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Fair Value Measurements (Tables) | 6 Months Ended
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Jun. 30, 2024
Fair Value Disclosures [Abstract] |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table presents information about assets and liabilities measured at fair value on a recurring basis and indicates the level of the fair value measurement based on the observability of the inputs used:
June 30, 2024 |  | Level 1 |  | Level 2 |  | Level 3 | Counterparty Netting(a) | Cash Collateral |  | Total
(in millions) |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Bonds available for sale: |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and government sponsored entities | $ | 24 |  | $ | 4,385 |  | $ | — |  | $ | — |  | $ | — |  | $ | 4,409 |
Obligations of states, municipalities and political subdivisions |  | — |  |  | 4,488 |  |  | 4 |  |  | — |  |  | — |  |  | 4,492 |
Non-U.S. governments |  | 161 |  |  | 7,893 |  |  | 7 |  |  | — |  |  | — |  |  | 8,061 |
Corporate debt |  | 1 |  |  | 30,427 |  |  | 359 |  |  | — |  |  | — |  |  | 30,787 |
RMBS |  | — |  |  | 3,762 |  |  | 2,016 |  |  | — |  |  | — |  |  | 5,778 |
CMBS |  | — |  |  | 4,193 |  |  | 94 |  |  | — |  |  | — |  |  | 4,287 |
CLO/ABS |  | — |  |  | 3,244 |  |  | 1,275 |  |  | — |  |  | — |  |  | 4,519 |
Total bonds available for sale |  | 186 |  |  | 58,392 |  |  | 3,755 |  |  | — |  |  | — |  |  | 62,333 |
Other bond securities: |  |  |  |  |  |  |  |  |  |  |  |
Obligations of states, municipalities and political subdivisions |  | — |  |  | 50 |  |  | — |  |  | — |  |  | — |  |  | 50 |
Non-U.S. governments |  | — |  |  | 25 |  |  | — |  |  | — |  |  | — |  |  | 25 |
Corporate debt |  | — |  |  | 267 |  |  | 44 |  |  | — |  |  | — |  |  | 311 |
RMBS |  | — |  |  | 53 |  |  | 49 |  |  | — |  |  | — |  |  | 102 |
CMBS |  | — |  |  | 42 |  |  | — |  |  | — |  |  | — |  |  | 42 |
CLO/ABS |  | — |  |  | 91 |  |  | 145 |  |  | — |  |  | — |  |  | 236 |
Total other bond securities |  | — |  |  | 528 |  |  | 238 |  |  | — |  |  | — |  |  | 766 |
Equity securities |  | 659 |  |  | 16 |  |  | 13 |  |  | — |  |  | — |  |  | 688 |
Other invested assets(b) |  | 8,567 |  |  | 124 |  |  | 145 |  |  | — |  |  | — |  |  | 8,836 |
Derivative assets(c): |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  | — |  |  | 263 |  |  | 3 |  |  | — |  |  | — |  |  | 266 |
Foreign exchange contracts |  | — |  |  | 256 |  |  | 1 |  |  | — |  |  | — |  |  | 257 |
Equity contracts |  | — |  |  | — |  |  | 35 |  |  | — |  |  | — |  |  | 35 |
Credit contracts |  | — |  |  | — |  |  | 33 |  |  | — |  |  | — |  |  | 33 |
Other contracts |  | — |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | 1 |
Counterparty netting and cash collateral |  | — |  |  | — |  |  | — |  |  | (245) |  |  | (288) |  |  | (533) |
Total derivative assets |  | — |  |  | 519 |  |  | 73 |  |  | (245) |  |  | (288) |  |  | 59 |
Short-term investments |  | 3,845 |  |  | 4,292 |  |  | — |  |  | — |  |  | — |  |  | 8,137 |
Other assets(c) |  | — |  |  | — |  |  | 130 |  |  | — |  |  | — |  |  | 130 |
Total(d) | $ | 13,257 |  | $ | 63,871 |  | $ | 4,354 |  | $ | (245) |  | $ | (288) |  | $ | 80,949 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Derivative liabilities(c): |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts | $ | — |  | $ | 291 |  | $ | — |  | $ | — |  | $ | — |  | $ | 291 |
Foreign exchange contracts |  | — |  |  | 324 |  |  | 1 |  |  | — |  |  | — |  |  | 325 |
Credit contracts |  | — |  |  | — |  |  | 33 |  |  | — |  |  | — |  |  | 33 |
Counterparty netting and cash collateral |  | — |  |  | — |  |  | — |  |  | (245) |  |  | (180) |  |  | (425) |
Total derivative liabilities |  | — |  |  | 615 |  |  | 34 |  |  | (245) |  |  | (180) |  |  | 224 |
Fortitude Re funds withheld payable |  | — |  |  | — |  |  | (154) |  |  | — |  |  | — |  |  | (154) |
Other liabilities |  | — |  |  | — |  |  | 99 |  |  | — |  |  | — |  |  | 99 |
Total | $ | — |  | $ | 615 |  | $ | (21) |  | $ | (245) |  | $ | (180) |  | $ | 169 |
December 31, 2023 |  | Level 1 |  | Level 2 |  | Level 3 | Counterparty Netting(a) | Cash Collateral |  | Total
(in millions) |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Bonds available for sale: |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and government sponsored entities | $ | 15 |  | $ | 4,380 |  | $ | — |  | $ | — |  | $ | — |  | $ | 4,395 |
Obligations of states, municipalities and political subdivisions |  | — |  |  | 4,830 |  |  | 3 |  |  | — |  |  | — |  |  | 4,833 |
Non-U.S. governments |  | 233 |  |  | 8,156 |  |  | 7 |  |  | — |  |  | — |  |  | 8,396 |
Corporate debt |  | — |  |  | 32,023 |  |  | 323 |  |  | — |  |  | — |  |  | 32,346 |
RMBS |  | — |  |  | 4,415 |  |  | 1,792 |  |  | — |  |  | — |  |  | 6,207 |
CMBS |  | — |  |  | 4,122 |  |  | 25 |  |  | — |  |  | — |  |  | 4,147 |
CLO/ABS |  | — |  |  | 3,629 |  |  | 1,289 |  |  | — |  |  | — |  |  | 4,918 |
Total bonds available for sale |  | 248 |  |  | 61,555 |  |  | 3,439 |  |  | — |  |  | — |  |  | 65,242 |
Other bond securities: |  |  |  |  |  |  |  |  |  |  |  |
Obligations of states, municipalities and political subdivisions |  | — |  |  | 51 |  |  | — |  |  | — |  |  | — |  |  | 51 |
Non-U.S. governments |  | — |  |  | 24 |  |  | — |  |  | — |  |  | — |  |  | 24 |
Corporate debt |  | — |  |  | 210 |  |  | 45 |  |  | — |  |  | — |  |  | 255 |
RMBS |  | — |  |  | 42 |  |  | 51 |  |  | — |  |  | — |  |  | 93 |
CMBS |  | — |  |  | 33 |  |  | — |  |  | — |  |  | — |  |  | 33 |
CLO/ABS |  | — |  |  | 69 |  |  | 138 |  |  | — |  |  | — |  |  | 207 |
Total other bond securities |  | — |  |  | 429 |  |  | 234 |  |  | — |  |  | — |  |  | 663 |
Equity securities |  | 612 |  |  | 39 |  |  | 14 |  |  | — |  |  | — |  |  | 665 |
Other invested assets (b) |  | — |  |  | 155 |  |  | 221 |  |  | — |  |  | — |  |  | 376 |
Derivative assets(c): |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  | — |  |  | 335 |  |  | 406 |  |  | — |  |  | — |  |  | 741 |
Foreign exchange contracts |  | — |  |  | 450 |  |  | 1 |  |  | — |  |  | — |  |  | 451 |
Equity contracts |  | — |  |  | 18 |  |  | 48 |  |  | — |  |  | — |  |  | 66 |
Credit contracts |  | — |  |  | — |  |  | 33 |  |  | — |  |  | — |  |  | 33 |
Other contracts |  | — |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | 1 |
Counterparty netting and cash collateral |  | — |  |  | — |  |  | — |  |  | (450) |  |  | (711) |  |  | (1,161) |
Total derivative assets |  | — |  |  | 803 |  |  | 489 |  |  | (450) |  |  | (711) |  |  | 131 |
Short-term investments |  | 2,613 |  |  | 6,750 |  |  | — |  |  | — |  |  | — |  |  | 9,363 |
Other assets(c) |  | — |  |  | — |  |  | 243 |  |  | — |  |  | — |  |  | 243 |
Total(d) | $ | 3,473 |  | $ | 69,731 |  | $ | 4,640 |  | $ | (450) |  | $ | (711) |  | $ | 76,683 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Derivative liabilities(c): |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts | $ | — |  | $ | 352 |  | $ | — |  | $ | — |  | $ | — |  | $ | 352 |
Foreign exchange contracts |  | — |  |  | 561 |  |  | 3 |  |  | — |  |  | — |  |  | 564 |
Credit contracts |  | — |  |  | 3 |  |  | 33 |  |  | — |  |  | — |  |  | 36 |
Counterparty netting and cash collateral |  | — |  |  | — |  |  | — |  |  | (450) |  |  | (249) |  |  | (699) |
Total derivative liabilities |  | — |  |  | 916 |  |  | 36 |  |  | (450) |  |  | (249) |  |  | 253 |
Fortitude Re funds withheld payable |  | — |  |  | — |  |  | (148) |  |  | — |  |  | — |  |  | (148) |
Other liabilities |  | — |  |  | 107 |  |  | 122 |  |  | — |  |  | — |  |  | 229 |
Total | $ | — |  | $ | 1,023 |  | $ | 10 |  | $ | (450) |  | $ | (249) |  | $ | 334 |
(a)Represents netting of derivative exposures covered by qualifying master netting agreements. (b)Excludes investments that are measured at fair value using the net asset value (NAV) per share (or its equivalent), which totaled $3.6 billion and $3.8 billion as of June 30, 2024 and December 31, 2023, respectively. As of June 30, 2024, includes AIG's ownership interest in Corebridge of $8.6 billion on which AIG elected the fair value option. (c)Presented as part of Other assets and Other liabilities on the Condensed Consolidated Balance Sheets. (d)Excludes $22 million and $15 million as of June 30, 2024 and December 31, 2023, respectively, of assets reclassified to Assets held for sale on the Condensed Consolidated Balance Sheets.
Schedule of Assets Measured on a Recurring Basis | The following tables present changes during the three and six months ended June 30, 2024 and 2023 in Level 3 assets and liabilities measured at fair value on a recurring basis, and the realized and unrealized gains (losses) related to the Level 3 assets and liabilities in the Condensed Consolidated Balance Sheets at June 30, 2024 and 2023:
(in millions) |  | Fair Value Beginning of Period |  | Net Realized and Unrealized Gains (Losses) Included in Income |  | Other Comprehensive Income (Loss) |  | Purchases, Sales, Issuances and Settlements, Net |  | Gross Transfers In |  | Gross Transfers Out |  | Other |  | Fair Value End of Period |  | Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period |  | Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Three Months Ended June 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bonds available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Obligations of states, municipalities and political subdivisions | $ | 4 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 4 |  | $ | — |  | $ | — |
Non-U.S. governments |  | 7 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 7 |  |  | — |  |  | — |
Corporate debt |  | 383 |  |  | — |  |  | (2) |  |  | (22) |  |  | 36 |  |  | (36) |  |  | — |  |  | 359 |  |  | — |  |  | (2) |
RMBS |  | 1,766 |  |  | 24 |  |  | (29) |  |  | (75) |  |  | 287 |  |  | (1) |  |  | 44 |  |  | 2,016 |  |  | — |  |  | (30) |
CMBS |  | 43 |  |  | (4) |  |  | 6 |  |  | (18) |  |  | 68 |  |  | (1) |  |  | — |  |  | 94 |  |  | — |  |  | — |
CLO/ABS |  | 1,284 |  |  | 3 |  |  | 3 |  |  | (47) |  |  | 44 |  |  | (12) |  |  | — |  |  | 1,275 |  |  | — |  |  | 3 |
Total bonds available for sale |  | 3,487 |  |  | 23 |  |  | (22) |  |  | (162) |  |  | 435 |  |  | (50) |  |  | 44 |  |  | 3,755 |  |  | — |  |  | (29) |
Other bond securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate Debt |  | 46 |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (3) |  |  | 44 |  |  | — |  |  | — |
RMBS |  | 53 |  |  | — |  |  | — |  |  | (2) |  |  | — |  |  | (2) |  |  | — |  |  | 49 |  |  | — |  |  | — |
CLO/ABS |  | 144 |  |  | 1 |  |  | — |  |  | (3) |  |  | 2 |  |  | — |  |  | 1 |  |  | 145 |  |  | 1 |  |  | — |
Total other bond securities |  | 243 |  |  | 2 |  |  | — |  |  | (5) |  |  | 2 |  |  | (2) |  |  | (2) |  |  | 238 |  |  | 1 |  |  | — |
Equity securities |  | 13 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 13 |  |  | — |  |  | — |
Other invested assets |  | 183 |  |  | (4) |  |  | — |  |  | (36) |  |  | — |  |  | — |  |  | 2 |  |  | 145 |  |  | (1) |  |  | — |
Other assets |  | 129 |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | 130 |  |  | — |  |  | — |
Total | $ | 4,055 |  | $ | 21 |  | $ | (22) |  | $ | (202) |  | $ | 437 |  | $ | (52) |  | $ | 44 |  | $ | 4,281 |  | $ | — |  | $ | (29) |
(in millions) |  | Fair Value Beginning of Period |  | Net Realized and Unrealized (Gains) Losses Included in Income |  | Other Comprehensive Income (Loss) |  | Purchases, Sales, Issuances and Settlements, Net |  | Gross Transfers In |  | Gross Transfers Out |  | Other |  | Fair Value End of Period |  | Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period |  | Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative liabilities, net: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts | $ | (128) |  | $ | (8) |  | $ | — |  | $ | 133 |  | $ | — |  | $ | — |  | $ | — |  | $ | (3) |  | $ | — |  | $ | — |
Foreign exchange contracts |  | 2 |  |  | (2) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Equity contracts |  | (56) |  |  | (2) |  |  | — |  |  | 23 |  |  | — |  |  | — |  |  | — |  |  | (35) |  |  | 2 |  |  | — |
Other contracts |  | (1) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1) |  |  | 1 |  |  | — |
Total derivative liabilities, net(a) |  | (183) |  |  | (12) |  |  | — |  |  | 156 |  |  | — |  |  | — |  |  | — |  |  | (39) |  |  | 3 |  |  | — |
Fortitude Re funds withheld payable |  | (119) |  |  | (8) |  |  | — |  |  | (27) |  |  | — |  |  | — |  |  | — |  |  | (154) |  |  | 33 |  |  | — |
Other Liabilities |  | 92 |  |  | 28 |  |  | — |  |  | (21) |  |  | — |  |  | — |  |  | — |  |  | 99 |  |  | — |  |  | — |
Total | $ | (210) |  | $ | 8 |  | $ | — |  | $ | 108 |  | $ | — |  | $ | — |  | $ | — |  | $ | (94) |  | $ | 36 |  | $ | — |
(in millions) |  | Fair Value Beginning of Period |  | Net Realized and Unrealized Gains (Losses) Included in Income |  | Other Comprehensive Income (Loss) |  | Purchases, Sales, Issuances and Settlements, Net |  | Gross Transfers In |  | Gross Transfers Out |  | Other |  | Fair Value End of Period |  | Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period |  | Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Three Months Ended June 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bonds available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Obligations of states, municipalities and political subdivisions | $ | 15 |  | $ | — |  | $ | 1 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 16 |  | $ | — |  | $ | — |
Non-U.S. governments |  | 9 |  |  | — |  |  | 1 |  |  | (2) |  |  | — |  |  | (2) |  |  | — |  |  | 6 |  |  | — |  |  | 1 |
Corporate debt |  | 728 |  |  | (4) |  |  | 10 |  |  | (131) |  |  | 1 |  |  | (186) |  |  | — |  |  | 418 |  |  | — |  |  | 4 |
RMBS |  | 1,896 |  |  | 30 |  |  | 56 |  |  | (36) |  |  | — |  |  | (43) |  |  | (35) |  |  | 1,868 |  |  | — |  |  | 56 |
CMBS |  | 220 |  |  | (22) |  |  | (2) |  |  | — |  |  | — |  |  | (148) |  |  | — |  |  | 48 |  |  | — |  |  | (4) |
CLO/ABS |  | 1,524 |  |  | (15) |  |  | 3 |  |  | (99) |  |  | 6 |  |  | (32) |  |  | 9 |  |  | 1,396 |  |  | — |  |  | (9) |
Total bonds available for sale |  | 4,392 |  |  | (11) |  |  | 69 |  |  | (268) |  |  | 7 |  |  | (411) |  |  | (26) |  |  | 3,752 |  |  | — |  |  | 48 |
Other bond securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt |  | — |  |  | — |  |  | — |  |  | 44 |  |  | — |  |  | — |  |  | — |  |  | 44 |  |  | — |  |  | — |
RMBS |  | 52 |  |  | 2 |  |  | — |  |  | (2) |  |  | — |  |  | — |  |  | — |  |  | 52 |  |  | (4) |  |  | — |
CLO/ABS |  | 176 |  |  | (3) |  |  | — |  |  | (19) |  |  | — |  |  | — |  |  | — |  |  | 154 |  |  | (25) |  |  | — |
Total other bond securities |  | 228 |  |  | (1) |  |  | — |  |  | 23 |  |  | — |  |  | — |  |  | — |  |  | 250 |  |  | (29) |  |  | — |
Equity securities |  | 25 |  |  | 2 |  |  | — |  |  | — |  |  | 2 |  |  | (1) |  |  | — |  |  | 28 |  |  | 2 |  |  | — |
Other invested assets |  | 235 |  |  | 1 |  |  | — |  |  | (9) |  |  | — |  |  | — |  |  | — |  |  | 227 |  |  | (3) |  |  | — |
Other assets |  | 110 |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | 111 |  |  | — |  |  | — |
Total | $ | 4,990 |  | $ | (9) |  | $ | 69 |  | $ | (253) |  | $ | 9 |  | $ | (412) |  | $ | (26) |  | $ | 4,368 |  | $ | (30) |  | $ | 48 |
(in millions) |  | Fair Value Beginning of Period |  | Net Realized and Unrealized (Gains) Losses Included in Income |  | Other Comprehensive Income (Loss) |  | Purchases, Sales, Issuances and Settlements, Net |  | Gross Transfers In |  | Gross Transfers Out |  | Other |  | Fair Value End of Period |  | Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period |  | Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative liabilities, net: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts | $ | (355) |  | $ | 26 |  | $ | — |  | $ | (10) |  | $ | — |  | $ | — |  | $ | — |  | $ | (339) |  | $ | — |  | $ | (21) |
Foreign exchange contracts |  | — |  |  | 2 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2 |  |  | — |  |  | (2) |
Equity contracts |  | (328) |  |  | 2 |  |  | — |  |  | (73) |  |  | — |  |  | — |  |  | — |  |  | (399) |  |  | 4 |  |  | — |
Credit contracts |  | — |  |  | (1) |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Other contracts |  | (1) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1) |  |  | 1 |  |  | — |
Total derivative liabilities, net(a) |  | (684) |  |  | 29 |  |  | — |  |  | (82) |  |  | — |  |  | — |  |  | — |  |  | (737) |  |  | 5 |  |  | (23) |
Fortitude Re funds withheld payable |  | (167) |  |  | (58) |  |  | — |  |  | (44) |  |  | — |  |  | — |  |  | — |  |  | (269) |  |  | 78 |  |  | — |
Other liabilities |  | 112 |  |  | (14) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 98 |  |  | — |  |  | — |
Total | $ | (739) |  | $ | (43) |  | $ | — |  | $ | (126) |  | $ | — |  | $ | — |  | $ | — |  | $ | (908) |  | $ | 83 |  | $ | (23) |
(in millions) |  | Fair Value Beginning of Year |  | Net Realized and Unrealized Gains (Losses) Included in Income |  | Other Comprehensive Income (Loss) |  | Purchases, Sales, Issuances and Settlements, Net |  | Gross Transfers In |  | Gross Transfers Out |  | Other |  | Fair Value End of Period |  | Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period |  | Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Six Months Ended June 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bonds available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Obligations of states, municipalities and political subdivisions | $ | 3 |  | $ | — |  | $ | — |  | $ | 1 |  | $ | — |  | $ | — |  | $ | — |  | $ | 4 |  | $ | — |  | $ | — |
Non-U.S. governments |  | 7 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 7 |  |  | — |  |  | — |
Corporate debt |  | 323 |  |  | 1 |  |  | (2) |  |  | (60) |  |  | 134 |  |  | (37) |  |  | — |  |  | 359 |  |  | — |  |  | (1) |
RMBS |  | 1,792 |  |  | 47 |  |  | (2) |  |  | (150) |  |  | 287 |  |  | (2) |  |  | 44 |  |  | 2,016 |  |  | — |  |  | (2) |
CMBS |  | 25 |  |  | (4) |  |  | 6 |  |  | (18) |  |  | 85 |  |  | — |  |  | — |  |  | 94 |  |  | — |  |  | 1 |
CLO/ABS |  | 1,289 |  |  | (12) |  |  | 32 |  |  | (66) |  |  | 44 |  |  | (12) |  |  | — |  |  | 1,275 |  |  | — |  |  | 29 |
Total bonds available for sale |  | 3,439 |  |  | 32 |  |  | 34 |  |  | (293) |  |  | 550 |  |  | (51) |  |  | 44 |  |  | 3,755 |  |  | — |  |  | 27 |
Other bond securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt |  | 45 |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (2) |  |  | 44 |  |  | — |  |  | — |
RMBS |  | 51 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (2) |  |  | — |  |  | 49 |  |  | — |  |  | — |
CLO/ABS |  | 138 |  |  | — |  |  | — |  |  | 5 |  |  | 2 |  |  | — |  |  | — |  |  | 145 |  |  | (1) |  |  | — |
Total other bond securities |  | 234 |  |  | 1 |  |  | — |  |  | 5 |  |  | 2 |  |  | (2) |  |  | (2) |  |  | 238 |  |  | (1) |  |  | — |
Equity securities |  | 14 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1) |  |  | — |  |  | 13 |  |  | 1 |  |  | — |
Other invested assets |  | 221 |  |  | (13) |  |  | — |  |  | (39) |  |  | — |  |  | (13) |  |  | (11) |  |  | 145 |  |  | (12) |  |  | — |
Other assets |  | 243 |  |  | — |  |  | — |  |  | (113) |  |  | — |  |  | — |  |  | — |  |  | 130 |  |  | — |  |  | — |
Total | $ | 4,151 |  | $ | 20 |  | $ | 34 |  | $ | (440) |  | $ | 552 |  | $ | (67) |  | $ | 31 |  | $ | 4,281 |  | $ | (12) |  | $ | 27 |
(in millions) |  | Fair Value Beginning of Year |  | Net Realized and Unrealized (Gains) Losses Included in Income |  | Other Comprehensive Income (Loss) |  | Purchases, Sales, Issuances and Settlements, Net |  | Gross Transfers In |  | Gross Transfers Out |  | Other |  | Fair Value End of Period |  | Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period |  | Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative liabilities, net: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts | $ | (406) |  | $ | 61 |  | $ | — |  | $ | 342 |  | $ | — |  | $ | — |  | $ | — |  | $ | (3) |  | $ | (3) |  | $ | — |
Foreign exchange contracts |  | 2 |  |  | (2) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Equity contracts |  | (48) |  |  | (18) |  |  | — |  |  | 31 |  |  | — |  |  | — |  |  | — |  |  | (35) |  |  | 10 |  |  | — |
Other contracts |  | (1) |  |  | (1) |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | (1) |  |  | 1 |  |  | — |
Total derivative liabilities, net(a) |  | (453) |  |  | 40 |  |  | — |  |  | 374 |  |  | — |  |  | — |  |  | — |  |  | (39) |  |  | 8 |  |  | — |
Fortitude Re funds withheld payable |  | (148) |  |  | 1 |  |  | — |  |  | (7) |  |  | — |  |  | — |  |  | — |  |  | (154) |  |  | 47 |  |  | — |
Other Liabilities |  | 122 |  |  | (2) |  |  | — |  |  | (21) |  |  | — |  |  | — |  |  | — |  |  | 99 |  |  | — |  |  | — |
Total | $ | (479) |  | $ | 39 |  | $ | — |  | $ | 346 |  | $ | — |  | $ | — |  | $ | — |  | $ | (94) |  | $ | 55 |  | $ | — |
(in millions) |  | Fair Value Beginning of Year |  | Net Realized and Unrealized Gains (Losses) Included in Income |  | Other Comprehensive Income (Loss) |  | Purchases, Sales, Issuances and Settlements, Net |  | Gross Transfers In |  | Gross Transfers Out |  | Other |  | Fair Value End of Period |  | Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period |  | Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Six Months Ended June 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bonds available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Obligations of states, municipalities and political subdivisions | $ | 20 |  | $ | — |  | $ | 1 |  | $ | (5) |  | $ | — |  | $ | — |  | $ | — |  | $ | 16 |  | $ | — |  | $ | 1 |
Non-U.S. governments |  | 2 |  |  | — |  |  | 1 |  |  | (2) |  |  | 7 |  |  | (2) |  |  | — |  |  | 6 |  |  | — |  |  | 1 |
Corporate debt |  | 879 |  |  | (4) |  |  | 17 |  |  | (347) |  |  | 108 |  |  | (235) |  |  | — |  |  | 418 |  |  | — |  |  | 3 |
RMBS |  | 1,884 |  |  | 59 |  |  | 26 |  |  | (18) |  |  | — |  |  | (48) |  |  | (35) |  |  | 1,868 |  |  | — |  |  | 24 |
CMBS |  | 207 |  |  | (22) |  |  | (1) |  |  | 1 |  |  | 11 |  |  | (148) |  |  | — |  |  | 48 |  |  | — |  |  | (12) |
CLO/ABS |  | 1,483 |  |  | (12) |  |  | 20 |  |  | (83) |  |  | 17 |  |  | (42) |  |  | 13 |  |  | 1,396 |  |  | — |  |  | 12 |
Total bonds available for sale |  | 4,475 |  |  | 21 |  |  | 64 |  |  | (454) |  |  | 143 |  |  | (475) |  |  | (22) |  |  | 3,752 |  |  | — |  |  | 29 |
Other bond securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt |  | — |  |  | — |  |  | — |  |  | 44 |  |  | — |  |  | — |  |  | — |  |  | 44 |  |  | — |  |  | — |
RMBS |  | 65 |  |  | 2 |  |  | — |  |  | (15) |  |  | — |  |  | — |  |  | — |  |  | 52 |  |  | (9) |  |  | — |
CLO/ABS |  | 158 |  |  | 1 |  |  | — |  |  | (13) |  |  | — |  |  | (3) |  |  | 11 |  |  | 154 |  |  | (23) |  |  | — |
Total other bond securities |  | 223 |  |  | 3 |  |  | — |  |  | 16 |  |  | — |  |  | (3) |  |  | 11 |  |  | 250 |  |  | (32) |  |  | — |
Equity securities |  | 13 |  |  | 2 |  |  | — |  |  | 4 |  |  | 10 |  |  | (1) |  |  | — |  |  | 28 |  |  | 2 |  |  | — |
Other invested assets |  | 244 |  |  | (7) |  |  | — |  |  | (10) |  |  | — |  |  | — |  |  | — |  |  | 227 |  |  | (10) |  |  | — |
Other assets |  | 107 |  |  | — |  |  | — |  |  | 4 |  |  | — |  |  | — |  |  | — |  |  | 111 |  |  | — |  |  | — |
Total | $ | 5,062 |  | $ | 19 |  | $ | 64 |  | $ | (440) |  | $ | 153 |  | $ | (479) |  | $ | (11) |  | $ | 4,368 |  | $ | (40) |  | $ | 29 |
(in millions) |  | Fair Value Beginning of Year |  | Net Realized and Unrealized (Gains) Losses Included in Income |  | Other Comprehensive Income (Loss) |  | Purchases, Sales, Issuances and Settlements, Net |  | Gross Transfers In |  | Gross Transfers Out |  | Other |  | Fair Value End of Period |  | Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period |  | Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative liabilities, net: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts | $ | (311) |  | $ | 84 |  | $ | — |  | $ | (112) |  | $ | — |  | $ | — |  | $ | — |  | $ | (339) |  | $ | — |  | $ | (29) |
Foreign exchange contracts |  | — |  |  | 2 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2 |  |  | — |  |  | (2) |
Equity contracts |  | (271) |  |  | (69) |  |  | — |  |  | (59) |  |  | — |  |  | — |  |  | — |  |  | (399) |  |  | 63 |  |  | — |
Credit contracts |  | — |  |  | (1) |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Other contracts |  | (1) |  |  | (1) |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | (1) |  |  | 1 |  |  | — |
Total derivative liabilities, net(a) |  | (583) |  |  | 15 |  |  | — |  |  | (169) |  |  | — |  |  | — |  |  | — |  |  | (737) |  |  | 64 |  |  | (31) |
Fortitude Re funds withheld payable |  | (41) |  |  | 82 |  |  | — |  |  | (310) |  |  | — |  |  | — |  |  | — |  |  | (269) |  |  | (48) |  |  | — |
Other liabilities |  | 112 |  |  | (14) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 98 |  |  | — |  |  | — |
Total | $ | (512) |  | $ | 83 |  | $ | — |  | $ | (479) |  | $ | — |  | $ | — |  | $ | — |  | $ | (908) |  | $ | 16 |  | $ | (31) |
(a)Total Level 3 derivative exposures have been netted in these tables for presentation purposes only. The following table presents the gross components of purchases, sales, issuances and settlements, net, shown above, for the three and six months ended June 30, 2024 and 2023 related to Level 3 assets and liabilities in the Condensed Consolidated Balance Sheets:
(in millions) | Purchases |  | Sales |  | Issuances and Settlements(a) |  | Purchases, Sales, Issuances and Settlements, Net(a)
Three Months Ended June 30, 2024 |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |
Bonds available for sale: |  |  |  |  |  |  |
Non-U.S. governments | $ | 4 |  |  | $ | — |  |  | $ | (4) |  |  | $ | — |
Corporate debt | 5 |  |  | — |  |  | (27) |  |  | (22) |
RMBS | — |  |  | — |  |  | (75) |  |  | (75) |
CMBS | — |  |  | — |  |  | (18) |  |  | (18) |
CLO/ABS | 6 |  |  | — |  |  | (53) |  |  | (47) |
Total bonds available for sale | 15 |  |  | — |  |  | (177) |  |  | (162) |
Other bond securities: |  |  |  |  |  |  |
RMBS | — |  |  | (1) |  |  | (1) |  |  | (2) |
CLO/ABS | — |  |  | — |  |  | (3) |  |  | (3) |
Total other bond securities | — |  |  | (1) |  |  | (4) |  |  | (5) |
Other invested assets | — |  |  | — |  |  | (36) |  |  | (36) |
Other assets | — |  |  | — |  |  | 1 |  |  | 1 |
Total | $ | 15 |  |  | $ | (1) |  |  | $ | (216) |  |  | $ | (202) |
Liabilities: |  |  |  |  |  |  |
Derivative liabilities, net | $ | — |  |  | $ | — |  |  | $ | 156 |  |  | $ | 156 |
Fortitude Re funds withheld payable | — |  |  | — |  |  | (27) |  |  | (27) |
Other liabilities | — |  |  | — |  |  | (21) |  |  | (21) |
Total | $ | — |  |  | $ | — |  |  | $ | 108 |  |  | $ | 108 |
Three Months Ended June 30, 2023 |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |
Bonds available for sale: |  |  |  |  |  |  |
Non-U.S. governments | $ | — |  |  | $ | — |  |  | $ | (2) |  |  | $ | (2) |
Corporate debt | — |  |  | — |  |  | (131) |  |  | (131) |
RMBS | 46 |  |  | — |  |  | (82) |  |  | (36) |
CMBS | — |  |  | (5) |  |  | 5 |  |  | — |
CLO/ABS | 77 |  |  | (148) |  |  | (28) |  |  | (99) |
Total bonds available for sale | 123 |  |  | (153) |  |  | (238) |  |  | (268) |
Other bond securities: |  |  |  |  |  |  |
Corporate debt | 20 |  |  | — |  |  | 24 |  |  | 44 |
RMBS | — |  |  | — |  |  | (2) |  |  | (2) |
CLO/ABS | — |  |  | 4 |  |  | (23) |  |  | (19) |
Total other bond securities | 20 |  |  | 4 |  |  | (1) |  |  | 23 |
Other invested assets | (1) |  |  | — |  |  | (8) |  |  | (9) |
Other assets | — |  |  | — |  |  | 1 |  |  | 1 |
Total | $ | 142 |  |  | $ | (149) |  |  | $ | (246) |  |  | $ | (253) |
Liabilities: |  |  |  |  |  |  |
Derivative liabilities, net | $ | (105) |  |  | $ | 1 |  |  | $ | 22 |  |  | $ | (82) |
Fortitude Re funds withheld payable | — |  |  | — |  |  | (44) |  |  | (44) |
Total | $ | (105) |  |  | $ | 1 |  |  | $ | (22) |  |  | $ | (126) |
(in millions) | Purchases |  | Sales |  | Issuances and Settlements(a) |  | Purchases, Sales, Issuances and Settlements, Net(a)
Six Months Ended June 30, 2024 |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |
Bonds available for sale: |  |  |  |  |  |  |
Obligations of states, municipalities and political subdivisions | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | 1 |
Non-U.S. governments | 4 |  |  | — |  |  | (4) |  |  | — |
Corporate debt | 11 |  |  | (3) |  |  | (68) |  |  | (60) |
RMBS | — |  |  | (1) |  |  | (149) |  |  | (150) |
CMBS | — |  |  | — |  |  | (18) |  |  | (18) |
CLO/ABS | 66 |  |  | (2) |  |  | (130) |  |  | (66) |
Total bonds available for sale | 82 |  |  | (6) |  |  | (369) |  |  | (293) |
Other bond securities: |  |  |  |  |  |  |
RMBS | 3 |  |  | (1) |  |  | (2) |  |  | — |
CLO/ABS | 11 |  |  | — |  |  | (6) |  |  | 5 |
Total other bond securities | 14 |  |  | (1) |  |  | (8) |  |  | 5 |
Other invested assets | 1 |  |  | — |  |  | (40) |  |  | (39) |
Other assets | — |  |  | — |  |  | (113) |  |  | (113) |
Total | $ | 97 |  |  | $ | (7) |  |  | $ | (530) |  |  | $ | (440) |
Liabilities: |  |  |  |  |  |  |
Derivative liabilities, net | $ | — |  |  | $ | — |  |  | $ | 374 |  |  | $ | 374 |
Fortitude Re funds withheld payable | — |  |  | — |  |  | (7) |  |  | (7) |
Other Liabilities | — |  |  | — |  |  | (21) |  |  | (21) |
Total | $ | — |  |  | $ | — |  |  | $ | 346 |  |  | $ | 346 |
Six Months Ended June 30, 2023 |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |
Bonds available for sale: |  |  |  |  |  |  |
Obligations of states, municipalities and political subdivisions | $ | 1 |  |  | $ | (4) |  |  | $ | (2) |  |  | $ | (5) |
Non-U.S. governments | — |  |  | — |  |  | (2) |  |  | (2) |
Corporate Debt | 8 |  |  | — |  |  | (355) |  |  | (347) |
RMBS | 170 |  |  | (19) |  |  | (169) |  |  | (18) |
CMBS | 1 |  |  | (5) |  |  | 5 |  |  | 1 |
CLO/ABS | 107 |  |  | (151) |  |  | (39) |  |  | (83) |
Total bonds available for sale | 287 |  |  | (179) |  |  | (562) |  |  | (454) |
Other bond securities: |  |  |  |  |  |  |
Corporate debt | 20 |  |  | — |  |  | 24 |  |  | 44 |
RMBS | — |  |  | — |  |  | (15) |  |  | (15) |
CLO/ABS | 14 |  |  | — |  |  | (27) |  |  | (13) |
Total other bond securities | 34 |  |  | — |  |  | (18) |  |  | 16 |
Equity securities | 5 |  |  | — |  |  | (1) |  |  | 4 |
Other invested assets | 1 |  |  | — |  |  | (11) |  |  | (10) |
Other assets | — |  |  | — |  |  | 4 |  |  | 4 |
Total | $ | 327 |  |  | $ | (179) |  |  | $ | (588) |  |  | $ | (440) |
Liabilities: |  |  |  |  |  |  |
Derivative liabilities, net | $ | (316) |  |  | $ | 4 |  |  | $ | 143 |  |  | $ | (169) |
Fortitude Re funds withheld payable | — |  |  | — |  |  | (310) |  |  | (310) |
Total | $ | (316) |  |  | $ | 4 |  |  | $ | (167) |  |  | $ | (479) |
(a)There were no issuances during the three and six months ended June 30, 2024 and 2023.
Schedule of Liabilities Measured on a Recurring Basis | The following tables present changes during the three and six months ended June 30, 2024 and 2023 in Level 3 assets and liabilities measured at fair value on a recurring basis, and the realized and unrealized gains (losses) related to the Level 3 assets and liabilities in the Condensed Consolidated Balance Sheets at June 30, 2024 and 2023:
(in millions) |  | Fair Value Beginning of Period |  | Net Realized and Unrealized Gains (Losses) Included in Income |  | Other Comprehensive Income (Loss) |  | Purchases, Sales, Issuances and Settlements, Net |  | Gross Transfers In |  | Gross Transfers Out |  | Other |  | Fair Value End of Period |  | Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period |  | Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Three Months Ended June 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bonds available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Obligations of states, municipalities and political subdivisions | $ | 4 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 4 |  | $ | — |  | $ | — |
Non-U.S. governments |  | 7 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 7 |  |  | — |  |  | — |
Corporate debt |  | 383 |  |  | — |  |  | (2) |  |  | (22) |  |  | 36 |  |  | (36) |  |  | — |  |  | 359 |  |  | — |  |  | (2) |
RMBS |  | 1,766 |  |  | 24 |  |  | (29) |  |  | (75) |  |  | 287 |  |  | (1) |  |  | 44 |  |  | 2,016 |  |  | — |  |  | (30) |
CMBS |  | 43 |  |  | (4) |  |  | 6 |  |  | (18) |  |  | 68 |  |  | (1) |  |  | — |  |  | 94 |  |  | — |  |  | — |
CLO/ABS |  | 1,284 |  |  | 3 |  |  | 3 |  |  | (47) |  |  | 44 |  |  | (12) |  |  | — |  |  | 1,275 |  |  | — |  |  | 3 |
Total bonds available for sale |  | 3,487 |  |  | 23 |  |  | (22) |  |  | (162) |  |  | 435 |  |  | (50) |  |  | 44 |  |  | 3,755 |  |  | — |  |  | (29) |
Other bond securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate Debt |  | 46 |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (3) |  |  | 44 |  |  | — |  |  | — |
RMBS |  | 53 |  |  | — |  |  | — |  |  | (2) |  |  | — |  |  | (2) |  |  | — |  |  | 49 |  |  | — |  |  | — |
CLO/ABS |  | 144 |  |  | 1 |  |  | — |  |  | (3) |  |  | 2 |  |  | — |  |  | 1 |  |  | 145 |  |  | 1 |  |  | — |
Total other bond securities |  | 243 |  |  | 2 |  |  | — |  |  | (5) |  |  | 2 |  |  | (2) |  |  | (2) |  |  | 238 |  |  | 1 |  |  | — |
Equity securities |  | 13 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 13 |  |  | — |  |  | — |
Other invested assets |  | 183 |  |  | (4) |  |  | — |  |  | (36) |  |  | — |  |  | — |  |  | 2 |  |  | 145 |  |  | (1) |  |  | — |
Other assets |  | 129 |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | 130 |  |  | — |  |  | — |
Total | $ | 4,055 |  | $ | 21 |  | $ | (22) |  | $ | (202) |  | $ | 437 |  | $ | (52) |  | $ | 44 |  | $ | 4,281 |  | $ | — |  | $ | (29) |
(in millions) |  | Fair Value Beginning of Period |  | Net Realized and Unrealized (Gains) Losses Included in Income |  | Other Comprehensive Income (Loss) |  | Purchases, Sales, Issuances and Settlements, Net |  | Gross Transfers In |  | Gross Transfers Out |  | Other |  | Fair Value End of Period |  | Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period |  | Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative liabilities, net: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts | $ | (128) |  | $ | (8) |  | $ | — |  | $ | 133 |  | $ | — |  | $ | — |  | $ | — |  | $ | (3) |  | $ | — |  | $ | — |
Foreign exchange contracts |  | 2 |  |  | (2) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Equity contracts |  | (56) |  |  | (2) |  |  | — |  |  | 23 |  |  | — |  |  | — |  |  | — |  |  | (35) |  |  | 2 |  |  | — |
Other contracts |  | (1) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1) |  |  | 1 |  |  | — |
Total derivative liabilities, net(a) |  | (183) |  |  | (12) |  |  | — |  |  | 156 |  |  | — |  |  | — |  |  | — |  |  | (39) |  |  | 3 |  |  | — |
Fortitude Re funds withheld payable |  | (119) |  |  | (8) |  |  | — |  |  | (27) |  |  | — |  |  | — |  |  | — |  |  | (154) |  |  | 33 |  |  | — |
Other Liabilities |  | 92 |  |  | 28 |  |  | — |  |  | (21) |  |  | — |  |  | — |  |  | — |  |  | 99 |  |  | — |  |  | — |
Total | $ | (210) |  | $ | 8 |  | $ | — |  | $ | 108 |  | $ | — |  | $ | — |  | $ | — |  | $ | (94) |  | $ | 36 |  | $ | — |
(in millions) |  | Fair Value Beginning of Period |  | Net Realized and Unrealized Gains (Losses) Included in Income |  | Other Comprehensive Income (Loss) |  | Purchases, Sales, Issuances and Settlements, Net |  | Gross Transfers In |  | Gross Transfers Out |  | Other |  | Fair Value End of Period |  | Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period |  | Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Three Months Ended June 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bonds available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Obligations of states, municipalities and political subdivisions | $ | 15 |  | $ | — |  | $ | 1 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 16 |  | $ | — |  | $ | — |
Non-U.S. governments |  | 9 |  |  | — |  |  | 1 |  |  | (2) |  |  | — |  |  | (2) |  |  | — |  |  | 6 |  |  | — |  |  | 1 |
Corporate debt |  | 728 |  |  | (4) |  |  | 10 |  |  | (131) |  |  | 1 |  |  | (186) |  |  | — |  |  | 418 |  |  | — |  |  | 4 |
RMBS |  | 1,896 |  |  | 30 |  |  | 56 |  |  | (36) |  |  | — |  |  | (43) |  |  | (35) |  |  | 1,868 |  |  | — |  |  | 56 |
CMBS |  | 220 |  |  | (22) |  |  | (2) |  |  | — |  |  | — |  |  | (148) |  |  | — |  |  | 48 |  |  | — |  |  | (4) |
CLO/ABS |  | 1,524 |  |  | (15) |  |  | 3 |  |  | (99) |  |  | 6 |  |  | (32) |  |  | 9 |  |  | 1,396 |  |  | — |  |  | (9) |
Total bonds available for sale |  | 4,392 |  |  | (11) |  |  | 69 |  |  | (268) |  |  | 7 |  |  | (411) |  |  | (26) |  |  | 3,752 |  |  | — |  |  | 48 |
Other bond securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt |  | — |  |  | — |  |  | — |  |  | 44 |  |  | — |  |  | — |  |  | — |  |  | 44 |  |  | — |  |  | — |
RMBS |  | 52 |  |  | 2 |  |  | — |  |  | (2) |  |  | — |  |  | — |  |  | — |  |  | 52 |  |  | (4) |  |  | — |
CLO/ABS |  | 176 |  |  | (3) |  |  | — |  |  | (19) |  |  | — |  |  | — |  |  | — |  |  | 154 |  |  | (25) |  |  | — |
Total other bond securities |  | 228 |  |  | (1) |  |  | — |  |  | 23 |  |  | — |  |  | — |  |  | — |  |  | 250 |  |  | (29) |  |  | — |
Equity securities |  | 25 |  |  | 2 |  |  | — |  |  | — |  |  | 2 |  |  | (1) |  |  | — |  |  | 28 |  |  | 2 |  |  | — |
Other invested assets |  | 235 |  |  | 1 |  |  | — |  |  | (9) |  |  | — |  |  | — |  |  | — |  |  | 227 |  |  | (3) |  |  | — |
Other assets |  | 110 |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | 111 |  |  | — |  |  | — |
Total | $ | 4,990 |  | $ | (9) |  | $ | 69 |  | $ | (253) |  | $ | 9 |  | $ | (412) |  | $ | (26) |  | $ | 4,368 |  | $ | (30) |  | $ | 48 |
(in millions) |  | Fair Value Beginning of Period |  | Net Realized and Unrealized (Gains) Losses Included in Income |  | Other Comprehensive Income (Loss) |  | Purchases, Sales, Issuances and Settlements, Net |  | Gross Transfers In |  | Gross Transfers Out |  | Other |  | Fair Value End of Period |  | Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period |  | Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative liabilities, net: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts | $ | (355) |  | $ | 26 |  | $ | — |  | $ | (10) |  | $ | — |  | $ | — |  | $ | — |  | $ | (339) |  | $ | — |  | $ | (21) |
Foreign exchange contracts |  | — |  |  | 2 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2 |  |  | — |  |  | (2) |
Equity contracts |  | (328) |  |  | 2 |  |  | — |  |  | (73) |  |  | — |  |  | — |  |  | — |  |  | (399) |  |  | 4 |  |  | — |
Credit contracts |  | — |  |  | (1) |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Other contracts |  | (1) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1) |  |  | 1 |  |  | — |
Total derivative liabilities, net(a) |  | (684) |  |  | 29 |  |  | — |  |  | (82) |  |  | — |  |  | — |  |  | — |  |  | (737) |  |  | 5 |  |  | (23) |
Fortitude Re funds withheld payable |  | (167) |  |  | (58) |  |  | — |  |  | (44) |  |  | — |  |  | — |  |  | — |  |  | (269) |  |  | 78 |  |  | — |
Other liabilities |  | 112 |  |  | (14) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 98 |  |  | — |  |  | — |
Total | $ | (739) |  | $ | (43) |  | $ | — |  | $ | (126) |  | $ | — |  | $ | — |  | $ | — |  | $ | (908) |  | $ | 83 |  | $ | (23) |
(in millions) |  | Fair Value Beginning of Year |  | Net Realized and Unrealized Gains (Losses) Included in Income |  | Other Comprehensive Income (Loss) |  | Purchases, Sales, Issuances and Settlements, Net |  | Gross Transfers In |  | Gross Transfers Out |  | Other |  | Fair Value End of Period |  | Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period |  | Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Six Months Ended June 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bonds available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Obligations of states, municipalities and political subdivisions | $ | 3 |  | $ | — |  | $ | — |  | $ | 1 |  | $ | — |  | $ | — |  | $ | — |  | $ | 4 |  | $ | — |  | $ | — |
Non-U.S. governments |  | 7 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 7 |  |  | — |  |  | — |
Corporate debt |  | 323 |  |  | 1 |  |  | (2) |  |  | (60) |  |  | 134 |  |  | (37) |  |  | — |  |  | 359 |  |  | — |  |  | (1) |
RMBS |  | 1,792 |  |  | 47 |  |  | (2) |  |  | (150) |  |  | 287 |  |  | (2) |  |  | 44 |  |  | 2,016 |  |  | — |  |  | (2) |
CMBS |  | 25 |  |  | (4) |  |  | 6 |  |  | (18) |  |  | 85 |  |  | — |  |  | — |  |  | 94 |  |  | — |  |  | 1 |
CLO/ABS |  | 1,289 |  |  | (12) |  |  | 32 |  |  | (66) |  |  | 44 |  |  | (12) |  |  | — |  |  | 1,275 |  |  | — |  |  | 29 |
Total bonds available for sale |  | 3,439 |  |  | 32 |  |  | 34 |  |  | (293) |  |  | 550 |  |  | (51) |  |  | 44 |  |  | 3,755 |  |  | — |  |  | 27 |
Other bond securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt |  | 45 |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (2) |  |  | 44 |  |  | — |  |  | — |
RMBS |  | 51 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (2) |  |  | — |  |  | 49 |  |  | — |  |  | — |
CLO/ABS |  | 138 |  |  | — |  |  | — |  |  | 5 |  |  | 2 |  |  | — |  |  | — |  |  | 145 |  |  | (1) |  |  | — |
Total other bond securities |  | 234 |  |  | 1 |  |  | — |  |  | 5 |  |  | 2 |  |  | (2) |  |  | (2) |  |  | 238 |  |  | (1) |  |  | — |
Equity securities |  | 14 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1) |  |  | — |  |  | 13 |  |  | 1 |  |  | — |
Other invested assets |  | 221 |  |  | (13) |  |  | — |  |  | (39) |  |  | — |  |  | (13) |  |  | (11) |  |  | 145 |  |  | (12) |  |  | — |
Other assets |  | 243 |  |  | — |  |  | — |  |  | (113) |  |  | — |  |  | — |  |  | — |  |  | 130 |  |  | — |  |  | — |
Total | $ | 4,151 |  | $ | 20 |  | $ | 34 |  | $ | (440) |  | $ | 552 |  | $ | (67) |  | $ | 31 |  | $ | 4,281 |  | $ | (12) |  | $ | 27 |
(in millions) |  | Fair Value Beginning of Year |  | Net Realized and Unrealized (Gains) Losses Included in Income |  | Other Comprehensive Income (Loss) |  | Purchases, Sales, Issuances and Settlements, Net |  | Gross Transfers In |  | Gross Transfers Out |  | Other |  | Fair Value End of Period |  | Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period |  | Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative liabilities, net: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts | $ | (406) |  | $ | 61 |  | $ | — |  | $ | 342 |  | $ | — |  | $ | — |  | $ | — |  | $ | (3) |  | $ | (3) |  | $ | — |
Foreign exchange contracts |  | 2 |  |  | (2) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Equity contracts |  | (48) |  |  | (18) |  |  | — |  |  | 31 |  |  | — |  |  | — |  |  | — |  |  | (35) |  |  | 10 |  |  | — |
Other contracts |  | (1) |  |  | (1) |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | (1) |  |  | 1 |  |  | — |
Total derivative liabilities, net(a) |  | (453) |  |  | 40 |  |  | — |  |  | 374 |  |  | — |  |  | — |  |  | — |  |  | (39) |  |  | 8 |  |  | — |
Fortitude Re funds withheld payable |  | (148) |  |  | 1 |  |  | — |  |  | (7) |  |  | — |  |  | — |  |  | — |  |  | (154) |  |  | 47 |  |  | — |
Other Liabilities |  | 122 |  |  | (2) |  |  | — |  |  | (21) |  |  | — |  |  | — |  |  | — |  |  | 99 |  |  | — |  |  | — |
Total | $ | (479) |  | $ | 39 |  | $ | — |  | $ | 346 |  | $ | — |  | $ | — |  | $ | — |  | $ | (94) |  | $ | 55 |  | $ | — |
(in millions) |  | Fair Value Beginning of Year |  | Net Realized and Unrealized Gains (Losses) Included in Income |  | Other Comprehensive Income (Loss) |  | Purchases, Sales, Issuances and Settlements, Net |  | Gross Transfers In |  | Gross Transfers Out |  | Other |  | Fair Value End of Period |  | Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period |  | Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Six Months Ended June 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bonds available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Obligations of states, municipalities and political subdivisions | $ | 20 |  | $ | — |  | $ | 1 |  | $ | (5) |  | $ | — |  | $ | — |  | $ | — |  | $ | 16 |  | $ | — |  | $ | 1 |
Non-U.S. governments |  | 2 |  |  | — |  |  | 1 |  |  | (2) |  |  | 7 |  |  | (2) |  |  | — |  |  | 6 |  |  | — |  |  | 1 |
Corporate debt |  | 879 |  |  | (4) |  |  | 17 |  |  | (347) |  |  | 108 |  |  | (235) |  |  | — |  |  | 418 |  |  | — |  |  | 3 |
RMBS |  | 1,884 |  |  | 59 |  |  | 26 |  |  | (18) |  |  | — |  |  | (48) |  |  | (35) |  |  | 1,868 |  |  | — |  |  | 24 |
CMBS |  | 207 |  |  | (22) |  |  | (1) |  |  | 1 |  |  | 11 |  |  | (148) |  |  | — |  |  | 48 |  |  | — |  |  | (12) |
CLO/ABS |  | 1,483 |  |  | (12) |  |  | 20 |  |  | (83) |  |  | 17 |  |  | (42) |  |  | 13 |  |  | 1,396 |  |  | — |  |  | 12 |
Total bonds available for sale |  | 4,475 |  |  | 21 |  |  | 64 |  |  | (454) |  |  | 143 |  |  | (475) |  |  | (22) |  |  | 3,752 |  |  | — |  |  | 29 |
Other bond securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt |  | — |  |  | — |  |  | — |  |  | 44 |  |  | — |  |  | — |  |  | — |  |  | 44 |  |  | — |  |  | — |
RMBS |  | 65 |  |  | 2 |  |  | — |  |  | (15) |  |  | — |  |  | — |  |  | — |  |  | 52 |  |  | (9) |  |  | — |
CLO/ABS |  | 158 |  |  | 1 |  |  | — |  |  | (13) |  |  | — |  |  | (3) |  |  | 11 |  |  | 154 |  |  | (23) |  |  | — |
Total other bond securities |  | 223 |  |  | 3 |  |  | — |  |  | 16 |  |  | — |  |  | (3) |  |  | 11 |  |  | 250 |  |  | (32) |  |  | — |
Equity securities |  | 13 |  |  | 2 |  |  | — |  |  | 4 |  |  | 10 |  |  | (1) |  |  | — |  |  | 28 |  |  | 2 |  |  | — |
Other invested assets |  | 244 |  |  | (7) |  |  | — |  |  | (10) |  |  | — |  |  | — |  |  | — |  |  | 227 |  |  | (10) |  |  | — |
Other assets |  | 107 |  |  | — |  |  | — |  |  | 4 |  |  | — |  |  | — |  |  | — |  |  | 111 |  |  | — |  |  | — |
Total | $ | 5,062 |  | $ | 19 |  | $ | 64 |  | $ | (440) |  | $ | 153 |  | $ | (479) |  | $ | (11) |  | $ | 4,368 |  | $ | (40) |  | $ | 29 |
(in millions) |  | Fair Value Beginning of Year |  | Net Realized and Unrealized (Gains) Losses Included in Income |  | Other Comprehensive Income (Loss) |  | Purchases, Sales, Issuances and Settlements, Net |  | Gross Transfers In |  | Gross Transfers Out |  | Other |  | Fair Value End of Period |  | Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period |  | Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative liabilities, net: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts | $ | (311) |  | $ | 84 |  | $ | — |  | $ | (112) |  | $ | — |  | $ | — |  | $ | — |  | $ | (339) |  | $ | — |  | $ | (29) |
Foreign exchange contracts |  | — |  |  | 2 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2 |  |  | — |  |  | (2) |
Equity contracts |  | (271) |  |  | (69) |  |  | — |  |  | (59) |  |  | — |  |  | — |  |  | — |  |  | (399) |  |  | 63 |  |  | — |
Credit contracts |  | — |  |  | (1) |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Other contracts |  | (1) |  |  | (1) |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | (1) |  |  | 1 |  |  | — |
Total derivative liabilities, net(a) |  | (583) |  |  | 15 |  |  | — |  |  | (169) |  |  | — |  |  | — |  |  | — |  |  | (737) |  |  | 64 |  |  | (31) |
Fortitude Re funds withheld payable |  | (41) |  |  | 82 |  |  | — |  |  | (310) |  |  | — |  |  | — |  |  | — |  |  | (269) |  |  | (48) |  |  | — |
Other liabilities |  | 112 |  |  | (14) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 98 |  |  | — |  |  | — |
Total | $ | (512) |  | $ | 83 |  | $ | — |  | $ | (479) |  | $ | — |  | $ | — |  | $ | — |  | $ | (908) |  | $ | 16 |  | $ | (31) |
(a)Total Level 3 derivative exposures have been netted in these tables for presentation purposes only. The following table presents the gross components of purchases, sales, issuances and settlements, net, shown above, for the three and six months ended June 30, 2024 and 2023 related to Level 3 assets and liabilities in the Condensed Consolidated Balance Sheets:
(in millions) | Purchases |  | Sales |  | Issuances and Settlements(a) |  | Purchases, Sales, Issuances and Settlements, Net(a)
Six Months Ended June 30, 2024 |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |
Bonds available for sale: |  |  |  |  |  |  |
Obligations of states, municipalities and political subdivisions | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | 1 |
Non-U.S. governments | 4 |  |  | — |  |  | (4) |  |  | — |
Corporate debt | 11 |  |  | (3) |  |  | (68) |  |  | (60) |
RMBS | — |  |  | (1) |  |  | (149) |  |  | (150) |
CMBS | — |  |  | — |  |  | (18) |  |  | (18) |
CLO/ABS | 66 |  |  | (2) |  |  | (130) |  |  | (66) |
Total bonds available for sale | 82 |  |  | (6) |  |  | (369) |  |  | (293) |
Other bond securities: |  |  |  |  |  |  |
RMBS | 3 |  |  | (1) |  |  | (2) |  |  | — |
CLO/ABS | 11 |  |  | — |  |  | (6) |  |  | 5 |
Total other bond securities | 14 |  |  | (1) |  |  | (8) |  |  | 5 |
Other invested assets | 1 |  |  | — |  |  | (40) |  |  | (39) |
Other assets | — |  |  | — |  |  | (113) |  |  | (113) |
Total | $ | 97 |  |  | $ | (7) |  |  | $ | (530) |  |  | $ | (440) |
Liabilities: |  |  |  |  |  |  |
Derivative liabilities, net | $ | — |  |  | $ | — |  |  | $ | 374 |  |  | $ | 374 |
Fortitude Re funds withheld payable | — |  |  | — |  |  | (7) |  |  | (7) |
Other Liabilities | — |  |  | — |  |  | (21) |  |  | (21) |
Total | $ | — |  |  | $ | — |  |  | $ | 346 |  |  | $ | 346 |
Six Months Ended June 30, 2023 |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |
Bonds available for sale: |  |  |  |  |  |  |
Obligations of states, municipalities and political subdivisions | $ | 1 |  |  | $ | (4) |  |  | $ | (2) |  |  | $ | (5) |
Non-U.S. governments | — |  |  | — |  |  | (2) |  |  | (2) |
Corporate Debt | 8 |  |  | — |  |  | (355) |  |  | (347) |
RMBS | 170 |  |  | (19) |  |  | (169) |  |  | (18) |
CMBS | 1 |  |  | (5) |  |  | 5 |  |  | 1 |
CLO/ABS | 107 |  |  | (151) |  |  | (39) |  |  | (83) |
Total bonds available for sale | 287 |  |  | (179) |  |  | (562) |  |  | (454) |
Other bond securities: |  |  |  |  |  |  |
Corporate debt | 20 |  |  | — |  |  | 24 |  |  | 44 |
RMBS | — |  |  | — |  |  | (15) |  |  | (15) |
CLO/ABS | 14 |  |  | — |  |  | (27) |  |  | (13) |
Total other bond securities | 34 |  |  | — |  |  | (18) |  |  | 16 |
Equity securities | 5 |  |  | — |  |  | (1) |  |  | 4 |
Other invested assets | 1 |  |  | — |  |  | (11) |  |  | (10) |
Other assets | — |  |  | — |  |  | 4 |  |  | 4 |
Total | $ | 327 |  |  | $ | (179) |  |  | $ | (588) |  |  | $ | (440) |
Liabilities: |  |  |  |  |  |  |
Derivative liabilities, net | $ | (316) |  |  | $ | 4 |  |  | $ | 143 |  |  | $ | (169) |
Fortitude Re funds withheld payable | — |  |  | — |  |  | (310) |  |  | (310) |
Total | $ | (316) |  |  | $ | 4 |  |  | $ | (167) |  |  | $ | (479) |
(a)There were no issuances during the three and six months ended June 30, 2024 and 2023.
Schedule of Net Realized and Unrealized Gains and Losses Included in Income, Level 3 Assets | Net realized and unrealized gains and losses included in income related to Level 3 assets and liabilities shown above are reported in the Condensed Consolidated Statements of Income (Loss) as follows:
(in millions) | Net Investment Income |  | Net Realized Gains (Losses) |  |  |  | Total
Three Months Ended June 30, 2024 |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |
Bonds available for sale | $ | 25 |  |  | $ | (2) |  |  |  | $ | 23 |
Other bond securities | 2 |  |  | — |  |  |  | 2 |
Other invested assets | (4) |  |  | — |  |  |  | (4) |
Three Months Ended June 30, 2023 |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |
Bonds available for sale | $ | 4 |  |  | $ | (15) |  |  |  |  | $ | (11) |
Other bond securities | (1) |  |  | — |  |  |  |  | (1) |
Equity securities | 2 |  |  | — |  |  |  |  | 2 |
Other invested assets | 1 |  |  | — |  |  |  |  | 1 |
Six Months Ended June 30, 2024 |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |
Bonds available for sale | $ | 40 |  |  | $ | (8) |  |  |  |  | $ | 32 |
Other bond securities | 1 |  |  | — |  |  |  |  | 1 |
Other invested assets | (13) |  |  | — |  |  |  |  | (13) |
Six Months Ended June 30, 2023 |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |
Bonds available for sale | $ | 37 |  |  | $ | (16) |  |  |  |  | $ | 21 |
Other bond securities | 3 |  |  | — |  |  |  |  | 3 |
Equity securities | 2 |  |  | — |  |  |  |  | 2 |
Other invested assets | (7) |  |  | — |  |  |  |  | (7) |
(in millions) | Net Investment Income |  | Net Realized (Gains) Losses |  |  |  | Total
Three Months Ended June 30, 2024 |  |  |  |  |  |  |
Liabilities: |  |  |  |  |  |  |
Derivative liabilities, net | $ | — |  |  | $ | (12) |  |  |  |  | $ | (12) |
Fortitude Re funds withheld payable | — |  |  | (8) |  |  |  |  | (8) |
Other Liabilities | — |  |  | 28 |  |  |  |  | 28 |
Three Months Ended June 30, 2023 |  |  |  |  |  |  |
Liabilities: |  |  |  |  |  |  |
Derivative liabilities, net | $ | — |  |  | $ | 29 |  |  |  |  | $ | 29 |
Fortitude Re funds withheld payable | — |  |  | (58) |  |  |  |  | (58) |
Other Liabilities | — |  |  | (14) |  |  |  |  | (14) |
Six Months Ended June 30, 2024 |  |  |  |  |  |  |
Liabilities: |  |  |  |  |  |  |
Derivative liabilities, net | $ | — |  |  | $ | 40 |  |  |  |  | $ | 40 |
Fortitude Re funds withheld payable | — |  |  | 1 |  |  |  |  | 1 |
Other Liabilities | — |  |  | (2) |  |  |  |  | (2) |
Six Months Ended June 30, 2023 |  |  |  |  |  |  |
Liabilities: |  |  |  |  |  |  |
Derivative liabilities, net | $ | — |  |  | $ | 15 |  |  |  |  | $ | 15 |
Fortitude Re funds withheld payable | — |  |  | 82 |  |  |  |  | 82 |
Other Liabilities | — |  |  | (14) |  |  |  |  | (14) |
Fair Value Measurement Inputs and Valuation Techniques | The table below presents information about the significant unobservable inputs used for recurring fair value measurements for certain Level 3 instruments, and includes only those instruments for which information about the inputs is reasonably available to us, such as data from independent third-party valuation service providers. Because input information from third-parties with respect to certain Level 3 instruments (primarily CLO/ABS) may not be reasonably available to us, balances shown below may not equal total amounts reported for such Level 3 assets and liabilities:
(in millions) |  | Fair Value at June 30, 2024 | Valuation Technique | Unobservable Input(b) | Range (Weighted Average)(c)
Assets: |  |  |  |  |  |
Obligations of states, municipalities and political subdivisions | $ | 4 |  | Discounted cash flow | Yield | 5.09% - 5.47% (5.28%)
Corporate debt |  | 306 |  | Discounted cash flow | Yield | 5.69% - 10.38% (8.04%)
RMBS(a) |  |  | 1,268 |  | Discounted cash flow | Constant prepayment rate | 4.58% - 10.68% (7.63%)
|  |  |  |  | Loss severity | 41.73% - 76.79% (59.26%)
|  |  |  |  | Constant default rate | 0.77% - 2.62% (1.70%)
|  |  |  |  | Yield | 6.30% - 7.61% (6.96%)
CLO/ABS(a) |  |  | 1,163 |  | Discounted cash flow | Yield | 5.47% - 8.82% (7.15%)
CMBS |  |  | 14 |  | Discounted cash flow | Yield | 7.22% - 15.19% (11.20%)
(in millions) | Fair Value at December 31, 2023 | Valuation Technique | Unobservable Input(b) | Range (Weighted Average)(c)
Assets: |  |  |  |  |
Obligations of states, municipalities and political subdivisions | $ | 3 |  | Discounted cash flow | Yield | 5.00% - 5.50% (5.23%)
Corporate debt |  | 332 |  | Discounted cash flow | Yield | 5.16% - 9.62% (7.39%)
RMBS(a) |  |  | 1,341 |  | Discounted cash flow | Constant prepayment rate | 4.43% - 10.30% (7.36%)
|  |  |  |  | Loss severity | 43.21% - 76.65% (59.93%)
|  |  |  |  | Constant default rate | 0.82% - 2.64% (1.73%)
|  |  |  |  | Yield | 6.18% - 7.42% (6.80%)
CLO/ABS(a) |  |  | 1,100 |  | Discounted cash flow | Yield | 5.31% - 8.56% (6.94%)
CMBS |  |  | 22 |  | Discounted cash flow | Yield | 9.84% - 17.24% (13.54%)
(a)Information received from third-party valuation service providers. The ranges of the unobservable inputs for constant prepayment rate, loss severity and constant default rate relate to each of the individual underlying mortgage loans that comprise the entire portfolio of securities in the RMBS and CLO securitization vehicles and not necessarily to the securitization vehicle bonds (tranches) purchased by us. The ranges of these inputs do not directly correlate to changes in the fair values of the tranches purchased by us, because there are other factors relevant to the fair values of specific tranches owned by us including, but not limited to, purchase price, position in the waterfall, senior versus subordinated position and attachment points. (b)Represents discount rates, estimates and assumptions that we believe would be used by market participants when valuing these assets and liabilities. (c)The weighted averaging for fixed maturity securities is based on the estimated fair value of the securities.
Schedule of Net Asset Value Per Share | The following table includes information related to our investments in certain other invested assets, including private equity funds, hedge funds and other alternative investments that calculate net asset value per share (or its equivalent). For these investments, which are measured at fair value on a recurring basis, we use the net asset value per share to measure fair value.
|  |  | June 30, 2024 |  |  | December 31, 2023
(in millions) | Investment Category Includes |  | Fair Value Using NAV Per Share (or its equivalent) |  | Unfunded Commitments |  |  | Fair Value Using NAV Per Share (or its equivalent) |  | Unfunded Commitments
Investment Category |  |  |  |  |  |  |  |  |  |
Private equity funds: |  |  |  |  |  |  |  |  |  |
Leveraged buyout | Debt and/or equity investments made as part of a transaction in which assets of mature companies are acquired from the current shareholders, typically with the use of financial leverage | $ | 1,212 |  | $ | 479 |  |  | $ | 1,171 |  | $ | 558 |
Real assets | Investments in real estate properties, agricultural and infrastructure assets, including power plants and other energy producing assets |  | 839 |  |  | 308 |  |  |  | 870 |  |  | 344 |
Venture capital | Early-stage, high-potential, growth companies expected to generate a return through an eventual realization event, such as an initial public offering or sale of the company |  | 77 |  |  | 45 |  |  |  | 67 |  |  | 50 |
Growth equity | Funds that make investments in established companies for the purpose of growing their businesses |  | 204 |  |  | 13 |  |  |  | 196 |  |  | 9 |
Mezzanine | Funds that make investments in the junior debt and equity securities of leveraged companies |  | 129 |  |  | 54 |  |  |  | 140 |  |  | 56 |
Other | Includes distressed funds that invest in securities of companies that are in default or under bankruptcy protection, as well as funds that have multi- strategy, and other strategies |  | 901 |  |  | 60 |  |  |  | 944 |  |  | 64 |
Total private equity funds |  | 3,362 |  |  | 959 |  |  |  | 3,388 |  |  | 1,081 |
Hedge funds: |  |  |  |  |  |  |  |  |  |
Event-driven | Securities of companies undergoing material structural changes, including mergers, acquisitions and other reorganizations |  | 13 |  |  | — |  |  |  | 13 |  |  | — |
Long-short | Securities that the manager believes are undervalued, with corresponding short positions to hedge market risk |  | 168 |  |  | — |  |  |  | 389 |  |  | — |
Macro | Investments that take long and short positions in financial instruments based on a top-down view of certain economic and capital market conditions |  | — |  |  | — |  |  |  | — |  |  | — |
Other | Includes investments held in funds that are less liquid, as well as other strategies which allow for broader allocation between public and private investments |  | 7 |  |  | — |  |  |  | 9 |  |  | — |
Total hedge funds |  |  | 188 |  |  | — |  |  |  | 411 |  |  | — |
Total |  | $ | 3,550 |  | $ | 959 |  |  | $ | 3,799 |  | $ | 1,081 |
Fair Value Option | The following table presents the gains or losses recorded related to the eligible instruments for which we elected the fair value option:
| Gain (Loss) Three Months Ended June 30, |  | Gain (Loss) Six Months Ended June 30,
(in millions) |  | 2024 |  | 2023 |  |  | 2024 |  | 2023 |  |
Other bond securities(a) | $ | 5 |  | $ | (11) |  |  | $ | 7 |  | $ | 9 |  |  |
Alternative investments(b) |  | 28 |  |  | 54 |  |  |  | 108 |  |  | 130 |  |  |
All other investments(c) |  | 65 |  |  | — |  |  |  | 65 |  |  | — |  |  |
Total gain (loss) | $ | 98 |  | $ | 43 |  |  | $ | 180 |  | $ | 139 |  |  |
(a)Includes certain securities supporting the funds withheld arrangements with Fortitude Re. For additional information regarding the gains and losses for Other bond securities, see Note 6. For additional information regarding the funds withheld arrangements with Fortitude Re, see Note 8. (b)Includes certain hedge funds, private equity funds and real estate investments. (c)Represents the impact of changes in Corebridge stock price on the value of AIG's ownership interest in Corebridge.
Schedule of Fair Values of Financial Instruments not Measured at Fair Value | The following table presents the carrying amounts and estimated fair values of our financial instruments not measured at fair value and indicates the level in the fair value hierarchy of the estimated fair value measurement based on the observability of the inputs used:
|  | Estimated Fair Value |  | Carrying Value
(in millions) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total |
June 30, 2024 |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |
Mortgage and other loans receivable | $ | — |  | $ | 341 |  | $ | 3,871 |  | $ | 4,212 |  | $ | 4,347 |
Other invested assets |  | — |  |  | 591 |  |  | 6 |  |  | 597 |  |  | 597 |
Short-term investments(a) |  | — |  |  | 4,426 |  |  | — |  |  | 4,426 |  |  | 4,426 |
Cash(b) |  | 1,381 |  |  | — |  |  | — |  |  | 1,381 |  |  | 1,381 |
Other assets |  | 18 |  |  | — |  |  | — |  |  | 18 |  |  | 18 |
Liabilities: |  |  |  |  |  |  |  |  |  |
Fortitude Re funds withheld payable |  | — |  |  | — |  |  | 3,518 |  |  | 3,518 |  |  | 3,518 |
Long-term debt |  | — |  |  | 8,867 |  |  | 235 |  |  | 9,102 |  |  | 9,861 |
Debt of consolidated investment entities |  | — |  |  | — |  |  | 79 |  |  | 79 |  |  | 79 |
|  | Estimated Fair Value |  | Carrying Value
(in millions) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total |
December 31, 2023 |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |
Mortgage and other loans receivable | $ | — |  | $ | 242 |  | $ | 4,113 |  | $ | 4,355 |  | $ | 4,441 |
Other invested assets |  | — |  |  | 645 |  |  | 6 |  |  | 651 |  |  | 651 |
Short-term investments |  | — |  |  | 3,502 |  |  | — |  |  | 3,502 |  |  | 3,502 |
Cash |  | 1,540 |  |  | — |  |  | — |  |  | 1,540 |  |  | 1,540 |
Other assets |  | 32 |  |  | — |  |  | — |  |  | 32 |  |  | 32 |
Liabilities: |  |  |  |  |  |  |  |  |  |
Fortitude Re funds withheld payable |  | — |  |  | — |  |  | 3,675 |  |  | 3,675 |  |  | 3,675 |
Long-term debt |  | — |  |  | 9,623 |  |  | 267 |  |  | 9,890 |  |  | 10,375 |
Debt of consolidated investment entities |  | — |  |  | — |  |  | 231 |  |  | 231 |  |  | 231 |
(a)Excludes $7 million at June 30, 2024 reclassified to Assets held for sale on the Condensed Consolidated Balance Sheets. (b)Excludes $90 million at June 30, 2024 reclassified to Assets held for sale on the Condensed Consolidated Balance Sheets.

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- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-3 + Details
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- Definition Tabular disclosure of information about asset and liability measured at fair value under fair value option. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-30 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 28 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-28 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-31 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-32 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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