years | 39,449 | ||
Due after ten years | 73,066 | ||
Mortgage-backed, asset-backed and collateralized | 56,114 | ||
Total | [1] | $ 226,156 | $ 277,202 |
[1]See Note 9 for details of balances associated with variable interest entities. |
Investments - Gross realized ga
Investments - Gross realized gains and gross realized losses from sales or maturities of available for sale securities (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |||
Gross Realized Gains | $ 446 | $ 1,369 | $ 1,824 |
Gross Realized Losses | 1,628 | 441 | 810 |
Aggregate fair value of available for sale securities sold | 20,500 | 27,300 | 23,000 |
Net Investment Income [Line Items] | |||
Net realized gains (losses) | (1,200) | 928 | 1,000 |
Fortitude RE Funds Withheld Assets | |||
Net Investment Income [Line Items] | |||
Net realized gains (losses) | $ (311) | $ 717 | $ 707 |
Investments - Value of other se
Investments - Value of other securities measured at fair value based on election of the fair value option (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Debt and Equity Securities, FV-NI [Line Items] | |||
Fair Value | [1] | $ 4,485 | $ 6,278 |
Equity securities | [1] | 575 | 739 |
Total | $ 5,060 | $ 7,017 | |
Investment Concentration Risk | Investments | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Concentration risk, percentage | 100% | 100% | |
Fixed maturity securities | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Fair Value | $ 4,485 | $ 6,278 | |
Fixed maturity securities | Investment Concentration Risk | Investments | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Concentration risk, percentage | 89% | 89% | |
Fixed maturity securities | U.S. government and government sponsored entities | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Fair Value | $ 0 | $ 1,750 | |
Fixed maturity securities | U.S. government and government sponsored entities | Investment Concentration Risk | Investments | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Concentration risk, percentage | 0% | 25% | |
Fixed maturity securities | Obligations of states, municipalities and political subdivisions | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Fair Value | $ 111 | $ 97 | |
Fixed maturity securities | Obligations of states, municipalities and political subdivisions | Investment Concentration Risk | Investments | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Concentration risk, percentage | 2% | 1% | |
Fixed maturity securities | Non-U.S. governments | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Fair Value | $ 66 | $ 76 | |
Fixed maturity securities | Non-U.S. governments | Investment Concentration Risk | Investments | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Concentration risk, percentage | 1% | 1% | |
Fixed maturity securities | Corporate debt | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Fair Value | $ 2,392 | $ 1,050 | |
Fixed maturity securities | Corporate debt | Investment Concentration Risk | Investments | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Concentration risk, percentage | 47% | 15% | |
Fixed maturity securities | Mortgage-backed, asset-backed and collateralized | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Fair Value | $ 1,916 | $ 3,305 | |
Fixed maturity securities | Mortgage-backed, asset-backed and collateralized | Investment Concentration Risk | Investments | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Concentration risk, percentage | 39% | 47% | |
Fixed maturity securities | RMBS | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Fair Value | $ 286 | $ 411 | |
Fixed maturity securities | RMBS | Investment Concentration Risk | Investments | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Concentration risk, percentage | 6% | 6% | |
Fixed maturity securities | CMBS | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Fair Value | $ 331 | $ 315 | |
Fixed maturity securities | CMBS | Investment Concentration Risk | Investments | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Concentration risk, percentage | 7% | 4% | |
Fixed maturity securities | CLO/ABS | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Fair Value | $ 1,299 | $ 2,579 | |
Fixed maturity securities | CLO/ABS | Investment Concentration Risk | Investments | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Concentration risk, percentage | 26% | 37% | |
Equity securities | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Equity securities | $ 575 | $ 739 | |
Equity securities | Investment Concentration Risk | Investments | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Concentration risk, percentage | 11% | 11% | |
[1]See Note 9 for details of balances associated with variable interest entities. |
Investments - Carrying amounts
Investments - Carrying amounts of other invested assets (Details) - USD ($) $ in Millions | 12 Months Ended | 72 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2028 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Investments [Line Items] | |||||
Investment real estate | $ 2,153 | $ 2,727 | |||
All other investments | 1,991 | 1,990 | |||
Other invested assets | [1] | 15,953 | 15,668 | ||
Accumulated depreciation on investment in real estate | 786 | 778 | |||
Fortitude Re Funds Withheld Assets | |||||
Investments [Line Items] | |||||
Other invested assets | 156 | 100 | |||
Hedge Funds and Private Equity Funds | |||||
Investments [Line Items] | |||||
Alternative investments | 11,809 | 10,951 | |||
Hedge Funds | |||||
Investments [Line Items] | |||||
Other invested assets | 1,400 | 2,000 | |||
Percentage available for redemption | 66% | ||||
Hedge Funds | Forecast | |||||
Investments [Line Items] | |||||
Percentage available for redemption | 34% | ||||
Private equity funds | |||||
Investments [Line Items] | |||||
Alternative investments | 8,428 | 6,588 | |||
Other invested assets | $ 10,400 | $ 8,900 | |||
[1]See Note 9 for details of balances associated with variable interest entities. |
Investments - Other Invested As
Investments - Other Invested Assets – Equity Method Investments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Investments [Line Items] | |||
Total revenues | $ 56,437 | $ 52,057 | $ 43,736 |
Net income | 10,276 | 9,388 | (5,944) |
Total assets | 526,634 | 596,112 | |
Total liabilities | (484,399) | (527,200) | |
Equity method investments | 5,963 | 5,145 | |
Equity Method Investee | |||
Investments [Line Items] | |||
Total revenues | 28,500 | 31,560 | 13,090 |
Total expenses | (2,789) | (2,241) | (2,897) |
Net income | 25,711 | 29,319 | $ 10,193 |
Total assets | 134,435 | 105,837 | |
Total liabilities | $ (14,701) | $ (12,779) |
Investments - Schedule of PCD S
Investments - Schedule of PCD Securities (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2020 USD ($) | |
Investments, Debt and Equity Securities [Abstract] | |
Unpaid principal balance | $ 644 |
Allowance for expected credit losses at acquisition | (26) |
Purchase (discount) premium | (149) |
Purchase price | $ 469 |
Investments - Components of net
Investments - Components of net investment income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net Investment Income [Line Items] | |||
Total investment income | $ 12,418 | $ 15,134 | $ 14,189 |
Investment expenses | 651 | 522 | 558 |
Net investment income | 11,767 | 14,612 | 13,631 |
Excluding Fortitude Re Funds Withheld Assets | |||
Net Investment Income [Line Items] | |||
Total investment income | 11,442 | 13,126 | 13,119 |
Investment expenses | 618 | 485 | 541 |
Net investment income | 10,824 | 12,641 | 12,578 |
Fortitude Re Funds Withheld Assets | |||
Net Investment Income [Line Items] | |||
Total investment income | 976 | 2,008 | 1,070 |
Investment expenses | 33 | 37 | 17 |
Net investment income | 943 | 1,971 | 1,053 |
Available for sale fixed maturity securities, including short-term investments | |||
Net Investment Income [Line Items] | |||
Total investment income | 9,731 | 10,051 | 10,359 |
Available for sale fixed maturity securities, including short-term investments | Excluding Fortitude Re Funds Withheld Assets | |||
Net Investment Income [Line Items] | |||
Total investment income | 8,664 | 8,583 | 9,508 |
Available for sale fixed maturity securities, including short-term investments | Fortitude Re Funds Withheld Assets | |||
Net Investment Income [Line Items] | |||
Total investment income | 1,067 | 1,468 | 851 |
Other fixed maturity securities | |||
Net Investment Income [Line Items] | |||
Total investment income | (822) | (12) | 553 |
Gains/(losses) recognized in earnings on hedging derivatives | (195) | (49) | 195 |
Other fixed maturity securities | Excluding Fortitude Re Funds Withheld Assets | |||
Net Investment Income [Line Items] | |||
Total investment income | (363) | (19) | 540 |
Other fixed maturity securities | Fortitude Re Funds Withheld Assets | |||
Net Investment Income [Line Items] | |||
Total investment income | (459) | 7 | 13 |
Equity securities | |||
Net Investment Income [Line Items] | |||
Total investment income | (53) | (237) | 200 |
Equity securities | Excluding Fortitude Re Funds Withheld Assets | |||
Net Investment Income [Line Items] | |||
Total investment income | (53) | (237) | 200 |
Equity securities | Fortitude Re Funds Withheld Assets | |||
Net Investment Income [Line Items] | |||
Total investment income | 0 | 0 | 0 |
Interest on mortgage and other loans | |||
Net Investment Income [Line Items] | |||
Total investment income | 2,162 | 1,952 | 1,989 |
Interest on mortgage and other loans | Excluding Fortitude Re Funds Withheld Assets | |||
Net Investment Income [Line Items] | |||
Total investment income | 1,959 | 1,745 | 1,883 |
Interest on mortgage and other loans | Fortitude Re Funds Withheld Assets | |||
Net Investment Income [Line Items] | |||
Total investment income | 203 | 207 | 106 |
Alternative investments | |||
Net Investment Income [Line Items] | |||
Total investment income | 989 | 2,900 | 1,012 |
Alternative investments | Excluding Fortitude Re Funds Withheld Assets | |||
Net Investment Income [Line Items] | |||
Total investment income | 819 | 2,579 | 913 |
Alternative investments | Fortitude Re Funds Withheld Assets | |||
Net Investment Income [Line Items] | |||
Total investment income | 170 | 321 | 99 |
Real estate | |||
Net Investment Income [Line Items] | |||
Total investment income | 57 | 225 | 195 |
Real estate | Excluding Fortitude Re Funds Withheld Assets | |||
Net Investment Income [Line Items] | |||
Total investment income | 57 | 225 | 195 |
Real estate | Fortitude Re Funds Withheld Assets | |||
Net Investment Income [Line Items] | |||
Total investment income | 0 | 0 | 0 |
Other investments | |||
Net Investment Income [Line Items] | |||
Total investment income | 354 | 255 | (119) |
Gains/(losses) recognized in earnings on hedging derivatives | 186 | 65 | (162) |
Other investments | Excluding Fortitude Re Funds Withheld Assets | |||
Net Investment Income [Line Items] | |||
Total investment income | 359 | 250 | (120) |
Other investments | Fortitude Re Funds Withheld Assets | |||
Net Investment Income [Line Items] | |||
Total investment income | $ (5) | $ 5 | $ 1 |
Investments - Components of n_2
Investments - Components of net realized gains (losses) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Components of net realized capital gains (losses) | |||
Sales of fixed maturity securities | $ (1,200) | $ 928 | $ 1,000 |
Change in allowance for credit losses on loans | (104) | 164 | (75) |
Net realized gains (losses) | 8,991 | 2,151 | (2,238) |
Excluding Fortitude Re Funds Withheld Assets | |||
Components of net realized capital gains (losses) | |||
Net realized gains (losses) | 1,996 | 1,751 | (56) |
Fortitude Re Funds Withheld Assets | |||
Components of net realized capital gains (losses) | |||
Net realized gains (losses) | 6,995 | 400 | (2,182) |
Excluding modified coinsurance and funds withheld embedded derivative | |||
Components of net realized capital gains (losses) | |||
Sales of fixed maturity securities | (1,182) | 928 | 1,014 |
Intent to sell | (66) | 0 | (3) |
Change in allowance for credit losses on fixed maturity securities | (216) | 26 | (280) |
Foreign exchange transactions | (22) | 11 | 378 |
Variable annuity embedded derivatives, net of related hedges | 1,221 | (39) | 166 |
All other derivatives and hedge accounting | 1,680 | 207 | (921) |
Sales of alternative investments and real estate investments | 236 | 1,225 | 143 |
Other | (39) | 224 | 13 |
Net realized gains (losses) | 1,510 | 2,754 | 407 |
Excluding modified coinsurance and funds withheld embedded derivative | Loans Receivable | |||
Components of net realized capital gains (losses) | |||
Change in allowance for credit losses on loans | (102) | 172 | (103) |
Excluding modified coinsurance and funds withheld embedded derivative | Excluding Fortitude Re Funds Withheld Assets | |||
Components of net realized capital gains (losses) | |||
Sales of fixed maturity securities | (871) | 211 | 307 |
Intent to sell | (66) | 0 | (3) |
Change in allowance for credit losses on fixed maturity securities | (184) | 19 | (270) |
Foreign exchange transactions | (17) | 16 | 365 |
Variable annuity embedded derivatives, net of related hedges | 1,221 | (39) | 166 |
All other derivatives and hedge accounting | 1,814 | 179 | (672) |
Sales of alternative investments and real estate investments | 193 | 988 | 143 |
Other | (39) | 214 | 13 |
Net realized gains (losses) | 1,996 | 1,751 | (56) |
Excluding modified coinsurance and funds withheld embedded derivative | Excluding Fortitude Re Funds Withheld Assets | Loans Receivable | |||
Components of net realized capital gains (losses) | |||
Change in allowance for credit losses on loans | (55) | 163 | (105) |
Excluding modified coinsurance and funds withheld embedded derivative | Fortitude Re Funds Withheld Assets | |||
Components of net realized capital gains (losses) | |||
Sales of fixed maturity securities | (311) | 717 | 707 |
Intent to sell | 0 | 0 | 0 |
Change in allowance for credit losses on fixed maturity securities | (32) | 7 | (10) |
Foreign exchange transactions | (5) | (5) | 13 |
Variable annuity embedded derivatives, net of related hedges | 0 | 0 | 0 |
All other derivatives and hedge accounting | (134) | 28 | (249) |
Sales of alternative investments and real estate investments | 43 | 237 | 0 |
Other | 0 | 10 | 0 |
Net realized gains (losses) | (486) | 1,003 | 463 |
Excluding modified coinsurance and funds withheld embedded derivative | Fortitude Re Funds Withheld Assets | Loans Receivable | |||
Components of net realized capital gains (losses) | |||
Change in allowance for credit losses on loans | (47) | 9 | 2 |
Fortitude Re funds withheld embedded derivative | |||
Components of net realized capital gains (losses) | |||
Net realized gains (losses) | 7,481 | (603) | (2,645) |
Fortitude Re funds withheld embedded derivative | Excluding Fortitude Re Funds Withheld Assets | |||
Components of net realized capital gains (losses) | |||
Net realized gains (losses) | 0 | 0 | 0 |
Fortitude Re funds withheld embedded derivative | Fortitude Re Funds Withheld Assets | |||
Components of net realized capital gains (losses) | |||
Net realized gains (losses) | $ 7,481 | $ (603) | $ (2,645) |
Investments - Schedule of chang
Investments - Schedule of changes in unrealized appreciation (depreciation) of available for sale securities and other investments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Securities, Available-for-sale [Line Items] | |||
Increase (decrease) in unrealized appreciation (depreciation) of investments | $ (47,766) | $ (9,255) | $ 9,491 |
Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date | |||
Net gains (losses) recognized during the period on equity securities and other investments | 302 | 1,791 | |
Less: Net gains (losses) recognized during the period on equity securities and other investments sold during the period | 73 | (66) | |
Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date | 229 | 1,857 | |
Fixed maturity securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Increase (decrease) in unrealized appreciation (depreciation) of investments | (47,741) | (9,255) | |
Other investments | |||
Debt Securities, Available-for-sale [Line Items] | |||
Increase (decrease) in unrealized appreciation (depreciation) of investments | (25) | 0 | |
Equity securities | |||
Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date | |||
Net gains (losses) recognized during the period on equity securities and other investments | (53) | (237) | |
Less: Net gains (losses) recognized during the period on equity securities and other investments sold during the period | 96 | (180) | |
Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date | (149) | (57) | |
Other invested assets | |||
Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date | |||
Net gains (losses) recognized during the period on equity securities and other investments | 355 | 2,028 | |
Less: Net gains (losses) recognized during the period on equity securities and other investments sold during the period | (23) | 114 | |
Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date | $ 378 | $ 1,914 |
Investments - Rollforward of ch
Investments - Rollforward of changes in allowance for credit losses on available for sale fixed maturity securities by major investment category (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | |||
Balance, beginning of period | $ 98 | $ 186 | $ 7 |
Securities for which allowance for credit losses were not previously recorded | 307 | 65 | 328 |
Purchases of available for sale debt securities accounted for as purchased credit deteriorated assets | 0 | 0 | 26 |
Accretion of available for sale debt securities accounted for as purchased credit deteriorated assets | 0 | 0 | 1 |
Securities sold during the period | (95) | (33) | (31) |
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 | (91) | (91) | (17) |
Write-offs charged against the allowance | (30) | (29) | (128) |
Other | (3) | 0 | 0 |
Balance, end of year | 186 | 98 | 186 |
Structured | |||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | |||
Balance, beginning of period | 8 | 17 | 7 |
Securities for which allowance for credit losses were not previously recorded | 69 | 9 | 38 |
Purchases of available for sale debt securities accounted for as purchased credit deteriorated assets | 0 | 0 | 26 |
Accretion of available for sale debt securities accounted for as purchased credit deteriorated assets | 0 | 0 | 1 |
Securities sold during the period | (3) | (4) | (5) |
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 | (27) | (14) | (50) |
Write-offs charged against the allowance | 0 | 0 | 0 |
Other | (1) | 0 | 0 |
Balance, end of year | 46 | 8 | 17 |
Non- Structured | |||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | |||
Balance, beginning of period | 90 | 169 | 0 |
Securities for which allowance for credit losses were not previously recorded | 238 | 56 | 290 |
Purchases of available for sale debt securities accounted for as purchased credit deteriorated assets | 0 | 0 | 0 |
Accretion of available for sale debt securities accounted for as purchased credit deteriorated assets | 0 | 0 | 0 |
Securities sold during the period | (92) | (29) | (26) |
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 | (64) | (77) | 33 |
Write-offs charged against the allowance | (30) | (29) | (128) |
Other | (2) | 0 | 0 |
Balance, end of year | $ 140 | $ 90 | $ 169 |
Investments - Pledged investmen
Investments - Pledged investments (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Fixed maturity securities available for sale | $ 2,968,000,000 | $ 3,583,000,000 |
Amounts borrowed under repurchase and securities lending agreements | 3,100,000,000 | 3,700,000,000 |
Securities pledged under repurchase agreements | 2,968,000,000 | 259,000,000 |
Securities pledged under securities lending agreements | 0 | 3,324,000,000 |
Securities collateral pledged to us | 0 | 1,839,000,000 |
Carrying value of reverse repurchase agreements | 1,900,000,000 | |
Total carrying values of cash and securities deposited under requirements of regulatory authorities or other insurance-related arrangements | 13,600,000,000 | 13,500,000,000 |
Loans | 50,321,000,000 | 46,677,000,000 |
Bonds available for sale and short-term investments held in escrow | 301,000,000 | 514,000,000 |
AIG Financial Products | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Loans | 37,600,000,000 | |
Asset Pledged as Collateral | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Fixed maturity securities available for sale | 5,800,000,000 | 5,100,000,000 |
Other bond securities, at fair value | 63,000,000 | 1,400,000,000 |
Loans | 1,800,000,000 | 1,500,000,000 |
Overnight and Continuous | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged under repurchase agreements | 0 | 176,000,000 |
Securities pledged under securities lending agreements | 0 | 0 |
up to 30 days | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged under repurchase agreements | 2,391,000,000 | 61,000,000 |
Securities pledged under securities lending agreements | 0 | 534,000,000 |
31 - 90 days | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged under repurchase agreements | 577,000,000 | 22,000,000 |
Securities pledged under securities lending agreements | 0 | 2,790,000,000 |
91 - 364 days | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged under repurchase agreements | 0 | 0 |
Securities pledged under securities lending agreements | 0 | 0 |
365 days or greater | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged under repurchase agreements | 0 | 0 |
Securities pledged under securities lending agreements | 0 | 0 |
Bonds available for sale | U.S. government and government sponsored entities | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged under repurchase agreements | 0 | |
Bonds available for sale | Non-U.S. governments | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged under repurchase agreements | 20,000,000 | 48,000,000 |
Securities pledged under securities lending agreements | 0 | 43,000,000 |
Bonds available for sale | Corporate debt | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged under repurchase agreements | 2,948,000,000 | 211,000,000 |
Securities pledged under securities lending agreements | 3,175,000,000 | |
Bonds available for sale | Obligations of states, municipalities and political subdivisions | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged under securities lending agreements | 0 | 106,000,000 |
Bonds available for sale | Overnight and Continuous | U.S. government and government sponsored entities | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged under repurchase agreements | 0 | |
Bonds available for sale | Overnight and Continuous | Non-U.S. governments | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged under repurchase agreements | 0 | 48,000,000 |
Securities pledged under securities lending agreements | 0 | 0 |
Bonds available for sale | Overnight and Continuous | Corporate debt | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged under repurchase agreements | 0 | 128,000,000 |
Securities pledged under securities lending agreements | 0 | |
Bonds available for sale | Overnight and Continuous | Obligations of states, municipalities and political subdivisions | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged under securities lending agreements | 0 | 0 |
Bonds available for sale | up to 30 days | U.S. government and government sponsored entities | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged under repurchase agreements | 0 | |
Bonds available for sale | up to 30 days | Non-U.S. governments | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged under repurchase agreements | 20,000,000 | 0 |
Securities pledged under securities lending agreements | 0 | 0 |
Bonds available for sale | up to 30 days | Corporate debt | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged under repurchase agreements | 2,371,000,000 | 61,000,000 |
Securities pledged under securities lending agreements | 534,000,000 | |
Bonds available for sale | up to 30 days | Obligations of states, municipalities and political subdivisions | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged under securities lending agreements | 0 | 0 |
Bonds available for sale | 31 - 90 days | U.S. government and government sponsored entities | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged under repurchase agreements | 0 | |
Bonds available for sale | 31 - 90 days | Non-U.S. governments | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged under repurchase agreements | 0 | 0 |
Securities pledged under securities lending agreements | 0 | 43,000,000 |
Bonds available for sale | 31 - 90 days | Corporate debt | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged under repurchase agreements | 577,000,000 | 22,000,000 |
Securities pledged under securities lending agreements | 2,641,000,000 | |
Bonds available for sale | 31 - 90 days | Obligations of states, municipalities and political subdivisions | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged under securities lending agreements | 0 | 106,000,000 |
Bonds available for sale | 91 - 364 days | U.S. government and government sponsored entities | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged under repurchase agreements | 0 | |
Bonds available for sale | 91 - 364 days | Non-U.S. governments | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged under repurchase agreements | 0 | 0 |
Securities pledged under securities lending agreements | 0 | 0 |
Bonds available for sale | 91 - 364 days | Corporate debt | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged under repurchase agreements | 0 | 0 |
Securities pledged under securities lending agreements | 0 | |
Bonds available for sale | 91 - 364 days | Obligations of states, municipalities and political subdivisions | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged under securities lending agreements | 0 | 0 |
Bonds available for sale | 365 days or greater | U.S. government and government sponsored entities | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged under repurchase agreements | 0 | |
Bonds available for sale | 365 days or greater | Non-U.S. governments | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged under repurchase agreements | 0 | 0 |
Securities pledged under securities lending agreements | 0 | 0 |
Bonds available for sale | 365 days or greater | Corporate debt | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged under repurchase agreements | 0 | 0 |
Securities pledged under securities lending agreements | 0 | |
Bonds available for sale | 365 days or greater | Obligations of states, municipalities and political subdivisions | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged under securities lending agreements | 0 | 0 |
FHLBs | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Federal Home Loan Bank stock | $ 239,000,000 | $ 211,000,000 |
Lending Activities - Compositio
Lending Activities - Composition of mortgages and other loans receivable (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Composition of Mortgages and other loans receivable | |||||
Total mortgage and other loans receivable | $ 50,321 | $ 46,677 | |||
Allowance for credit losses | (38,351) | (629) | $ (814) | $ (438) | |
Mortgage and other loans receivable, net | [1] | 49,605 | 46,048 | ||
Commercial mortgage loans | |||||
Composition of Mortgages and other loans receivable | |||||
Total mortgage and other loans receivable | 37,128 | 35,665 | |||
Allowance for credit losses | (640) | (545) | $ (685) | $ (336) | |
Off-balance-sheet commitments | 69 | 71 | |||
Loans on nonacrrual status | 703 | 226 | |||
Accrued interest receivable | $ 147 | $ 126 | |||
Commercial mortgage loans | Geographic Concentration Risk | Interest on mortgage and other loans | New York | |||||
Composition of Mortgages and other loans receivable | |||||
Percentage of mortgage loans in geographic area | 19% | 21% | |||
Commercial mortgage loans | Geographic Concentration Risk | Interest on mortgage and other loans | California | |||||
Composition of Mortgages and other loans receivable | |||||
Percentage of mortgage loans in geographic area | 11% | 10% | |||
Residential mortgages | |||||
Composition of Mortgages and other loans receivable | |||||
Total mortgage and other loans receivable | $ 6,130 | $ 5,492 | |||
Loans on nonacrrual status | 5 | 7 | |||
Accrued interest receivable | 15 | 12 | |||
Life insurance policy loans | |||||
Composition of Mortgages and other loans receivable | |||||
Total mortgage and other loans receivable | 1,758 | 1,843 | |||
Commercial loans, other loans and notes receivable | |||||
Composition of Mortgages and other loans receivable | |||||
Total mortgage and other loans receivable | 5,305 | 3,677 | |||
Loans held for sale | 170 | 15 | |||
Excluding AIGFP Operating | |||||
Composition of Mortgages and other loans receivable | |||||
Allowance for credit losses | (716) | $ (629) | |||
AIG Financial Products | |||||
Composition of Mortgages and other loans receivable | |||||
Total mortgage and other loans receivable | 37,600 | ||||
Allowance for credit losses | $ (37,600) | ||||
[1]See Note 9 for details of balances associated with variable interest entities. |
Lending Activities - Credit qua
Lending Activities - Credit quality of commercial mortgages (Details) $ in Millions | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | $ 50,321 | $ 46,677 |
Commercial mortgage loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current year | 6,473 | 2,820 |
Prior year | 3,355 | 2,708 |
Two years prior | 2,206 | 5,897 |
Three years prior | 5,453 | 5,989 |
Four years prior | 5,431 | 3,734 |
Five years & beyond prior | 14,210 | 14,517 |
Total | $ 37,128 | $ 35,665 |
Weighted average debt service coverage ratio | 1.9 | 1.9 |
Weighted average loan-to-value ratio (as a percent) | 59% | 57% |
AIG Financial Products | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | $ 37,600 | |
Less than 65% | Commercial mortgage loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current year | 5,425 | $ 2,286 |
Prior year | 2,548 | 2,272 |
Two years prior | 1,775 | 4,149 |
Three years prior | 3,958 | 4,815 |
Four years prior | 3,016 | 2,892 |
Five years & beyond prior | 10,739 | 9,902 |
Total | 27,461 | 26,316 |
65% to 75% | Commercial mortgage loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current year | 998 | 372 |
Prior year | 517 | 410 |
Two years prior | 405 | 1,748 |
Three years prior | 1,445 | 1,174 |
Four years prior | 1,487 | 406 |
Five years & beyond prior | 1,393 | 3,490 |
Total | 6,245 | 7,600 |
76% to 80% | Commercial mortgage loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current year | 50 | 0 |
Prior year | 52 | 0 |
Two years prior | 0 | 0 |
Three years prior | 0 | 0 |
Four years prior | 168 | 188 |
Five years & beyond prior | 229 | 274 |
Total | 499 | 462 |
Greater than 80% | Commercial mortgage loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current year | 0 | 162 |
Prior year | 238 | 26 |
Two years prior | 26 | 0 |
Three years prior | 50 | 0 |
Four years prior | 760 | 248 |
Five years & beyond prior | 1,849 | 851 |
Total | 2,923 | 1,287 |
Greater than 1.2X | Commercial mortgage loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current year | 5,518 | 2,245 |
Prior year | 2,457 | 1,662 |
Two years prior | 1,710 | 5,126 |
Three years prior | 4,985 | 3,926 |
Four years prior | 4,120 | 3,557 |
Five years & beyond prior | 11,663 | 10,796 |
Total | 30,453 | 27,312 |
1.00 - 1.20X | Commercial mortgage loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current year | 910 | 574 |
Prior year | 898 | 1,019 |
Two years prior | 473 | 700 |
Three years prior | 416 | 1,138 |
Four years prior | 567 | 136 |
Five years & beyond prior | 1,353 | 1,929 |
Total | 4,617 | 5,496 |
Less than 1.00X | Commercial mortgage loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current year | 45 | 1 |
Prior year | 0 | 27 |
Two years prior | 23 | 71 |
Three years prior | 52 | 925 |
Four years prior | 744 | 41 |
Five years & beyond prior | 1,194 | 1,792 |
Total | $ 2,058 | $ 2,857 |
Lending Activities - Credit q_2
Lending Activities - Credit quality performance indicators for commercial mortgages (Details) $ in Millions | Dec. 31, 2022 USD ($) loan | Dec. 31, 2021 USD ($) loan | Dec. 31, 2020 USD ($) | Dec. 31, 2019 USD ($) |
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | $ 50,321 | $ 46,677 | ||
Allowance for credit losses | $ 38,351 | $ 629 | $ 814 | $ 438 |
Commercial mortgage loans | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Number of Loans | loan | 629 | 649 | ||
Total | $ 37,128 | $ 35,665 | ||
Allowance for credit losses | $ 640 | $ 545 | $ 685 | $ 336 |
Percent of Total | 100% | 100% | ||
Percentage of total, allowance for credit losses | 2% | 2% | ||
Commercial mortgage loans | In good standing | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Number of Loans | loan | 615 | 636 | ||
Total | $ 36,231 | $ 35,015 | ||
Percent of Total | 97% | 98% | ||
Commercial mortgage loans | Restructured | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Number of Loans | loan | 10 | 8 | ||
Total | $ 682 | $ 515 | ||
Percent of Total | 2% | 2% | ||
Commercial mortgage loans | 90 days or less delinquent | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Number of Loans | loan | 0 | 0 | ||
Total | $ 0 | $ 0 | ||
Percent of Total | 0% | 0% | ||
Commercial mortgage loans | >90 days delinquent or in process of foreclosure | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Number of Loans | loan | 4 | 5 | ||
Total | $ 215 | $ 135 | ||
Percent of Total | 1% | 0% | ||
Commercial mortgage loans | Apartments | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | $ 14,597 | $ 14,267 | ||
Allowance for credit losses | 100 | 109 | ||
Commercial mortgage loans | Apartments | In good standing | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 14,597 | 14,267 | ||
Commercial mortgage loans | Apartments | Restructured | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 0 | 0 | ||
Commercial mortgage loans | Apartments | 90 days or less delinquent | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 0 | 0 | ||
Commercial mortgage loans | Apartments | >90 days delinquent or in process of foreclosure | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 0 | 0 | ||
Commercial mortgage loans | Offices | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 10,275 | 10,130 | ||
Allowance for credit losses | 351 | 247 | ||
Commercial mortgage loans | Offices | In good standing | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 9,652 | 9,695 | ||
Commercial mortgage loans | Offices | Restructured | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 450 | 354 | ||
Commercial mortgage loans | Offices | 90 days or less delinquent | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 0 | 0 | ||
Commercial mortgage loans | Offices | >90 days delinquent or in process of foreclosure | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 173 | 81 | ||
Commercial mortgage loans | Retail | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 3,816 | 4,857 | ||
Allowance for credit losses | 81 | 103 | ||
Commercial mortgage loans | Retail | In good standing | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 3,634 | 4,778 | ||
Commercial mortgage loans | Retail | Restructured | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 140 | 25 | ||
Commercial mortgage loans | Retail | 90 days or less delinquent | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 0 | 0 | ||
Commercial mortgage loans | Retail | >90 days delinquent or in process of foreclosure | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 42 | 54 | ||
Commercial mortgage loans | Industrial | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 6,006 | 3,858 | ||
Allowance for credit losses | 71 | 47 | ||
Commercial mortgage loans | Industrial | In good standing | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 6,006 | 3,858 | ||
Commercial mortgage loans | Industrial | Restructured | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 0 | 0 | ||
Commercial mortgage loans | Industrial | 90 days or less delinquent | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 0 | 0 | ||
Commercial mortgage loans | Industrial | >90 days delinquent or in process of foreclosure | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 0 | 0 | ||
Commercial mortgage loans | Hotel | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 2,027 | 2,121 | ||
Allowance for credit losses | 29 | 31 | ||
Commercial mortgage loans | Hotel | In good standing | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 1,935 | 1,985 | ||
Commercial mortgage loans | Hotel | Restructured | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 92 | 136 | ||
Commercial mortgage loans | Hotel | 90 days or less delinquent | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 0 | 0 | ||
Commercial mortgage loans | Hotel | >90 days delinquent or in process of foreclosure | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 0 | 0 | ||
Commercial mortgage loans | Others | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 407 | 432 | ||
Allowance for credit losses | 8 | 8 | ||
Commercial mortgage loans | Others | In good standing | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 407 | 432 | ||
Commercial mortgage loans | Others | Restructured | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 0 | 0 | ||
Commercial mortgage loans | Others | 90 days or less delinquent | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 0 | 0 | ||
Commercial mortgage loans | Others | >90 days delinquent or in process of foreclosure | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | $ 0 | $ 0 |
Lending Activities - Credit q_3
Lending Activities - Credit quality of residential mortgages (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | $ 50,321 | $ 46,677 |
Residential mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current year | 997 | 2,956 |
Prior year | 3,016 | 964 |
Two years prior | 852 | 408 |
Three years prior | 327 | 167 |
Four years prior | 120 | 274 |
Five years & beyond prior | 818 | 723 |
Total | 6,130 | 5,492 |
780 and greater | Residential mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current year | 296 | 1,601 |
Prior year | 2,204 | 691 |
Two years prior | 654 | 297 |
Three years prior | 232 | 107 |
Four years prior | 77 | 192 |
Five years & beyond prior | 567 | 501 |
Total | 4,030 | 3,389 |
720 - 779 | Residential mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current year | 536 | 1,306 |
Prior year | 728 | 230 |
Two years prior | 168 | 86 |
Three years prior | 76 | 44 |
Four years prior | 32 | 58 |
Five years & beyond prior | 169 | 154 |
Total | 1,709 | 1,878 |
660 - 719 | Residential mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current year | 163 | 48 |
Prior year | 80 | 42 |
Two years prior | 28 | 22 |
Three years prior | 16 | 12 |
Four years prior | 9 | 20 |
Five years & beyond prior | 62 | 49 |
Total | 358 | 193 |
600 - 659 | Residential mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current year | 2 | 1 |
Prior year | 4 | 1 |
Two years prior | 2 | 2 |
Three years prior | 2 | 3 |
Four years prior | 2 | 2 |
Five years & beyond prior | 14 | 12 |
Total | 26 | 21 |
Less than 600 | Residential mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current year | 0 | 0 |
Prior year | 0 | 0 |
Two years prior | 0 | 1 |
Three years prior | 1 | 1 |
Four years prior | 0 | 2 |
Five years & beyond prior | 6 | 7 |
Total | $ 7 | $ 11 |
Lending Activities - Rollforwar
Lending Activities - Rollforward of the changes in the allowance for credit losses on Mortgage and other loans receivable (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Changes in the allowance for losses on Mortgage and other loans receivable | |||
Allowance, beginning of period | $ 629 | $ 814 | $ 438 |
Initial allowance upon CECL adoption | 0 | 0 | 318 |
Loans charged off | (17) | (2) | (17) |
Net charge-offs | (17) | (2) | (17) |
Addition to (release of) allowance for loan losses | 104 | (164) | 75 |
Divestitures | 0 | (19) | 0 |
Allowance, end of period | 38,351 | 629 | 814 |
Loans modified in a troubled debt restructuring | 219 | 345 | |
Commercial mortgage loans | |||
Changes in the allowance for losses on Mortgage and other loans receivable | |||
Allowance, beginning of period | 545 | 685 | 336 |
Initial allowance upon CECL adoption | 0 | 0 | 311 |
Loans charged off | (17) | (2) | (12) |
Net charge-offs | (17) | (2) | (12) |
Addition to (release of) allowance for loan losses | 112 | (138) | 50 |
Divestitures | 0 | 0 | 0 |
Allowance, end of period | 640 | 545 | 685 |
Off-balance-sheet commitments | 69 | 71 | |
Other loans | |||
Changes in the allowance for losses on Mortgage and other loans receivable | |||
Allowance, beginning of period | 84 | 129 | 102 |
Initial allowance upon CECL adoption | 0 | 0 | 7 |
Loans charged off | 0 | 0 | (5) |
Net charge-offs | 0 | 0 | (5) |
Addition to (release of) allowance for loan losses | (8) | (26) | 25 |
Divestitures | 0 | (19) | 0 |
Allowance, end of period | 76 | 84 | $ 129 |
Excluding AIGFP Operating | |||
Changes in the allowance for losses on Mortgage and other loans receivable | |||
Allowance, beginning of period | 629 | ||
Allowance, end of period | $ 716 | $ 629 |
Reinsurance - Narrative (Detail
Reinsurance - Narrative (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2017 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | May 09, 2022 | |
Effects of Reinsurance [Line Items] | |||||
Reinsurance asset, allowance for credit loss | $ 295,000,000 | $ 333,000,000 | |||
Reinsurance recoverables | $ 73,700,000,000 | 76,300,000,000 | |||
Premiums on life insurance (as a percent) | 1.30% | ||||
Bilateral letters of credit outstanding | $ 175,000,000 | ||||
Due from reinsurers (as a percent) | 5% | ||||
Reinsurer Concentration Risk [Member] | Secured | |||||
Effects of Reinsurance [Line Items] | |||||
Reinsurance recoverables | $ 48,400,000,000 | 51,500,000,000 | |||
Reinsurer Concentration Risk [Member] | Unsecured | |||||
Effects of Reinsurance [Line Items] | |||||
Reinsurance recoverables | 3,600,000,000 | $ 3,100,000,000 | |||
Legacy Life And Retirement Run Off Lines Segment Member | |||||
Effects of Reinsurance [Line Items] | |||||
Ceded reserves | 29,000,000,000 | ||||
Legacy General Insurance Run Off Lines Member | |||||
Effects of Reinsurance [Line Items] | |||||
Ceded reserves | $ 3,200,000,000 | ||||
Investment Grade | |||||
Effects of Reinsurance [Line Items] | |||||
Reinsurance recoverables, percent | 92% | 92% | |||
Investment Grade | General Insurance | |||||
Effects of Reinsurance [Line Items] | |||||
Reinsurance recoverables, percent | 53% | 52% | |||
Investment Grade | Life and Retirement | |||||
Effects of Reinsurance [Line Items] | |||||
Reinsurance recoverables, percent | 39% | 40% | |||
Non-Investment Grade | |||||
Effects of Reinsurance [Line Items] | |||||
Reinsurance recoverables, percent | 7% | 7% | |||
Non-Investment Grade | Life and Retirement | |||||
Effects of Reinsurance [Line Items] | |||||
Reinsurance recoverables, percent | 1% | 1% | |||
Not Rated | |||||
Effects of Reinsurance [Line Items] | |||||
Reinsurance recoverables, percent | 1% | 1% | |||
Short-Duration Insurance | |||||
Effects of Reinsurance [Line Items] | |||||
Reinsurance recoverables | $ 7,100,000,000 | $ 7,200,000,000 | $ 7,700,000,000 | ||
Ceded loss reserves | 14,300,000,000 | 16,800,000,000 | |||
Deferred gain liability | 661,000,000 | 1,300,000,000 | |||
Amortization of deferred gain | 252,000,000 | 191,000,000 | 237,000,000 | ||
Short-Duration Insurance | NICO | |||||
Effects of Reinsurance [Line Items] | |||||
Reserve risk (as a percent) | 80% | ||||
Insurance contract losses | $ 25,000,000,000 | ||||
Long-Duration Insurance | |||||
Effects of Reinsurance [Line Items] | |||||
Reinsurance recoverables | $ 900,000,000 | $ 1,300,000,000 | $ 1,100,000,000 | ||
Assumed ratio on life insurance (as a percent) | 0.01% | 0.01% | 0.02% | ||
Premiums on life insurance (as a percent) | 21.80% | 33% | 19.50% | ||
Captive Insurers | Non-Investment Grade | |||||
Effects of Reinsurance [Line Items] | |||||
Reinsurance recoverables, percent | 77% | 71% | |||
Excluding Fortitude | |||||
Effects of Reinsurance [Line Items] | |||||
Reinsurance asset, allowance for credit loss | $ 295,000,000 |
Reinsurance - Supplemental info
Reinsurance - Supplemental information for loss and benefit reserves, gross and net of ceded reinsurance (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
As Reported | ||||
Liability for unpaid losses and loss adjustment expenses | $ (75,167) | $ (79,026) | $ (77,720) | $ (78,328) |
Future policy benefits for life and accident and health insurance contracts | (59,223) | (59,950) | ||
Policyholder contract deposits | (158,891) | (156,686) | ||
Unearned premiums | (18,338) | (19,313) | ||
Other policyholder funds | (3,909) | (3,476) | ||
Reinsurance assets | 66,859 | 70,630 | ||
Net of Reinsurance | ||||
Liability for unpaid losses and loss adjustment expenses | (42,955) | (43,678) | ||
Future policy benefits for life and accident and health insurance contracts | (33,666) | (33,964) | ||
Policyholder contract deposits | (154,712) | (152,266) | ||
Reserve for unearned premiums | (13,992) | (15,028) | ||
Other policyholder funds | (3,344) | (2,885) | ||
Reinsurance asset, allowance for credit loss | 295 | 333 | ||
Reserve for liability to unpaid losses | 110 | 135 | ||
Recoveries of amounts previously written off | 2 | 0 | $ 0 | |
Loss Recoveries | ||||
Effects of Reinsurance [Line Items] | ||||
Contract claim recoverables | 4,663 | 3,645 | ||
Contract Claims Recoverable | ||||
Effects of Reinsurance [Line Items] | ||||
Contract claim recoverables | $ 366 | $ 342 |
Reinsurance - Schedule of premi
Reinsurance - Schedule of premiums written, earned and policy fees (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Premiums earned: | |||
Premiums | $ 31,857 | $ 31,259 | $ 28,523 |
Policy Fees | |||
Net | 2,972 | 3,051 | 2,917 |
Short-Duration Insurance | |||
Premiums written: | |||
Direct | 32,025 | 30,910 | 28,521 |
Assumed | 7,385 | 7,209 | 5,947 |
Ceded | (12,650) | (11,702) | (11,012) |
Net | 26,760 | 26,417 | 23,456 |
Premiums earned: | |||
Direct | 32,053 | 30,279 | 28,596 |
Assumed | 7,137 | 6,640 | 5,984 |
Ceded | (12,425) | (11,301) | (10,435) |
Premiums | 26,765 | 25,618 | 24,145 |
Long-Duration Insurance | |||
Premiums written: | |||
Direct | 4,738 | 4,596 | 4,381 |
Assumed | 1,318 | 2,265 | 1,058 |
Ceded | (964) | (1,220) | (1,061) |
Net | 5,092 | 5,641 | 4,378 |
Policy Fees | |||
Direct | 3,048 | 3,130 | 2,957 |
Assumed | 0 | 0 | 0 |
Ceded | (76) | (79) | (40) |
Net | $ 2,972 | $ 3,051 | $ 2,917 |
Reinsurance - Summary of long-t
Reinsurance - Summary of long-term insurance (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Long-Duration Insurance | |||
Effects of Reinsurance [Line Items] | |||
Long-duration insurance in force ceded | $ 346,879 | $ 363,008 | $ 349,453 |
Reinsurance - Summary of the co
Reinsurance - Summary of the composition of pool of assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Effects of Reinsurance [Line Items] | |||
Bonds available for sale | [1] | $ 226,156 | $ 277,202 |
Fixed maturity securities - fair value option | [1] | 4,485 | 6,278 |
Loans | 50,321 | 46,677 | |
Investment real estate | 2,153 | 2,727 | |
Short-term investments | [1] | 12,376 | 13,357 |
Derivative assets net, carrying value | 514 | 843 | |
Derivative assets, net, fair value | 6,049 | 5,761 | |
Other assets | [1] | 12,714 | 14,351 |
Total assets | 526,634 | 596,112 | |
Carrying Value | |||
Effects of Reinsurance [Line Items] | |||
Short-term investments | 6,668 | 8,931 | |
Other assets | 33 | 32 | |
Hedge Funds and Private Equity Funds | |||
Effects of Reinsurance [Line Items] | |||
Fair Value Using NAV Per Share (or its equivalent) | 11,809 | 10,951 | |
Commercial mortgage loans | |||
Effects of Reinsurance [Line Items] | |||
Loans | 37,128 | 35,665 | |
Policy loans | |||
Effects of Reinsurance [Line Items] | |||
Loans | 1,758 | 1,843 | |
Fortitude Holdings | |||
Effects of Reinsurance [Line Items] | |||
Change in net unrealized gains (losses), gross | (7,500) | (2,200) | |
Change in net unrealized gains (losses), net of tax | (5,900) | (1,800) | |
Derivative asset, Fair value of collateral | 192 | 389 | |
Derivative liability, Fair value of collateral | 28 | 10 | |
Fortitude Holdings | Carrying Value | |||
Effects of Reinsurance [Line Items] | |||
Bonds available for sale | 18,821 | 31,815 | |
Fixed maturity securities - fair value option | 4,182 | 1,983 | |
Investment real estate | 133 | 201 | |
Short-term investments | 75 | 50 | |
Funds withheld investment assets | 29,566 | 39,672 | |
Derivative assets net, carrying value | 90 | 81 | |
Other assets | 782 | 602 | |
Total assets | 30,438 | 40,355 | |
Fortitude Holdings | Estimated Fair Value | |||
Effects of Reinsurance [Line Items] | |||
Bonds available for sale | 18,821 | 31,815 | |
Fixed maturity securities - fair value option | 4,182 | 1,983 | |
Investment real estate | 348 | 395 | |
Short-term investments | 75 | 50 | |
Funds withheld investment assets | 29,511 | 40,088 | |
Derivative assets, net, fair value | 90 | 81 | |
Other assets | 782 | 602 | |
Total | 30,383 | 40,771 | |
Fortitude Holdings | Hedge Funds and Private Equity Funds | Carrying Value | |||
Effects of Reinsurance [Line Items] | |||
Fair Value Using NAV Per Share (or its equivalent) | 1,893 | 1,606 | |
Fortitude Holdings | Hedge Funds and Private Equity Funds | Estimated Fair Value | |||
Effects of Reinsurance [Line Items] | |||
Fair Value Using NAV Per Share (or its equivalent) | 1,893 | 1,606 | |
Fortitude Holdings | Commercial mortgage loans | Carrying Value | |||
Effects of Reinsurance [Line Items] | |||
Loans | 4,107 | 3,637 | |
Fortitude Holdings | Commercial mortgage loans | Estimated Fair Value | |||
Effects of Reinsurance [Line Items] | |||
Loans, fair value | 3,837 | 3,859 | |
Fortitude Holdings | Policy loans | Carrying Value | |||
Effects of Reinsurance [Line Items] | |||
Loans | 355 | 380 | |
Fortitude Holdings | Policy loans | Estimated Fair Value | |||
Effects of Reinsurance [Line Items] | |||
Loans, fair value | $ 355 | $ 380 | |
[1]See Note 9 for details of balances associated with variable interest entities. |
Reinsurance - Summary of the im
Reinsurance - Summary of the impact of funds withheld (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Effects of Reinsurance [Line Items] | |||
Total net investment income | $ 11,767 | $ 14,612 | $ 13,631 |
Total net realized gains (losses) | 8,991 | 2,151 | (2,238) |
Income (loss) from continuing operations before income tax expense (benefit) | 14,282 | 12,099 | (7,293) |
Income tax expense (benefit) | 3,006 | 2,176 | (1,460) |
Net income (loss) | 11,275 | 9,923 | (5,829) |
Change in unrealized depreciation of all other investments | 1,392 | 1,889 | 735 |
Comprehensive income (loss) | (22,127) | 4,093 | 2,684 |
Fortitude Re funds withheld assets | |||
Effects of Reinsurance [Line Items] | |||
Total net investment income | 943 | 1,971 | 1,053 |
Fortitude Holdings | |||
Effects of Reinsurance [Line Items] | |||
Net underwriting income | 0 | 0 | 0 |
Total net investment income | 943 | 1,971 | 1,053 |
Total net realized gains (losses) | 6,995 | 400 | (2,182) |
Income (loss) from continuing operations before income tax expense (benefit) | 7,938 | 2,371 | (1,129) |
Income tax expense (benefit) | 1,667 | 499 | (237) |
Net income (loss) | 6,271 | 1,872 | (892) |
Comprehensive income (loss) | 371 | 112 | (80) |
Fortitude Holdings | Fortitude Re funds withheld assets | |||
Effects of Reinsurance [Line Items] | |||
Total net realized gains (losses) | (486) | 1,003 | 463 |
Fortitude Holdings | Fortitude Re funds withheld assets | Embedded derivatives | |||
Effects of Reinsurance [Line Items] | |||
Total net realized gains (losses) | 7,481 | (603) | (2,645) |
Fortitude Holdings | Other investments | |||
Effects of Reinsurance [Line Items] | |||
Change in unrealized depreciation of all other investments | $ (5,900) | $ (1,760) | $ 812 |
Reinsurance - Rollforward of th
Reinsurance - Rollforward of the reinsurance recoverable allowance for credit losses (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward] | |||
Balance, beginning of period | $ 382 | $ 375 | $ 151 |
Initial allowance upon CECL adoption | 0 | 0 | 224 |
Addition to (release of) allowance for expected credit losses and disputes, net | (39) | 24 | 9 |
Write-offs charged against the allowance for credit losses and disputes | (5) | (17) | (9) |
Recoveries of amounts previously written off | 2 | 0 | 0 |
Other changes | 4 | 0 | 0 |
Balance, end of period | 344 | 382 | 375 |
General Insurance | |||
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward] | |||
Balance, beginning of period | 281 | 292 | 111 |
Initial allowance upon CECL adoption | 0 | 0 | 202 |
Addition to (release of) allowance for expected credit losses and disputes, net | (22) | 6 | (12) |
Write-offs charged against the allowance for credit losses and disputes | (5) | (17) | (9) |
Recoveries of amounts previously written off | 2 | 0 | 0 |
Other changes | 4 | 0 | 0 |
Balance, end of period | 260 | 281 | 292 |
Life and Retirement | |||
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward] | |||
Balance, beginning of period | 101 | 83 | 40 |
Initial allowance upon CECL adoption | 0 | 0 | 22 |
Addition to (release of) allowance for expected credit losses and disputes, net | (17) | 18 | 21 |
Write-offs charged against the allowance for credit losses and disputes | 0 | 0 | 0 |
Recoveries of amounts previously written off | 0 | 0 | 0 |
Other changes | 0 | 0 | 0 |
Balance, end of period | $ 84 | $ 101 | $ 83 |
Deferred Policy Acquisition C_3
Deferred Policy Acquisition Costs - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Summary of Significant Accounting Policies [Line Items] | ||||
Deferred acquisition cost | $ 15,425 | $ 10,403 | $ 9,679 | $ 10,890 |
Deferred bonus interest and sales inducement assets | 889 | 307 | ||
Value Of Business Acquired | ||||
Summary of Significant Accounting Policies [Line Items] | ||||
Value of business | 94 | 111 | ||
Investment Oriented Contracts | ||||
Summary of Significant Accounting Policies [Line Items] | ||||
Deferred acquisition cost | $ 11,000 | $ 5,800 |
Deferred Policy Acquisition C_4
Deferred Policy Acquisition Costs - Rollforward of DAC (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | |||
Balance, beginning of year | $ 10,403 | $ 9,679 | $ 10,890 |
Acquisition costs deferred | 4,643 | 4,666 | 4,292 |
Amortization expense | (4,954) | (4,562) | (4,188) |
Change related to unrealized appreciation (depreciation) of investments | 5,631 | 773 | (1,116) |
Dispositions | 0 | 0 | (298) |
Other, including foreign exchange | (298) | (153) | 99 |
Balance, end of year | 15,425 | 10,403 | 9,679 |
Life Insurance | |||
Summary of Significant Accounting Policies [Line Items] | |||
Cumulative reductions in DAC | $ 3,300 | $ (2,400) | $ (3,100) |
Variable Interest Entities - Co
Variable Interest Entities - Consolidated VIEs (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |||
Assets: | ||||||
Bonds available for sale | [1] | $ 226,156 | $ 277,202 | |||
Other bond securities, at fair value (See Note 5) | [1] | 4,485 | 6,278 | |||
Equity securities | [1] | 575 | 739 | |||
Mortgage and other loans receivable | [1] | 49,605 | 46,048 | |||
Investment real estate | 2,153 | 2,727 | ||||
Short-term investments | [1] | 12,376 | 13,357 | |||
Cash | 2,043 | [1] | 2,198 | [1] | $ 2,827 | |
Accrued investment income | [1] | 2,376 | 2,239 | |||
Other assets | [1] | 12,714 | 14,351 | |||
Total assets | 526,634 | 596,112 | ||||
Liabilities: | ||||||
Debt of consolidated investment entities | 27,179 | 30,163 | ||||
Other | [1] | 26,456 | 28,704 | |||
Total liabilities | 484,399 | 527,200 | ||||
Real Estate and Investment Entities | ||||||
Liabilities: | ||||||
Off-balance sheet exposure associated with VIEs | 2,100 | 2,200 | ||||
Real Estate and Investment Entities | External parties | ||||||
Liabilities: | ||||||
Off-balance sheet exposure associated with VIEs | 600 | 600 | ||||
Consolidated VIE | ||||||
Assets: | ||||||
Bonds available for sale | 3,672 | 5,543 | ||||
Other bond securities, at fair value (See Note 5) | 0 | 1,852 | ||||
Equity securities | 51 | 223 | ||||
Mortgage and other loans receivable | 2,221 | 2,523 | ||||
Alternative investments | 2,842 | 3,017 | ||||
Investment real estate | 1,731 | 2,257 | ||||
Short-term investments | 472 | 638 | ||||
Cash | 71 | 96 | ||||
Accrued investment income | 9 | 17 | ||||
Other assets | 172 | 748 | ||||
Total assets | 11,241 | 16,914 | ||||
Liabilities: | ||||||
Debt of consolidated investment entities | 5,694 | 6,247 | ||||
Other | 132 | 844 | ||||
Total liabilities | 5,826 | 7,091 | ||||
Consolidated VIE | Real Estate and Investment Entities | ||||||
Assets: | ||||||
Bonds available for sale | 0 | 0 | ||||
Other bond securities, at fair value (See Note 5) | 0 | 0 | ||||
Equity securities | 51 | 223 | ||||
Mortgage and other loans receivable | 0 | 0 | ||||
Alternative investments | 2,842 | 3,017 | ||||
Investment real estate | 1,731 | 2,257 | ||||
Short-term investments | 191 | 487 | ||||
Cash | 71 | 96 | ||||
Accrued investment income | 0 | 0 | ||||
Other assets | 102 | 190 | ||||
Total assets | 4,988 | 6,270 | ||||
Liabilities: | ||||||
Debt of consolidated investment entities | 1,358 | 1,743 | ||||
Other | 85 | 122 | ||||
Total liabilities | 1,443 | 1,865 | ||||
Consolidated VIE | Securitization Vehicles | ||||||
Assets: | ||||||
Bonds available for sale | 3,672 | 5,543 | ||||
Other bond securities, at fair value (See Note 5) | 0 | 1,852 | ||||
Equity securities | 0 | 0 | ||||
Mortgage and other loans receivable | 2,221 | 2,523 | ||||
Alternative investments | 0 | 0 | ||||
Investment real estate | 0 | 0 | ||||
Short-term investments | 281 | 151 | ||||
Cash | 0 | 0 | ||||
Accrued investment income | 9 | 17 | ||||
Other assets | 70 | 558 | ||||
Total assets | 6,253 | 10,644 | ||||
Liabilities: | ||||||
Debt of consolidated investment entities | 4,336 | 4,504 | ||||
Other | 47 | 722 | ||||
Total liabilities | $ 4,383 | $ 5,226 | ||||
[1]See Note 9 for details of balances associated with variable interest entities. |
Variable Interest Entities - Un
Variable Interest Entities - Unconsolidated VIEs (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | |
VARIABLE INTEREST ENTITY | |||
Total assets | $ 526,634 | $ 596,112 | |
Other invested assets | [1] | 15,953 | 15,668 |
Unconsolidated VIE | |||
VARIABLE INTEREST ENTITY | |||
Total assets | 505,521 | 459,073 | |
Maximum exposure to loss, On-Balance Sheet | 9,392 | 7,887 | |
Maximum exposure to loss, Off-Balance Sheet | 4,685 | 3,976 | |
Total | 14,077 | 11,863 | |
Other invested assets | 9,300 | 7,800 | |
Unconsolidated VIE | AIG Financial Products | |||
VARIABLE INTEREST ENTITY | |||
Total assets | 2,057 | ||
Maximum exposure to loss, Off-Balance Sheet | 2,033 | ||
Unconsolidated VIE | Real Estate and Investment Entities | |||
VARIABLE INTEREST ENTITY | |||
Total assets | 504,219 | 457,335 | |
Maximum exposure to loss, On-Balance Sheet | 9,145 | 7,650 | |
Maximum exposure to loss, Off-Balance Sheet | 3,938 | 3,448 | |
Total | 13,083 | 11,098 | |
Unconsolidated VIE | Other Investment Companies | |||
VARIABLE INTEREST ENTITY | |||
Total assets | 1,302 | 1,738 | |
Maximum exposure to loss, On-Balance Sheet | 247 | 237 | |
Maximum exposure to loss, Off-Balance Sheet | 747 | 528 | |
Total | $ 994 | $ 765 | |
[1]See Note 9 for details of balances associated with variable interest entities. |
Variable Interest Entities - Re
Variable Interest Entities - Real Estate and Investments Entities (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
VARIABLE INTEREST ENTITY | ||
Total assets | $ 526,634 | $ 596,112 |
Unconsolidated VIE | ||
VARIABLE INTEREST ENTITY | ||
Total assets | 505,521 | 459,073 |
Exposure to loss | 14,077 | 11,863 |
Off-balance sheet exposure associated with VIEs | 4,685 | $ 3,976 |
Unconsolidated VIE | AIG Financial Products | ||
VARIABLE INTEREST ENTITY | ||
Total assets | 2,057 | |
Off-balance sheet exposure associated with VIEs | 2,033 | |
RMBS, CMBS, Oher ABS, And CLOs | Unconsolidated VIE | ||
VARIABLE INTEREST ENTITY | ||
Unfunded commitments | 526 | |
Total assets | 3,000 | |
Exposure to loss | $ 2,000 |
Derivatives and Hedge Account_3
Derivatives and Hedge Accounting - Notional amounts and fair values of derivative instruments (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Gross Derivative Assets | ||
Notional Amount | $ 133,721,000,000 | $ 136,508,000,000 |
Fair Value | 6,049,000,000 | 5,761,000,000 |
Counterparty netting | (3,895,000,000) | (2,779,000,000) |
Cash Collateral | (1,640,000,000) | (2,139,000,000) |
Total derivative assets | 514,000,000 | 843,000,000 |
Gross Derivative Liabilities | ||
Notional Amount | 56,805,000,000 | 65,130,000,000 |
Fair Value | 6,043,000,000 | 4,454,000,000 |
Counterparty netting | (3,895,000,000) | (2,779,000,000) |
Cash Collateral | (1,917,000,000) | (1,089,000,000) |
Total derivative liabilities on consolidated balance sheet | 231,000,000 | 586,000,000 |
Bifurcated embedded derivatives assets, fair value | 2,200,000,000 | 0 |
Bifurcated embedded derivative liabilities, fair value | 7,200,000,000 | 14,500,000,000 |
Derivatives designated as hedging instruments | Interest rate contracts | ||
Gross Derivative Assets | ||
Notional Amount | 251,000,000 | 265,000,000 |
Fair Value | 355,000,000 | 5,000,000 |
Gross Derivative Liabilities | ||
Notional Amount | 1,688,000,000 | 895,000,000 |
Fair Value | 66,000,000 | 11,000,000 |
Derivatives designated as hedging instruments | Foreign exchange contracts | ||
Gross Derivative Assets | ||
Notional Amount | 4,543,000,000 | 5,431,000,000 |
Fair Value | 642,000,000 | 467,000,000 |
Gross Derivative Liabilities | ||
Notional Amount | 4,899,000,000 | 5,828,000,000 |
Fair Value | 317,000,000 | 197,000,000 |
Derivatives not designated as hedging instruments | Interest rate contracts | ||
Gross Derivative Assets | ||
Notional Amount | 39,833,000,000 | 47,499,000,000 |
Fair Value | 3,367,000,000 | 3,868,000,000 |
Gross Derivative Liabilities | ||
Notional Amount | 34,128,000,000 | 42,113,000,000 |
Fair Value | 4,772,000,000 | 3,622,000,000 |
Derivatives not designated as hedging instruments | Foreign exchange contracts | ||
Gross Derivative Assets | ||
Notional Amount | 8,626,000,000 | 7,905,000,000 |
Fair Value | 1,202,000,000 | 722,000,000 |
Gross Derivative Liabilities | ||
Notional Amount | 10,397,000,000 | 9,997,000,000 |
Fair Value | 821,000,000 | 524,000,000 |
Derivatives not designated as hedging instruments | Equity contracts | ||
Gross Derivative Assets | ||
Notional Amount | 31,264,000,000 | 27,423,000,000 |
Fair Value | 428,000,000 | 681,000,000 |
Gross Derivative Liabilities | ||
Notional Amount | 4,740,000,000 | 5,091,000,000 |
Fair Value | 26,000,000 | 53,000,000 |
Derivatives not designated as hedging instruments | Commodity contracts | ||
Gross Derivative Assets | ||
Notional Amount | 212,000,000 | 303,000,000 |
Fair Value | 9,000,000 | 4,000,000 |
Gross Derivative Liabilities | ||
Notional Amount | 20,000,000 | 219,000,000 |
Fair Value | 0 | 0 |
Derivatives not designated as hedging instruments | Credit contracts | ||
Gross Derivative Assets | ||
Notional Amount | 1,808,000,000 | 3,790,000,000 |
Fair Value | 32,000,000 | 1,000,000 |
Gross Derivative Liabilities | ||
Notional Amount | 933,000,000 | 936,000,000 |
Fair Value | 41,000,000 | 47,000,000 |
Derivatives not designated as hedging instruments | Credit contracts | CDS | ||
Gross Derivative Liabilities | ||
Notional Amount | 79,000,000 | 97,000,000 |
Fair Value | 32,000,000 | 30,000,000 |
Derivatives not designated as hedging instruments | Other contracts | ||
Gross Derivative Assets | ||
Notional Amount | 47,184,000,000 | 43,892,000,000 |
Fair Value | 14,000,000 | 13,000,000 |
Gross Derivative Liabilities | ||
Notional Amount | 0 | 51,000,000 |
Fair Value | $ 0 | $ 0 |
Derivatives and Hedge Account_4
Derivatives and Hedge Accounting - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Credit derivatives: | |||
Collateral posted | $ 2,900,000,000 | $ 2,700,000,000 | |
Collateral obtained from third parties for derivative transactions | 2,000,000,000 | 2,400,000,000 | |
Foreign currency translation gain (loss) adjustment related to net investment hedge relationships | 312,000,000 | 201,000,000 | $ (128,000,000) |
Fair value of hybrid securities | 2,000,000,000 | ||
Par value of hybrid securities | 42,000,000 | 4,600,000,000 | |
Maximum | |||
Credit derivatives: | |||
Fair value of hybrid securities | 1,000,000 | ||
Credit Risk Related Contingent Features | |||
Credit derivatives: | |||
Collateral posted | 34,000,000 | 239,000,000 | |
Additional collateral postings and termination payments | 6,000,000 | ||
Aggregate fair value of net liability position | $ 32,000,000 | $ 206,000,000 |
Derivatives and Hedge Account_5
Derivatives and Hedge Accounting - Fair value hedging relationships (Details) - Derivatives designated as hedging instruments - Fair value hedging - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Interest rate contracts | Interest credited to policyholder account balances | |||
Derivative instruments gain (loss): | |||
Gains/(losses) recognized in earnings on hedging derivatives | $ (81) | $ (19) | $ 14 |
Gains/(losses) recognized in earnings for excluded components | 0 | 0 | 0 |
Gains/(losses) recognized in earnings for hedged items | 83 | 17 | (14) |
Net Impact | 2 | (2) | 0 |
Interest rate contracts | Net investment income | |||
Derivative instruments gain (loss): | |||
Gains/(losses) recognized in earnings on hedging derivatives | 11 | 9 | (6) |
Gains/(losses) recognized in earnings for excluded components | 0 | 0 | 0 |
Gains/(losses) recognized in earnings for hedged items | (12) | (11) | 5 |
Net Impact | (1) | (2) | (1) |
Foreign exchange contracts | |||
Derivative instruments gain (loss): | |||
Gains/(losses) recognized in earnings on hedging derivatives | 382 | 210 | (422) |
Gains/(losses) recognized in earnings for excluded components | 244 | 139 | 49 |
Gains/(losses) recognized in earnings for hedged items | (382) | (210) | 422 |
Net Impact | $ 244 | $ 139 | $ 49 |
Derivatives and Hedge Account_6
Derivatives and Hedge Accounting - Derivatives not designated as hedging instruments (Details) - Derivatives not designated as hedging instruments - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Total | $ 10,418 | $ (365) | $ (3,336) |
Policy fees | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Total | 63 | 61 | 62 |
Net investment income - excluding Fortitude Re funds withheld assets | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Total | $ 2 | $ 5 | $ (8) |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Net Investment Income | Net Investment Income | Net Investment Income |
Net Investment Income - Fortitude Re Funds Withheld Assets | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Total | $ (10) | $ 0 | $ 0 |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Net Investment Income | Net Investment Income | Net Investment Income |
Net realized gains (losses) - Excluding Fortitude Re Funds Withheld Assets | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Total | $ 3,035 | $ 148 | $ (508) |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Total net realized gains (losses) | Total net realized gains (losses) | Total net realized gains (losses) |
Net Realized Gains (Losses) On Fortitude Re funds Withheld Assets | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Total | $ 7,347 | $ (575) | $ (2,894) |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Total net realized gains (losses) | Total net realized gains (losses) | Total net realized gains (losses) |
Policyholder benefits and claims incurred | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Total | $ (19) | $ (4) | $ 12 |
Interest rate contracts | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Total | (2,190) | (573) | 1,451 |
Foreign exchange contracts | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Total | 1,149 | 278 | (389) |
Equity contracts | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Total | (497) | (736) | 211 |
Commodity contracts | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Total | (13) | (9) | 0 |
Credit contracts | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Total | (4) | (12) | 52 |
Other contracts | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Total | 100 | 64 | 61 |
Embedded derivatives | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Total | $ 11,873 | $ 623 | $ (4,722) |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Goodwill (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Goodwill [Line Items] | |||
Goodwill - gross | $ 7,404 | $ 7,533 | $ 7,551 |
Accumulated impairments | (3,477) | (3,477) | (3,477) |
Net goodwill | 3,927 | 4,056 | 4,074 |
Goodwill [Roll Forward] | |||
Other | (129) | (18) | |
North America | |||
Goodwill [Line Items] | |||
Goodwill - gross | 3,791 | 3,791 | 3,791 |
Accumulated impairments | (1,145) | (1,145) | (1,145) |
Net goodwill | 2,646 | 2,646 | 2,646 |
Goodwill [Roll Forward] | |||
Other | 0 | 0 | |
International | |||
Goodwill [Line Items] | |||
Goodwill - gross | 3,351 | 3,443 | 3,456 |
Accumulated impairments | (2,255) | (2,255) | (2,255) |
Net goodwill | 1,096 | 1,188 | 1,201 |
Goodwill [Roll Forward] | |||
Other | (92) | (13) | |
Life Insurance | |||
Goodwill [Line Items] | |||
Goodwill - gross | 223 | 239 | 244 |
Accumulated impairments | (67) | (67) | (67) |
Net goodwill | 156 | 172 | 177 |
Goodwill [Roll Forward] | |||
Other | (16) | (5) | |
Other Operations | |||
Goodwill [Line Items] | |||
Goodwill - gross | 39 | 60 | 60 |
Accumulated impairments | (10) | (10) | (10) |
Net goodwill | 29 | 50 | $ 50 |
Goodwill [Roll Forward] | |||
Other | $ (21) | $ 0 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Value of other intangible assets | $ 704 | $ 758 |
Insurance Liabilities - Narrati
Insurance Liabilities - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Contractual deductible recoverable amount | $ 12,100 | $ 12,300 | |
Collateral held for deductible recoverable amounts | 8,600 | 8,600 | |
Liability for unpaid losses and loss adjustment expenses, allowance for credit losses | 14 | 14 | |
Prior years, excluding discount and amortization of deferred gain | 530 | 171 | $ 90 |
Net loss reserve discount | $ 1,278 | 876 | |
Tabular discount rate (as a percent) | 45% | ||
Workers compensation tabular discount amount | $ 314 | 260 | |
Workers compensation non tabular discount amount | 964 | 616 | |
Net loss reserve discount charge | $ (703) | (193) | 516 |
Gross insurance in force (as a percent) | 0.70% | ||
Premiums on life insurance (as a percent) | 1.30% | ||
Minimum | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Interest rate (asva percent) | 0.20% | ||
Withdrawal charges (as a percent) | 0% | ||
Maximum | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Interest rate (asva percent) | 14.60% | ||
Withdrawal charges (as a percent) | 9% | ||
NICO | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Amortization of deferred gain on retroactive reinsurance | $ 189 | $ 137 | $ 196 |
New York | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Nontabular discount rate (as a percent) | 5% |
Insurance Liabilities - Liabili
Insurance Liabilities - Liability for unpaid losses and loss adjustment expenses (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation of activity in the Liability for unpaid claims and claims adjustment expense: | |||
Liability for unpaid loss and loss adjustment expenses, beginning of year | $ 79,026 | $ 77,720 | $ 78,328 |
Reinsurance recoverable | (35,213) | (34,431) | (31,069) |
Initial allowance upon CECL adoption | 164 | ||
Net Liability for unpaid loss and loss adjustment expenses, beginning of year | 43,813 | 43,289 | 47,423 |
Losses and loss adjustment expenses incurred: | |||
Current year | 16,434 | 16,434 | 16,928 |
Prior years, excluding discount and amortization of deferred gain | (530) | (171) | (90) |
Prior years, discount charge (benefit) | (605) | (131) | 587 |
Prior years, amortization of deferred gain on retroactive reinsurance | (252) | (190) | (237) |
Total losses and loss adjustment expenses incurred | 15,047 | 15,942 | 17,188 |
Losses and loss adjustment expenses paid: | |||
Current year | (4,011) | (3,868) | (4,062) |
Prior years | (11,066) | (11,503) | (14,603) |
Total losses and loss adjustment expenses paid | (15,077) | (15,371) | (18,665) |
Other changes: | |||
Foreign exchange effect | (1,463) | (593) | 815 |
Allowance for credit losses | 0 | 0 | (15) |
Retroactive reinsurance adjustment (net of discount) | 745 | 546 | 361 |
Fortitude sale | 0 | 0 | 3,818 |
Total other changes | (718) | (47) | (2,657) |
Net liability for unpaid losses and loss adjustment expenses | 43,065 | 43,813 | 43,289 |
Reinsurance recoverable | 32,102 | 35,213 | 34,431 |
Total | 75,167 | 79,026 | 77,720 |
Change in discount on loss reserves ceded under retroactive reinsurance | (301) | (42) | 340 |
National Indemnity Company | |||
Losses and loss adjustment expenses incurred: | |||
Prior years, amortization of deferred gain on retroactive reinsurance | $ 63 | $ 53 | $ 41 |
Insurance Liabilities - Reconci
Insurance Liabilities - Reconciliation of the Net Incurred and Paid Claims Development (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||||
Net liability for unpaid losses and loss adjustment expenses as presented in the disaggregated tables below | $ 43,065 | $ 43,813 | $ 43,289 | $ 47,423 |
Reinsurance recoverable on unpaid losses and loss adjustment expenses included in the disaggregated tables below | 32,102 | 35,213 | 34,431 | 31,069 |
Liability for unpaid losses and loss adjustment expenses, including allowance for credit losses of $14 in 2022 and $14 in 2021 | 75,167 | 79,026 | $ 77,720 | $ 78,328 |
Reinsurance recoverables | 73,700 | $ 76,300 | ||
Discount on workers' compensation lines | Reconciling Items | ||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||||
Liability for unpaid losses and loss adjustment expenses, including allowance for credit losses of $14 in 2022 and $14 in 2021 | (2,532) | |||
Other Product Lines | Reconciling Items | ||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||||
Net liability for unpaid losses and loss adjustment expenses as presented in the disaggregated tables below | 6,600 | |||
Liability for unpaid losses and loss adjustment expenses, including allowance for credit losses of $14 in 2022 and $14 in 2021 | 15,072 | |||
Reinsurance recoverables | 8,500 | |||
Unallocated loss adjustment expenses | Reconciling Items | ||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||||
Liability for unpaid losses and loss adjustment expenses, including allowance for credit losses of $14 in 2022 and $14 in 2021 | 2,472 | |||
Reportable Subsegments | ||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||||
Net liability for unpaid losses and loss adjustment expenses as presented in the disaggregated tables below | 36,295 | |||
Reinsurance recoverable on unpaid losses and loss adjustment expenses included in the disaggregated tables below | 23,860 | |||
Liability for unpaid losses and loss adjustment expenses, including allowance for credit losses of $14 in 2022 and $14 in 2021 | 60,155 | |||
Reportable Subsegments | U.S. Workers' Compensation (before discount) | ||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||||
Net liability for unpaid losses and loss adjustment expenses as presented in the disaggregated tables below | 3,962 | |||
Reinsurance recoverable on unpaid losses and loss adjustment expenses included in the disaggregated tables below | 5,573 | |||
Liability for unpaid losses and loss adjustment expenses, including allowance for credit losses of $14 in 2022 and $14 in 2021 | 9,535 | |||
Reportable Subsegments | U.S. Excess Casualty | ||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||||
Net liability for unpaid losses and loss adjustment expenses as presented in the disaggregated tables below | 3,638 | |||
Reinsurance recoverable on unpaid losses and loss adjustment expenses included in the disaggregated tables below | 3,701 | |||
Liability for unpaid losses and loss adjustment expenses, including allowance for credit losses of $14 in 2022 and $14 in 2021 | 7,339 | |||
Reportable Subsegments | U.S. Other Casualty | ||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||||
Net liability for unpaid losses and loss adjustment expenses as presented in the disaggregated tables below | 3,858 | |||
Reinsurance recoverable on unpaid losses and loss adjustment expenses included in the disaggregated tables below | 3,872 | |||
Liability for unpaid losses and loss adjustment expenses, including allowance for credit losses of $14 in 2022 and $14 in 2021 | 7,730 | |||
Reportable Subsegments | U.S. Financial Lines | ||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||||
Net liability for unpaid losses and loss adjustment expenses as presented in the disaggregated tables below | 5,899 | |||
Reinsurance recoverable on unpaid losses and loss adjustment expenses included in the disaggregated tables below | 1,773 | |||
Liability for unpaid losses and loss adjustment expenses, including allowance for credit losses of $14 in 2022 and $14 in 2021 | 7,672 | |||
Reportable Subsegments | U.S. Property and Special Risks | ||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||||
Net liability for unpaid losses and loss adjustment expenses as presented in the disaggregated tables below | 6,815 | |||
Reinsurance recoverable on unpaid losses and loss adjustment expenses included in the disaggregated tables below | 3,295 | |||
Liability for unpaid losses and loss adjustment expenses, including allowance for credit losses of $14 in 2022 and $14 in 2021 | 10,110 | |||
Reportable Subsegments | U.S. Personal Insurance | ||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||||
Net liability for unpaid losses and loss adjustment expenses as presented in the disaggregated tables below | 794 | |||
Reinsurance recoverable on unpaid losses and loss adjustment expenses included in the disaggregated tables below | 2,052 | |||
Liability for unpaid losses and loss adjustment expenses, including allowance for credit losses of $14 in 2022 and $14 in 2021 | 2,846 | |||
Reportable Subsegments | UK/Europe Casualty and Financial lines | ||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||||
Net liability for unpaid losses and loss adjustment expenses as presented in the disaggregated tables below | 6,984 | |||
Reinsurance recoverable on unpaid losses and loss adjustment expenses included in the disaggregated tables below | 1,538 | |||
Liability for unpaid losses and loss adjustment expenses, including allowance for credit losses of $14 in 2022 and $14 in 2021 | 8,522 | |||
Reportable Subsegments | UK/Europe Property and Special Risks | ||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||||
Net liability for unpaid losses and loss adjustment expenses as presented in the disaggregated tables below | 2,717 | |||
Reinsurance recoverable on unpaid losses and loss adjustment expenses included in the disaggregated tables below | 1,464 | |||
Liability for unpaid losses and loss adjustment expenses, including allowance for credit losses of $14 in 2022 and $14 in 2021 | 4,181 | |||
Reportable Subsegments | UK/Europe and Japan Personal Insurance | ||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||||
Net liability for unpaid losses and loss adjustment expenses as presented in the disaggregated tables below | 1,628 | |||
Reinsurance recoverable on unpaid losses and loss adjustment expenses included in the disaggregated tables below | 592 | |||
Liability for unpaid losses and loss adjustment expenses, including allowance for credit losses of $14 in 2022 and $14 in 2021 | $ 2,220 |
Insurance Liabilities - Undisco
Insurance Liabilities - Undiscounted, Incurred and Paid Losses and Allocated Loss Adjustment Expenses (Details) $ in Millions | 12 Months Ended | |||||||||
Dec. 31, 2022 USD ($) country | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2019 USD ($) | Dec. 31, 2018 USD ($) | Dec. 31, 2017 USD ($) | Dec. 31, 2016 USD ($) | Dec. 31, 2015 USD ($) | Dec. 31, 2014 USD ($) | Dec. 31, 2013 USD ($) | |
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
2022 Prior Year Development Excluding the Impact of ADC | $ (530) | |||||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (356) | |||||||||
U.S. Workers' Compensation (before discount) | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 10,163 | |||||||||
2022 Prior Year Development Excluding the Impact of ADC | (644) | |||||||||
Incurred Impact of ADC | (4,686) | |||||||||
2022 (Net of Impact of ADC) | 8,946 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 5,905 | |||||||||
Liabilities for losses and loss adjustment expenses and prior year development before accident year 2013, net of reinsurance | 4,390 | |||||||||
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance | 8,648 | |||||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (338) | |||||||||
Paid Impact of ADC | $ (170) | |||||||||
Year 1 (as a percent) | 12.40% | |||||||||
Year 2 (as a percent) | 17.50% | |||||||||
Year 3 (as a percent) | 11.50% | |||||||||
Year 4 (as a percent) | 7.30% | |||||||||
Year 5 (as a percent) | 5.20% | |||||||||
Year 6 (as a percent) | 3.50% | |||||||||
Year 7 (as a percent) | 2.40% | |||||||||
Year 8 (as a percent) | 2% | |||||||||
Year 9 (as a percent) | 2.20% | |||||||||
Year 10 (as a percent) | 2.70% | |||||||||
U.S. Workers' Compensation (before discount) | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | $ 170 | |||||||||
Liabilities for losses and loss adjustment expenses and prior year development before accident year 2013, net of reinsurance | (3,639) | |||||||||
Unallocated loss adjustment expense prior year development | 12 | |||||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 306 | |||||||||
U.S. Workers' Compensation (before discount) | 2013 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 1,878 | $ 1,877 | $ 1,886 | $ 1,916 | $ 1,974 | $ 2,032 | $ 2,060 | $ 1,950 | $ 1,880 | $ 1,932 |
2022 Prior Year Development Excluding the Impact of ADC | 1 | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 116 | |||||||||
Cumulative Number of Reported Claims | country | 48,545 | |||||||||
Incurred Impact of ADC | $ (326) | |||||||||
IBNR Impact of ADC | (103) | |||||||||
2022 (Net of Impact of ADC) | 1,552 | 1,504 | 1,520 | 1,458 | 1,481 | 1,494 | 1,500 | |||
Total of IBNR Liabilities Net of Impact of ADC | 13 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 1,472 | 1,422 | 1,372 | 1,335 | 1,287 | 1,214 | 1,067 | 879 | 619 | 282 |
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 48 | |||||||||
Paid Impact of ADC | (74) | |||||||||
U.S. Workers' Compensation (before discount) | 2013 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | (326) | (373) | (366) | (458) | (493) | (538) | (560) | |||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 47 | |||||||||
U.S. Workers' Compensation (before discount) | 2014 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 1,614 | 1,637 | 1,679 | 1,709 | 1,794 | 1,862 | 1,866 | 1,764 | 1,729 | |
2022 Prior Year Development Excluding the Impact of ADC | (23) | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 213 | |||||||||
Cumulative Number of Reported Claims | country | 40,986 | |||||||||
Incurred Impact of ADC | $ (371) | |||||||||
IBNR Impact of ADC | (164) | |||||||||
2022 (Net of Impact of ADC) | 1,243 | 1,171 | 1,223 | 1,329 | 1,309 | 1,310 | 1,311 | |||
Total of IBNR Liabilities Net of Impact of ADC | 49 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 1,207 | 1,180 | 1,137 | 1,096 | 1,030 | 930 | 786 | 558 | 231 | |
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 72 | |||||||||
Paid Impact of ADC | (53) | |||||||||
U.S. Workers' Compensation (before discount) | 2014 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | (371) | (466) | (456) | (380) | (485) | (552) | (555) | |||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 95 | |||||||||
U.S. Workers' Compensation (before discount) | 2015 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 1,612 | 1,634 | 1,675 | 1,722 | 1,814 | 1,866 | 1,864 | 1,708 | ||
2022 Prior Year Development Excluding the Impact of ADC | (22) | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 395 | |||||||||
Cumulative Number of Reported Claims | country | 36,645 | |||||||||
Incurred Impact of ADC | $ (520) | |||||||||
IBNR Impact of ADC | (311) | |||||||||
2022 (Net of Impact of ADC) | 1,092 | 1,041 | 1,105 | 1,134 | 1,318 | 1,279 | 1,279 | |||
Total of IBNR Liabilities Net of Impact of ADC | 84 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 1,038 | 1,013 | 979 | 925 | 854 | 725 | 524 | 234 | ||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 51 | |||||||||
Paid Impact of ADC | (43) | |||||||||
U.S. Workers' Compensation (before discount) | 2015 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | (520) | (593) | (570) | (588) | (496) | (587) | (585) | |||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 73 | |||||||||
U.S. Workers' Compensation (before discount) | 2016 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 1,036 | 1,075 | 1,090 | 1,140 | 1,318 | 1,346 | 1,299 | |||
2022 Prior Year Development Excluding the Impact of ADC | (39) | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 241 | |||||||||
Cumulative Number of Reported Claims | country | 31,540 | |||||||||
Incurred Impact of ADC | $ 0 | |||||||||
IBNR Impact of ADC | 0 | |||||||||
2022 (Net of Impact of ADC) | 1,036 | 1,075 | 1,090 | 1,140 | 1,318 | 1,346 | 1,299 | |||
Total of IBNR Liabilities Net of Impact of ADC | 241 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 686 | 662 | 630 | 584 | 521 | 378 | 147 | |||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (39) | |||||||||
Paid Impact of ADC | 0 | |||||||||
U.S. Workers' Compensation (before discount) | 2016 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 0 | |||||||||
U.S. Workers' Compensation (before discount) | 2017 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 712 | 731 | 763 | 776 | 850 | 789 | ||||
2022 Prior Year Development Excluding the Impact of ADC | (19) | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 231 | |||||||||
Cumulative Number of Reported Claims | country | 27,312 | |||||||||
Incurred Impact of ADC | $ 0 | |||||||||
IBNR Impact of ADC | 0 | |||||||||
2022 (Net of Impact of ADC) | 712 | 731 | 763 | 776 | 850 | 789 | ||||
Total of IBNR Liabilities Net of Impact of ADC | 231 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 389 | 367 | 333 | 294 | 224 | 93 | ||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (19) | |||||||||
Paid Impact of ADC | 0 | |||||||||
U.S. Workers' Compensation (before discount) | 2017 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 0 | |||||||||
U.S. Workers' Compensation (before discount) | 2018 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 896 | 911 | 961 | 1,021 | 998 | |||||
2022 Prior Year Development Excluding the Impact of ADC | (15) | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 399 | |||||||||
Cumulative Number of Reported Claims | country | 21,939 | |||||||||
Incurred Impact of ADC | $ 0 | |||||||||
IBNR Impact of ADC | 0 | |||||||||
2022 (Net of Impact of ADC) | 896 | 911 | 961 | 1,021 | 998 | |||||
Total of IBNR Liabilities Net of Impact of ADC | 399 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 388 | 359 | 296 | 215 | 85 | |||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (15) | |||||||||
Paid Impact of ADC | 0 | |||||||||
U.S. Workers' Compensation (before discount) | 2018 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | 0 | 0 | 0 | 0 | 0 | |||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 0 | |||||||||
U.S. Workers' Compensation (before discount) | 2019 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 801 | 812 | 873 | 887 | ||||||
2022 Prior Year Development Excluding the Impact of ADC | (11) | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 313 | |||||||||
Cumulative Number of Reported Claims | country | 16,712 | |||||||||
Incurred Impact of ADC | $ 0 | |||||||||
IBNR Impact of ADC | 0 | |||||||||
2022 (Net of Impact of ADC) | 801 | 812 | 873 | 887 | ||||||
Total of IBNR Liabilities Net of Impact of ADC | 313 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 347 | 301 | 219 | 93 | ||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (11) | |||||||||
Paid Impact of ADC | 0 | |||||||||
U.S. Workers' Compensation (before discount) | 2019 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | 0 | 0 | 0 | 0 | ||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 0 | |||||||||
U.S. Workers' Compensation (before discount) | 2020 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 521 | 573 | 597 | |||||||
2022 Prior Year Development Excluding the Impact of ADC | (52) | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 176 | |||||||||
Cumulative Number of Reported Claims | country | 13,503 | |||||||||
Incurred Impact of ADC | $ 0 | |||||||||
IBNR Impact of ADC | 0 | |||||||||
2022 (Net of Impact of ADC) | 521 | 573 | 597 | |||||||
Total of IBNR Liabilities Net of Impact of ADC | 176 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 205 | 159 | 64 | |||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (52) | |||||||||
Paid Impact of ADC | 0 | |||||||||
U.S. Workers' Compensation (before discount) | 2020 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | 0 | 0 | 0 | |||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 0 | |||||||||
U.S. Workers' Compensation (before discount) | 2021 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 570 | 597 | ||||||||
2022 Prior Year Development Excluding the Impact of ADC | (27) | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 314 | |||||||||
Cumulative Number of Reported Claims | country | 10,480 | |||||||||
Incurred Impact of ADC | $ 0 | |||||||||
IBNR Impact of ADC | 0 | |||||||||
2022 (Net of Impact of ADC) | 570 | 597 | ||||||||
Total of IBNR Liabilities Net of Impact of ADC | 314 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 128 | 60 | ||||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (27) | |||||||||
Paid Impact of ADC | 0 | |||||||||
U.S. Workers' Compensation (before discount) | 2021 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | 0 | 0 | ||||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 0 | |||||||||
U.S. Workers' Compensation (before discount) | 2022 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 523 | |||||||||
2022 Prior Year Development Excluding the Impact of ADC | ||||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 391 | |||||||||
Cumulative Number of Reported Claims | country | 7,213 | |||||||||
Incurred Impact of ADC | $ 0 | |||||||||
IBNR Impact of ADC | 0 | |||||||||
2022 (Net of Impact of ADC) | 523 | |||||||||
Total of IBNR Liabilities Net of Impact of ADC | 391 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 45 | |||||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | ||||||||||
Paid Impact of ADC | 0 | |||||||||
U.S. Workers' Compensation (before discount) | 2022 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | 0 | |||||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 0 | |||||||||
U.S. Workers' Compensation (before discount) | Short Duration Insurance Contracts Last Ten Accident Years | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
2022 Prior Year Development Excluding the Impact of ADC | (207) | |||||||||
Incurred Impact of ADC | (1,217) | |||||||||
2022 (Net of Impact of ADC) | 8,946 | 8,415 | 8,132 | 7,745 | 7,274 | 6,218 | 5,389 | |||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 8 | |||||||||
U.S. Workers' Compensation (before discount) | Short Duration Insurance Contracts Last Ten Accident Years | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | (1,217) | (1,432) | (1,392) | (1,426) | (1,474) | (1,677) | (1,700) | |||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 215 | |||||||||
U.S. Workers' Compensation (before discount) | Shortduration Insurance Contracts Accident Years Prior To Current Year | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 0 | |||||||||
U.S. Workers' Compensation (before discount) | Incurred Impact Of Adverse Development Cover | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 170 | |||||||||
Liabilities for losses and loss adjustment expenses and prior year development before accident year 2013, net of reinsurance | (3,639) | |||||||||
U.S. Workers' Compensation (before discount) | Short Duration Insurance Contracts Accident Years Prior To2012 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Liabilities for losses and loss adjustment expenses and prior year development before accident year 2013, net of reinsurance | (404) | |||||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (325) | |||||||||
U.S. Workers' Compensation (before discount) | Short Duration Insurance Contracts Accident Years Prior To2012 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 79 | |||||||||
U.S. Workers' Compensation (before discount) | Net Of Impact Of Adverse Development Reinsurance Cover | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 5,735 | |||||||||
Liabilities for losses and loss adjustment expenses and prior year development before accident year 2013, net of reinsurance | 751 | |||||||||
Unallocated loss adjustment expense prior year development | (21) | |||||||||
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance | 3,962 | |||||||||
U.S. Workers' Compensation (before discount) | Unallocated To Accident Year | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Unallocated loss adjustment expense prior year development | (33) | |||||||||
U.S. Excess Casualty | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 9,018 | |||||||||
2022 Prior Year Development Excluding the Impact of ADC | (116) | |||||||||
Incurred Impact of ADC | (2,531) | |||||||||
2022 (Net of Impact of ADC) | 7,792 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 5,054 | |||||||||
Liabilities for losses and loss adjustment expenses and prior year development before accident year 2013, net of reinsurance | 2,205 | |||||||||
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance | 6,169 | |||||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 17 | |||||||||
Paid Impact of ADC | $ (228) | |||||||||
Year 1 (as a percent) | 1.30% | |||||||||
Year 2 (as a percent) | 7.90% | |||||||||
Year 3 (as a percent) | 9.30% | |||||||||
Year 4 (as a percent) | 16.90% | |||||||||
Year 5 (as a percent) | 11.40% | |||||||||
Year 6 (as a percent) | 7.90% | |||||||||
Year 7 (as a percent) | 7.50% | |||||||||
Year 8 (as a percent) | 4.90% | |||||||||
Year 9 (as a percent) | 2.40% | |||||||||
Year 10 (as a percent) | 1% | |||||||||
U.S. Excess Casualty | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | $ 228 | |||||||||
Liabilities for losses and loss adjustment expenses and prior year development before accident year 2013, net of reinsurance | (1,533) | |||||||||
Unallocated loss adjustment expense prior year development | 28 | |||||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 133 | |||||||||
U.S. Excess Casualty | 2013 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 1,237 | 1,303 | 1,316 | 1,292 | 1,282 | 1,241 | 1,308 | 1,169 | 1,035 | 1,123 |
2022 Prior Year Development Excluding the Impact of ADC | (66) | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 194 | |||||||||
Cumulative Number of Reported Claims | country | 3,423 | |||||||||
Incurred Impact of ADC | $ (324) | |||||||||
IBNR Impact of ADC | (175) | |||||||||
2022 (Net of Impact of ADC) | 913 | 970 | 970 | 1,032 | 981 | 932 | 935 | |||
Total of IBNR Liabilities Net of Impact of ADC | 19 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 916 | 903 | 882 | 819 | 705 | 578 | 387 | 207 | 105 | 15 |
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (57) | |||||||||
Paid Impact of ADC | (33) | |||||||||
U.S. Excess Casualty | 2013 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | (324) | (333) | (346) | (260) | (301) | (309) | (373) | |||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 9 | |||||||||
U.S. Excess Casualty | 2014 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 1,259 | 1,269 | 1,248 | 1,283 | 1,339 | 1,260 | 1,275 | 1,069 | 938 | |
2022 Prior Year Development Excluding the Impact of ADC | (10) | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 324 | |||||||||
Cumulative Number of Reported Claims | country | 2,924 | |||||||||
Incurred Impact of ADC | $ (390) | |||||||||
IBNR Impact of ADC | (200) | |||||||||
2022 (Net of Impact of ADC) | 869 | 949 | 912 | 844 | 915 | 905 | 902 | |||
Total of IBNR Liabilities Net of Impact of ADC | 124 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 878 | 839 | 815 | 703 | 590 | 444 | 240 | 77 | 3 | |
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (80) | |||||||||
Paid Impact of ADC | (54) | |||||||||
U.S. Excess Casualty | 2014 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | (390) | (320) | (336) | (439) | (424) | (355) | (373) | |||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (70) | |||||||||
U.S. Excess Casualty | 2015 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 1,686 | 1,721 | 1,694 | 1,656 | 1,603 | 1,440 | 1,463 | 989 | ||
2022 Prior Year Development Excluding the Impact of ADC | (35) | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 281 | |||||||||
Cumulative Number of Reported Claims | country | 3,053 | |||||||||
Incurred Impact of ADC | $ (512) | |||||||||
IBNR Impact of ADC | (219) | |||||||||
2022 (Net of Impact of ADC) | 1,174 | 1,231 | 1,211 | 1,163 | 1,139 | 1,015 | 1,027 | |||
Total of IBNR Liabilities Net of Impact of ADC | 62 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 1,253 | 1,124 | 1,061 | 935 | 718 | 391 | 210 | 9 | ||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (57) | |||||||||
Paid Impact of ADC | (141) | |||||||||
U.S. Excess Casualty | 2015 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | (512) | (490) | (483) | (493) | (464) | (425) | (436) | |||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (22) | |||||||||
U.S. Excess Casualty | 2016 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 1,263 | 1,250 | 1,274 | 1,171 | 1,162 | 1,146 | 898 | |||
2022 Prior Year Development Excluding the Impact of ADC | 13 | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 362 | |||||||||
Cumulative Number of Reported Claims | country | 2,628 | |||||||||
Incurred Impact of ADC | $ 0 | |||||||||
IBNR Impact of ADC | 0 | |||||||||
2022 (Net of Impact of ADC) | 1,263 | 1,250 | 1,274 | 1,171 | 1,162 | 1,146 | 898 | |||
Total of IBNR Liabilities Net of Impact of ADC | 362 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 670 | 566 | 502 | 388 | 204 | 80 | 28 | |||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 13 | |||||||||
Paid Impact of ADC | 0 | |||||||||
U.S. Excess Casualty | 2016 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 0 | |||||||||
U.S. Excess Casualty | 2017 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 1,200 | 1,157 | 1,153 | 1,097 | 1,002 | 856 | ||||
2022 Prior Year Development Excluding the Impact of ADC | 43 | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 354 | |||||||||
Cumulative Number of Reported Claims | country | 1,985 | |||||||||
Incurred Impact of ADC | $ 0 | |||||||||
IBNR Impact of ADC | 0 | |||||||||
2022 (Net of Impact of ADC) | 1,200 | 1,157 | 1,153 | 1,097 | 1,002 | 856 | ||||
Total of IBNR Liabilities Net of Impact of ADC | 354 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 676 | 585 | 505 | 156 | 45 | 1 | ||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 43 | |||||||||
Paid Impact of ADC | 0 | |||||||||
U.S. Excess Casualty | 2017 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 0 | |||||||||
U.S. Excess Casualty | 2018 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 769 | 769 | 721 | 646 | 648 | |||||
2022 Prior Year Development Excluding the Impact of ADC | 0 | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 189 | |||||||||
Cumulative Number of Reported Claims | country | 1,350 | |||||||||
Incurred Impact of ADC | $ 0 | |||||||||
IBNR Impact of ADC | 0 | |||||||||
2022 (Net of Impact of ADC) | 769 | 769 | 721 | 646 | 648 | |||||
Total of IBNR Liabilities Net of Impact of ADC | 189 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 414 | 315 | 227 | 125 | 1 | |||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 0 | |||||||||
Paid Impact of ADC | 0 | |||||||||
U.S. Excess Casualty | 2018 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | 0 | 0 | 0 | 0 | 0 | |||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 0 | |||||||||
U.S. Excess Casualty | 2019 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 612 | 597 | 583 | 577 | ||||||
2022 Prior Year Development Excluding the Impact of ADC | 15 | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 357 | |||||||||
Cumulative Number of Reported Claims | country | 1,162 | |||||||||
Incurred Impact of ADC | $ 0 | |||||||||
IBNR Impact of ADC | 0 | |||||||||
2022 (Net of Impact of ADC) | 612 | 597 | 583 | 577 | ||||||
Total of IBNR Liabilities Net of Impact of ADC | 357 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 157 | 79 | 43 | 7 | ||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 15 | |||||||||
Paid Impact of ADC | 0 | |||||||||
U.S. Excess Casualty | 2019 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | 0 | 0 | 0 | 0 | ||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 0 | |||||||||
U.S. Excess Casualty | 2020 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 410 | 413 | 406 | |||||||
2022 Prior Year Development Excluding the Impact of ADC | (3) | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 324 | |||||||||
Cumulative Number of Reported Claims | country | 1,064 | |||||||||
Incurred Impact of ADC | $ 0 | |||||||||
IBNR Impact of ADC | 0 | |||||||||
2022 (Net of Impact of ADC) | 410 | 413 | 406 | |||||||
Total of IBNR Liabilities Net of Impact of ADC | 324 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 33 | 15 | 4 | |||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (3) | |||||||||
Paid Impact of ADC | 0 | |||||||||
U.S. Excess Casualty | 2020 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | 0 | 0 | 0 | |||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 0 | |||||||||
U.S. Excess Casualty | 2021 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 277 | 278 | ||||||||
2022 Prior Year Development Excluding the Impact of ADC | (1) | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 150 | |||||||||
Cumulative Number of Reported Claims | country | 652 | |||||||||
Incurred Impact of ADC | $ 0 | |||||||||
IBNR Impact of ADC | 0 | |||||||||
2022 (Net of Impact of ADC) | 277 | 278 | ||||||||
Total of IBNR Liabilities Net of Impact of ADC | 150 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 43 | 4 | ||||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (1) | |||||||||
Paid Impact of ADC | 0 | |||||||||
U.S. Excess Casualty | 2021 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | 0 | 0 | ||||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 0 | |||||||||
U.S. Excess Casualty | 2022 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 305 | |||||||||
2022 Prior Year Development Excluding the Impact of ADC | ||||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 280 | |||||||||
Cumulative Number of Reported Claims | country | 254 | |||||||||
Incurred Impact of ADC | $ 0 | |||||||||
IBNR Impact of ADC | 0 | |||||||||
2022 (Net of Impact of ADC) | 305 | |||||||||
Total of IBNR Liabilities Net of Impact of ADC | 280 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 14 | |||||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | ||||||||||
Paid Impact of ADC | 0 | |||||||||
U.S. Excess Casualty | 2022 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | 0 | |||||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 0 | |||||||||
U.S. Excess Casualty | Short Duration Insurance Contracts Last Ten Accident Years | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
2022 Prior Year Development Excluding the Impact of ADC | (44) | |||||||||
Incurred Impact of ADC | (1,226) | |||||||||
2022 (Net of Impact of ADC) | 7,792 | 7,614 | 7,230 | 6,530 | 5,847 | 4,854 | 3,762 | |||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (127) | |||||||||
U.S. Excess Casualty | Short Duration Insurance Contracts Last Ten Accident Years | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | (1,226) | (1,143) | (1,165) | (1,192) | (1,189) | (1,089) | (1,182) | |||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (83) | |||||||||
U.S. Excess Casualty | Shortduration Insurance Contracts Accident Years Prior To Current Year | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 0 | |||||||||
U.S. Excess Casualty | Incurred Impact Of Adverse Development Cover | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 228 | |||||||||
Liabilities for losses and loss adjustment expenses and prior year development before accident year 2013, net of reinsurance | (1,533) | |||||||||
U.S. Excess Casualty | Short Duration Insurance Contracts Accident Years Prior To2012 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Liabilities for losses and loss adjustment expenses and prior year development before accident year 2013, net of reinsurance | (121) | |||||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 67 | |||||||||
U.S. Excess Casualty | Short Duration Insurance Contracts Accident Years Prior To2012 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 188 | |||||||||
U.S. Excess Casualty | Net Of Impact Of Adverse Development Reinsurance Cover | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | (4,826) | |||||||||
Liabilities for losses and loss adjustment expenses and prior year development before accident year 2013, net of reinsurance | 672 | |||||||||
Unallocated loss adjustment expense prior year development | 77 | |||||||||
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance | 3,638 | |||||||||
U.S. Excess Casualty | Unallocated To Accident Year | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Unallocated loss adjustment expense prior year development | 49 | |||||||||
U.S. Other Casualty | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 11,863 | |||||||||
2022 Prior Year Development Excluding the Impact of ADC | (149) | |||||||||
Incurred Impact of ADC | (1,472) | |||||||||
2022 (Net of Impact of ADC) | 11,154 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 8,018 | |||||||||
Liabilities for losses and loss adjustment expenses and prior year development before accident year 2013, net of reinsurance | 1,485 | |||||||||
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance | 5,330 | |||||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (162) | |||||||||
Paid Impact of ADC | $ (277) | |||||||||
Year 1 (as a percent) | 6.20% | |||||||||
Year 2 (as a percent) | 12.40% | |||||||||
Year 3 (as a percent) | 14.90% | |||||||||
Year 4 (as a percent) | 14.60% | |||||||||
Year 5 (as a percent) | 14% | |||||||||
Year 6 (as a percent) | 8.90% | |||||||||
Year 7 (as a percent) | 5.60% | |||||||||
Year 8 (as a percent) | 3.70% | |||||||||
Year 9 (as a percent) | 2.30% | |||||||||
Year 10 (as a percent) | 2% | |||||||||
U.S. Other Casualty | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | $ 277 | |||||||||
Liabilities for losses and loss adjustment expenses and prior year development before accident year 2013, net of reinsurance | (1,040) | |||||||||
Unallocated loss adjustment expense prior year development | 9 | |||||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (13) | |||||||||
U.S. Other Casualty | 2013 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 2,158 | 2,178 | 2,196 | 2,211 | 2,164 | 2,185 | 2,148 | 1,912 | 1,729 | 1,653 |
2022 Prior Year Development Excluding the Impact of ADC | (20) | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 144 | |||||||||
Cumulative Number of Reported Claims | country | 40,358 | |||||||||
Incurred Impact of ADC | $ (231) | |||||||||
IBNR Impact of ADC | (128) | |||||||||
2022 (Net of Impact of ADC) | 1,927 | 1,926 | 1,920 | 1,948 | 1,929 | 1,960 | 1,948 | |||
Total of IBNR Liabilities Net of Impact of ADC | 16 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 1,943 | 1,900 | 1,885 | 1,809 | 1,688 | 1,485 | 1,248 | 962 | 594 | 169 |
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 1 | |||||||||
Paid Impact of ADC | (42) | |||||||||
U.S. Other Casualty | 2013 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | (231) | (252) | (276) | (263) | (235) | (225) | (200) | |||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 21 | |||||||||
U.S. Other Casualty | 2014 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 1,944 | 1,935 | 1,946 | 1,916 | 1,910 | 2,009 | 1,963 | 1,721 | 1,751 | |
2022 Prior Year Development Excluding the Impact of ADC | 9 | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 87 | |||||||||
Cumulative Number of Reported Claims | country | 38,469 | |||||||||
Incurred Impact of ADC | $ (226) | |||||||||
IBNR Impact of ADC | (65) | |||||||||
2022 (Net of Impact of ADC) | 1,718 | 1,722 | 1,701 | 1,694 | 1,634 | 1,678 | 1,667 | |||
Total of IBNR Liabilities Net of Impact of ADC | 22 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 1,795 | 1,719 | 1,653 | 1,572 | 1,392 | 1,150 | 868 | 620 | 210 | |
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (4) | |||||||||
Paid Impact of ADC | (97) | |||||||||
U.S. Other Casualty | 2014 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | (226) | (213) | (245) | (222) | (276) | (331) | (296) | |||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (13) | |||||||||
U.S. Other Casualty | 2015 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 1,815 | 1,824 | 1,834 | 1,794 | 1,736 | 1,829 | 1,762 | 1,329 | ||
2022 Prior Year Development Excluding the Impact of ADC | (9) | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 25 | |||||||||
Cumulative Number of Reported Claims | country | 35,664 | |||||||||
Incurred Impact of ADC | $ (252) | |||||||||
IBNR Impact of ADC | (17) | |||||||||
2022 (Net of Impact of ADC) | 1,563 | 1,562 | 1,553 | 1,493 | 1,423 | 1,373 | 1,361 | |||
Total of IBNR Liabilities Net of Impact of ADC | 8 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 1,680 | 1,603 | 1,485 | 1,351 | 1,087 | 769 | 309 | 105 | ||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 1 | |||||||||
Paid Impact of ADC | (138) | |||||||||
U.S. Other Casualty | 2015 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | (252) | (262) | (281) | (301) | (313) | (456) | (401) | |||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 10 | |||||||||
U.S. Other Casualty | 2016 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 1,293 | 1,323 | 1,340 | 1,391 | 1,321 | 1,343 | 1,339 | |||
2022 Prior Year Development Excluding the Impact of ADC | (30) | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 165 | |||||||||
Cumulative Number of Reported Claims | country | 29,099 | |||||||||
Incurred Impact of ADC | $ 0 | |||||||||
IBNR Impact of ADC | 0 | |||||||||
2022 (Net of Impact of ADC) | 1,293 | 1,323 | 1,340 | 1,391 | 1,321 | 1,343 | 1,339 | |||
Total of IBNR Liabilities Net of Impact of ADC | 165 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 1,018 | 938 | 846 | 703 | 489 | 298 | 77 | |||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (30) | |||||||||
Paid Impact of ADC | 0 | |||||||||
U.S. Other Casualty | 2016 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 0 | |||||||||
U.S. Other Casualty | 2017 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 643 | 668 | 674 | 738 | 629 | 602 | ||||
2022 Prior Year Development Excluding the Impact of ADC | (25) | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 51 | |||||||||
Cumulative Number of Reported Claims | country | 21,090 | |||||||||
Incurred Impact of ADC | $ 0 | |||||||||
IBNR Impact of ADC | 0 | |||||||||
2022 (Net of Impact of ADC) | 643 | 668 | 674 | 738 | 629 | 602 | ||||
Total of IBNR Liabilities Net of Impact of ADC | 51 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 527 | 455 | 314 | 216 | 111 | 51 | ||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (25) | |||||||||
Paid Impact of ADC | 0 | |||||||||
U.S. Other Casualty | 2017 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 0 | |||||||||
U.S. Other Casualty | 2018 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 824 | 870 | 837 | 845 | 802 | |||||
2022 Prior Year Development Excluding the Impact of ADC | (46) | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 235 | |||||||||
Cumulative Number of Reported Claims | country | 16,736 | |||||||||
Incurred Impact of ADC | $ 0 | |||||||||
IBNR Impact of ADC | 0 | |||||||||
2022 (Net of Impact of ADC) | 824 | 870 | 837 | 845 | 802 | |||||
Total of IBNR Liabilities Net of Impact of ADC | 235 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 470 | 360 | 227 | 122 | 43 | |||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (46) | |||||||||
Paid Impact of ADC | 0 | |||||||||
U.S. Other Casualty | 2018 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | 0 | 0 | 0 | 0 | 0 | |||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 0 | |||||||||
U.S. Other Casualty | 2019 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 1,062 | 1,053 | 1,058 | 1,059 | ||||||
2022 Prior Year Development Excluding the Impact of ADC | 9 | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 615 | |||||||||
Cumulative Number of Reported Claims | country | 20,690 | |||||||||
Incurred Impact of ADC | $ 0 | |||||||||
IBNR Impact of ADC | 0 | |||||||||
2022 (Net of Impact of ADC) | 1,062 | 1,053 | 1,058 | 1,059 | ||||||
Total of IBNR Liabilities Net of Impact of ADC | 615 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 321 | 226 | 138 | 53 | ||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 9 | |||||||||
Paid Impact of ADC | 0 | |||||||||
U.S. Other Casualty | 2019 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | 0 | 0 | 0 | 0 | ||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 0 | |||||||||
U.S. Other Casualty | 2020 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 538 | 576 | 524 | |||||||
2022 Prior Year Development Excluding the Impact of ADC | (38) | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 329 | |||||||||
Cumulative Number of Reported Claims | country | 10,808 | |||||||||
Incurred Impact of ADC | $ 0 | |||||||||
IBNR Impact of ADC | 0 | |||||||||
2022 (Net of Impact of ADC) | 538 | 576 | 524 | |||||||
Total of IBNR Liabilities Net of Impact of ADC | 329 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 139 | 73 | 26 | |||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (38) | |||||||||
Paid Impact of ADC | 0 | |||||||||
U.S. Other Casualty | 2020 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | 0 | 0 | 0 | |||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 0 | |||||||||
U.S. Other Casualty | 2021 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 793 | 795 | ||||||||
2022 Prior Year Development Excluding the Impact of ADC | (2) | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 615 | |||||||||
Cumulative Number of Reported Claims | country | 9,560 | |||||||||
Incurred Impact of ADC | $ 0 | |||||||||
IBNR Impact of ADC | 0 | |||||||||
2022 (Net of Impact of ADC) | 793 | 795 | ||||||||
Total of IBNR Liabilities Net of Impact of ADC | 615 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 87 | 32 | ||||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (2) | |||||||||
Paid Impact of ADC | 0 | |||||||||
U.S. Other Casualty | 2021 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | 0 | 0 | ||||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 0 | |||||||||
U.S. Other Casualty | 2022 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 793 | |||||||||
2022 Prior Year Development Excluding the Impact of ADC | ||||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 708 | |||||||||
Cumulative Number of Reported Claims | country | 9,650 | |||||||||
Incurred Impact of ADC | $ 0 | |||||||||
IBNR Impact of ADC | 0 | |||||||||
2022 (Net of Impact of ADC) | 793 | |||||||||
Total of IBNR Liabilities Net of Impact of ADC | 708 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 38 | |||||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | ||||||||||
Paid Impact of ADC | 0 | |||||||||
U.S. Other Casualty | 2022 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | 0 | |||||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 0 | |||||||||
U.S. Other Casualty | Short Duration Insurance Contracts Last Ten Accident Years | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
2022 Prior Year Development Excluding the Impact of ADC | (152) | |||||||||
Incurred Impact of ADC | (709) | |||||||||
2022 (Net of Impact of ADC) | 11,154 | 10,495 | 9,607 | 9,168 | 7,738 | 6,956 | 6,315 | |||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (134) | |||||||||
U.S. Other Casualty | Short Duration Insurance Contracts Last Ten Accident Years | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | (709) | (727) | (802) | (786) | (824) | (1,012) | (897) | |||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 18 | |||||||||
U.S. Other Casualty | Shortduration Insurance Contracts Accident Years Prior To Current Year | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 0 | |||||||||
U.S. Other Casualty | Incurred Impact Of Adverse Development Cover | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 277 | |||||||||
Liabilities for losses and loss adjustment expenses and prior year development before accident year 2013, net of reinsurance | (1,040) | |||||||||
U.S. Other Casualty | Short Duration Insurance Contracts Accident Years Prior To2012 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Liabilities for losses and loss adjustment expenses and prior year development before accident year 2013, net of reinsurance | 0 | |||||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (40) | |||||||||
U.S. Other Casualty | Short Duration Insurance Contracts Accident Years Prior To2012 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (40) | |||||||||
U.S. Other Casualty | Net Of Impact Of Adverse Development Reinsurance Cover | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | (7,741) | |||||||||
Liabilities for losses and loss adjustment expenses and prior year development before accident year 2013, net of reinsurance | 445 | |||||||||
Unallocated loss adjustment expense prior year development | 12 | |||||||||
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance | 3,858 | |||||||||
U.S. Other Casualty | Unallocated To Accident Year | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Unallocated loss adjustment expense prior year development | 3 | |||||||||
U.S. Financial Lines | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 18,056 | |||||||||
2022 Prior Year Development Excluding the Impact of ADC | 939 | |||||||||
Incurred Impact of ADC | (699) | |||||||||
2022 (Net of Impact of ADC) | 17,161 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 11,719 | |||||||||
Liabilities for losses and loss adjustment expenses and prior year development before accident year 2013, net of reinsurance | 261 | |||||||||
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance | 6,598 | |||||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 707 | |||||||||
Paid Impact of ADC | $ (478) | |||||||||
Year 1 (as a percent) | 3.60% | |||||||||
Year 2 (as a percent) | 15.90% | |||||||||
Year 3 (as a percent) | 19.60% | |||||||||
Year 4 (as a percent) | 15.30% | |||||||||
Year 5 (as a percent) | 12.40% | |||||||||
Year 6 (as a percent) | 7.70% | |||||||||
Year 7 (as a percent) | 5.60% | |||||||||
Year 8 (as a percent) | 4.80% | |||||||||
Year 9 (as a percent) | 4% | |||||||||
Year 10 (as a percent) | 1.60% | |||||||||
U.S. Financial Lines | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | $ 478 | |||||||||
Liabilities for losses and loss adjustment expenses and prior year development before accident year 2013, net of reinsurance | (282) | |||||||||
Unallocated loss adjustment expense prior year development | 14 | |||||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (232) | |||||||||
U.S. Financial Lines | 2013 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 1,589 | 1,542 | 1,550 | 1,509 | 1,497 | 1,555 | 1,613 | 1,670 | 1,719 | 1,790 |
2022 Prior Year Development Excluding the Impact of ADC | 47 | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 52 | |||||||||
Cumulative Number of Reported Claims | country | 19,157 | |||||||||
Incurred Impact of ADC | $ (180) | |||||||||
IBNR Impact of ADC | (49) | |||||||||
2022 (Net of Impact of ADC) | 1,409 | 1,415 | 1,402 | 1,409 | 1,408 | 1,429 | 1,442 | |||
Total of IBNR Liabilities Net of Impact of ADC | 3 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 1,466 | 1,440 | 1,362 | 1,314 | 1,235 | 1,139 | 945 | 682 | 327 | 41 |
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (6) | |||||||||
Paid Impact of ADC | (81) | |||||||||
U.S. Financial Lines | 2013 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | (180) | (127) | (148) | (100) | (89) | (126) | (171) | |||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (53) | |||||||||
U.S. Financial Lines | 2014 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 2,014 | 2,057 | 2,000 | 1,981 | 1,960 | 1,927 | 1,892 | 1,777 | 1,812 | |
2022 Prior Year Development Excluding the Impact of ADC | (43) | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 110 | |||||||||
Cumulative Number of Reported Claims | country | 17,638 | |||||||||
Incurred Impact of ADC | $ (276) | |||||||||
IBNR Impact of ADC | (82) | |||||||||
2022 (Net of Impact of ADC) | 1,738 | 1,761 | 1,759 | 1,741 | 1,753 | 1,729 | 1,733 | |||
Total of IBNR Liabilities Net of Impact of ADC | 28 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 1,820 | 1,758 | 1,658 | 1,573 | 1,387 | 1,158 | 849 | 366 | 66 | |
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (23) | |||||||||
Paid Impact of ADC | (128) | |||||||||
U.S. Financial Lines | 2014 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | (276) | (296) | (241) | (240) | (207) | (198) | (159) | |||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 20 | |||||||||
U.S. Financial Lines | 2015 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 2,044 | 1,959 | 1,874 | 1,830 | 1,788 | 1,743 | 1,762 | 1,737 | ||
2022 Prior Year Development Excluding the Impact of ADC | 85 | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 99 | |||||||||
Cumulative Number of Reported Claims | country | 16,235 | |||||||||
Incurred Impact of ADC | $ (439) | |||||||||
IBNR Impact of ADC | (78) | |||||||||
2022 (Net of Impact of ADC) | 1,605 | 1,595 | 1,550 | 1,552 | 1,462 | 1,430 | 1,429 | |||
Total of IBNR Liabilities Net of Impact of ADC | 21 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 1,818 | 1,686 | 1,488 | 1,282 | 1,055 | 791 | 390 | 63 | ||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 10 | |||||||||
Paid Impact of ADC | (269) | |||||||||
U.S. Financial Lines | 2015 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | (439) | (364) | (324) | (278) | (326) | (313) | (333) | |||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (75) | |||||||||
U.S. Financial Lines | 2016 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 2,325 | 2,281 | 2,139 | 2,064 | 1,993 | 1,855 | 1,605 | |||
2022 Prior Year Development Excluding the Impact of ADC | 44 | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 246 | |||||||||
Cumulative Number of Reported Claims | country | 16,135 | |||||||||
Incurred Impact of ADC | $ 0 | |||||||||
IBNR Impact of ADC | 0 | |||||||||
2022 (Net of Impact of ADC) | 2,325 | 2,281 | 2,139 | 2,064 | 1,993 | 1,855 | 1,605 | |||
Total of IBNR Liabilities Net of Impact of ADC | 246 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 1,903 | 1,826 | 1,659 | 1,358 | 1,002 | 499 | 73 | |||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 44 | |||||||||
Paid Impact of ADC | 0 | |||||||||
U.S. Financial Lines | 2016 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 0 | |||||||||
U.S. Financial Lines | 2017 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 1,987 | 1,898 | 1,846 | 1,756 | 1,675 | 1,564 | ||||
2022 Prior Year Development Excluding the Impact of ADC | 89 | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 266 | |||||||||
Cumulative Number of Reported Claims | country | 15,213 | |||||||||
Incurred Impact of ADC | $ 0 | |||||||||
IBNR Impact of ADC | 0 | |||||||||
2022 (Net of Impact of ADC) | 1,987 | 1,898 | 1,846 | 1,756 | 1,675 | 1,564 | ||||
Total of IBNR Liabilities Net of Impact of ADC | 266 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 1,515 | 1,396 | 1,118 | 761 | 391 | 64 | ||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 89 | |||||||||
Paid Impact of ADC | 0 | |||||||||
U.S. Financial Lines | 2017 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 0 | |||||||||
U.S. Financial Lines | 2018 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 2,225 | 2,063 | 1,882 | 1,766 | 1,640 | |||||
2022 Prior Year Development Excluding the Impact of ADC | 162 | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 574 | |||||||||
Cumulative Number of Reported Claims | country | 14,787 | |||||||||
Incurred Impact of ADC | $ 0 | |||||||||
IBNR Impact of ADC | 0 | |||||||||
2022 (Net of Impact of ADC) | 2,225 | 2,063 | 1,882 | 1,766 | 1,640 | |||||
Total of IBNR Liabilities Net of Impact of ADC | 574 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 1,415 | 1,126 | 835 | 486 | 86 | |||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 162 | |||||||||
Paid Impact of ADC | 0 | |||||||||
U.S. Financial Lines | 2018 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | 0 | 0 | 0 | 0 | 0 | |||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 0 | |||||||||
U.S. Financial Lines | 2019 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 1,926 | 1,627 | 1,536 | 1,503 | ||||||
2022 Prior Year Development Excluding the Impact of ADC | 299 | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 672 | |||||||||
Cumulative Number of Reported Claims | country | 13,242 | |||||||||
Incurred Impact of ADC | $ 0 | |||||||||
IBNR Impact of ADC | 0 | |||||||||
2022 (Net of Impact of ADC) | 1,926 | 1,627 | 1,536 | 1,503 | ||||||
Total of IBNR Liabilities Net of Impact of ADC | 672 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 953 | 642 | 367 | 94 | ||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 299 | |||||||||
Paid Impact of ADC | 0 | |||||||||
U.S. Financial Lines | 2019 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | 0 | 0 | 0 | 0 | ||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 0 | |||||||||
U.S. Financial Lines | 2020 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 1,408 | 1,252 | 1,213 | |||||||
2022 Prior Year Development Excluding the Impact of ADC | 156 | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 525 | |||||||||
Cumulative Number of Reported Claims | country | 10,251 | |||||||||
Incurred Impact of ADC | $ 0 | |||||||||
IBNR Impact of ADC | 0 | |||||||||
2022 (Net of Impact of ADC) | 1,408 | 1,252 | 1,213 | |||||||
Total of IBNR Liabilities Net of Impact of ADC | 525 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 648 | 356 | 84 | |||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 156 | |||||||||
Paid Impact of ADC | 0 | |||||||||
U.S. Financial Lines | 2020 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | 0 | 0 | 0 | |||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 0 | |||||||||
U.S. Financial Lines | 2021 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 1,408 | 1,430 | ||||||||
2022 Prior Year Development Excluding the Impact of ADC | (22) | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 1,144 | |||||||||
Cumulative Number of Reported Claims | country | 6,934 | |||||||||
Incurred Impact of ADC | $ 0 | |||||||||
IBNR Impact of ADC | 0 | |||||||||
2022 (Net of Impact of ADC) | 1,408 | 1,430 | ||||||||
Total of IBNR Liabilities Net of Impact of ADC | 1,144 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 151 | 43 | ||||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (22) | |||||||||
Paid Impact of ADC | 0 | |||||||||
U.S. Financial Lines | 2021 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | 0 | 0 | ||||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 0 | |||||||||
U.S. Financial Lines | 2022 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 1,130 | |||||||||
2022 Prior Year Development Excluding the Impact of ADC | ||||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 1,076 | |||||||||
Cumulative Number of Reported Claims | country | 5,192 | |||||||||
Incurred Impact of ADC | $ 0 | |||||||||
IBNR Impact of ADC | 0 | |||||||||
2022 (Net of Impact of ADC) | 1,130 | |||||||||
Total of IBNR Liabilities Net of Impact of ADC | 1,076 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 30 | |||||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | ||||||||||
Paid Impact of ADC | 0 | |||||||||
U.S. Financial Lines | 2022 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | 0 | |||||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 0 | |||||||||
U.S. Financial Lines | Short Duration Insurance Contracts Last Ten Accident Years | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
2022 Prior Year Development Excluding the Impact of ADC | 817 | |||||||||
Incurred Impact of ADC | (895) | |||||||||
2022 (Net of Impact of ADC) | 17,161 | 15,322 | 13,327 | 11,791 | 9,931 | 8,007 | 6,209 | |||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 709 | |||||||||
U.S. Financial Lines | Short Duration Insurance Contracts Last Ten Accident Years | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | (895) | (787) | (713) | (618) | (622) | (637) | (663) | |||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (108) | |||||||||
U.S. Financial Lines | Shortduration Insurance Contracts Accident Years Prior To Current Year | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 0 | |||||||||
U.S. Financial Lines | Incurred Impact Of Adverse Development Cover | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 478 | |||||||||
Liabilities for losses and loss adjustment expenses and prior year development before accident year 2013, net of reinsurance | (282) | |||||||||
U.S. Financial Lines | Short Duration Insurance Contracts Accident Years Prior To2012 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Liabilities for losses and loss adjustment expenses and prior year development before accident year 2013, net of reinsurance | 134 | |||||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (4) | |||||||||
U.S. Financial Lines | Short Duration Insurance Contracts Accident Years Prior To2012 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (138) | |||||||||
U.S. Financial Lines | Net Of Impact Of Adverse Development Reinsurance Cover | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | (11,241) | |||||||||
Liabilities for losses and loss adjustment expenses and prior year development before accident year 2013, net of reinsurance | (21) | |||||||||
Unallocated loss adjustment expense prior year development | 2 | |||||||||
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance | 5,899 | |||||||||
U.S. Financial Lines | Unallocated To Accident Year | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Unallocated loss adjustment expense prior year development | (12) | |||||||||
U.S. Property and Special Risks | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 34,430 | |||||||||
2022 Prior Year Development Excluding the Impact of ADC | (81) | |||||||||
Incurred Impact of ADC | (254) | |||||||||
2022 (Net of Impact of ADC) | 34,198 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 27,778 | |||||||||
Liabilities for losses and loss adjustment expenses and prior year development before accident year 2013, net of reinsurance | 417 | |||||||||
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance | 7,069 | |||||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (100) | |||||||||
Paid Impact of ADC | $ (85) | |||||||||
Year 1 (as a percent) | 32.50% | |||||||||
Year 2 (as a percent) | 33.10% | |||||||||
Year 3 (as a percent) | 11.60% | |||||||||
Year 4 (as a percent) | 7.60% | |||||||||
Year 5 (as a percent) | 5.20% | |||||||||
Year 6 (as a percent) | 3.10% | |||||||||
Year 7 (as a percent) | 1.60% | |||||||||
Year 8 (as a percent) | 1.20% | |||||||||
Year 9 (as a percent) | 0.50% | |||||||||
Year 10 (as a percent) | 1.40% | |||||||||
U.S. Property and Special Risks | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | $ 85 | |||||||||
Liabilities for losses and loss adjustment expenses and prior year development before accident year 2013, net of reinsurance | (107) | |||||||||
Unallocated loss adjustment expense prior year development | 3 | |||||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (19) | |||||||||
U.S. Property and Special Risks | 2013 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 2,438 | 2,417 | 2,428 | 2,435 | 2,443 | 2,441 | 2,428 | 2,382 | 2,525 | 2,524 |
2022 Prior Year Development Excluding the Impact of ADC | 21 | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 27 | |||||||||
Cumulative Number of Reported Claims | country | 50,022 | |||||||||
Incurred Impact of ADC | $ (41) | |||||||||
IBNR Impact of ADC | (20) | |||||||||
2022 (Net of Impact of ADC) | 2,397 | 2,385 | 2,392 | 2,397 | 2,416 | 2,403 | 2,401 | |||
Total of IBNR Liabilities Net of Impact of ADC | 7 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 2,385 | 2,350 | 2,339 | 2,321 | 2,296 | 2,184 | 2,037 | 1,844 | 1,568 | 733 |
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 12 | |||||||||
Paid Impact of ADC | (12) | |||||||||
U.S. Property and Special Risks | 2013 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | (41) | (32) | (36) | (38) | (27) | (38) | (27) | |||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (9) | |||||||||
U.S. Property and Special Risks | 2014 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 2,719 | 2,725 | 2,745 | 2,763 | 2,783 | 2,765 | 2,779 | 2,708 | 2,940 | |
2022 Prior Year Development Excluding the Impact of ADC | (6) | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 57 | |||||||||
Cumulative Number of Reported Claims | country | 60,738 | |||||||||
Incurred Impact of ADC | $ (76) | |||||||||
IBNR Impact of ADC | (36) | |||||||||
2022 (Net of Impact of ADC) | 2,643 | 2,655 | 2,667 | 2,687 | 2,719 | 2,704 | 2,712 | |||
Total of IBNR Liabilities Net of Impact of ADC | 21 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 2,635 | 2,623 | 2,592 | 2,553 | 2,461 | 2,322 | 2,109 | 1,758 | 914 | |
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (12) | |||||||||
Paid Impact of ADC | (17) | |||||||||
U.S. Property and Special Risks | 2014 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | (76) | (70) | (78) | (76) | (64) | (61) | (67) | |||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (6) | |||||||||
U.S. Property and Special Risks | 2015 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 2,869 | 2,859 | 2,852 | 2,856 | 2,892 | 2,903 | 2,973 | 3,100 | ||
2022 Prior Year Development Excluding the Impact of ADC | 10 | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 41 | |||||||||
Cumulative Number of Reported Claims | country | 59,443 | |||||||||
Incurred Impact of ADC | $ (115) | |||||||||
IBNR Impact of ADC | (31) | |||||||||
2022 (Net of Impact of ADC) | 2,754 | 2,752 | 2,753 | 2,762 | 2,805 | 2,805 | 2,832 | |||
Total of IBNR Liabilities Net of Impact of ADC | 10 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 2,765 | 2,717 | 2,680 | 2,610 | 2,485 | 2,230 | 1,865 | 1,038 | ||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 2 | |||||||||
Paid Impact of ADC | (56) | |||||||||
U.S. Property and Special Risks | 2015 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | (115) | (107) | (99) | (94) | (87) | (98) | (141) | |||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (8) | |||||||||
U.S. Property and Special Risks | 2016 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 3,065 | 3,060 | 3,076 | 3,084 | 3,094 | 3,177 | 3,143 | |||
2022 Prior Year Development Excluding the Impact of ADC | 5 | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 12 | |||||||||
Cumulative Number of Reported Claims | country | 54,740 | |||||||||
Incurred Impact of ADC | $ 0 | |||||||||
IBNR Impact of ADC | 0 | |||||||||
2022 (Net of Impact of ADC) | 3,065 | 3,060 | 3,076 | 3,084 | 3,094 | 3,177 | 3,143 | |||
Total of IBNR Liabilities Net of Impact of ADC | 12 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 2,962 | 2,880 | 2,797 | 2,611 | 2,358 | 2,025 | 1,004 | |||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 5 | |||||||||
Paid Impact of ADC | 0 | |||||||||
U.S. Property and Special Risks | 2016 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 0 | |||||||||
U.S. Property and Special Risks | 2017 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 4,777 | 4,741 | 4,733 | 4,734 | 4,892 | 5,367 | ||||
2022 Prior Year Development Excluding the Impact of ADC | 36 | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 94 | |||||||||
Cumulative Number of Reported Claims | country | 79,644 | |||||||||
Incurred Impact of ADC | $ 0 | |||||||||
IBNR Impact of ADC | 0 | |||||||||
2022 (Net of Impact of ADC) | 4,777 | 4,741 | 4,733 | 4,734 | 4,892 | 5,367 | ||||
Total of IBNR Liabilities Net of Impact of ADC | 94 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 4,503 | 4,390 | 4,136 | 3,785 | 3,064 | 1,363 | ||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 36 | |||||||||
Paid Impact of ADC | 0 | |||||||||
U.S. Property and Special Risks | 2017 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 0 | |||||||||
U.S. Property and Special Risks | 2018 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 3,863 | 3,882 | 3,667 | 3,711 | 3,674 | |||||
2022 Prior Year Development Excluding the Impact of ADC | (19) | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 258 | |||||||||
Cumulative Number of Reported Claims | country | 69,608 | |||||||||
Incurred Impact of ADC | $ 0 | |||||||||
IBNR Impact of ADC | 0 | |||||||||
2022 (Net of Impact of ADC) | 3,863 | 3,882 | 3,667 | 3,711 | 3,674 | |||||
Total of IBNR Liabilities Net of Impact of ADC | 258 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 3,427 | 3,254 | 3,009 | 2,618 | 1,066 | |||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (19) | |||||||||
Paid Impact of ADC | 0 | |||||||||
U.S. Property and Special Risks | 2018 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | 0 | 0 | 0 | 0 | 0 | |||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 0 | |||||||||
U.S. Property and Special Risks | 2019 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 2,859 | 2,847 | 2,812 | 2,783 | ||||||
2022 Prior Year Development Excluding the Impact of ADC | 12 | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 153 | |||||||||
Cumulative Number of Reported Claims | country | 78,576 | |||||||||
Incurred Impact of ADC | $ 0 | |||||||||
IBNR Impact of ADC | 0 | |||||||||
2022 (Net of Impact of ADC) | 2,859 | 2,847 | 2,812 | 2,783 | ||||||
Total of IBNR Liabilities Net of Impact of ADC | 153 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 2,499 | 2,316 | 2,013 | 1,145 | ||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 12 | |||||||||
Paid Impact of ADC | 0 | |||||||||
U.S. Property and Special Risks | 2019 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | 0 | 0 | 0 | 0 | ||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 0 | |||||||||
U.S. Property and Special Risks | 2020 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 4,497 | 4,469 | 4,483 | |||||||
2022 Prior Year Development Excluding the Impact of ADC | 28 | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 1,127 | |||||||||
Cumulative Number of Reported Claims | country | 68,119 | |||||||||
Incurred Impact of ADC | $ 0 | |||||||||
IBNR Impact of ADC | 0 | |||||||||
2022 (Net of Impact of ADC) | 4,497 | 4,469 | 4,483 | |||||||
Total of IBNR Liabilities Net of Impact of ADC | 1,127 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 2,747 | 2,348 | 1,191 | |||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 28 | |||||||||
Paid Impact of ADC | 0 | |||||||||
U.S. Property and Special Risks | 2020 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | 0 | 0 | 0 | |||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 0 | |||||||||
U.S. Property and Special Risks | 2021 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 3,308 | 3,517 | ||||||||
2022 Prior Year Development Excluding the Impact of ADC | (209) | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 393 | |||||||||
Cumulative Number of Reported Claims | country | 80,684 | |||||||||
Incurred Impact of ADC | $ 0 | |||||||||
IBNR Impact of ADC | 0 | |||||||||
2022 (Net of Impact of ADC) | 3,308 | 3,517 | ||||||||
Total of IBNR Liabilities Net of Impact of ADC | 393 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 2,472 | 1,189 | ||||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (209) | |||||||||
Paid Impact of ADC | 0 | |||||||||
U.S. Property and Special Risks | 2021 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | 0 | 0 | ||||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 0 | |||||||||
U.S. Property and Special Risks | 2022 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 4,035 | |||||||||
2022 Prior Year Development Excluding the Impact of ADC | ||||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 1,781 | |||||||||
Cumulative Number of Reported Claims | country | 75,535 | |||||||||
Incurred Impact of ADC | $ 0 | |||||||||
IBNR Impact of ADC | 0 | |||||||||
2022 (Net of Impact of ADC) | 4,035 | |||||||||
Total of IBNR Liabilities Net of Impact of ADC | 1,781 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 1,383 | |||||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | ||||||||||
Paid Impact of ADC | 0 | |||||||||
U.S. Property and Special Risks | 2022 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | 0 | |||||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 0 | |||||||||
U.S. Property and Special Risks | Short Duration Insurance Contracts Last Ten Accident Years | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
2022 Prior Year Development Excluding the Impact of ADC | (122) | |||||||||
Incurred Impact of ADC | (232) | |||||||||
2022 (Net of Impact of ADC) | 34,198 | 30,308 | 26,583 | 22,158 | 19,600 | 16,456 | 11,088 | |||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (145) | |||||||||
U.S. Property and Special Risks | Short Duration Insurance Contracts Last Ten Accident Years | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | (232) | (209) | (213) | (208) | (178) | (197) | (235) | |||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (23) | |||||||||
U.S. Property and Special Risks | Shortduration Insurance Contracts Accident Years Prior To Current Year | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 0 | |||||||||
U.S. Property and Special Risks | Incurred Impact Of Adverse Development Cover | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 85 | |||||||||
Liabilities for losses and loss adjustment expenses and prior year development before accident year 2013, net of reinsurance | (107) | |||||||||
U.S. Property and Special Risks | Short Duration Insurance Contracts Accident Years Prior To2012 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Liabilities for losses and loss adjustment expenses and prior year development before accident year 2013, net of reinsurance | 47 | |||||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 48 | |||||||||
U.S. Property and Special Risks | Short Duration Insurance Contracts Accident Years Prior To2012 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 1 | |||||||||
U.S. Property and Special Risks | Net Of Impact Of Adverse Development Reinsurance Cover | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | (27,693) | |||||||||
Liabilities for losses and loss adjustment expenses and prior year development before accident year 2013, net of reinsurance | 310 | |||||||||
Unallocated loss adjustment expense prior year development | (3) | |||||||||
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance | 6,815 | |||||||||
U.S. Property and Special Risks | Unallocated To Accident Year | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Unallocated loss adjustment expense prior year development | (6) | |||||||||
U.S. Personal Insurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 14,044 | |||||||||
2022 Prior Year Development Excluding the Impact of ADC | (28) | |||||||||
Incurred Impact of ADC | (5) | |||||||||
2022 (Net of Impact of ADC) | 14,028 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 13,186 | |||||||||
Liabilities for losses and loss adjustment expenses and prior year development before accident year 2013, net of reinsurance | (59) | |||||||||
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance | 799 | |||||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (32) | |||||||||
Paid Impact of ADC | $ (14) | |||||||||
Year 1 (as a percent) | 61.70% | |||||||||
Year 2 (as a percent) | 26.30% | |||||||||
Year 3 (as a percent) | 5.50% | |||||||||
Year 4 (as a percent) | (0.50%) | |||||||||
Year 5 (as a percent) | 1.80% | |||||||||
Year 6 (as a percent) | 0.80% | |||||||||
Year 7 (as a percent) | 0.40% | |||||||||
Year 8 (as a percent) | 0.30% | |||||||||
Year 9 (as a percent) | 0.20% | |||||||||
Year 10 (as a percent) | 0% | |||||||||
U.S. Personal Insurance | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | $ 14 | |||||||||
Liabilities for losses and loss adjustment expenses and prior year development before accident year 2013, net of reinsurance | (3) | |||||||||
Unallocated loss adjustment expense prior year development | 0 | |||||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (4) | |||||||||
U.S. Personal Insurance | 2013 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 1,777 | 1,777 | 1,778 | 1,777 | 1,776 | 1,780 | 1,782 | 1,803 | 1,816 | 1,887 |
2022 Prior Year Development Excluding the Impact of ADC | 0 | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 2 | |||||||||
Cumulative Number of Reported Claims | country | 335,448 | |||||||||
Incurred Impact of ADC | $ (1) | |||||||||
IBNR Impact of ADC | 0 | |||||||||
2022 (Net of Impact of ADC) | 1,776 | 1,776 | 1,776 | 1,776 | 1,774 | 1,774 | 1,774 | |||
Total of IBNR Liabilities Net of Impact of ADC | 2 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 1,774 | 1,775 | 1,774 | 1,772 | 1,766 | 1,759 | 1,744 | 1,705 | 1,634 | 1,109 |
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 0 | |||||||||
Paid Impact of ADC | (1) | |||||||||
U.S. Personal Insurance | 2013 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | (1) | (1) | (2) | (1) | (2) | (6) | (8) | |||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 0 | |||||||||
U.S. Personal Insurance | 2014 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 1,592 | 1,587 | 1,588 | 1,584 | 1,583 | 1,572 | 1,572 | 1,562 | 1,552 | |
2022 Prior Year Development Excluding the Impact of ADC | 5 | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 6 | |||||||||
Cumulative Number of Reported Claims | country | 275,096 | |||||||||
Incurred Impact of ADC | $ (8) | |||||||||
IBNR Impact of ADC | 0 | |||||||||
2022 (Net of Impact of ADC) | 1,584 | 1,582 | 1,584 | 1,580 | 1,571 | 1,564 | 1,564 | |||
Total of IBNR Liabilities Net of Impact of ADC | 6 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 1,579 | 1,572 | 1,568 | 1,555 | 1,536 | 1,507 | 1,463 | 1,380 | 959 | |
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 2 | |||||||||
Paid Impact of ADC | (7) | |||||||||
U.S. Personal Insurance | 2014 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | (8) | (5) | (4) | (4) | (12) | (8) | (8) | |||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (3) | |||||||||
U.S. Personal Insurance | 2015 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 1,488 | 1,487 | 1,485 | 1,482 | 1,483 | 1,494 | 1,498 | 1,511 | ||
2022 Prior Year Development Excluding the Impact of ADC | 1 | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 11 | |||||||||
Cumulative Number of Reported Claims | country | 261,060 | |||||||||
Incurred Impact of ADC | $ (7) | |||||||||
IBNR Impact of ADC | (1) | |||||||||
2022 (Net of Impact of ADC) | 1,481 | 1,482 | 1,480 | 1,476 | 1,472 | 1,475 | 1,476 | |||
Total of IBNR Liabilities Net of Impact of ADC | 10 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 1,468 | 1,463 | 1,461 | 1,455 | 1,439 | 1,411 | 1,320 | 931 | ||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (1) | |||||||||
Paid Impact of ADC | (6) | |||||||||
U.S. Personal Insurance | 2015 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | (7) | (5) | (5) | (6) | (11) | (19) | (22) | |||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (2) | |||||||||
U.S. Personal Insurance | 2016 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 1,544 | 1,544 | 1,542 | 1,540 | 1,533 | 1,533 | 1,536 | |||
2022 Prior Year Development Excluding the Impact of ADC | 0 | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 16 | |||||||||
Cumulative Number of Reported Claims | country | 247,328 | |||||||||
Incurred Impact of ADC | $ 0 | |||||||||
IBNR Impact of ADC | 0 | |||||||||
2022 (Net of Impact of ADC) | 1,544 | 1,544 | 1,542 | 1,540 | 1,533 | 1,533 | 1,536 | |||
Total of IBNR Liabilities Net of Impact of ADC | 16 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 1,518 | 1,512 | 1,501 | 1,460 | 1,422 | 1,344 | 857 | |||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 0 | |||||||||
Paid Impact of ADC | 0 | |||||||||
U.S. Personal Insurance | 2016 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 0 | |||||||||
U.S. Personal Insurance | 2017 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 1,916 | 1,924 | 2,057 | 2,011 | 2,137 | 1,878 | ||||
2022 Prior Year Development Excluding the Impact of ADC | (8) | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 37 | |||||||||
Cumulative Number of Reported Claims | country | 219,816 | |||||||||
Incurred Impact of ADC | $ 0 | |||||||||
IBNR Impact of ADC | 0 | |||||||||
2022 (Net of Impact of ADC) | 1,916 | 1,924 | 2,057 | 2,011 | 2,137 | 1,878 | ||||
Total of IBNR Liabilities Net of Impact of ADC | 37 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 1,852 | 1,826 | 1,789 | 1,896 | 1,672 | 941 | ||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (8) | |||||||||
Paid Impact of ADC | 0 | |||||||||
U.S. Personal Insurance | 2017 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 0 | |||||||||
U.S. Personal Insurance | 2018 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 1,936 | 1,937 | 2,154 | 2,193 | 2,188 | |||||
2022 Prior Year Development Excluding the Impact of ADC | (1) | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 36 | |||||||||
Cumulative Number of Reported Claims | country | 102,027 | |||||||||
Incurred Impact of ADC | $ 0 | |||||||||
IBNR Impact of ADC | 0 | |||||||||
2022 (Net of Impact of ADC) | 1,936 | 1,937 | 2,154 | 2,193 | 2,188 | |||||
Total of IBNR Liabilities Net of Impact of ADC | 36 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 1,832 | 1,789 | 1,973 | 1,939 | 1,227 | |||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (1) | |||||||||
Paid Impact of ADC | 0 | |||||||||
U.S. Personal Insurance | 2018 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | 0 | 0 | 0 | 0 | 0 | |||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 0 | |||||||||
U.S. Personal Insurance | 2019 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 1,596 | 1,646 | 1,664 | 1,593 | ||||||
2022 Prior Year Development Excluding the Impact of ADC | (50) | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 95 | |||||||||
Cumulative Number of Reported Claims | country | 92,763 | |||||||||
Incurred Impact of ADC | $ 0 | |||||||||
IBNR Impact of ADC | 0 | |||||||||
2022 (Net of Impact of ADC) | 1,596 | 1,646 | 1,664 | 1,593 | ||||||
Total of IBNR Liabilities Net of Impact of ADC | 95 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 1,416 | 1,379 | 1,295 | 884 | ||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (50) | |||||||||
Paid Impact of ADC | 0 | |||||||||
U.S. Personal Insurance | 2019 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | 0 | 0 | 0 | 0 | ||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 0 | |||||||||
U.S. Personal Insurance | 2020 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 913 | 906 | 954 | |||||||
2022 Prior Year Development Excluding the Impact of ADC | 7 | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 75 | |||||||||
Cumulative Number of Reported Claims | country | 54,375 | |||||||||
Incurred Impact of ADC | $ 0 | |||||||||
IBNR Impact of ADC | 0 | |||||||||
2022 (Net of Impact of ADC) | 913 | 906 | 954 | |||||||
Total of IBNR Liabilities Net of Impact of ADC | 75 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 725 | 679 | 667 | |||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 7 | |||||||||
Paid Impact of ADC | 0 | |||||||||
U.S. Personal Insurance | 2020 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | 0 | 0 | 0 | |||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 0 | |||||||||
U.S. Personal Insurance | 2021 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 765 | 748 | ||||||||
2022 Prior Year Development Excluding the Impact of ADC | 17 | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 90 | |||||||||
Cumulative Number of Reported Claims | country | 53,806 | |||||||||
Incurred Impact of ADC | $ 0 | |||||||||
IBNR Impact of ADC | 0 | |||||||||
2022 (Net of Impact of ADC) | 765 | 748 | ||||||||
Total of IBNR Liabilities Net of Impact of ADC | 90 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 650 | 488 | ||||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 17 | |||||||||
Paid Impact of ADC | 0 | |||||||||
U.S. Personal Insurance | 2021 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | 0 | 0 | ||||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 0 | |||||||||
U.S. Personal Insurance | 2022 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 517 | |||||||||
2022 Prior Year Development Excluding the Impact of ADC | ||||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 99 | |||||||||
Cumulative Number of Reported Claims | country | 37,022 | |||||||||
Incurred Impact of ADC | $ 0 | |||||||||
IBNR Impact of ADC | 0 | |||||||||
2022 (Net of Impact of ADC) | 517 | |||||||||
Total of IBNR Liabilities Net of Impact of ADC | 99 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 372 | |||||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | ||||||||||
Paid Impact of ADC | 0 | |||||||||
U.S. Personal Insurance | 2022 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | 0 | |||||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 0 | |||||||||
U.S. Personal Insurance | Short Duration Insurance Contracts Last Ten Accident Years | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
2022 Prior Year Development Excluding the Impact of ADC | (29) | |||||||||
Incurred Impact of ADC | (16) | |||||||||
2022 (Net of Impact of ADC) | 14,028 | 13,545 | 13,211 | 12,169 | 10,675 | 8,224 | 6,350 | |||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (34) | |||||||||
U.S. Personal Insurance | Short Duration Insurance Contracts Last Ten Accident Years | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | (16) | (11) | (11) | (11) | (25) | (33) | (38) | |||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (5) | |||||||||
U.S. Personal Insurance | Shortduration Insurance Contracts Accident Years Prior To Current Year | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 0 | |||||||||
U.S. Personal Insurance | Incurred Impact Of Adverse Development Cover | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 14 | |||||||||
Liabilities for losses and loss adjustment expenses and prior year development before accident year 2013, net of reinsurance | (3) | |||||||||
U.S. Personal Insurance | Short Duration Insurance Contracts Accident Years Prior To2012 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Liabilities for losses and loss adjustment expenses and prior year development before accident year 2013, net of reinsurance | 1 | |||||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 2 | |||||||||
U.S. Personal Insurance | Short Duration Insurance Contracts Accident Years Prior To2012 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 1 | |||||||||
U.S. Personal Insurance | Net Of Impact Of Adverse Development Reinsurance Cover | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | (13,172) | |||||||||
Liabilities for losses and loss adjustment expenses and prior year development before accident year 2013, net of reinsurance | (62) | |||||||||
Unallocated loss adjustment expense prior year development | 0 | |||||||||
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance | 794 | |||||||||
U.S. Personal Insurance | Unallocated To Accident Year | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Unallocated loss adjustment expense prior year development | 0 | |||||||||
UK/Europe Casualty and Financial lines | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 13,047 | |||||||||
2022 Prior Year Development Excluding the Impact of ADC | 82 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 6,856 | |||||||||
Liabilities for losses and loss adjustment expenses and prior year development before accident year 2013, net of reinsurance | 793 | |||||||||
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance | 6,984 | |||||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | $ 82 | |||||||||
Year 1 (as a percent) | 6.10% | |||||||||
Year 2 (as a percent) | 15.50% | |||||||||
Year 3 (as a percent) | 12.80% | |||||||||
Year 4 (as a percent) | 11.40% | |||||||||
Year 5 (as a percent) | 9.80% | |||||||||
Year 6 (as a percent) | 9.70% | |||||||||
Year 7 (as a percent) | 6.60% | |||||||||
Year 8 (as a percent) | 4.40% | |||||||||
Year 9 (as a percent) | 3.10% | |||||||||
Year 10 (as a percent) | 2.90% | |||||||||
UK/Europe Casualty and Financial lines | 2013 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | $ 1,133 | 1,119 | 1,124 | 1,101 | 1,054 | 1,011 | 980 | 996 | 1,022 | 979 |
2022 Prior Year Development Excluding the Impact of ADC | 14 | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 48 | |||||||||
Cumulative Number of Reported Claims | country | 109,297 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | $ 992 | 959 | 929 | 883 | 805 | 696 | 587 | 461 | 321 | 85 |
UK/Europe Casualty and Financial lines | 2014 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 1,077 | 1,052 | 1,011 | 1,070 | 981 | 984 | 979 | 954 | 979 | |
2022 Prior Year Development Excluding the Impact of ADC | 25 | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 73 | |||||||||
Cumulative Number of Reported Claims | country | 101,355 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | $ 817 | 778 | 720 | 660 | 598 | 503 | 389 | 245 | 68 | |
UK/Europe Casualty and Financial lines | 2015 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 1,190 | 1,184 | 1,179 | 1,188 | 1,109 | 1,200 | 1,167 | 1,034 | ||
2022 Prior Year Development Excluding the Impact of ADC | 6 | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 61 | |||||||||
Cumulative Number of Reported Claims | country | 112,087 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | $ 952 | 909 | 824 | 653 | 542 | 414 | 228 | 68 | ||
UK/Europe Casualty and Financial lines | 2016 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 1,519 | 1,525 | 1,529 | 1,430 | 1,427 | 1,383 | 1,242 | |||
2022 Prior Year Development Excluding the Impact of ADC | (6) | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 137 | |||||||||
Cumulative Number of Reported Claims | country | 141,037 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | $ 1,118 | 1,014 | 888 | 740 | 558 | 359 | 114 | |||
UK/Europe Casualty and Financial lines | 2017 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 1,326 | 1,317 | 1,258 | 1,186 | 1,256 | 1,270 | ||||
2022 Prior Year Development Excluding the Impact of ADC | 9 | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 199 | |||||||||
Cumulative Number of Reported Claims | country | 148,408 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | $ 859 | 720 | 575 | 424 | 266 | 92 | ||||
UK/Europe Casualty and Financial lines | 2018 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 1,490 | 1,444 | 1,407 | 1,342 | 1,315 | |||||
2022 Prior Year Development Excluding the Impact of ADC | 46 | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 277 | |||||||||
Cumulative Number of Reported Claims | country | 152,379 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | $ 863 | 707 | 546 | 357 | 107 | |||||
UK/Europe Casualty and Financial lines | 2019 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 1,307 | 1,268 | 1,197 | 1,176 | ||||||
2022 Prior Year Development Excluding the Impact of ADC | 39 | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 359 | |||||||||
Cumulative Number of Reported Claims | country | 141,643 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | $ 628 | 455 | 295 | 94 | ||||||
UK/Europe Casualty and Financial lines | 2020 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 1,144 | 1,208 | 1,157 | |||||||
2022 Prior Year Development Excluding the Impact of ADC | (64) | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 603 | |||||||||
Cumulative Number of Reported Claims | country | 88,677 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | $ 348 | 217 | 57 | |||||||
UK/Europe Casualty and Financial lines | 2021 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 1,308 | 1,309 | ||||||||
2022 Prior Year Development Excluding the Impact of ADC | (1) | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 847 | |||||||||
Cumulative Number of Reported Claims | country | 74,872 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | $ 224 | 49 | ||||||||
UK/Europe Casualty and Financial lines | 2022 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 1,553 | |||||||||
2022 Prior Year Development Excluding the Impact of ADC | ||||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 1,033 | |||||||||
Cumulative Number of Reported Claims | country | 58,460 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | $ 55 | |||||||||
UK/Europe Casualty and Financial lines | Short Duration Insurance Contracts Last Ten Accident Years | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
2022 Prior Year Development Excluding the Impact of ADC | 68 | |||||||||
UK/Europe Casualty and Financial lines | Shortduration Insurance Contracts Accident Years Prior To Current Year | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 0 | |||||||||
UK/Europe Casualty and Financial lines | Short Duration Insurance Contracts Accident Years Prior To2012 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Liabilities for losses and loss adjustment expenses and prior year development before accident year 2013, net of reinsurance | 14 | |||||||||
UK/Europe Casualty and Financial lines | Unallocated To Accident Year | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Unallocated loss adjustment expense prior year development | 0 | |||||||||
UK/Europe Property and Special Risks | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 13,175 | |||||||||
2022 Prior Year Development Excluding the Impact of ADC | (153) | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 10,514 | |||||||||
Liabilities for losses and loss adjustment expenses and prior year development before accident year 2013, net of reinsurance | 56 | |||||||||
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance | 2,717 | |||||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | $ (153) | |||||||||
Year 1 (as a percent) | 22.20% | |||||||||
Year 2 (as a percent) | 38.30% | |||||||||
Year 3 (as a percent) | 16.50% | |||||||||
Year 4 (as a percent) | 7.50% | |||||||||
Year 5 (as a percent) | 2.80% | |||||||||
Year 6 (as a percent) | 1.90% | |||||||||
Year 7 (as a percent) | 0.80% | |||||||||
Year 8 (as a percent) | 0.50% | |||||||||
Year 9 (as a percent) | 0.40% | |||||||||
Year 10 (as a percent) | 0.20% | |||||||||
UK/Europe Property and Special Risks | 2013 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | $ 1,199 | 1,200 | 1,201 | 1,209 | 1,226 | 1,235 | 1,251 | 1,271 | 1,380 | 1,383 |
2022 Prior Year Development Excluding the Impact of ADC | (1) | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 5 | |||||||||
Cumulative Number of Reported Claims | country | 40,096 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | $ 1,176 | 1,174 | 1,172 | 1,166 | 1,156 | 1,135 | 1,087 | 1,013 | 791 | 321 |
UK/Europe Property and Special Risks | 2014 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 1,369 | 1,371 | 1,376 | 1,414 | 1,441 | 1,432 | 1,442 | 1,460 | 1,434 | |
2022 Prior Year Development Excluding the Impact of ADC | (2) | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 3 | |||||||||
Cumulative Number of Reported Claims | country | 48,543 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | $ 1,341 | 1,332 | 1,320 | 1,311 | 1,285 | 1,246 | 1,178 | 900 | 308 | |
UK/Europe Property and Special Risks | 2015 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 1,399 | 1,405 | 1,419 | 1,429 | 1,455 | 1,486 | 1,499 | 1,542 | ||
2022 Prior Year Development Excluding the Impact of ADC | (6) | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 13 | |||||||||
Cumulative Number of Reported Claims | country | 54,054 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | $ 1,347 | 1,345 | 1,336 | 1,314 | 1,278 | 1,175 | 899 | 337 | ||
UK/Europe Property and Special Risks | 2016 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 1,614 | 1,635 | 1,641 | 1,644 | 1,641 | 1,649 | 1,508 | |||
2022 Prior Year Development Excluding the Impact of ADC | (21) | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 12 | |||||||||
Cumulative Number of Reported Claims | country | 57,174 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | $ 1,551 | 1,535 | 1,507 | 1,463 | 1,330 | 1,083 | 443 | |||
UK/Europe Property and Special Risks | 2017 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 1,558 | 1,582 | 1,599 | 1,593 | 1,598 | 1,625 | ||||
2022 Prior Year Development Excluding the Impact of ADC | (24) | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 22 | |||||||||
Cumulative Number of Reported Claims | country | 53,706 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | $ 1,441 | 1,403 | 1,348 | 1,203 | 924 | 345 | ||||
UK/Europe Property and Special Risks | 2018 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 1,426 | 1,495 | 1,486 | 1,508 | 1,498 | |||||
2022 Prior Year Development Excluding the Impact of ADC | (69) | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 31 | |||||||||
Cumulative Number of Reported Claims | country | 44,504 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | $ 1,277 | 1,263 | 1,138 | 956 | 307 | |||||
UK/Europe Property and Special Risks | 2019 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 1,108 | 1,083 | 1,107 | 1,138 | ||||||
2022 Prior Year Development Excluding the Impact of ADC | 25 | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 76 | |||||||||
Cumulative Number of Reported Claims | country | 33,563 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | $ 887 | 799 | 632 | 258 | ||||||
UK/Europe Property and Special Risks | 2020 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 1,214 | 1,236 | 1,293 | |||||||
2022 Prior Year Development Excluding the Impact of ADC | (22) | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 193 | |||||||||
Cumulative Number of Reported Claims | country | 25,634 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | $ 815 | 664 | 250 | |||||||
UK/Europe Property and Special Risks | 2021 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 965 | 994 | ||||||||
2022 Prior Year Development Excluding the Impact of ADC | (29) | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 213 | |||||||||
Cumulative Number of Reported Claims | country | 20,675 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | $ 489 | 185 | ||||||||
UK/Europe Property and Special Risks | 2022 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 1,323 | |||||||||
2022 Prior Year Development Excluding the Impact of ADC | ||||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 476 | |||||||||
Cumulative Number of Reported Claims | country | 16,150 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | $ 190 | |||||||||
UK/Europe Property and Special Risks | Short Duration Insurance Contracts Last Ten Accident Years | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
2022 Prior Year Development Excluding the Impact of ADC | (149) | |||||||||
UK/Europe Property and Special Risks | Shortduration Insurance Contracts Accident Years Prior To Current Year | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 0 | |||||||||
UK/Europe Property and Special Risks | Short Duration Insurance Contracts Accident Years Prior To2012 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Liabilities for losses and loss adjustment expenses and prior year development before accident year 2013, net of reinsurance | (4) | |||||||||
UK/Europe Property and Special Risks | Unallocated To Accident Year | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Unallocated loss adjustment expense prior year development | 0 | |||||||||
UK/Europe and Japan Personal Insurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 21,106 | |||||||||
2022 Prior Year Development Excluding the Impact of ADC | (111) | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 19,520 | |||||||||
Liabilities for losses and loss adjustment expenses and prior year development before accident year 2013, net of reinsurance | 42 | |||||||||
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance | 1,628 | |||||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | $ (111) | |||||||||
Year 1 (as a percent) | 57.40% | |||||||||
Year 2 (as a percent) | 26.30% | |||||||||
Year 3 (as a percent) | 7.40% | |||||||||
Year 4 (as a percent) | 3.80% | |||||||||
Year 5 (as a percent) | 1.90% | |||||||||
Year 6 (as a percent) | 1.10% | |||||||||
Year 7 (as a percent) | 0.60% | |||||||||
Year 8 (as a percent) | 0.40% | |||||||||
Year 9 (as a percent) | 0.20% | |||||||||
Year 10 (as a percent) | 0.10% | |||||||||
UK/Europe and Japan Personal Insurance | 2013 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | $ 2,246 | 2,245 | 2,245 | 2,245 | 2,247 | 2,252 | 2,257 | 2,256 | 2,286 | 2,285 |
2022 Prior Year Development Excluding the Impact of ADC | 1 | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 2 | |||||||||
Cumulative Number of Reported Claims | country | 1,736,957 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | $ 2,238 | 2,236 | 2,232 | 2,225 | 2,214 | 2,189 | 2,142 | 2,052 | 1,870 | $ 1,249 |
UK/Europe and Japan Personal Insurance | 2014 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 2,239 | 2,242 | 2,243 | 2,241 | 2,242 | 2,249 | 2,251 | 2,266 | 2,256 | |
2022 Prior Year Development Excluding the Impact of ADC | (3) | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 2 | |||||||||
Cumulative Number of Reported Claims | country | 1,795,535 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | $ 2,228 | 2,223 | 2,214 | 2,203 | 2,182 | 2,134 | 2,041 | 1,854 | $ 1,227 | |
UK/Europe and Japan Personal Insurance | 2015 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 2,293 | 2,295 | 2,295 | 2,295 | 2,296 | 2,306 | 2,304 | 2,324 | ||
2022 Prior Year Development Excluding the Impact of ADC | (2) | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 2 | |||||||||
Cumulative Number of Reported Claims | country | 1,776,269 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | $ 2,273 | 2,264 | 2,247 | 2,221 | 2,184 | 2,083 | 1,895 | $ 1,251 | ||
UK/Europe and Japan Personal Insurance | 2016 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 2,251 | 2,255 | 2,258 | 2,260 | 2,265 | 2,279 | 2,281 | |||
2022 Prior Year Development Excluding the Impact of ADC | (4) | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 4 | |||||||||
Cumulative Number of Reported Claims | country | 1,798,323 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | $ 2,223 | 2,208 | 2,183 | 2,137 | 2,047 | 1,864 | $ 1,251 | |||
UK/Europe and Japan Personal Insurance | 2017 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 2,152 | 2,155 | 2,138 | 2,142 | 2,157 | 2,234 | ||||
2022 Prior Year Development Excluding the Impact of ADC | (3) | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 4 | |||||||||
Cumulative Number of Reported Claims | country | 1,724,404 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | $ 2,112 | 2,091 | 2,055 | 1,984 | 1,823 | $ 1,224 | ||||
UK/Europe and Japan Personal Insurance | 2018 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 2,492 | 2,488 | 2,514 | 2,515 | 2,605 | |||||
2022 Prior Year Development Excluding the Impact of ADC | 4 | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 19 | |||||||||
Cumulative Number of Reported Claims | country | 1,889,426 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | $ 2,409 | 2,365 | 2,280 | 2,113 | $ 1,554 | |||||
UK/Europe and Japan Personal Insurance | 2019 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 2,019 | 2,027 | 2,062 | 2,092 | ||||||
2022 Prior Year Development Excluding the Impact of ADC | (8) | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 15 | |||||||||
Cumulative Number of Reported Claims | country | 1,666,974 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | $ 1,929 | 1,867 | 1,739 | $ 1,226 | ||||||
UK/Europe and Japan Personal Insurance | 2020 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 1,747 | 1,777 | 1,914 | |||||||
2022 Prior Year Development Excluding the Impact of ADC | (30) | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 61 | |||||||||
Cumulative Number of Reported Claims | country | 1,390,787 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | $ 1,580 | 1,474 | $ 1,023 | |||||||
UK/Europe and Japan Personal Insurance | 2021 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 1,734 | 1,803 | ||||||||
2022 Prior Year Development Excluding the Impact of ADC | (69) | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 114 | |||||||||
Cumulative Number of Reported Claims | country | 1,357,947 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | $ 1,424 | $ 1,005 | ||||||||
UK/Europe and Japan Personal Insurance | 2022 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 1,933 | |||||||||
2022 Prior Year Development Excluding the Impact of ADC | ||||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 286 | |||||||||
Cumulative Number of Reported Claims | country | 1,837,966 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | $ 1,104 | |||||||||
UK/Europe and Japan Personal Insurance | Short Duration Insurance Contracts Last Ten Accident Years | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
2022 Prior Year Development Excluding the Impact of ADC | (114) | |||||||||
UK/Europe and Japan Personal Insurance | Shortduration Insurance Contracts Accident Years Prior To Current Year | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 0 | |||||||||
UK/Europe and Japan Personal Insurance | Short Duration Insurance Contracts Accident Years Prior To2012 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Liabilities for losses and loss adjustment expenses and prior year development before accident year 2013, net of reinsurance | 3 | |||||||||
UK/Europe and Japan Personal Insurance | Unallocated To Accident Year | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Unallocated loss adjustment expense prior year development | $ 0 |
Insurance Liabilities - Recon_2
Insurance Liabilities - Reconciliation of change in net ultimates to prior year development (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Prior Year Development Net of External Reinsurance Before ADC Cessions | $ (530) | ||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (356) | ||
Re-Attribution of ADC Recovery | 0 | ||
Amortization of Deferred Gain at Inception | (167) | ||
Prior Year Development After Amortization and Re-attribution | (523) | ||
Total, prior years, excluding discount and amortization of deferred gain | (530) | ||
Prior years, excluding discount and amortization of deferred gain | 530 | $ 171 | $ 90 |
Asbestos Loss Portfolio Transfer | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Prior year development ceded | 0 | ||
Adverse Development Reinsurance | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Prior year development ceded | (174) | ||
U.S. Workers' Compensation (before discount) | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Prior Year Development Net of External Reinsurance Before ADC Cessions | (644) | (617) | (367) |
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (338) | ||
Re-Attribution of ADC Recovery | (29) | ||
Amortization of Deferred Gain at Inception | (52) | ||
Prior Year Development After Amortization and Re-attribution | (419) | ||
Total, prior years, excluding discount and amortization of deferred gain | (644) | ||
U.S. Excess Casualty | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Prior Year Development Net of External Reinsurance Before ADC Cessions | (116) | (149) | |
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 17 | ||
Re-Attribution of ADC Recovery | 15 | ||
Amortization of Deferred Gain at Inception | (40) | ||
Prior Year Development After Amortization and Re-attribution | (8) | ||
Total, prior years, excluding discount and amortization of deferred gain | (116) | ||
U.S. Other Casualty | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Prior Year Development Net of External Reinsurance Before ADC Cessions | (149) | (141) | |
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (162) | ||
Re-Attribution of ADC Recovery | 33 | ||
Amortization of Deferred Gain at Inception | (38) | ||
Prior Year Development After Amortization and Re-attribution | (167) | ||
Total, prior years, excluding discount and amortization of deferred gain | (149) | ||
U.S. Financial Lines | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Prior Year Development Net of External Reinsurance Before ADC Cessions | 939 | 649 | 479 |
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 707 | ||
Re-Attribution of ADC Recovery | (22) | ||
Amortization of Deferred Gain at Inception | (27) | ||
Prior Year Development After Amortization and Re-attribution | 658 | ||
Total, prior years, excluding discount and amortization of deferred gain | 939 | ||
U.S. Property and Special Risks | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Prior Year Development Net of External Reinsurance Before ADC Cessions | (81) | 172 | (80) |
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (100) | ||
Re-Attribution of ADC Recovery | 3 | ||
Amortization of Deferred Gain at Inception | (9) | ||
Prior Year Development After Amortization and Re-attribution | (106) | ||
Total, prior years, excluding discount and amortization of deferred gain | (81) | ||
U.S. Personal Insurance | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Prior Year Development Net of External Reinsurance Before ADC Cessions | (28) | (412) | 94 |
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (32) | ||
Re-Attribution of ADC Recovery | 0 | ||
Amortization of Deferred Gain at Inception | (1) | ||
Prior Year Development After Amortization and Re-attribution | (33) | ||
Total, prior years, excluding discount and amortization of deferred gain | (28) | ||
UK/Europe Casualty and Financial lines | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Prior Year Development Net of External Reinsurance Before ADC Cessions | 82 | 210 | 258 |
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 82 | ||
Re-Attribution of ADC Recovery | 0 | ||
Amortization of Deferred Gain at Inception | 0 | ||
Prior Year Development After Amortization and Re-attribution | 82 | ||
Total, prior years, excluding discount and amortization of deferred gain | 82 | ||
UK/Europe Property and Special Risks | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Prior Year Development Net of External Reinsurance Before ADC Cessions | (153) | (118) | (155) |
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (153) | ||
Re-Attribution of ADC Recovery | 0 | ||
Amortization of Deferred Gain at Inception | 0 | ||
Prior Year Development After Amortization and Re-attribution | (153) | ||
Total, prior years, excluding discount and amortization of deferred gain | (153) | ||
UK/Europe and Japan Personal Insurance | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Prior Year Development Net of External Reinsurance Before ADC Cessions | (111) | $ (173) | $ (39) |
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (111) | ||
Re-Attribution of ADC Recovery | 0 | ||
Amortization of Deferred Gain at Inception | 0 | ||
Prior Year Development After Amortization and Re-attribution | (111) | ||
Total, prior years, excluding discount and amortization of deferred gain | (111) | ||
Other Operations Run-Off | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Prior Year Development Net of External Reinsurance Before ADC Cessions | (5) | ||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (5) | ||
Re-Attribution of ADC Recovery | 0 | ||
Amortization of Deferred Gain at Inception | 0 | ||
Prior Year Development After Amortization and Re-attribution | (5) | ||
Other Product Lines | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Prior Year Development Net of External Reinsurance Before ADC Cessions | (264) | ||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (261) | ||
Re-Attribution of ADC Recovery | 0 | ||
Amortization of Deferred Gain at Inception | 0 | ||
Prior Year Development After Amortization and Re-attribution | $ (261) |
Insurance Liabilities - Discoun
Insurance Liabilities - Discounting of reserves (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Discounting of Reserves [Line Items] | ||
U.S. workers' compensation | $ 2,532,000,000 | $ 1,829,000,000 |
Retroactive reinsurance | (1,254,000,000) | (953,000,000) |
Total reserve discount | 1,278,000,000 | 876,000,000 |
Fortitude RE | ||
Discounting of Reserves [Line Items] | ||
Total reserve discount | $ 763,000,000 | $ 500,000,000 |
Discount ceded on sale (as a percent) | 100% | 100% |
United Kingdom | ||
Discounting of Reserves [Line Items] | ||
Total reserve discount | $ 135,000,000 | $ 116,000,000 |
Insurance Liabilities - Net los
Insurance Liabilities - Net loss reserve discount benefit (charge) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net Loss Reserve Discount Benefit (Charge) [Line Items] | |||
Current accident year | $ 98 | $ 62 | $ 71 |
Accretion and other adjustments to prior year discount | (239) | (88) | (180) |
Net reserve discount benefit (charge) | 703 | 193 | (516) |
Change in discount on loss reserves ceded under retroactive reinsurance | (301) | (42) | 340 |
Net change in total reserve discount | 402 | 151 | (176) |
North America Commercial Insurance | |||
Net Loss Reserve Discount Benefit (Charge) [Line Items] | |||
Effect of interest rate changes | 844 | 219 | (407) |
United Kingdom | |||
Net Loss Reserve Discount Benefit (Charge) [Line Items] | |||
Net change in total reserve discount | $ 19 | $ (35) | $ (20) |
Insurance Liabilities - Rollfor
Insurance Liabilities - Rollforward of Future Policy Benefits (Details) - Universal Life - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Movement in Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross [Roll Forward] | |||
Balance, beginning of year | $ 4,505 | $ 4,751 | $ 3,787 |
Incurred guaranteed benefits | 739 | 603 | 1,041 |
Benefits paid | (588) | (489) | (470) |
Changes related to unrealized appreciation (depreciation) of investments | (1,831) | (360) | 393 |
Balance, end of year | $ 2,825 | $ 4,505 | $ 4,751 |
Insurance Liabilities - Schedul
Insurance Liabilities - Schedule of future policy benefits (Details) - Universal Life - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||
Account value | $ 3,514 | $ 3,313 |
Net amount at risk | $ 69,335 | $ 65,801 |
Average attained age of contract holders by product | 53 years | 53 years |
Insurance Liabilities - Sched_2
Insurance Liabilities - Schedule of policyholder contract deposits (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||
Policyholder contract deposits | $ 158,891 | $ 156,686 |
Individual Retirement | ||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||
Policyholder contract deposits | 90,069 | 87,664 |
Group Retirement | ||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||
Policyholder contract deposits | 43,332 | 44,087 |
Life Insurance | ||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||
Policyholder contract deposits | 10,258 | 10,298 |
Institutional Markets | ||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||
Policyholder contract deposits | 11,643 | 10,810 |
Fortitude RE | ||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||
Policyholder contract deposits | $ 3,589 | $ 3,827 |
Variable Life and Annuity Con_3
Variable Life and Annuity Contracts - Schedule of Account Balances (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value, Separate Account Investment [Line Items] | ||
Value of investment options | $ 78,299 | $ 101,573 |
Equity securities | ||
Fair Value, Separate Account Investment [Line Items] | ||
Value of investment options | 46,965 | 62,241 |
Bond funds | ||
Fair Value, Separate Account Investment [Line Items] | ||
Value of investment options | 7,688 | 9,016 |
Balanced funds | ||
Fair Value, Separate Account Investment [Line Items] | ||
Value of investment options | 22,393 | 29,311 |
Money market funds | ||
Fair Value, Separate Account Investment [Line Items] | ||
Value of investment options | $ 1,253 | $ 1,005 |
Variable Life and Annuity Con_4
Variable Life and Annuity Contracts - Schedule of GMDB (Details) - GMDB - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Net Deposit Plus Minimum Return Contract | ||
Fair Value, Separate Account Investment [Line Items] | ||
Account value | $ 94,446 | $ 114,936 |
Net amount at risk | $ 1,517 | $ 509 |
Average attained age of contract holders by product | 66 years | 66 years |
Net Deposit Plus Minimum Return Contract | Minimum | ||
Fair Value, Separate Account Investment [Line Items] | ||
Range of guaranteed minimum return rates | 0% | 0% |
Net Deposit Plus Minimum Return Contract | Maximum | ||
Fair Value, Separate Account Investment [Line Items] | ||
Range of guaranteed minimum return rates | 4.50% | 4.50% |
Net Deposit Plus Maximum Return Contract | ||
Fair Value, Separate Account Investment [Line Items] | ||
Account value | $ 13,276 | $ 17,298 |
Net amount at risk | $ 2,076 | $ 258 |
Average attained age of contract holders by product | 73 years | 72 years |
Range of guaranteed minimum return rates |
Variable Life and Annuity Con_5
Variable Life and Annuity Contracts - Rollforward of GMDB (Details) - GMDB - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Fair Value, Separate Account Investment [Line Items] | |||
Balance, beginning of year | $ 445 | $ 421 | $ 407 |
Reserve increase (decrease) | 156 | 72 | 41 |
Benefits paid | (69) | (35) | (43) |
Changes in reserves related to unrealized appreciation (depreciation) of investments | (82) | (13) | 16 |
Balance, end of year | $ 450 | $ 445 | $ 421 |
Variable Life and Annuity Con_6
Variable Life and Annuity Contracts - Narrative (Details) - Guaranteed Minimum Account Value Benefits And Guaranteed Minimum Withdrawal Benefit - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value, Separate Account Investment [Line Items] | ||
Account value | $ 41,000 | $ 51,000 |
Net amount at risk | 206 | 513 |
Bifurcated embedded derivatives | ||
Fair Value, Separate Account Investment [Line Items] | ||
Embedded derivatives | $ 700 | $ 2,500 |
Debt - Schedule of Outstanding
Debt - Schedule of Outstanding Debt (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Aug. 23, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | |||
Debt of consolidated investment entities | $ 27,179 | $ 30,163 | |
Short term debt | 1,500 | ||
Collateral posted to third parties for derivative transactions | 2,900 | 2,700 | |
AIG | |||
Debt Instrument [Line Items] | |||
Short-term and long-term debt | 21,299 | 23,741 | |
Junior subordinated debt | |||
Debt Instrument [Line Items] | |||
Interest rate (as a percent) | 6.875% | ||
Unsecured Debt | |||
Debt Instrument [Line Items] | |||
Debt of consolidated investment entities | 11,775 | 21,423 | |
Unsecured Debt | Notes and bonds payable | |||
Debt Instrument [Line Items] | |||
Debt of consolidated investment entities | $ 10,242 | 19,633 | |
Unsecured Debt | Notes and bonds payable | Validus Holdings Ltd | |||
Debt Instrument [Line Items] | |||
Interest rate (as a percent) | 8.88% | ||
Debt of consolidated investment entities | $ 269 | 293 | |
Unsecured Debt | Junior subordinated debt | |||
Debt Instrument [Line Items] | |||
Debt of consolidated investment entities | 991 | 1,164 | |
Unsecured Debt | Loans And Mortgages Payable | |||
Debt Instrument [Line Items] | |||
Debt of consolidated investment entities | 273 | 333 | |
Secured Debt | |||
Debt Instrument [Line Items] | |||
Debt of consolidated investment entities | 155 | 1,889 | |
Collateral posted to third parties for derivative transactions | 63 | 1,400 | |
Secured Debt | Notes and bonds payable | |||
Debt Instrument [Line Items] | |||
Debt of consolidated investment entities | 0 | 68 | |
Secured Debt | Notes and bonds payable | AIGFP Operating | |||
Debt Instrument [Line Items] | |||
Debt of consolidated investment entities | 18 | 18 | |
Secured Debt | Notes and bonds payable | AIG | |||
Debt Instrument [Line Items] | |||
Debt of consolidated investment entities | 81 | 0 | |
Secured Debt | Guaranteed Investment Agreements | |||
Debt Instrument [Line Items] | |||
Debt of consolidated investment entities | 56 | 1,803 | |
Debt Issued Or Guaranteed | |||
Debt Instrument [Line Items] | |||
Debt of consolidated investment entities | 11,930 | 23,312 | |
Corebridge Debt | |||
Debt Instrument [Line Items] | |||
Debt of consolidated investment entities | 9,368 | 426 | |
Corebridge Debt | Notes and bonds payable | |||
Debt Instrument [Line Items] | |||
Debt of consolidated investment entities | 200 | 199 | |
Corebridge Debt | Junior subordinated debt | |||
Debt Instrument [Line Items] | |||
Debt of consolidated investment entities | $ 227 | 227 | |
Debt Not Guaranteed | Junior subordinated debt | |||
Debt Instrument [Line Items] | |||
Interest rate (as a percent) | 6.88% | ||
Debt of consolidated investment entities | $ 989 | 0 | |
Debt Not Guaranteed | Corebridge senior unsecured notes | |||
Debt Instrument [Line Items] | |||
Debt of consolidated investment entities | 6,452 | 0 | |
Debt Not Guaranteed | DDTL Facility | |||
Debt Instrument [Line Items] | |||
Short term debt | 1,500 | 0 | |
Debt Not Guaranteed | Other subsidiaries notes, bonds, loans and mortgages payable | |||
Debt Instrument [Line Items] | |||
Debt of consolidated investment entities | 1 | 3 | |
Debt Not Guaranteed | Debt Of Consolidated Investments | |||
Debt Instrument [Line Items] | |||
Debt of consolidated investment entities | 5,880 | 6,422 | |
Debt Not Guaranteed | Debt Of Consolidated Investments | Real Estate and Investment Entities | |||
Debt Instrument [Line Items] | |||
Debt of consolidated investment entities | 1,500 | 1,900 | |
Debt Not Guaranteed | Debt Of Consolidated Investments | Other VIE | |||
Debt Instrument [Line Items] | |||
Debt of consolidated investment entities | $ 4,400 | $ 4,500 | |
Minimum | Unsecured Debt | Notes and bonds payable | |||
Debt Instrument [Line Items] | |||
Interest rate (as a percent) | 0% | ||
Minimum | Unsecured Debt | Junior subordinated debt | |||
Debt Instrument [Line Items] | |||
Interest rate (as a percent) | 4.88% | ||
Minimum | Unsecured Debt | Loans And Mortgages Payable | |||
Debt Instrument [Line Items] | |||
Interest rate (as a percent) | 0.20% | ||
Minimum | Secured Debt | Notes and bonds payable | AIGFP Operating | |||
Debt Instrument [Line Items] | |||
Interest rate (as a percent) | 4.74% | ||
Minimum | Secured Debt | Notes and bonds payable | AIG | |||
Debt Instrument [Line Items] | |||
Interest rate (as a percent) | 7% | ||
Minimum | Secured Debt | Guaranteed Investment Agreements | |||
Debt Instrument [Line Items] | |||
Interest rate (as a percent) | 4.88% | ||
Minimum | Corebridge Debt | Notes and bonds payable | |||
Debt Instrument [Line Items] | |||
Interest rate (as a percent) | 6.63% | ||
Minimum | Corebridge Debt | Junior subordinated debt | |||
Debt Instrument [Line Items] | |||
Interest rate (as a percent) | 7.57% | ||
Minimum | Debt Not Guaranteed | Corebridge senior unsecured notes | |||
Debt Instrument [Line Items] | |||
Interest rate (as a percent) | 3.50% | ||
Minimum | Debt Not Guaranteed | DDTL Facility | |||
Debt Instrument [Line Items] | |||
Interest rate (as a percent) | 3% | ||
Minimum | Debt Not Guaranteed | Other subsidiaries notes, bonds, loans and mortgages payable | |||
Debt Instrument [Line Items] | |||
Interest rate (as a percent) | 2.76% | ||
Minimum | Debt Not Guaranteed | Debt Of Consolidated Investments | |||
Debt Instrument [Line Items] | |||
Interest rate (as a percent) | 0% | ||
Maximum | Unsecured Debt | Notes and bonds payable | |||
Debt Instrument [Line Items] | |||
Interest rate (as a percent) | 6.82% | ||
Maximum | Unsecured Debt | Junior subordinated debt | |||
Debt Instrument [Line Items] | |||
Interest rate (as a percent) | 8.18% | ||
Maximum | Unsecured Debt | Loans And Mortgages Payable | |||
Debt Instrument [Line Items] | |||
Interest rate (as a percent) | 0.35% | ||
Maximum | Secured Debt | Notes and bonds payable | AIGFP Operating | |||
Debt Instrument [Line Items] | |||
Interest rate (as a percent) | 4.77% | ||
Maximum | Secured Debt | Notes and bonds payable | AIG | |||
Debt Instrument [Line Items] | |||
Interest rate (as a percent) | 8.13% | ||
Maximum | Secured Debt | Guaranteed Investment Agreements | |||
Debt Instrument [Line Items] | |||
Interest rate (as a percent) | 5.04% | ||
Maximum | Corebridge Debt | Notes and bonds payable | |||
Debt Instrument [Line Items] | |||
Interest rate (as a percent) | 7.50% | ||
Maximum | Corebridge Debt | Junior subordinated debt | |||
Debt Instrument [Line Items] | |||
Interest rate (as a percent) | 8.50% | ||
Maximum | Debt Not Guaranteed | Corebridge senior unsecured notes | |||
Debt Instrument [Line Items] | |||
Interest rate (as a percent) | 4.40% | ||
Maximum | Debt Not Guaranteed | DDTL Facility | |||
Debt Instrument [Line Items] | |||
Interest rate (as a percent) | 5.50% | ||
Maximum | Debt Not Guaranteed | Other subsidiaries notes, bonds, loans and mortgages payable | |||
Debt Instrument [Line Items] | |||
Interest rate (as a percent) | 4.50% | ||
Maximum | Debt Not Guaranteed | Debt Of Consolidated Investments | |||
Debt Instrument [Line Items] | |||
Interest rate (as a percent) | 7.95% |
Debt - Maturity of Debt (Detail
Debt - Maturity of Debt (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Long-Term Debt Maturity | ||
Debt of consolidated investment entities | $ 27,179 | $ 30,163 |
Short-Term Debt Maturity | ||
Total | 1,500 | |
American International Group Inc | ||
Long-Term Debt And Short-Term Debt Maturity | ||
Short-term and long-term debt | 21,299 | |
2023 | 2,143 | |
2024 | 459 | |
2025 | 2,198 | |
2026 | 790 | |
2027 | 2,307 | |
Thereafter | 13,402 | |
AIG | ||
Long-Term Debt And Short-Term Debt Maturity | ||
Short-term and long-term debt | 21,299 | 23,741 |
Unsecured Debt | ||
Long-Term Debt Maturity | ||
Debt of consolidated investment entities | 11,775 | 21,423 |
2023 | 580 | |
2024 | 459 | |
2025 | 1,091 | |
2026 | 783 | |
2027 | 1,067 | |
Thereafter | 7,795 | |
Secured Debt | ||
Long-Term Debt Maturity | ||
Debt of consolidated investment entities | 155 | 1,889 |
2023 | 62 | |
2024 | 0 | |
2025 | 12 | |
2026 | 7 | |
2027 | 0 | |
Thereafter | 74 | |
Debt Issued Or Guaranteed | ||
Long-Term Debt Maturity | ||
Debt of consolidated investment entities | 11,930 | 23,312 |
2023 | 642 | |
2024 | 459 | |
2025 | 1,103 | |
2026 | 790 | |
2027 | 1,067 | |
Thereafter | 7,869 | |
Corebridge Debt | ||
Long-Term Debt Maturity | ||
Debt of consolidated investment entities | 9,368 | 426 |
2023 | 1,500 | |
2024 | 0 | |
2025 | 1,095 | |
2026 | 0 | |
2027 | 1,240 | |
Thereafter | 5,533 | |
Notes and bonds payable | Unsecured Debt | ||
Long-Term Debt Maturity | ||
Debt of consolidated investment entities | 10,242 | 19,633 |
2023 | 401 | |
2024 | 459 | |
2025 | 997 | |
2026 | 783 | |
2027 | 1,067 | |
Thereafter | 6,535 | |
Notes and bonds payable | Unsecured Debt | Validus Holdings Ltd | ||
Long-Term Debt Maturity | ||
Debt of consolidated investment entities | 269 | 293 |
2023 | 0 | |
2024 | 0 | |
2025 | 0 | |
2026 | 0 | |
2027 | 0 | |
Thereafter | 269 | |
Notes and bonds payable | Secured Debt | ||
Long-Term Debt Maturity | ||
Debt of consolidated investment entities | 0 | 68 |
Notes and bonds payable | Secured Debt | AIGFP Operating | ||
Long-Term Debt Maturity | ||
Debt of consolidated investment entities | 18 | 18 |
2023 | 0 | |
2024 | 0 | |
2025 | 0 | |
2026 | 0 | |
2027 | 0 | |
Thereafter | 18 | |
Notes and bonds payable | Secured Debt | AIG | ||
Long-Term Debt Maturity | ||
Debt of consolidated investment entities | 81 | 0 |
2023 | 62 | |
2024 | 0 | |
2025 | 12 | |
2026 | 7 | |
2027 | 0 | |
Thereafter | 0 | |
Notes and bonds payable | Corebridge Debt | ||
Long-Term Debt Maturity | ||
Debt of consolidated investment entities | 200 | 199 |
2023 | 0 | |
2024 | 0 | |
2025 | 101 | |
2026 | 0 | |
2027 | 0 | |
Thereafter | 99 | |
Junior subordinated debt | Unsecured Debt | ||
Long-Term Debt Maturity | ||
Debt of consolidated investment entities | 991 | 1,164 |
2023 | 0 | |
2024 | 0 | |
2025 | 0 | |
2026 | 0 | |
2027 | 0 | |
Thereafter | 991 | |
Junior subordinated debt | Corebridge Debt | ||
Long-Term Debt Maturity | ||
Debt of consolidated investment entities | 227 | 227 |
2023 | 0 | |
2024 | 0 | |
2025 | 0 | |
2026 | 0 | |
2027 | 0 | |
Thereafter | 227 | |
Junior subordinated debt | Debt Not Guaranteed | ||
Long-Term Debt Maturity | ||
Debt of consolidated investment entities | 989 | 0 |
2023 | 0 | |
2024 | 0 | |
2025 | 0 | |
2026 | 0 | |
2027 | 0 | |
Thereafter | 989 | |
Loans And Mortgages Payable | Unsecured Debt | ||
Long-Term Debt Maturity | ||
Debt of consolidated investment entities | 273 | 333 |
2023 | 179 | |
2024 | 0 | |
2025 | 94 | |
2026 | 0 | |
2027 | 0 | |
Thereafter | 0 | |
Guaranteed Investment Agreements | Secured Debt | ||
Long-Term Debt Maturity | ||
Debt of consolidated investment entities | 56 | 1,803 |
2023 | 0 | |
2024 | 0 | |
2025 | 0 | |
2026 | 0 | |
2027 | 0 | |
Thereafter | 56 | |
Corebridge senior unsecured notes | Debt Not Guaranteed | ||
Long-Term Debt Maturity | ||
Debt of consolidated investment entities | 6,452 | 0 |
2023 | 0 | |
2024 | 0 | |
2025 | 994 | |
2026 | 0 | |
2027 | 1,240 | |
Thereafter | 4,218 | |
DDTL Facility | Debt Not Guaranteed | ||
Short-Term Debt Maturity | ||
Total | 1,500 | 0 |
2023 | 1,500 | |
Other subsidiaries notes, bonds, loans and mortgages payable | Debt Not Guaranteed | ||
Long-Term Debt Maturity | ||
Debt of consolidated investment entities | 1 | 3 |
2023 | 1 | |
2024 | 0 | |
2025 | 0 | |
2026 | 0 | |
2027 | 0 | |
Thereafter | 0 | |
Debt Of Consolidated Investments | Debt Not Guaranteed | ||
Long-Term Debt Maturity | ||
Debt of consolidated investment entities | $ 5,880 | $ 6,422 |
Debt - AIGLH Junior Subordinate
Debt - AIGLH Junior Subordinated Notes (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Junior Subordinated Debt 8.5 Percent | |
Debt Instrument [Line Items] | |
Junior Subordinated Notes | $ 54 |
Interest rate (as a percent) | 8.50% |
Junior Subordinated Debt 8.125 Percent | |
Debt Instrument [Line Items] | |
Junior Subordinated Notes | $ 142 |
Interest rate (as a percent) | 8.125% |
Junior Subordinated Debt 7.57 Percent | |
Debt Instrument [Line Items] | |
Junior Subordinated Notes | $ 31 |
Interest rate (as a percent) | 7.57% |
Debt - Debt Issuance (Details)
Debt - Debt Issuance (Details) - USD ($) | Aug. 23, 2022 | Apr. 05, 2022 |
Corebridge senior unsecured notes | ||
Debt Instrument [Line Items] | ||
Amount of debt issued | $ 6,500,000,000 | |
Corebridge senior unsecured notes | Corebridge Financial Inc | ||
Debt Instrument [Line Items] | ||
Amount of debt issued | 6,500,000,000 | |
Corebridge senior unsecured notes | Senior Notes Due 2025 | ||
Debt Instrument [Line Items] | ||
Amount of debt issued | $ 1,000,000,000 | |
Interest rate (as a percent) | 3.50% | |
Corebridge senior unsecured notes | Senior Notes Due 2027 | ||
Debt Instrument [Line Items] | ||
Amount of debt issued | $ 1,250,000,000 | |
Interest rate (as a percent) | 3.65% | |
Corebridge senior unsecured notes | Senior Notes Due 2029 | ||
Debt Instrument [Line Items] | ||
Amount of debt issued | $ 1,000,000,000 | |
Interest rate (as a percent) | 3.85% | |
Corebridge senior unsecured notes | Senior Notes Due 2032 | ||
Debt Instrument [Line Items] | ||
Amount of debt issued | $ 1,500,000,000 | |
Interest rate (as a percent) | 3.90% | |
Corebridge senior unsecured notes | Senior Notes Due 2042 | ||
Debt Instrument [Line Items] | ||
Amount of debt issued | $ 500,000,000 | |
Interest rate (as a percent) | 4.35% | |
Corebridge senior unsecured notes | Senior Notes Due 2052 | ||
Debt Instrument [Line Items] | ||
Amount of debt issued | $ 1,250,000,000 | |
Interest rate (as a percent) | 4.40% | |
Junior Notes | ||
Debt Instrument [Line Items] | ||
Interest rate (as a percent) | 6.875% | |
Junior Notes | Corebridge Financial Inc | ||
Debt Instrument [Line Items] | ||
Amount of debt issued | $ 1,000,000,000 | |
Junior subordinated debt | ||
Debt Instrument [Line Items] | ||
Interest rate (as a percent) | 6.875% |
Debt - Debt Cash Tender Offers
Debt - Debt Cash Tender Offers and Redemptions (Details) | 12 Months Ended | ||||
Oct. 24, 2022 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Oct. 24, 2022 EUR (€) | |
Debt Instrument [Line Items] | |||||
Repayments of long-term debt | $ 9,455,000,000 | $ 4,147,000,000 | $ 1,923,000,000 | ||
Loss on extinguishment of debt | (303,000,000) | $ (389,000,000) | $ (12,000,000) | ||
Certain Notes And Debentures Issued Or Guaranteed | |||||
Debt Instrument [Line Items] | |||||
Repayments of long-term debt | 9,400,000,000 | ||||
Extinguishment of debt | 9,700,000,000 | ||||
Loss on extinguishment of debt | 300,000,000 | ||||
1.500% Notes Due 2023 | |||||
Debt Instrument [Line Items] | |||||
Repayments of long-term debt | 6,800,000,000 | ||||
Extinguishment of debt | $ 7,100,000,000 | ||||
1.500% Notes Due 2023 | Corebridge senior unsecured notes | |||||
Debt Instrument [Line Items] | |||||
Debt redeemed | € | € 750,000,000 | ||||
Interest rate (as a percent) | 1.50% | 1.50% | |||
Principal amount redeemed (as a percent) | 101.494% | ||||
3.900% Notes Due 2026 | Corebridge senior unsecured notes | |||||
Debt Instrument [Line Items] | |||||
Debt redeemed | $ 750,000,000 | ||||
Interest rate (as a percent) | 3.90% | 3.90% | |||
Principal amount redeemed (as a percent) | 100% | ||||
3.750% Notes Due 2025 | Corebridge senior unsecured notes | |||||
Debt Instrument [Line Items] | |||||
Debt redeemed | $ 522,000,000 | ||||
Interest rate (as a percent) | 3.75% | 3.75% | |||
Principal amount redeemed (as a percent) | 100% | ||||
2.500% Notes Due 2025 | Corebridge senior unsecured notes | |||||
Debt Instrument [Line Items] | |||||
Debt redeemed | $ 500,000,000 | ||||
Interest rate (as a percent) | 2.50% | 2.50% | |||
Principal amount redeemed (as a percent) | 100% |
Debt - Credit Facilities (Detai
Debt - Credit Facilities (Details) | Dec. 31, 2022 USD ($) |
Syndicated 4 Year Facility | |
Debt Instrument [Line Items] | |
Current borrowing capacity | $ 4,500,000,000 |
Amount of debt issued | 500,000,000 |
Maximum borrowing capacity | 5,000,000,000 |
Available Amount | 4,500,000,000 |
Corebridge Facility | |
Debt Instrument [Line Items] | |
Current borrowing capacity | 2,500,000,000 |
Available Amount | 2,500,000,000 |
Line of Credit | Certain Investment Entity Facility 1 | Revolving Credit Facility | |
Debt Instrument [Line Items] | |
Current borrowing capacity | 556,000,000 |
Maximum borrowing capacity | 1,400,000,000 |
Line of credit | $ 177,000,000 |
Line of Credit | Certain Investment Entity Facility 1 | Minimum | Revolving Credit Facility | |
Debt Instrument [Line Items] | |
Term (in years) | 1 year |
Line of Credit | Certain Investment Entity Facility 1 | Maximum | Revolving Credit Facility | |
Debt Instrument [Line Items] | |
Term (in years) | 8 years |
Line of Credit | Certain Investment Entity Facility 2 | Revolving Credit Facility | |
Debt Instrument [Line Items] | |
Maximum borrowing capacity | $ 420,000,000 |
Line of credit | $ 326,000,000 |
Line of Credit | Certain Investment Entity Facility 2 | Minimum | Revolving Credit Facility | |
Debt Instrument [Line Items] | |
Term (in years) | 1 year |
Line of Credit | Certain Investment Entity Facility 2 | Maximum | Revolving Credit Facility | |
Debt Instrument [Line Items] | |
Term (in years) | 2 years |
CoreBridge 3-Year DDTL Facility | |
Debt Instrument [Line Items] | |
Current borrowing capacity | $ 1,500,000,000 |
Amount drawn | $ 1,500,000,000 |
Term (in years) | 3 years |
Contingencies, Commitments an_2
Contingencies, Commitments and Guarantees (Details) | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
Amount of policy issued to plaintiff's | $ 1,000,000 |
Contingencies, Commitments an_3
Contingencies, Commitments and Guarantees - Lease Commitments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Lease liability, balance sheet location | Other liabilities | Other liabilities | |
Right of use asset, balance sheet location | Other assets | Other assets | |
Lease liabilities | $ 1,051 | $ 1,200 | |
Right of use asset | 880 | 1,000 | |
Operating Lease, Lease Income, Lease Payments | $ 205 | 231 | |
Leases, weighted average discount rate | 2.96% | ||
Leases, weighted average lease term | 10 years 4 months 24 days | ||
Rent expense | $ 190 | $ 237 | $ 258 |
Contingencies, Commitments an_4
Contingencies, Commitments and Guarantees - Schedule of Future Undiscounted Cash Flows (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Commitments and Contingencies Disclosure [Abstract] | ||
2023 | $ 194 | |
2024 | 155 | |
2025 | 113 | |
2026 | 88 | |
2027 | 82 | |
Remaining years after 2027 | 647 | |
Total undiscounted lease payments | 1,279 | |
Less: Present value adjustment | 228 | |
Lease liabilities | $ 1,051 | $ 1,200 |
Contingencies, Commitments an_5
Contingencies, Commitments and Guarantees - Other Commitments (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Other Commitments [Line Items] | ||
Other commitments | $ 6,600 | $ 7,300 |
Affiliated Entity | ||
Other Commitments [Line Items] | ||
Contractual obligation | $ 112 |
Equity - Narrative (Details)
Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||||||
Feb. 15, 2023 | Mar. 14, 2019 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Sep. 19, 2022 | May 03, 2022 | |
Class of Stock [Line Items] | |||||||
Preferred stock, par value (in dollars per share) | $ 5 | $ 5 | |||||
Authorized repurchase amount | $ 6,500 | ||||||
Remaining authorized repurchase amount | $ 1,500 | ||||||
Shares purchased (in shares) | 90,100,000 | 49,700,000 | 12,100,000 | ||||
Aggregate repurchases of common stock | $ 5,149 | $ 2,643 | $ 500 | ||||
Dividends declared, preferred stock (in dollars per share) | $ 365.625 | $ 365.625 | $ 365.625 | ||||
Corebridge Financial Inc | |||||||
Class of Stock [Line Items] | |||||||
Ownership (as a percent) | 77.70% | ||||||
IPO | Corebridge Financial Inc | |||||||
Class of Stock [Line Items] | |||||||
Percentage of stock sold (as a percent) | 12.40% | ||||||
Subsequent event | |||||||
Class of Stock [Line Items] | |||||||
Dividends declared, common stock (in dollars per share) | $ 0.32 | ||||||
Dividends declared, preferred stock (in dollars per share) | $ 365.625 | ||||||
Series A Preferred Stock | |||||||
Class of Stock [Line Items] | |||||||
Issuances (in shares) | 20,000 | ||||||
Preferred stock, dividend rate (as a percent) | 5.85% | 5.85% | |||||
Preferred stock, par value (in dollars per share) | $ 5 | ||||||
Preferred stock liquidation preference (in dollars per share) | $ 25,000 | ||||||
Issuance of preferred stock | $ 485 | ||||||
Preferred stock redemption terms | 90 | ||||||
Series A Preferred Stock | Rating Agency Event | |||||||
Class of Stock [Line Items] | |||||||
Preferred stock redemption price per share | $ 25,500 | ||||||
Series A Preferred Stock | Regulatory Capital Event | |||||||
Class of Stock [Line Items] | |||||||
Preferred stock redemption price per share | $ 25,000 | ||||||
Series A Depositary Shares | |||||||
Class of Stock [Line Items] | |||||||
Issuances (in shares) | 20,000,000 | ||||||
Preferred stock liquidation preference (in dollars per share) | $ 25 | ||||||
Series A Depositary Shares | Rating Agency Event | |||||||
Class of Stock [Line Items] | |||||||
Preferred stock redemption price per share | 25.50 | ||||||
Series A Depositary Shares | Regulatory Capital Event | |||||||
Class of Stock [Line Items] | |||||||
Preferred stock redemption price per share | $ 25 |
Equity - Rollforward of common
Equity - Rollforward of common stock outstanding (Details) - shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Shares issued, beginning of year (in shares) | 1,906,671,492 | ||
Treasury stock, beginning of year (in shares) | (1,087,984,129) | ||
Shares outstanding, beginning of year (in shares) | 818,700,000 | 861,600,000 | 870,000,000 |
Shares issued (in shares) | 5,500,000 | 6,800,000 | 3,700,000 |
Shares repurchased (in shares) | (90,100,000) | (49,700,000) | (12,100,000) |
Shares issued, end of period (in shares) | 1,906,671,492 | 1,906,671,492 | |
Treasury stock, end of period (in shares) | (1,172,543,436) | (1,087,984,129) | |
Shares outstanding, end of period (in shares) | 734,100,000 | 818,700,000 | 861,600,000 |
Common Stock | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Shares issued, beginning of year (in shares) | 1,906,700,000 | 1,906,700,000 | 1,906,700,000 |
Shares issued, end of period (in shares) | 1,906,700,000 | 1,906,700,000 | 1,906,700,000 |
Treasury Stock | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Treasury stock, beginning of year (in shares) | (1,088,000,000) | (1,045,100,000) | (1,036,700,000) |
Shares issued (in shares) | 5,500,000 | 6,800,000 | 3,700,000 |
Shares repurchased (in shares) | (90,100,000) | (49,700,000) | (12,100,000) |
Treasury stock, end of period (in shares) | (1,172,600,000) | (1,088,000,000) | (1,045,100,000) |
Equity - Schedule of accumulate
Equity - Schedule of accumulated other comprehensive income (loss) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Sep. 19, 2022 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Balance, beginning of period | $ 68,912 | $ 67,199 | $ 67,427 | |
Change in unrealized appreciation (depreciation) of investments | (47,766) | (9,255) | 9,491 | |
Change in deferred policy acquisition costs adjustment and other | 6,293 | 871 | (1,316) | |
Change in future policy benefits | 2,612 | 917 | 2,408 | |
Change in foreign currency translation adjustments | (470) | (117) | 303 | |
Change in net actuarial loss | (31) | 417 | (67) | |
Change in prior service cost | 8 | 8 | (18) | |
Change in deferred tax asset (liability) | 5,958 | 1,331 | (2,289) | |
Change in fair value of liabilities under fair value option attributable to changes in own credit risk | (6) | (2) | 1 | |
Other comprehensive income (loss) | (33,402) | (5,830) | 8,513 | |
Other Comprehensive Income Sale Of Noncontrolling Interest Before Tax Period Increase (Decrease) | 2,040 | (1,099) | ||
Balance, end of period | 42,235 | $ 68,912 | 67,199 | |
IPO | Corebridge Financial Inc | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Percentage of stock sold (as a percent) | 12.40% | |||
IPO | SAFG | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Percentage of stock sold (as a percent) | 9.90% | |||
Total | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Balance, beginning of period | 6,687 | $ 13,511 | 4,982 | |
Other comprehensive income (loss) | (30,819) | (5,725) | 8,529 | |
Balance, end of period | (22,092) | 6,687 | 13,511 | |
Unrealized Appreciation (Depreciation) of Fixed Maturity Securities on Which Allowance for Credit Losses Was Taken | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Balance, beginning of period | (57) | (95) | 0 | |
Other Comprehensive Income Sale Of Noncontrolling Interest Before Tax Period Increase (Decrease) | 3 | |||
Balance, end of period | (138) | (57) | (95) | |
Unrealized Appreciation (Depreciation) of All Other Investments | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Balance, beginning of period | 10,094 | 17,093 | 8,722 | |
Balance, end of period | (18,049) | 10,094 | 17,093 | |
Foreign Currency Translation Adjustments | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Balance, beginning of period | (2,453) | (2,267) | (2,625) | |
Balance, end of period | (2,981) | (2,453) | (2,267) | |
Retirement Plan Liabilities Adjustment | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Balance, beginning of period | (903) | (1,228) | (1,122) | |
Balance, end of period | (924) | (903) | (1,228) | |
Fair Value of Liabilities Under Fair Value Option Attributable to Changes in Own Credit Risk | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Balance, beginning of period | 6 | 8 | 7 | |
Balance, end of period | 0 | 6 | 8 | |
Noncontrolling interests | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Noncontrolling interests | (2,583) | (105) | (16) | |
Unrealized Appreciation (Depreciation) of Fixed Maturity Securities on Which Allowance for Credit Losses Was Taken | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Noncontrolling interests | (6) | 0 | 0 | |
Unrealized Appreciation (Depreciation) of All Other Investments | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Noncontrolling interests | (2,588) | (102) | (17) | |
Foreign Currency Translation Adjustments | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Noncontrolling interests | 11 | (3) | 1 | |
Retirement Plan Liabilities Adjustment | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Noncontrolling interests | 0 | 0 | 0 | |
Fair Value of Liabilities Under Fair Value Option Attributable to Changes in Own Credit Risk | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Noncontrolling interests | 0 | 0 | 0 | |
Unrealized Appreciation (Depreciation) of Fixed Maturity Securities on Which Allowance for Credit Losses Was Taken | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Change in unrealized appreciation (depreciation) of investments | (119) | 58 | (133) | |
Change in deferred policy acquisition costs adjustment and other | 9 | (14) | 11 | |
Change in deferred tax asset (liability) | 23 | (9) | 27 | |
Other comprehensive income (loss) | (87) | 35 | (95) | |
Unrealized Appreciation (Depreciation) of All Other Investments | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Change in unrealized appreciation (depreciation) of investments | (47,647) | (9,313) | 9,624 | |
Change in deferred policy acquisition costs adjustment and other | 6,284 | 885 | (1,327) | |
Change in future policy benefits | 2,612 | 917 | 2,408 | |
Change in deferred tax asset (liability) | 5,976 | 1,510 | (2,351) | |
Other comprehensive income (loss) | (32,775) | (6,001) | 8,354 | |
Other Comprehensive Income Sale Of Noncontrolling Interest Before Tax Period Increase (Decrease) | 2,044 | (1,100) | ||
Foreign Currency Translation Adjustments | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Change in foreign currency translation adjustments | (470) | (117) | 303 | |
Change in deferred tax asset (liability) | (44) | (70) | 56 | |
Other comprehensive income (loss) | (514) | (187) | 359 | |
Other Comprehensive Income Sale Of Noncontrolling Interest Before Tax Period Increase (Decrease) | (3) | (2) | ||
Retirement Plan Liabilities Adjustment | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Change in net actuarial loss | (31) | 417 | (67) | |
Change in prior service cost | 8 | 8 | (18) | |
Change in deferred tax asset (liability) | 3 | (100) | (21) | |
Other comprehensive income (loss) | (20) | 325 | (106) | |
Other Comprehensive Income Sale Of Noncontrolling Interest Before Tax Period Increase (Decrease) | (1) | 0 | ||
Fair Value of Liabilities Under Fair Value Option Attributable to Changes in Own Credit Risk | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Change in fair value of liabilities under fair value option attributable to changes in own credit risk | (6) | (2) | 1 | |
Other comprehensive income (loss) | $ (6) | $ (2) | $ 1 |
Equity - Schedule of other comp
Equity - Schedule of other comprehensive income (loss) reclassification adjustments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Other Comprehensive Income (Loss) Reclassification Adjustments | |||
Other comprehensive income (loss) | $ (33,402) | $ (5,830) | $ 8,513 |
Noncontrolling interests | |||
Other Comprehensive Income (Loss) Reclassification Adjustments | |||
Unrealized change arising during period | (40,572) | (6,279) | 11,771 |
Less: Reclassification adjustments included in net income | (1,212) | 882 | 969 |
Total other comprehensive income (loss), before of income tax expense (benefit) | (39,360) | (7,161) | 10,802 |
Less: Income tax expense (benefit) | (5,958) | (1,331) | 2,289 |
Unrealized Appreciation (Depreciation) of Fixed Maturity Securities on Which Allowance for Credit Losses Was Taken | |||
Other Comprehensive Income (Loss) Reclassification Adjustments | |||
Unrealized change arising during period | (103) | 44 | (161) |
Less: Reclassification adjustments included in net income | 7 | 0 | (39) |
Total other comprehensive income (loss), before of income tax expense (benefit) | (110) | 44 | (122) |
Less: Income tax expense (benefit) | (23) | 9 | (27) |
Other comprehensive income (loss) | (87) | 35 | (95) |
Unrealized Appreciation (Depreciation) of All Other Investments | |||
Other Comprehensive Income (Loss) Reclassification Adjustments | |||
Unrealized change arising during period | (39,940) | (6,583) | 11,758 |
Less: Reclassification adjustments included in net income | (1,189) | 928 | 1,053 |
Total other comprehensive income (loss), before of income tax expense (benefit) | (38,751) | (7,511) | 10,705 |
Less: Income tax expense (benefit) | (5,976) | (1,510) | 2,351 |
Other comprehensive income (loss) | (32,775) | (6,001) | 8,354 |
Foreign Currency Translation Adjustments | |||
Other Comprehensive Income (Loss) Reclassification Adjustments | |||
Unrealized change arising during period | (470) | (117) | 303 |
Less: Reclassification adjustments included in net income | 0 | 0 | 0 |
Total other comprehensive income (loss), before of income tax expense (benefit) | (470) | (117) | 303 |
Less: Income tax expense (benefit) | 44 | 70 | (56) |
Other comprehensive income (loss) | (514) | (187) | 359 |
Retirement Plan Liabilities Adjustment | |||
Other Comprehensive Income (Loss) Reclassification Adjustments | |||
Unrealized change arising during period | (53) | 379 | (130) |
Less: Reclassification adjustments included in net income | (30) | (46) | (45) |
Total other comprehensive income (loss), before of income tax expense (benefit) | (23) | 425 | (85) |
Less: Income tax expense (benefit) | (3) | 100 | 21 |
Other comprehensive income (loss) | (20) | 325 | (106) |
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 | (6) | (2) | 1 |
Less: Reclassification adjustments included in net income | 0 | 0 | 0 |
Total other comprehensive income (loss), before of income tax expense (benefit) | (6) | (2) | 1 |
Less: Income tax expense (benefit) | 0 | 0 | 0 |
Other comprehensive income (loss) | $ (6) | $ (2) | $ 1 |
Equity - Schedule of effect of
Equity - Schedule of effect of the reclassification of significant items out of accumulated other comprehensive income on the respective line items in the Consolidated Statements of Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Reclassification of significant items out of Accumulated Other Comprehensive Income | |||
Total net realized gains (losses) | $ 8,991 | $ 2,151 | $ (2,238) |
Net income (loss) attributable to AIG | 10,276 | 9,388 | (5,944) |
Amount Reclassified from AOCI | |||
Reclassification of significant items out of Accumulated Other Comprehensive Income | |||
Net income (loss) attributable to AIG | (1,212) | 882 | 969 |
Unrealized appreciation (depreciation) of fixed maturity securities on which allowance for credit losses was taken | Amount Reclassified from AOCI | |||
Reclassification of significant items out of Accumulated Other Comprehensive Income | |||
Total net realized gains (losses) | 7 | 0 | (39) |
Unrealized appreciation (depreciation) of all other investments | Amount Reclassified from AOCI | |||
Reclassification of significant items out of Accumulated Other Comprehensive Income | |||
Total net realized gains (losses) | (1,189) | 928 | 1,053 |
Change in retirement plan liabilities adjustment | Amount Reclassified from AOCI | |||
Reclassification of significant items out of Accumulated Other Comprehensive Income | |||
Total net realized gains (losses) | (30) | (46) | (45) |
Prior-service credit | Amount Reclassified from AOCI | |||
Reclassification of significant items out of Accumulated Other Comprehensive Income | |||
Total net realized gains (losses) | (2) | (3) | (1) |
Actuarial losses | Amount Reclassified from AOCI | |||
Reclassification of significant items out of Accumulated Other Comprehensive Income | |||
Total net realized gains (losses) | $ (28) | $ (43) | $ (44) |
Equity - Schedule of noncontrol
Equity - Schedule of noncontrolling interest (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Sep. 19, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Noncontrolling Interest [Line Items] | ||||
Net income attributable to AIG common shareholders | $ 10,247 | $ 9,359 | $ (5,973) | |
Contributions from noncontrolling interests | 133 | $ 22 | $ 108 | |
Total AIG Shareholders' Equity | ||||
Noncontrolling Interest [Line Items] | ||||
Net income attributable to AIG common shareholders | 10,247 | |||
Contributions from noncontrolling interests | $ 608 | 608 | ||
Change from Net income attributable to AIG common shareholders and changes in AIG's ownership interests | $ 10,855 | |||
IPO | Corebridge Financial Inc | ||||
Noncontrolling Interest [Line Items] | ||||
Percentage of stock sold (as a percent) | 12.40% |
Earnings Per Common Share (EP_3
Earnings Per Common Share (EPS) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Jan. 31, 2011 | |
Numerator for EPS: | ||||
Income (loss) from continuing operations | $ 11,276 | $ 9,923 | $ (5,833) | |
Less: Net income from continuing operations attributable to noncontrolling interests | 999 | 535 | 115 | |
Less: Preferred stock dividends | 29 | 29 | 29 | |
Income (loss) attributable to AIG common shareholders from continuing operations | 10,248 | 9,359 | (5,977) | |
Income (loss) from discontinued operations, net of income tax expense | (1) | 0 | 4 | |
Net income (loss) attributable to AIG common shareholders | $ 10,247 | $ 9,359 | $ (5,973) | |
Denominator for EPS: | ||||
Weighted average common shares outstanding - basic (in shares) | 778,621,118 | 854,320,449 | 869,309,458 | |
Dilutive common shares (in shares) | 9,320,632 | 10,564,430 | 0 | |
Weighted average common shares outstanding - diluted (in shares) | 787,941,750 | 864,884,879 | 869,309,458 | |
Basic: | ||||
Income (loss) from continuing operations (in dollars per share) | $ 13.16 | $ 10.95 | $ (6.88) | |
Income from discontinued operations (in dollars per share) | 0 | 0 | 0 | |
Income (loss) attributable to AIG common shareholders (in dollars per share) | 13.16 | 10.95 | (6.88) | |
Diluted: | ||||
Income (loss) from continuing operations (in dollars per share) | 13.01 | 10.82 | (6.88) | |
Income from discontinued operations (in dollars per share) | 0 | 0 | 0 | |
Net income attributable to AIG common shareholders (in dollars per share) | $ 13.01 | $ 10.82 | $ (6.88) | |
Dilutive shares excluded from computation of diluted earnings per share (in shares) | 5,401,597 | |||
Warrants outstanding, term (in years) | 10 years | |||
Number of shares excluded from diluted shares outstanding because the effect would have been anti-dilutive (in shares) | 24,100,000 | 12,000,000 | 68,700,000 |
Statutory Financial Data and _3
Statutory Financial Data and Restrictions - Schedule of Statutory Financial Data and Restrictions (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statutory Accounting Practices [Line Items] | |||
Decrease in statutory net income (loss) | $ 99 | ||
Increase in capital and surplus | 136 | ||
General Insurance | |||
Statutory Accounting Practices [Line Items] | |||
Statutory net income (loss) | $ 3,319 | 4,222 | $ 1,841 |
Statutory capital and surplus | 33,476 | 34,952 | |
Aggregate minimum required statutory capital and surplus | 10,994 | 11,948 | |
General Insurance | Domestic | |||
Statutory Accounting Practices [Line Items] | |||
Statutory net income (loss) | 2,272 | 2,649 | 1,044 |
Statutory capital and surplus | 19,563 | 19,385 | |
Aggregate minimum required statutory capital and surplus | 3,680 | 3,897 | |
General Insurance | Foreign | |||
Statutory Accounting Practices [Line Items] | |||
Statutory net income (loss) | 1,047 | 1,573 | 797 |
Statutory capital and surplus | 13,913 | 15,567 | |
Aggregate minimum required statutory capital and surplus | 7,314 | 8,051 | |
Life Insurance Companies | |||
Statutory Accounting Practices [Line Items] | |||
Statutory net income (loss) | 3,096 | 2,593 | 493 |
Statutory capital and surplus | 12,715 | 13,100 | |
Aggregate minimum required statutory capital and surplus | 4,251 | 4,117 | |
Life Insurance Companies | Domestic | |||
Statutory Accounting Practices [Line Items] | |||
Statutory net income (loss) | 3,091 | 2,588 | 482 |
Statutory capital and surplus | 12,229 | 12,471 | |
Aggregate minimum required statutory capital and surplus | 4,057 | 3,903 | |
Life Insurance Companies | Foreign | |||
Statutory Accounting Practices [Line Items] | |||
Statutory net income (loss) | 5 | 5 | $ 11 |
Statutory capital and surplus | 486 | 629 | |
Aggregate minimum required statutory capital and surplus | $ 194 | $ 214 |
Statutory Financial Data and _4
Statutory Financial Data and Restrictions - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Statutory Accounting Practices [Line Items] | ||
Statutory capital and surplus considered insurance subsidiaries | $ 41,100 | |
Life Insurance Companies | ||
Statutory Accounting Practices [Line Items] | ||
Increase in statutory surplus due to permitted practice | $ 1,000 | $ 584 |
NY | ||
Statutory Accounting Practices [Line Items] | ||
Surplus not available for dividends (as a percent) | 10% | |
Adjusted net investment income not available for dividends (as a percent) | 100% |
Share-Based Compensation Plan_2
Share-Based Compensation Plans - Schedule of share-based compensation expense recognized in Consolidated Statements of Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-Based Payment Arrangement [Abstract] | |||
Share-based compensation expense - pre-tax | $ 288 | $ 278 | $ 274 |
Share-based compensation expense - after-tax | 228 | 220 | 216 |
Vested stock-settled awards related to accelerated vesting events | 67 | $ 67 | $ 63 |
Excess tax benefit due to share settlements | $ 19 |
Share-Based Compensation Plan_3
Share-Based Compensation Plans - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Share-based compensation expense - pre-tax, recognized | $ 288 | $ 278 | $ 274 |
RSU expense | 21 | ||
Unrecognized compensation cost related to grants | 65 | ||
Proceeds from stock options exercised | $ 68 | ||
Weighted Average Remaining Contractual Life, options exercisable, end of year (years) | 5 years 11 months 19 days | ||
Stock Options | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Stock options, weighted average grant-date fair value | $ 10.77 | $ 10 | $ 9.61 |
Share-based compensation expense - pre-tax, recognized | $ 28 | ||
Share-based compensation expense - pre-tax, not yet recognized | $ 17 | ||
Share-based compensation expense, expected period for amortization | 2 years 3 months | ||
Restricted Stock Units (RSUs) | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Granted (in shares) | 1,070,458 | 493,140 | 583,068 |
Converted (in shares) | (91,300) | 0 | 0 |
Restricted Stock Units (RSUs) | CoreBridge | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Converted (in shares) | 10,000,000 | ||
Deferred Stock Units (DSUs) | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Share-based compensation expense - pre-tax, recognized | $ 2.7 | $ 2.7 | $ 2.4 |
Granted (in shares) | 46,273 | 55,133 | 94,062 |
OtherRSU | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Share-based compensation expense, expected period for amortization | 5 years | ||
Vesting period (in years) | 2 years 2 months 23 days | ||
Minimum | Restricted Stock Units (RSUs) | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Vesting period (in years) | 1 year | ||
Minimum | Awarded 2020 To 2022 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Percentage of performance period depending on which actual number of awards can be earned | 0% | ||
Maximum | Stock Options | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Contractual term of the option | 10 years | ||
Involuntary termination expiration period (in years) | 3 years | ||
Maximum | Restricted Stock Units (RSUs) | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Vesting period (in years) | 5 years | ||
Maximum | Awarded 2020 To 2022 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Percentage of performance period depending on which actual number of awards can be earned | 200% | ||
AIG 2021 Omnibus Incentive Plan | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Common stock reserved for future grant (in shares) | 8,100,000 | ||
Reduction in number of shares available for grants (in shares) | 1 | ||
Number of shares reserved for future grants (in shares) | 24,654,162 | ||
Long Term Incentive Plans | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Performance period | 3 years | ||
Long Term Incentive Plans | Restricted Stock Units (RSUs) | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Converted (in shares) | 4,000,000 |
Share-Based Compensation Plan_4
Share-Based Compensation Plans - Schedule of assumptions used to estimate the fair value of PSUs based on AIG's TSR (Details) - Performance Shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Expected dividend yield | 0% | 0% | 0% |
Expected volatility | 47.60% | 47.63% | 46.43% |
Risk-free interest rate | 1.71% | 0.28% | 0.18% |
Historic volatility term | 2 years 10 months 9 days | ||
Minimum | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Continuously compounded rates term | 2 years | ||
Maximum | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Continuously compounded rates term | 3 years |
Share-Based Compensation Plan_5
Share-Based Compensation Plans - Summary of outstanding share-settled LTI awards (Details) - Performance Shares $ / shares in Units, $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) $ / shares shares | |
Long Term Incentive Plan 2022 | |
Number of Units | |
Unvested, beginning of year (in shares) | shares | 0 |
Granted (in shares) | shares | 4,125,047 |
Vested (in shares) | shares | (602,246) |
Converted (in shares) | shares | (1,083,662) |
Forfeited (in shares) | shares | (158,708) |
Unvested, end of year (in shares) | shares | 2,280,431 |
Weighted Average Grant-Date Fair Value | |
Unvested, beginning of year (in dollars per share) | $ / shares | $ 0 |
Granted (in dollars per share) | $ / shares | 61.79 |
Vested (in dollars per share) | $ / shares | 61.75 |
Converted (in dollars per share) | $ / shares | 61.67 |
Forfeited (in dollars per share) | $ / shares | 61.74 |
Unvested, end of year (in dollars per share) | $ / shares | $ 61.86 |
Long Term Incentive Plan 2021 | |
Number of Units | |
Unvested, beginning of year (in shares) | shares | 4,388,434 |
Granted (in shares) | shares | 0 |
Vested (in shares) | shares | (146,654) |
Converted (in shares) | shares | (1,306,677) |
Forfeited (in shares) | shares | (238,839) |
Unvested, end of year (in shares) | shares | 2,696,264 |
Weighted Average Grant-Date Fair Value | |
Unvested, beginning of year (in dollars per share) | $ / shares | $ 45 |
Granted (in dollars per share) | $ / shares | 0 |
Vested (in dollars per share) | $ / shares | 44.23 |
Converted (in dollars per share) | $ / shares | 44.30 |
Forfeited (in dollars per share) | $ / shares | 44.43 |
Unvested, end of year (in dollars per share) | $ / shares | $ 45.40 |
Long Term Incentive Plan 2020 | |
Number of Units | |
Unvested, beginning of year (in shares) | shares | 4,166,494 |
Granted (in shares) | shares | 0 |
Vested (in shares) | shares | (2,482,796) |
Converted (in shares) | shares | (1,441,635) |
Forfeited (in shares) | shares | (242,063) |
Unvested, end of year (in shares) | shares | 0 |
Weighted Average Grant-Date Fair Value | |
Unvested, beginning of year (in dollars per share) | $ / shares | $ 31.43 |
Granted (in dollars per share) | $ / shares | 0 |
Vested (in dollars per share) | $ / shares | 31.35 |
Converted (in dollars per share) | $ / shares | 31.69 |
Forfeited (in dollars per share) | $ / shares | 32.09 |
Unvested, end of year (in dollars per share) | $ / shares | $ 0 |
Long Term Incentive Plans | |
Weighted Average Grant-Date Fair Value | |
Share-based compensation expense - pre-tax, not yet recognized | $ | $ 138 |
Vesting period (in years) | 11 months 23 days |
Share-based compensation expense, expected period for amortization | 2 years 9 months |
Share-Based Compensation Plan_6
Share-Based Compensation Plans - Schedule of weighted-average assumptions (Details) - Stock Options | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Expected dividend yield | 2.08% | 2.89% | 3.97% |
Expected volatility | 32.13% | 36.68% | 42.03% |
Risk-free interest rate | 1.92% | 0.95% | 0.57% |
Expected term | 6 years | 6 years 5 months 4 days | 6 years 4 months 20 days |
Expected volatility term | 24 months | ||
Maximum | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Contractual term of the option | 10 years |
Share-Based Compensation Plan_7
Share-Based Compensation Plans - Schedule of stock option activity (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Units | ||
Outstanding, beginning of year (in shares) | 13,021,427 | |
Granted (in shares) | 1,436,075 | |
Exercised (in shares) | (1,515,836) | |
Forfeited or expired (in shares) | (48,254) | |
Outstanding, end of year (in shares) | 12,893,412 | 13,021,427 |
Exercisable, end of year (in shares) | 5,353,091 | |
Weighted Average Exercise Price | ||
Outstanding, beginning of year (in dollars per share) | $ 47.12 | |
Granted (in dollars per share) | 61.61 | |
Exercised (in dollars per share) | 45.10 | |
Forfeited or expired (in dollars per share) | 54.80 | |
Outstanding, end of year (in dollars per share) | 48.94 | $ 47.12 |
Exercisable, end of year (in dollars per share) | $ 50.27 | |
Stock Option Activity, Additional Disclosures | ||
Weighted Average Remining Contractual Life | 6 years 11 months 12 days | 7 years 7 months 2 days |
Weighted Average Remaining Contractual Life, options exercisable, end of year (years) | 5 years 11 months 19 days | |
Aggregate Intrinsic Value, options outstanding, beginning of year | ||
Aggregate Intrinsic Value, options outstanding, end of year | 186 | |
Aggregate Intrinsic Value, options exercisable, end of year | $ 70 |
Share-Based Compensation Plan_8
Share-Based Compensation Plans - Summary of outstanding share-settled RSU grants (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Restricted Stock Units (RSUs) | |||
Number of Units | |||
Unvested, beginning of year (in shares) | 819,640 | 1,151,380 | 1,231,185 |
Granted (in shares) | 1,070,458 | 493,140 | 583,068 |
Vested (in shares) | (290,037) | (699,067) | (535,220) |
Forfeited (in shares) | (20,513) | (125,813) | (127,653) |
Unvested, end of year (in shares) | 1,488,248 | 819,640 | 1,151,380 |
Weighted Average Grant-Date Fair Value | |||
Unvested, beginning of year (in dollars per share) | $ 43.95 | $ 46.18 | $ 54.17 |
Granted (in dollars per share) | 60.16 | 49.36 | 35.54 |
Vested (in dollars per share) | 44.59 | 50.03 | 50.89 |
Forfeited (in dollars per share) | 55.89 | 51.80 | 54.90 |
Unvested, end of year (in dollars per share) | $ 54.77 | $ 43.95 | $ 46.18 |
Converted (in shares) | (91,300) | 0 | 0 |
Converted (in dollars per share) | $ 52.90 | $ 0 | $ 0 |
Performance Shares | Long Term Incentive Plan 2022 | |||
Number of Units | |||
Unvested, beginning of year (in shares) | 0 | ||
Granted (in shares) | 4,125,047 | ||
Vested (in shares) | (602,246) | ||
Forfeited (in shares) | (158,708) | ||
Unvested, end of year (in shares) | 2,280,431 | 0 | |
Weighted Average Grant-Date Fair Value | |||
Unvested, beginning of year (in dollars per share) | $ 0 | ||
Granted (in dollars per share) | 61.79 | ||
Vested (in dollars per share) | 61.75 | ||
Forfeited (in dollars per share) | 61.74 | ||
Unvested, end of year (in dollars per share) | $ 61.86 | $ 0 | |
Converted (in shares) | (1,083,662) | ||
Converted (in dollars per share) | $ 61.67 | ||
Performance Shares | Long Term Incentive Plan 2021 | |||
Number of Units | |||
Unvested, beginning of year (in shares) | 4,388,434 | ||
Granted (in shares) | 0 | ||
Vested (in shares) | (146,654) | ||
Forfeited (in shares) | (238,839) | ||
Unvested, end of year (in shares) | 2,696,264 | 4,388,434 | |
Weighted Average Grant-Date Fair Value | |||
Unvested, beginning of year (in dollars per share) | $ 45 | ||
Granted (in dollars per share) | 0 | ||
Vested (in dollars per share) | 44.23 | ||
Forfeited (in dollars per share) | 44.43 | ||
Unvested, end of year (in dollars per share) | $ 45.40 | $ 45 | |
Converted (in shares) | (1,306,677) | ||
Converted (in dollars per share) | $ 44.30 | ||
Performance Shares | Long Term Incentive Plan 2020 | |||
Number of Units | |||
Unvested, beginning of year (in shares) | 4,166,494 | ||
Granted (in shares) | 0 | ||
Vested (in shares) | (2,482,796) | ||
Forfeited (in shares) | (242,063) | ||
Unvested, end of year (in shares) | 0 | 4,166,494 | |
Weighted Average Grant-Date Fair Value | |||
Unvested, beginning of year (in dollars per share) | $ 31.43 | ||
Granted (in dollars per share) | 0 | ||
Vested (in dollars per share) | 31.35 | ||
Forfeited (in dollars per share) | 32.09 | ||
Unvested, end of year (in dollars per share) | $ 0 | $ 31.43 | |
Converted (in shares) | (1,441,635) | ||
Converted (in dollars per share) | $ 31.69 |
Employee Benefits - Narrative (
Employee Benefits - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined contribution plan, maximum annual contributions per employee, percent | 6% | ||
Employer matching contribution, percent of employees' gross pay | 100% | ||
Employer matching contribution, actual matching percentage of participant's contribution | 6% | ||
Additional employer matching contribution, actual matching percentage of participant's contribution | 3% | ||
Defined contribution plan, pre-tax expense | $ 176 | $ 183 | $ 188 |
U.S. Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Shares of common stock included in pension plan assets (in shares) | 0 | 0 | |
Expected return on assets | 4.65% | 5.15% | |
Plan assets. actual allocation percentage | 100% | 100% | |
Non-US Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Shares of common stock included in pension plan assets (in shares) | 0 | 0 | |
Plan assets. actual allocation percentage | 100% | 100% | |
Pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan effect of one hundred basis point increase in expected long term rate | $ 39 | ||
Defined benefit plan effect of one hundred basis point decrease in discount rate | 2 | ||
Defined benefit plan effect of one hundred basis point decrease in expected long term rate of return | 39 | ||
Expected annual pension contributions | 58 | ||
Defined Benefit Plan Effect Of One Hundred Basis Point Increase In Discount Rate | $ 17 | ||
Pension | U.S. Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan maximum period for calculating unreduced benefits | 44 years | ||
Discount rate | 5.22% | 2.75% | |
Expected return on assets | 4.65% | 5.15% | 5.55% |
Pension | Aig Japan Pension Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of projected benefit obligation to total projected benefit obligations | 54% | 50% | |
Defined benefit plan, weighted-average discount rate | 1.12% | 0.52% | |
Expected return on assets | 1.86% | 1.85% | |
Plan assets. actual allocation percentage | 65% | 61% | |
Pension | Non-US Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 2.51% | 1.09% | |
Expected return on assets | 1.84% | 2.23% | 2.32% |
Postretirement benefit plans | U.S. Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan eligibility age | 55 years | ||
Defined benefit plan requisite service period | 10 years | ||
Discount rate | 5.19% | 2.87% | |
Expected return on assets | 2.78% | ||
Postretirement benefit plans | Non-US Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 5.23% | 2.89% | |
Postretirement Health Coverage | U.S. Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan requisite service period | 5 years |
Employee Benefits - Schedule of
Employee Benefits - Schedule of funded status of the plans reconciled to the amount reported in the balance sheets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
U.S. Plans | Pension | |||
Change in projected benefit obligation: | |||
Benefit obligation, beginning of year | $ 4,795 | $ 5,410 | |
Service cost | 5 | 5 | $ 5 |
Interest cost | 109 | 92 | 134 |
Actuarial gain (loss) | (1,082) | (384) | |
AIG assets | (19) | (18) | |
Plan assets | (174) | (174) | |
Plan amendment | 0 | 0 | |
Curtailments | 0 | 0 | |
Settlements | (157) | (135) | |
Foreign exchange effect | 0 | 0 | |
Other | (2) | (1) | |
Projected benefit obligation, end of year | 3,475 | 4,795 | 5,410 |
Change in plan assets: | |||
Fair value of plan assets, beginning of year | 4,746 | 4,931 | |
Actual return on plan assets, net of expenses | (1,070) | 124 | |
AIG contributions | 19 | 18 | |
Foreign exchange effect | 0 | 0 | |
Fair value of plan assets, end of year | 3,345 | 4,746 | 4,931 |
Funded status, end of year | (130) | (49) | |
Amounts recognized in the balance sheet: | |||
Assets | 55 | 198 | |
Liabilities | (185) | (247) | |
Total amounts recognized | (130) | (49) | |
Pre-tax amounts recognized in Accumulated other comprehensive income (loss): | |||
Net gain (loss) | (1,279) | (1,162) | |
Prior service (cost) credit | 0 | 0 | |
Total amounts recognized | (1,279) | (1,162) | |
U.S. Plans | Pension | Defined Benefit Plan, Unfunded Plan | |||
Change in projected benefit obligation: | |||
Benefit obligation, beginning of year | 247 | ||
Projected benefit obligation, end of year | 186 | 247 | |
U.S. Plans | Postretirement benefit plans | |||
Change in projected benefit obligation: | |||
Benefit obligation, beginning of year | 174 | 191 | |
Service cost | 1 | 1 | 1 |
Interest cost | 4 | 3 | 5 |
Actuarial gain (loss) | (36) | (10) | |
AIG assets | (12) | (11) | |
Plan assets | 0 | 0 | |
Plan amendment | 0 | 0 | |
Curtailments | 0 | 0 | |
Settlements | 0 | 0 | |
Foreign exchange effect | 0 | 0 | |
Other | 0 | 0 | |
Projected benefit obligation, end of year | 131 | 174 | 191 |
Change in plan assets: | |||
Fair value of plan assets, beginning of year | 0 | 0 | |
Actual return on plan assets, net of expenses | 0 | 0 | |
AIG contributions | 12 | 11 | |
Foreign exchange effect | 0 | 0 | |
Fair value of plan assets, end of year | 0 | 0 | 0 |
Funded status, end of year | (131) | (174) | |
Amounts recognized in the balance sheet: | |||
Assets | 0 | 0 | |
Liabilities | (131) | (174) | |
Total amounts recognized | (131) | (174) | |
Pre-tax amounts recognized in Accumulated other comprehensive income (loss): | |||
Net gain (loss) | 39 | 3 | |
Prior service (cost) credit | 0 | 0 | |
Total amounts recognized | 39 | 3 | |
Non-US Plan | Pension | |||
Change in projected benefit obligation: | |||
Benefit obligation, beginning of year | 1,157 | 1,231 | |
Service cost | 18 | 21 | 21 |
Interest cost | 10 | 9 | 10 |
Actuarial gain (loss) | (183) | 10 | |
AIG assets | (8) | (9) | |
Plan assets | (26) | (30) | |
Plan amendment | 1 | 0 | |
Curtailments | 0 | 0 | |
Settlements | (3) | (9) | |
Foreign exchange effect | (139) | (66) | |
Other | (1) | 0 | |
Projected benefit obligation, end of year | 826 | 1,157 | 1,231 |
Change in plan assets: | |||
Fair value of plan assets, beginning of year | 996 | 977 | |
Actual return on plan assets, net of expenses | (133) | 77 | |
AIG contributions | 42 | 48 | |
Foreign exchange effect | (137) | (58) | |
Fair value of plan assets, end of year | 731 | 996 | 977 |
Funded status, end of year | (95) | (161) | |
Amounts recognized in the balance sheet: | |||
Assets | 78 | 84 | |
Liabilities | (173) | (245) | |
Total amounts recognized | (95) | (161) | |
Pre-tax amounts recognized in Accumulated other comprehensive income (loss): | |||
Net gain (loss) | (70) | (119) | |
Prior service (cost) credit | (25) | (34) | |
Total amounts recognized | (95) | (153) | |
Non-US Plan | Pension | Defined Benefit Plan, Unfunded Plan | |||
Change in projected benefit obligation: | |||
Benefit obligation, beginning of year | 204 | ||
Projected benefit obligation, end of year | 143 | 204 | |
Non-US Plan | Postretirement benefit plans | |||
Change in projected benefit obligation: | |||
Benefit obligation, beginning of year | 47 | 71 | |
Service cost | 0 | 1 | 1 |
Interest cost | 1 | 2 | 2 |
Actuarial gain (loss) | (14) | (17) | |
AIG assets | (1) | (1) | |
Plan assets | 0 | 0 | |
Plan amendment | 0 | (2) | |
Curtailments | 0 | (7) | |
Settlements | 0 | 0 | |
Foreign exchange effect | (1) | 0 | |
Other | 0 | 0 | |
Projected benefit obligation, end of year | 32 | 47 | 71 |
Change in plan assets: | |||
Fair value of plan assets, beginning of year | 0 | 0 | |
Actual return on plan assets, net of expenses | 0 | 0 | |
AIG contributions | 1 | 1 | |
Foreign exchange effect | 0 | 0 | |
Fair value of plan assets, end of year | 0 | 0 | $ 0 |
Funded status, end of year | (32) | (47) | |
Amounts recognized in the balance sheet: | |||
Assets | 0 | 0 | |
Liabilities | (32) | (47) | |
Total amounts recognized | (32) | (47) | |
Pre-tax amounts recognized in Accumulated other comprehensive income (loss): | |||
Net gain (loss) | 24 | 11 | |
Prior service (cost) credit | 1 | 2 | |
Total amounts recognized | $ 25 | $ 13 |
Employee Benefits - Schedule _2
Employee Benefits - Schedule of accumulated benefit obligations (Details) - Pension - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
U.S. Plans | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined benefit plan, accumulated benefit obligation | $ 3,475 | $ 4,795 |
Non-US Plan | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined benefit plan, accumulated benefit obligation | $ 815 | $ 1,141 |
Employee Benefits - Schedule _3
Employee Benefits - Schedule of projected benefit obligation in excess of the plan assets and the accumulated benefit obligation in excess of the plan assets (Details) - Pension - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
U.S. Plans | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Projected benefit obligation | $ 185 | $ 247 |
Accumulated benefit obligation | 186 | 247 |
Fair value of plan assets | 0 | 0 |
Fair value of plan assets | 0 | 0 |
Non-US Plan | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Projected benefit obligation | 280 | 897 |
Accumulated benefit obligation | 238 | 836 |
Fair value of plan assets | 76 | 605 |
Fair value of plan assets | $ 76 | $ 605 |
Employee Benefits - Schedule _4
Employee Benefits - Schedule of components of net periodic cost (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
U.S. Plans | Pension | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | $ 5,000,000 | $ 5,000,000 | $ 5,000,000 |
Interest cost | 109,000,000 | 92,000,000 | 134,000,000 |
Expected return on assets | (213,000,000) | (243,000,000) | (239,000,000) |
Amortization of prior service cost | 0 | 0 | 0 |
Amortization of net (gain) loss | 24,000,000 | 33,000,000 | 33,000,000 |
Net periodic benefit cost (credit) | (75,000,000) | (113,000,000) | (67,000,000) |
Settlement loss | 60,000,000 | 34,000,000 | 0 |
Net benefit cost (credit) | (15,000,000) | (79,000,000) | (67,000,000) |
Total recognized in Accumulated other comprehensive income (loss) | (117,000,000) | 332,000,000 | (57,000,000) |
Total recognized in net periodic benefit cost and other comprehensive income (loss) | (102,000,000) | 411,000,000 | 10,000,000 |
U.S. Plans | Postretirement benefit plans | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | 1,000,000 | 1,000,000 | 1,000,000 |
Interest cost | 4,000,000 | 3,000,000 | 5,000,000 |
Expected return on assets | 0 | 0 | 0 |
Amortization of prior service cost | 0 | 0 | 0 |
Amortization of net (gain) loss | 0 | 0 | 0 |
Net periodic benefit cost (credit) | 5,000,000 | 4,000,000 | 6,000,000 |
Settlement loss | 0 | 0 | 0 |
Net benefit cost (credit) | 5,000,000 | 4,000,000 | 6,000,000 |
Total recognized in Accumulated other comprehensive income (loss) | 36,000,000 | 10,000,000 | (17,000,000) |
Total recognized in net periodic benefit cost and other comprehensive income (loss) | 31,000,000 | 6,000,000 | (23,000,000) |
Non-US Plan | Pension | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | 18,000,000 | 21,000,000 | 21,000,000 |
Interest cost | 10,000,000 | 9,000,000 | 10,000,000 |
Expected return on assets | (17,000,000) | (21,000,000) | (21,000,000) |
Amortization of prior service cost | 3,000,000 | 3,000,000 | 2,000,000 |
Amortization of net (gain) loss | 4,000,000 | 7,000,000 | 8,000,000 |
Net periodic benefit cost (credit) | 18,000,000 | 19,000,000 | 20,000,000 |
Settlement loss | 0 | 1,000,000 | 3,000,000 |
Net benefit cost (credit) | 18,000,000 | 20,000,000 | 23,000,000 |
Total recognized in Accumulated other comprehensive income (loss) | 57,000,000 | 65,000,000 | (1,000,000) |
Total recognized in net periodic benefit cost and other comprehensive income (loss) | 39,000,000 | 45,000,000 | (24,000,000) |
Non-US Plan | Postretirement benefit plans | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | 0 | 1,000,000 | 1,000,000 |
Interest cost | 1,000,000 | 2,000,000 | 2,000,000 |
Expected return on assets | 0 | 0 | 0 |
Amortization of prior service cost | 0 | 0 | (1,000,000) |
Amortization of net (gain) loss | (1,000,000) | 1,000,000 | 0 |
Net periodic benefit cost (credit) | 0 | 4,000,000 | 2,000,000 |
Settlement loss | 0 | 0 | 0 |
Net benefit cost (credit) | 0 | 4,000,000 | 2,000,000 |
Total recognized in Accumulated other comprehensive income (loss) | 13,000,000 | 27,000,000 | (9,000,000) |
Total recognized in net periodic benefit cost and other comprehensive income (loss) | $ 13,000,000 | $ 23,000,000 | $ (11,000,000) |
Employee Benefits - Schedule _5
Employee Benefits - Schedule of weighted average assumptions used to determine the benefit obligations (Details) | Dec. 31, 2022 | Dec. 31, 2021 |
Pension | U.S. Plans | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Discount rate | 5.22% | 2.75% |
Interest crediting rate | 4.02% | 2.06% |
Pension | Non-US Plan | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Discount rate | 2.51% | 1.09% |
Interest crediting rate | 1.07% | 0.70% |
Rate of compensation increase | 2.38% | 2.40% |
Postretirement benefit plans | U.S. Plans | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Discount rate | 5.19% | 2.87% |
Postretirement benefit plans | Non-US Plan | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Discount rate | 5.23% | 2.89% |
Employee Benefits - Schedule _6
Employee Benefits - Schedule of assumed health care cost trend rates (Details) - U.S. Plans - Pension | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Ultimate rate to which cost increase is assumed to decline | 4% | 4% |
Before age 65 | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Following year | 6.01% | 5.45% |
Year in which the ultimate trend rate is reached | 2046 | 2046 |
Age 65 And Older | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Following year | 4.95% | 4.98% |
Year in which the ultimate trend rate is reached | 2046 | 2046 |
Employee Benefits - Schedule _7
Employee Benefits - Schedule of weighted average assumptions used to determine the net periodic benefit costs (Details) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
U.S. Plans | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Expected return on assets | 4.65% | 5.15% | |
U.S. Plans | Pension | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate | 2.75% | 2.28% | 3.16% |
Interest crediting rate | 2.06% | 1.57% | 2.19% |
Expected return on assets | 4.65% | 5.15% | 5.55% |
U.S. Plans | Postretirement benefit plans | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate | 2.87% | 2.45% | 3.14% |
Interest crediting rate | 2.20% | ||
Expected return on assets | 2.78% | ||
Non-US Plan | Pension | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate | 1.09% | 1% | 1.09% |
Interest crediting rate | 0.70% | 0.72% | 0.44% |
Rate of compensation increase | 2.40% | 2.28% | 2.22% |
Expected return on assets | 1.84% | 2.23% | 2.32% |
Non-US Plan | Postretirement benefit plans | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate | 2.89% | 2.33% | 3.18% |
Rate of compensation increase | 3% |
Employee Benefits - Schedule _8
Employee Benefits - Schedule of asset allocation percentage by major asset class and target allocation (Details) | Dec. 31, 2022 | Dec. 31, 2021 |
U.S. Plans | ||
Defined Benefit Plan, Plan Assets, Category [Line Items] | ||
Plan assets, target allocation percentage | 100% | |
Plan assets. actual allocation percentage | 100% | 100% |
Non-US Plan | ||
Defined Benefit Plan, Plan Assets, Category [Line Items] | ||
Plan assets, target allocation percentage | 100% | |
Plan assets. actual allocation percentage | 100% | 100% |
Equity securities | U.S. Plans | ||
Defined Benefit Plan, Plan Assets, Category [Line Items] | ||
Plan assets, target allocation percentage | 9% | |
Plan assets. actual allocation percentage | 6% | 15% |
Equity securities | Non-US Plan | ||
Defined Benefit Plan, Plan Assets, Category [Line Items] | ||
Plan assets, target allocation percentage | 21% | |
Plan assets. actual allocation percentage | 24% | 24% |
Fixed maturity securities | U.S. Plans | ||
Defined Benefit Plan, Plan Assets, Category [Line Items] | ||
Plan assets, target allocation percentage | 80% | |
Plan assets. actual allocation percentage | 77% | 71% |
Fixed maturity securities | Non-US Plan | ||
Defined Benefit Plan, Plan Assets, Category [Line Items] | ||
Plan assets, target allocation percentage | 59% | |
Plan assets. actual allocation percentage | 44% | 44% |
Other investments | U.S. Plans | ||
Defined Benefit Plan, Plan Assets, Category [Line Items] | ||
Plan assets, target allocation percentage | 11% | |
Plan assets. actual allocation percentage | 17% | 14% |
Other investments | Non-US Plan | ||
Defined Benefit Plan, Plan Assets, Category [Line Items] | ||
Plan assets, target allocation percentage | 17% | |
Plan assets. actual allocation percentage | 23% | 24% |
Cash and cash equivalents | Non-US Plan | ||
Defined Benefit Plan, Plan Assets, Category [Line Items] | ||
Plan assets, target allocation percentage | 3% | |
Plan assets. actual allocation percentage | 9% | 8% |
Employee Benefits - Schedule _9
Employee Benefits - Schedule of plan assets based on the level within the fair value hierarchy in which the fair value measurement falls (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | $ 3,345 | $ 4,746 | $ 4,931 |
Level 1 | U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 244 | 459 | |
Level 1 | Non-U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 194 | 269 | |
Level 2 | U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 2,501 | 3,319 | |
Level 2 | Non-U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 403 | 556 | |
Level 3 | U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 20 | 25 | 16 |
Level 3 | Non-U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 134 | 171 | 179 |
Levels 1, 2 and 3 | U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 2,765 | 3,803 | |
Levels 1, 2 and 3 | Non-U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 731 | 996 | |
Cash and cash equivalents | Cash and Cash Equivalents | Level 1 | U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 119 | 118 | |
Cash and cash equivalents | Cash and Cash Equivalents | Level 1 | Non-U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 64 | 84 | |
Cash and cash equivalents | Cash and Cash Equivalents | Level 2 | U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | 0 | |
Cash and cash equivalents | Cash and Cash Equivalents | Level 2 | Non-U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | 0 | |
Cash and cash equivalents | Cash and Cash Equivalents | Level 3 | U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | 0 | |
Cash and cash equivalents | Cash and Cash Equivalents | Level 3 | Non-U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | 0 | |
Cash and cash equivalents | Cash and Cash Equivalents | Levels 1, 2 and 3 | U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 119 | 118 | |
Cash and cash equivalents | Cash and Cash Equivalents | Levels 1, 2 and 3 | Non-U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 64 | 84 | |
U.S. | U.S. | Level 1 | U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 90 | 301 | |
U.S. | U.S. | Level 1 | Non-U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | 0 | |
U.S. | U.S. | Level 2 | U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | 0 | |
U.S. | U.S. | Level 2 | Non-U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | 0 | |
U.S. | U.S. | Level 3 | U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | 0 | |
U.S. | U.S. | Level 3 | Non-U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | 0 | |
U.S. | U.S. | Levels 1, 2 and 3 | U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 90 | 301 | |
U.S. | U.S. | Levels 1, 2 and 3 | Non-U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | 0 | |
International | U.S. | Level 1 | U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 5 | 9 | |
International | U.S. | Level 1 | Non-U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 130 | 185 | |
International | U.S. | Level 2 | U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | 0 | |
International | U.S. | Level 2 | Non-U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 44 | 54 | |
International | U.S. | Level 3 | U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | 0 | |
International | U.S. | Level 3 | Non-U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | 0 | |
International | U.S. | Levels 1, 2 and 3 | U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 5 | 9 | |
International | U.S. | Levels 1, 2 and 3 | Non-U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 174 | 239 | |
U.S. investment grade | Fixed maturity securities | Level 1 | U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 45 | 27 | |
U.S. investment grade | Fixed maturity securities | Level 1 | Non-U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | 0 | |
U.S. investment grade | Fixed maturity securities | Level 2 | U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 2,213 | 2,858 | |
U.S. investment grade | Fixed maturity securities | Level 2 | Non-U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | 0 | |
U.S. investment grade | Fixed maturity securities | Level 3 | U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 10 | 16 | 10 |
U.S. investment grade | Fixed maturity securities | Level 3 | Non-U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | 0 | |
U.S. investment grade | Fixed maturity securities | Levels 1, 2 and 3 | U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 2,268 | 2,901 | |
U.S. investment grade | Fixed maturity securities | Levels 1, 2 and 3 | Non-U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | 0 | |
International investment grade | Fixed maturity securities | Level 1 | U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | 0 | |
International investment grade | Fixed maturity securities | Level 1 | Non-U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | 0 | |
International investment grade | Fixed maturity securities | Level 2 | U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 177 | 302 | |
International investment grade | Fixed maturity securities | Level 2 | Non-U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 140 | 180 | |
International investment grade | Fixed maturity securities | Level 3 | U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | 0 | |
International investment grade | Fixed maturity securities | Level 3 | Non-U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | 0 | |
International investment grade | Fixed maturity securities | Levels 1, 2 and 3 | U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 177 | 302 | |
International investment grade | Fixed maturity securities | Levels 1, 2 and 3 | Non-U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 140 | 180 | |
U.S. and international high yield | Fixed maturity securities | Level 1 | U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | 0 | |
U.S. and international high yield | Fixed maturity securities | Level 1 | Non-U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | 0 | |
U.S. and international high yield | Fixed maturity securities | Level 2 | U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 58 | 90 | |
U.S. and international high yield | Fixed maturity securities | Level 2 | Non-U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 184 | 239 | |
U.S. and international high yield | Fixed maturity securities | Level 3 | U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | 0 | |
U.S. and international high yield | Fixed maturity securities | Level 3 | Non-U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | 0 | |
U.S. and international high yield | Fixed maturity securities | Levels 1, 2 and 3 | U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 58 | 90 | |
U.S. and international high yield | Fixed maturity securities | Levels 1, 2 and 3 | Non-U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 184 | 239 | |
Mortgage and other asset-backed securities | Fixed maturity securities | Level 1 | U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | 0 | |
Mortgage and other asset-backed securities | Fixed maturity securities | Level 1 | Non-U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | 0 | |
Mortgage and other asset-backed securities | Fixed maturity securities | Level 2 | U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 43 | 55 | |
Mortgage and other asset-backed securities | Fixed maturity securities | Level 2 | Non-U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | 0 | |
Mortgage and other asset-backed securities | Fixed maturity securities | Level 3 | U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 5 | 1 | 0 |
Mortgage and other asset-backed securities | Fixed maturity securities | Level 3 | Non-U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | 0 | |
Mortgage and other asset-backed securities | Fixed maturity securities | Levels 1, 2 and 3 | U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 48 | 56 | |
Mortgage and other asset-backed securities | Fixed maturity securities | Levels 1, 2 and 3 | Non-U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | 0 | |
Other fixed maturity securities | Fixed maturity securities | Level 1 | U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | ||
Other fixed maturity securities | Fixed maturity securities | Level 1 | Non-U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | ||
Other fixed maturity securities | Fixed maturity securities | Level 2 | U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 3 | ||
Other fixed maturity securities | Fixed maturity securities | Level 2 | Non-U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 19 | ||
Other fixed maturity securities | Fixed maturity securities | Level 3 | U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | ||
Other fixed maturity securities | Fixed maturity securities | Level 3 | Non-U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | ||
Other fixed maturity securities | Fixed maturity securities | Levels 1, 2 and 3 | U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 3 | ||
Other fixed maturity securities | Fixed maturity securities | Levels 1, 2 and 3 | Non-U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 19 | ||
Futures | Other investments | Level 1 | U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | (15) | 4 | |
Futures | Other investments | Level 1 | Non-U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | 0 | |
Futures | Other investments | Level 2 | U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | 0 | |
Futures | Other investments | Level 2 | Non-U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | 0 | |
Futures | Other investments | Level 3 | U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | 0 | |
Futures | Other investments | Level 3 | Non-U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | 0 | |
Futures | Other investments | Levels 1, 2 and 3 | U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | (15) | 4 | |
Futures | Other investments | Levels 1, 2 and 3 | Non-U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | 0 | |
Direct private equity | Level 3 | U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 5 | 8 | $ 6 |
Direct private equity | Other investments | Level 1 | U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | 0 | |
Direct private equity | Other investments | Level 1 | Non-U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | 0 | |
Direct private equity | Other investments | Level 2 | U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | 0 | |
Direct private equity | Other investments | Level 2 | Non-U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | 0 | |
Direct private equity | Other investments | Level 3 | U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 5 | 8 | |
Direct private equity | Other investments | Level 3 | Non-U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | 0 | |
Direct private equity | Other investments | Levels 1, 2 and 3 | U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 5 | 8 | |
Direct private equity | Other investments | Levels 1, 2 and 3 | Non-U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | 0 | |
Insurance contracts | Other investments | Level 1 | U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | 0 | |
Insurance contracts | Other investments | Level 1 | Non-U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | 0 | |
Insurance contracts | Other investments | Level 2 | U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 10 | 11 | |
Insurance contracts | Other investments | Level 2 | Non-U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | 0 | |
Insurance contracts | Other investments | Level 3 | U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | 0 | |
Insurance contracts | Other investments | Level 3 | Non-U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 134 | 171 | |
Insurance contracts | Other investments | Levels 1, 2 and 3 | U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 10 | 11 | |
Insurance contracts | Other investments | Levels 1, 2 and 3 | Non-U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 134 | 171 | |
Mutual funds | Other investments | Level 1 | U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | 0 | |
Mutual funds | Other investments | Level 1 | Non-U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | 0 | |
Mutual funds | Other investments | Level 2 | U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | 0 | |
Mutual funds | Other investments | Level 2 | Non-U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 35 | 64 | |
Mutual funds | Other investments | Level 3 | U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | 0 | |
Mutual funds | Other investments | Level 3 | Non-U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | 0 | |
Mutual funds | Other investments | Levels 1, 2 and 3 | U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | 0 | |
Mutual funds | Other investments | Levels 1, 2 and 3 | Non-U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 35 | 64 | |
Other Investment Types | Fair Value Measured at Net Asset Value Per Share | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | $ 580 | $ 943 |
Employee Benefits - Schedule_10
Employee Benefits - Schedule of changes in Level 3 plan assets measured at fair value (Details) - Pension - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
U.S. Plans | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value of plan assets, beginning of year | $ 4,746 | $ 4,931 |
Fair value of plan assets, end of year | 3,345 | 4,746 |
Level 3 | U.S. Plans | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value of plan assets, beginning of year | 25 | 16 |
Net Realized and Unrealized Gains (Losses) | (6) | 2 |
Purchases | 7 | 6 |
Sales | (2) | (4) |
Issuances | 0 | 0 |
Settlements | 0 | 0 |
Transfers In | 2 | 5 |
Transfers Out | (6) | 0 |
Fair value of plan assets, end of year | 20 | 25 |
Changes in Unrealized Gains (Losses) on Instruments Held at End of Year | (7) | 1 |
Level 3 | U.S. Plans | Other Comprehensive Income (Loss) | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Changes in Unrealized Gains (Losses) on Instruments Held at End of Year | 0 | 0 |
Level 3 | Non-U.S. Plans | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value of plan assets, beginning of year | 171 | 179 |
Net Realized and Unrealized Gains (Losses) | (43) | (9) |
Purchases | 4 | 1 |
Sales | 0 | 0 |
Issuances | 0 | 0 |
Settlements | 0 | 0 |
Transfers In | 2 | 0 |
Transfers Out | 0 | 0 |
Fair value of plan assets, end of year | 134 | 171 |
Changes in Unrealized Gains (Losses) on Instruments Held at End of Year | 0 | 0 |
Level 3 | Non-U.S. Plans | Other Comprehensive Income (Loss) | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Changes in Unrealized Gains (Losses) on Instruments Held at End of Year | 0 | 0 |
Direct private equity | Level 3 | U.S. Plans | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value of plan assets, beginning of year | 8 | 6 |
Net Realized and Unrealized Gains (Losses) | (1) | 2 |
Purchases | 0 | 0 |
Sales | (2) | 0 |
Issuances | 0 | 0 |
Settlements | 0 | 0 |
Transfers In | 0 | 0 |
Transfers Out | 0 | 0 |
Fair value of plan assets, end of year | 5 | 8 |
Changes in Unrealized Gains (Losses) on Instruments Held at End of Year | (2) | 1 |
Direct private equity | Level 3 | U.S. Plans | Other Comprehensive Income (Loss) | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Changes in Unrealized Gains (Losses) on Instruments Held at End of Year | 0 | 0 |
Fixed maturity securities | U.S. investment grade | Level 3 | U.S. Plans | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value of plan assets, beginning of year | 16 | 10 |
Net Realized and Unrealized Gains (Losses) | (4) | 0 |
Purchases | 4 | 5 |
Sales | 0 | (4) |
Issuances | 0 | 0 |
Settlements | 0 | 0 |
Transfers In | 0 | 5 |
Transfers Out | (6) | 0 |
Fair value of plan assets, end of year | 10 | 16 |
Changes in Unrealized Gains (Losses) on Instruments Held at End of Year | (4) | 0 |
Fixed maturity securities | U.S. investment grade | Level 3 | U.S. Plans | Other Comprehensive Income (Loss) | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Changes in Unrealized Gains (Losses) on Instruments Held at End of Year | 0 | 0 |
Fixed maturity securities | U.S. investment grade | Level 3 | Non-U.S. Plans | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value of plan assets, beginning of year | 0 | |
Fair value of plan assets, end of year | 0 | 0 |
Fixed maturity securities | Mortgage-backed, asset-backed and collateralized | Level 3 | U.S. Plans | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value of plan assets, beginning of year | 1 | 0 |
Net Realized and Unrealized Gains (Losses) | (1) | 0 |
Purchases | 3 | 1 |
Sales | 0 | 0 |
Issuances | 0 | 0 |
Settlements | 0 | 0 |
Transfers In | 2 | 0 |
Transfers Out | 0 | 0 |
Fair value of plan assets, end of year | 5 | 1 |
Changes in Unrealized Gains (Losses) on Instruments Held at End of Year | (1) | 0 |
Fixed maturity securities | Mortgage-backed, asset-backed and collateralized | Level 3 | U.S. Plans | Other Comprehensive Income (Loss) | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Changes in Unrealized Gains (Losses) on Instruments Held at End of Year | 0 | 0 |
Fixed maturity securities | Mortgage-backed, asset-backed and collateralized | Level 3 | Non-U.S. Plans | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value of plan assets, beginning of year | 0 | |
Fair value of plan assets, end of year | 0 | 0 |
Insurance contracts | Level 3 | Non-U.S. Plans | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value of plan assets, beginning of year | 171 | 179 |
Net Realized and Unrealized Gains (Losses) | (43) | (9) |
Purchases | 4 | 1 |
Sales | 0 | 0 |
Issuances | 0 | 0 |
Settlements | 0 | 0 |
Transfers In | 2 | 0 |
Transfers Out | 0 | 0 |
Fair value of plan assets, end of year | 134 | 171 |
Changes in Unrealized Gains (Losses) on Instruments Held at End of Year | 0 | 0 |
Insurance contracts | Level 3 | Non-U.S. Plans | Other Comprehensive Income (Loss) | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Changes in Unrealized Gains (Losses) on Instruments Held at End of Year | $ 0 | $ 0 |
Employee Benefits - Schedule_11
Employee Benefits - Schedule of expected future benefit payments, net of participants' contributions (Details) $ in Millions | Dec. 31, 2022 USD ($) |
U.S. Plans | Pension | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2023 | $ 287 |
2024 | 292 |
2025 | 289 |
2026 | 282 |
2027 | 280 |
2028-2032 | 1,295 |
U.S. Plans | Postretirement benefit plans | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2023 | 12 |
2024 | 11 |
2025 | 11 |
2026 | 10 |
2027 | 10 |
2028-2032 | 44 |
Non-U.S. Plans | Pension | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2023 | 38 |
2024 | 43 |
2025 | 45 |
2026 | 47 |
2027 | 48 |
2028-2032 | 251 |
Non-U.S. Plans | Postretirement benefit plans | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2023 | 1 |
2024 | 1 |
2025 | 1 |
2026 | 2 |
2027 | 2 |
2028-2032 | $ 9 |
Income Taxes - Basis of Present
Income Taxes - Basis of Presentation (Details) - Corebridge Financial Inc | Dec. 31, 2022 | Sep. 19, 2022 |
Valuation Allowance [Line Items] | ||
Ownership (as a percent) | 77.70% | |
Maximum | ||
Valuation Allowance [Line Items] | ||
Ownership (as a percent) | 80% |
Income Taxes - Schedule of inco
Income Taxes - Schedule of income (loss) from continuing operations before income tax expense (benefit) by U.S. and foreign location (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
U.S. | $ 12,432 | $ 9,838 | $ (8,396) |
Foreign | 1,850 | 2,261 | 1,103 |
Income (loss) from continuing operations before income tax expense (benefit) | $ 14,282 | $ 12,099 | $ (7,293) |
Income Taxes - Schedule of in_2
Income Taxes - Schedule of income tax expense (benefit) attributable to pre-tax income (loss) from continuing operations (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Current federal tax expense (benefit) | $ 246 | $ (216) | $ (57) |
Deferred federal income tax expense (benefit) | 2,348 | 2,190 | (1,676) |
Current foreign tax expense (benefit) | 271 | 171 | 274 |
Deferred foreign income tax expense (benefit) | 141 | 31 | (1) |
Income tax expense (benefit) | $ 3,006 | $ 2,176 | $ (1,460) |
Income Taxes - Schedule of reco
Income Taxes - Schedule of reconciliation between actual income tax (benefit) expense and statutory U.S. federal amount computed by applying the federal income tax rate (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Consolidated total amount, pre-tax income (loss) | $ 14,281 | $ 12,099 | $ (7,288) |
U.S. federal income tax at statutory rate | $ 2,999 | $ 2,540 | $ (1,531) |
U.S. federal income tax at statutory rate (as a percent) | 21% | 21% | 21% |
Tax exempt interest | $ (18) | $ (18) | $ (19) |
Tax exempt interest (as a percent) | (0.10%) | (0.10%) | 0.30% |
Uncertain tax positions | $ (17) | $ (9) | $ 165 |
Uncertain tax positions (as a percent) | (0.10%) | (0.10%) | (2.30%) |
Reclassifications from AOCI | $ (81) | $ (109) | $ (101) |
Reclassifications from AOCI (as a percent) | (0.60%) | (0.90%) | 1.40% |
Dispositions of subsidiaries | $ 0 | $ 11 | $ 180 |
Dispositions of subsidiaries (as a percent) | 0% | 0.10% | (2.50%) |
Non-controlling interest | $ (31) | $ (97) | $ (12) |
Non-controlling interest income ( as a percent) | (0.20%) | (0.80%) | 0.20% |
Non-deductible transfer pricing charges | $ 12 | $ 16 | $ 11 |
Non-deductible transfer pricing charges (as a percent) | 0.10% | 0.10% | (0.20%) |
Dividends received deduction | $ (36) | $ (37) | $ (39) |
Dividends received deduction (as a percent) | (0.30%) | (0.30%) | 0.50% |
Effect of foreign operations | $ 149 | $ 134 | $ 76 |
Effect of foreign operations (as a percent) | 1% | 1.10% | (1.00%) |
Share-based compensation payments excess tax effect | $ (19) | $ 16 | $ 35 |
Share-based compensation payments excess tax effect (as a percent) | (0.10%) | 0.10% | (0.50%) |
State income taxes | $ 33 | $ 37 | $ 15 |
State income taxes (as a percent) | 0.20% | 0.30% | (0.20%) |
Expiration of tax attribute carryforwards | $ 0 | $ 16 | $ 221 |
Expiration of tax attribute carryforwards (as a percent) | 0% | 0.10% | (3.00%) |
Tax audit resolution | $ 0 | $ (935) | $ (379) |
Tax audit resolution (as a percent) | 0% | (7.60%) | 5.20% |
Other | $ 40 | $ (107) | $ (16) |
Other (as a percent) | 0.30% | (0.90%) | 0.20% |
Effect of discontinued operations | $ 0 | $ 0 | $ 0 |
Effect of discontinued operations (as a percent) | 0% | 0% | 0% |
Continuing operations | $ (25) | $ 718 | $ (65) |
Continuing operations (as a percent) | (0.20%) | 5.90% | 0.90% |
Consolidated total amount, tax expense (benefit) | $ 3,006 | $ 2,176 | $ (1,459) |
Consolidated total amount (as a percent) | 21% | 18% | 20% |
Amounts attributable to discontinued operations, pre-tax income (loss) | $ (1) | $ 0 | $ 5 |
Amounts attributable to discontinued operations, tax expense (benefit) | $ 0 | $ 0 | $ 1 |
Amounts attributable to discontinued operations (as a percent) | 0% | 0% | 20% |
Income (loss) from continuing operations before income tax expense (benefit) | $ 14,282 | $ 12,099 | $ (7,293) |
Income tax expense (benefit) | $ 3,006 | $ 2,176 | $ (1,460) |
Effective tax rates on income from continuing operations (as a percent) | 21% | 18% | 20% |
Charges related to accrual of income tax interest | $ 67 | ||
Unrecognized tax benefits interest on income taxes accrued tax expense reported in uncertain tax positions | 139 | ||
Unrecognized tax benefits interest on income taxes accrued, tax benefit reported in other | $ 72 |
Income Taxes - Schedule of comp
Income Taxes - Schedule of components of the net deferred tax asset (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Deferred tax assets: | ||
Losses and tax credit carryforwards | $ 6,868 | $ 7,291 |
Basis differences on investments | 2,652 | 2,944 |
Fortitude Re funds withheld embedded derivative | 0 | 543 |
Life policy reserves | 3,697 | 3,751 |
Accruals not currently deductible, and other | 389 | 634 |
Loss reserve discount | 352 | 455 |
Loan loss and other reserves | 62 | 509 |
Unearned premium reserve reduction | 294 | 283 |
Fixed assets and intangible assets | 1,081 | 1,262 |
Unrealized losses related to available for sale debt securities | 5,595 | 0 |
Other | 498 | 247 |
Employee benefits | 382 | 407 |
Total deferred tax assets | 21,870 | 18,326 |
Deferred tax liabilities: | ||
Investments in foreign subsidiaries | (41) | (15) |
Deferred policy acquisition costs | (1,868) | (2,054) |
Unrealized gains related to available for sale debt securities | 0 | (2,791) |
Fortitude Re funds withheld embedded derivative | (862) | 0 |
Other | 0 | 0 |
Deferred tax liabilities | (2,771) | (4,860) |
Net deferred tax assets before valuation allowance | 19,099 | 13,466 |
Valuation allowance | (4,250) | (1,987) |
Net deferred tax assets (liabilities) | $ 14,849 | $ 11,479 |
Income Taxes - Schedule of cons
Income Taxes - Schedule of consolidated income tax group credits carryforwards (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards, gross | $ 24,804 |
Net operating loss carryforwards | 5,209 |
Capital loss carryforwards, gross | 0 |
Capital loss carryforwards | 0 |
Foreign tax credit carryforwards | 22 |
Other carryforwards | 0 |
Total AIG U.S. consolidated federal income tax group tax losses and credits carryforwards on a U.S. GAAP basis(a) | 5,231 |
2023 | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | 0 |
Capital loss carryforwards | 0 |
Foreign tax credit carryforwards | 22 |
Other carryforwards | 0 |
Total AIG U.S. consolidated federal income tax group tax losses and credits carryforwards on a U.S. GAAP basis(a) | 22 |
2024 | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | 0 |
Capital loss carryforwards | 0 |
Foreign tax credit carryforwards | 0 |
Other carryforwards | 0 |
Total AIG U.S. consolidated federal income tax group tax losses and credits carryforwards on a U.S. GAAP basis(a) | 0 |
2025 | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | 0 |
Capital loss carryforwards | 0 |
Foreign tax credit carryforwards | 0 |
Other carryforwards | 0 |
Total AIG U.S. consolidated federal income tax group tax losses and credits carryforwards on a U.S. GAAP basis(a) | 0 |
2026 | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | 0 |
Capital loss carryforwards | 0 |
Foreign tax credit carryforwards | 0 |
Other carryforwards | 0 |
Total AIG U.S. consolidated federal income tax group tax losses and credits carryforwards on a U.S. GAAP basis(a) | 0 |
2027 | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | 0 |
Capital loss carryforwards | 0 |
Foreign tax credit carryforwards | 0 |
Other carryforwards | 0 |
Total AIG U.S. consolidated federal income tax group tax losses and credits carryforwards on a U.S. GAAP basis(a) | 0 |
2028 | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | 3,253 |
Capital loss carryforwards | 0 |
Foreign tax credit carryforwards | 0 |
Other carryforwards | 0 |
Total AIG U.S. consolidated federal income tax group tax losses and credits carryforwards on a U.S. GAAP basis(a) | 3,253 |
Unlimited Carryforwards And Tax Years 2029 And After | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | 1,956 |
Capital loss carryforwards | 0 |
Foreign tax credit carryforwards | 0 |
Other carryforwards | 0 |
Total AIG U.S. consolidated federal income tax group tax losses and credits carryforwards on a U.S. GAAP basis(a) | $ 1,956 |
Income Taxes - Assessment of De
Income Taxes - Assessment of Deferred Tax Asset Valuation Allowance (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Valuation Allowance [Line Items] | |
Valuation allowance related to certain tax attribute carryforward | $ 864 |
Federal Tax Credit Carryforwards and Tax Credit Carryforwards | |
Valuation Allowance [Line Items] | |
Valuation allowance related to certain tax attribute carryforward | 713 |
Other Deferred Tax Assets | |
Valuation Allowance [Line Items] | |
Valuation allowance related to certain tax attribute carryforward | 151 |
U.S.. Life Insurance Companies | |
Valuation Allowance [Line Items] | |
Deferred tax asset valuation allowance recognized | 1,400 |
Non U.S.. Life Insurance Companies | |
Valuation Allowance [Line Items] | |
Deferred tax asset valuation allowance recognized | 905 |
Foreign And State Jurisdictions | |
Valuation Allowance [Line Items] | |
Deferred tax asset valuation allowance recognized | $ (31) |
Income Taxes -Schedule of net d
Income Taxes -Schedule of net deferred tax assets (liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Valuation Allowance [Line Items] | ||
Valuation allowance | $ (4,250) | $ (1,987) |
Net deferred tax assets (liabilities) | 14,849 | 11,479 |
Net deferred tax assets before valuation allowance | 19,099 | 13,466 |
Subtotal - Net U.S., foreign, state and local deferred tax assets | 15,144 | 11,714 |
Net foreign, state and local deferred tax liabilities | (2,771) | (4,860) |
Total AIG net deferred tax assets (liabilities) | 14,849 | 11,479 |
United States | ||
Valuation Allowance [Line Items] | ||
Net U.S. deferred tax assets | 12,094 | 14,656 |
Net deferred tax assets (liabilities) in AOCI | 4,958 | (2,772) |
Valuation allowance | (3,128) | (859) |
Net deferred tax assets (liabilities) | 13,924 | 11,025 |
Total AIG net deferred tax assets (liabilities) | 13,924 | 11,025 |
Foreign State And Local | ||
Valuation Allowance [Line Items] | ||
Valuation allowance | (1,122) | (1,128) |
Net deferred tax assets (liabilities) | 1,220 | 689 |
Net deferred tax assets before valuation allowance | 2,342 | 1,817 |
Net foreign, state and local deferred tax liabilities | (295) | (235) |
Total AIG net deferred tax assets (liabilities) | $ 1,220 | $ 689 |
Income Taxes - Schedule of re_2
Income Taxes - Schedule of reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Gross unrecognized tax benefits, beginning of year | $ 1,157 | $ 2,343 | $ 4,762 |
Increases in tax positions for prior years | 29 | 22 | 45 |
Decreases in tax positions for prior years | (33) | (1,233) | (131) |
Increases in tax positions for current year | 59 | 37 | 13 |
Lapse in statute of limitations | (21) | 0 | 0 |
Settlements | 0 | (12) | (2,346) |
Gross unrecognized tax benefits, end of year | $ 1,191 | $ 1,157 | $ 2,343 |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Asset of U.S. Consolidated Federal Income Tax Group (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Unrecognized tax benefits, if recognized would favorably affect the effective tax rate | $ 1,200 | $ 1,100 | $ 2,300 |
Unrecognized tax benefits, interest and penalties accrued | 63 | 69 | 286 |
Unrecognized tax benefits, interest net of the federal (benefit) expense and penalties | $ (2) | $ (207) | $ 128 |
Income Taxes - Schedule of tax
Income Taxes - Schedule of tax years that remain subject to examination by major tax jurisdictions (Details) | 12 Months Ended |
Dec. 31, 2022 | |
United States | Minimum | |
Valuation Allowance [Line Items] | |
Open tax year | 2007 |
United States | Maximum | |
Valuation Allowance [Line Items] | |
Open tax year | 2021 |
Australia | Minimum | |
Valuation Allowance [Line Items] | |
Open tax year | 2018 |
Australia | Maximum | |
Valuation Allowance [Line Items] | |
Open tax year | 2021 |
Canada | Minimum | |
Valuation Allowance [Line Items] | |
Open tax year | 2018 |
Canada | Maximum | |
Valuation Allowance [Line Items] | |
Open tax year | 2021 |
France | Minimum | |
Valuation Allowance [Line Items] | |
Open tax year | 2019 |
France | Maximum | |
Valuation Allowance [Line Items] | |
Open tax year | 2021 |
Japan | Minimum | |
Valuation Allowance [Line Items] | |
Open tax year | 2016 |
Japan | Maximum | |
Valuation Allowance [Line Items] | |
Open tax year | 2021 |
Korea | Minimum | |
Valuation Allowance [Line Items] | |
Open tax year | 2014 |
Korea | Maximum | |
Valuation Allowance [Line Items] | |
Open tax year | 2021 |
Singapore | Minimum | |
Valuation Allowance [Line Items] | |
Open tax year | 2018 |
Singapore | Maximum | |
Valuation Allowance [Line Items] | |
Open tax year | 2021 |
United Kingdom | Minimum | |
Valuation Allowance [Line Items] | |
Open tax year | 2021 |
United Kingdom | Maximum | |
Valuation Allowance [Line Items] | |
Open tax year | 2021 |
Schedule I (Details)
Schedule I (Details) $ in Millions | Dec. 31, 2022 USD ($) |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | $ 340,287 |
Fair value | 306,066 |
Amount at which shown in the Balance sheet | 309,664 |
U.S. government and government sponsored entities | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | 7,094 |
Fair value | 6,619 |
Amount at which shown in the Balance sheet | 6,619 |
Obligations of states, municipalities and political subdivisions | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | 13,306 |
Fair value | 12,210 |
Amount at which shown in the Balance sheet | 12,210 |
Non-U.S. governments | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | 15,199 |
Fair value | 13,551 |
Amount at which shown in the Balance sheet | 13,551 |
Public utilities | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | 23,095 |
Fair value | 19,190 |
Amount at which shown in the Balance sheet | 19,190 |
All other corporate debt securities | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | 139,538 |
Fair value | 121,041 |
Amount at which shown in the Balance sheet | 121,041 |
Mortgage-backed, asset-backed and collateralized | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | 62,246 |
Fair value | 58,030 |
Amount at which shown in the Balance sheet | 58,030 |
Fixed maturity securities | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | 260,478 |
Fair value | 230,641 |
Amount at which shown in the Balance sheet | 230,641 |
Public utilities | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | 1 |
Fair value | 1 |
Amount at which shown in the Balance sheet | 1 |
Banks, trust and insurance companies | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | 155 |
Fair value | 155 |
Amount at which shown in the Balance sheet | 155 |
Industrial, miscellaneous and all other | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | 172 |
Fair value | 172 |
Amount at which shown in the Balance sheet | 172 |
Common Stock, Par Value $2.50 Per Share | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | 328 |
Fair value | 328 |
Amount at which shown in the Balance sheet | 328 |
Preferred stock | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | 32 |
Fair value | 32 |
Amount at which shown in the Balance sheet | 32 |
Mutual funds | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | 215 |
Fair value | 215 |
Amount at which shown in the Balance sheet | 215 |
Equity Securities And Mutual Funds | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | 575 |
Fair value | 575 |
Amount at which shown in the Balance sheet | 575 |
Mortgage and other loans receivable, net of allowance | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | 49,605 |
Fair value | 46,007 |
Amount at which shown in the Balance sheet | 49,605 |
Other invested assets | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | 16,739 |
Fair value | 15,953 |
Amount at which shown in the Balance sheet | 15,953 |
Short-term investments, at cost (approximates fair value) | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | 12,376 |
Fair value | 12,376 |
Amount at which shown in the Balance sheet | 12,376 |
Derivative assets | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | 514 |
Fair value | 514 |
Amount at which shown in the Balance sheet | $ 514 |
Schedule II - Balance Sheets (D
Schedule II - Balance Sheets (Details) - USD ($) $ in Millions | Dec. 14, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |||
Assets: | |||||||
Short-term investments | [1] | $ 12,376 | $ 13,357 | ||||
Other invested assets | [1] | 15,953 | 15,668 | ||||
Total investments | 309,150 | 359,292 | |||||
Cash | 2,043 | [1] | 2,198 | [1] | $ 2,827 | ||
Deferred income taxes | 15,144 | 11,714 | |||||
Other assets | [1] | 12,714 | 14,351 | ||||
Total assets | 526,634 | 596,112 | |||||
Liabilities: | |||||||
Debt of consolidated investment entities | 27,179 | 30,163 | |||||
Total liabilities | 484,399 | 527,200 | |||||
AIG Shareholders’ equity: | |||||||
Preferred stock | 485 | 485 | |||||
Common stock | 4,766 | 4,766 | |||||
Treasury stock | (56,473) | (51,618) | |||||
Additional paid-in capital | 80,284 | 81,851 | |||||
Retained earnings | 33,032 | 23,785 | |||||
Accumulated other comprehensive income (loss) | (22,092) | 6,687 | |||||
Total AIG shareholders’ equity | 40,002 | 65,956 | |||||
Total liabilities and equity | 526,634 | 596,112 | |||||
Parent Company | |||||||
Assets: | |||||||
Short-term investments | 3,389 | 4,332 | |||||
Other invested assets | 1,930 | 6,671 | |||||
Total investments | 5,319 | 11,003 | |||||
Cash | 5 | 3 | 3 | ||||
Loans to subsidiaries | 84 | 45,415 | |||||
Due from affiliates - net | 1,224 | 1,941 | |||||
Intercompany tax receivable | 329 | 426 | |||||
Deferred income taxes | 4,992 | 5,845 | |||||
Investment in consolidated subsidiaries | 43,855 | 29,713 | |||||
Other assets | 250 | 406 | |||||
Total assets | 56,058 | 94,752 | |||||
Liabilities: | |||||||
Due to affiliate | 1,195 | 2,992 | |||||
Intercompany tax payable | 1,633 | 2,193 | |||||
Loans from subsidiaries | 521 | 739 | |||||
Other liabilities | 1,375 | 2,057 | |||||
Total liabilities | 16,056 | 28,796 | |||||
AIG Shareholders’ equity: | |||||||
Preferred stock | 485 | 485 | |||||
Common stock | 4,766 | 4,766 | |||||
Treasury stock | (56,473) | (51,618) | |||||
Additional paid-in capital | 80,284 | 81,851 | |||||
Retained earnings | 33,032 | 23,785 | |||||
Accumulated other comprehensive income (loss) | (22,092) | 6,687 | |||||
Total AIG shareholders’ equity | 40,002 | 65,956 | |||||
Total liabilities and equity | 56,058 | 94,752 | |||||
Restricted cash | 1 | 1 | $ 1 | ||||
Deconsolidation, Gain (Loss), Amount | $ (114) | ||||||
Parent Company | AIGFP Operating | |||||||
Liabilities: | |||||||
Debt of consolidated investment entities | 18 | 18 | |||||
Parent Company | Notes and bonds payable | |||||||
Liabilities: | |||||||
Debt of consolidated investment entities | 10,323 | 19,633 | |||||
Parent Company | Junior subordinated debt | |||||||
Liabilities: | |||||||
Debt of consolidated investment entities | $ 991 | $ 1,164 | |||||
[1]See Note 9 for details of balances associated with variable interest entities. |
Schedule II - Income Statement
Schedule II - Income Statement (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 14, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues: | ||||
Net realized gains (losses) | $ 8,991 | $ 2,151 | $ (2,238) | |
Other income | 850 | 984 | 903 | |
Expenses: | ||||
Interest expense | 1,125 | 1,305 | 1,457 | |
Loss on extinguishment of debt | (303) | (389) | (12) | |
Net gain (loss) on divestitures and other | (82) | 3,044 | (8,525) | |
Income (loss) from continuing operations before income tax expense (benefit) | 14,282 | 12,099 | (7,293) | |
Income tax expense (benefit) | 3,006 | 2,176 | (1,460) | |
Net income (loss) | 11,275 | 9,923 | (5,829) | |
Net income (loss) attributable to AIG | 10,276 | 9,388 | (5,944) | |
Total | 50,321 | 46,677 | ||
AIG Financial Products | ||||
Expenses: | ||||
Total | 37,600 | |||
Parent Company | ||||
Revenues: | ||||
Equity in undistributed net income (loss) of consolidated subsidiaries | 7,924 | (3,370) | (2,569) | |
Dividend income from consolidated subsidiaries | 2,974 | 14,699 | 1,797 | |
Interest income | 936 | 169 | 348 | |
Net realized gains (losses) | (433) | (1) | (149) | |
Other income | 22 | (3) | (1) | |
Expenses: | ||||
Interest expense | 631 | 948 | 1,043 | |
Loss on extinguishment of debt | 301 | 304 | 2 | |
Net gain (loss) on divestitures and other | 111 | (10) | 4,010 | |
Other expenses | 960 | 1,214 | 980 | |
Income (loss) from continuing operations before income tax expense (benefit) | 9,420 | 9,038 | (6,609) | |
Income tax expense (benefit) | (838) | (350) | (667) | |
Net income (loss) | 10,258 | 9,388 | (5,942) | |
Loss from discontinued operations | 18 | 0 | (2) | |
Net income (loss) attributable to AIG | 10,276 | 9,388 | (5,944) | |
Interest income on intercompany borrowings | $ 813 | $ 131 | $ 295 | |
Deconsolidation, Gain (Loss), Amount | $ (114) |
Schedule II - Comprehensive Inc
Schedule II - Comprehensive Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Condensed Statement of Income Captions [Line Items] | |||
Net income (loss) attributable to AIG | $ 10,276 | $ 9,388 | $ (5,944) |
Other comprehensive income (loss) | (33,402) | (5,830) | 8,513 |
Comprehensive income (loss) attributable to AIG | (20,543) | 3,663 | 2,585 |
Parent Company | |||
Condensed Statement of Income Captions [Line Items] | |||
Net income (loss) attributable to AIG | 10,276 | 9,388 | (5,944) |
Other comprehensive income (loss) | (30,819) | (5,725) | 8,529 |
Comprehensive income (loss) attributable to AIG | $ (20,543) | $ 3,663 | $ 2,585 |
Schedule II - Cash Flow Stateme
Schedule II - Cash Flow Statement (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||||
Net cash provided by (used in) operating activities | $ 4,207 | $ 6,279 | $ 1,038 | ||
Cash flows from investing activities: | |||||
Sales and maturities of investments | 2,891 | 6,258 | 3,896 | ||
Sales of divested businesses | 0 | 4,683 | 2,173 | ||
Other, net | (443) | (995) | 6 | ||
Net cash used in investing activities | (3,626) | (3,280) | (6,202) | ||
Cash flows from financing activities: | |||||
Issuance of long-term debt | 7,477 | 107 | 4,196 | ||
Repayments of debt | (9,455) | (4,147) | (1,923) | ||
Cash dividends paid on preferred stock | (29) | (29) | (29) | ||
Cash dividends paid on common stock | (982) | (1,083) | (1,103) | ||
Purchase of common stock | (5,200) | (2,592) | (500) | ||
Other, net | 545 | 1,222 | 541 | ||
Net cash provided by (used in) financing activities | (676) | (3,735) | 5,058 | ||
Cash and restricted cash at beginning of year | 2,427 | 3,230 | |||
Cash and restricted cash at end of year | 2,216 | 2,427 | 3,230 | ||
Supplementary Disclosure of Condensed Consolidated Cash Flow Information | |||||
Cash | $ 2,043 | [1] | $ 2,198 | [1] | $ 2,827 |
Restricted Cash, Statement of Financial Position [Extensible Enumeration] | Cash | Cash | Cash | ||
Total cash and restricted cash shown in the Consolidated Statements of Cash Flows | $ 2,216 | $ 2,427 | $ 3,230 | ||
Interest | 1,127 | 1,348 | 1,147 | ||
Taxes | 746 | 862 | 975 | ||
Short-term investments, at cost (approximates fair value) | |||||
Supplementary Disclosure of Condensed Consolidated Cash Flow Information | |||||
Restricted cash | 140 | 197 | |||
Other assets | |||||
Supplementary Disclosure of Condensed Consolidated Cash Flow Information | |||||
Restricted cash | 33 | 32 | |||
Parent Company | |||||
Condensed Cash Flow Statements, Captions [Line Items] | |||||
Net cash provided by (used in) operating activities | 191 | 3,837 | (30) | ||
Cash flows from investing activities: | |||||
Sales and maturities of investments | 5,205 | 4,228 | 5,181 | ||
Sales of divested businesses | 0 | 0 | 2,225 | ||
Purchase of investments | (90) | (5,761) | (3,250) | ||
Net change in short-term investments | 945 | 2,647 | (3,559) | ||
Contributions from (to) subsidiaries - net | (330) | 403 | (964) | ||
Loans to subsidiaries - net | 8,427 | (104) | (22) | ||
Other, net | 45 | (41) | (402) | ||
Net cash used in investing activities | 14,202 | 1,372 | (791) | ||
Cash flows from financing activities: | |||||
Issuance of long-term debt | 0 | 0 | 4,065 | ||
Repayments of debt | (9,364) | (3,703) | (1,696) | ||
Cash dividends paid on preferred stock | (29) | (29) | (29) | ||
Cash dividends paid on common stock | (982) | (1,083) | (1,103) | ||
Loans from subsidiaries - net | (224) | 3 | 16 | ||
Purchase of common stock | (5,200) | (2,598) | (500) | ||
Other, net | 1,408 | 2,201 | (33) | ||
Net cash provided by (used in) financing activities | (14,391) | (5,209) | 720 | ||
Change in cash and restricted cash | 2 | 0 | (101) | ||
Cash and restricted cash at beginning of year | 4 | 4 | 105 | ||
Cash and restricted cash at end of year | 6 | 4 | 4 | ||
Supplementary Disclosure of Condensed Consolidated Cash Flow Information | |||||
Cash | 5 | 3 | 3 | ||
Restricted cash | 1 | 1 | 1 | ||
Total cash and restricted cash shown in the Consolidated Statements of Cash Flows | 6 | 4 | 4 | ||
Interest | (716) | (941) | (1,014) | ||
Intercompany | 63 | 1 | 0 | ||
Taxes | (348) | (494) | (466) | ||
Intercompany | 1,120 | 1,950 | 1,592 | ||
Intercompany non-cash financing and investing activities: | |||||
Capital contributions | 660 | 2,284 | 333 | ||
Return of capital | 0 | 1,365 | 0 | ||
Dividend received in the form of intercompany note | 0 | 8,300 | 0 | ||
Dividends received in the form of securities | $ 494 | $ 1,289 | $ 879 | ||
[1]See Note 9 for details of balances associated with variable interest entities. |
Schedule III (Details)
Schedule III (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
Deferred Policy Acquisition Costs | $ 15,518 | $ 10,514 | |
Liability for Unpaid Losses and Loss Adjustment Expenses, Future Policy Benefits | 134,390 | 138,976 | |
Unearned Premiums | 18,338 | 19,313 | |
Policy and Contract Claims | 1,456 | 1,549 | |
Premiums and Policy Fees | 34,829 | 34,310 | $ 31,440 |
Net Investment Income | 11,767 | 14,612 | 13,631 |
Losses and Loss Expenses Incurred, Benefits | 26,480 | 27,945 | 28,428 |
Amortization of Deferred Policy Acquisition Costs | 4,970 | 4,573 | 4,211 |
Other Operating Expenses | 9,195 | 8,790 | 8,396 |
Net Premium Written | 26,760 | 26,417 | 23,456 |
General Insurance | |||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
Deferred Policy Acquisition Costs | 2,307 | 2,428 | |
Liability for Unpaid Losses and Loss Adjustment Expenses, Future Policy Benefits | 71,599 | 75,500 | |
Unearned Premiums | 18,253 | 19,209 | |
Policy and Contract Claims | 0 | 0 | |
Premiums and Policy Fees | 25,340 | 25,057 | 23,662 |
Net Investment Income | 2,382 | 3,304 | 2,925 |
Losses and Loss Expenses Incurred, Benefits | 15,407 | 16,097 | 16,803 |
Amortization of Deferred Policy Acquisition Costs | 3,533 | 3,530 | 3,538 |
Other Operating Expenses | 4,352 | 4,375 | 4,345 |
Net Premium Written | 25,512 | 25,890 | 22,959 |
Life and Retirement | |||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
Deferred Policy Acquisition Costs | 13,211 | 8,086 | |
Liability for Unpaid Losses and Loss Adjustment Expenses, Future Policy Benefits | 57,266 | 57,749 | |
Unearned Premiums | 59 | 68 | |
Policy and Contract Claims | 1,309 | 1,460 | |
Premiums and Policy Fees | 8,480 | 9,080 | 7,498 |
Net Investment Income | 8,347 | 9,521 | 8,881 |
Losses and Loss Expenses Incurred, Benefits | 11,340 | 11,944 | 10,435 |
Amortization of Deferred Policy Acquisition Costs | 1,130 | 973 | 632 |
Other Operating Expenses | 2,504 | 2,636 | 2,522 |
Net Premium Written | 0 | 0 | 0 |
Other Operations before consolidation and eliminations | |||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
Deferred Policy Acquisition Costs | 0 | 0 | |
Liability for Unpaid Losses and Loss Adjustment Expenses, Future Policy Benefits | 5,525 | 5,727 | |
Unearned Premiums | 26 | 36 | |
Policy and Contract Claims | 147 | 89 | |
Premiums and Policy Fees | 1,009 | 173 | 280 |
Net Investment Income | 1,038 | 1,787 | 1,825 |
Losses and Loss Expenses Incurred, Benefits | (267) | (96) | 1,190 |
Amortization of Deferred Policy Acquisition Costs | 307 | 70 | 41 |
Other Operating Expenses | 2,339 | 1,779 | 1,529 |
Net Premium Written | $ 1,248 | $ 527 | $ 497 |
Schedule IV (Details)
Schedule IV (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||
Premiums | $ 31,857 | $ 31,259 | $ 28,523 |
Reportable Segments | |||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||
Direct | 36,791 | 34,875 | 32,977 |
Ceded Premiums Earned | 13,389 | 12,521 | 11,496 |
Assumed | 8,455 | 8,905 | 7,042 |
Premiums | $ 31,857 | $ 31,259 | $ 28,523 |
Percent of Amount Assumed to Net | 26.50% | 28.50% | 24.70% |
Reportable Segments | General Insurance | |||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||
Direct | $ 32,053 | $ 30,279 | $ 28,596 |
Ceded Premiums Earned | 12,425 | 11,301 | 10,435 |
Assumed | 7,137 | 6,640 | 5,984 |
Premiums | $ 26,765 | $ 25,618 | $ 24,145 |
Percent of Amount Assumed to Net | 26.70% | 25.90% | 24.80% |
Reportable Segments | Life and Retirement | |||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||
Direct | $ 4,738 | $ 4,596 | $ 4,381 |
Ceded Premiums Earned | 964 | 1,220 | 1,061 |
Assumed | 1,318 | 2,265 | 1,058 |
Premiums | $ 5,092 | $ 5,641 | $ 4,378 |
Percent of Amount Assumed to Net | 25.90% | 40.20% | 24.20% |
Long Duration Insurance | |||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||
Direct | $ 1,280,831 | $ 1,280,090 | $ 1,243,389 |
Ceded Premiums Earned | 346,879 | 363,008 | 349,453 |
Assumed | 188 | 192 | 225 |
Premiums | $ 934,140 | $ 917,274 | $ 894,161 |
Percent of Amount Assumed to Net | 0% | 0% | 0% |
Schedule V (Details)
Schedule V (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans | $ 50,321 | $ 46,677 | ||
Mortgage and other loans receivable, allowance for credit losses | 38,351 | 629 | $ 814 | $ 438 |
AIG Financial Products | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Loans | 37,600 | |||
Mortgage and other loans receivable, allowance for credit losses | 37,600 | |||
Allowance for mortgage and other loans receivable(b) | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Balance, Beginning of year | 629 | 814 | 438 | |
Initial Allowance Upon CECL Adoption | 0 | 0 | 318 | |
Charged to Costs and Expenses | 104 | (164) | 75 | |
Charge Offs | (17) | (2) | (17) | |
Divestitures | 0 | (19) | 0 | |
Other Changes | 0 | 0 | 0 | |
Balance, End of year | 716 | 629 | 814 | |
Allowance for premiums and insurances balances receivable | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Balance, Beginning of year | 185 | 205 | 178 | |
Initial Allowance Upon CECL Adoption | 0 | 0 | 34 | |
Charged to Costs and Expenses | 0 | (15) | 6 | |
Charge Offs | (15) | (2) | (12) | |
Divestitures | 0 | 0 | 0 | |
Other Changes | (1) | (3) | (1) | |
Balance, End of year | 169 | 185 | 205 | |
Allowance for reinsurance assets | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Balance, Beginning of year | 333 | 326 | 151 | |
Initial Allowance Upon CECL Adoption | 0 | 0 | 172 | |
Charged to Costs and Expenses | (39) | 24 | 12 | |
Charge Offs | (5) | (17) | (9) | |
Divestitures | 0 | 0 | 0 | |
Other Changes | 6 | 0 | 0 | |
Balance, End of year | 295 | 333 | 326 | |
Federal and foreign valuation allowance for deferred tax assets | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Balance, Beginning of year | 1,987 | 1,330 | 1,425 | |
Initial Allowance Upon CECL Adoption | 0 | 0 | 0 | |
Charged to Costs and Expenses | (25) | 718 | (65) | |
Charge Offs | 0 | 0 | 0 | |
Divestitures | 0 | 0 | 0 | |
Other Changes | 2,284 | (61) | (30) | |
Balance, End of year | $ 4,246 | $ 1,987 | $ 1,330 |