Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

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:

March 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	$	—	$	1,364	$	—	$	—	$	—	$	1,364
Obligations of states, municipalities and political subdivisions	—		4,612		829		—		—		5,441
Non-U.S. governments	—		3,987		—		—		—		3,987
Corporate debt	—		102,596		1,575		—		—		104,171
RMBS(b)	—		9,236		6,354		—		—		15,590
CMBS	—		9,755		547		—		—		10,302
CLO	—		10,039		1,729		—		—		11,768
ABS	—		1,170		15,033		—		—		16,203
Total bonds available-for-sale	—		142,759		26,067		—		—		168,826
Other bond securities:
U.S. government and government sponsored entities	—		—		—		—		—		—
Obligations of states, municipalities and political subdivisions	—		38		1		—		—		39
Non-U.S. governments	—		13		—		—		—		13
Corporate debt	—		2,527		177		—		—		2,704
RMBS(c)	—		63		106		—		—		169
CMBS	—		223		17		—		—		240
CLO	—		375		71		—		—		446
ABS	—		88		947		—		—		1,035
Total other bond securities	—		3,327		1,319		—		—		4,646
Equity securities	31		—		45		—		—		76
Other invested assets(d)	—		—		1,671		—		—		1,671
Derivative assets:
Interest rate contracts	—		2,778		407		—		—		3,185
Foreign exchange contracts	—		999		—		—		—		999
Equity contracts	—		1,804		1,072		—		—		2,876
Credit contracts	—		78		—		—		—		78
Other contracts	—		1		12		—		—		13
Counterparty netting and cash collateral	—		—		—		(4,279)		(2,381)		(6,660)
Total derivative assets	—		5,660		1,491		(4,279)		(2,381)		491
Short-term investments	12		1,245		—		—		—		1,257
Market risk benefit assets	—		—		1,172		—		—		1,172
Separate account assets	91,858		3,315		—		—		—		95,173
Total (e)	$	91,901	$	156,306	$	31,765	$	(4,279)	$	(2,381)	$	273,312
Liabilities:
Policyholder contract deposits(f)	$	—	$	131	$	8,550	$	—	$	—	$	8,681
Derivative liabilities:
Interest rate contracts	—		3,057		—		—		—		3,057
Foreign exchange contracts	—		317		—		—		—		317
Equity contracts	—		1,174		54		—		—		1,228
Credit contracts	—		—		—		—		—		—
Other contracts	—		—		1		—		—		1
Counterparty netting and cash collateral	—		—		—		(4,279)		(166)		(4,445)
Total derivative liabilities	—		4,548		55		(4,279)		(166)		158
Fortitude Re funds withheld payable(g)	—		—		2,211		—		—		2,211
Market risk benefit liabilities	—		—		5,167		—		—		5,167
Total	$	—	$	4,679	$	15,983	$	(4,279)	$	(166)	$	16,217

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:
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 (e)	$	87,882	$	155,562	$	28,824	$	(3,646)	$	(1,886)	$	266,736
Liabilities:
Policyholder contract deposits(f)	$	—	$	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
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(g)	—		—		2,182		—		—		2,182
Market risk benefit liabilities	—		—		5,705		—		—		5,705
Total	$	2	$	4,629	$	15,894	$	(3,646)	$	(801)	$	16,078

(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 $35 million and $7 million classified as Level 2 and Level 3, respectively, as of March 31, 2024. Additionally, includes investments in RMBS issued by related parties of $36 million and $7 million classified as Level 2 and Level 3, respectively, as of December 31, 2023.

(c)Includes less than $1 million of investments in RMBS issued by related parties classified as Level 2 as of March 31, 2024 and December 31, 2023.

(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 $5.8 billion as of March 31, 2024 and December 31, 2023, respectively.

(e)Excludes assets that were reclassified to Assets held-for-sale in the Condensed Consolidated Balance Sheets of $160 million and $167 million, as of March 31, 2024 and December 31, 2023, respectively. See Note 4 for additional information.

(f)Excludes basis adjustments for fair value hedges.

(g)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 Condensed 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.

The following tables present changes during the three months ended March 31, 2024 and 2023 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 March 31, 2024 and 2023:

(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
Three Months Ended March 31, 2024
Assets:
Bonds available-for-sale:
Obligations of states, municipalities and political subdivisions	$	844	$	—	$	(14)	$	(1)	$	—	$	—	$	—	$	829	$	—	$	(16)
Corporate debt	1,357		1		1		9		244		(37)		—		1,575		—		(4)
RMBS	5,854		68		66		404		—		(38)		—		6,354		—		61
CMBS	608		(5)		46		(103)		127		(126)		—		547		—		11
CLO	1,843		(21)		51		21		—		(165)		—		1,729		—		52
ABS	12,906		91		88		1,271		677		—		—		15,033		—		86
Total bonds available-for-sale	23,412		134		238		1,601		1,048		(366)		—		26,067		—		190
Other bond securities:
Obligations of states, municipalities and political subdivisions	1		—		—		—		—		—		—		1		—		—
Corporate debt	167		9		—		—		1		—		—		177		8		—
RMBS	107		2		—		(3)		—		—		—		106		2		—
CMBS	17		—		—		—		—		—		—		17		—		—
CLO	69		2		—		1		—		(1)		—		71		2		—
ABS	962		13		—		(28)		—		—		—		947		3		—
Total other bond securities	1,323		26		—		(30)		1		(1)		—		1,319		15		—
Equity securities	42		3		—		—		—		—		—		45		3		—
Other invested assets	1,850		(80)		(9)		(30)		—		(44)		(16)		1,671		(79)		—
Total(a)	$	26,627	$	83	$	229	$	1,541	$	1,049	$	(411)	$	(16)	$	29,102	$	(61)	$	190
(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:
Policyholder contract deposits	$	7,942	$	452	$	—	$	156	$	—	$	—	$	—	$	8,550	$	(3)	$	—
Derivative liabilities, net:
Interest rate contracts	(449)		(108)		—		(53)		—		—		203		(407)		198		—
Equity contracts	(761)		(191)		—		(66)		—		—		—		(1,018)		187		—
Other contracts	(10)		(16)		—		15		—		—		—		(11)		15		—
Total derivative liabilities, net(b)	(1,220)		(315)		—		(104)		—		—		203		(1,436)		400		—
Fortitude Re funds withheld payable	2,182		(22)		—		51		—		—		—		2,211		195		—
Debt of consolidated investment entities	—		—		—		—		—		—		—		—		—		—
Total(c)	$	8,904	$	115	$	—	$	103	$	—	$	—	$	203	$	9,325	$	592	$	—

(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
Three Months Ended March 31, 2023
Assets:
Bonds available-for-sale:
Obligations of states,   municipalities and   political subdivisions	$	805	$	—	$	55	$	(2)	$	—	$	—	$	—	$	858	$	—	$	43
Corporate debt	1,968		(102)		44		14		167		(371)		(16)		1,704		—		51
RMBS	5,670		81		(40)		(8)		—		(16)		—		5,687		—		(66)
CMBS	718		7		(4)		—		24		(27)		—		718		—		(25)
CLO	1,670		9		(18)		21		54		(92)		190		1,834		—		(16)
ABS	9,595		42		269		804		—		(3)		—		10,707		—		254
Total bonds available-for-sale	20,426		37		306		829		245		(509)		174		21,508		—		241
Other bond securities:
Obligations of states, municipalities and political subdivisions	—		—		—		1		—		—		—		1		—		—
Corporate debt	417		—		—		(96)		—		(191)		—		130		3		—
RMBS	107		4		—		3		—		—		—		114		2		—
CMBS	28		(1)		—		—		—		—		—		27		(1)		—
CLO	11		9		—		1		1		(5)		54		71		4		—
ABS	741		26		—		14		—		—		—		781		19		—
Total other bond securities	1,304		38		—		(77)		1		(196)		54		1,124		27		—
Equity securities	26		—		—		24		—		—		—		50		—		—
Other invested assets	1,832		(44)		5		59		—		—		—		1,852		(42)		—
Total(a)	$	23,588	$	31	$	311	$	835	$	246	$	(705)	$	228	$	24,534	$	(15)	$	241
(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:
Policyholder contract deposits	$	5,367	$	381	$	—	$	316	$	—	$	—	$	—	$	6,064	$	(368)	$	—
Derivative liabilities, net:
Interest rate contracts	(303)		78		—		(119)		—		—		—		(344)		(71)		—
Equity contracts	(156)		(176)		—		(165)		—		—		—		(497)		178		—
Other contracts	(14)		(16)		—		16		—		—		—		(14)		16		—
Total derivative liabilities, net(b)	(473)		(114)		—		(268)		—		—		—		(855)		123		—
Fortitude Re funds withheld payable	1,262		1,025		—		(513)		—		—		—		1,774		(633)		—
Debt of consolidated investment entities	6		—		—		—		—		—		—		6		—		—
Total(c)	$	6,162	$	1,292	$	—	$	(465)	$	—	$	—	$	—	$	6,989	$	(878)	$	—

(a)Excludes MRB assets of $1.2 billion at March 31, 2024 and $830 million at March 31, 2023. Refer to Note 15 for additional information.

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

(c)Excludes MRB liabilities of $5.2 billion at March 31, 2024 and $5.1 billion at March 31, 2023. Refer to Note 15 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 Condensed Consolidated Statements of Income (Loss) as follows:

(in millions)	Policy Fees		Net Investment Income		Net Realized and Unrealized Gains (Losses)		Change in the Fair Value of Market Risk Benefits, net(a)		Total
Three Months Ended March 31, 2024
Assets:
Bonds available-for-sale	$	—	$	159	$	(25)	$	—	$	134
Other bond securities	—		26		—		—		26
Equity securities	—		3		—		—		3
Other invested assets	—		(78)		(2)		—		(80)
Three Months Ended March 31, 2023
Assets:
Bonds available-for-sale	$	—	$	32	$	5	$	—	$	37
Other bond securities	—		38		—		—		38
Equity securities	—		—		—		—		—
Other invested assets	—		(43)		(1)		—		(44)
(in millions)	Policy Fees		Net Investment Income		Net Realized and Unrealized Gains (Losses)		Change in the Fair Value of Market Risk Benefits, net(a)		Total
Three Months Ended March 31, 2024
Liabilities:
Policyholder contract deposits(b)	$	—	$	—	$	(452)	$	—	$	(452)
Derivative liabilities, net	15		—		363		(63)		315
Fortitude Re funds withheld payable	—		—		22		—		22
Market risk benefit liabilities, net(c)	—		—		2		1,069		1,071
Three Months Ended March 31, 2023
Liabilities:
Policyholder contract deposits(b)	$	—	$	—	$	(381)	$	—	$	(381)
Derivative liabilities, net	16		—		197		(99)		114
Fortitude Re funds withheld payable	—		—		(1,025)		—		(1,025)
Market risk benefit liabilities, net(c)	—		—		—		(87)		(87)

(a)    The portion of the fair value change attributable to our own credit risk is recognized in Other comprehensive income (loss) (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 three months ended March 31, 2024 and 2023 related to Level 3 assets and liabilities in the Condensed Consolidated Balance Sheets:

(in millions)	Purchases		Sales		Issuances and Settlements		Purchases, Sales, Issuances and Settlements, Net
Three Months Ended March 31, 2024
Assets:
Bonds available-for-sale:
Obligations of states, municipalities and political subdivisions	$	—	$	—	$	(1)	$	(1)
Corporate debt	15		—		(6)		9
RMBS	574		—		(170)		404
CMBS	—		(30)		(73)		(103)
CLO	130		(2)		(107)		21
ABS	1,704		(53)		(380)		1,271
Total bonds available-for-sale	2,423		(85)		(737)		1,601
Other bond securities:
Obligations of states, municipalities and political subdivisions	—		—		—		—
Corporate debt	—		—		—		—
RMBS	—		—		(3)		(3)
CMBS	—		—		—		—
CLO	1		—		—		1
ABS	29		—		(57)		(28)
Total other bond securities	30		—		(60)		(30)
Equity securities	—		—		—		—
Other invested assets	62		—		(92)		(30)
Total assets*	$	2,515	$	(85)	$	(889)	$	1,541
Liabilities:
Policyholder contract deposits	$	—	$	332	$	(176)	$	156
Derivative liabilities, net	(1)		—		(103)		(104)
Fortitude Re funds withheld payable	—		—		51		51
Total liabilities	$	(1)	$	332	$	(228)	$	103
Three Months Ended March 31, 2023
Assets:
Bonds available-for-sale:
Obligations of states, municipalities and political subdivisions	$	—	$	—	$	(2)	$	(2)
Corporate debt	28		—		(14)		14
RMBS	167		—		(175)		(8)
CMBS	9		(6)		(3)		—
CLO	10		—		11		21
ABS	858		—		(54)		804
Total bonds available-for-sale	1,072		(6)		(237)		829
Other bond securities:
Obligations of states, municipalities and political subdivisions	1		—		—		1
Corporate debt	—		—		(96)		(96)
RMBS	6		—		(3)		3
CMBS	—		—		—		—
CLO	1		—		—		1
ABS	32		—		(18)		14
Total other bond securities	40		—		(117)		(77)
Equity securities	24		—		—		24
Other invested assets	70		—		(11)		59
Total assets*	$	1,206	$	(6)	$	(365)	$	835
Liabilities:
Policyholder contract deposits	$	—	$	326	$	(10)	$	316
Derivative liabilities, net	(101)		—		(167)		(268)
Fortitude Re funds withheld payable	—		—		(513)		(513)
Total liabilities	$	(101)	$	326	$	(690)	$	(465)

*    There were no issuances during the three months ended March 31, 2024 and 2023 for invested assets.

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 March 31, 2024		Valuation Technique	Unobservable Input(a)	Range (Weighted Average)(b)
Assets:
Obligations of states, municipalities and political subdivisions	$	806	Discounted cash flow	Yield	5.10% - 5.39% (5.24%)
Corporate debt	$	1,581	Discounted cash flow	Yield	5.27% - 9.21% (7.24%)
RMBS(c)	$	3,338	Discounted cash flow	Prepayment Speed	4.34% - 9.96% (7.15%)
				Default Rate	0.75% - 2.53% (1.64%)
				Yield	5.63% - 7.01% (6.32%)
				Loss Severity	33.61% - 87.20% (60.41%)
CLO(c)	$	1,709	Discounted cash flow	Yield	6.62% - 7.93% (7.28%)
ABS(c)	$	13,559	Discounted cash flow	Yield	5.75% - 7.79% (6.77%)
CMBS	$	521	Discounted cash flow	Yield	5.22% - 17.77% (11.12%)
Market risk benefit assets	$	1,172	Discounted cash flow	Equity volatility	6.35% - 49.95%
				Base lapse rate	0.16% - 28.80%
				Dynamic lapse multiplier(e)	20.00% - 186.18%
				Mortality multiplier(e)(f)	38.25% - 160.01%
				Utilization(g)	80.00% - 100.00%
				Equity / interest-rate correlation	0.00% - 30.00%
				NPA(h)	0.06% - 2.33%
Liabilities(d):
Market risk benefit liabilities
Variable annuities guaranteed benefits	$	1,675	Discounted cash flow	Equity volatility	6.35% - 49.95%
				Base lapse rate	0.16% - 28.80%
				Dynamic lapse multiplier(e)	20.00% - 186.18%
				Mortality multiplier(e)(f)	38.25% - 160.01%
				Utilization(g)	80.00% - 100.00%
				Equity / interest-rate correlation	0.00% - 30.00%
				NPA(h)	0.06% - 2.33%
Fixed annuities guaranteed benefits	$	1,130	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(g)	90.00% - 97.50%
				NPA(h)	0.06% - 2.33%
Fixed index annuities guaranteed benefits	$	2,362	Discounted cash flow	Equity volatility	6.35% - 49.95%
				Base lapse rate	0.20% - 50.00%
				Dynamic lapse multiplier(e)	20.00% - 186.18%
				Mortality multiplier(e)(f)	24.00% - 146.00%
				Utilization(g)	60.00% - 97.50%
				Option budget	0.00% - 6.00%
				Equity / interest-rate correlation	0.00% - 30.00%
				NPA(h)	0.06% - 2.33%

(in millions)	Fair Value at March 31, 2024		Valuation Technique	Unobservable Input(a)	Range (Weighted Average)(b)
Embedded derivatives within Policyholder contract deposits:
Index credits on fixed index annuities(i)	$	7,603	Discounted cash flow	Equity volatility	6.35% - 49.95%
				Base lapse rate	0.20% - 50.00%
				Dynamic lapse multiplier(e)	20.00% - 186.18%
				Mortality multiplier(e)(f)	24.00% - 146.00%
				Utilization(g)	60.00% - 97.50%
				Option Budget	0.00% - 6.00%
				Equity / interest-rate correlation	0.00% - 30.00%
				NPA(h)	0.06% - 2.33%
Index universal life	$	947	Discounted cash flow	Base lapse rate	0.00% - 37.97%
				Mortality rates	0.00% - 100.00%
				Equity Volatility	5.85% - 19.95%
				NPA(h)	0.06% - 2.33%

(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(g)	80.00% - 100.00%
				Equity / interest-rate correlation	0.00% - 30.00%
				NPA(h)	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(g)	80.00% - 100.00%
				Equity / interest-rate correlation	0.00% - 30.00%
				NPA(h)	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(g)	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(g)	60.00% - 97.50%
				Option budget	0.00% - 6.00%
				Equity / interest-rate correlation	0.00% - 30.00%
				NPA(h)	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(g)	60.00% - 97.50%
				Option Budget	0.00% - 6.00%
				Equity / interest-rate correlation	0.00% - 30.00%
				NPA(h)	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(h)	0.00% - 2.29%

(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 Condensed 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 Condensed 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 partial withdrawal utilization unobservable input range shown applies only to policies with GMWB riders.

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

(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 $1.7 billion and $1.5 billion at March 31, 2024 and December 31, 2023, 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:

		March 31, 2024				December 31, 2023
(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	$	2,519	$	1,758	$	2,445	$	1,755
Real estate	Investments in real estate properties and infrastructure positions, including power plants and other energy generating facilities	996		583		1,074		540
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	194		88		203		91
Growth equity	Funds that make investments in established companies for the purpose of growing their businesses	486		105		485		109
Mezzanine	Funds that make investments in the junior debt and equity securities of leveraged companies	124		39		152		42
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	1,225		202		1,182		233
Total private equity funds		5,544		2,775		5,541		2,770
Hedge funds:
Event-driven	Securities of companies undergoing material structural changes, including mergers, acquisitions and other reorganizations	4		—		4		—
Long-short	Securities that the manager believes are undervalued, with corresponding short positions to hedge market risk	156		—		161		—
Macro	Investments that take long and short positions in financial instruments based on a top-down view of certain economic and capital market conditions	37		—		69		—
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	59		—		65		—
Total hedge funds		256		—		299		—
Total		$	5,800	$	2,775	$	5,840	$	2,770

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:

	Three Months Ended March 31,
(in millions)	2024		2023
Assets:
Other bond securities(a)	$	84	$	115
Alternative investments(b)	51		1
Total assets	135		116
Liabilities:
Policyholder contract deposits(c)	1		(1)
Total liabilities	1		(1)
Total gain (loss)	$	136	$	115

(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.

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								Three Months Ended March 31,
(in millions)	Level 1		Level 2		Level 3		Total		2024		2023
March 31, 2024
Other investments	$	—	$	—	$	98	$	98	$	25	$	—
Total	$	—	$	—	$	98	$	98	$	25	$	—
December 31, 2023
Other investments	$	—	$	—	$	80	$	80
Total	$	—	$	—	$	80	$	80

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
March 31, 2024
Assets:
Mortgage and other loans receivable	$	—	$	29	$	44,590	$	44,619	$	47,830
Other invested assets	—		273		—		273		273
Short-term investments(a)	—		2,887		—		2,887		2,887
Cash(b)	410		—		—		410		410
Other assets	13		—		—		13		13
Liabilities:
Policyholder contract deposits associated with investment-type contracts	—		86		136,106		136,192		141,851
Fortitude Re funds withheld payable	—		—		23,112		23,112		23,112
Other liabilities	—		3,585		—		3,585		3,585
Short-term debt	—		250		—		250		250
Long-term debt	—		8,662		—		8,662		9,118
Debt of consolidated investment entities	—		67		2,225		2,292		2,530
Separate account liabilities - investment contracts	—		91,243		—		91,243		91,243
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

(a)    Excludes assets that were reclassified to Assets held-for-sale in the Condensed Consolidated Balance Sheets of $24 million and $11 million as of March 31, 2024 and December 31, 2023, respectively. See Note 4 for additional information.

(b)    Excludes assets that were reclassified to Assets held-for-sale in the Condensed Consolidated Balance Sheets of $0 million and $3 million as of March 31, 2024 and December 31, 2023, respectively. See Note 4 for additional information.