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Employee Benefits (Tables) | 12 Months Ended
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Dec. 31, 2024
Retirement Benefits [Abstract] |
Schedule of Funded Status of the Plans Reconciled to the Amount Reported in the Balance Sheets | The following table presents the funded status of the plans reconciled to the amount reported in the Consolidated Balance Sheets.
As of or for the Years Ended | Pension |  | Postretirement
December 31, | U.S. Plans(a) |  | Non-U.S. Plans(a) |  | U.S. Plans |  | Non-U.S. Plans
(in millions) |  | 2024 |  | 2023 |  |  | 2024 |  | 2023 |  |  | 2024 |  | 2023 |  |  | 2024 |  | 2023
Change in projected benefit obligation: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Benefit obligation, beginning of year | $ | 3,301 |  | $ | 3,475 |  |  | $ | 804 |  | $ | 810 |  |  | $ | 97 |  | $ | 99 |  |  | $ | 31 |  | $ | 32 |
Service cost |  | 4 |  |  | 5 |  |  |  | 14 |  |  | 16 |  |  |  | — |  |  | — |  |  |  | — |  |  | — |
Interest cost |  | 154 |  |  | 168 |  |  |  | 20 |  |  | 20 |  |  |  | 4 |  |  | 5 |  |  |  | 2 |  |  | 2 |
Actuarial (gain) loss(b) |  | (200) |  |  | 75 |  |  |  | 14 |  |  | (8) |  |  |  | (4) |  |  | 3 |  |  |  | — |  |  | (2) |
Benefits paid: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
AIG assets |  | (17) |  |  | (16) |  |  |  | (9) |  |  | (10) |  |  |  | (10) |  |  | (10) |  |  |  | (1) |  |  | (1) |
Plan assets |  | (280) |  |  | (171) |  |  |  | (28) |  |  | (31) |  |  |  | — |  |  | — |  |  |  | — |  |  | — |
Plan amendment |  | — |  |  | — |  |  |  | 1 |  |  | (1) |  |  |  | — |  |  | — |  |  |  | — |  |  | — |
Settlements |  | — |  |  | (234) |  |  |  | (9) |  |  | (1) |  |  |  | — |  |  | — |  |  |  | — |  |  | — |
Foreign exchange effect |  | — |  |  | — |  |  |  | (60) |  |  | 9 |  |  |  | — |  |  | — |  |  |  | (2) |  |  | — |
Other |  | — |  |  | (1) |  |  |  | — |  |  | — |  |  |  | — |  |  | — |  |  |  | — |  |  | — |
Projected benefit obligation, end of year | $ | 2,962 |  | $ | 3,301 |  |  | $ | 747 |  | $ | 804 |  |  | $ | 87 |  | $ | 97 |  |  | $ | 30 |  | $ | 31 |
As of or for the Years Ended | Pension |  | Postretirement
December 31, | U.S. Plans(a) |  | Non-U.S. Plans(a) |  | U.S. Plans |  | Non-U.S. Plans
(in millions) |  | 2024 |  | 2023 |  |  | 2024 |  | 2023 |  |  | 2024 |  | 2023 |  |  | 2024 |  | 2023
Change in plan assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets, beginning of year | $ | 3,228 |  | $ | 3,345 |  |  | $ | 734 |  | $ | 709 |  |  | $ | — |  | $ | — |  |  | $ | — |  | $ | — |
Actual return on plan assets, net of expenses |  | 28 |  |  | 288 |  |  |  | 35 |  |  | 15 |  |  |  | — |  |  | — |  |  |  | — |  |  | — |
AIG contributions |  | 17 |  |  | 16 |  |  |  | 42 |  |  | 47 |  |  |  | 10 |  |  | 10 |  |  |  | 1 |  |  | 1 |
Benefits paid: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
AIG assets |  | (17) |  |  | (16) |  |  |  | (9) |  |  | (10) |  |  |  | (10) |  |  | (10) |  |  |  | (1) |  |  | (1) |
Plan assets |  | (280) |  |  | (171) |  |  |  | (28) |  |  | (31) |  |  |  | — |  |  | — |  |  |  | — |  |  | — |
Settlements |  | — |  |  | (234) |  |  |  | (9) |  |  | (1) |  |  |  | — |  |  | — |  |  |  | — |  |  | — |
Foreign exchange effect |  | — |  |  | — |  |  |  | (61) |  |  | 5 |  |  |  | — |  |  | — |  |  |  | — |  |  | — |
Fair value of plan assets, end of year | $ | 2,976 |  | $ | 3,228 |  |  | $ | 704 |  | $ | 734 |  |  | $ | — |  | $ | — |  |  | $ | — |  | $ | — |
Funded status, end of year | $ | 14 |  | $ | (73) |  |  | $ | (43) |  | $ | (70) |  |  | $ | (87) |  | $ | (97) |  |  | $ | (30) |  | $ | (31) |
Amounts recognized in the balance sheet: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets | $ | 184 |  | $ | 110 |  |  | $ | 122 |  | $ | 97 |  |  | $ | — |  | $ | — |  |  | $ | — |  | $ | — |
Liabilities |  | (170) |  |  | (183) |  |  |  | (165) |  |  | (167) |  |  |  | (87) |  |  | (97) |  |  |  | (30) |  |  | (31) |
Total amounts recognized | $ | 14 |  | $ | (73) |  |  | $ | (43) |  | $ | (70) |  |  | $ | (87) |  | $ | (97) |  |  | $ | (30) |  | $ | (31) |
Pre-tax amounts recognized in AOCI: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net gain (loss) | $ | (1,082) |  | $ | (1,142) |  |  | $ | (72) |  | $ | (79) |  |  | $ | 28 |  | $ | 28 |  |  | $ | 21 |  | $ | 23 |
Prior service (cost) credit |  | — |  |  | — |  |  |  | (18) |  |  | (21) |  |  |  | — |  |  | — |  |  |  | — |  |  | 1 |
Total amounts recognized | $ | (1,082) |  | $ | (1,142) |  |  | $ | (90) |  | $ | (100) |  |  | $ | 28 |  | $ | 28 |  |  | $ | 21 |  | $ | 24 |
(a)Includes non-qualified unfunded plans of which the aggregate projected benefit obligation was $170 million and $184 million for the U.S. at December 31, 2024 and 2023, respectively, and $139 million and $140 million for the non-U.S. at December 31, 2024 and 2023, respectively. (b)The primary reason for the significant gain in 2024 is due to a change in the discount rate for the U.S. AIG Retirement Plan.
Schedule of Accumulated Benefit Obligations | The following table presents the accumulated benefit obligations for U.S. and non-U.S. pension benefit plans:
At December 31, |  |  |  |
(in millions) |  | 2024 |  | 2023
U.S. pension benefit plans | $ | 2,962 |  | $ | 3,301 |
Non-U.S. pension benefit plans | $ | 735 |  | $ | 792 |
Schedule of Periodic Benefit Costs with Respect to Pensions and Other Postretirement Benefits | The following table presents the components of net periodic benefit cost with respect to pensions and other postretirement benefits:
Years Ended December 31, | Pension |  | Postretirement
| U.S. Plans |  | Non-U.S. Plans |  | U.S. Plans |  | Non-U.S. Plans
(in millions) |  | 2024 |  | 2023 |  | 2022 |  |  | 2024 |  | 2023 |  | 2022 |  |  | 2024 |  | 2023 |  | 2022 |  |  | 2024 |  | 2023 |  | 2022
Components of net periodic benefit cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service cost* | $ | 4 |  | $ | 5 |  | $ | 6 |  |  | $ | 14 |  | $ | 16 |  | $ | 18 |  |  | $ | — |  | $ | — |  | $ | 1 |  |  | $ | — |  | $ | — |  | $ | — |
Interest cost |  | 154 |  |  | 168 |  |  | 109 |  |  |  | 20 |  |  | 20 |  |  | 9 |  |  |  | 4 |  |  | 5 |  |  | 3 |  |  |  | 2 |  |  | 2 |  |  | 1 |
Expected return on assets |  | (201) |  |  | (193) |  |  | (213) |  |  |  | (19) |  |  | (21) |  |  | (16) |  |  |  | — |  |  | — |  |  | — |  |  |  | — |  |  | — |  |  | — |
Amortization of prior service cost (credit) |  | — |  |  | — |  |  | — |  |  |  | 2 |  |  | 3 |  |  | 3 |  |  |  | — |  |  | — |  |  | — |  |  |  | (1) |  |  | (1) |  |  | (1) |
Amortization of net (gain) loss |  | 33 |  |  | 33 |  |  | 24 |  |  |  | 2 |  |  | 2 |  |  | 4 |  |  |  | (4) |  |  | (5) |  |  | — |  |  |  | (2) |  |  | (3) |  |  | (1) |
Net periodic benefit cost (credit) | $ | (10) |  | $ | 13 |  | $ | (74) |  |  | $ | 19 |  | $ | 20 |  | $ | 18 |  |  | $ | — |  | $ | — |  | $ | 4 |  |  | $ | (1) |  | $ | (2) |  | $ | (1) |
Settlement loss |  | — |  |  | 71 |  |  | 59 |  |  |  | 1 |  |  | — |  |  | — |  |  |  | — |  |  | — |  |  | — |  |  |  | — |  |  | — |  |  | — |
Net benefit cost (credit) | $ | (10) |  | $ | 84 |  | $ | (15) |  |  | $ | 20 |  | $ | 20 |  | $ | 18 |  |  | $ | — |  | $ | — |  | $ | 4 |  |  | $ | (1) |  | $ | (2) |  | $ | (1) |
Total recognized in AOCI | $ | 60 |  | $ | 137 |  | $ | (117) |  |  | $ | 11 |  | $ | 6 |  | $ | 54 |  |  | $ | (1) |  | $ | (8) |  | $ | 33 |  |  | $ | (2) |  | $ | (2) |  | $ | 13 |
Total recognized in net periodic benefit cost and other comprehensive income (loss) | $ | 70 |  | $ | 53 |  | $ | (102) |  |  | $ | (9) |  | $ | (14) |  | $ | 36 |  |  | $ | (1) |  | $ | (8) |  | $ | 29 |  |  | $ | (1) |  | $ | — |  | $ | 14 |
*Reflects administrative fees for the U.S. pension plans.
Schedule of Projected Benefit Obligation in Excess of the Plan Assets and the Accumulated Benefit Obligation in Excess of the Plan Assets | Defined benefit plan obligations in which the projected benefit obligation (PBO) was in excess of the related plan assets and the accumulated benefit obligation (ABO) was in excess of the related plan assets were as follows:
At December 31, |  | PBO Exceeds Fair Value of Plan Assets |  |  | ABO Exceeds Fair Value of Plan Assets
|  | U.S. Plans |  |  | Non-U.S. Plans |  |  | U.S. Plans |  |  | Non-U.S. Plans
(in millions) |  | 2024 |  | 2023 |  |  | 2024 |  | 2023 |  |  | 2024 |  | 2023 |  |  | 2024 |  | 2023
Projected benefit obligation |  | $ | 170 |  |  | $ | 184 |  |  |  | $ | 287 |  |  | $ | 287 |  |  |  | $ | — |  |  | $ | — |  |  |  | $ | — |  |  | $ | — |
Accumulated benefit obligation |  | — |  |  | — |  |  |  | — |  |  | — |  |  |  | 170 |  |  | 184 |  |  |  | 245 |  |  | 245 |
Fair value of plan assets |  | — |  |  | — |  |  |  | 91 |  |  | 88 |  |  |  | — |  |  | — |  |  |  | 91 |  |  | 88 |
Schedule of Weighted Average Assumptions Used to Determine the Benefit Obligations | The following table summarizes the weighted average assumptions used to determine the benefit obligations:
| Pension |  | Postretirement
| U.S. Plans |  | Non-U.S. Plans(a) |  |  | U.S. Plans | Non-U.S. Plans(a)
December 31, 2024 |  |  |  |  |  |  |
Discount rate | 5.57 | % |  | 2.87 | % |  |  | 5.53 | % | 4.97 | %
Interest crediting rate | 4.37 | % |  | 1.36 | % | (b) |  | N/A | N/A
Rate of compensation increase | N/A | (c) | 2.43 | % |  |  | N/A | N/A
December 31, 2023 |  |  |  |  |  |  |
Discount rate | 4.98 | % |  | 2.85 | % |  |  | 4.97 | % | 5.37 | %
Interest crediting rate | 4.94 | % |  | 1.40 | % | (b) |  | N/A | N/A
Rate of compensation increase | N/A | (c) | 2.42 | % |  |  | N/A | N/A
(a)The non-U.S. plans reflect those assumptions that were most appropriate for the local economic environments of each of the subsidiaries providing such benefits. (b)Represents the weighted average interest crediting rate of non-U.S. cash balance plans primarily in Japan and Switzerland. (c)Compensation increases are no longer applicable as the plan is frozen effective January 1, 2016.
Schedule of Assumed Health Care Cost Trend Rates | The following table summarizes assumed health care cost trend rates for the U.S. plans:
At December 31, | 2024 | 2023
Following year: |  |
Medical (before age 65) | — | % | 5.78 | %
Medical (age 65 and older) | 6.67 | % | 4.93 | %
Ultimate rate to which cost increase is assumed to decline | 4.00 | % | 4.00 | %
Year in which the ultimate trend rate is reached: |  |
Medical (before age 65) | 2048 | 2046
Medical (age 65 and older) | 2048 | 2046
Schedule of Weighted Average Assumptions Used to Determine the Net Periodic Benefit Costs | The following table presents the weighted average assumptions used to determine the net periodic benefit costs:
| Pension |  | Postretirement
| U.S. Plans | Non-U.S. Plans(a) |  |  | U.S. Plans | Non-U.S. Plans(a)
For the Year Ended December 31, 2024 |  |  |  |  |  |
Discount rate | 4.98 | % | 2.85 | % |  |  | 4.96 | % | 5.37 | %
Interest crediting rate | 4.94 | % | 1.40 | % | (b) |  | N/A | N/A
Rate of compensation increase | N/A | 2.42 | % |  |  | N/A | N/A
Expected return on assets | 6.50 | % | 2.77 | % |  |  | N/A | N/A
For the Year Ended December 31, 2023 |  |  |  |  |  |
Discount rate | 5.22 | % | 2.51 | % |  |  | 5.19 | % | 5.23 | %
Interest crediting rate | 4.02 | % | 1.07 | % | (b) |  | — | % | N/A
Rate of compensation increase | N/A | 2.38 | % |  |  | N/A | N/A
Expected return on assets | 6.25 | % | 2.67 | % |  |  | — | % | N/A
For the Year Ended December 31, 2022 |  |  |  |  |  |
Discount rate | 2.75 | % | 1.09 | % |  |  | 2.87 | % | 2.89 | %
Interest crediting rate | 2.06 | % | 0.70 | % | (b) |  | N/A | N/A
Rate of compensation increase | N/A | 2.40 | % |  |  | N/A | N/A
Expected return on assets | 4.65 | % | 1.84 | % |  |  | N/A | N/A
(a)The non-U.S. plans reflect those assumptions that were most appropriate for the local economic environments of each of the subsidiaries providing such benefits. (b)Represents the weighted average interest crediting rate of non-U.S. cash balance plans primarily in Japan and Switzerland.
Schedule of Asset Allocation Percentage by Major Asset Class and Target Allocation | The following table presents the asset allocation percentage by major asset class for the U.S. qualified plan and the target allocation for 2025 based on the plan’s funded status at December 31, 2024:
At December 31, | Target 2025 |  | Actual 2024 |  | Actual 2023
Asset class: |  |  |  |  |
Equity securities | 9 | % |  | 13 | % |  | 8 | %
Fixed maturity securities | 80 |  |  | 72 |  |  | 77 |
Other investments | 11 |  |  | 15 |  |  | 15 |
Total | 100 | % |  | 100 | % |  | 100 | %
The following table presents the asset allocation percentage by major asset class for non-U.S. pension plans and the target allocation:
At December 31, | Target 2025 |  | Actual 2024 |  | Actual 2023
Asset class: |  |  |  |  |
Equity securities | 20 | % |  | 20 | % |  | 19 | %
Fixed maturity securities | 58 |  |  | 47 |  |  | 45 |
Other investments | 18 |  |  | 24 |  |  | 21 |
Cash and cash equivalents | 4 |  |  | 9 |  |  | 15 |
Total | 100 | % |  | 100 | % |  | 100 | %
Schedule of Plan Assets Based on the Level Within the Fair Value Hierarchy in Which the Fair Value Measurement Falls | The following table presents information about our plan assets and indicates the level of the fair value measurement based on the observability of the inputs used. The inputs and methodology used in determining the fair value of these assets are consistent with those used to measure our assets as discussed in Note 5 to the Consolidated Financial Statements.
| U.S. Plans |  | Non-U.S. Plans
(in millions) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total |  |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 52 |  | $ | — |  | $ | — |  | $ | 52 |  |  | $ | 66 |  | $ | — |  | $ | — |  | $ | 66 |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S.(a) |  | 163 |  |  | — |  |  | — |  |  | 163 |  |  |  | — |  |  | — |  |  | — |  |  | — |
International(b) |  | 4 |  |  | — |  |  | — |  |  | 4 |  |  |  | 82 |  |  | 55 |  |  | — |  |  | 137 |
Fixed maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. investment grade(c) |  | 22 |  |  | 1,996 |  |  | 5 |  |  | 2,023 |  |  |  | — |  |  | — |  |  | — |  |  | — |
International investment grade(c) |  | — |  |  | 101 |  |  | — |  |  | 101 |  |  |  | — |  |  | 146 |  |  | — |  |  | 146 |
U.S. and international high yield(d) |  | — |  |  | (40) |  |  | — |  |  | (40) |  |  |  | — |  |  | 185 |  |  | — |  |  | 185 |
Mortgage and other asset-backed securities |  | — |  |  | 54 |  |  | 1 |  |  | 55 |  |  |  | — |  |  | — |  |  | — |  |  | — |
Other fixed maturity securities |  | — |  |  | 9 |  |  | — |  |  | 9 |  |  |  | — |  |  | — |  |  | — |  |  | — |
Other investment types(e): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Futures |  | (7) |  |  | — |  |  | — |  |  | (7) |  |  |  | — |  |  | — |  |  | — |  |  | — |
Insurance contracts |  | — |  |  | 8 |  |  | — |  |  | 8 |  |  |  | — |  |  | — |  |  | 161 |  |  | 161 |
Mutual funds(f) |  | — |  |  | — |  |  | — |  |  | — |  |  |  | — |  |  | 9 |  |  | — |  |  | 9 |
Total | $ | 234 |  | $ | 2,128 |  | $ | 6 |  | $ | 2,368 |  |  | $ | 148 |  | $ | 395 |  | $ | 161 |  | $ | 704 |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 54 |  | $ | — |  | $ | — |  | $ | 54 |  |  | $ | 108 |  | $ | — |  | $ | — |  | $ | 108 |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S.(a) |  | 140 |  |  | — |  |  | — |  |  | 140 |  |  |  | — |  |  | — |  |  | — |  |  | — |
International(b) |  | 4 |  |  | — |  |  | — |  |  | 4 |  |  |  | 104 |  |  | 35 |  |  | — |  |  | 139 |
Fixed maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. investment grade(c) |  | 24 |  |  | 2,230 |  |  | 10 |  |  | 2,264 |  |  |  | — |  |  | — |  |  | — |  |  | — |
International investment grade(c) |  | — |  |  | 125 |  |  | — |  |  | 125 |  |  |  | — |  |  | 138 |  |  | — |  |  | 138 |
U.S. and international high yield(d) |  | — |  |  | 33 |  |  | — |  |  | 33 |  |  |  | — |  |  | 192 |  |  | — |  |  | 192 |
Mortgage and other asset-backed securities |  | — |  |  | 59 |  |  | 1 |  |  | 60 |  |  |  | — |  |  | — |  |  | — |  |  | — |
Other fixed maturity securities |  | — |  |  | 12 |  |  | — |  |  | 12 |  |  |  | — |  |  | — |  |  | — |  |  | — |
Other investment types(e): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Futures |  | 10 |  |  | — |  |  | — |  |  | 10 |  |  |  | — |  |  | — |  |  | — |  |  | — |
Insurance contracts |  | — |  |  | 9 |  |  | — |  |  | 9 |  |  |  | — |  |  | — |  |  | 138 |  |  | 138 |
Mutual funds(f) |  | — |  |  | — |  |  | — |  |  | — |  |  |  | — |  |  | 19 |  |  | — |  |  | 19 |
Total | $ | 232 |  | $ | 2,468 |  | $ | 11 |  | $ | 2,711 |  |  | $ | 212 |  | $ | 384 |  | $ | 138 |  | $ | 734 |
(a)Includes passive and active U.S. equity strategies. (b)Includes passive and active international equity strategies. (c)Includes investments in U.S. and non-U.S. government issued bonds, U.S. government agency or sponsored agency bonds, and investment grade corporate bonds. (d)Consists primarily of investments in securities or debt obligations that have a rating below investment grade. (e)Excludes investments that are measured at fair value using the NAV per share (or its equivalent), which totaled $608 million and $517 million at December 31, 2024 and 2023, respectively. (f)Comprised of mutual fund investing in variety of equity, derivatives, and bonds.
Schedule of Changes in Level 3 Plan Assets Measured at Fair Value | The following table presents changes in our U.S. and non-U.S. Level 3 plan assets measured at fair value:
December 31, 2024 | Balance Beginning of year | Net Realized and Unrealized Gains (Losses) | Purchases | Sales | Issuances | Settlements | Transfers In | Transfers Out | Balance at End of Year | Changes in Unrealized Gains (Losses) on Instruments Held at End of Year | Changes in Unrealized Gains (Losses) included in other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Year
(in millions)
U.S. Plan Assets: |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity securities |  |  |  |  |  |  |  |  |  |  |  |
U.S. investment grade | $ | 10 |  | $ | (1) |  | $ | — |  | $ | (3) |  | $ | — |  | $ | — |  | $ | — |  | $ | (1) |  | $ | 5 |  | $ | — |  |  | $ | — |
Mortgage and other asset backed securities | 1 |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | 1 |  | — |  |  | — |
Total | $ | 11 |  | $ | (1) |  | $ | — |  | $ | (3) |  | $ | — |  | $ | — |  | $ | — |  | $ | (1) |  | $ | 6 |  | $ | — |  |  | $ | — |
Non-U.S. Plan Assets: |  |  |  |  |  |  |  |  |  |  |  |
Insurance contracts | $ | 138 |  | $ | 21 |  | $ | 2 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 161 |  | $ | — |  |  | $ | — |
Total | $ | 138 |  | $ | 21 |  | $ | 2 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 161 |  | $ | — |  |  | $ | — |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |
U.S. Plan Assets: |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity securities |  |  |  |  |  |  |  |  |  |  |  |
U.S. investment grade | $ | 10 |  | $ | 1 |  | $ | — |  | $ | (1) |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 10 |  | $ | 1 |  |  | $ | — |
Mortgage and other asset backed securities | 5 |  | — |  | — |  | (4) |  | — |  | — |  | — |  | — |  | 1 |  | 1 |  |  | — |
Direct private equity | 5 |  | (5) |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | (5) |  |  | — |
Total | $ | 20 |  | $ | (4) |  | $ | — |  | $ | (5) |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 11 |  | $ | (3) |  |  | $ | — |
Non-U.S. Plan Assets: |  |  |  |  |  |  |  |  |  |  |  |
Insurance contracts | $ | 132 |  | $ | 6 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 138 |  | $ | — |  |  | $ | — |
Total | $ | 132 |  | $ | 6 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 138 |  | $ | — |  |  | $ | — |
Schedule of Expected Future Benefit Payments, Net of Participants' Contributions | The expected future benefit payments, net of participants’ contributions, with respect to the defined benefit pension plans and other postretirement benefit plans, are as follows:
| Pension |  | Postretirement
(in millions) | U.S. Plans | Non-U.S. Plans |  | U.S. Plans | Non-U.S. Plans
2025 | $ | 261 |  | $ | 39 |  |  | $ | 8 |  | $ | 1 |
2026 | 254 |  | 43 |  |  | 7 |  | 1 |
2027 | 262 |  | 44 |  |  | 7 |  | 2 |
2028 | 255 |  | 49 |  |  | 7 |  | 2 |
2029 | 259 |  | 47 |  |  | 7 |  | 2 |
2030-2034 | 1,138 |  | 235 |  |  | 32 |  | 9 |

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