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Lending Activities (Tables) | 6 Months Ended
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Jun. 30, 2024
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, 2024 |  | December 31, 2023
Commercial mortgages(a) | $ | 3,728 |  |  | $ | 3,836 |
Life insurance policy loans | 6 |  |  | 7 |
Commercial loans, other loans and notes receivable(b) | 776 |  |  | 738 |
Total mortgage and other loans receivable(c) | 4,510 |  |  | 4,581 |
Allowance for credit losses(c)(d) | (163) |  |  | (140) |
Mortgage and other loans receivable, net(c) | $ | 4,347 |  |  | $ | 4,441 |
(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 12 percent and 10 percent, respectively, at June 30, 2024 and 13 percent and 10 percent, respectively, at December 31, 2023). (b)There were no loans that were held for sale carried at lower of cost or market as of June 30, 2024 and December 31, 2023. (c)Excludes $37.6 billion at both June 30, 2024 and December 31, 2023 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 1 to the Consolidated Financial Statements in the 2023 Annual Report. (d)Does not include allowance for credit losses of $5 million and $9 million, respectively, at June 30, 2024 and December 31, 2023, 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:
June 30, 2024 |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | Prior |  | Total
(in millions) |  |  |  |  |  |  |
>1.2X | $ | 33 |  | $ | 460 |  | $ | 183 |  | $ | 407 |  | $ | 102 |  | $ | 1,719 |  | $ | 2,904 |
1.00 - 1.20X |  | 19 |  |  | 33 |  |  | 48 |  |  | 285 |  |  | 56 |  |  | 247 |  |  | 688 |
<1.00X |  | — |  |  | — |  |  | 11 |  |  | — |  |  | — |  |  | 125 |  |  | 136 |
Total commercial mortgages | $ | 52 |  | $ | 493 |  | $ | 242 |  | $ | 692 |  | $ | 158 |  | $ | 2,091 |  | $ | 3,728 |
December 31, 2023 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | 2019 |  | Prior |  | Total
(in millions) |  |  |  |  |  |  |
>1.2X | $ | 398 |  | $ | 167 |  | $ | 394 |  | $ | 135 |  | $ | 156 |  | $ | 1,784 |  | $ | 3,034 |
1.00 - 1.20X |  | 5 |  |  | 71 |  |  | 254 |  |  | 56 |  |  | 21 |  |  | 298 |  |  | 705 |
<1.00X |  | — |  |  | 11 |  |  | — |  |  | — |  |  | — |  |  | 86 |  |  | 97 |
Total commercial mortgages | $ | 403 |  | $ | 249 |  | $ | 648 |  | $ | 191 |  | $ | 177 |  | $ | 2,168 |  | $ | 3,836 |
The following table presents loan-to-value ratios(b) for commercial mortgages by year of vintage:
June 30, 2024 |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | Prior |  | Total
(in millions) |  |  |  |  |  |  |
Less than 65% | $ | 33 |  | $ | 357 |  | $ | 154 |  | $ | 506 |  | $ | 150 |  | $ | 1,400 |  | $ | 2,600 |
65% to 75% |  | 19 |  |  | 81 |  |  | 46 |  |  | 134 |  |  | — |  |  | 302 |  |  | 582 |
76% to 80% |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 62 |  |  | 62 |
Greater than 80% |  | — |  |  | 55 |  |  | 42 |  |  | 52 |  |  | 8 |  |  | 327 |  |  | 484 |
Total commercial mortgages | $ | 52 |  | $ | 493 |  | $ | 242 |  | $ | 692 |  | $ | 158 |  | $ | 2,091 |  | $ | 3,728 |
December 31, 2023 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | 2019 |  | Prior |  | Total
(in millions) |  |  |  |  |  |  |
Less than 65% | $ | 359 |  | $ | 159 |  | $ | 492 |  | $ | 177 |  | $ | 156 |  | $ | 1,385 |  | $ | 2,728 |
65% to 75% |  | 10 |  |  | 15 |  |  | 137 |  |  | — |  |  | 21 |  |  | 367 |  |  | 550 |
76% to 80% |  | — |  |  | 32 |  |  | 10 |  |  | — |  |  | — |  |  | — |  |  | 42 |
Greater than 80% |  | 34 |  |  | 43 |  |  | 9 |  |  | 14 |  |  | — |  |  | 416 |  |  | 516 |
Total commercial mortgages | $ | 403 |  | $ | 249 |  | $ | 648 |  | $ | 191 |  | $ | 177 |  | $ | 2,168 |  | $ | 3,836 |
(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 1.8x at both periods ended June 30, 2024 and December 31, 2023. 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 64 percent and 62 percent at June 30, 2024 and December 31, 2023, 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 |  | Class |  |  | Percent of Total |
(dollars in millions) |  | Apartments |  | Offices |  | Retail |  | Industrial |  | Hotel |  | Others |  | Total |
June 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Past Due Status: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
In good standing | 206 | $ | 1,241 |  | $ | 1,073 |  | $ | 422 |  | $ | 446 |  | $ | 243 |  | $ | 120 |  | $ | 3,545 |  | 95 |  | %
90 days or less delinquent | 1 |  | — |  |  | 112 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 112 |  | 3 |  |
>90 days delinquent or in process of foreclosure | 3 |  | — |  |  | 10 |  |  | 61 |  |  | — |  |  | — |  |  | — |  |  | 71 |  | 2 |  |
Total* | 210 | $ | 1,241 |  | $ | 1,195 |  | $ | 483 |  | $ | 446 |  | $ | 243 |  | $ | 120 |  | $ | 3,728 |  | 100 |  | %
Allowance for credit losses |  | $ | 6 |  | $ | 99 |  | $ | 34 |  | $ | 9 |  | $ | 12 |  | $ | 2 |  | $ | 162 |  | 4 |  | %
| Number of Loans |  | Class |  |  | Percent of Total |
(dollars in millions) |  | Apartments |  | Offices |  | Retail |  | Industrial |  | Hotel |  | Others |  | Total |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Past Due Status: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
In good standing | 211 | $ | 1,267 |  | $ | 1,212 |  | $ | 476 |  | $ | 460 |  | $ | 247 |  | $ | 121 |  | $ | 3,783 |  | 99 |  | %
90 days or less delinquent | 1 |  | — |  |  | 11 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 11 |  | — |  |
>90 days delinquent or in process of foreclosure | 1 |  | — |  |  | — |  |  | 42 |  |  | — |  |  | — |  |  | — |  |  | 42 |  | 1 |  |
Total* | 213 | $ | 1,267 |  | $ | 1,223 |  | $ | 518 |  | $ | 460 |  | $ | 247 |  | $ | 121 |  | $ | 3,836 |  | 100 |  | %
Allowance for credit losses |  | $ | 9 |  | $ | 75 |  | $ | 36 |  | $ | 7 |  | $ | 9 |  | $ | 2 |  | $ | 138 |  | 4 |  | %
*Does not reflect allowance for credit losses.
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):
Three Months Ended June 30, |  | 2024(b) |  |  | 2023
(in millions) |  | Commercial Mortgages |  | Other Loans |  | Total |  |  | Commercial Mortgages |  | Other Loans |  | Total
Allowance, beginning of period |  | $ | 150 |  |  | $ | 3 |  |  | $ | 153 |  |  |  | $ | 119 |  |  | $ | 8 |  |  | $ | 127 |
Loans charged off |  | — |  |  | — |  |  | — |  |  |  | (2) |  |  | — |  |  | (2) |
Net charge-offs |  | — |  |  | — |  |  | — |  |  |  | (2) |  |  | — |  |  | (2) |
Addition to (release of) allowance for loan losses |  | 12 |  |  | (2) |  |  | 10 |  |  |  | (1) |  |  | (5) |  |  | (6) |
Allowance, end of period |  | $ | 162 |  |  | $ | 1 |  |  | $ | 163 |  |  |  | $ | 116 |  |  | $ | 3 |  |  | $ | 119 |
Six Months Ended June 30, |  | 2024(b) |  |  | 2023 |  |  |
(in millions) |  | Commercial Mortgages |  | Other Loans |  | Total |  |  | Commercial Mortgages |  | Other Loans |  | Total |  |  |  |  |  |  |
Allowance, beginning of year |  | $ | 138 |  |  | $ | 2 |  |  | $ | 140 |  |  |  | $ | 109 |  |  | $ | 8 |  |  | $ | 117 |  |  |  |  |  |  |  |
Loans charged off |  | — |  |  | — |  |  | — |  |  |  | (2) |  |  | — |  |  | (2) |  |  |  |  |  |  |  |
Net charge-offs |  | — |  |  | — |  |  | — |  |  |  | (2) |  |  | — |  |  | (2) |  |  |  |  |  |  |  |
Addition to (release of) allowance for loan losses |  | 24 |  |  | (1) |  |  | 23 |  |  |  | 9 |  |  | (5) |  |  | 4 |  |  |  |  |  |  |  |
Allowance, end of period |  | $ | 162 |  |  | $ | 1 |  |  | $ | 163 |  |  |  | $ | 116 |  |  | $ | 3 |  |  | $ | 119 |  |  |  |  |  |  |  |
(a)Does not include allowance for credit losses of $5 million and $13 million, respectively, at June 30, 2024 and 2023 in relation to off-balance-sheet commitments to fund commercial mortgage loans, which is recorded in Other liabilities. (b)Excludes $37.6 billion at both June 30, 2024 and December 31, 2023, of 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 in the 2023 Annual Report.

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- Definition Tabular disclosure of financing receivables by credit quality indicator. The credit quality indicator is a statistic about the credit quality of financing receivables. Examples include, but not limited to, consumer credit risk scores, credit-rating-agency ratings, an entity's internal credit risk grades, loan-to-value ratios, collateral, collection experience and other internal metrics. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479319/326-20-50-5 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 29 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481962/310-10-50-29 + Details
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- Definition Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.3,4) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1 + Details
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