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Reinsurance (Tables) | 12 Months Ended
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Dec. 31, 2024
Insurance [Abstract] |
Schedule of Supplemental Information for Loss and Benefit Reserves, Gross and Net of Ceded Reinsurance | The following table provides supplemental information for loss and benefit reserves, gross and net of ceded reinsurance:
At December 31, | 2024 |  | 2023
(in millions) |  | As Reported |  | Net of Reinsurance |  |  | As Reported |  | Net of Reinsurance
Liability for unpaid losses and loss adjustment expenses | $ | (69,168) | $ | (40,032) |  | $ | (70,393) | $ | (39,994)
Future policy benefits |  | (1,317) |  | (591) |  |  | (1,467) |  | (644)
Reserve for unearned premiums |  | (17,232) |  | (12,928) |  |  | (17,375) |  | (13,105)
Other policyholder funds |  | (418) |  | (418) |  |  | (495) |  | (495)
Reinsurance assets* |  | 34,166 |  |  |  |  | 35,492 |  |
*Reinsurance assets excludes (i) allowance for credit losses and disputes of $220 million and $206 million (of which $110 million and $110 million pertains to CECL reserve for Liability for unpaid losses and loss adjustment expenses) for the years ended December 31, 2024 and 2023, respectively, (ii) paid loss recoveries of $4,068 million and $3,819 million for the years ended December 31, 2024 and 2023, respectively, and (iii) policy and contract claims recoverable of $31 million and $27 million for the years ended December 31, 2024 and 2023, respectively.
Summary of Short-Duration Insurance Premiums Written and Earned | The following table presents short-duration insurance premiums written and earned:
| Years Ended December 31,
(in millions) |  | 2024 |  |  | 2023 |  |  | 2022 |
Premiums written: |  |  |  |  |  |
Direct | $ | 31,743 |  | $ | 31,445 |  | $ | 32,025 |
Assumed |  | 3,950 |  |  | 7,951 |  |  | 7,385 |
Ceded |  | (11,791) |  |  | (12,190) |  |  | (12,650) |
Net | $ | 23,902 |  | $ | 27,206 |  | $ | 26,760 |
Premiums earned: |  |  |  |  |  |
Direct | $ | 31,208 |  | $ | 30,781 |  | $ | 32,053 |
Assumed |  | 3,947 |  |  | 7,050 |  |  | 7,137 |
Ceded |  | (11,618) |  |  | (12,267) |  |  | (12,425) |
Net | $ | 23,537 |  | $ | 25,564 |  | $ | 26,765 |
Percent of amount assumed to net |  | 16.8 | % |  | 27.6 | % |  | 26.7 | %
Summary of Assets Supporting Funds Withheld Arrangements | There is a diverse pool of assets supporting the funds withheld arrangements with Fortitude Re. The following summarizes the composition of the pool of assets:
| December 31, 2024 |  | December 31, 2023 |
(in millions) | Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value | Corresponding Accounting Policy
Fixed maturity securities - available for sale(a) | $ | 1,918 |  | $ | 1,918 |  |  | $ | 2,180 |  | $ | 2,180 |  | Fair value through other comprehensive income (loss)
Fixed maturity securities - fair value option |  | 721 |  |  | 721 |  |  |  | 655 |  |  | 655 |  | Fair value through net investment income
Commercial mortgage loans |  | 450 |  |  | 437 |  |  |  | 543 |  |  | 528 |  | Amortized cost
Short-term investments |  | 15 |  |  | 15 |  |  |  | 46 |  |  | 46 |  | Fair value through net investment income
Funds withheld investment assets |  | 3,104 |  |  | 3,091 |  |  |  | 3,424 |  |  | 3,409 |  |
Derivative assets, net(b) |  | 1 |  |  | 1 |  |  |  | — |  |  | — |  | Fair value through net realized gains (losses)
Other(c) |  | 115 |  |  | 115 |  |  |  | 118 |  |  | 118 |  | Amortized cost
Total | $ | 3,220 |  | $ | 3,207 |  |  | $ | 3,542 |  | $ | 3,527 |  |
(a)The change in the net unrealized gains (losses) on available for sale securities related to the Fortitude Re funds withheld assets was $(35) million ($(28) million after-tax) and $116 million ($92 million after-tax), respectively for the years ended December 31, 2024 and 2023. (b)The derivative assets and liabilities have been presented net of cash collateral. The derivative assets and liabilities supporting the Fortitude Re funds withheld arrangements had a fair market value of $9 million and $2 million, respectively, as of December 31, 2024. The derivative assets and liabilities supporting the Fortitude Re funds withheld arrangements had a fair market value of $1 million and $28 million, respectively, as of December 31, 2023. These derivative assets and liabilities are fully collateralized either by cash or securities. (c)Primarily comprised of Cash and Accrued investment income.
Summary of the Impact of Funds Withheld Arrangements | The impact of the funds withheld arrangements with Fortitude Re was as follows:
Years Ended December 31, |  |  |  |  |
(in millions) |  |  |  |  |  |  | 2024 |  | 2023 |  | 2022
Net investment income - Fortitude Re funds withheld assets |  |  |  |  |  | $ | 144 |  | $ | 180 |  | $ | 53 |
Net realized gains (losses) on Fortitude Re funds withheld assets: |  |  |  |  |  |  |  |  |  |  |
Net realized losses - Fortitude Re funds withheld assets |  |  |  |  |  |  | (39) |  |  | (71) |  |  | (99) |
Net realized gains (losses) - Fortitude Re funds withheld embedded derivative |  |  |  |  |  |  | (75) |  |  | (273) |  |  | 1,133 |
Net realized gains (losses) on Fortitude Re funds withheld assets |  |  |  |  |  |  | (114) |  |  | (344) |  |  | 1,034 |
Income (loss) from continuing operations before income tax expense (benefit) |  |  |  |  |  |  | 30 |  |  | (164) |  |  | 1,087 |
Income tax expense (benefit)(a) |  |  |  |  |  |  | 6 |  |  | (34) |  |  | 228 |
Net income (loss) |  |  |  |  |  |  | 24 |  |  | (130) |  |  | 859 |
Change in unrealized appreciation (depreciation) on available for sale securities(a) |  |  |  |  |  |  | (28) |  |  | 92 |  |  | (848) |
Comprehensive income (loss) |  |  |  |  |  | $ | (4) |  | $ | (38) |  | $ | 11 |
(a)The income tax expense (benefit) and the tax impact in Accumulated other comprehensive income (loss) (AOCI) was computed using AIG’s U.S. statutory tax rate of 21 percent.
Rollforward of the Reinsurance Recoverable Allowance | The following table presents a rollforward of the reinsurance recoverable allowance:
Years Ended December 31, |  |  |  |  |  |  |  |  |  |  |  |  |  |
(in millions) |  |  |  |  |  |  |  | 2024 |  |  | 2023 |  |  | 2022
Balance, beginning of period |  |  |  |  |  |  | $ | 255 |  |  | $ | 260 |  |  | $ | 281 |
Addition to (release of) allowance for expected credit losses and disputes, net |  |  |  |  |  |  |  | 11 |  |  |  | (5) |  |  |  | (22) |
Write-offs charged against the allowance for credit losses and disputes |  |  |  |  |  |  |  | (1) |  |  |  | — |  |  |  | (5) |
Recoveries of amounts previously written off |  |  |  |  |  |  |  | — |  |  |  | — |  |  |  | 2 |
Other changes |  |  |  |  |  |  |  | 4 |  |  |  | — |  |  |  | 4 |
Balance, end of year |  |  |  |  |  |  | $ | 269 |  |  | $ | 255 |  |  | $ | 260 |

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