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Investments
 3 Months Ended
Mar. 31, 2024
Equity Method Investments, Joint Ventures, Investments, Debt And Equity Securities [Abstract]  
Investments
6. Investments
SECURITIES AVAILABLE-FOR-SALE
The following table presents the amortized cost or cost and fair value of our available-for-sale securities:
(in millions)
Amortized
Cost or
Costs(a)
Allowance
for Credit
Losses(b)
Gross
Unrealized
Gains(c)
Gross
Unrealized
Losses(c)
Fair
Value(a)
March 31, 2024
Bonds available-for-sale:
U.S. government and government sponsored entities$1,626 $— $10 $(272)$1,364 
Obligations of states, municipalities and political subdivisions6,130 — 41 (730)5,441 
Non-U.S. governments4,713 — 33 (759)3,987 
Corporate debt120,047 (61)1,053 (16,868)104,171 
Mortgage-backed, asset-backed and collateralized:
RMBS15,807 (19)625 (823)15,590 
CMBS11,215 (17)43 (939)10,302 
CLO11,729 — 125 (86)11,768 
ABS17,136 — 79 (1,012)16,203 
Total mortgage-backed, asset-backed and collateralized55,887 (36)872 (2,860)53,863 
Total bonds available-for-sale
$188,403 $(97)$2,009 $(21,489)$168,826 
December 31, 2023
Bonds available-for-sale:
U.S. government and government sponsored entities$1,436 $— $17 $(233)$1,220 
Obligations of states, municipalities and political subdivisions6,466 — 58 (693)5,831 
Non-U.S. governments4,695 (2)43 (679)4,057 
Corporate debt120,654 (71)1,294 (15,795)106,082 
Mortgage-backed, asset-backed and collateralized:
RMBS14,491 (25)599 (788)14,277 
CMBS11,045 (30)22 (1,056)9,981 
CLO11,203 — 90 (149)11,144 
ABS14,956 — 63 (1,084)13,935 
Total mortgage-backed, asset-backed and collateralized51,695 (55)774 (3,077)49,337 
Total bonds available-for-sale
$184,946 $(128)$2,186 $(20,477)$166,527 
(a)     The table above includes available-for-sale securities issued by related parties. This includes RMBS which had a fair value of $42 million and $43 million, and an amortized cost of $45 million and $45 million as of March 31, 2024 and December 31, 2023, respectively.
(b)    Changes in the allowance for credit losses are recorded through Net realized gains (losses) and are not recognized in OCI.
(c)    At March 31, 2024 includes mark-to-market movement (“MTM”) relating to embedded derivatives.
Securities Available-for-Sale in a Loss Position for Which No Allowance for Credit Loss Has Been Recorded
The following table summarizes the fair value and gross unrealized losses on our available-for-sale securities, aggregated by major investment category and length of time that individual securities have been in a continuous unrealized loss position for which no allowance for credit loss has been recorded:
Less Than 12 Months
12 Months or More
Total
(in millions)
Fair Value
Gross Unrealized Losses*
Fair Value
Gross Unrealized Losses*
Fair Value
Gross Unrealized Losses*
March 31, 2024
Bonds available-for-sale:
U.S. government and government sponsored entities$209 $6 $713 $266 $922 $272 
Obligations of states, municipalities and political subdivisions975 110 3,580 620 4,555 730 
Non-U.S. governments646 105 2,832 654 3,478 759 
Corporate debt12,342 2,040 72,528 14,798 84,870 16,838 
RMBS2,889 121 5,354 678 8,243 799 
CMBS828 35 6,766 898 7,594 933 
CLO2,550 24 3,047 61 5,597 85 
ABS2,942 110 8,285 902 11,227 1,012 
Total bonds available-for-sale
$23,381 $2,551 $103,105 $18,877 $126,486 $21,428 
December 31, 2023
Bonds available-for-sale:
U.S. government and government sponsored entities$22 $3 $746 $230 $768 $233 
Obligations of states, municipalities and political subdivisions1,124 110 3,676 583 4,800 693 
Non-U.S. governments470 82 2,981 592 3,451 674 
Corporate debt11,338 1,760 75,045 14,009 86,383 15,769 
RMBS2,676 174 4,855 577 7,531 751 
CMBS1,840 159 6,570 886 8,410 1,045 
CLO2,992 60 3,823 89 6,815 149 
ABS2,599 110 8,138 974 10,737 1,084 
Total bonds available-for-sale
$23,061 $2,458 $105,834 $17,940 $128,895 $20,398 
*    At March 31, 2024 includes mark to market movement relating to embedded derivatives.
At March 31, 2024, we held 14,892 individual fixed maturity securities that were in an unrealized loss position and for which no allowance for credit losses has been recorded (including 12,625 individual fixed maturity securities that were in a continuous unrealized loss position for 12 months or more). At December 31, 2023, we held 15,034 individual fixed maturity securities that were in an unrealized loss position and for which no allowance for credit losses has been recorded (including 12,787 individual fixed maturity securities that were in a continuous unrealized loss position for 12 months or more). We did not recognize the unrealized losses in earnings on these fixed maturity securities at March 31, 2024 because it was determined that such losses were due to non-credit factors. Additionally, we neither intend to sell the securities nor do we believe that it is more likely than not that we will be required to sell these securities before recovery of their amortized cost basis. For fixed maturity securities with significant declines, we performed fundamental credit analyses on a security-by-security basis, which included consideration of credit enhancements, liquidity position, expected defaults, industry and sector analysis, forecasts and available market data.
Contractual Maturities of Fixed Maturity Securities Available-for-Sale
The following table presents the amortized cost and fair value of fixed maturity securities available-for-sale by contractual maturity:
Total Fixed Maturity Securities
Available-for-sale
(in millions)Amortized Cost,
Net of Allowance		Fair Value
March 31, 2024
Due in one year or less$3,145 $3,108 
Due after one year through five years22,934 22,317 
Due after five years through ten years23,340 21,467 
Due after ten years83,036 68,071 
Mortgage-backed, asset-backed and collateralized55,851 53,863 
Total$188,306 $168,826 
Actual maturities may differ from contractual maturities because certain borrowers have the right to call or prepay certain obligations with or without call or prepayment penalties.
The following table presents the gross realized gains and gross realized losses from sales or maturities of our available-for-sale securities:
Three Months Ended March 31,
20242023
(in millions)Gross
Realized
Gains		Gross
Realized
Losses		Gross
Realized
Gains		Gross
Realized
Losses
Fixed maturity securities$3 $(345)$46 $(139)
For the three months ended March 31, 2024 and 2023, the aggregate fair value of available-for-sale securities sold was $2.5 billion and $2.7 billion, respectively, which resulted in Net realized gains (losses) of $(342) million and $(93) million, respectively. Included within the Net realized gains (losses) for the three months ended March 31, 2024 and 2023,are $(22) million and $(17) million of Net realized gains (losses) which relate to the Fortitude Re funds withheld assets held by Corebridge in support of Fortitude Re’s reinsurance obligations to Corebridge (Fortitude Re funds withheld assets). These Net realized gains (losses) are included in Net realized gains (losses) on Fortitude Re funds withheld assets.
OTHER SECURITIES MEASURED AT FAIR VALUE
The following table presents the fair value of fixed maturity securities measured at fair value, including securities in the modco agreement with Fortitude Re, based on our election of the fair value option and equity securities measured at fair value:
March 31, 2024December 31, 2023
(in millions)
Fair
Value
Percent
of Total
Fair
Value
Percent
of Total
Fixed maturity securities:
Obligations of states, municipalities and political subdivisions$39 1 %$40 1 %
Non-U.S. governments13 — 13 — 
Corporate debt2,704 57 2,653 57 
Mortgage-backed, asset-backed and collateralized:
RMBS169 4 170 4 
CMBS240 5 228 5 
CLO446 9 423 9 
ABS1,035 22 1,051 23 
Total mortgage-backed, asset-backed and collateralized1,890 40 1,872 41 
Total fixed maturity securities4,646 98 4,578 99 
Equity securities76 2 63 1 
Total$4,722 100 %$4,641 100 %
OTHER INVESTED ASSETS
The following table summarizes the carrying amounts of other invested assets:
(in millions)March 31, 2024December 31, 2023
Alternative investments(a)(b)
$7,523 $7,690 
Investment real estate(c)
1,896 1,932 
All other investments(d)
617 635 
Total
$10,036 $10,257 
(a)At March 31, 2024, included hedge funds of $256 million and private equity funds of $7.3 billion. At December 31, 2023, included hedge funds of $299 million and private equity funds of $7.4 billion.
(b)The majority of our hedge fund investments are redeemable upon a single month or quarter’s notice, though redemption terms vary from single, immediate withdrawals, to withdrawals staggered up to eight quarters. Some of the portfolio consists of illiquid run-off or “side-pocket” positions whose liquidation horizons are uncertain and likely beyond a year after submission of the redemption notice.
(c)Net of accumulated depreciation of $660 million and $680 million as of March 31, 2024 and December 31, 2023, respectively.
(d)Includes Corebridge’s ownership interest in Fortitude Re Bermuda, which is recorded using the measurement alternative for equity securities. Our investment in Fortitude Re Bermuda totaled $156 million and $156 million at March 31, 2024 and December 31, 2023, respectively.
Other Invested Assets – Equity Method Investments
The carrying amount of equity method investments totaled $2.7 billion and $2.9 billion as of March 31, 2024 and December 31, 2023, respectively, representing various ownership percentages each period.
NET INVESTMENT INCOME    
The following table presents the components of Net investment income:
Three Months Ended March 31,20242023
(in millions)Excluding
Fortitude
Re Funds
Withheld
Assets		Fortitude
Re Funds
Withheld
Assets		TotalExcluding
Fortitude
Re Funds
Withheld
Assets		Fortitude
Re Funds
Withheld
Assets		Total
Available-for-sale fixed maturity securities, including short-term investments
$2,184 $195 $2,379 $1,896$217$2,113
Other fixed maturity securities
13 71 84 10 105 115 
Equity securities10 — 10 29 — 29 
Interest on mortgage and other loans580 48 628 512 50 562 
Alternative investments*(52)33 (19)(1)31 30 
Real estate12 (7)5 4 — 4 
Other investments12 — 12 3 — 3 
Total investment income2,759 340 3,099 2,453 403 2,856 
Investment expenses167 8 175 152 9 161 
Net investment income$2,592 $332 $2,924 $2,301 $394 $2,695 
*    Included income from hedge funds and private equity funds. Hedge funds are recorded as of the balance sheet date. Private equity funds are generally reported on a one-quarter lag.
NET REALIZED GAINS AND LOSSES
The following table presents the components of Net realized gains (losses):
Three Months Ended March 31,20242023
(in millions)Excluding Fortitude
Re Funds
Withheld
Assets		Fortitude
Re Funds
Withheld
Assets		TotalExcluding
Fortitude
Re Funds
Withheld
Assets		Fortitude
Re Funds
Withheld
Assets		Total
Sales of fixed maturity securities$(320)$(22)$(342)$(76)$(17)$(93)
Intent to sell
(15)(32)(47)— — — 
Change in allowance for credit losses on fixed maturity securities(62)(6)(68)(17)— (17)
Change in allowance for credit losses on loans(14)2 (12)(34)(19)(53)
Foreign exchange transactions, net of related hedges46 1 47 11 7 18 
Index-Linked interest credited embedded derivatives, net of related hedges90 — 90 (178)— (178)
All other derivatives and hedge accounting*105 (106)(1)(164)48 (116)
Sales of alternative investments and real estate investments20 (1)19 5 1 6 
Other
(28)— (28)— — — 
Net realized gains (losses) – excluding Fortitude Re funds withheld embedded derivative(178)(164)(342)(453)20 (433)
Net realized gains (losses) on Fortitude Re funds withheld embedded derivative
— 22 22 — (1,025)(1,025)
Net realized gains (losses)$(178)$(142)$(320)$(453)$(1,005)$(1,458)
*    Derivative activity related to hedging MRBs is recorded in Change in the fair value of MRBs, net. For additional disclosures about MRBs, see Note 15.
CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENTS
The following table presents the increase (decrease) in unrealized appreciation (depreciation) of our available-for-sale securities:
Three Months Ended March 31,
(in millions)
20242023
Increase (decrease) in unrealized appreciation (depreciation) of investments:
Fixed maturity securities
$(1,087)$4,019
Other investments— 1
Total increase (decrease) in unrealized appreciation (depreciation) of investments*
$(1,087)$4,020
*    Excludes net unrealized gains and losses attributable to business Held-for-sale at March 31, 2024 and December 31, 2023.
The following table summarizes the unrealized gains and losses recognized in Net investment income during the reporting period on equity securities and other invested assets still held at the reporting date:
Three Months Ended March 31,20242023
(in millions)
Equities
Other Invested Assets
Total
Equities
Other Invested Assets
Total
Net gains (losses) recognized during the period on equity securities and other investments
$10 $70 $80 $29 $31 $60 
Less: Net gains (losses) recognized during the period on equity securities and other investments sold during the period
18 2 20 33 1 34 
Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date
$(8)$68 $60 $(4)$30 $26 
EVALUATING INVESTMENTS FOR AN ALLOWANCE FOR CREDIT LOSSES AND IMPAIRMENTS
Credit Impairments
The following table presents a rollforward of the changes in allowance for credit losses on available-for-sale fixed maturity securities by major investment category:
Three Months Ended March 31,20242023
(in millions)
Structured
Non-Structured
Total
Structured
Non-Structured
Total
Balance, beginning of period
$55 $73 $128 $27 $121 $148 
Additions:
Securities for which allowance for credit losses were not previously recorded
13 17 30 2 12 14 
Reductions:
Securities sold during the period
(15)(9)(24)(2)(17)(19)
Additional net increases or decreases to the allowance for credit losses on securities that had an allowance recorded in a previous period, for which there was no intent to sell before recovery, amortized cost basis
22 16 38 — 3 3 
Write-offs charged against the allowance
(39)(37)(76)— (50)(50)
Other
— 1 1 — — — 
Balance, end of period
$36 $61 $97 $27 $69 $96 
Purchased Credit Deteriorated Securities
We purchase certain RMBS securities that have experienced more-than-insignificant deterioration in credit quality since origination. These are referred to as purchased credit deteriorated assets. At the time of purchase an allowance is recognized for these purchased credit deteriorated assets by adding it to the purchase price to arrive at the initial amortized cost. There is no credit loss expense recognized upon acquisition of a purchased credit deteriorated asset. When determining the initial allowance for credit losses, management considers the historical performance of underlying assets and available market information as well as bond-specific structural considerations, such as credit enhancement and the priority of payment structure of the security. In addition, the process of estimating future cash flows includes, but is not limited to, the following critical inputs:
•current delinquency rates;
•expected default rates and the timing of such defaults;
•loss severity and the timing of any recovery; and
•expected prepayment speeds.
Subsequent to the acquisition date, the purchased credit deteriorated assets follow the same accounting as other structured securities that are not of high credit quality.
We did not purchase securities with more-than-insignificant credit deterioration since their origination during the three months ended March 31, 2024 and 2023.
PLEDGED INVESTMENTS
Secured Financing and Similar Arrangements
We enter into secured financing transactions whereby certain securities are sold under agreements to repurchase (repurchase agreements), in which we transfer securities in exchange for cash, with an agreement by us to repurchase the same or substantially similar securities. Our secured financing transactions also include those that involve the transfer of securities to financial institutions in exchange for cash (securities lending agreements). In all of these secured financing transactions, the securities transferred by us (pledged collateral) may be sold or repledged by the counterparties. These agreements are recorded at their contracted amounts plus accrued interest, other than those that are accounted for at fair value.
Pledged collateral levels are monitored daily and are generally maintained at an agreed-upon percentage of the fair value of the amounts borrowed during the life of the transactions. In the event of a decline in the fair value of the pledged collateral under these secured financing transactions, we may be required to transfer cash or additional securities as pledged collateral under these agreements. At the termination of the transactions, we and our counterparties are obligated to return the amounts borrowed and the securities transferred, respectively.
The following table presents the fair value of securities pledged to counterparties under secured financing transactions, including repurchase agreements:
(in millions)March 31, 2024December 31, 2023
Fixed maturity securities available-for-sale
$3,651 $2,655 
At March 31, 2024 and December 31, 2023, amounts borrowed under repurchase agreements totaled $3.6 billion and $2.5 billion, respectively.
The following table presents the fair value of securities pledged under our repurchase agreements by collateral type and by remaining contractual maturity:
Remaining Contractual Maturity of the Repurchase Agreements
(in millions)Overnight and ContinuousUp to 30 Days31 - 90 Days91 - 364 Days365 Days or GreaterTotal
March 31, 2024
Bonds available-for-sale:
Non-U.S. governments$— $51 $— $— $— $51 
Corporate debt14 3,586 — — — 3,600 
Total$14 $3,637 $— $— $— $3,651 
December 31, 2023
Bonds available-for-sale:
Non-U.S. governments$— $209 $— $— $— $209 
Corporate debt38 2,408 — — — 2,446 
Total$38 $2,617 $— $— $— $2,655 
There were no securities lending agreements at March 31, 2024 and December 31, 2023.
There were no reverse repurchase agreements at March 31, 2024 and December 31, 2023.
We do not currently offset any secured financing transactions. All such transactions are collateralized and margined daily consistent with market standards and subject to enforceable master netting arrangements with rights of set off.
Insurance – Statutory and Other Deposits
The total carrying value of cash and securities deposited by our insurance subsidiaries under requirements of regulatory authorities or other insurance-related arrangements, including certain annuity-related obligations and certain reinsurance treaties, was $10.1 billion and $8.1 billion at March 31, 2024 and December 31, 2023, respectively.
Other Pledges and Restrictions
Certain of our subsidiaries are members of FHLBs and such membership requires the members to own stock in these FHLBs. We owned an aggregate of $273 million and $268 million of stock in FHLBs at March 31, 2024 and December 31, 2023, respectively. In addition, our subsidiaries have pledged securities available-for-sale and residential loans associated with borrowings and funding agreements from FHLBs, with a fair value of $4.5 billion and $3.1 billion, respectively, at March 31, 2024 and $4.8 billion and $3.0 billion, respectively, at December 31, 2023.
Certain GICs recorded in policyholder contract deposits with a carrying value of $68 million and $53 million at March 31, 2024 and December 31, 2023, respectively, have provisions that require collateral to be posted or payments to be made by us upon a downgrade of our Insurer Financial Strength (“IFS”) ratings. The actual amount of collateral required to be posted to the counterparties in the event of such downgrades and the aggregate amount of payments that we could be required to make depend on market conditions, the fair value of outstanding affected transactions and other factors prevailing at and after the time of the downgrade. The fair value of securities pledged as collateral with respect to these obligations was approximately $77 million and $63 million at March 31, 2024 and December 31, 2023, respectively. This collateral primarily consists of securities of the U.S. government and government-sponsored entities and generally cannot be repledged or resold by the counterparties.
As part of our collateralized reinsurance transactions, we pledge collateral to cedants as contractually required. The fair value of securities pledged as excess collateral with respect to these obligations was approximately $598 million and $490 million at March 31, 2024 and December 31, 2023, respectively. Additionally, assets supporting these transactions are held solely for the benefit of the cedants and insulated from obligations owed to our other policyholders and general creditors.
Reinsurance transactions between Corebridge and Fortitude Re were structured as modco with funds withheld.