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Reinsurance (Tables) | 6 Months Ended
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Jun. 30, 2024
Insurance [Abstract] |
Summary of Assets Supporting Funds Withheld Arrangements | There is a diverse pool of assets supporting the funds withheld arrangements with Fortitude Re. The following summarizes the composition of the pool of assets:
| June 30, 2024 |  | December 31, 2023 |
(in millions) | Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value | Corresponding Accounting Policy
Fixed maturity securities - available for sale(a) | $ | 1,997 |  | $ | 1,997 |  |  | $ | 2,180 |  | $ | 2,180 |  | Fair value through other comprehensive income (loss)
Fixed maturity securities - fair value option |  | 761 |  |  | 761 |  |  |  | 655 |  |  | 655 |  | Fair value through net investment income
Commercial mortgage loans |  | 474 |  |  | 461 |  |  |  | 543 |  |  | 528 |  | Amortized cost
Short-term investments |  | 18 |  |  | 18 |  |  |  | 46 |  |  | 46 |  | Fair value through net investment income
Funds withheld investment assets |  | 3,250 |  |  | 3,237 |  |  |  | 3,424 |  |  | 3,409 |  |
Derivative assets, net(b) |  | 1 |  |  | 1 |  |  |  | — |  |  | — |  | Fair value through net realized gains (losses)
Other(c) |  | 126 |  |  | 126 |  |  |  | 118 |  |  | 118 |  | Amortized cost
Total | $ | 3,377 |  | $ | 3,364 |  |  | $ | 3,542 |  | $ | 3,527 |  |
(a)The change in the net unrealized gains (losses) on available for sale securities related to the Fortitude Re funds withheld assets was $(53) million ($(42) million after-tax) and $21 million ($16 million after-tax), respectively for the six months ended June 30, 2024 and 2023. (b)The derivative assets and liabilities have been presented net of cash collateral. The derivative assets and liabilities supporting the Fortitude Re funds withheld arrangements had a fair market value of $3 million and $27 million, respectively, as of June 30, 2024. The derivative assets and liabilities supporting the Fortitude Re funds withheld arrangements had a fair market value of $1 million and $28 million, respectively, as of December 31, 2023. These derivative assets and liabilities are fully collateralized either by cash or securities. (c)Primarily comprised of Cash and Accrued investment income.
Summary of the Impact of Funds Withheld Arrangements | The impact of the funds withheld arrangements with Fortitude Re was as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30, |  |
(in millions) |  | 2024 |  | 2023 |  |  | 2024 |  | 2023 |  |
Net investment income - Fortitude Re funds withheld assets | $ | 33 |  | $ | 25 |  |  | $ | 72 |  | $ | 77 |  |  |
Net realized gains (losses) on Fortitude Re funds withheld assets: |  |  |  |  |  |  |  |  |  |  |
Net realized losses - Fortitude Re funds withheld assets |  | (1) |  |  | (7) |  |  |  | (20) |  |  | (61) |  |  |
Net realized gains (losses) - Fortitude Re funds withheld embedded derivative |  | 8 |  |  | 58 |  |  |  | (1) |  |  | (82) |  |  |
Net realized gains (losses) on Fortitude Re funds withheld assets |  | 7 |  |  | 51 |  |  |  | (21) |  |  | (143) |  |  |
Income (loss) from continuing operations before income tax expense (benefit) |  | 40 |  |  | 76 |  |  |  | 51 |  |  | (66) |  |  |
Income tax expense (benefit)(a) |  | 9 |  |  | 16 |  |  |  | 11 |  |  | (14) |  |  |
Net income (loss) |  | 31 |  |  | 60 |  |  |  | 40 |  |  | (52) |  |  |
Change in unrealized appreciation (depreciation) of all other investments(a) |  | (34) |  |  | (58) |  |  |  | (42) |  |  | 16 |  |  |
Comprehensive income (loss) | $ | (3) |  | $ | 2 |  |  | $ | (2) |  | $ | (36) |  |  |
(a)The income tax expense (benefit) and the tax impact in Accumulated other comprehensive income (loss) (AOCI) was computed using AIG’s U.S. statutory tax rate of 21 percent.
Rollforward of the Reinsurance Recoverable Allowance | The following table presents a rollforward of the reinsurance recoverable allowance:
| Three Months Ended June 30, |  | Six Months Ended June 30, |  |
(in millions) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |  |  |
Balance, beginning of period | $ | 255 |  |  | $ | 253 |  |  | $ | 255 |  |  | $ | 260 |  |  |  |
Addition to (release of) allowance for expected credit losses and disputes, net |  | (1) |  |  |  | (1) |  |  |  | — |  |  |  | (4) |  |  |  |
Write-offs charged against the allowance for credit losses and disputes |  | — |  |  |  | — |  |  |  | (1) |  |  |  | (1) |  |  |  |
Other changes |  | 6 |  |  |  | 2 |  |  |  | 6 |  |  |  | (1) |  |  |  |
Balance, end of period | $ | 260 |  |  | $ | 254 |  |  | $ | 260 |  |  | $ | 254 |  |  |  |

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- Definition Tabular disclosure of allowance for credit loss on reinsurance recoverable. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479319/326-20-50-13 + Details
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