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Reinsurance (Tables)
 12 Months Ended
Dec. 31, 2023
Insurance [Abstract]  
Summary of Assets Supporting Funds Withheld Arrangements
There is a diverse pool of assets supporting the funds withheld arrangements with Fortitude Re. The following summarizes the composition of the pool of assets:
December 31, 2023December 31, 2022
(in millions)Carrying ValueFair ValueCarrying ValueFair ValueCorresponding Accounting Policy
Fixed maturity securities - available-for-sale
$15,204$15,204$16,339$16,339Fair value through other comprehensive income
Fixed maturity securities - fair value option4,2124,2123,4853,485Fair value through net investment income
Commercial mortgage loans3,3783,1573,4903,241Amortized cost
Real estate investments184329133348Amortized cost
Private equity funds/hedge funds1,9101,9101,8931,893Fair value through net investment income
Policy loans330330355355Amortized cost
Short-term Investments1291296969Fair value through net investment income
Funds withheld investment assets25,34725,27125,76425,730
Derivative assets, net(a)
45459090Fair value through realized gains (losses)
Other(b)
641641731731Amortized cost
Total$26,033$25,957$26,585$26,551
(a)    The derivative assets and liabilities have been presented net of cash collateral. The derivative assets and liabilities supporting the Fortitude Re funds withheld arrangements had a fair market value of $62 million and $6 million, respectively, as of December 31, 2023. The derivative assets supporting the Fortitude Re funds withheld arrangements had a fair market value of $189 million as of December 31, 2022. These derivative assets and liabilities are fully collateralized either by cash or securities.
(b)    Primarily comprised of Cash and Accrued investment income.
Summary of The Impact of Funds Withheld Arrangements
The impact of the funds withheld arrangements with Fortitude Re was as follows:
Years Ended December 31,
(in millions)202320222021
Net investment income - Fortitude Re funds withheld assets$1,368$891$1,775
Net realized gains (losses) on Fortitude Re funds withheld assets:
Net realized gains (losses) Fortitude Re funds withheld assets(224)(397)924
Net realized losses Fortitude Re funds withheld embedded derivatives(1,734)6,347(687)
Net realized gains (losses) on Fortitude Re funds withheld assets(1,958)5,950237
Income before income tax benefit (expense)(590)6,8412,012
Income tax expense (benefit)*(124)1,437423
Net income (loss)(466)5,4041,589
Change in unrealized appreciation (depreciation) of the invested assets supporting the Fortitude Re modco arrangement classified as available-for-sale*491(5,064)(1,488)
Comprehensive income$25$340$101
* The income tax expense (benefit) and the tax impact in accumulated other comprehensive income was computed using Corebridge’s U.S. statutory tax rate of 21%.
Reinsurance Recoverable, Allowance for Credit Loss
IndividualLifeInstitutional
(in millions)RetirementInsuranceMarketsTotal
Pre-adoption, December 31, 2020 for Reinsurance assets - other, net of allowance for credit losses and disputes(a)
$309$2,370$43$2,722
Reclassification of Cost of Reinsurance(b)
—416—416
Reclassification to Market risk benefits(35)——(35)
Change in cash flow assumptions and effect of net premiums exceeding gross premiums—(52)—(52)
Change due to the current upper-medium grade discount rate—995104
Post-adoption January 1, 2021 for Reinsurance assets - other, net of allowance for credit losses and disputes$274$2,833$48$3,155
(a) Excludes $(15) million of Reinsurance assets - other, net of allowance for credit losses and disputes in Other Operations.
(b) Cost of reinsurance is reported in Other liabilities in the Consolidated Balance Sheets.
Corporate and
(in millions)Other
Pre-adoption, December 31, 2020 for Reinsurance assets - Fortitude Re, net of allowance for credit losses and disputes$29,158 
Change in cash flow assumptions and effect of net premiums exceeding gross premiums55 
Change due to the current upper-medium grade discount rate7,611
Post-adoption January 1, 2021 for Reinsurance assets - Fortitude Re, net of allowance for credit losses and disputes$36,824
The remeasurement of the reinsurance recoverable using the current upper-medium grade discount rate is offset in AOCI.
The following table presents a rollforward of the reinsurance recoverable allowance:
Years Ended December 31,
(in millions)202320222021
Balance, beginning of year$84$101$83
Addition to (release of) allowance for expected credit losses and disputes, net
(5)818
Write-offs charged against the allowance for credit losses and disputes(49)——
Other changes—(25)—
Balance, end of year$30$84$101
There were no material recoveries of credit losses previously written off for the year ended December 31, 2023 or 2022.
Effects of Reinsurance
The following table presents the impacts of reinsurance ceded and the corresponding gross liabilities on the Consolidated Balance Sheets:
December 31,
(in millions)20232022
Assets
Reinsurance assets, net of allowance$1,620$2,517
Reinsurance assets - Fortitude Re, net of allowance26,77226,844
Total Assets$28,392$29,361
Liabilities
Future policy benefits for life and accident and health insurance contracts$57,108$50,518
Policyholder contract deposits162,050156,058
Other policyholder funds2,8622,885
Total Liabilities$222,020$209,461
The following table presents premiums earned and policy fees for our long-duration life insurance and annuity operations:
Years Ended December 31,
(in millions)202320222021
Premiums
Direct$4,706$4,739$4,603
Assumed*
4,1111,3182,265
Ceded(1,126)(966)(1,215)
Net$7,691$5,091$5,653
Policy Fees
Direct$2,873$2,992$3,090
Assumed———
Ceded(76)(78)(85)
Net$2,797$2,914$3,005
* Assumed premiums includes premium from pension risk transfer agreements of $4.1 billion, $1.3 billion, and $2.3 billion for the years ended December 31, 2023, 2022 and 2021, respectively.