v3.26.1
Lending Activities (Tables)
 6 Months Ended
Jun. 30, 2026
Receivables [Abstract]  
Composition of Mortgages and Other Loans Receivable
The following table presents the composition of Mortgage and other loans receivable, net:
(in millions)June 30, 2026December 31, 2025
Commercial mortgages(a)
$2,263 $2,495 
Commercial loans, other loans and notes receivable(b)
414 503 
Total mortgage and other loans receivable(c)
2,677 2,998 
Allowance for credit losses(c)
(78)(111)
Mortgage and other loans receivable, net(c)
$2,599 $2,887 
(a)Commercial mortgages primarily represent loans for apartments, offices and retail properties, with exposures in California and New York representing the largest geographic concentrations (aggregating approximately 15 percent and 14 percent, respectively, at June 30, 2026 and 14 percent and 13 percent, respectively, at December 31, 2025).
(b)There were no loans that were held-for-sale carried at lower of cost or market as of June 30, 2026 and December 31, 2025.
(c)Excludes $37.6 billion at both June 30, 2026 and December 31, 2025 of loans receivable from AIG Financial Products Corp. (AIGFP), which has a full allowance for credit losses, recognized upon the deconsolidation of AIGFP. For additional information, see Note 7 to the Consolidated Financial Statements in the 2025 Annual Report.
Schedule of Credit Quality
The following table presents loan-to-value ratios* for commercial mortgages by year of vintage:
June 30, 202620262025202420232022PriorTotal
(in millions)
Less than 65%$45 $14 $37 $229 $79 $1,069 $1,473 
65% to 80%— — — — 7 516 523 
Greater than 80%— — — 5 23 239 267 
Total commercial mortgages$45 $14 $37 $234 $109 $1,824 $2,263 
December 31, 202520252024202320222021PriorTotal
(in millions)
Less than 65%$14 $38 $213 $94 $468 $808 $1,635 
65% to 80%— — 11 — 77 463 551 
Greater than 80%— — 5 23 47 234 309 
Total commercial mortgages$14 $38 $229 $117 $592 $1,505 $2,495 
*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 65 percent and 71 percent at June 30, 2026 and December 31, 2025, respectively. The loan-to-value ratios have been updated within the last three months to reflect the current carrying values of the loans. We update the valuations of collateral properties by obtaining independent appraisals, generally at least once per year.
The following table presents supplementary credit quality information related to commercial mortgages:
Number
of
Loans		ClassPercent
of
Total
(dollars in millions)ApartmentsOfficesRetailIndustrialHotelOthersTotal
June 30, 2026
Past Due Status:
In good standing128$729 $788 $291 $127 $164 $54 $2,153 95 %
90 days or less delinquent
1— 66 — — — — 66 3 
>90 days delinquent or in process of foreclosure3— 21 23 — — — 44 2 
Total*
132$729 $875 $314 $127 $164 $54 $2,263 100 %
Allowance for credit losses$3 $54 $10 $— $11 $— $78 3 %
December 31, 2025
Past Due Status:
In good standing140$793 $947 $297 $158 $191 $10 $2,396 96 %
90 days or less delinquent1— 9 — — — — 9 — 
>90 days delinquent or in process of foreclosure4— 30 60 — — — 90 4 
Total*
145$793 $986 $357 $158 $191 $10 $2,495 100 %
Allowance for credit losses$2 $62 $37 $— $10 $— $111 4 %
*Does not reflect allowance for credit losses.
Rollforward of the Changes in the Allowance for Credit Losses
The following table presents a rollforward of the changes in the allowance for credit losses on Mortgage and other loans receivable(a):
Three Months Ended
June 30,		Six Months Ended
June 30,
(in millions)2026202520262025
Allowance, beginning of year$77 $155 $111 $164 
Loans charged off— (52)— (52)
Net charge-offs— (52)— (52)
Addition to (release of) allowance for loan losses1 3 (33)(6)
Allowance, end of period
$78 $106 $78 $106 
(a)Excludes $37.6 billion of loan receivable from AIGFP, which has a full allowance for credit losses, recognized upon the deconsolidation of AIGFP. For additional information, see Note 7 to the Consolidated Financial Statements in the 2025 Annual Report.