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Fair Value Measurements | 6 Months Ended
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Jun. 30, 2025
Fair Value Disclosures [Abstract] |
Fair Value Measurements | 5. Fair Value Measurements FAIR VALUE MEASUREMENTS ON A RECURRING BASIS Assets and liabilities recorded at fair value in the Condensed Consolidated Balance Sheets are measured and classified in accordance with a fair value hierarchy consisting of three “levels” based on the observability of valuation inputs: •Level 1: Fair value measurements based on quoted prices (unadjusted) in active markets that we have the ability to access for identical assets or liabilities. Market price data generally is obtained from exchange or dealer markets. We do not adjust the quoted price for such instruments. •Level 2: Fair value measurements based on inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals. •Level 3: Fair value measurements based on valuation techniques that use significant inputs that are unobservable. Both observable and unobservable inputs may be used to determine the fair values of positions classified in Level 3. The circumstances for using these measurements include those in which there is little, if any, market activity for the asset or liability. Therefore, we must make certain assumptions about the inputs a hypothetical market participant would use to value that asset or liability. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. ASSETS AND LIABILITIES MEASURED AT FAIR VALUE ON A 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, 2025 |  | 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 | $ | 77 |  | $ | 2,832 |  | $ | — |  | $ | — |  | $ | — |  | $ | 2,909 |
Obligations of states, municipalities and political subdivisions |  | — |  |  | 3,020 |  |  | 3 |  |  | — |  |  | — |  |  | 3,023 |
Non-U.S. governments |  | 64 |  |  | 6,843 |  |  | 6 |  |  | — |  |  | — |  |  | 6,913 |
Corporate debt |  | — |  |  | 36,338 |  |  | 147 |  |  | — |  |  | — |  |  | 36,485 |
RMBS |  | — |  |  | 8,084 |  |  | 1,633 |  |  | — |  |  | — |  |  | 9,717 |
CMBS |  | — |  |  | 3,717 |  |  | 26 |  |  | — |  |  | — |  |  | 3,743 |
CLO/ABS |  | — |  |  | 4,870 |  |  | 1,200 |  |  | — |  |  | — |  |  | 6,070 |
Total bonds available for sale |  | 141 |  |  | 65,704 |  |  | 3,015 |  |  | — |  |  | — |  |  | 68,860 |
Other bond securities: |  |  |  |  |  |  |  |  |  |  |  |
Obligations of states, municipalities and political subdivisions |  | — |  |  | 50 |  |  | — |  |  | — |  |  | — |  |  | 50 |
Non-U.S. governments |  | — |  |  | 23 |  |  | — |  |  | — |  |  | — |  |  | 23 |
Corporate debt |  | — |  |  | 259 |  |  | 1 |  |  | — |  |  | — |  |  | 260 |
RMBS |  | — |  |  | 48 |  |  | 50 |  |  | — |  |  | — |  |  | 98 |
CMBS |  | — |  |  | 43 |  |  | — |  |  | — |  |  | — |  |  | 43 |
CLO/ABS |  | — |  |  | 125 |  |  | 123 |  |  | — |  |  | — |  |  | 248 |
Total other bond securities |  | — |  |  | 548 |  |  | 174 |  |  | — |  |  | — |  |  | 722 |
Equity securities |  | 729 |  |  | — |  |  | 46 |  |  | — |  |  | — |  |  | 775 |
Other invested assets(b) |  | 4,043 |  |  | 173 |  |  | 93 |  |  | — |  |  | — |  |  | 4,309 |
Derivative assets(c) |  | — |  |  | 383 |  |  | 40 |  |  | (207) |  |  | (199) |  |  | 17 |
Short-term investments |  | 3,439 |  |  | 1,917 |  |  | — |  |  | — |  |  | — |  |  | 5,356 |
Other assets(c) |  | — |  |  | — |  |  | 129 |  |  | — |  |  | — |  |  | 129 |
Total | $ | 8,352 |  | $ | 68,725 |  | $ | 3,497 |  | $ | (207) |  | $ | (199) |  | $ | 80,168 |
June 30, 2025 |  | Level 1 |  | Level 2 |  | Level 3 | Counterparty Netting(a) | Cash Collateral |  | Total
(in millions) |  |  |  |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Derivative liabilities(c) |  | — |  |  | 489 |  |  | 40 |  |  | (207) |  |  | (264) |  |  | 58 |
Fortitude Re funds withheld payable |  | — |  |  | — |  |  | (185) |  |  | — |  |  | — |  |  | (185) |
Other liabilities |  | — |  |  | — |  |  | 81 |  |  | — |  |  | — |  |  | 81 |
Total | $ | — |  | $ | 489 |  | $ | (64) |  | $ | (207) |  | $ | (264) |  | $ | (46) |
December 31, 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 | $ | 36 |  | $ | 3,231 |  | $ | — |  | $ | — |  | $ | — |  | $ | 3,267 |
Obligations of states, municipalities and political subdivisions |  | — |  |  | 3,140 |  |  | 3 |  |  | — |  |  | — |  |  | 3,143 |
Non-U.S. governments |  | 161 |  |  | 7,939 |  |  | 7 |  |  | — |  |  | — |  |  | 8,107 |
Corporate debt |  | — |  |  | 31,586 |  |  | 240 |  |  | — |  |  | — |  |  | 31,826 |
RMBS |  | — |  |  | 6,710 |  |  | 1,894 |  |  | — |  |  | — |  |  | 8,604 |
CMBS |  | — |  |  | 3,900 |  |  | 26 |  |  | — |  |  | — |  |  | 3,926 |
CLO/ABS |  | — |  |  | 4,293 |  |  | 840 |  |  | — |  |  | — |  |  | 5,133 |
Total bonds available for sale |  | 197 |  |  | 60,799 |  |  | 3,010 |  |  | — |  |  | — |  |  | 64,006 |
Other bond securities: |  |  |  |  |  |  |  |  |  |  |  |
Obligations of states, municipalities and political subdivisions |  | — |  |  | 50 |  |  | — |  |  | — |  |  | — |  |  | 50 |
Non-U.S. governments |  | — |  |  | 24 |  |  | — |  |  | — |  |  | — |  |  | 24 |
Corporate debt |  | — |  |  | 281 |  |  | 1 |  |  | — |  |  | — |  |  | 282 |
RMBS |  | — |  |  | 50 |  |  | 50 |  |  | — |  |  | — |  |  | 100 |
CMBS |  | — |  |  | 43 |  |  | — |  |  | — |  |  | — |  |  | 43 |
CLO/ABS |  | — |  |  | 133 |  |  | 113 |  |  | — |  |  | — |  |  | 246 |
Total other bond securities |  | — |  |  | 581 |  |  | 164 |  |  | — |  |  | — |  |  | 745 |
Equity securities |  | 689 |  |  | — |  |  | 15 |  |  | — |  |  | — |  |  | 704 |
Other invested assets (b) |  | 3,810 |  |  | 119 |  |  | 163 |  |  | — |  |  | — |  |  | 4,092 |
Derivative assets(c) |  | — |  |  | 573 |  |  | 51 |  |  | (270) |  |  | (304) |  |  | 50 |
Short-term investments |  | 7,942 |  |  | 1,847 |  |  | — |  |  | — |  |  | — |  |  | 9,789 |
Other assets(c) |  | — |  |  | — |  |  | 129 |  |  | — |  |  | — |  |  | 129 |
Total | $ | 12,638 |  | $ | 63,919 |  | $ | 3,532 |  | $ | (270) |  | $ | (304) |  | $ | 79,515 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Derivative liabilities(c) |  | — |  |  | 571 |  |  | 51 |  |  | (270) |  |  | (201) |  |  | 151 |
Fortitude Re funds withheld payable |  | — |  |  | — |  |  | (128) |  |  | — |  |  | — |  |  | (128) |
Other liabilities |  | — |  |  | — |  |  | 100 |  |  | — |  |  | — |  |  | 100 |
Total | $ | — |  | $ | 571 |  | $ | 23 |  | $ | (270) |  | $ | (201) |  | $ | 123 |
(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 $3.5 billion and $3.3 billion as of June 30, 2025 and December 31, 2024, respectively. As of June 30, 2025 and December 31, 2024, includes AIG's ownership interest in Corebridge of $4.0 billion and $3.8 billion, respectively, on which AIG elected the fair value option. (c)Presented as part of Other assets and Other liabilities on the Condensed Consolidated Balance Sheets. CHANGES IN LEVEL 3 RECURRING FAIR VALUE MEASUREMENTS The following tables present changes during the three and six months ended June 30, 2025 and 2024 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, 2025 and 2024:
(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, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bonds available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Obligations of states, municipalities and political subdivisions |  | $ | 3 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 3 |  |  | $ | — |  |  | $ | — |
Non-U.S. governments |  | 7 |  |  | — |  |  | — |  |  | (1) |  |  | — |  |  | — |  |  | — |  |  | 6 |  |  | — |  |  | — |
Corporate debt |  | 115 |  |  | 1 |  |  | 1 |  |  | (26) |  |  | 49 |  |  | (31) |  |  | 38 |  |  | 147 |  |  | — |  |  | (6) |
RMBS |  | 1,656 |  |  | 8 |  |  | 9 |  |  | (39) |  |  | — |  |  | (1) |  |  | — |  |  | 1,633 |  |  | — |  |  | (2) |
CMBS |  | 26 |  |  | 1 |  |  | 1 |  |  | (1) |  |  | — |  |  | (1) |  |  | — |  |  | 26 |  |  | — |  |  | — |
CLO/ABS |  | 915 |  |  | 5 |  |  | 10 |  |  | 329 |  |  | — |  |  | — |  |  | (59) |  |  | 1,200 |  |  | — |  |  | 9 |
Total bonds available for sale |  | 2,722 |  |  | 15 |  |  | 21 |  |  | 262 |  |  | 49 |  |  | (33) |  |  | (21) |  |  | 3,015 |  |  | — |  |  | 1 |
Other bond securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate Debt |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | — |
RMBS |  | 50 |  |  | 1 |  |  | — |  |  | (1) |  |  | — |  |  | — |  |  | — |  |  | 50 |  |  | — |  |  | — |
CLO/ABS |  | 120 |  |  | 1 |  |  | — |  |  | — |  |  | 2 |  |  | — |  |  | — |  |  | 123 |  |  | 1 |  |  | — |
Total other bond securities |  | 171 |  |  | 2 |  |  | — |  |  | (1) |  |  | 2 |  |  | — |  |  | — |  |  | 174 |  |  | 1 |  |  | — |
Equity securities |  | 35 |  |  | 3 |  |  | — |  |  | 8 |  |  | — |  |  | — |  |  | — |  |  | 46 |  |  | 2 |  |  | — |
Other invested assets |  | 76 |  |  | — |  |  | — |  |  | (5) |  |  | 1 |  |  | — |  |  | 21 |  |  | 93 |  |  | (1) |  |  | — |
Other assets |  | 129 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 129 |  |  | — |  |  | — |
Total |  | $ | 3,133 |  |  | $ | 20 |  |  | $ | 21 |  |  | $ | 264 |  |  | $ | 52 |  |  | $ | (33) |  |  | $ | — |  |  | $ | 3,457 |  |  | $ | 2 |  |  | $ | 1 |
(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: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fortitude Re funds withheld payable |  | $ | (79) |  |  | $ | 14 |  |  | $ | — |  |  | $ | (120) |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (185) |  |  | $ | (32) |  |  | $ | — |
Other Liabilities |  | 100 |  |  | (19) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 81 |  |  | — |  |  | — |
Total |  | $ | 21 |  |  | $ | (5) |  |  | $ | — |  |  | $ | (120) |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (104) |  |  | $ | (32) |  |  | $ | — |
(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(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 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, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bonds available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Obligations of states, municipalities and political subdivisions |  | $ | 3 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 3 |  |  | $ | — |  |  | $ | — |
Non-U.S. governments |  | 7 |  |  | — |  |  | — |  |  | (1) |  |  | — |  |  | — |  |  | — |  |  | 6 |  |  | — |  |  | — |
Corporate debt |  | 240 |  |  | (8) |  |  | 11 |  |  | (151) |  |  | 49 |  |  | (32) |  |  | 38 |  |  | 147 |  |  | — |  |  | — |
RMBS |  | 1,894 |  |  | 15 |  |  | 42 |  |  | (96) |  |  | 3 |  |  | (225) |  |  | — |  |  | 1,633 |  |  | — |  |  | 15 |
CMBS |  | 26 |  |  | 1 |  |  | 1 |  |  | (5) |  |  | 4 |  |  | (1) |  |  | — |  |  | 26 |  |  | — |  |  | — |
CLO/ABS |  | 840 |  |  | 6 |  |  | 11 |  |  | 408 |  |  | — |  |  | (6) |  |  | (59) |  |  | 1,200 |  |  | — |  |  | 19 |
Total bonds available for sale |  | 3,010 |  |  | 14 |  |  | 65 |  |  | 155 |  |  | 56 |  |  | (264) |  |  | (21) |  |  | 3,015 |  |  | — |  |  | 34 |
Other bond securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | — |
RMBS |  | 50 |  |  | 2 |  |  | — |  |  | (2) |  |  | — |  |  | — |  |  | — |  |  | 50 |  |  | 1 |  |  | — |
CLO/ABS |  | 113 |  |  | 4 |  |  | — |  |  | (4) |  |  | 33 |  |  | (23) |  |  | — |  |  | 123 |  |  | 5 |  |  | — |
Total other bond securities |  | 164 |  |  | 6 |  |  | — |  |  | (6) |  |  | 33 |  |  | (23) |  |  | — |  |  | 174 |  |  | 6 |  |  | — |
Equity securities |  | 15 |  |  | 4 |  |  | — |  |  | 18 |  |  | 9 |  |  | — |  |  | — |  |  | 46 |  |  | 2 |  |  | — |
Other invested assets |  | 163 |  |  | — |  |  | — |  |  | (29) |  |  | 1 |  |  | (63) |  |  | 21 |  |  | 93 |  |  | (1) |  |  | — |
Other assets |  | 129 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 129 |  |  | — |  |  | — |
Total |  | $ | 3,481 |  |  | $ | 24 |  |  | $ | 65 |  |  | $ | 138 |  |  | $ | 99 |  |  | $ | (350) |  |  | $ | — |  |  | $ | 3,457 |  |  | $ | 7 |  |  | $ | 34 |
(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: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fortitude Re funds withheld payable |  | $ | (128) |  |  | $ | 55 |  |  | $ | — |  |  | $ | (112) |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (185) |  |  | $ | (34) |  |  | $ | — |
Other Liabilities |  | 100 |  |  | (19) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 81 |  |  | — |  |  | — |
Total |  | $ | (28) |  |  | $ | 36 |  |  | $ | — |  |  | $ | (112) |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (104) |  |  | $ | (34) |  |  | $ | — |
(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(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 |  |  | $ | — |
(a)Total Level 3 derivative exposures have been netted in these tables for presentation purposes only. 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, 2025 |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |
Bonds available for sale | $ | 5 |  |  | $ | 10 |  |  |  | $ | 15 |
Other bond securities | 2 |  |  | — |  |  |  | 2 |
Equity securities | 3 |  |  | — |  |  |  | 3 |
Three Months Ended June 30, 2024 |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |
Bonds available for sale | $ | 25 |  |  | $ | (2) |  |  |  |  | $ | 23 |
Other bond securities | 2 |  |  | — |  |  |  |  | 2 |
Other invested assets | (4) |  |  | — |  |  |  |  | (4) |
Six Months Ended June 30, 2025 |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |
Bonds available for sale | $ | 13 |  |  | $ | 1 |  |  |  |  | $ | 14 |
Other bond securities | 6 |  |  | — |  |  |  |  | 6 |
Equity securities | 4 |  |  | — |  |  |  |  | 4 |
Six Months Ended June 30, 2024 |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |
Bonds available for sale | $ | 40 |  |  | $ | (8) |  |  |  |  | $ | 32 |
Other bond securities | 1 |  |  | — |  |  |  |  | 1 |
Other invested assets | (13) |  |  | — |  |  |  |  | (13) |
(in millions) | Net Investment Income |  | Net Realized (Gains) Losses |  |  |  | Total
Three Months Ended June 30, 2025 |  |  |  |  |  |  |
Liabilities: |  |  |  |  |  |  |
Fortitude Re funds withheld payable | $ | — |  |  | $ | 14 |  |  |  |  | $ | 14 |
Other Liabilities | — |  |  | (19) |  |  |  |  | (19) |
Three Months Ended June 30, 2024 |  |  |  |  |  |  |
Liabilities: |  |  |  |  |  |  |
Derivative liabilities, net | $ | — |  |  | $ | (12) |  |  |  |  | $ | (12) |
Fortitude Re funds withheld payable | — |  |  | (8) |  |  |  |  | (8) |
Other Liabilities | — |  |  | 28 |  |  |  |  | 28 |
Six Months Ended June 30, 2025 |  |  |  |  |  |  |
Liabilities: |  |  |  |  |  |  |
Fortitude Re funds withheld payable | $ | — |  |  | $ | 55 |  |  |  |  | $ | 55 |
Other Liabilities | — |  |  | (19) |  |  |  |  | (19) |
Six Months Ended June 30, 2024 |  |  |  |  |  |  |
Liabilities: |  |  |  |  |  |  |
Derivative liabilities, net | $ | — |  |  | $ | 40 |  |  |  |  | $ | 40 |
Fortitude Re funds withheld payable | — |  |  | 1 |  |  |  |  | 1 |
Other Liabilities | — |  |  | (2) |  |  |  |  | (2) |
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, 2025 and 2024 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, 2025 |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |
Bonds available for sale: |  |  |  |  |  |  |
Non-U.S. governments | $ | — |  |  | $ | — |  |  | $ | (1) |  |  | $ | (1) |
Corporate debt | 2 |  |  | (2) |  |  | (26) |  |  | (26) |
RMBS | 8 |  |  | — |  |  | (47) |  |  | (39) |
CMBS | — |  |  | — |  |  | (1) |  |  | (1) |
CLO/ABS | 386 |  |  | (33) |  |  | (24) |  |  | 329 |
Total bonds available for sale | 396 |  |  | (35) |  |  | (99) |  |  | 262 |
Other bond securities: |  |  |  |  |  |  |
RMBS | — |  |  | — |  |  | (1) |  |  | (1) |
CLO/ABS | 1 |  |  | — |  |  | (1) |  |  | — |
Total other bond securities | 1 |  |  | — |  |  | (2) |  |  | (1) |
Equity securities | 21 |  |  | (13) |  |  | — |  |  | 8 |
Other invested assets | 1 |  |  | — |  |  | (6) |  |  | (5) |
Total | $ | 419 |  |  | $ | (48) |  |  | $ | (107) |  |  | $ | 264 |
Liabilities: |  |  |  |  |  |  |
Fortitude Re funds withheld payable | $ | — |  |  | $ | — |  |  | $ | (120) |  |  | $ | (120) |
Total | $ | — |  |  | $ | — |  |  | $ | (120) |  |  | $ | (120) |
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 |
(in millions) | Purchases |  | Sales |  | Issuances and Settlements(a) |  | Purchases, Sales, Issuances and Settlements, Net(a)
Six Months Ended June 30, 2025 |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |
Bonds available for sale: |  |  |  |  |  |  |
Non-U.S. governments | $ | — |  |  | $ | — |  |  | $ | (1) |  |  | $ | (1) |
Corporate debt | 5 |  |  | (6) |  |  | (150) |  |  | (151) |
RMBS | 8 |  |  | (3) |  |  | (101) |  |  | (96) |
CMBS | — |  |  | (4) |  |  | (1) |  |  | (5) |
CLO/ABS | 532 |  |  | (70) |  |  | (54) |  |  | 408 |
Total bonds available for sale | 545 |  |  | (83) |  |  | (307) |  |  | 155 |
Other bond securities: |  |  |  |  |  |  |
RMBS | — |  |  | — |  |  | (2) |  |  | (2) |
CLO/ABS | 1 |  |  | — |  |  | (5) |  |  | (4) |
Total other bond securities | 1 |  |  | — |  |  | (7) |  |  | (6) |
Equity securities | 35 |  |  | (17) |  |  | — |  |  | 18 |
Other invested assets | 1 |  |  | — |  |  | (30) |  |  | (29) |
Total | $ | 582 |  |  | $ | (100) |  |  | $ | (344) |  |  | $ | 138 |
Liabilities: |  |  |  |  |  |  |
Fortitude Re funds withheld payable | $ | — |  |  | $ | — |  |  | $ | (112) |  |  | $ | (112) |
Total | $ | — |  |  | $ | — |  |  | $ | (112) |  |  | $ | (112) |
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 |
(a)There were no issuances during the three and six months ended June 30, 2025 and 2024. Both observable and unobservable inputs may be used to determine the fair values of positions classified in Level 3 in the tables above. As a result, the unrealized gains (losses) on instruments held at June 30, 2025 and 2024 may include changes in fair value that were attributable to both observable (e.g., changes in market interest rates) and unobservable inputs (e.g., changes in unobservable long-dated volatilities). Transfers of Level 3 Assets and Liabilities The Net realized and unrealized gains (losses) included in income (loss) or Other comprehensive income (loss) (OCI) as shown in the table above excludes $9 million and $11 million of net gains (losses) related to assets and liabilities transferred into Level 3 during the three and six months ended June 30, 2025, respectively, and includes $1 million and $6 million of net gains (losses) related to assets and liabilities transferred out of Level 3 during the three and six months ended June 30, 2025, respectively. The Net realized and unrealized gains (losses) included in income (loss) or OCI as shown in the table above excludes $(24) million and $(27) million of net gains (losses) related to assets and liabilities transferred into Level 3 during the three and six months ended June 30, 2024, respectively, and includes $1 million and $1 million of net gains (losses) related to assets and liabilities transferred out of Level 3 during the three and six months ended June 30, 2024, respectively. Transfers of Level 3 Assets During the three and six months ended June 30, 2025 and 2024, transfers into Level 3 assets primarily included certain investments in private placement corporate debt, commercial mortgage-backed securities (CMBS), residential mortgage-backed securities (RMBS), collateralized loan obligations (CLO)/asset-backed securities (ABS) and equity securities. Transfers of private placement corporate debt and certain ABS into Level 3 assets were primarily the result of limited market pricing information that required us to determine fair value for these securities based on inputs that are adjusted to better reflect our own assumptions regarding the characteristics of a specific security or associated market liquidity. The transfers of investments in CMBS, RMBS, CLO and certain ABS into Level 3 assets were due to diminished market transparency and liquidity for individual security types. During the three and six months ended June 30, 2025 and 2024, transfers out of Level 3 assets primarily included certain investments in private placement corporate debt, CMBS, RMBS, CLO/ABS, municipal bonds and equity securities. Transfers of private placement corporate debt out of Level 3 assets were based on consideration of market liquidity as well as related transparency of pricing and associated observable inputs for these investments. Transfers of certain investments in private placement corporate debt out of Level 3 assets were primarily the result of using observable pricing information that reflects the fair value of those securities without the need for adjustment based on our own assumptions regarding the characteristics of a specific security or the current liquidity in the market. Transfers of Level 3 Liabilities There were no significant transfers of derivative or other liabilities into or out of Level 3 for the three and six months ended June 30, 2025 and 2024. QUANTITATIVE INFORMATION ABOUT LEVEL 3 FAIR VALUE MEASUREMENTS 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, 2025 | Valuation Technique | Unobservable Input(b) | Range (Weighted Average)(c)
Assets: |  |  |  |  |  |
Obligations of states, municipalities and political subdivisions |  | $ | 2 |  | Discounted cash flow | Yield | 5.57% - 5.69% (5.63%)
Corporate debt |  |  | 38 |  | Discounted cash flow | Yield | 6.21% - 6.62% (6.49%)
RMBS(a) |  |  | 1,242 |  | Discounted cash flow | Constant prepayment rate | 3.52% - 7.20% (5.36%)
|  |  |  |  | Loss severity | 36.21% - 79.90% (58.05%)
|  |  |  |  | Constant default rate | 0.52% - 1.93% (1.23%)
|  |  |  |  | Yield | 5.30% - 6.28% (5.79%)
CLO/ABS(a) |  |  | 886 |  | Discounted cash flow | Yield | 3.87% - 7.37% (5.62%)
CMBS |  |  | 22 |  | Discounted cash flow | Yield | 6.55% - 10.79% (8.67%)
(in millions) | Fair Value at December 31, 2024 | Valuation Technique | Unobservable Input(b) | Range (Weighted Average)(c)
Assets: |  |  |  |  |  |
Obligations of states, municipalities and political subdivisions |  | $ | 3 |  | Discounted cash flow | Yield | 5.09% - 5.57% (5.33%)
Corporate debt |  |  | 177 |  | Discounted cash flow | Yield | 6.83% - 11.61% (9.22%)
RMBS(a) |  |  | 1,321 |  | Discounted cash flow | Constant prepayment rate | 4.10% - 9.26% (6.68%)
|  |  |  |  | Loss severity | 40.81% - 76.72% (58.76%)
|  |  |  |  | Constant default rate | 0.57% - 2.48% (1.52%)
|  |  |  |  | Yield | 5.89% - 6.98% (6.44%)
CLO/ABS(a) |  |  | 760 |  | Discounted cash flow | Yield | 4.24% - 8.42% (6.33%)
CMBS |  |  | 25 |  | Discounted cash flow | Yield | 7.04% - 10.12% (8.70%)
(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. The ranges of reported inputs for Obligations of states, municipalities and political subdivisions, Corporate debt, RMBS, CLO/ABS, and CMBS valued using a discounted cash flow technique consist of one standard deviation in either direction from the value‑weighted average. The preceding table does not give effect to our risk management practices that might offset risks inherent in these Level 3 assets and liabilities. Interrelationships Between Unobservable Inputs We consider unobservable inputs to be those for which market data is not available and that are developed using the best information available to us about the assumptions that market participants would use when pricing the asset or liability. Relevant inputs vary depending on the nature of the instrument being measured at fair value. The following paragraphs provide a general description of significant unobservable inputs along with interrelationships between and among the significant unobservable inputs and their impact on the fair value measurements. In practice, simultaneous changes in assumptions may not always have a linear effect on the inputs discussed below. Interrelationships may also exist between observable and unobservable inputs. Such relationships have not been included in the discussion below. For each of the individual relationships described below, the inverse relationship would also generally apply. Fixed Maturity Securities The significant unobservable input used in the fair value measurement of fixed maturity securities is yield. The yield is affected by the market movements in credit spreads and U.S. Treasury yields. The yield may be affected by other factors including constant prepayment rates, loss severity, and constant default rates. In general, increases in the yield would decrease the fair value of investments, and conversely, decreases in the yield would increase the fair value of investments. Embedded Derivatives within Reinsurance Contracts The fair value of embedded derivatives associated with funds withheld reinsurance contracts is determined based upon a total return swap technique with reference to the fair value of the investments held by AIG related to AIG’s funds withheld payable. The fair value of the underlying assets is generally based on market observable inputs using industry standard valuation techniques. The valuation also requires certain significant inputs, which are generally not observable, and accordingly, the valuation is considered Level 3 in the fair value hierarchy. INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING 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, 2025 |  |  | December 31, 2024
(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 | $ | 1,141 |  | $ | 336 |  |  | $ | 1,126 |  | $ | 375 |
Real assets | Investments in real estate properties, agricultural and infrastructure assets, including power plants and other energy producing assets |  | 817 |  |  | 222 |  |  |  | 782 |  |  | 261 |
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 |  | 85 |  |  | 36 |  |  |  | 83 |  |  | 40 |
Growth equity | Funds that make investments in established companies for the purpose of growing their businesses |  | 181 |  |  | 3 |  |  |  | 175 |  |  | 1 |
Mezzanine | Funds that make investments in the junior debt and equity securities of leveraged companies |  | 105 |  |  | 55 |  |  |  | 120 |  |  | 58 |
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 |  | 940 |  |  | 459 |  |  |  | 819 |  |  | 57 |
Total private equity funds |  | 3,269 |  |  | 1,111 |  |  |  | 3,105 |  |  | 792 |
Hedge funds: |  |  |  |  |  |  |  |  |  |
Event-driven | Securities of companies undergoing material structural changes, including mergers, acquisitions and other reorganizations |  | 13 |  |  | — |  |  |  | 11 |  |  | — |
Long-short | Securities that the manager believes are undervalued, with corresponding short positions to hedge market risk |  | 168 |  |  | — |  |  |  | 168 |  |  | — |
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 |  | 9 |  |  | — |  |  |  | 8 |  |  | — |
Total hedge funds |  |  | 190 |  |  | — |  |  |  | 187 |  |  | — |
Total |  | $ | 3,459 |  | $ | 1,111 |  |  | $ | 3,292 |  | $ | 792 |
Private equity fund investments included above are not redeemable, because distributions from the funds will be received when underlying investments of the funds are liquidated. Private equity funds are generally expected to have 10-year lives at their inception, but these lives may be extended at the fund manager’s discretion, typically in one-year or two-year increments. 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) |  | 2025 |  | 2024 |  |  | 2025 |  | 2024 |  |
Other bond securities(a) | $ | 16 |  | $ | 5 |  |  | $ | 27 |  | $ | 7 |  |  |
Alternative investments(b) |  | 63 |  |  | 28 |  |  |  | 87 |  |  | 108 |  |  |
Retained investment in Corebridge(c) |  | 455 |  |  | 65 |  |  |  | 664 |  |  | 65 |  |  |
Total gain (loss) | $ | 534 |  | $ | 98 |  |  | $ | 778 |  | $ | 180 |  |  |
(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. FAIR VALUE INFORMATION ABOUT 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, 2025 |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |
Mortgage and other loans receivable | $ | — |  | $ | 337 |  | $ | 3,122 |  | $ | 3,459 |  | $ | 3,520 |
Other invested assets |  | — |  |  | 517 |  |  | 6 |  |  | 523 |  |  | 523 |
Short-term investments |  | — |  |  | 4,746 |  |  | — |  |  | 4,746 |  |  | 4,746 |
Cash |  | 1,825 |  |  | — |  |  | — |  |  | 1,825 |  |  | 1,825 |
Other assets |  | 14 |  |  | — |  |  | — |  |  | 14 |  |  | 14 |
Liabilities: |  |  |  |  |  |  |  |  |  |
Fortitude Re funds withheld payable |  | — |  |  | — |  |  | 3,294 |  |  | 3,294 |  |  | 3,294 |
Long-term debt |  | — |  |  | 8,696 |  |  | — |  |  | 8,696 |  |  | 9,101 |
Debt of consolidated investment entities |  | — |  |  | — |  |  | 157 |  |  | 157 |  |  | 157 |
|  | Estimated Fair Value |  | Carrying Value
(in millions) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total |
December 31, 2024 |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |
Mortgage and other loans receivable | $ | — |  | $ | 339 |  | $ | 3,413 |  | $ | 3,752 |  | $ | 3,868 |
Other invested assets |  | — |  |  | 578 |  |  | 5 |  |  | 583 |  |  | 583 |
Short-term investments |  | — |  |  | 4,673 |  |  | — |  |  | 4,673 |  |  | 4,673 |
Cash |  | 1,302 |  |  | — |  |  | — |  |  | 1,302 |  |  | 1,302 |
Other assets |  | 15 |  |  | — |  |  | — |  |  | 15 |  |  | 15 |
Liabilities: |  |  |  |  |  |  |  |  |  |
Fortitude Re funds withheld payable |  | — |  |  | — |  |  | 3,335 |  |  | 3,335 |  |  | 3,335 |
Long-term debt |  | — |  |  | 7,981 |  |  | 240 |  |  | 8,221 |  |  | 8,764 |
Debt of consolidated investment entities |  | — |  |  | — |  |  | 158 |  |  | 158 |  |  | 158 |

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
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