v3.26.1
Investments (Tables)
 6 Months Ended
Jun. 30, 2026
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
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 subdivisions2,698 — 40 (54)2,684 
Non-U.S. governments6,381 — 63 (366)6,078 
Corporate debt39,007 (33)353 (1,050)38,277 
Mortgage-backed, asset-backed and collateralized:
RMBS11,168 (2)222 (320)11,068 
CMBS4,946 — 29 (36)4,939 
CLO/ABS5,648 — 22 (23)5,647 
Total mortgage-backed, asset-backed and collateralized21,762 (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 subdivisions2,757 — 71 (53)2,775 
Non-U.S. governments6,799 (1)86 (368)6,516 
Corporate debt37,746 (31)576 (1,056)37,235 
Mortgage-backed, asset-backed and collateralized:
RMBS10,137 (4)294 (259)10,168 
CMBS4,585 — 67 (36)4,616 
CLO/ABS6,395 (1)53 (23)6,424 
Total mortgage-backed, asset-backed and collateralized21,117 (5)414 (318)21,208 
Total bonds available for sale(b)
$71,772 $(37)$1,178 $(1,881)$71,032 
(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 OCI.
(b)At June 30, 2026 and December 31, 2025, the fair value of bonds available for sale held by us that were below investment grade or not rated totaled $5.7 billion or 8 percent and $5.9 billion or 8 percent, respectively.
Schedule of Fair Value and Gross Unrealized Loss on Available for Sale Securities
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 Months12 Months or MoreTotal
(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 subdivisions546 7 530 47 1,076 54 
Non-U.S. governments1,854 32 1,455 335 3,309 367 
Corporate debt12,120 191 7,146 857 19,266 1,048 
RMBS4,495 53 1,595 262 6,090 315 
CMBS1,436 15 472 21 1,908 36 
CLO/ABS2,060 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 Months12 Months or MoreTotal
(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 subdivisions232 8 515 45 747 53 
Non-U.S. governments1,524 33 1,347 336 2,871 369 
Corporate debt6,031 125 8,165 927 14,196 1,052 
RMBS769 8 1,764 241 2,533 249 
CMBS580 6 523 30 1,103 36 
CLO/ABS883 5 232 18 1,115 23 
Total bonds available for sale$10,186 $193 $12,868 $1,675 $23,054 $1,868 
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:
June 30, 2026Total 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 years23,220 23,106 
Due after five years through ten years16,033 15,883 
Due after ten years7,276 6,443 
Mortgage-backed, asset-backed and collateralized21,760 21,654 
Total$72,675 $71,472 
Fair Value of Fixed Maturity Securities Measured at Fair Value Based on Election of the Fair Value Option
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, 2026December 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. governments22 1 23 2 
Corporate debt207 12 274 22 
(in millions)June 30, 2026December 31, 2025
Fair
Value		Percent
of Total		Fair
Value		Percent
of Total
Mortgage-backed, asset-backed and collateralized:
RMBS94 6 97 8 
CMBS36 2 42 3 
CLO/ABS and other collateralized securities258 15 254 20 
Total mortgage-backed, asset-backed and collateralized
388 23 393 31 
Total fixed maturity securities667 39 741 59 
Equity securities*1,034 61 502 41 
Total$1,701 100 %$1,243 100 %
*At June 30, 2026, includes AIG’s interest in Onex of $563 million that is restricted from sale or transfer until February 6, 2029, except in the event of a change in control at Onex.
Schedule of Other Invested Assets
The following table summarizes the carrying amounts of other invested assets:
(in millions)June 30, 2026December 31, 2025
Alternative investments(a)
$3,048 $3,456 
Retained investment in Corebridge using fair value option(b)
— 1,512 
Investment in Convex
2,188 — 
All other investments(c)
1,605 1,728 
Total$6,841 $6,696 
(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.
(b)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. On May 7, 2026, AIG sold its remaining interest in Corebridge.
(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.
Schedule of Net Investment Income
The following table presents the components of Net investment income:
Three Months Ended June 30,20262025
(in millions)Excluding Fortitude
Re Funds
Withheld Assets		Fortitude Re
Funds Withheld
Assets		TotalExcluding 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 loans29 4 33 46 7 53 
Alternative investments(b)
15 — 15 48 — 48 
Other investments(c)
12 — 12 482 — 482 
Total investment income1,133 36 1,169 1,466 39 1,505 
Investment expenses42 — 42 39 — 39 
Net investment income$1,091 $36 $1,127 $1,427 $39 $1,466 
Six Months Ended June 30,20262025
(in millions)Excluding Fortitude
Re Funds
Withheld Assets		Fortitude Re
Funds Withheld
Assets		TotalExcluding 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 loans62 9 71 90 14 104 
Alternative investments(b)
23 — 23 91 — 91 
Six Months Ended June 30,20262025
(in millions)Excluding Fortitude
Re Funds
Withheld Assets		Fortitude Re
Funds Withheld
Assets		TotalExcluding Fortitude
Re Funds
Withheld Assets		Fortitude Re
Funds Withheld
Assets		Total
Other investments(c)
(117)1 (116)699 — 699 
Total investment income1,862 59 1,921 2,569 79 2,648 
Investment expenses82 — 82 77 — 77 
Net investment income$1,780 $59 $1,839 $2,492 $79 $2,571 
(a)Includes gain/loss on sale of AIG's remaining interest in Corebridge of $103 million for the three and six months ended June 30, 2026.
(b)Includes income from hedge funds, private equity funds and real estate investments. Hedge funds are generally reported on a one-month lag. Private equity funds are generally reported on a one-quarter lag.
(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 $664 million, respectively, for the six months ended June 30, 2025.
Realized Gain (Loss) on Investments
The following table presents the components of Net realized gains (losses):
Three Months Ended June 30,20262025
(in millions)Excluding
Fortitude
Re Funds
Withheld
Assets		Fortitude
Re
Funds
Withheld
Assets		TotalExcluding
Fortitude
Re Funds
Withheld
Assets		Fortitude
Re
Funds
Withheld
Assets		Total
Sales and impairments of fixed maturity securities$(59)$(4)$(63)$(102)$(49)$(151)
Change in allowance for credit losses on fixed maturity securities3 — 3 (15)— (15)
Change in allowance for credit losses on loans(1)— (1)45 5 50 
Foreign exchange transactions
(8)1 (7)(27)13 (14)
Derivatives and hedge accounting(20)(2)(22)(98)(16)(114)
Sales of alternative investments(38)— (38)3 — 3 
Other*(85)(1)(86)2 (5)(3)
Net realized losses – excluding Fortitude Re funds withheld embedded derivative(208)(6)(214)(192)(52)(244)
Net realized losses on Fortitude Re funds withheld embedded derivative— (51)(51)— (14)(14)
Net realized losses$(208)$(57)$(265)$(192)$(66)$(258)
Six Months Ended June 30,20262025
(in millions)Excluding
Fortitude
Re Funds
Withheld
Assets		Fortitude
Re
Funds
Withheld
Assets		TotalExcluding
Fortitude
Re Funds
Withheld
Assets		Fortitude
Re
Funds
Withheld
Assets		Total
Sales and impairments of fixed maturity securities$(174)$(19)$(193)$(357)$(56)$(413)
Change in allowance for credit losses on fixed maturity securities1 1 2 (7)— (7)
Change in allowance for credit losses on loans32 1 33 50 9 59 
Foreign exchange transactions(27)(2)(29)193 19 212 
Derivatives and hedge accounting(18)2 (16)(126)(22)(148)
Sales of alternative investments(16)— (16)3 — 3 
Other*(138)(2)(140)(8)(4)(12)
Net realized gains (losses) – excluding Fortitude Re funds withheld embedded derivative(340)(19)(359)(252)(54)(306)
Net realized losses on Fortitude Re funds withheld embedded derivative— (41)(41)— (55)(55)
Net realized losses$(340)$(60)$(400)$(252)$(109)$(361)
*Other includes impairments on investments in private equity and real estate funds.
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:
Three Months Ended
June 30,		Six Months Ended
June 30,
(in millions)2026202520262025
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 
The following table summarizes the unrealized gains and losses recognized in Net investment income during the reporting period on equity securities and other investments still held at the reporting date:
Three Months Ended June 30,20262025
(in millions)EquitiesOther
Invested
Assets		Total*EquitiesOther
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 period102 (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 30,20262025
(in millions)EquitiesOther
Invested
Assets		Total*EquitiesOther
Invested
Assets		Total*
Net gains (losses) recognized during the period on equity securities and other investments$91 $(153)$(62)$23 $745 $768 
Less: Net gains (losses) recognized during the period on equity securities and other investments sold during the period119 (162)(43)1 33 34 
Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date$(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.
Rollforward of the Changes in Allowance for Credit Losses on Available for Sale Fixed Maturity Securities
The following table presents a rollforward of the changes in allowance for credit losses on available for sale fixed maturity securities by major investment category:
Three Months Ended
June 30,		Six Months Ended
June 30,
(in millions)2026202520262025
Balance, beginning of year$38 $30 $37 $38 
Additions:
Securities for which allowance for credit losses was not previously recorded8 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