v3.26.3
Investments (Tables)
 9 Months Ended
Sep. 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
September 30, 2026
Bonds available for sale:
U.S. government and government sponsored entities$3,758 $— $3 $(137)$3,624 
Obligations of states, municipalities and political subdivisions2,440 — 13 (124)2,329 
Non-U.S. governments6,603 — 30 (460)6,173 
Corporate debt40,216 (22)117 (2,028)38,283 
Mortgage-backed, asset-backed and collateralized:
RMBS11,471 (2)142 (581)11,030 
CMBS4,854 — 4 (108)4,750 
CLO/ABS5,516 — 7 (70)5,453 
Total mortgage-backed, asset-backed and collateralized21,841 (2)153 (759)21,233 
Total bonds available for sale(b)
$74,858 $(24)$316 $(3,508)$71,642 
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 Other comprehensive income (loss) (OCI).
(b)At September 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 $5.9 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
September 30, 2026
Bonds available for sale:
U.S. government and government sponsored entities$3,198 $35 $265 $102 $3,463 $137 
Obligations of states, municipalities and political subdivisions1,623 60 457 64 2,080 124 
Non-U.S. governments3,366 92 1,449 368 4,815 460 
Corporate debt25,344 968 7,116 1,047 32,460 2,015 
RMBS8,793 373 947 199 9,740 572 
CMBS3,404 84 337 23 3,741 107 
CLO/ABS3,391 58 234 12 3,625 70 
Total bonds available for sale$49,119 $1,670 $10,805 $1,815 $59,924 $3,485 
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:
September 30, 2026Total Fixed Maturity Securities
Available for Sale
(in millions)Amortized Cost,
Net of Allowance		Fair Value
Due in one year or less$5,400 $5,375 
Due after one year through five years23,132 22,615 
Due after five years through ten years16,634 15,854 
Due after ten years7,829 6,565 
Mortgage-backed, asset-backed and collateralized21,839 21,233 
Total$74,834 $71,642 
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)September 30, 2026December 31, 2025
Fair
Value		Percent
of Total		Fair
Value		Percent
of Total
Fixed maturity securities:
Obligations of states, municipalities and political subdivisions$47 3 %$51 4 %
Non-U.S. governments21 1 23 2 
Corporate debt200 12 274 22 
(in millions)September 30, 2026December 31, 2025
Fair
Value		Percent
of Total		Fair
Value		Percent
of Total
Mortgage-backed, asset-backed and collateralized:
RMBS89 5 97 8 
CMBS35 2 42 3 
CLO/ABS and other collateralized securities257 15 254 20 
Total mortgage-backed, asset-backed and collateralized
381 22 393 31 
Total fixed maturity securities649 38 741 59 
Equity securities*1,058 62 502 41 
Total$1,707 100 %$1,243 100 %
*At September 30, 2026, includes AIG’s interest in Onex of $540 million that is restricted from sale or transfer until February 6, 2029, except in the event of a change in control at Onex or to remain in compliance with applicable ownership limitations.
Schedule of Other Invested Assets
The following table summarizes the carrying amounts of other invested assets:
(in millions)September 30, 2026December 31, 2025
Alternative investments(a)
$3,099 $3,456 
Retained investment in Corebridge using fair value option(b)
— 1,512 
Investment in Convex
2,227 — 
All other investments(c)
1,635 1,728 
Total$6,961 $6,696 
(a)At September 30, 2026, includes hedge funds of $129 million and private equity funds of $2.8 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 September 30, 2026 and December 31, 2025, the accumulated depreciation was $110 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 September 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 September 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$939 $20 $959 $873 $13 $886 
Other fixed maturity securities
— (8)(8)— 11 11 
Equity securities(a)
2 — 2 62 — 62 
Interest on mortgage and other loans27 4 31 40 6 46 
Alternative investments(b)
92 — 92 137 — 137 
Other investments(c)
67 — 67 (331)(1)(332)
Total investment income1,127 16 1,143 781 29 810 
Investment expenses43 — 43 38 — 38 
Net investment income$1,084 $16 $1,100 $743 $29 $772 
Nine Months Ended September 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$2,735 $60 $2,795 $2,539 $51 $2,590 
Other fixed maturity securities
1 1 2 — 38 38 
Equity securities(a)
99 — 99 85 — 85 
Interest on mortgage and other loans89 13 102 130 20 150 
Nine Months Ended September 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
Alternative investments(b)
115 — 115 228 — 228 
Other investments(c)
(50)1 (49)368 (1)367 
Total investment income2,989 75 3,064 3,350 108 3,458 
Investment expenses125 — 125 115 — 115 
Net investment income$2,864 $75 $2,939 $3,235 $108 $3,343 
(a)Includes gain/loss on sale of AIG's remaining interest in Corebridge of $103 million for the nine months ended September 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 and changes in the fair value of AIG's investment in Corebridge of $6 million and $(154) million, respectively, for the three months ended March 31, 2026, $20 million and $(348) million, respectively, for the three months ended September 30, 2025, and $78 million and $316 million, respectively, for the nine months ended September 30, 2025.
Realized Gain (Loss) on Investments
The following table presents the components of Net realized gains (losses):
Three Months Ended September 30,20262025
(in millions)Excluding
Fortitude
Re Funds
Withheld
Assets		Fortitude
Re
Funds
Withheld
Assets		TotalExcluding
Fortitude
Re Funds
Withheld
Assets		Fortitude
Re
Funds
Withheld
Assets		Total
Sales and impairments of fixed maturity securities$(202)$(29)$(231)$(96)$(6)$(102)
Change in allowance for credit losses on fixed maturity securities11 — 11 2 — 2 
Change in allowance for credit losses on loans(10)— (10)(52)1 (51)
Foreign exchange transactions
(12)— (12)(10)(1)(11)
Derivatives and hedge accounting22 1 23 (11)2 (9)
Sales of alternative investments(11)— (11)(2)— (2)
Other*35 — 35 (262)(1)(263)
Net realized losses – excluding Fortitude Re funds withheld embedded derivative(167)(28)(195)(431)(5)(436)
Net realized gains (losses) on Fortitude Re funds withheld embedded derivative— 85 85 — (54)(54)
Net realized gains (losses)$(167)$57 $(110)$(431)$(59)$(490)
Nine Months Ended September 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$(376)$(48)$(424)$(453)$(62)$(515)
Change in allowance for credit losses on fixed maturity securities12 1 13 (5)— (5)
Change in allowance for credit losses on loans22 1 23 (2)10 8 
Foreign exchange transactions(39)(2)(41)183 18 201 
Derivatives and hedge accounting4 3 7 (137)(20)(157)
Sales of alternative investments(27)— (27)1 — 1 
Other*(103)(2)(105)(270)(5)(275)
Net realized losses – excluding Fortitude Re funds withheld embedded derivative(507)(47)(554)(683)(59)(742)
Net realized gains (losses) on Fortitude Re funds withheld embedded derivative— 44 44 — (109)(109)
Net realized losses$(507)$(3)$(510)$(683)$(168)$(851)
*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
September 30,		Nine Months Ended
September 30,
(in millions)2026202520262025
Increase (decrease) in unrealized appreciation (depreciation) of investments:
Fixed maturity securities$(1,989)$543 $(2,489)$1,370 
Other investments— — (38)— 
Total increase (decrease) in unrealized appreciation (depreciation) of investments$(1,989)$543 $(2,527)$1,370 
The following table summarizes the unrealized gains and losses recognized in Net investment income during the reporting period on equity securities and other investments still held at the reporting date:
Three Months Ended September 30,20262025
(in millions)EquitiesOther
Invested
Assets		Total*EquitiesOther
Invested
Assets		Total*
Net gains (losses) recognized during the period on equity securities and other investments$(4)$40 $36 $62 $(244)$(182)
Less: Net gains (losses) recognized during the period on equity securities and other investments sold during the period29 9 38 2 (65)(63)
Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date$(33)$31 $(2)$60 $(179)$(119)
Nine Months Ended September 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$87 $(113)$(26)$85 $501 $586 
Less: Net gains (losses) recognized during the period on equity securities and other investments sold during the period148 (153)(5)3 (32)(29)
Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date$(61)$40 $(21)$82 $533 $615 
*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
September 30,		Nine Months Ended
September 30,
(in millions)2026202520262025
Balance, beginning of period$35 $45 $37 $38 
Additions:
Securities for which allowance for credit losses was not previously recorded(3)2 11 22 
Reductions:
Securities sold during the period(4)— (9)(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(1)3 (12)5 
Write-offs charged against the allowance(3)(5)(3)(14)
Other— (2)— (2)
Balance, end of period$24 $43 $24 $43