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Investments (Tables) | 6 Months Ended
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Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract] |
Schedule of Amortized Cost and Fair Value of Available For Sale Securities | The following table presents the amortized cost and fair value of our available for sale securities:
(in millions) |  | Amortized Cost |  | Allowance for Credit Losses(a) |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
June 30, 2025 |  |  |  |  |  |  |  |  |  |
Bonds available for sale: |  |  |  |  |  |  |  |  |  |
U.S. government and government sponsored entities | $ | 2,964 |  | $ | — |  | $ | 33 |  | $ | (88) |  | $ | 2,909 |
Obligations of states, municipalities and political subdivisions |  | 3,047 |  |  | — |  |  | 52 |  |  | (76) |  |  | 3,023 |
Non-U.S. governments |  | 7,250 |  |  | (1) |  |  | 88 |  |  | (424) |  |  | 6,913 |
Corporate debt |  | 37,369 |  |  | (34) |  |  | 499 |  |  | (1,349) |  |  | 36,485 |
Mortgage-backed, asset-backed and collateralized: |  |  |  |  |  |  |  |  |  |
RMBS |  | 9,806 |  |  | (5) |  |  | 245 |  |  | (329) |  |  | 9,717 |
CMBS |  | 3,741 |  |  | (5) |  |  | 52 |  |  | (45) |  |  | 3,743 |
CLO/ABS |  | 6,052 |  |  | — |  |  | 47 |  |  | (29) |  |  | 6,070 |
Total mortgage-backed, asset-backed and collateralized |  | 19,599 |  |  | (10) |  |  | 344 |  |  | (403) |  |  | 19,530 |
Total bonds available for sale(b) | $ | 70,229 |  | $ | (45) |  | $ | 1,016 |  | $ | (2,340) |  | $ | 68,860 |
December 31, 2024 |  |  |  |  |  |  |  |  |  |
Bonds available for sale: |  |  |  |  |  |  |  |  |  |
U.S. government and government sponsored entities | $ | 3,346 |  | $ | — |  | $ | 20 |  | $ | (99) |  | $ | 3,267 |
Obligations of states, municipalities and political subdivisions |  | 3,223 |  |  | — |  |  | 32 |  |  | (112) |  |  | 3,143 |
Non-U.S. governments |  | 8,644 |  |  | (1) |  |  | 54 |  |  | (590) |  |  | 8,107 |
Corporate debt |  | 33,031 |  |  | (28) |  |  | 581 |  |  | (1,758) |  |  | 31,826 |
Mortgage-backed, asset-backed and collateralized: |  |  |  |  |  |  |  |  |  |
RMBS |  | 8,820 |  |  | (6) |  |  | 209 |  |  | (419) |  |  | 8,604 |
CMBS |  | 3,988 |  |  | (3) |  |  | 32 |  |  | (91) |  |  | 3,926 |
CLO/ABS |  | 5,143 |  |  | — |  |  | 34 |  |  | (44) |  |  | 5,133 |
Total mortgage-backed, asset-backed and collateralized |  | 17,951 |  |  | (9) |  |  | 275 |  |  | (554) |  |  | 17,663 |
Total bonds available for sale(b) | $ | 66,195 |  | $ | (38) |  | $ | 962 |  | $ | (3,113) |  | $ | 64,006 |
(a)Represents the allowance for credit losses that has been recognized. Changes in the allowance for credit losses are recorded through Net realized gains (losses) and are not recognized in OCI. (b)At June 30, 2025 and December 31, 2024, the fair value of bonds available for sale held by us that were below investment grade or not rated totaled $5.7 billion or 8 percent and $3.6 billion or 6 percent, respectively.
Schedule of Fair Value and Gross Unrealized Loss on Available for Sale Securities | The following table summarizes the fair value and gross unrealized losses on our available for sale securities, aggregated by major investment category and length of time that individual securities have been in a continuous unrealized loss position for which no allowance for credit loss has been recorded:
|  | Less than 12 Months |  | 12 Months or More |  | Total
(in millions) |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
June 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |
Bonds available for sale: |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and government sponsored entities | $ | 491 |  | $ | 13 |  | $ | 350 |  | $ | 75 |  | $ | 841 |  | $ | 88 |
Obligations of states, municipalities and political subdivisions |  | 647 |  |  | 15 |  |  | 570 |  |  | 61 |  |  | 1,217 |  |  | 76 |
Non-U.S. governments |  | 1,637 |  |  | 52 |  |  | 1,532 |  |  | 371 |  |  | 3,169 |  |  | 423 |
Corporate debt |  | 6,463 |  |  | 188 |  |  | 9,283 |  |  | 1,157 |  |  | 15,746 |  |  | 1,345 |
RMBS |  | 1,571 |  |  | 37 |  |  | 1,840 |  |  | 280 |  |  | 3,411 |  |  | 317 |
CMBS |  | 521 |  |  | 5 |  |  | 642 |  |  | 41 |  |  | 1,163 |  |  | 46 |
CLO/ABS |  | 1,192 |  |  | 7 |  |  | 274 |  |  | 22 |  |  | 1,466 |  |  | 29 |
Total bonds available for sale | $ | 12,522 |  | $ | 317 |  | $ | 14,491 |  | $ | 2,007 |  | $ | 27,013 |  | $ | 2,324 |
|  | Less than 12 Months |  | 12 Months or More |  | Total
(in millions) |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |
Bonds available for sale: |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and government sponsored entities | $ | 1,718 |  | $ | 21 |  | $ | 358 |  | $ | 78 |  | $ | 2,076 |  | $ | 99 |
Obligations of states, municipalities and political subdivisions |  | 1,502 |  |  | 33 |  |  | 586 |  |  | 79 |  |  | 2,088 |  |  | 112 |
Non-U.S. governments |  | 1,964 |  |  | 55 |  |  | 3,446 |  |  | 534 |  |  | 5,410 |  |  | 589 |
Corporate debt |  | 10,347 |  |  | 234 |  |  | 10,907 |  |  | 1,515 |  |  | 21,254 |  |  | 1,749 |
RMBS |  | 3,711 |  |  | 58 |  |  | 2,147 |  |  | 343 |  |  | 5,858 |  |  | 401 |
CMBS |  | 1,052 |  |  | 18 |  |  | 992 |  |  | 71 |  |  | 2,044 |  |  | 89 |
CLO/ABS |  | 1,368 |  |  | 9 |  |  | 315 |  |  | 35 |  |  | 1,683 |  |  | 44 |
Total bonds available for sale | $ | 21,662 |  | $ | 428 |  | $ | 18,751 |  | $ | 2,655 |  | $ | 40,413 |  | $ | 3,083 |
Investments Classified by Contractual Maturity Date | The following table presents the amortized cost and fair value of fixed maturity securities available for sale by contractual maturity:
June 30, 2025 |  | Total Fixed Maturity Securities Available for Sale
(in millions) |  | Amortized Cost, Net of Allowance |  | Fair Value
Due in one year or less |  | $ | 4,517 |  |  | $ | 4,461 |
Due after one year through five years |  | 23,415 |  |  | 23,408 |
Due after five years through ten years |  | 16,236 |  |  | 15,999 |
Due after ten years |  | 6,427 |  |  | 5,462 |
Mortgage-backed, asset-backed and collateralized |  | 19,589 |  |  | 19,530 |
Total |  | $ | 70,184 |  |  | $ | 68,860 |
Realized Gain (Loss) on Investments | The following table presents the gross realized gains and gross realized losses from sales or maturities of our available for sale securities:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024 |  |
(in millions) |  | Gross Realized Gains |  | Gross Realized Losses |  |  | Gross Realized Gains |  | Gross Realized Losses |  |  | Gross Realized Gains |  | Gross Realized Losses |  |  | Gross Realized Gains |  | Gross Realized Losses |  |  |  |  |
Fixed maturity securities | $ | 14 | $ | 165 |  | $ | 28 | $ | 197 |  | $ | 30 | $ | 443 |  | $ | 43 | $ | 313 |  |  |  |  |
The following table presents the components of Net realized gains (losses):
Three Months Ended June 30, |  | 2025 |  |  | 2024
(in millions) | Excluding Fortitude Re Funds Withheld Assets | Fortitude Re Funds Withheld Assets |  | Total |  | Excluding Fortitude Re Funds Withheld Assets | Fortitude Re Funds Withheld Assets |  | Total
Sales of fixed maturity securities | $ | (102) |  | $ | (49) |  | $ | (151) |  |  | $ | (168) |  | $ | (1) |  | $ | (169) |
Change in allowance for credit losses on fixed maturity securities |  | (15) |  |  | — |  |  | (15) |  |  |  | (18) |  |  | — |  |  | (18) |
Change in allowance for credit losses on loans |  | 45 |  |  | 5 |  |  | 50 |  |  |  | (12) |  |  | 3 |  |  | (9) |
Foreign exchange transactions |  | (27) |  |  | 13 |  |  | (14) |  |  |  | 52 |  |  | — |  |  | 52 |
All other derivatives and hedge accounting |  | (98) |  |  | (16) |  |  | (114) |  |  |  | (21) |  |  | — |  |  | (21) |
Sales of alternative investments |  | 3 |  |  | — |  |  | 3 |  |  |  | 4 |  |  | — |  |  | 4 |
Other |  | 2 |  |  | (5) |  |  | (3) |  |  |  | (24) |  |  | (3) |  |  | (27) |
Net realized losses – excluding Fortitude Re funds withheld embedded derivative |  | (192) |  |  | (52) |  |  | (244) |  |  |  | (187) |  |  | (1) |  |  | (188) |
Net realized gains (losses) on Fortitude Re funds withheld embedded derivative |  | — |  |  | (14) |  |  | (14) |  |  |  | — |  |  | 8 |  |  | 8 |
Net realized gains (losses) | $ | (192) |  | $ | (66) |  | $ | (258) |  |  | $ | (187) |  | $ | 7 |  | $ | (180) |
Six Months Ended June 30, | 2025 |  | 2024 |  |
(in millions) | Excluding Fortitude Re Funds Withheld Assets | Fortitude Re Funds Withheld Assets |  | Total |  | Excluding Fortitude Re Funds Withheld Assets | Fortitude Re Funds Withheld Assets |  | Total |  |  |  |  |
Sales of fixed maturity securities | $ | (357) |  | $ | (56) |  | $ | (413) |  |  | $ | (254) |  | $ | (16) |  | $ | (270) |  |  |  |  |  |  |  |
Change in allowance for credit losses on fixed maturity securities |  | (7) |  |  | — |  |  | (7) |  |  |  | (19) |  |  | — |  |  | (19) |  |  |  |  |  |  |  |
Change in allowance for credit losses on loans |  | 50 |  |  | 9 |  |  | 59 |  |  |  | (20) |  |  | 1 |  |  | (19) |  |  |  |  |  |  |  |
Foreign exchange transactions |  | 193 |  |  | 19 |  |  | 212 |  |  |  | 111 |  |  | (3) |  |  | 108 |  |  |  |  |  |  |  |
All other derivatives and hedge accounting |  | (126) |  |  | (22) |  |  | (148) |  |  |  | (69) |  |  | 2 |  |  | (67) |  |  |  |  |  |  |  |
Sales of alternative investments |  | 3 |  |  | — |  |  | 3 |  |  |  | 14 |  |  | (1) |  |  | 13 |  |  |  |  |  |  |  |
Other |  | (8) |  |  | (4) |  |  | (12) |  |  |  | (9) |  |  | (3) |  |  | (12) |  |  |  |  |  |  |  |
Net realized gains (losses) – excluding Fortitude Re funds withheld embedded derivative |  | (252) |  |  | (54) |  |  | (306) |  |  |  | (246) |  |  | (20) |  |  | (266) |  |  |  |  |  |  |  |
Net realized losses on Fortitude Re funds withheld embedded derivative |  | — |  |  | (55) |  |  | (55) |  |  |  | — |  |  | (1) |  |  | (1) |  |  |  |  |  |  |  |
Net realized losses | $ | (252) |  | $ | (109) |  | $ | (361) |  |  | $ | (246) |  | $ | (21) |  | $ | (267) |  |  |  |  |  |  |  |
Fair Value of Fixed Maturity Securities Measured at Fair Value Based on Election of the Fair Value Option | The following table presents the fair value of fixed maturity securities measured at fair value based on our election of the fair value option, which are reported in the other bond securities caption in the financial statements, and equity securities measured at fair value:
(in millions) |  | June 30, 2025 |  |  |  | December 31, 2024 |
| Fair Value |  | Percent of Total |  |  |  | Fair Value |  | Percent of Total |
Fixed maturity securities: |  |  |  |  |  |  |  |  |  |  |
Obligations of states, municipalities and political subdivisions | $ | 50 |  |  | 3 |  | % |  | $ | 50 |  |  | 3 |  | %
Non-U.S. governments |  | 23 |  |  | 2 |  |  |  |  | 24 |  |  | 2 |  |
Corporate debt |  | 260 |  |  | 17 |  |  |  |  | 282 |  |  | 19 |  |
Mortgage-backed, asset-backed and collateralized: |  |  |  |  |  |  |  |  |  |  |
RMBS |  | 98 |  |  | 7 |  |  |  |  | 100 |  |  | 7 |  |
CMBS |  | 43 |  |  | 3 |  |  |  |  | 43 |  |  | 3 |  |
CLO/ABS and other collateralized securities |  | 248 |  |  | 17 |  |  |  |  | 246 |  |  | 17 |  |
Total mortgage-backed, asset-backed and collateralized |  | 389 |  |  | 27 |  |  |  |  | 389 |  |  | 27 |  |
Total fixed maturity securities |  | 722 |  |  | 49 |  |  |  |  | 745 |  |  | 51 |  |
Equity securities |  | 775 |  |  | 51 |  |  |  |  | 704 |  |  | 49 |  |
Total | $ | 1,497 |  |  | 100 |  | % |  | $ | 1,449 |  |  | 100 |  | %
Schedule of Net Investment Income | The following table presents the components of Net investment income:
Three Months Ended June 30, | 2025 |  | 2024
(in millions) | Excluding Fortitude Re Funds Withheld Assets | Fortitude Re Funds Withheld Assets |  | Total |  | Excluding Fortitude Re Funds Withheld Assets | Fortitude Re Funds Withheld Assets |  | Total
Available for sale fixed maturity securities, including short-term investments | $ | 876 |  | $ | 16 |  | $ | 892 |  |  | $ | 723 |  | $ | 20 |  | $ | 743 |
Other fixed maturity securities |  | — |  |  | 16 |  |  | 16 |  |  |  | 1 |  |  | 4 |  |  | 5 |
Equity securities |  | 14 |  |  | — |  |  | 14 |  |  |  | (4) |  |  | — |  |  | (4) |
Interest on mortgage and other loans |  | 46 |  |  | 7 |  |  | 53 |  |  |  | 65 |  |  | 8 |  |  | 73 |
Alternative investments(a) |  | 48 |  |  | — |  |  | 48 |  |  |  | 32 |  |  | — |  |  | 32 |
Other investments(b) |  | 482 |  |  | — |  |  | 482 |  |  |  | 177 |  |  | 1 |  |  | 178 |
Total investment income |  | 1,466 |  |  | 39 |  |  | 1,505 |  |  |  | 994 |  |  | 33 |  |  | 1,027 |
Investment expenses |  | 39 |  |  | — |  |  | 39 |  |  |  | 37 |  |  | — |  |  | 37 |
Net investment income | $ | 1,427 |  | $ | 39 |  | $ | 1,466 |  |  | $ | 957 |  | $ | 33 |  | $ | 990 |
Six Months Ended June 30, | 2025 |  | 2024 |  |
(in millions) | Excluding Fortitude Re Funds Withheld Assets | Fortitude Re Funds Withheld Assets | Total |  | Excluding Fortitude Re Funds Withheld Assets | Fortitude Re Funds Withheld Assets | Total |  |  |  |
Available for sale fixed maturity securities, including short-term investments | $ | 1,666 |  | $ | 38 |  | $ | 1,704 |  |  | $ | 1,488 |  | $ | 42 |  | $ | 1,530 |  |  |  |  |  |  |  |
Other fixed maturity securities |  | — |  |  | 27 |  |  | 27 |  |  |  | (4) |  |  | 11 |  |  | 7 |  |  |  |  |  |  |  |
Equity securities |  | 23 |  |  | — |  |  | 23 |  |  |  | 84 |  |  | — |  |  | 84 |  |  |  |  |  |  |  |
Interest on mortgage and other loans |  | 90 |  |  | 14 |  |  | 104 |  |  |  | 133 |  |  | 17 |  |  | 150 |  |  |  |  |  |  |  |
Alternative investments(a) |  | 91 |  |  | — |  |  | 91 |  |  |  | 87 |  |  | (1) |  |  | 86 |  |  |  |  |  |  |  |
Other investments(b) |  | 699 |  |  | — |  |  | 699 |  |  |  | 199 |  |  | 3 |  |  | 202 |  |  |  |  |  |  |  |
Total investment income |  | 2,569 |  |  | 79 |  |  | 2,648 |  |  |  | 1,987 |  |  | 72 |  |  | 2,059 |  |  |  |  |  |  |  |
Investment expenses |  | 77 |  |  | — |  |  | 77 |  |  |  | 90 |  |  | — |  |  | 90 |  |  |  |  |  |  |  |
Net investment income | $ | 2,492 |  | $ | 79 |  | $ | 2,571 |  |  | $ | 1,897 |  | $ | 72 |  | $ | 1,969 |  |  |  |  |  |  |  |
(a)Includes income from hedge funds, private equity funds and real estate investments. Hedge funds are recorded as of the balance sheet date. Private equity funds are generally reported on a one-quarter lag. (b)Includes dividends received from Corebridge and changes in its stock price of $27 million and $455 million, respectively, for the three months ended June 30, 2025, $58 million and $664 million, respectively, for the six months ended June 30, 2025, and $68 million and $65 million, respectively, for both three and six months ended June 30, 2024.
Unrealized Gain (Loss) on Investments | The following table presents the increase (decrease) in unrealized appreciation (depreciation) of our available for sale securities and other investments:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(in millions) |  | 2025 |  | 2024 |  |  | 2025 |  | 2024
Increase (decrease) in unrealized appreciation (depreciation) of investments: |  |  |  |  |  |  |  |  |
Fixed maturity securities* | $ | 505 |  | $ | 15 |  |  | $ | 827 |  | $ | (117) |
Other investments |  | — |  |  | (39) |  |  |  | — |  |  | (39) |
Total increase (decrease) in unrealized appreciation (depreciation) of investments* | $ | 505 |  | $ | (24) |  |  | $ | 827 |  | $ | (156) |
*Excludes net unrealized gains and losses attributable to businesses held for sale or reclassified to discontinued operations at June 30, 2024. The following table summarizes the unrealized gains and losses recognized in Net investment income during the reporting period on equity securities and other investments still held at the reporting date:
Three Months Ended June 30, |  | 2025 |  |  | 2024
(in millions) |  | Equities |  | Other Invested Assets* |  | Total |  |  | Equities |  | Other Invested Assets* |  | Total
Net gains (losses) recognized during the period on equity securities and other investments |  | $ | 14 |  |  | $ | 512 |  |  | $ | 526 |  |  |  | $ | (4) |  |  | $ | 109 |  |  | $ | 105 |
Less: Net gains (losses) recognized during the period on equity securities and other investments sold during the period |  | (12) |  |  | 34 |  |  | 22 |  |  |  | 3 |  |  | 25 |  |  | 28 |
Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date |  | $ | 26 |  |  | $ | 478 |  |  | $ | 504 |  |  |  | $ | (7) |  |  | $ | 84 |  |  | $ | 77 |
Six Months Ended June 30, |  | 2025 |  |  | 2024
(in millions) |  | Equities |  | Other Invested Assets* |  | Total |  |  | Equities |  | Other Invested Assets* |  | Total
Net gains recognized during the period on equity securities and other investments |  | $ | 23 |  |  | $ | 745 |  |  | $ | 768 |  |  |  | $ | 84 |  |  | $ | 192 |  |  | $ | 276 |
Less: Net gains recognized during the period on equity securities and other investments sold during the period |  | 1 |  |  | 33 |  |  | 34 |  |  |  | 43 |  |  | 24 |  |  | 67 |
Unrealized gains recognized during the reporting period on equity securities and other investments still held at the reporting date |  | $ | 22 |  |  | $ | 712 |  |  | $ | 734 |  |  |  | $ | 41 |  |  | $ | 168 |  |  | $ | 209 |
*Includes unrealized gains (losses) on AIG’s ownership interest in Corebridge of $455 million and $664 million in the three and six months ended June 30, 2025, respectively, and $65 million in the three and six months ended June 30, 2024.
Rollforward of the Changes in Allowance for Credit Losses on Available for Sale Fixed Maturity Securities | The following table presents a rollforward of the changes in allowance for credit losses on available for sale fixed maturity securities by major investment category:
Three Months Ended June 30, |  | 2025 |  |  | 2024
(in millions) | Structured | Non- Structured |  | Total |  | Structured | Non- Structured |  | Total
Balance, beginning of period | $ | 11 |  | $ | 19 |  | $ | 30 |  |  | $ | 3 |  | $ | 25 |  | $ | 28
Additions: |  |  |  |  |  |  |  |  |  |  |  |  |
Securities for which allowance for credit losses was not previously recorded |  | — |  |  | 18 |  |  | 18 |  |  |  | 1 |  |  | 5 |  |  | 6 |
Reductions: |  |  |  |  |  |  |  |  |  |  |  |  |
Securities sold during the period |  | — |  |  | (2) |  |  | (2) |  |  |  | — |  |  | (1) |  |  | (1) |
Addition to (release of) the allowance for credit losses on securities that had an allowance recorded in a previous period, for which there was no intent to sell before recovery of amortized cost basis |  | (1) |  |  | 1 |  |  | — |  |  |  | 2 |  |  | 10 |  |  | 12 |
Write-offs charged against the allowance |  | — |  |  | (1) |  |  | (1) |  |  |  | — |  | (14) |  |  | (14) |
Other |  | — |  |  | — |  |  | — |  |  |  | — |  | 2 |  |  | 2 |
Balance, end of period | $ | 10 |  | $ | 35 |  | $ | 45 |  |  | $ | 6 |  | $ | 27 |  | $ | 33 |
Six Months Ended June 30, | 2025 |  | 2024 |  |
(in millions) | Structured | Non- Structured |  | Total |  | Structured | Non- Structured |  | Total |  |  |  |  |
Balance, beginning of year | $ | 10 |  | $ | 28 |  | $ | 38 |  |  | $ | 13 |  | $ | 21 |  | $ | 34 |  |  |  |  |  |  |  |
Additions: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities for which allowance for credit losses was not previously recorded |  | — |  |  | 20 |  |  | 20 |  |  |  | 1 |  |  | 9 |  |  | 10 |  |  |  |  |  |  |  |
Reductions: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities sold during the period |  | — |  |  | (6) |  |  | (6) |  |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |
Addition to (release of) the allowance for credit losses on securities that had an allowance recorded in a previous period, for which there was no intent to sell before recovery of amortized cost basis |  | — |  |  | 2 |  |  | 2 |  |  |  | (8) |  |  | 17 |  |  | 9 |  |  |  |  |  |  |  |
Write-offs charged against the allowance |  | — |  |  | (9) |  |  | (9) |  |  |  | — |  |  | (22) |  |  | (22) |  |  |  |  |  |  |  |
Other |  | — |  |  | — |  |  | — |  |  |  | — |  |  | 2 |  |  | 2 |  |  |  |  |  |  |  |
Balance, end of period | $ | 10 |  | $ | 35 |  | $ | 45 |  |  | $ | 6 |  | $ | 27 |  | $ | 33 |  |  |  |  |  |  |  |
Schedule of Financial Instruments Owned and Pledged as Collateral | The following table presents information on the fair value of securities pledged to us under reverse repurchase agreements:
(in millions) |  | June 30, 2025 |  | December 31, 2024
Securities collateral pledged to us | $ | 2,901 |  | $ | 2,853 |
Schedule of Other Invested Assets | The following table summarizes the carrying amounts of other invested assets:
(in millions) | June 30, 2025 |  | December 31, 2024
Alternative investments(a) | $ | 4,151 |  |  | $ | 4,032 |
Retained investment in Corebridge using fair value option | 4,043 |  |  | 3,810 |
All other investments(b) | 1,793 |  |  | 1,986 |
Total | $ | 9,987 |  |  | $ | 9,828 |
(a)At June 30, 2025, includes hedge funds of $190 million and private equity funds of $3.7 billion. At December 31, 2024, included hedge funds of $187 million and private equity funds of $3.6 billion. Private equity funds investments include limited partnerships, direct equities and real estate partnerships. Also includes investments in real estate, net of accumulated depreciation. At June 30, 2025 and December 31, 2024, the accumulated depreciation was $138 million and $161 million, respectively. (b)All other investments include bank deposits with a maturity greater than one year and investments in joint ventures with strategic partners, including $300 million in DaVinciRe Holdings Ltd, Class D, which is recorded as a measurement alternative equity security at both June 30, 2025 and December 31, 2024.

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