Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Net Realized and Unrealized Gains and Losses Included in Income Related to Level 3 Assets and Liabilities

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:

December 31, 2023	Level 1		Level 2		Level 3		Counterparty Netting(a)		Cash Collateral		Total
(in millions)
Assets:
Bonds available-for-sale:
U.S. government and government sponsored entities	$	20	$	1,200	$	—	$	—	$	—	$	1,220
Obligations of states, municipalities and political subdivisions	—		4,987		844		—		—		5,831
Non-U.S. governments	—		4,057		—		—		—		4,057
Corporate debt	—		104,725		1,357		—		—		106,082
RMBS(b)	—		8,423		5,854		—		—		14,277
CMBS	—		9,373		608		—		—		9,981
CLO	—		9,301		1,843		—		—		11,144
ABS	—		1,029		12,906		—		—		13,935
Total bonds available-for-sale	20		143,095		23,412		—		—		166,527
Other bond securities:
U.S. government and government sponsored entities	—		—		—		—		—		—
Obligations of states, municipalities and political subdivisions	—		39		1		—		—		40
Non-U.S. governments	—		13		—		—		—		13
Corporate debt	—		2,486		167		—		—		2,653
RMBS(c)	—		63		107		—		—		170
CMBS	—		211		17		—		—		228
CLO	—		354		69		—		—		423
ABS	—		89		962		—		—		1,051
Total other bond securities	—		3,255		1,323		—		—		4,578
Equity securities	21		—		42		—		—		63
Other invested assets(d)	—		—		1,850		—		—		1,850
Derivative assets:
Interest rate contracts	—		2,498		449		—		—		2,947
Foreign exchange contracts	—		940		—		—		—		940
Equity contracts	7		1,186		824		—		—		2,017
Credit contracts	—		8		—		—		—		8
Other contracts	—		1		12		—		—		13
Counterparty netting and cash collateral	—		—		—		(3,646)		(1,886)		(5,532)
Total derivative assets	7		4,633		1,285		(3,646)		(1,886)		393
Short-term investments	21		1,387		—		—		—		1,408
Market risk benefit assets	—		—		912		—		—		912
Separate account assets	87,813		3,192		—		—		—		91,005
Total (g)	$	87,882	$	155,562	$	28,824	$	(3,646)	$	(1,886)	$	266,736
Liabilities:
Policyholder contract deposits(e)	$	—	$	108	$	7,942	$	—	$	—	$	8,050
Derivative liabilities:
Interest rate contracts	—		3,278		—		—		—		3,278
Foreign exchange contracts	—		563		—		—		—		563
Equity contracts	2		680		63		—		—		745
Credit contracts	—		—		—		—		—		—
Other contracts	—		—		2		—		—		2
Counterparty netting and cash collateral	—		—		—		(3,646)		(801)		(4,447)
Total derivative liabilities	2		4,521		65		(3,646)		(801)		141
Fortitude Re funds withheld payable(f)	—		—		2,182		—		—		2,182
Market risk benefit liabilities	—		—		5,705		—		—		5,705
Debt of consolidated investment entities	—		—		—		—		—		—
Total	$	2	$	4,629	$	15,894	$	(3,646)	$	(801)	$	16,078

December 31, 2022	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	$	—	$	1,198	$	—	$	—	$	—	$	1,198
Obligations of states, municipalities and political subdivisions	—		5,121		805		—		—		5,926
Non-U.S. governments	—		4,392		—		—		—		4,392
Corporate debt	—		102,724		1,968		—		—		104,692
RMBS(b)	—		6,274		5,670		—		—		11,944
CMBS	—		9,350		718		—		—		10,068
CLO	—		6,516		1,670		—		—		8,186
ABS	—		792		9,595		—		—		10,387
Total bonds available-for-sale	—		136,367		20,426		—		—		156,793
Other bond securities:
Obligations of states, municipalities and political subdivisions	—		37		—		—		—		37
Non-U.S. governments	—		22		—		—		—		22
Corporate debt	—		1,805		417		—		—		2,222
RMBS(c)	—		58		107		—		—		165
CMBS	—		204		28		—		—		232
CLO	—		268		11		—		—		279
ABS	—		71		741		—		—		812
Total other bond securities	—		2,465		1,304		—		—		3,769
Equity securities	141		3		26		—		—		170
Other invested assets(d)	—		—		1,832		—		—		1,832
Derivative assets:
Interest rate contracts	1		1,269		303		—		—		1,573
Foreign exchange contracts	—		1,247		—		—		—		1,247
Equity contracts	11		124		282		—		—		417
Credit contracts	—		—		—		—		—		—
Other contracts	—		1		14		—		—		15
Counterparty netting and cash collateral	—		—		—		(2,547)		(406)		(2,953)
Total derivative assets	12		2,641		599		(2,547)		(406)		299
Short-term investments	1		1,356		—		—		—		1,357
Market risk benefit assets	—		—		796		—		—		796
Separate account assets	81,655		3,198		—		—		—		84,853
Total	$	81,809	$	146,030	$	24,983	$	(2,547)	$	(406)	$	249,869
Liabilities:
Policyholder contract deposits(e)	$	—	$	97	$	5,367	$	—	$	—	$	5,464
Derivative liabilities:
Interest rate contracts	—		2,676		—		—		—		2,676
Foreign exchange contracts	—		632		—		—		—		632
Equity contracts	2		10		15		—		—		27
Credit contracts	—		—		—		—		—		—
Other contracts	—		—		—		—		—		—
Counterparty netting and cash collateral	—		—		—		(2,547)		(691)		(3,238)
Total derivative liabilities	2		3,318		15		(2,547)		(691)		97
Fortitude Re funds withheld payable(f)	—		—		1,262		—		—		1,262
Market risk benefit liabilities	—		—		4,736		—		—		4,736
Debt of consolidated investment entities	—		—		6		—		—		6
Total	$	2	$	3,415	$	11,386	$	(2,547)	$	(691)	$	11,565

(a)Represents netting of derivative exposures covered by qualifying master netting agreements.

(b)Includes investments in residential-backed mortgage securities (“RMBS”) issued by related parties of $36 million and $7 million classified as Level 2 and Level 3, respectively, as of December 31, 2023. Additionally, includes investments in RMBS issued by related parties of $37 million and $2 million classified as Level 2 and Level 3, respectively, as of December 31, 2022.

(c)Includes less than $1 million of investments in RMBS issued by related parties classified as Level 2 as of December 31, 2023 and December 31, 2022.

(d)Excludes investments that are measured at fair value using the net asset value (“NAV”) per share (or its equivalent), which totaled $5.8 billion and $6.0 billion as of December 31, 2023 and December 31, 2022, respectively.

(e)Excludes basis adjustments for fair value hedges.

(f)As discussed in Note 8, the Fortitude Re funds withheld payable is created through modco and funds withheld reinsurance arrangements where the investments supporting the reinsurance agreements are withheld by and continue to reside on Corebridge’s Consolidated Balance Sheets. This embedded derivative is valued as a total return swap with reference to the fair value of the invested assets held by Corebridge, which are primarily available-for-sale securities.

(g)Excludes $167 million of assets that were reclassified to Assets held-for-sale in the Consolidated Balance Sheets. See Note 4 for additional information.

Change in the fair value of market risk benefits, net and net realized and unrealized gains and losses included in income related to Level 3 assets and liabilities shown above are reported in the Consolidated Statements of Income (Loss) as follows:

(in millions)	Policy Fees		Net Investment Income		Net Realized and Unrealized Gains (Losses)		Interest Expense		Change in the Fair Value of Market Risk Benefits, net(a)		Total
Year Ended December 31, 2023
Assets:
Bonds available-for-sale	$	—	$	491	$	(19)	$	—	$	—	$	472
Other bond securities	—		52		—		—		—		52
Equity securities	—		—		—		—		—		—
Other invested assets	—		(150)		(3)		—		—		(153)
Year Ended December 31, 2022
Assets:
Bonds available-for-sale	$	—	$	516	$	(67)	$	—	$	—	$	449
Other bond securities	—		(149)		—		—		—		(149)
Equity securities	—		(1)		—		—		—		(1)
Other invested assets	—		321		(8)		—		—		313

(in millions)	Policy Fees		Net Investment Income		Net Realized and Unrealized Gains (Losses)		Interest Expense		Change in the Fair Value of Market Risk Benefits, net(a)		Total
Year Ended December 31, 2023
Liabilities:
Policyholder contract deposits (b)	$	—	$	—	$	(1,464)	$	—	$	—	$	(1,464)
Derivative liabilities, net	62		—		517		—		(41)		538
Fortitude Re funds withheld payable	—		—		(1,734)		—		—		(1,734)
Market risk benefit liabilities, net(c)	—		—		3		—		1,125		1,128
Debt of consolidated investment entities	—		(1)		—		—		—		(1)
Year Ended December 31, 2022
Liabilities:
Policyholder contract deposits (b)	$	—	$	—	$	1,107	$	—	$	—	$	1,107
Derivative liabilities, net	61		—		(577)		—		84		(432)
Fortitude Re funds withheld payable	—		—		6,348		—		—		6,348
Market risk benefit liabilities, net (c)	—		—		—		—		2,344		2,344
Debt of consolidated investment entities	—		—		—		—		—		—

(a)The portion of the fair value change attributable to our own credit risk is recognized in OCI.

(b)Primarily embedded derivatives.

(c)Market risk benefit assets and liabilities have been netted in these tables for presentation purposes only.

The following table presents the gross components of purchases, sales, issuances and settlements, net, shown above, for the year ended December 31, 2023 and 2022 related to Level 3 assets and liabilities in the Consolidated Balance Sheets:

(in millions)	Purchases		Sales		Issuances and Settlements		Purchases, Sales, Issuances and Settlements, Net
Year Ended December 31, 2023
Assets:
Bonds available-for-sale:
Obligations of states, municipalities and political subdivisions	$	—	$	(12)	$	(3)	$	(15)
Corporate debt	223		(30)		(251)		(58)
RMBS	706		(42)		(767)		(103)
CMBS	9		(27)		(35)		(53)
CLO	226		(18)		(237)		(29)
ABS	2,523		(4)		(375)		2,144
Total bonds available-for-sale	3,687		(133)		(1,668)		1,886
Other bond securities:
Obligations of states, municipalities and political subdivisions	3		(2)		—		1
Corporate debt	185		—		(228)		(43)
RMBS	6		—		(12)		(6)
CMBS	—		(6)		—		(6)
CLO	1		(9)		(44)		(52)
ABS	256		(8)		(41)		207
Total other bond securities	451		(25)		(325)		101
Equity securities	25		—		(2)		23
Other invested assets	262		—		(136)		126
Total assets*	$	4,425	$	(158)	$	(2,131)	$	2,136
Liabilities:
Policyholder contract deposits	$	—	$	1,428	$	(317)	$	1,111
Derivative liabilities, net	(127)		—		(502)		(629)
Fortitude Re funds withheld payable	—		—		(814)		(814)
Debt of consolidated investment entities	—		—		(7)		(7)
Total liabilities	$	(127)	$	1,428	$	(1,640)	$	(339)

(in millions)	Purchases		Sales		Issuances and Settlements		Purchases, Sales, Issuances and Settlements, Net
Year Ended December 31, 2022
Assets:
Bonds available-for-sale:
Obligations of states, municipalities and political subdivisions	$	—	$	(60)	$	(35)	$	(95)
Corporate debt	85		(39)		(205)		(159)
RMBS	377		—		(1,211)		(834)
CMBS	118		(9)		(71)		38
CLO	514		(27)		(592)		(105)
ABS	3,110		—		173		3,283
Total bonds available-for-sale	4,204		(135)		(1,941)		2,128
Other bond securities:
Obligations of states, municipalities and political subdivisions	—		—		—		—
Corporate debt	29		(3)		132		158
RMBS	38		—		(14)		24
CMBS	—		—		—		—
CLO	16		(123)		(24)		(131)
ABS	675		—		(22)		653
Total other bond securities	758		(126)		72		704
Equity securities	22		—		1		23
Other invested assets	652		—		(847)		(195)
Total assets*	$	5,636	$	(261)	$	(2,715)	$	2,660
Liabilities:
Policyholder contract deposits	$	—	$	923	$	(21)	$	902
Derivative liabilities, net	(421)		—		(125)		(546)
Fortitude Re funds withheld payable	—		—		(364)		(364)
Debt of consolidated investment entities	—		—		1		1
Total liabilities	$	(421)	$	923	$	(509)	$	(7)

* There were no issuances during the year ended December 31, 2023 and 2022 for invested assets.

Schedule of Assets Measured on a Recurring Basis

The following tables present changes during the years ended December 31, 2023 and 2022 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 Consolidated Balance Sheets at December 31, 2023 and 2022:

(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 Gain (Losses) Included in  Other Comprehensive Income (Loss) for Recurring  Level 3 Instruments  Held at  End of Period
Year Ended December 31, 2023
Assets:
Bonds available-for-sale:
Obligations of states, municipalities and political subdivisions	$	805	$	(2)	$	66	$	(15)	$	—	$	(10)	$	—	$	844	$	—	$	35
Corporate debt	1,968		(96)		13		(58)		583		(1,037)		(16)		1,357		—		(19)
RMBS	5,670		316		22		(103)		33		(84)		—		5,854		—		(45)
CMBS	718		9		(53)		(53)		179		(192)		—		608		—		(83)
CLO	1,670		(18)		53		(29)		76		(172)		263		1,843		—		(19)
ABS	9,595		263		323		2,144		590		(9)		—		12,906		—		260
Total bonds available-for-sale	20,426		472		424		1,886		1,461		(1,504)		247		23,412		—		129
Other bond securities:
Obligations of states, municipalities and political subdivisions	—		—		—		1		—		—		—		1		—		—
Corporate debt	417		(15)		—		(43)		—		(192)		—		167		(16)		—
RMBS	107		6		—		(6)		—		—		—		107		2		—
CMBS	28		(5)		—		(6)		—		—		—		17		—		—
CLO	11		17		—		(52)		39		(44)		98		69		6		—
ABS	741		49		—		207		—		(35)		—		962		(18)		—
Total other bond securities	1,304		52		—		101		39		(271)		98		1,323		(26)		—
Equity securities	26		—		—		23		1		(7)		(1)		42		—		—
Other invested assets	1,832		(153)		11		126		34		—		—		1,850		(150)		—
Total (a)	$	23,588	$	371	$	435	$	2,136	$	1,535	$	(1,782)	$	344	$	26,627	$	(176)	$	129

(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 Gain (Losses) Included in  Other Comprehensive Income (Loss) for Recurring  Level 3 Instruments  Held at  End of Period
Liabilities:
Policyholder contract deposits	$	5,367	$	1,464	$	—	$	1,111	$	—	$	—	$	—	$	7,942	$	(733)	$	—
Derivative liabilities, net:
Interest rate contracts	(303)		(88)		—		(157)		—		—		99		(449)		33		—
Foreign exchange contracts	—		—		—		—		—		—		—		—		—		—
Equity contracts	(267)		(389)		—		(537)		—		—		432		(761)		438		—
Credit contracts	—		—		—		—		—		—		—		—		—		—
Other contracts	(14)		(61)		—		65		—		—		—		(10)		62		—
Total derivative liabilities, net(b)	(584)		(538)		—		(629)		—		—		531		(1,220)		533		—
Fortitude Re funds withheld payable	1,262		1,734		—		(814)		—		—		—		2,182		(721)		—
Debt of consolidated investment entities	6		1		—		(7)		—		—		—		—		—		—
Total (c)	$	6,051	$	2,661	$	—	$	(339)	$	—	$	—	$	531	$	8,904	$	(921)	$	—

(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 (d)		Fair Value  End of Period		Changes in  Unrealized Gains  (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gain (Losses) Included in  Other Comprehensive Income (Loss) for Recurring  Level 3 Instruments  Held at  End of Period
Year Ended December 31, 2022
Assets:
Bonds available-for-sale:
Obligations of states, municipalities and political subdivisions	$	1,395	$	1	$	(525)	$	(95)	$	40	$	(11)	$	—	$	805	$	—	$	(221)
Corporate debt	1,907		17		(192)		(159)		911		(516)		—		1,968		—		(174)
RMBS	7,595		322		(986)		(834)		7		(434)		—		5,670		—		(610)
CMBS	1,072		9		(140)		38		45		(306)		—		718		—		(115)
CLO	3,038		(31)		(163)		(105)		1,305		(1,673)		(701)		1,670		—		(76)
ABS	7,400		131		(1,417)		3,283		218		(20)		—		9,595		—		(1,369)
Total bonds available-for-sale	22,407		449		(3,423)		2,128		2,526		(2,960)		(701)		20,426		—		(2,565)
Other bond securities:
Obligations of states, municipalities and political subdivisions	—		—		—		—		—		—		—		—		—		—
Corporate debt	134		(5)		—		158		335		(205)		—		417		(2)		—
RMBS	106		(23)		—		24		—		—		—		107		(22)		—
CMBS	33		(5)		—		—		—		—		—		28		(4)		—
CLO	149		1		—		(131)		70		(78)		—		11		(5)		—
ABS	205		(117)		—		653		—		—		—		741		(132)		—
Total other bond securities	627		(149)		—		704		405		(283)		—		1,304		(165)		—
Equity securities	2		(1)		—		23		2		—		—		26		(1)		—
Other invested assets	1,892		313		(22)		(195)		24		(180)		—		1,832		329		—
Total (a)	$	24,928	$	612	$	(3,445)	$	2,660	$	2,957	$	(3,423)	$	(701)	$	23,588	$	163	$	(2,565)

(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 Gain (Losses) Included in  Other Comprehensive Income (Loss) for Recurring  Level 3 Instruments  Held at  End of Period
Liabilities:
Policyholder contract deposits	$	5,572	$	(1,107)	$	—	$	902	$	—	$	—	$	—	$	5,367	$	1,363	$	—
Derivative liabilities, net:
Interest rate contracts	—		1		—		(304)		—		—		—		(303)		(1)		—
Foreign exchange contracts	—		(1)		—		1		—		—		—		—		—		—
Equity contracts	(457)		494		—		(304)		—		—		—		(267)		(249)		—
Credit contracts	(1)		1		—		—		—		—		—		—		—		—
Other contracts	(12)		(63)		—		61		—		—		—		(14)		63		—
Total derivative liabilities, net(b)	(470)		432		—		(546)		—		—		—		(584)		(187)		—
Fortitude Re funds withheld payable	7,974		(6,348)		—		(364)		—		—		—		1,262		6,689		—
Debt of consolidated investment entities	5		—		—		1		—		—		—		6		(1)		—
Total (c)	$	13,081	$	(7,023)	$	—	$	(7)	$	—	$	—	$	—	$	6,051	$	7,864	$	—

(a)Excludes MRB assets of $912 million at December 31, 2023 and $796 million at December 31, 2022. Refer to Note 16 for additional information.

(b)Total Level 3 derivative exposures have been netted in these tables for presentation purposes only.

(c)Excludes MRB liabilities of $5.7 billion at December 31, 2023 and $4.7 billion at December 31, 2022. Refer to Note 16 for additional information.

(d)On September 9, 2022, certain of our insurance companies purchased from AIG senior debt issued by, as well as 100% of the ownership interests in, special purpose entities that held collateralized debt obligations. As a result of these transactions, we own all of the interests related to these investments and consolidate them in our financial statements.

Schedule of Liabilities Measured on a Recurring Basis

The following tables present changes during the years ended December 31, 2023 and 2022 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 Consolidated Balance Sheets at December 31, 2023 and 2022:

(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 Gain (Losses) Included in  Other Comprehensive Income (Loss) for Recurring  Level 3 Instruments  Held at  End of Period
Year Ended December 31, 2023
Assets:
Bonds available-for-sale:
Obligations of states, municipalities and political subdivisions	$	805	$	(2)	$	66	$	(15)	$	—	$	(10)	$	—	$	844	$	—	$	35
Corporate debt	1,968		(96)		13		(58)		583		(1,037)		(16)		1,357		—		(19)
RMBS	5,670		316		22		(103)		33		(84)		—		5,854		—		(45)
CMBS	718		9		(53)		(53)		179		(192)		—		608		—		(83)
CLO	1,670		(18)		53		(29)		76		(172)		263		1,843		—		(19)
ABS	9,595		263		323		2,144		590		(9)		—		12,906		—		260
Total bonds available-for-sale	20,426		472		424		1,886		1,461		(1,504)		247		23,412		—		129
Other bond securities:
Obligations of states, municipalities and political subdivisions	—		—		—		1		—		—		—		1		—		—
Corporate debt	417		(15)		—		(43)		—		(192)		—		167		(16)		—
RMBS	107		6		—		(6)		—		—		—		107		2		—
CMBS	28		(5)		—		(6)		—		—		—		17		—		—
CLO	11		17		—		(52)		39		(44)		98		69		6		—
ABS	741		49		—		207		—		(35)		—		962		(18)		—
Total other bond securities	1,304		52		—		101		39		(271)		98		1,323		(26)		—
Equity securities	26		—		—		23		1		(7)		(1)		42		—		—
Other invested assets	1,832		(153)		11		126		34		—		—		1,850		(150)		—
Total (a)	$	23,588	$	371	$	435	$	2,136	$	1,535	$	(1,782)	$	344	$	26,627	$	(176)	$	129

(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 Gain (Losses) Included in  Other Comprehensive Income (Loss) for Recurring  Level 3 Instruments  Held at  End of Period
Liabilities:
Policyholder contract deposits	$	5,367	$	1,464	$	—	$	1,111	$	—	$	—	$	—	$	7,942	$	(733)	$	—
Derivative liabilities, net:
Interest rate contracts	(303)		(88)		—		(157)		—		—		99		(449)		33		—
Foreign exchange contracts	—		—		—		—		—		—		—		—		—		—
Equity contracts	(267)		(389)		—		(537)		—		—		432		(761)		438		—
Credit contracts	—		—		—		—		—		—		—		—		—		—
Other contracts	(14)		(61)		—		65		—		—		—		(10)		62		—
Total derivative liabilities, net(b)	(584)		(538)		—		(629)		—		—		531		(1,220)		533		—
Fortitude Re funds withheld payable	1,262		1,734		—		(814)		—		—		—		2,182		(721)		—
Debt of consolidated investment entities	6		1		—		(7)		—		—		—		—		—		—
Total (c)	$	6,051	$	2,661	$	—	$	(339)	$	—	$	—	$	531	$	8,904	$	(921)	$	—

(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 (d)		Fair Value  End of Period		Changes in  Unrealized Gains  (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gain (Losses) Included in  Other Comprehensive Income (Loss) for Recurring  Level 3 Instruments  Held at  End of Period
Year Ended December 31, 2022
Assets:
Bonds available-for-sale:
Obligations of states, municipalities and political subdivisions	$	1,395	$	1	$	(525)	$	(95)	$	40	$	(11)	$	—	$	805	$	—	$	(221)
Corporate debt	1,907		17		(192)		(159)		911		(516)		—		1,968		—		(174)
RMBS	7,595		322		(986)		(834)		7		(434)		—		5,670		—		(610)
CMBS	1,072		9		(140)		38		45		(306)		—		718		—		(115)
CLO	3,038		(31)		(163)		(105)		1,305		(1,673)		(701)		1,670		—		(76)
ABS	7,400		131		(1,417)		3,283		218		(20)		—		9,595		—		(1,369)
Total bonds available-for-sale	22,407		449		(3,423)		2,128		2,526		(2,960)		(701)		20,426		—		(2,565)
Other bond securities:
Obligations of states, municipalities and political subdivisions	—		—		—		—		—		—		—		—		—		—
Corporate debt	134		(5)		—		158		335		(205)		—		417		(2)		—
RMBS	106		(23)		—		24		—		—		—		107		(22)		—
CMBS	33		(5)		—		—		—		—		—		28		(4)		—
CLO	149		1		—		(131)		70		(78)		—		11		(5)		—
ABS	205		(117)		—		653		—		—		—		741		(132)		—
Total other bond securities	627		(149)		—		704		405		(283)		—		1,304		(165)		—
Equity securities	2		(1)		—		23		2		—		—		26		(1)		—
Other invested assets	1,892		313		(22)		(195)		24		(180)		—		1,832		329		—
Total (a)	$	24,928	$	612	$	(3,445)	$	2,660	$	2,957	$	(3,423)	$	(701)	$	23,588	$	163	$	(2,565)

(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 Gain (Losses) Included in  Other Comprehensive Income (Loss) for Recurring  Level 3 Instruments  Held at  End of Period
Liabilities:
Policyholder contract deposits	$	5,572	$	(1,107)	$	—	$	902	$	—	$	—	$	—	$	5,367	$	1,363	$	—
Derivative liabilities, net:
Interest rate contracts	—		1		—		(304)		—		—		—		(303)		(1)		—
Foreign exchange contracts	—		(1)		—		1		—		—		—		—		—		—
Equity contracts	(457)		494		—		(304)		—		—		—		(267)		(249)		—
Credit contracts	(1)		1		—		—		—		—		—		—		—		—
Other contracts	(12)		(63)		—		61		—		—		—		(14)		63		—
Total derivative liabilities, net(b)	(470)		432		—		(546)		—		—		—		(584)		(187)		—
Fortitude Re funds withheld payable	7,974		(6,348)		—		(364)		—		—		—		1,262		6,689		—
Debt of consolidated investment entities	5		—		—		1		—		—		—		6		(1)		—
Total (c)	$	13,081	$	(7,023)	$	—	$	(7)	$	—	$	—	$	—	$	6,051	$	7,864	$	—

(a)Excludes MRB assets of $912 million at December 31, 2023 and $796 million at December 31, 2022. Refer to Note 16 for additional information.

(b)Total Level 3 derivative exposures have been netted in these tables for presentation purposes only.

(c)Excludes MRB liabilities of $5.7 billion at December 31, 2023 and $4.7 billion at December 31, 2022. Refer to Note 16 for additional information.

(d)On September 9, 2022, certain of our insurance companies purchased from AIG senior debt issued by, as well as 100% of the ownership interests in, special purpose entities that held collateralized debt obligations. As a result of these transactions, we own all of the interests related to these investments and consolidate them in our financial statements.

Fair Value Measurement Inputs and Valuation Techniques

The table below presents information about the significant unobservable inputs used for recurring fair value measurements for certain Level 3 instruments, and includes only those instruments for which information about the inputs is reasonably available to us, such as data from independent third-party valuation service providers and from internal valuation models. 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 December 31, 2023		Valuation Technique	Unobservable Input(a)	Range (Weighted Average)(b)
Assets:
Obligations of states, municipalities and political subdivisions	$	821	Discounted cash flow	Yield	4.97% - 5.31% (5.14%)
Corporate debt	$	1,471	Discounted cash flow	Yield	5.26% - 8.16% (6.71%)
RMBS(c)	$	3,315	Discounted cash flow	Prepayment Speed	4.31% - 9.86% (7.09%)
				Default Rate	0.73% - 2.52% (1.63%)
				Yield	6.11% - 7.40% (6.75%)
				Loss Severity	30.64% - 91.03% (60.83%)
CLO(c)	$	1,697	Discounted cash flow	Yield	6.06% - 7.81% (6.93%)
ABS(c)	$	11,367	Discounted cash flow	Yield	5.63% - 7.82% (6.73%)
CMBS	$	565	Discounted cash flow	Yield	5.49% - 17.84% (11.66%)
Market risk benefit assets	$	912	Discounted cash flow	Equity volatility	6.25% - 49.75%
				Base lapse rate	0.16% - 28.80%
				Dynamic lapse multiplier(e)	20.00% - 186.18%
				Mortality multiplier(e)(f)	38.25% - 160.01%
				Utilization(h)	80.00% - 100.00%
				Equity / interest-rate correlation	0.00% - 30.00%
				NPA(g)	0.00% - 2.29%
Liabilities(d):
Market risk benefit liabilities
Variable annuities guaranteed benefits	$	2,174	Discounted cash flow	Equity volatility	6.25% - 49.75%
				Base lapse rate	0.16% - 28.80%
				Dynamic lapse multiplier(e)	20.00% - 186.18%
				Mortality multiplier(e)(f)	38.25% - 160.01%
				Utilization(h)	80.00% - 100.00%
				Equity / interest-rate correlation	0.00% - 30.00%
				NPA(g)	0.00% - 2.29%
Fixed annuities guaranteed benefits	$	1,111	Discounted cash flow	Base lapse rate	0.20% - 15.75%
				Dynamic lapse multiplier(e)	20.00% - 186.18%
				Mortality multiplier(e)(f)	40.26% - 168.43%
				Utilization(h)	90.00% - 97.50%
				NPA(g)	0.00% - 2.29%

(in millions)	Fair Value at December 31, 2023		Valuation Technique	Unobservable Input(a)	Range (Weighted Average)(b)
Fixed index annuities guaranteed benefits	$	2,420	Discounted cash flow	Equity volatility	6.25% - 49.75%
				Base lapse rate	0.20% - 50.00%
				Dynamic lapse multiplier(e)	20.00% - 186.18%
				Mortality multiplier(e)(f)	24.00% - 146.00%
				Utilization(h)	60.00% - 97.50%
				Option budget	0.00% - 6.00%
				Equity / interest-rate correlation	0.00% - 30.00%
				NPA(g)	0.00% - 2.29%
Embedded derivatives within Policyholder contract deposits:
Index credits on fixed index annuities(i)	$	6,953	Discounted cash flow	Equity volatility	6.25% - 49.75%
				Base lapse rate	0.20% - 50.00%
				Dynamic lapse multiplier(e)	20.00% - 186.18%
				Mortality multiplier(e)(f)	24.00% - 146.00%
				Utilization(h)	60.00% - 97.50%
				Option Budget	0.00% - 6.00%
				Equity / interest-rate correlation	0.00% - 30.00%
				NPA(g)	0.00% - 2.29%
Index universal life	$	989	Discounted cash flow	Base lapse rate	0.00% - 37.97%
				Mortality rates	0.00% - 100.00%
				Equity Volatility	5.85% - 20.36%
				NPA(g)	0.00% - 2.29%

(in millions)	Fair Value at December 31, 2022		Valuation Technique	Unobservable Input(a)	Range (Weighted Average)(b)
Assets:
Obligations of states, municipalities and political subdivisions	$	780	Discounted cash flow	Yield	5.33% - 5.92% (5.63%)
Corporate debt	$	1,988	Discounted cash flow	Yield	4.90% - 9.54% (7.22%)
RMBS(c)	$	3,725	Discounted cash flow	Constant prepayment rate	4.84% - 10.35% (7.60%)
				Loss severity	45.01% - 77.28% (61.14%)
				Constant default rate	0.79% - 2.67% (1.73%)
				Yield	5.95% - 7.72% (6.84%)
CLO(c)	$	1,547	Discounted cash flow	Yield	7.13% - 7.59% (7.36%)
ABS(c)	$	6,591	Discounted cash flow	Yield	6.01% - 7.96% (6.98%)
CMBS	$	663	Discounted cash flow	Yield	4.72% - 10.21% (7.46%)
Market risk benefit assets	$	796	Discounted cash flow	Equity volatility	6.45% - 50.75%
				Base lapse rate	0.16% - 28.80%
				Dynamic lapse multiplier(e)	20.00% - 186.18%
				Mortality multiplier(e)(f)	38.25% - 160.01%
				Utilization(h)	80.00% - 100.00%
				Equity / interest-rate correlation	0.00% - 30.00%
				NPA(g)	0.00% - 2.03%
Liabilities(d):
Market risk benefit liabilities
Variable annuities guaranteed benefits	$	2,358	Discounted cash flow	Equity volatility	6.45% - 50.75%
				Base lapse rate	0.16% - 28.80%
				Dynamic lapse multiplier(e)	20.00% - 186.18%
				Mortality multiplier(e)(f)	38.25% - 160.01%
				Utilization(h)	80.00% - 100.00%
				Equity / interest-rate correlation	0.00% - 30.00%
				NPA(g)	0.00% - 2.03%

(in millions)	Fair Value at December 31, 2022		Valuation Technique	Unobservable Input(a)	Range (Weighted Average)(b)
Fixed annuities guaranteed benefits	$	680	Discounted cash flow	Base lapse rate	0.20% - 15.75%
				Dynamic lapse multiplier(e)	20.00% - 186.16%
				Mortality multiplier(e)(f)	40.26% - 168.43%
				Utilization(h)	90.00% - 97.50%
				NPA(g)	0.00% - 2.03%
Fixed index annuities guaranteed benefits	$	1,698	Discounted cash flow	Equity volatility	6.45% - 50.75%
				Base lapse rate	0.20% - 50.00%
				Dynamic lapse multiplier(e)	20.00% - 186.18%
				Mortality multiplier(e)(f)	24.00% - 180.00%
				Utilization(h)	60.00% - 97.50%
				Option Budget	0.00% - 5.00%
				Equity / interest-rate correlation	0.00% - 30.00%
				NPA(g)	0.00% - 2.03%
Embedded derivatives within Policyholder contract deposits:
Index credits on fixed index annuities(i)	$	4,657	Discounted cash flow	Equity volatility	6.45% - 50.75%
				Base lapse rate	0.20% - 50.00%
				Dynamic lapse multiplier(e)	20.00% - 186.18%
				Mortality multiplier(e)(f)	24.00% - 180.00%
				Utilization(h)	60.00% - 97.50%
				Option Budget	0.00% - 5.00%
				Equity / interest-rate correlation	0.00% - 30.00%
				NPA(g)	0.00% - 2.03%
Index universal life	$	710	Discounted cash flow	Base lapse rate	0.00% - 37.97%
				Mortality rates	0.00% - 100.00%
				Equity volatility	5.75% - 23.63%
				NPA(g)	0.00% - 2.03%

(a)Represents discount rates, estimates and assumptions that we believe would be used by market participants when valuing these assets and liabilities.

(b)The weighted averaging for fixed maturity securities is based on the estimated fair value of the securities. Because the valuation methodology for embedded derivatives within policyholder contract deposits and MRBs uses a range of inputs that vary at the contract level over the cash flow projection period, management believes that presenting a range, rather than weighted average, is a more meaningful representation of the unobservable inputs used in the valuation.

(c)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.

(d)The Fortitude Re funds withheld payable has been excluded from the above table. As discussed in Note 8, the Fortitude Re funds withheld payable is created through modco and funds withheld reinsurance arrangements where the investments supporting the reinsurance agreements are withheld by and continue to reside on Corebridge’s Consolidated Balance Sheets. This embedded derivative is valued as a total return swap with reference to the fair value of the invested assets held by Corebridge. Accordingly, the unobservable inputs utilized in the valuation of the embedded derivative are a component of the invested assets supporting the reinsurance agreements that are held on Corebridge’s Consolidated Balance Sheets.

(e)The ranges for these inputs vary due to the different GMWB product specification and policyholder characteristics across in-force policies. Policyholder characteristics that affect these ranges include age, policy duration, and gender.

(f)Mortality inputs are shown as multipliers of the 2012 Individual Annuity Mortality Basic table.

(g)The NPA applied as a spread over risk-free curve for discounting.

(h)The partial withdrawal utilization unobservable input range shown applies only to policies with guaranteed minimum withdrawal benefit riders. The total embedded derivative liability at December 31, 2023 and December 31, 2022 was approximately $1.5 billion and $1.1 billion, respectively.

(i)The fixed index annuities embedded derivative associated with index credits related to the contracts with guaranteed product features included in policyholder contract deposits was $1.5 billion and $1.1 billion at December 31, 2023 and December 31, 2022, respectively.

Investments in Certain Entities that Calculate 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:

		December 31, 2023				December 31, 2022
(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	$	2,445	$	1,755	$	2,014	$	1,719
Real estate	Investments in real estate properties and infrastructure positions, including power plants and other energy generating facilities	1,074		540		1,082		549
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	203		91		212		118
Growth equity	Funds that make investments in established companies for the purpose of growing their businesses	485		109		510		40
Mezzanine	Funds that make investments in the junior debt and equity securities of leveraged companies	152		42		443		78
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	1,182		233		902		284
Total private equity funds		5,541		2,770		5,163		2,788
Hedge funds:
Event-driven	Securities of companies undergoing material structural changes, including mergers, acquisitions and other reorganizations	4		—		5		—
Long-short	Securities that the manager believes are undervalued, with corresponding short positions to hedge market risk	161		—		335		—
Macro	Investments that take long and short positions in financial instruments based on a top-down view of certain economic and capital market conditions	69		—		366		—
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	65		—		178		—
Total hedge funds		299		—		884		—
Total		$	5,840	$	2,770	$	6,047	$	2,788

Fair Value Option

The following table presents the gains or losses recorded related to the eligible instruments for which we elected the fair value options:

Years Ended December 31,	Gain (Loss)
(in millions)	2023		2022		2021
Assets:
Other bond securities(a)	$	340	$	(408)	$	26
Alternative investments(b)	115		191		1,083
Total assets	455		(217)		1,109
Liabilities:
Policyholder contract deposits(c)	3		20		7
Debt of consolidated investment entities(d)	—		—		(179)
Total liabilities	3		20		(172)
Total gain (loss)	$	458	$	(197)	$	937

(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 other investment partnerships.

(c)Represents GICs.

(d)Primarily related to six transactions securitizing certain debt portfolios previously owned by Corebridge and its affiliates and were terminated during 2021. For additional information, see Note 9.

Fair Value Measurements, Nonrecurring

The following table presents assets measured at fair value on a non-recurring basis at the time of impairment and the related impairment charges recorded during the periods presented:

	Assets at Fair Value								Impairment Charges
	Non-Recurring Basis								Years Ended December 31,
(in millions)	Level 1		Level 2		Level 3		Total		2023		2022		2021
December 31, 2023
Other investments	$	—	$	—	$	80	$	80	$	13	$	25	$	6
Other assets	—		—		—		—		—		—		1
Total	$	—	$	—	$	80	$	80	$	13	$	25	$	7
December 31, 2022
Other investments	$	—	$	—	$	12	$	12
Other assets	—		—		—		—
Total	$	—	$	—	$	12	$	12

Fair Value, by Balance Sheet Grouping

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
(in millions)	Level 1		Level 2		Level 3		Total		Carrying Value
December 31, 2023
Assets:
Mortgage and other loans receivable	$	—	$	30	$	43,919	$	43,949	$	46,867
Other invested assets	—		268		—		268		268
Short-term investments(a)	—		2,928		—		2,928		2,928
Cash(b)	612		—		—		612		612
Other assets	13		—		—		13		13
Liabilities:
Policyholder contract deposits associated with investment-type contracts	—		90		130,094		130,184		140,652
Fortitude Re funds withheld payable	—		—		23,775		23,775		23,775
Other liabilities	—		2,467		—		2,467		2,467
Short-term debt	—		250		—		250		250
Long-term debt	—		8,722		—		8,722		9,118
Debt of consolidated investment entities	—		43		2,230		2,273		2,504
Separate account liabilities - investment contracts	—		87,215		—		87,215		87,215
December 31, 2022
Assets:
Mortgage and other loans receivable	$	—	$	31	$	40,936	$	40,967	$	44,403
Other invested assets	—		222		—		222		222
Short-term investments	—		3,043		—		3,043		3,043
Cash	552		—		—		552		552
Other assets	4		8		—		12		12
Liabilities:
Policyholder contract deposits associated with investment-type contracts	—		119		129,174		129,293		137,086
Fortitude Re funds withheld payable	—		—		25,289		25,289		25,289
Other liabilities	—		3,056		—		3,056		3,056
Short-term debt	—		1,500		—		1,500		1,500
Long-term debt	—		7,172		—		7,172		7,868
Debt of consolidated investment entities	—		3,055		2,488		5,543		5,952
Separate account liabilities - investment contracts	—		80,649		—		80,649		80,649

(a) Excludes $11 million of assets that were reclassified to Assets held-for-sale in the Consolidated Balance Sheets. See Note 4 for additional information.

(b) Excludes $3 million of assets that were reclassified to Assets held-for-sale in the Consolidated Balance Sheets. See Note 4 for additional information.