
(in millions)		Amortized Cost		Allowance for Credit Losses(a)		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
June 30, 2026
Bonds available for sale:
U.S. government and government sponsored entities	$	2,862	$	—	$	9	$	(92)	$	2,779
Obligations of states, municipalities and political subdivisions		2,698		—		40		(54)		2,684
Non-U.S. governments		6,381		—		63		(366)		6,078
Corporate debt		39,007		(33)		353		(1,050)		38,277
Mortgage-backed, asset-backed and collateralized:
RMBS		11,168		(2)		222		(320)		11,068
CMBS		4,946		—		29		(36)		4,939
CLO/ABS		5,648		—		22		(23)		5,647
Total mortgage-backed, asset-backed and collateralized		21,762		(2)		273		(379)		21,654
Total bonds available for sale(b)	$	72,710	$	(35)	$	738	$	(1,941)	$	71,472
December 31, 2025
Bonds available for sale:
U.S. government and government sponsored entities	$	3,353	$	—	$	31	$	(86)	$	3,298
Obligations of states, municipalities and political subdivisions		2,757		—		71		(53)		2,775
Non-U.S. governments		6,799		(1)		86		(368)		6,516
Corporate debt		37,746		(31)		576		(1,056)		37,235
Mortgage-backed, asset-backed and collateralized:
RMBS		10,137		(4)		294		(259)		10,168
CMBS		4,585		—		67		(36)		4,616
CLO/ABS		6,395		(1)		53		(23)		6,424
Total mortgage-backed, asset-backed and collateralized		21,117		(5)		414		(318)		21,208
Total bonds available for sale(b)	$	71,772	$	(37)	$	1,178	$	(1,881)	$	71,032

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 Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
June 30, 2026
Bonds available for sale:
U.S. government and government sponsored entities	$	1,672	$	12	$	260	$	80	$	1,932	$	92
Obligations of states, municipalities and political subdivisions		546		7		530		47		1,076		54
Non-U.S. governments		1,854		32		1,455		335		3,309		367
Corporate debt		12,120		191		7,146		857		19,266		1,048
RMBS		4,495		53		1,595		262		6,090		315
CMBS		1,436		15		472		21		1,908		36
CLO/ABS		2,060		16		113		7		2,173		23
Total bonds available for sale	$	24,183	$	326	$	11,571	$	1,609	$	35,754	$	1,935


		Less than 12 Months				12 Months or More				Total
(in millions)		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
December 31, 2025
Bonds available for sale:
U.S. government and government sponsored entities	$	167	$	8	$	322	$	78	$	489	$	86
Obligations of states, municipalities and political subdivisions		232		8		515		45		747		53
Non-U.S. governments		1,524		33		1,347		336		2,871		369
Corporate debt		6,031		125		8,165		927		14,196		1,052
RMBS		769		8		1,764		241		2,533		249
CMBS		580		6		523		30		1,103		36
CLO/ABS		883		5		232		18		1,115		23
Total bonds available for sale	$	10,186	$	193	$	12,868	$	1,675	$	23,054	$	1,868

At June 30, 2026, we held 10,882 individual fixed maturity securities that were in an unrealized loss position and for which no allowance for credit losses has been recorded (including 3,996 individual fixed maturity securities that were in a continuous unrealized loss position for 12 months or more). At December 31, 2025, we held 7,526 individual fixed maturity securities that were in an unrealized loss position and for which no allowance for credit losses has been recorded (including 4,065 individual fixed maturity securities that were in a continuous unrealized loss position for 12 months or more). We did not recognize the unrealized losses in earnings on these fixed maturity securities at June 30, 2026 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.


June 30, 2026	Total Fixed Maturity Securities Available for Sale
(in millions)	Amortized Cost, Net of Allowance		Fair Value

Due in one year or less	$	4,386	$	4,386
Due after one year through five years	23,220		23,106
Due after five years through ten years	16,033		15,883
Due after ten years	7,276		6,443
Mortgage-backed, asset-backed and collateralized	21,760		21,654
Total	$	72,675	$	71,472

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)		June 30, 2026				December 31, 2025
		Fair Value	Percent of Total			Fair Value	Percent of Total
Fixed maturity securities:

Obligations of states, municipalities and political subdivisions	$	50	3	%	$	51	4	%
Non-U.S. governments		22	1			23	2
Corporate debt		207	12			274	22


(in millions)		June 30, 2026				December 31, 2025
		Fair Value	Percent of Total			Fair Value	Percent of Total
Mortgage-backed, asset-backed and collateralized:
RMBS		94	6			97	8
CMBS		36	2			42	3
CLO/ABS and other collateralized securities		258	15			254	20
Total mortgage-backed, asset-backed and collateralized		388	23			393	31
Total fixed maturity securities		667	39			741	59
Equity securities*		1,034	61			502	41
Total	$	1,701	100	%	$	1,243	100	%

(a)At June 30, 2026, includes hedge funds of $134 million and private equity funds of $2.7 billion. At December 31, 2025, included hedge funds of $175 million and private equity funds of $3.0 billion. Private equity funds investments include limited partnerships, direct equities and real estate partnerships. Also includes investments in real estate, net of accumulated depreciation. At June 30, 2026 and December 31, 2025, the accumulated depreciation was $146 million and $142 million, respectively.

(c)All other investments include bank deposits with a maturity greater than one year and investments in joint ventures with strategic partners, including $254 million and $300 million in DaVinciRe Holdings Ltd, Class D, which is recorded as a measurement alternative equity security at June 30, 2026 and December 31, 2025, respectively.


Three Months Ended June 30,	2026						2025
(in millions)	Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets			Total	Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets			Total
Available for sale fixed maturity securities, including short-term investments	$	901	$	20	$	921	$	876	$	16	$	892
Other fixed maturity securities		2		12		14		—		16		16
Equity securities(a)		174		—		174		14		—		14
Interest on mortgage and other loans		29		4		33		46		7		53
Alternative investments(b)		15		—		15		48		—		48
Other investments(c)		12		—		12		482		—		482
Total investment income		1,133		36		1,169		1,466		39		1,505
Investment expenses		42		—		42		39		—		39
Net investment income	$	1,091	$	36	$	1,127	$	1,427	$	39	$	1,466


Six Months Ended June 30,	2026						2025
(in millions)	Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets		Total		Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets		Total
Available for sale fixed maturity securities, including short-term investments	$	1,796	$	40	$	1,836	$	1,666	$	38	$	1,704
Other fixed maturity securities		1		9		10		—		27		27
Equity securities(a)		97		—		97		23		—		23
Interest on mortgage and other loans		62		9		71		90		14		104
Alternative investments(b)		23		—		23		91		—		91


Six Months Ended June 30,	2026						2025
(in millions)	Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets		Total		Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets		Total
Other investments(c)		(117)		1		(116)		699		—		699
Total investment income		1,862		59		1,921		2,569		79		2,648
Investment expenses		82		—		82		77		—		77
Net investment income	$	1,780	$	59	$	1,839	$	2,492	$	79	$	2,571

(c)Includes AIG's share of Convex's net income less amortization of intangible asset basis differences. Additionally, includes dividends received from Corebridge, changes in the fair value of AIG's investment in Corebridge and gain/loss on sale of shares of $6 million and $(154) million, respectively, for the three months ended March 31, 2026, $27 million and $455 million, respectively, for the three months ended June 30, 2025, and $58 million and $664 million, respectively, for the six months ended June 30, 2025.


Three Months Ended June 30,		2026						2025
(in millions)	Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets			Total	Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets			Total
Sales and impairments of fixed maturity securities	$	(59)	$	(4)	$	(63)	$	(102)	$	(49)	$	(151)

Change in allowance for credit losses on fixed maturity securities		3		—		3		(15)		—		(15)
Change in allowance for credit losses on loans		(1)		—		(1)		45		5		50
Foreign exchange transactions		(8)		1		(7)		(27)		13		(14)
Derivatives and hedge accounting		(20)		(2)		(22)		(98)		(16)		(114)
Sales of alternative investments		(38)		—		(38)		3		—		3
Other*		(85)		(1)		(86)		2		(5)		(3)
Net realized losses – excluding Fortitude Re funds withheld embedded derivative		(208)		(6)		(214)		(192)		(52)		(244)
Net realized losses on Fortitude Re funds withheld embedded derivative		—		(51)		(51)		—		(14)		(14)
Net realized losses	$	(208)	$	(57)	$	(265)	$	(192)	$	(66)	$	(258)


Six Months Ended June 30,	2026						2025
(in millions)	Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets			Total	Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets			Total
Sales and impairments of fixed maturity securities	$	(174)	$	(19)	$	(193)	$	(357)	$	(56)	$	(413)

Change in allowance for credit losses on fixed maturity securities		1		1		2		(7)		—		(7)
Change in allowance for credit losses on loans		32		1		33		50		9		59
Foreign exchange transactions		(27)		(2)		(29)		193		19		212
Derivatives and hedge accounting		(18)		2		(16)		(126)		(22)		(148)
Sales of alternative investments		(16)		—		(16)		3		—		3
Other*		(138)		(2)		(140)		(8)		(4)		(12)
Net realized gains (losses) – excluding Fortitude Re funds withheld embedded derivative		(340)		(19)		(359)		(252)		(54)		(306)
Net realized losses on Fortitude Re funds withheld embedded derivative		—		(41)		(41)		—		(55)		(55)
Net realized losses	$	(340)	$	(60)	$	(400)	$	(252)	$	(109)	$	(361)

For the three and six months ended June 30, 2026, the aggregate fair value of available for sale securities sold was $2.7 billion and $6.5 billion, respectively, which resulted in gross realized gains of $18 million and $38 million and gross realized losses of $81 million and $231 million, respectively.

For the three and six months ended June 30, 2025, the aggregate fair value of available for sale securities sold was $2.6 billion and $7.4 billion, respectively, which resulted in gross realized gains of $14 million and $30 million and gross realized losses of $165 million and $443 million, respectively.


	Three Months Ended June 30,				Six Months Ended June 30,

(in millions)		2026		2025		2026		2025
Increase (decrease) in unrealized appreciation (depreciation) of investments:
Fixed maturity securities	$	167	$	505	$	(500)	$	827
Other investments		—		—		(38)		—
Total increase (decrease) in unrealized appreciation (depreciation) of investments	$	167	$	505	$	(538)	$	827


Three Months Ended June 30,	2026						2025

(in millions)	Equities		Other Invested Assets		Total*		Equities		Other Invested Assets		Total*
Net gains recognized during the period on equity securities and other investments	$	174	$	5	$	179	$	14	$	512	$	526
Less: Net gains (losses) recognized during the period on equity securities and other investments sold during the period	102		(151)		(49)		(12)		34		22
Unrealized gains recognized during the reporting period on equity securities and other investments still held at the reporting date	$	72	$	156	$	228	$	26	$	478	$	504


Six Months Ended June 30,	2026						2025

(in millions)	Equities		Other Invested Assets		Total*		Equities		Other Invested Assets		Total*
Net gains (losses) recognized during the period on equity securities and other investments	$	91	$	(153)	$	(62)	$	23	$	745	$	768
Less: Net gains (losses) recognized during the period on equity securities and other investments sold during the period	119		(162)		(43)		1		33		34
Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date	$	(28)	$	9	$	(19)	$	22	$	712	$	734

*Includes unrealized gains (losses) on changes in the fair value of AIG's investment in Corebridge. At March 31, 2026, AIG's interest in Corebridge changed from being recognized as an equity method investment in Other invested assets to an equity security, at fair value. For additional information, see Note 1.


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)		2026		2025		2026		2025
Balance, beginning of year	$	38	$	30	$	37	$	38
Additions:
Securities for which allowance for credit losses was not previously recorded		8		18		14		20


Reductions:
Securities sold during the period		(2)		(2)		(5)		(6)
Addition to (release of) the allowance for credit losses on securities that had an allowance recorded in a previous period, for which there was no intent to sell before recovery of amortized cost basis		(9)		—		(11)		2
Write-offs charged against the allowance		—		(1)		—		(9)

Balance, end of period	$	35	$	45	$	35	$	45

We purchase certain RMBS that have experienced more-than-insignificant deterioration in credit quality since origination. These are referred to as purchased credit deteriorated (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:

We enter into secured financing transactions whereby certain securities are sold under agreements to repurchase (repurchase agreements), in which we transfer securities in exchange for cash, with an agreement by us to repurchase the same or substantially similar securities. Our secured financing transactions also include those that involve the transfer of securities to financial institutions in exchange for cash (securities lending agreements). In all of these secured financing transactions, the securities transferred by us (pledged collateral) may be sold or repledged by the counterparties. These agreements are recorded at their contracted amounts plus accrued interest, other than those that are accounted for at fair value.

Pledged collateral levels are monitored daily and are generally maintained at an agreed-upon percentage of the fair value of the amounts borrowed during the life of the transactions. In the event of a decline in the fair value of the pledged collateral under these secured financing transactions, we may be required to transfer cash or additional securities as pledged collateral under these agreements. At the termination of the transactions, we and our counterparties are obligated to return the amounts borrowed and the securities transferred, respectively.

We also enter into agreements in which securities are purchased by us under agreements to resell (reverse repurchase agreements), which are accounted for as secured financing transactions and reported as short-term investments or other assets, depending on their terms. These agreements are recorded at their contracted resale amounts plus accrued interest, other than those that are accounted for at fair value. In all reverse repurchase transactions, we take possession of or obtain a security interest in the related securities, and we have the right to sell or repledge this collateral received.

At June 30, 2026 and December 31, 2025, the fair value of securities pledged to us under reverse repurchase agreements totaled $2.2 billion and $3.6 billion, respectively, and the carrying value of reverse repurchase agreements totaled $2.1 billion and $3.6 billion, respectively.

The total carrying value of cash and securities deposited by our insurance subsidiaries under requirements of regulatory authorities or other insurance-related arrangements and certain reinsurance contracts was $7.2 billion and $7.7 billion at June 30, 2026 and December 31, 2025, respectively.

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 $16 million and $14 million of stock in FHLBs at June 30, 2026 and December 31, 2025, respectively. In addition, our subsidiaries have pledged securities available for sale with a fair value of $2.5 billion at June 30, 2026 and $2.4 billion at December 31, 2025.