10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2024

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number 001-41504

Corebridge Financial, Inc.

(Exact name of registrant as specified in its charter)

Delaware	95-4715639
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
2919 Allen Parkway, Woodson Tower, Houston, Texas	77019
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: 1-877-375-2422

____________________

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:

Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock, Par Value $0.01 Per Share	CRBG	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.    

Large accelerated filer ☒	Accelerated filer ☐
Non-accelerated filer ☐	Smaller reporting company ☐
	Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of July 26, 2024, there were 592,013,501 shares outstanding of the registrant’s common stock.

COREBRIDGE FINANCIAL, INC.

QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2024

TABLE OF CONTENTS

FORM 10-Q

			Page
Part I - Financial Information
ITEM 1	Financial Statements (Unaudited)
	Condensed Consolidated Balance Sheets at June 30, 2024 and December 31, 2023		4
	Condensed Consolidated Statements of Income (Loss) for the three and six months ended June 30, 2024 and 2023		5
	Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and six months ended June 30, 2024 and 2023		6
	Condensed Consolidated Statements of Equity for the three and six months ended June 30, 2024 and 2023		8
	Condensed Consolidated Statements of Cash Flows for the three and six months ended June 30, 2024 and 2023		9
	Notes to Condensed Consolidated Financial Statements (Unaudited)
	NOTE 1.	Overview and Basis of Presentation	11
	NOTE 2.	Summary of Significant Accounting Policies	11
	NOTE 3.	Segment Information	12
	NOTE 4.	Fair Value Measurements	16
	NOTE 5.	Investments	34
	NOTE 6.	Lending Activities	42
	NOTE 7.	Reinsurance	45
	NOTE 8.	Variable Interest Entities	47
	NOTE 9.	Derivatives and Hedge Accounting	50
	NOTE 10.	Deferred Policy Acquisition Costs	55
	NOTE 11.	Separate Account Assets and Liabilities	56
	NOTE 12.	Future Policy Benefits	57
	NOTE 13.	Policyholder Contract Deposits and Other Policyholder Funds	62
	NOTE 14.	Market Risk Benefits	66
	NOTE 15.	Contingencies, Commitments and Guarantees	68
	NOTE 16.	Equity	70
	NOTE 17.	Earnings Per Common Share	75
	NOTE 18.	Income Taxes	75
	NOTE 19.	Related Parties	77
ITEM 2	Management’s Discussion and Analysis of Financial Condition and Results of Operations		81
ITEM 3	Quantitative and Qualitative Disclosures About Market Risk		149
ITEM 4	Controls and Procedures		149
Part II – Other Information
ITEM 1	Legal Proceedings		150
ITEM 1A	Risk Factors		150
ITEM 2	Unregistered Sales of Equity Securities and Use of Proceeds		150
ITEM 5	Other Information		151
ITEM 6	Exhibits		152
Signatures			153

Corebridge | Second Quarter 2024 Form 10-Q 1

Cautionary Statement Regarding Forward-Looking Information

This Quarterly Report on Form 10-Q (“Quarterly Report”) may include statements, which, to the extent they are not statements of historical or present fact, constitute “forward looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the use of terms such as “believes,” “expects,” “may,” “will,” “shall,” “should,” “would,” “could,” “seeks,” “aims,” “projects,” “is optimistic,” “intends,” “targets,” “plans,” “estimates,” “anticipates” or other comparable terms. Forward-looking statements include, without limitation, all matters that are not historical facts. They appear in a number of places throughout this Quarterly Report and include, without limitation, statements regarding our intentions, beliefs, assumptions or current plans and expectations concerning, among other things, financial position and future financial condition; results of operations; expected operating and non-operating relationships; ability to meet debt service obligations and financing plans; product sales; distribution channels; retention of business; investment yields and spreads; investment portfolio and ability to manage asset-liability cash flows; financial goals and targets; prospects; growth strategies or expectations; laws and regulations; customer retention; the outcome (by judgment or settlement) and costs of legal, administrative or regulatory proceedings, investigations or inspections, including, without limitation, collective, representative or class action litigation; the impact of our separation from AIG; geopolitical events, including the ongoing armed conflicts between Ukraine and Russia and in the Middle East; and the impact of prevailing capital markets and economic conditions.

Forward-looking statements are subject to known and unknown risks and uncertainties, many of which may be beyond our control. We caution you that forward-looking statements are not guarantees of future performance or outcomes and that actual performance and outcomes, including, without limitation, our actual results of operations, financial condition, liquidity and cash flows, and the development of the markets in which we operate, may differ materially from those made in or suggested by the forward-looking statements contained in this Quarterly Report. In addition, even if our results of operations, financial condition, liquidity and cash flows, and the development of the markets in which we operate, are consistent with the forward-looking statements contained in this Quarterly Report, those results or developments may not be indicative of results or developments in subsequent periods. A number of important factors, including, without limitation, the risks and uncertainties discussed in “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Form 10-K”) could cause actual results and outcomes to differ materially from those reflected in the forward-looking statements. Factors that could cause actual results and outcomes to differ from those reflected in forward-looking statements include, without limitation:

•changes in interest rates and changes to credit spreads;

•the deterioration of economic conditions, an economic slowdown or recession, changes in market conditions, weakening in capital markets, volatility in equity markets, inflationary pressures, pressures on the commercial real estate market, and geopolitical tensions, including the ongoing armed conflicts between Ukraine and Russia and in the Middle East;

•the unpredictability of the amount and timing of insurance liability claims;

•unavailable, uneconomical or inadequate reinsurance or recaptures of reinsured liabilities;

•uncertainty and unpredictability related to our reinsurance agreements with Fortitude Reinsurance Company Ltd. (“Fortitude Re”) and its performance of its obligations under these agreements;

•our limited ability to access funds from our subsidiaries;

•our ability to incur indebtedness, our potential inability to refinance all or a portion of our indebtedness or our ability to obtain additional financing on favorable terms or at all;

•our inability to generate cash to meet our needs due to the illiquidity of some of our investments;

•the inaccuracy of the methodologies, estimations and assumptions underlying our valuation of investments and derivatives;

•a downgrade in our Insurer Financial Strength (“IFS”) ratings or credit ratings;

•exposure to credit risk due to non-performance or defaults by our counterparties or our use of derivative instruments to hedge market risks associated with our liabilities;

•our ability to adequately assess risks and estimate losses related to the pricing of our products;

•the failure of third parties that we rely upon to provide and adequately perform certain business, operations, investment advisory, functional support and administrative services on our behalf;

•the impact of risks associated with our arrangement with Blackstone ISG-I Advisors LLC (“Blackstone IM”), BlackRock Financial Management, Inc. (“BlackRock”) or any other asset manager we retain, including their historical performance not being indicative of the future results of our investment portfolio and the exclusivity of certain arrangements with Blackstone IM;

•the impact of risks associated with the closing of the Nippon Transaction (as defined in Note 1);

•our inability to maintain the availability of critical technology systems and the confidentiality of our data, including challenges associated with a variety of privacy and information security laws;

Corebridge | Second Quarter 2024 Form 10-Q 2

•the ineffectiveness of our risk management policies and procedures;

•significant legal, governmental or regulatory proceedings;

•the intense competition we face in each of our business lines and the technological changes, including the use of artificial intelligence (“AI”), that may present new and intensified challenges to our business;

•catastrophes, including those associated with climate change and pandemics;

•business or asset acquisitions and dispositions that may expose us to certain risks;

•our ability to protect our intellectual property;

•our ability to operate efficiently and compete effectively in a heavily regulated industry in light of new domestic or international laws and regulations or new interpretations of current laws and regulations;

•impact on sales of our products and taxation of our operations due to changes in U.S. federal income or other tax laws or the interpretation of tax laws;

•the ineffectiveness of our productivity improvement initiatives in yielding our expected expense reductions and improvements in operational and organizational efficiency;

•recognition of an impairment of our goodwill or the establishment of an additional valuation allowance against our deferred income tax assets as a result of our business lines underperforming or their estimated fair values declining;

•differences between actual experience and the estimates used in the preparation of financial statements and modeled results used in various areas of our business;

•our inability to attract and retain key employees and highly skilled people needed to support our business;

•our failure to replicate or replace functions, systems and infrastructure provided by AIG (including through shared service contracts) or our loss of benefits from AIG’s global contracts, and AIG’s failure to perform the services provided for in the transition services agreement entered into between us and AIG on September 14, 2022 (the “Transition Services Agreement”);

•the significant influence that AIG has over us and conflicts of interests arising due to such relationship;

•the indemnification obligations we have to AIG;

•potentially higher U.S. federal income taxes due to our inability to file a single U.S. consolidated federal income tax return for five years following our initial public offering (“IPO”) and the “ownership change” for U.S. federal income tax purposes caused by our separation from AIG;

•risks associated with the Tax Matters Agreement with AIG and our potential liability for U.S. income taxes of the entire AIG Consolidated Tax Group for all taxable years or portions thereof in which we (or our subsidiaries) were members of such group;

•the risk that anti-takeover provisions could discourage, delay, or prevent our change in control, even if the change in control would be beneficial to our shareholders; and

•challenges related to compliance with applicable laws incident to being a public company, which is expensive and time-consuming.

Other risks, uncertainties and factors, including those discussed in “Risk Factors” in the 2023 Form 10-K could cause our actual results to differ materially from those projected in any forward-looking statements we make. You should read carefully the factors described in “Risk Factors” in the 2023 Form 10-K to better understand the risks and uncertainties inherent in our business and underlying any forward-looking statements.

You should read this Quarterly Report completely and with the understanding that actual future results may be materially different from expectations. All forward-looking statements made in this Quarterly Report are qualified by these cautionary statements. These forward-looking statements are made only as of the date of this Quarterly Report, and we do not undertake any obligation to update or revise any forward-looking statements to reflect the occurrence of events, unanticipated or otherwise, other than as may be required by law.

Corporate Information

We encourage investors and others to frequently visit our website (www.corebridgefinancial.com), including our Investor Relations web pages (investors.corebridgefinancial.com). We announce significant financial and other information to our investors and the public on the Investor Relations web pages, as well as in U.S. Securities and Exchange Commission (“SEC”) filings, in news releases, public conference calls and webcasts, fact sheets and other documents and media. The information found on our website is not incorporated by reference into this Quarterly Report or in any other report or document we submit to the SEC, and any references to our website are intended to be inactive textual references only.

Corebridge | Second Quarter 2024 Form 10-Q 3

Part I – Financial Information

Item 1. | Financial Statements

Corebridge Financial, Inc.

Condensed Consolidated Balance Sheets (unaudited)

(in millions, except for share data)	June 30, 2024		December 31, 2023
Assets:
Investments:
Fixed maturity securities:
Bonds available-for-sale, at fair value, net of allowance for credit losses of $95 in 2024 and $128 in 2023     (amortized cost: 2024 - $188,116; 2023 - $184,946)*	$	167,320	$	166,527
Other bond securities, at fair value (See Note 5)*	5,043		4,578
Equity securities, at fair value (See Note 5)*	73		63
Mortgage and other loans receivable, net of allowance for credit losses of $758 in 2024 and $698 in 2023*	48,663		46,867
Other invested assets (portion measured at fair value: 2024 - $7,479; 2023 - $7,690)*	9,957		10,257
Short-term investments, including restricted cash of $3 in 2024 and $3 in 2023 (portion measured at fair value:    2024 - $610; 2023 - $1,408)*	4,998		4,336
Total investments	236,054		232,628
Cash*	637		612
Accrued investment income*	2,092		2,008
Premiums and other receivables, net of allowance for credit losses and disputes of $1 in 2024 and $1 in 2023	620		594
Reinsurance assets - Fortitude Re, net of allowance for credit losses and disputes of $— in 2024 and $— in 2023	25,462		26,772
Reinsurance assets - other, net of allowance for credit losses and disputes of $12 in 2024 and $30 in 2023	1,513		1,620
Deferred income taxes	8,219		8,577
Deferred policy acquisition costs and value of business acquired	10,133		10,011
Market risk benefit assets, at fair value	1,187		912
Other assets, including restricted cash of $13 in 2024 and $13 in 2023 (portion measured at fair value:    2024 - $491; 2023 - $393)*	2,340		2,294
Separate account assets, at fair value	94,122		91,005
Assets held-for-sale	113		2,237
Total assets	$	382,492	$	379,270
Liabilities:
Future policy benefits for life and accident and health insurance contracts	$	56,355	$	57,108
Policyholder contract deposits (portion measured at fair value: 2024 - $9,151; 2023 - $8,050)	168,324		162,050
Market risk benefit liabilities, at fair value	5,124		5,705
Other policyholder funds	2,853		2,862
Fortitude Re funds withheld payable (portion measured at fair value: 2024 - $1,913; 2023 - $2,182)	24,940		25,957
Other liabilities (portion measured at fair value: 2024 - $184; 2023 - $141)*	7,227		8,330
Short-term debt	250		250
Long-term debt	9,121		9,118
Debt of consolidated investment entities (portion measured at fair value: 2024 - $—; 2023 - $—)*	2,364		2,504
Separate account liabilities	94,122		91,005
Liabilities held-for-sale	—		1,746
Total liabilities	$	370,680	$	366,635
Contingencies, commitments and guarantees (See Note 15)
Corebridge Shareholders' equity:
Common stock, $0.01 par value; 2,500,000,000 shares authorized; shares issued: 2024 - 650,189,849 and 2023 -   648,148,737	$	7	$	6
Treasury stock, at cost; 2024 - 49,862,448 shares and 2023 - 26,484,411 shares	(1,161)		(503)
Additional paid-in capital	8,122		8,149
Retained earnings	18,536		17,572
Accumulated other comprehensive loss	(14,508)		(13,458)
Total Corebridge Shareholders' equity	10,996		11,766
Non-redeemable noncontrolling interests	816		869
Total equity	11,812		12,635
Total liabilities and equity	$	382,492	$	379,270

*See Note 8 for details of balances associated with variable interest entities.

See accompanying Notes to Condensed Consolidated Financial Statements (unaudited)

Corebridge | Second Quarter 2024 Form 10-Q 4

TABLE OF CONTENTS

Corebridge Financial, Inc.

Condensed Consolidated Statements of Income (Loss) (unaudited)

	Three Months Ended  June 30,				Six Months Ended  June 30,
(in millions, except per common share data)	2024		2023		2024		2023
Revenues:
Premiums	$	547	$	2,443	$	2,842	$	4,548
Policy fees	721		694		1,435		1,392
Net investment income:
Net investment income - excluding Fortitude Re funds withheld assets	2,663		2,444		5,255		4,745
Net investment income - Fortitude Re funds withheld assets	325		270		657		664
Total net investment income	2,988		2,714		5,912		5,409
Net realized losses:
Net realized losses - excluding Fortitude Re funds withheld assets and embedded derivative	(690)		(312)		(868)		(765)
Net realized losses on Fortitude Re funds withheld assets	(93)		(130)		(257)		(110)
Net realized gains (losses) on Fortitude Re funds withheld embedded derivative	36		122		58		(903)
Total net realized losses	(747)		(320)		(1,067)		(1,778)
Advisory fee income	124		115		248		231
Other income	77		111		176		217
Total revenues	3,710		5,757		9,546		10,019
Benefits and expenses:
Policyholder benefits (includes remeasurement (gains) losses of $68 and $93 for the three months ended June 30, 2024 and 2023, and $168 and $157, for the six months ended June 30, 2024 and 2023, respectively)	1,049		2,876		3,856		5,371
Change in the fair value of market risk benefits, net	25		(262)		(344)		(66)
Interest credited to policyholder account balances	1,274		1,078		2,473		2,104
Amortization of deferred policy acquisition costs and value of business acquired	260		258		527		514
Non-deferrable insurance commissions	146		153		289		289
Advisory fee expenses	71		64		139		129
General operating expenses	532		604		1,104		1,186
Interest expense	138		134		276		306
Net (gain) on divestitures	(241)		(59)		(246)		(56)
Total benefits and expenses	3,254		4,846		8,074		9,777
Income before income tax expense (benefit)	456		911		1,472		242
Income tax expense (benefit)	115		160		304		(56)
Net income	341		751		1,168		298
Less:
Net income (loss) attributable to noncontrolling interests	(24)		(20)		(75)		(14)
Net income attributable to Corebridge	$	365	$	771	$	1,243	$	312
Income (loss) per common share attributable to Corebridge common shareholders:
Common stock - basic	$	0.60	$	1.18	$	2.01	$	0.48
Common stock - diluted	$	0.59	$	1.18	$	2.01	$	0.48
Weighted average shares outstanding:
Common stock - basic	611.6		650.7		617.8		650.8
Common stock - diluted	612.6		652.2		618.7		652.5

        

See accompanying Notes to Condensed Consolidated Financial Statements (unaudited)

Corebridge | Second Quarter 2024 Form 10-Q 5

TABLE OF CONTENTS

Corebridge Financial, Inc.

Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited)

	Three Months Ended  June 30,				Six Months Ended  June 30,
(in millions)	2024		2023		2024		2023
Net income (loss)	$	341	$	751	$	1,168	$	298
Other comprehensive income (loss), net of tax
Change in unrealized appreciation of fixed maturity securities on which allowance for credit losses was taken	(9)		43		26		73
Change in unrealized appreciation (depreciation) of all other investments	(967)		(1,484)		(2,143)		1,648
Change in fair value of market risk benefits attributable to changes in our own credit risk	159		(189)		136		(115)
Change in the discount rates used to measure traditional and limited payment long-duration insurance contracts	379		486		922		21
Change in cash flow hedges	(2)		(6)		(22)		(10)
Change in foreign currency translation adjustments	70		36		67		72
Change in retirement plan liabilities	—		—		—		2
Other comprehensive income (loss)	(370)		(1,114)		(1,014)		1,691
Comprehensive income (loss)	(29)		(363)		154		1,989
Less:
Comprehensive income (loss) attributable to noncontrolling interests	(25)		(19)		(77)		(4)
Comprehensive income (loss) attributable to Corebridge	$	(4)	$	(344)	$	231	$	1,993

See accompanying Notes to Condensed Consolidated Financial Statements (unaudited)

Corebridge | Second Quarter 2024 Form 10-Q 6

TABLE OF CONTENTS

Corebridge Financial, Inc.

Condensed Consolidated Statements of Equity (unaudited)

(in millions)	Common Stock		Treasury Stock		Additional Paid-In Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Total Corebridge Shareholders' Equity		Non- Redeemable Noncontrolling Interests		Total Shareholders' Equity
Three Months Ended June 30, 2024
Balance, beginning of period	$	7	$	(717)	$	8,115	$	18,310	$	(14,139)	$	11,576	$	810	$	12,386
Common stock issued under stock plans	—		(4)		4		—		—		—		—		—
Purchase of common stock	—		(440)		—		—		—		(440)		—		(440)
Net income (loss) attributable to Corebridge or noncontrolling interests	—		—		—		365		—		365		(24)		341
Dividends on common stock	—		—		—		(139)		—		(139)		—		(139)
Other comprehensive loss, net of tax	—		—		—		—		(369)		(369)		(1)		(370)
Contributions from noncontrolling interests	—		—		—		—		—		—		32		32
Distributions to noncontrolling interests	—		—		—		—		—		—		(2)		(2)
Other	—		—		3		—		—		3		1		4
Balance, end of period	$	7	$	(1,161)	$	8,122	$	18,536	$	(14,508)	$	10,996	$	816	$	11,812
Three Months Ended June 30, 2023
Balance, beginning of period	$	6	$	—	$	8,024	$	17,592	$	(14,067)	$	11,555	$	910	$	12,465
Purchase of common stock	—		(202)		—		—		—		(202)		—		(202)
Net income (loss) attributable to Corebridge or noncontrolling interests	—		—		—		771		—		771		(20)		751
Dividends on common stock	—		—		—		(551)		—		(551)		—		(551)
Other comprehensive income (loss), net of tax	—		—		—		—		(1,115)		(1,115)		1		(1,114)
Contributions from noncontrolling interests	—		—		—		—		—		—		18		18
Distributions to noncontrolling interests	—		—		—		—		—		—		(3)		(3)
Other	—		—		104		(1)		—		103		1		104
Balance, end of period	$	6	$	(202)	$	8,128	$	17,811	$	(15,182)	$	10,561	$	907	$	11,468

Corebridge | Second Quarter 2024 Form 10-Q 7

TABLE OF CONTENTS

Corebridge Financial, Inc.

Condensed Consolidated Statements of Equity (unaudited) (Continued)

(in millions)	Common Stock		Treasury Stock		Additional Paid-In Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Total Corebridge Shareholders' Equity		Non- Redeemable Noncontrolling Interests		Total Shareholders' Equity
Six Months Ended June 30, 2024
Balance, beginning of year	$	6	$	(503)	$	8,149	$	17,572	$	(13,458)	$	11,766	$	869	$	12,635
Common stock issued under stock plans	1		23		(23)		—		—		1		—		1
Purchase of common stock	—		(681)		—		—		—		(681)		—		(681)
Net income (loss) attributable to Corebridge or noncontrolling interests	—		—		—		1,243		—		1,243		(75)		1,168
Dividends on common stock	—		—		—		(282)		—		(282)		—		(282)
Other comprehensive loss, net of tax	—		—		—		—		(1,012)		(1,012)		(2)		(1,014)
Changes in noncontrolling interests due to divestitures and acquisitions	—		—		—		—		—		—		1		1
Contributions from noncontrolling interests	—		—		—		—		—		—		53		53
Distributions to noncontrolling interests	—		—		—		—		—		—		(31)		(31)
Other	—		—		(4)		3		(38)		(39)		1		(38)
Balance, end of period	$	7	$	(1,161)	$	8,122	$	18,536	$	(14,508)	$	10,996	$	816	$	11,812
Six Months Ended June 30, 2023
Balance, beginning of year	$	6	$	—	$	8,030	$	18,207	$	(16,863)	$	9,380	$	939	$	10,319
Purchase of common stock	—		(202)		—		—		—		(202)		—		(202)
Net income (loss) attributable to Corebridge or noncontrolling interests	—		—		—		312		—		312		(14)		298
Dividends on common stock	—		—		—		(700)		—		(700)		—		(700)
Other comprehensive income, net of tax	—		—		—		—		1,681		1,681		10		1,691
Changes in noncontrolling interests due to divestitures and acquisitions	—		—		—		—		—		—		(19)		(19)
Contributions from noncontrolling interests	—		—		—		—		—		—		43		43
Distributions to noncontrolling interests	—		—		—		—		—		—		(53)		(53)
Other	—		—		98		(8)		—		90		1		91
Balance, end of period	$	6	$	(202)	$	8,128	$	17,811	$	(15,182)	$	10,561	$	907	$	11,468

See accompanying Notes to Condensed Consolidated Financial Statements (unaudited)

Corebridge | Second Quarter 2024 Form 10-Q 8

TABLE OF CONTENTS

Corebridge Financial, Inc.

Condensed Consolidated Statements of Cash Flows (unaudited)

	Six Months Ended June 30,
(in millions)	2024		2023
Cash flows from operating activities:
Net income (loss)	$	1,168	$	298
Adjustments to reconcile net income to net cash provided by operating activities:
Non-cash revenues, expenses, gains and losses included in income (loss):
Net losses (gains) on sales of securities available-for-sale and other assets	903		330
Net (gain) loss on divestitures	(246)		(56)
Unrealized (gains) losses in earnings - net	753		835
Change in the fair value of market risk benefits in earnings, net	(858)		(363)
Equity in income from equity method investments, net of dividends or distributions	34		(2)
Depreciation and other amortization	96		239
Impairments of assets	48		—
Changes in operating assets and liabilities:
Insurance liabilities	443		399
Premiums and other receivables and payables - net	(238)		(124)
Funds held relating to Fortitude Re Reinsurance contracts	(1,031)		(83)
Reinsurance assets and funds held under reinsurance treaties	487		317
Capitalization of deferred policy acquisition costs	(684)		(628)
Current and deferred income taxes - net	61		178
Other, net	(347)		232
Total adjustments	(579)		1,274
Net cash provided by operating activities	589		1,572
Cash flows from investing activities:
Proceeds from (payments for)
Sales or distributions of:
Available-for-sale securities	4,992		5,534
Other securities	374		470
Other invested assets	642		563
Divestitures, net	577		32
Maturities of fixed maturity securities available-for-sale	7,007		4,040
Principal payments received on mortgage and other loans receivable	2,201		2,441
Purchases of:
Available-for-sale securities	(14,025)		(7,947)
Other securities	(583)		(821)
Other invested assets	(374)		(552)
Mortgage and other loans receivable	(4,113)		(4,345)
Acquisition of businesses, net of cash and restricted cash acquired	—		(5)
Net change in short-term investments	(693)		20
Net change in derivative assets and liabilities	103		(458)
Other, net	(72)		138
Net cash used in investing activities	(3,964)		(890)
Cash flows from financing activities:
Proceeds from (payments for):
Policyholder contract deposits	20,103		15,920
Policyholder contract withdrawals	(14,377)		(12,801)
Issuance of debt of consolidated investment entities	101		146
Maturities and repayments of debt of consolidated investment entities	(398)		(290)
Dividends paid on common stock	(282)		(700)
Distributions to noncontrolling interests	(31)		(54)
Contributions from noncontrolling interests	53		43
Net change in securities lending and repurchase agreements	(893)		(2,524)
Issuance of common stock	1		—
Repurchase of common stock	(679)		(200)
Other, net	(198)		(70)
Net cash provided by (used in) financing activities	3,400		(530)
Effect of exchange rate changes on cash and restricted cash	—		3
Net increase (decrease) in cash and restricted cash	25		155
Cash and restricted cash at beginning of year	628		633
Cash and restricted cash at end of period	$	653	$	788

See accompanying Notes to Condensed Consolidated Financial Statements (unaudited)

Corebridge | Second Quarter 2024 Form 10-Q 9

TABLE OF CONTENTS

Corebridge Financial, Inc.

Condensed Consolidated Statements of Cash Flows (unaudited) (continued)

Supplementary Disclosure of Consolidated Cash Flow Information
	Six Months Ended June 30,
(in millions)	2024		2023
Cash	$	637	$	751
Restricted cash included in short-term investments	3		28
Restricted cash included in other assets	13		9
Total cash and restricted cash shown in the Condensed Consolidated Statements of Cash Flows	$	653	$	788
Cash (received) paid during the period for:
Interest	$	259	$	305
Taxes	$	243	$	(235)
Non-cash investing activities:
Fixed maturity securities, designated available-for-sale, received in connection with pension risk transfer transactions	$	(1,316)	$	(2,818)
Fixed maturity securities, designated fair value option, received in connection with reinsurance transactions	$	(232)	$	—
Fixed maturity securities, designated available-for-sale, transferred in connection with reinsurance transactions	$	131	$	439
Fixed maturity securities, designated fair value option, transferred in connection with reinsurance transactions	$	15	$	17
Non-cash financing activities:
Interest credited to policyholder contract deposits included in financing activities	$	2,416	$	2,145
Fee income debited to policyholder contract deposits included in financing activities	$	(1,426)	$	(1,044)
Non-cash capital contributions	$	—	$	16

See accompanying Notes to Condensed Consolidated Financial Statements (unaudited)

Corebridge | Second Quarter 2024 Form 10-Q 10

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 1. Overview and Basis of Presentation

1. Overview and Basis of Presentation

Corebridge Financial, Inc. (“Corebridge Parent”) is a leading provider of retirement solutions and life insurance products in the United States. Our primary business operations consist of sales of individual and group annuities and life insurance products to individuals and institutional markets products. Corebridge Parent common stock, par value $0.01 per share, is listed on the New York Stock Exchange (NYSE:CRBG). The terms “Corebridge,” “we,” “us,” “our” or the “Company” mean Corebridge Parent and its consolidated subsidiaries, unless the context refers to Corebridge Parent only. Subsidiaries of Corebridge Parent include: AGC Life Insurance Company (“AGC”), American General Life Insurance Company (“AGL”), The Variable Annuity Life Insurance Company (“VALIC”), The United States Life Insurance Company in the City of New York (“USL”), Corebridge Insurance Company of Bermuda, Ltd. (" CRBG Bermuda") and SAFG Capital LLC and its subsidiaries. American International Group, Inc. (“AIG Parent”) is a publicly traded entity, listed on the New York Stock Exchange (NYSE: AIG). The term “AIG” means AIG Parent and its consolidated subsidiaries, unless the context refers to AIG Parent only.

These unaudited Condensed Consolidated Financial Statements present the results of operations, financial condition and cash flows of the Company.

On September 19, 2022, we completed an initial public offering (the “IPO”) in which AIG Parent sold 80.0 million shares of Corebridge Parent common stock to the public. Since our IPO, AIG Parent has sold portions of its interest in Corebridge through secondary public offerings. As of June 30, 2024, AIG Parent owned approximately 49.0% of the outstanding Corebridge Parent common stock.

On May 16, 2024, Corebridge Parent entered into a stock purchase agreement (the “Purchase Agreement”) with AIG Parent and Nippon Life Insurance Company, a mutual company organized under the laws of Japan (“Nippon”), pursuant to which AIG Parent agreed to sell approximately 122.0 million shares of Corebridge Parent common stock, representing approximately 20% of the issued and outstanding Corebridge Parent common stock at signing, to Nippon (the “Nippon Transaction”). The Nippon Transaction is expected to close in the first quarter of 2025, subject to certain closing conditions, including the receipt of specified regulatory approvals. On May 16, 2024, in connection with the execution of the Purchase Agreement, the Company entered into an Amendment to the Separation Agreement, dated as of September 14, 2022, by and between the Company and AIG Parent (the “Separation Agreement”), pursuant to which the Company and AIG Parent agreed to certain changes with respect to AIG’s board designation rights and AIG’s right to consent over certain actions by the Company, as set forth in the Separation Agreement.

On June 9, 2024, AIG Parent waived its right under the Separation Agreement to include a majority of the candidates on each slate of candidates recommended by the Corebridge Board of Directors to Corebridge’s stockholders in connection with a meeting of stockholders. On June 10, 2024, AIG Parent announced that it has met the requirements for the deconsolidation for accounting purposes of Corebridge.

These Condensed Consolidated Financial Statements include the results of Corebridge Parent, its controlled subsidiaries (generally through a greater than 50% ownership of voting rights and voting interests) and variable interest entities (“VIEs”) of which we are the primary beneficiary. Equity investments in entities that we do not consolidate, including corporate entities in which we have significant influence and partnership and partnership-like entities in which we have more than minor influence over the operating and financial policies, are accounted for under the equity method unless we have elected the fair value option.

The accompanying Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States (‘‘GAAP’’). All material intercompany accounts and transactions between consolidated entities have been eliminated.

The Company has recorded affiliated transactions with certain AIG subsidiaries that are not subsidiaries of Corebridge which have not been eliminated in the Condensed Consolidated Financial Statements of the Company. The accompanying Condensed Consolidated Financial Statements reflect all normal recurring adjustments, including eliminations of material intercompany accounts and transactions, necessary in the opinion of management for a fair statement of our financial position, results of operations and cash flows for the periods presented.

SALE OF BUSINESSES

AIG Life Limited (“AIG Life U.K.”)

On April 8, 2024, Corebridge completed the sale of AIG Life Limited (“AIG Life U.K.”) to Aviva plc (“Aviva”) and received gross proceeds of £453 million ($569 million) resulting in a pre-tax gain of $246 million for the six months ended June 30, 2024.

Laya Healthcare Ltd. (“Laya”)

On October 31, 2023 Corebridge completed the sale of Laya to AXA and received gross proceeds of €691 million ($731 million) resulting in a pre-tax gain of $652 million for the year ended December 31, 2023.

Held-For-Sale Classification

Assets classified as held-for-sale are segregated and reported in Assets held-for-sale in our Condensed Consolidated Balance Sheets beginning in the period in which the assets are classified as held-for-sale. At June 30, 2024, we recorded Assets held-for-sale, primarily consisting of real estate, of $113 million. At December 31, 2023, we recorded Assets held-for-sale and Liabilities held-for-sale, primarily consisting of AIG Life U.K. and real estate, of $2.2 billion and $1.7 billion, respectively.

USE OF ESTIMATES

The preparation of financial statements in accordance with GAAP requires the application of accounting policies that often involve a significant degree of judgment. Accounting policies that we believe are most dependent on the application of estimates and assumptions are considered our critical accounting estimates and are related to the determination of:

•fair value measurements of certain financial assets and liabilities;

•valuation of market risk benefits (“MRBs”) related to guaranteed benefit features of variable annuity, fixed annuity and fixed index annuity products; valuation of embedded derivative liabilities for fixed index annuity and index universal life products;

•valuation of future policy benefit liabilities and recognition of remeasurement gains and losses;

•reinsurance assets, including the allowance for credit losses;

•goodwill impairment;

•allowance for credit losses primarily on loans and available-for-sale fixed maturity securities; and

•income tax assets and liabilities, including recoverability of our net deferred tax asset and the predictability of future tax operating profitability of the character necessary to realize the net deferred tax asset.

These accounting estimates require the use of assumptions about matters, some of which are highly uncertain at the time of estimation. To the extent actual experience differs from the assumptions used, our consolidated financial condition, results of operations and cash flows could be materially affected.

Out-of-period adjustment

In the first quarter of 2024, the Company recorded a $67 million out-of-period adjustment, which increased earnings, primarily related to the correction of net investment income for certain securities. The Company evaluated the impact of the error and out-of-period adjustment and concluded it was not material to any previously issued interim or annual consolidated financial statements and the adjustment is not expected to be material to the year ending December 31, 2024.

2. Summary of Significant Accounting Policies

ACCOUNTING STANDARDS ADOPTED DURING 2024

Changes to GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of accounting standards updates (“ASU”) to the FASB Accounting Standards Codification. The Company considers the applicability and impact of all ASUs.

Fair Value Measurement

On June 30, 2022, the FASB issued an ASU to address diversity in practice by clarifying that a contractual sale restriction should not be considered in the measurement of the fair value of an equity security. It also requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. The Company adopted the standard on January 1, 2024, prospectively for entities other than investment companies. The adoption of the standard did not have a material impact to our consolidated financial statements.

FUTURE APPLICATION OF ACCOUNTING STANDARDS

Income Taxes

In December 2023, the FASB issued an ASU to address improvements to income tax disclosures. The standard requires disaggregated information about a company’s effective tax rate reconciliation as well as information on income taxes paid. The standard is effective for public companies for annual periods beginning after December 15, 2024, with early adoption permitted. The standard will be applied on a prospective basis with the option to apply the standard retrospectively. We are assessing the impact of this standard.

Corebridge | Second Quarter 2024 Form 10-Q 11

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 2. Summary of Significant Accounting Policies

Segment Reporting

In November 2023, the FASB issued an ASU to address improvements to reportable segment disclosures. The standard primarily requires the following disclosure on an annual and interim basis: i) significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss, and ii) other segment items and description of its composition. The standard also requires current annual disclosures about a reportable segment’s profits or losses and assets to be disclosed in interim periods and the title and position of the CODM with an explanation of how the CODM uses the reported measure(s) of segment profits or losses in assessing segment performance. The guidance is effective for public companies for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The ASU is applied retrospectively to all prior periods presented. We are assessing the impact of this standard.

3. Segment Information

We report our results of operations consistent with the manner in which our chief operating decision maker reviews the business to assess performance and allocate resources.

We report our results of operations as five reportable segments:

•Individual Retirement – consists of fixed annuities, fixed index annuities and variable annuities.

•Group Retirement – consists of recordkeeping, plan administrative and compliance services, financial planning and advisory solutions offered in-plan, along with proprietary and limited non-proprietary annuities, advisory and brokerage products offered out-of-plan.

•Life Insurance – primary products in the United States include term life and universal life insurance. The International Life business issued individual and group life insurance in the United Kingdom and distributed private medical insurance in Ireland. On October 31, 2023 Corebridge completed the sale of Laya and on April 8, 2024 completed the sale of AIG Life U.K.

•Institutional Markets – consists of stable value wrap (“SVW”) products, structured settlement and pension risk transfer (“PRT”) annuities, guaranteed investment contracts (“GICs”) and Corporate Markets products that include corporate- and bank-owned life insurance (“COLI-BOLI”), private placement variable universal life and private placement variable annuity products.

•Corporate and Other – consists primarily of:

–corporate expenses not attributable to our other segments;

–interest expense on financial debt;

–results of our consolidated investment entities;

–institutional asset management business, which includes managing assets for non-consolidated affiliates; and

–results of our legacy insurance lines ceded to Fortitude Re.

We evaluate segment performance based on adjusted revenues and adjusted pre-tax operating income (loss) (“APTOI”). Adjusted revenues are derived by excluding certain items from total revenues. APTOI is derived by excluding certain items from income from operations before income tax. These items generally fall into one or more of the following broad categories: legacy matters having no relevance to our current businesses or operating performance; adjustments to enhance transparency to the underlying economics of transactions; and adjustments that we believe to be common to the industry. Legal entities are attributed to each segment based upon the predominance of activity in that legal entity.

APTOI excludes the impact of the following items:

Fortitude Re related adjustments:

The modified coinsurance (“modco”) reinsurance agreements with Fortitude Re transfer the economics of the invested assets supporting the reinsurance agreements to Fortitude Re. Accordingly, the net investment income on Fortitude Re funds withheld assets and the net realized gains (losses) on Fortitude Re funds withheld assets are excluded from APTOI. Similarly, changes in the Fortitude Re funds withheld embedded derivative are also excluded from APTOI.

The ongoing results associated with the reinsurance agreement with Fortitude Re have been excluded from APTOI as these are not indicative of our ongoing business operations.

Corebridge | Second Quarter 2024 Form 10-Q 12

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 3. Segment Information

Investment-related adjustments:

APTOI excludes “Net realized gains (losses)”, except for gains (losses) related to the disposition of real estate investments. Net realized gains (losses), except for gains (losses) related to the disposition of real estate investments, are excluded as the timing of sales on invested assets or changes in allowances depend largely on market credit cycles and can vary considerably across periods. In addition, changes in interest rates may create opportunistic scenarios to buy or sell invested assets. Our derivative results, including those used to economically hedge insurance liabilities or are recognized as embedded derivatives at fair value are also included in Net realized gains (losses) and are similarly excluded from APTOI except earned income (periodic settlements and changes in settlement accruals) on derivative instruments used for non-qualifying (economic) hedges or for asset replication. Earned income on such economic hedges is reclassified from Net realized gains and losses to specific APTOI line items based on the economic risk being hedged (e.g., Net investment income and Interest credited to policyholder account balances).

Market Risk Benefits adjustments:

Certain of our variable annuity, fixed annuity and fixed index annuity contracts contain guaranteed minimum withdrawal benefits (“GMWBs”) and/or guaranteed minimum death benefits (“GMDBs”) which are accounted for as MRBs. Changes in the fair value of these MRBs (excluding changes related to our own credit risk), including certain rider fees attributed to the MRBs, along with changes in the fair value of derivatives used to hedge MRBs are recorded through “Change in the fair value of MRBs, net” and are excluded from APTOI.

Changes in the fair value of securities used to economically hedge MRBs are excluded from APTOI.

Other adjustments:

Other adjustments represent all other adjustments that are excluded from APTOI and includes the net pre-tax operating income (losses) from noncontrolling interests related to consolidated investment entities. The excluded adjustments include, as applicable:

•restructuring and other costs related to initiatives designed to reduce operating expenses, improve efficiency and simplify our organization;

•non-recurring costs associated with the implementation of non-ordinary course legal or regulatory changes or changes to accounting principles;

•separation costs;

•non-operating litigation reserves and settlements;

•loss (gain) on extinguishment of debt, if any;

•losses from the impairment of goodwill, if any; and

•income and loss from divested or run-off business, if any.

Corebridge | Second Quarter 2024 Form 10-Q 13

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 3. Segment Information

The following table presents Corebridge’s operations by segment:

(in millions)	Individual Retirement		Group Retirement		Life Insurance		Institutional Markets		Corporate & Other		Eliminations		Total Corebridge		Adjustments		Total Consolidated
Three Months Ended June 30, 2024
Premiums	$	30	$	—	$	331	$	167	$	19	$	—	$	547	$	—	$	547
Policy fees	200		108		366		47		—		—		721		—		721
Net investment income(a)	1,405		487		322		489		18		(5)		2,716		272		2,988
Net realized gains (losses)(a)(b)	—		—		—		—		(9)		—		(9)		(738)		(747)
Advisory fee and other income	108		83		1		1		8		—		201		—		201
Total adjusted revenues	1,743		678		1,020		704		36		(5)		4,176		(466)		3,710
Policyholder benefits	33		(2)		627		394		—		—		1,052		(3)		1,049
Change in the fair value of market risk benefits, net	—		—		—		—		—		—		—		25		25
Interest credited to policyholder account balances	695		300		84		187		—		—		1,266		8		1,274
Amortization of deferred policy acquisition costs	152		21		84		3		—		—		260		—		260
Non-deferrable insurance commissions	94		30		16		5		1		—		146		—		146
Advisory fee expenses	38		32		1		—		—		—		71		—		71
General operating expenses	110		102		113		19		75		—		419		113		532
Interest expense	—		—		—		—		132		(5)		127		11		138
Net (gain) on divestitures	—		—		—		—		—		—		—		(241)		(241)
Total benefits and expenses	1,122		483		925		608		208		(5)		3,341		(87)		3,254
Noncontrolling interests	—		—		—		—		24		—		24
Adjusted pre-tax operating income (loss)	$	621	$	195	$	95	$	96	$	(148)	$	—	$	859
Adjustments to:
Total revenue													(466)
Total expenses													(87)
Noncontrolling interests													(24)
Income before income tax expense (benefit)													$	456			$	456
Three Months Ended June 30, 2023
Premiums	$	66	$	4	$	443	$	1,911	$	20	$	—	$	2,444	$	(1)	$	2,443
Policy fees	172		102		371		49		—		—		694		—		694
Net investment income (loss)(a)	1,224		504		327		407		19		(1)		2,480		234		2,714
Net realized gains (losses)(a)(b)	—		—		—		—		1		—		1		(321)		(320)
Advisory fee and other income	108		76		26		—		16		—		226		—		226
Total adjusted revenues	1,570		686		1,167		2,367		56		(1)		5,845		(88)		5,757
Policyholder benefits	71		6		721		2,081		(3)		—		2,876		—		2,876
Change in the fair value of market risk benefits, net	—		—		—		—		—		—		—		(262)		(262)
Interest credited to policyholder account balances	553		294		85		133		—		—		1,065		13		1,078
Amortization of deferred policy acquisition costs	138		20		98		2		—		—		258		—		258
Non-deferrable insurance commissions	94		33		21		4		1		—		153		—		153
Advisory fee expenses	36		29		(1)		—		—		—		64		—		64
General operating expenses	104		107		167		21		85		—		484		120		604
Interest expense	—		—		—		—		129		—		129		5		134
Net (gain) on divestitures	—		—		—		—		—		—		—		(59)		(59)
Total benefits and expenses	996		489		1,091		2,241		212		—		5,029		(183)		4,846
Noncontrolling interests	—		—		—		—		20		—		20
Adjusted pre-tax operating income (loss)	$	574	$	197	$	76	$	126	$	(136)	$	(1)	$	836
Adjustments to:
Total revenue													(88)
Total expenses													(183)
Noncontrolling interests													(20)
Income before income tax expense (benefit)													$	911			$	911

Corebridge | Second Quarter 2024 Form 10-Q 14

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 3. Segment Information

(in millions)	Individual Retirement		Group Retirement		Life Insurance		Institutional Markets		Corporate & Other		Eliminations		Total Corebridge		Adjustments		Total Consolidated
Six Months Ended June 30, 2024
Premiums	$	71	$	5	$	765	$	1,963	$	38	$	—	$	2,842	$	—	$	2,842
Policy fees	391		215		734		95		—		—		1,435		—		1,435
Net investment income(a)	2,744		982		648		976		8		(13)		5,345		567		5,912
Net realized gains (losses)(a)(b)	—		—		—		—		(17)		—		(17)		(1,050)		(1,067)
Advisory fee and other income	224		166		1		2		31		—		424		—		424
Total adjusted revenues	3,430		1,368		2,148		3,036		60		(13)		10,029		(483)		9,546
Policyholder benefits	69		1		1,375		2,417		—		—		3,862		(6)		3,856
Change in the fair value of market risk benefits, net	—		—		—		—		—		—		—		(344)		(344)
Interest credited to policyholder account balances	1,334		598		167		356		—		—		2,455		18		2,473
Amortization of deferred policy acquisition costs	301		42		178		6		—		—		527		—		527
Non-deferrable insurance commissions	184		59		35		10		1		—		289		—		289
Advisory fee expenses	73		65		1		—		—		—		139		—		139
General operating expenses	226		208		243		39		161		—		877		227		1,104
Interest expense	—		—		—		—		269		(10)		259		17		276
Net (gain) on divestitures	—		—		—		—		—		—		—		(246)		(246)
Total benefits and expenses	2,187		973		1,999		2,828		431		(10)		8,408		(334)		8,074
Noncontrolling interests	—		—		—		—		75		—		75
Adjusted pre-tax operating income (loss)	$	1,243	$	395	$	149	$	208	$	(296)	$	(3)	$	1,696
Adjustments to:
Total revenue													(483)
Total expenses													(334)
Noncontrolling interests													(75)
Income before income tax expense (benefit)													$	1,472			$	1,472
Six Months Ended June 30, 2023
Premiums	$	144	$	10	$	868	$	3,486	$	40	$	—	$	4,548	$	—	$	4,548
Policy fees	346		202		746		98		—		—		1,392		—		1,392
Net investment income(a)	2,352		1,004		644		739		87		(11)		4,815		594		5,409
Net realized gains (losses)(a)(b)	—		—		—		—		5		—		5		(1,783)		(1,778)
Advisory fee and other income	211		152		55		—		30		—		448		—		448
Total adjusted revenues	3,053		1,368		2,313		4,323		162		(11)		11,208		(1,189)		10,019
Policyholder benefits	136		15		1,429		3,799		(3)		—		5,376		(5)		5,371
Change in the fair value of market risk benefits, net	—		—		—		—		—		—		—		(66)		(66)
Interest credited to policyholder account balances	1,072		585		167		256		—		—		2,080		24		2,104
Amortization of deferred policy acquisition costs	275		41		194		4		—		—		514		—		514
Non-deferrable insurance commissions	180		61		38		9		1		—		289		—		289
Advisory fee expenses	70		58		1		—		—		—		129		—		129
General operating expenses	212		225		326		44		176		—		983		203		1,186
Interest expense	—		—		—		—		301		(10)		291		15		306
Net (gain) on divestitures	—		—		—		—		—		—		—		(56)		(56)
Total benefits and expenses	1,945		985		2,155		4,112		475		(10)		9,662		115		9,777
Noncontrolling interests	—		—		—		—		14		—		14
Adjusted pre-tax operating income (loss)	$	1,108	$	383	$	158	$	211	$	(299)	$	(1)	$	1,560
Adjustments to:
Total revenue													(1,189)
Total expenses													115
Noncontrolling interests													(14)
Income before income tax expense (benefit)													$	242			$	242

(a)Adjustments include Fortitude Re activity of $268 million and $262 million for the three months ended June 30, 2024 and 2023, respectively, and $458 million and $(349) million for the six months ended June 30, 2024 and 2023, respectively.

(b)Net realized gains (losses) includes the gains (losses) related to the disposition of real estate investments.

Corebridge | Second Quarter 2024 Form 10-Q 15

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 4. Fair Value Measurements

4. Fair Value Measurements

FAIR VALUE MEASUREMENTS ON A RECURRING BASIS

Assets and liabilities recorded at fair value in the Condensed Consolidated Balance Sheets are measured and classified in accordance with a fair value hierarchy consisting of three “levels” based on the observability of valuation inputs:

•Level 1: Fair value measurements based on quoted prices (unadjusted) in active markets that we have the ability to access for identical assets or liabilities. Market price data generally is obtained from exchange or dealer markets. We do not adjust the quoted price for such instruments.

•Level 2: Fair value measurements based on inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals.

•Level 3: Fair value measurements based on valuation techniques that use significant inputs that are unobservable. Both observable and unobservable inputs may be used to determine the fair values of positions classified in Level 3. The circumstances for using these measurements include those in which there is little, if any, market activity for the asset or liability. Therefore, we must make certain assumptions about the inputs a hypothetical market participant would use to value that asset or liability.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

Corebridge | Second Quarter 2024 Form 10-Q 16

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 4. Fair Value Measurements

ASSETS AND LIABILITIES MEASURED AT FAIR VALUE ON A RECURRING BASIS

The following table presents information about assets and liabilities measured at fair value on a recurring basis and indicates the level of the fair value measurement based on the observability of the inputs used:

June 30, 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	$	8	$	1,363	$	—	$	—	$	—	$	1,371
Obligations of states, municipalities and political subdivisions	—		4,239		796		—		—		5,035
Non-U.S. governments	—		3,756		—		—		—		3,756
Corporate debt	—		99,852		1,393		—		—		101,245
RMBS(b)	—		9,802		6,453		—		—		16,255
CMBS	—		9,775		529		—		—		10,304
CLO	—		9,854		1,772		—		—		11,626
ABS	—		1,373		16,355		—		—		17,728
Total bonds available-for-sale	8		140,014		27,298		—		—		167,320
Other bond securities:
U.S. government and government sponsored entities	—		—		—		—		—		—
Obligations of states, municipalities and political subdivisions	—		38		1		—		—		39
Non-U.S. governments	—		27		—		—		—		27
Corporate debt	—		2,638		195		—		—		2,833
RMBS(c)	—		60		103		—		—		163
CMBS	—		221		17		—		—		238
CLO	—		403		61		—		—		464
ABS	—		86		1,193		—		—		1,279
Total other bond securities	—		3,473		1,570		—		—		5,043
Equity securities	25		—		48		—		—		73
Other invested assets(d)	—		—		1,655		—		—		1,655
Derivative assets:
Interest rate contracts	—		3,108		427		—		—		3,535
Foreign exchange contracts	—		1,032		—		—		—		1,032
Equity contracts	5		2,438		1,055		—		—		3,498
Credit contracts	—		76		—		—		—		76
Other contracts	—		1		12		—		—		13
Counterparty netting and cash collateral	—		—		—		(4,940)		(2,723)		(7,663)
Total derivative assets	5		6,655		1,494		(4,940)		(2,723)		491
Short-term investments	16		594		—		—		—		610
Market risk benefit assets	—		—		1,187		—		—		1,187
Separate account assets	90,767		3,355		—		—		—		94,122
Total	$	90,821	$	154,091	$	33,252	$	(4,940)	$	(2,723)	$	270,501
Liabilities:
Policyholder contract deposits(e)	$	—	$	115	$	9,036	$	—	$	—	$	9,151
Derivative liabilities:
Interest rate contracts	—		3,411		4		—		—		3,415
Foreign exchange contracts	—		335		—		—		—		335
Equity contracts	6		1,641		32		—		—		1,679
Credit contracts	—		—		—		—		—		—
Other contracts	—		—		—		—		—		—
Counterparty netting and cash collateral	—		—		—		(4,940)		(305)		(5,245)
Total derivative liabilities	6		5,387		36		(4,940)		(305)		184
Fortitude Re funds withheld payable(f)	—		—		1,913		—		—		1,913
Market risk benefit liabilities	—		—		5,124		—		—		5,124
Total	$	6	$	5,502	$	16,109	$	(4,940)	$	(305)	$	16,372

Corebridge | Second Quarter 2024 Form 10-Q 17

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 4. Fair Value Measurements

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 (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
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
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 $0 million and $5 million classified as Level 2 and Level 3, respectively, as of June 30, 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 $0 million and less than $1 million of investments in RMBS issued by related parties classified as Level 2 as of June 30, 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 June 30, 2024 and December 31, 2023, respectively.

(e)Excludes basis adjustments for fair value hedges.

(f)As discussed in Note 7, 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.

Corebridge | Second Quarter 2024 Form 10-Q 18

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 4. Fair Value Measurements

(g)Excludes assets that were reclassified to Assets held-for-sale in the Condensed Consolidated Balance Sheets of $167 million, as of December 31, 2023. See Note 4 in the 2023 Form 10-K for additional information.

CHANGES IN LEVEL 3 RECURRING FAIR VALUE MEASUREMENTS

The following tables present changes during the three and six months ended June 30, 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 June 30, 2024 and 2023:

(in millions)	Fair Value  Beginning  of Period		Net  Realized  and Unrealized Gains  (Losses)  Included in Income		Other  Comprehensive Income (Loss)		Purchases,  Sales,  Issuances  and  Settlements, Net		Gross Transfers  in		Gross  Transfers  out		Other		Fair Value  End of Period		Changes in  Unrealized Gains  (Losses)  Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in  Other Comprehensive Income (Loss) for Recurring  Level 3 Instruments  Held at  End of Period
Three Months Ended June 30, 2024
Assets:
Bonds available-for-sale:
Obligations of states, municipalities and political subdivisions	$	829	$	—	$	(33)	$	—	$	—	$	—	$	—	$	796	$	—	$	(33)
Corporate debt	1,575		—		2		(79)		183		(288)		—		1,393		—		(43)
RMBS	6,354		74		(90)		208		21		(112)		(2)		6,453		—		(101)
CMBS	547		3		3		(24)		—		—		—		529		—		2
CLO	1,729		18		8		57		32		(72)		—		1,772		—		6
ABS	15,033		99		75		1,318		162		(332)		—		16,355		—		64
Total bonds available-for-sale	26,067		194		(35)		1,480		398		(804)		(2)		27,298		—		(105)
Other bond securities:
Obligations of states, municipalities and political subdivisions	1		—		—		—		—		—		—		1		—		—
Corporate debt	177		7		—		10		1		—		—		195		7		—
RMBS	106		—		—		(3)		—		—		—		103		(1)		—
CMBS	17		—		—		—		—		—		—		17		1		—
CLO	71		(2)		—		(8)		—		—		—		61		—		—
ABS	947		21		—		209		20		(4)		—		1,193		12		—
Total other bond securities	1,319		26		—		208		21		(4)		—		1,570		19		—
Equity securities	45		(2)		—		5		—		—		—		48		—		—
Other invested assets	1,671		(2)		(2)		(12)		—		—		—		1,655		(8)		—
Total(a)	$	29,102	$	216	$	(37)	$	1,681	$	419	$	(808)	$	(2)	$	30,571	$	11	$	(105)
(in millions)	Fair Value  Beginning  of Period		Net  Realized  and Unrealized (Gains)  Losses  Included in Income		Other  Comprehensive (Income) Loss		Purchases,  Sales,  Issuances  and  Settlements, Net		Gross Transfers  in		Gross  Transfers  out		Other		Fair Value  End of Period		Changes in  Unrealized Gains  (Losses)  Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in  Other Comprehensive Income (Loss) for Recurring  Level 3 Instruments  Held at  End of Period
Liabilities:
Policyholder contract deposits	$	8,550	$	272	$	—	$	214	$	—	$	—	$	—	$	9,036	$	191	$	—
Derivative liabilities, net:
Interest rate contracts	(407)		(119)		—		(27)		—		—		130		(423)		112		—
Equity contracts	(1,018)		45		—		(62)		—		—		12		(1,023)		(16)		—
Other contracts	(11)		(16)		—		14		—		—		1		(12)		15		—
Total derivative liabilities, net(b)	(1,436)		(90)		—		(75)		—		—		143		(1,458)		111		—
Fortitude Re funds withheld payable	2,211		(36)		—		(262)		—		—		—		1,913		271		—
Total(c)	$	9,325	$	146	$	—	$	(123)	$	—	$	—	$	143	$	9,491	$	573	$	—

Corebridge | Second Quarter 2024 Form 10-Q 19

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 4. Fair Value Measurements

(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 Gains (Losses) Included in  Other Comprehensive Income (Loss) for Recurring  Level 3 Instruments  Held at  End of Period
Three Months Ended June 30, 2023
Assets:
Bonds available-for-sale:
Obligations of states, municipalities and political subdivisions	$	858	$	—	$	(4)	$	(1)	$	—	$	—	$	—	$	853	$	—	$	(13)
Corporate debt	1,704		10		(2)		(41)		44		(412)		—		1,303		—		1
RMBS	5,687		75		133		(174)		32		—		—		5,753		—		131
CMBS	718		(7)		(37)		(40)		—		(129)		—		505		—		(46)
CLO	1,834		(54)		44		(66)		11		(62)		1		1,708		—		—
ABS	10,707		53		(103)		436		38		(4)		—		11,127		—		(118)
Total bonds available-for-sale	21,508		77		31		114		125		(607)		1		21,249		—		(45)
Other bond securities:
Obligations of states, municipalities and political subdivisions	1		—		—		2		—		—		—		3		—		—
Corporate debt	130		1		—		(20)		—		(1)		—		110		3		—
RMBS	114		2		—		(4)		—		—		—		112		1		—
CMBS	27		(1)		—		—		—		—		—		26		(1)		—
CLO	71		—		—		(47)		38		(37)		—		25		1		—
ABS	781		(6)		—		124		—		(35)		—		864		(13)		—
Total other bond securities	1,124		(4)		—		55		38		(73)		—		1,140		(9)		—
Equity securities	50		—		—		1		—		(7)		—		44		—		—
Other invested assets	1,852		(19)		2		79		—		—		—		1,914		(21)		—
Total(a)	$	24,534	$	54	$	33	$	249	$	163	$	(687)	$	1	$	24,347	$	(30)	$	(45)
(in millions)	Fair Value  Beginning  of Period		Net  Realized  and Unrealized (Gains)  Losses  Included in Income		Other  Comprehensive (Income) Loss		Purchases,  Sales,  Issuances  and  Settlements, Net		Gross Transfers  in		Gross  Transfers  out		Other		Fair Value  End of Period		Changes in  Unrealized Gains  (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in  Other Comprehensive Income (Loss) for Recurring  Level 3 Instruments  Held at  End of Period
Liabilities:
Policyholder contract deposits	$	6,064	$	429	$	—	$	320	$	—	$	—	$	—	$	6,813	$	(308)	$	—
Derivative liabilities, net:
Interest rate contracts	(344)		37		—		(21)		—		—		—		(328)		(23)		—
Equity contracts	(497)		7		—		(149)		—		—		—		(639)		5		—
Other contracts	(14)		(16)		—		15		—		—		—		(15)		16		—
Total derivative liabilities, net(b)	(855)		28		—		(155)		—		—		—		(982)		(2)		—
Fortitude Re funds withheld payable	1,774		(122)		—		(192)		—		—		—		1,460		213		—
Debt of consolidated investment entities	6		1		—		(7)		—		—		—		—		—		—
Total(c)	$	6,989	$	336	$	—	$	(34)	$	—	$	—	$	—	$	7,291	$	(97)	$	—

Corebridge | Second Quarter 2024 Form 10-Q 20

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 4. Fair Value Measurements

(in millions)	Fair Value  Beginning  of Year		Net  Realized  and Unrealized Gains  (Losses)  Included in Income		Other  Comprehensive Income (Loss)		Purchases,  Sales,  Issuances  and  Settlements, Net		Gross Transfers  In		Gross  Transfers  Out		Other		Fair Value  End of Period		Changes in  Unrealized Gains  (Losses)  Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in  Other Comprehensive Income (Loss) for Recurring  Level 3 Instruments  Held at  End of Period
Six Months Ended June 30, 2024
Assets:
Bonds available-for-sale:
Obligations of states, municipalities and political subdivisions	$	844	$	—	$	(47)	$	(1)	$	—	$	—	$	—	$	796	$	—	$	(49)
Corporate debt	1,357		1		3		(70)		427		(325)		—		1,393		—		(44)
RMBS	5,854		142		(24)		612		21		(150)		(2)		6,453		—		(30)
CMBS	608		(2)		49		(127)		127		(126)		—		529		—		13
CLO	1,843		(3)		59		78		32		(237)		—		1,772		—		56
ABS	12,906		190		163		2,589		839		(332)		—		16,355		—		147
Total bonds available-for-sale	23,412		328		203		3,081		1,446		(1,170)		(2)		27,298		—		93
Other bond securities:
Obligations of states, municipalities and political subdivisions	1		—		—		—		—		—		—		1		—		—
Corporate debt	167		16		—		10		2		—		—		195		16		—
RMBS	107		2		—		(6)		—		—		—		103		1		—
CMBS	17		—		—		—		—		—		—		17		—		—
CLO	69		—		—		(7)		—		(1)		—		61		1		—
ABS	962		34		—		181		20		(4)		—		1,193		15		—
Total other bond securities	1,323		52		—		178		22		(5)		—		1,570		33		—
Equity securities	42		1		—		5		—		—		—		48		—		—
Other invested assets	1,850		(82)		(11)		(42)		—		(44)		(16)		1,655		(87)		—
Total(a)	$	26,627	$	299	$	192	$	3,222	$	1,468	$	(1,219)	$	(18)	$	30,571	$	(54)	$	93
(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	$	724	$	—	$	370	$	—	$	—	$	—	$	9,036	$	188	$	—
Derivative liabilities, net:
Interest rate contracts	(449)		(227)		—		(80)		—		—		333		(423)		310		—
Equity contracts	(761)		(147)		—		(128)		—		—		13		(1,023)		171		—
Other contracts	(10)		(31)		—		29		—		—		—		(12)		30		—
Total derivative liabilities, net(b)	(1,220)		(405)		—		(179)		—		—		346		(1,458)		511		—
Fortitude Re funds withheld payable	2,182		(58)		—		(211)		—		—		—		1,913		466		—
Total(c)	$	8,904	$	261	$	—	$	(20)	$	—	$	—	$	346	$	9,491	$	1,165	$	—

Corebridge | Second Quarter 2024 Form 10-Q 21

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 4. Fair Value Measurements

(in millions)	Fair Value  Beginning  of Year		Net  Realized  and Unrealized Gains  (Losses)  Included in Income		Other  Comprehensive Income (Loss)		Purchases,  Sales,  Issuances  and  Settlements, Net		Gross Transfers  In		Gross  Transfers  Out		Other		Fair Value  End of Period		Changes in  Unrealized Gains  (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in  Other Comprehensive Income (Loss) for Recurring  Level 3 Instruments  Held at  End of Period
Six Months Ended June 30, 2023
Assets:
Bonds available-for-sale:
Obligations of states, municipalities and political subdivisions	$	805	$	—	$	51	$	(3)	$	—	$	—	$	—	$	853	$	—	$	27
Corporate debt	1,968		(92)		42		(27)		211		(783)		(16)		1,303		—		54
RMBS	5,670		156		93		(182)		32		(16)		—		5,753		—		65
CMBS	718		—		(41)		(40)		24		(156)		—		505		—		(71)
CLO	1,670		(45)		26		(45)		65		(154)		191		1,708		—		(47)
ABS	9,595		95		166		1,240		38		(7)		—		11,127		—		137
Total bonds available-for-sale	20,426		114		337		943		370		(1,116)		175		21,249		—		165
Other bond securities:
Obligations of states, municipalities and political subdivisions	—		—		—		3		—		—		—		3		—		—
Corporate debt	417		1		—		(116)		—		(192)		—		110		2		—
RMBS	107		6		—		(1)		—		—		—		112		3		—
CMBS	28		(2)		—		—		—		—		—		26		(2)		—
CLO	11		9		—		(46)		39		(42)		54		25		1		—
ABS	741		20		—		138		—		(35)		—		864		5		—
Total other bond securities	1,304		34		—		(22)		39		(269)		54		1,140		9		—
Equity securities	26		—		—		25		—		(7)		—		44		—		—
Other invested assets	1,832		(63)		7		138		—		—		—		1,914		(63)		—
Total(a)	$	23,588	$	85	$	344	$	1,084	$	409	$	(1,392)	$	229	$	24,347	$	(54)	$	165
(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	$	810	$	—	$	636	$	—	$	—	$	—	$	6,813	$	(676)	$	—
Derivative liabilities, net:
Interest rate contracts	(303)		115		—		(140)		—		—		—		(328)		(52)		—
Equity contracts	(267)		(200)		—		(315)		—		—		143		(639)		189		—
Other contracts	(14)		(32)		—		31		—		—		—		(15)		32		—
Total derivative liabilities, net(b)	(584)		(117)		—		(424)		—		—		143		(982)		169		—
Fortitude Re funds withheld payable	1,262		903		—		(705)		—		—		—		1,460		(420)		—
Debt of consolidated investment entities	6		1		—		(7)		—		—		—		—		—		—
Total(c)	$	6,051	$	1,597	$	—	$	(500)	$	—	$	—	$	143	$	7,291	$	(927)	$	—

(a)Excludes MRB assets of $1.2 billion at June 30, 2024 and $954 million at June 30, 2023. Refer to Note 14 for additional information.

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

(c)Excludes MRB liabilities of $5.1 billion at June 30, 2024 and $5.0 billion at June 30, 2023. Refer to Note 14 for additional information.

Corebridge | Second Quarter 2024 Form 10-Q 22

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 4. Fair Value Measurements

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 (Loss)		Net Realized and Unrealized Gains (Losses)		Change in the Fair Value of Market Risk Benefits, net(a)		Total
Three Months Ended June 30, 2024
Assets:
Bonds available-for-sale	$	—	$	200	$	(6)	$	—	$	194
Other bond securities	—		26		—		—		26
Equity securities	—		(2)		—		—		(2)
Other invested assets	—		(6)		4		—		(2)
Three Months Ended June 30, 2023
Assets:
Bonds available-for-sale	$	—	$	118	$	(41)	$	—	$	77
Other bond securities	—		(4)		—		—		(4)
Equity securities	—		—		—		—		—
Other invested assets	—		(21)		2		—		(19)
Six Months Ended June 30, 2024
Assets:
Bonds available-for-sale	$	—	$	359	$	(31)	$	—	$	328
Other bond securities	—		52		—		—		52
Equity securities	—		1		—		—		1
Other invested assets	—		(84)		2		—		(82)
Six Months Ended June 30, 2023
Assets:
Bonds available-for-sale	$	—	$	150	$	(36)	$	—	$	114
Other bond securities	—		34		—		—		34
Equity securities	—		—		—		—		—
Other invested assets	—		(64)		1		—		(63)
Three Months Ended June 30, 2024
Liabilities:
Policyholder contract deposits(b)	$	—	$	—	$	(272)	$	—	$	(272)
Derivative liabilities, net	14		—		76		—		90
Fortitude Re funds withheld payable	—		—		36		—		36
Market risk benefit liabilities, net(c)	—		—		2		129		131
Three Months Ended June 30, 2023
Liabilities:
Policyholder contract deposits(b)	$	—	$	—	$	(429)	$	—	$	(429)
Derivative liabilities, net	15		—		3		(46)		(28)
Fortitude Re funds withheld payable	—		—		122		—		122
Market risk benefit liabilities, net(c)	—		—		3		884		887
Debt of consolidated investment entities	—		(1)		—		—		(1)
Six Months Ended June 30, 2024
Liabilities:
Policyholder contract deposits(b)	$	—	$	—	$	(724)	$	—	$	(724)
Derivative liabilities, net	29		—		439		(63)		405
Fortitude Re funds withheld payable	—		—		58		—		58
Market risk benefit liabilities, net(c)	—		—		4		1,198		1,202
Six Months Ended June 30, 2023
Liabilities:
Policyholder contract deposits(b)	$	—	$	—	$	(810)	$	—	$	(810)
Derivative liabilities, net	31		—		231		(145)		117
Fortitude Re funds withheld payable	—		—		(903)		—		(903)
Market risk benefit liabilities, net(c)	—		—		3		797		800
Debt of consolidated investment entities	—		(1)		—		—		(1)

(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.

Corebridge | Second Quarter 2024 Form 10-Q 23

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 4. Fair Value Measurements

The following table presents the gross components of purchases, sales, issuances and settlements, net, shown above, for the three and six months ended June 30, 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 June 30, 2024
Assets:
Bonds available-for-sale:
Obligations of states, municipalities and political subdivisions	$	—	$	—	$	—	$	—
Corporate debt	54		(8)		(125)		(79)
RMBS	465		(49)		(208)		208
CMBS	9		—		(33)		(24)
CLO	90		—		(33)		57
ABS	1,987		(50)		(619)		1,318
Total bonds available-for-sale	2,605		(107)		(1,018)		1,480
Other bond securities:
Obligations of states, municipalities and political subdivisions	—		—		—		—
Corporate debt	10		—		—		10
RMBS	—		—		(3)		(3)
CMBS	—		—		—		—
CLO	8		—		(16)		(8)
ABS	228		—		(19)		209
Total other bond securities	246		—		(38)		208
Equity securities	7		(2)		—		5
Other invested assets	27		—		(39)		(12)
Total assets*	$	2,885	$	(109)	$	(1,095)	$	1,681
Liabilities:
Policyholder contract deposits	$	—	$	392	$	(178)	$	214
Derivative liabilities, net	1		—		(76)		(75)
Fortitude Re funds withheld payable	—		—		(262)		(262)
Total liabilities	$	1	$	392	$	(516)	$	(123)
Three Months Ended June 30, 2023
Assets:
Bonds available-for-sale:
Obligations of states, municipalities and political subdivisions	$	—	$	—	$	(1)	$	(1)
Corporate debt	2		—		(43)		(41)
RMBS	64		(42)		(196)		(174)
CMBS	—		(21)		(19)		(40)
CLO	72		—		(138)		(66)
ABS	345		—		91		436
Total bonds available-for-sale	483		(63)		(306)		114
Other bond securities:
Obligations of states, municipalities and political subdivisions	2		—		—		2
Corporate debt	67		—		(87)		(20)
RMBS	—		—		(4)		(4)
CMBS	—		—		—		—
CLO	—		—		(47)		(47)
ABS	81		—		43		124
Total other bond securities	150		—		(95)		55
Equity securities	1		—		—		1
Other invested assets	81		—		(2)		79
Total assets*	$	715	$	(63)	$	(403)	$	249

Corebridge | Second Quarter 2024 Form 10-Q 24

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 4. Fair Value Measurements

(in millions)	Purchases		Sales		Issuances and Settlements		Purchases, Sales, Issuances and Settlements, Net
Liabilities:
Policyholder contract deposits	$	—	$	402	$	(82)	$	320
Derivative liabilities, net	(100)		—		(55)		(155)
Fortitude Re funds withheld payable	—		—		(192)		(192)
Debt of consolidated investment entities	—		—		(7)		(7)
Total liabilities	$	(100)	$	402	$	(336)	$	(34)
Six Months Ended June 30, 2024
Assets:
Bonds available-for-sale:
Obligations of states, municipalities and political subdivisions	$	—	$	—	$	(1)	$	(1)
Corporate debt	69		(8)		(131)		(70)
RMBS	1,039		(49)		(378)		612
CMBS	9		(30)		(106)		(127)
CLO	220		(2)		(140)		78
ABS	3,691		(103)		(999)		2,589
Total bonds available-for-sale	5,028		(192)		(1,755)		3,081
Other bond securities:
Obligations of states, municipalities and political subdivisions	—		—		—		—
Corporate debt	10		—		—		10
RMBS	—		—		(6)		(6)
CMBS	—		—		—		—
CLO	9		—		(16)		(7)
ABS	257		—		(76)		181
Total other bond securities	276		—		(98)		178
Equity securities	7		(2)		—		5
Other invested assets	89		—		(131)		(42)
Total assets*	$	5,400	$	(194)	$	(1,984)	$	3,222
Liabilities:
Policyholder contract deposits	$	—	$	724	$	(354)	$	370
Derivative liabilities, net	—		—		(179)		(179)
Fortitude Re funds withheld payable	—		—		(211)		(211)
Total liabilities	$	—	$	724	$	(744)	$	(20)

Corebridge | Second Quarter 2024 Form 10-Q 25

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 4. Fair Value Measurements

(in millions)	Purchases		Sales		Issuances and Settlements		Purchases, Sales, Issuances and Settlements, Net
Six Months Ended June 30, 2023
Assets:
Bonds available-for-sale:
Obligations of states, municipalities and political subdivisions	$	—	$	—	$	(3)	$	(3)
Corporate debt	30		—		(57)		(27)
RMBS	231		(42)		(371)		(182)
CMBS	9		(27)		(22)		(40)
CLO	82		—		(127)		(45)
ABS	1,203		—		37		1,240
Total bonds available-for-sale	1,555		(69)		(543)		943
Other bond securities:
Obligations of states, municipalities and political subdivisions	3		—		—		3
Corporate debt	67		—		(183)		(116)
RMBS	6		—		(7)		(1)
CMBS	—		—		—		—
CLO	1		—		(47)		(46)
ABS	113		—		25		138
Total other bond securities	190		—		(212)		(22)
Equity securities	25		—		—		25
Other invested assets	151		—		(13)		138
Total assets*	$	1,921	$	(69)	$	(768)	$	1,084
Liabilities:
Policyholder contract deposits	$	—	$	728	$	(92)	$	636
Derivative liabilities, net	(201)		—		(223)		(424)
Fortitude Re funds withheld payable	—		—		(705)		(705)
Debt of consolidated investment entities	—		—		(7)		(7)
Total liabilities	$	(201)	$	728	$	(1,027)	$	(500)

*There were no issuances during the three and six months ended June 30, 2024 and 2023 for invested assets.

Both observable and unobservable inputs may be used to determine the fair values of positions classified in Level 3 in the tables above. As a result, the unrealized gains (losses) on instruments held at June 30, 2024 and 2023 may include changes in fair value that were attributable to both observable (e.g., changes in market interest rates) and unobservable inputs (e.g., changes in unobservable long-dated volatilities).

Transfers of Level 3 Assets and Liabilities

We record transfers of assets and liabilities into or out of Level 3 at their fair values as of the end of each reporting period, consistent with the date of the determination of fair value. The Net realized and unrealized gains (losses) included in net income (loss) or OCI as shown in the table above excludes $3 million and $0 million of net gains (losses) related to assets transferred into Level 3 during the three months ended June 30, 2024 and 2023, respectively, and $(5) million and $7 million of net gains (losses) related to assets transferred into Level 3 during the six months ended June 30, 2024 and 2023, respectively, and includes $9 million and $(1) million of net gains (losses) related to assets transferred out of Level 3 during the three months ended June 30, 2024 and 2023, respectively, and $13 million and $10 million of net gains (losses) related to assets transferred out of Level 3 during the six months ended June 30, 2024 and 2023, respectively.

Transfers of Level 3 Assets

During the three and six months ended June 30, 2024 and 2023, transfers into Level 3 assets primarily included certain investments in private placement corporate debt, commercial mortgage backed securities (“CMBS”), collateralized loan obligations (“CLO”) and asset-backed securities (“ABS”). Transfers of private placement corporate debt and certain ABS into Level 3 assets were primarily the result of limited market pricing information that required us to determine fair value for these securities based on inputs that are adjusted to better reflect our own assumptions regarding the characteristics of a specific security or associated market liquidity. The transfers of investments in CMBS, CLO and certain ABS into Level 3 assets were due to diminished market transparency and liquidity for individual security types.

Corebridge | Second Quarter 2024 Form 10-Q 26

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 4. Fair Value Measurements

During the three and six months ended June 30, 2024 and 2023, transfers out of Level 3 assets primarily included private placement and other corporate debt, CMBS, RMBS, CLO, ABS and certain investments in municipal securities. Transfers of certain investments in municipal securities, corporate debt, RMBS, CMBS and CLO and ABS out of Level 3 assets were based on consideration of market liquidity as well as related transparency of pricing and associated observable inputs for these investments. Transfers of certain investments in private placement corporate debt and certain ABS out of Level 3 assets were primarily the result of using observable pricing information that reflects the fair value of those securities without the need for adjustment based on our own assumptions regarding the characteristics of a specific security or the current liquidity in the market.

Transfers of Level 3 Liabilities

There were no significant transfers of derivative or other liabilities into or out of Level 3 for the three and six months ended June 30, 2024 and 2023.

QUANTITATIVE INFORMATION ABOUT LEVEL 3 FAIR VALUE MEASUREMENTS

The table below presents information about the significant unobservable inputs used for recurring fair value measurements for certain Level 3 instruments, and includes only those instruments for which information about the inputs is reasonably available to us, such as data from independent third-party valuation service providers 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 June 30, 2024		Valuation Technique	Unobservable Input(a)	Range (Weighted Average)(b)
Assets:
Obligations of states, municipalities and political subdivisions	$	773	Discounted cash flow	Yield	5.27% - 5.70% (5.49%)
Corporate debt	$	1,468	Discounted cash flow	Yield	5.63% - 8.49% (7.06%)
RMBS(c)	$	3,156	Discounted cash flow	Prepayment Speed	4.43% - 10.26% (7.34%)
				Default Rate	0.72% - 2.51% (1.61%)
				Yield	6.24% - 7.49% (6.86%)
				Loss Severity	42.30% - 78.37% (60.33%)
CLO(c)	$	1,705	Discounted cash flow	Yield	6.61% - 7.75% (7.18%)
ABS(c)	$	14,401	Discounted cash flow	Yield	5.67% - 7.68% (6.68%)
CMBS	$	522	Discounted cash flow	Yield	5.38% - 16.30% (10.83%)
Market risk benefit assets	$	1,187	Discounted cash flow	Equity volatility	6.25% - 49.35%
				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)	0.09% - 2.49%
Liabilities(d):
Market risk benefit liabilities
Variable annuities guaranteed benefits	$	1,582	Discounted cash flow	Equity volatility	6.25% - 49.35%
				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)	0.09% - 2.49%
Fixed annuities guaranteed benefits	$	1,182	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)	0.09% - 2.49%

Corebridge | Second Quarter 2024 Form 10-Q 27

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 4. Fair Value Measurements

(in millions)	Fair Value at June 30, 2024		Valuation Technique	Unobservable Input(a)	Range (Weighted Average)(b)
Fixed index annuities guaranteed benefits	$	2,360	Discounted cash flow	Equity volatility	6.25% - 49.35%
				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)	0.09% - 2.49%
Embedded derivatives within Policyholder contract deposits:
Index credits on fixed index annuities(i)	$	8,033	Discounted cash flow	Equity volatility	6.25% - 49.35%
				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)	0.09% - 2.49%
Index universal life	$	1,003	Discounted cash flow	Base lapse rate	0.00% - 37.97%
				Mortality rates	0.00% - 100.00%
				Equity Volatility	5.85% - 19.69%
				NPA(h)	0.09% - 2.49%

(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%

Corebridge | Second Quarter 2024 Form 10-Q 28

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 4. Fair Value Measurements

(in millions)	Fair Value at December 31, 2023		Valuation Technique	Unobservable Input(a)	Range (Weighted Average)(b)
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%
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 7, 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 $1.8 billion and $1.5 billion at June 30, 2024 and December 31, 2023, respectively.

The ranges of reported inputs for obligations of states, municipalities and political subdivisions, corporate debt, RMBS, CLO/ABS and CMBS valued using a discounted cash flow technique consist of one standard deviation in either direction from the value-weighted average. The preceding table does not give effect to our risk management practices that might offset risks inherent in these Level 3 assets and liabilities.

Corebridge | Second Quarter 2024 Form 10-Q 29

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 4. Fair Value Measurements

Interrelationships Between Unobservable Inputs

We consider unobservable inputs to be those for which market data is not available and that are developed using the best information available to us about the assumptions that market participants would use when pricing the asset or liability. Relevant inputs vary depending on the nature of the instrument being measured at fair value. The following paragraphs provide a general description of significant unobservable inputs along with interrelationships between and among the significant unobservable inputs and their impact on the fair value measurements. In practice, simultaneous changes in assumptions may not always have a linear effect on the inputs discussed below. Interrelationships may also exist between observable and unobservable inputs. Such relationships have not been included in the discussion below. For each of the individual relationships described below, the inverse relationship would also generally apply.

Fixed Maturity Securities

The significant unobservable input used in the fair value measurement of fixed maturity securities is yield. The yield is affected by the market movements in credit spreads and U.S. Treasury yields. The yield may be affected by other factors, including constant prepayment rates, loss severity and constant default rates. In general, increases in the yield would decrease the fair value of investments, and conversely, decreases in the yield would increase the fair value of investments.

MRBs and Embedded Derivatives within Policyholder Contract Deposits

For MRBs and embedded derivatives, the assumptions for unobservable inputs vary throughout the period over which cash flows are projected for valuation purposes. The following are applicable unobservable inputs:

•Long-term equity volatilities represent equity volatility beyond the period for which observable equity volatilities are available. Increases in assumed volatility will generally increase the fair value of both the projected cash flows from rider fees as well as the projected cash flows related to benefit payments. Therefore, the net change in the fair value of the liability may be either a decrease or an increase, depending on the relative changes in projected rider fees and projected benefit payments.

•Equity and interest rate correlation estimates the relationship between changes in equity returns and interest rates in the economic scenario generator used to value our MRBs. In general, a higher positive correlation assumes that equity markets and interest rates move in a more correlated fashion, which generally increases the fair value of the liability. Only our fixed index annuities with a GMWB rider are subject to the equity and interest correlation assumption. Other policies such as accumulation fixed index annuity and life products do not use a correlation assumption.

•Base lapse rate assumptions are determined by company experience and judgment and are adjusted at the contract level using a dynamic lapse function, which reduces the base lapse rate when the contract is in-the-money (when the contract holder’s guaranteed value, as estimated by the company, is worth more than their underlying account value). Lapse rates are also generally assumed to be lower in periods when a surrender charge applies. Increases in assumed lapse rates will generally decrease the fair value of the liability as fewer policyholders would persist to collect guaranteed benefit amounts.

•Mortality rate assumptions, which vary by age and gender, are based on company experience and include a mortality improvement assumption. Increases in assumed mortality rates will decrease the fair value of the GMWB liability, while lower mortality rate assumptions will generally increase the fair value of the liability because guaranteed withdrawal payments will be made for a longer period of time and generally exceed any decrease in guaranteed death benefits.

•Utilization assumptions estimate the timing when policyholders with a GMWB will elect to utilize their benefit and begin taking withdrawals. The assumptions may vary by the type of guarantee, tax-qualified status, the contract’s withdrawal history and the age of the policyholder. Utilization assumptions are based on company experience, which includes partial withdrawal behavior. Increases in assumed utilization rates will generally increase the fair value of the liability.

•Non-performance or “own credit” risk adjustment used in the valuation of MRBs and embedded derivatives, which reflects a market participant’s view of our claims-paying ability by incorporating a different spread (the “NPA spread”) to the curve used to discount projected benefit cash flows. When corporate credit spreads widen, the change in the NPA spread generally reduces the fair value of the MRBs and embedded derivatives, resulting in a gain in Accumulated other comprehensive income (“AOCI”) or Net realized gains (losses), respectively, and when corporate credit spreads narrow or tighten, the change in the NPA spread generally increases the fair value of the MRBs and embedded derivatives, resulting in a loss in AOCI or Net realized gains (losses), respectively.

•The projected cash flows incorporate best estimate assumptions for policyholder behavior (including mortality, lapses, withdrawals and benefit utilization), along with an explicit risk margin to reflect a market participant’s estimates of the fair value of projected cash flows and policyholder behavior. Estimates of future policyholder behavior assumptions are subjective and based primarily on our historical experience.

Corebridge | Second Quarter 2024 Form 10-Q 30

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 4. Fair Value Measurements

•For embedded derivatives, option budgets estimate the expected long-term cost of options used to hedge exposures associated with index price changes. The level of option budgets determines future costs of the options, which impacts the growth in account value and the valuation of embedded derivatives.

Embedded Derivatives within Reinsurance Contracts

The fair value of embedded derivatives associated with funds withheld reinsurance contracts is determined based upon a total return swap technique with reference to the fair value of the investments held by Corebridge related to Corebridge’s funds withheld payable. The fair value of the underlying assets is generally based on market observable inputs using industry standard valuation techniques. The valuation also requires certain significant inputs, which are generally not observable, and accordingly, the valuation is considered Level 3 in the fair value hierarchy.

INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING NET ASSET VALUE PER SHARE

The following table includes information related to our investments in certain other invested assets, including private equity funds, hedge funds and other alternative investments that calculate net asset value per share (or its equivalent). For these investments, which are measured at fair value on a recurring basis, we use the net asset value per share to measure fair value:

		June 30, 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	$	2,595	$	1,721	$	2,445	$	1,755
Real estate	Investments in real estate properties and infrastructure positions, including power plants and other energy generating facilities	1,020		564		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	199		82		203		91
Growth equity	Funds that make investments in established companies for the purpose of growing their businesses	478		103		485		109
Mezzanine	Funds that make investments in the junior debt and equity securities of leveraged companies	124		30		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	1,179		200		1,182		233
Total private equity funds		5,595		2,700		5,541		2,770
Hedge funds:
Event-driven	Securities of companies undergoing material structural changes, including mergers, acquisitions and other reorganizations	5		—		4		—
Long-short	Securities that the manager believes are undervalued, with corresponding short positions to hedge market risk	176		—		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	1		—		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	47		—		65		—
Total hedge funds		229		—		299		—
Total		$	5,824	$	2,700	$	5,840	$	2,770

Corebridge | Second Quarter 2024 Form 10-Q 31

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 4. Fair Value Measurements

Private equity fund investments included above are not redeemable, because distributions from the funds will be received when underlying investments of the funds are liquidated. Private equity funds are generally expected to have 10-year lives at their inception, but these lives may be extended at the fund manager’s discretion, typically in one-year or two-year increments.

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.

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  June 30,				Six Months Ended  June 30,
(in millions)	2024		2023		2024		2023
Assets:
Other bond securities(a)	$	91	$	14	$	175	$	129
Alternative investments(b)	58		80		109		81
Total assets	149		94		284		210
Liabilities:
Policyholder contract deposits(c)	2		3		3		2
Total liabilities	2		3		3		2
Total gain (loss)	$	151	$	97	$	287	$	212

(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 5. For additional information regarding the funds withheld arrangements with Fortitude Re, see Note 7.

(b)Includes certain hedge funds, private equity funds and other investment partnerships.

(c)Represents GICs.

We calculate the effect of these credit spread changes using discounted cash flow techniques that incorporate current market interest rates, our observable credit spreads on these liabilities and other factors that mitigate the risk of non-performance such as cash collateral posted.

FAIR VALUE MEASUREMENTS ON A NON-RECURRING BASIS

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 June 30,				Six Months Ended June 30,
(in millions)	Level 1		Level 2		Level 3		Total		2024		2023		2024		2023
June 30, 2024
Other investments	$	—	$	—	$	109	$	109	$	21	$	—	$	46	$	—
Total	$	—	$	—	$	109	$	109	$	21	$	—	$	46	$	—
December 31, 2023
Other investments	$	—	$	—	$	80	$	80
Total	$	—	$	—	$	80	$	80

In addition to the assets presented in the table above, at June 30, 2024, Corebridge had no loans held for sale which are carried at fair value, determined on an individual loan basis. There is no associated impairment charge.

Corebridge | Second Quarter 2024 Form 10-Q 32

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 4. Fair Value Measurements

FAIR VALUE INFORMATION ABOUT FINANCIAL INSTRUMENTS NOT MEASURED AT FAIR VALUE

The following table presents the carrying amounts and estimated fair values of our financial instruments not measured at fair value and indicates the level in the fair value hierarchy of the estimated fair value measurement based on the observability of the inputs used:

	Estimated Fair Value
(in millions)	Level 1		Level 2		Level 3		Total		Carrying Value
June 30, 2024
Assets:
Mortgage and other loans receivable	$	—	$	28	$	45,475	$	45,503	$	48,663
Other invested assets	—		273		—		273		273
Short-term investments	—		4,388		—		4,388		4,388
Cash	637		—		—		637		637
Other assets	13		—		—		13		13
Liabilities:
Policyholder contract deposits associated with investment-type contracts	—		78		137,768		137,846		145,933
Fortitude Re funds withheld payable	—		—		23,027		23,027		23,027
Other liabilities	—		1,567		—		1,567		1,567
Short-term debt	—		250		—		250		250
Long-term debt	—		8,599		—		8,599		9,121
Debt of consolidated investment entities	—		30		2,055		2,085		2,364
Separate account liabilities - investment contracts	—		90,162		—		90,162		90,162
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 $11 million as of December 31, 2023. See Note 4 in the 2023 Form 10-K for additional information.

(b)Excludes assets that were reclassified to Assets held-for-sale in the Condensed Consolidated Balance Sheets of $3 million as of December 31, 2023. See Note 4 in the 2023 Form 10-K for additional information.

Corebridge | Second Quarter 2024 Form 10-Q 33

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 5. Investments

5. 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)
June 30, 2024
Bonds available-for-sale:
U.S. government and government sponsored entities	$	1,664	$	—	$	7	$	(300)	$	1,371
Obligations of states, municipalities and political subdivisions	5,809		—		26		(800)		5,035
Non-U.S. governments	4,530		—		26		(800)		3,756
Corporate debt	118,159		(57)		890		(17,747)		101,245
Mortgage-backed, asset-backed and collateralized:
RMBS	16,616		(20)		568		(909)		16,255
CMBS	11,219		(18)		39		(936)		10,304
CLO	11,537		—		161		(72)		11,626
ABS	18,582		—		98		(952)		17,728
Total mortgage-backed, asset-backed and collateralized	57,954		(38)		866		(2,869)		55,913
Total bonds available-for-sale	$	188,116	$	(95)	$	1,815	$	(22,516)	$	167,320
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 subdivisions	6,466		—		58		(693)		5,831
Non-U.S. governments	4,695		(2)		43		(679)		4,057
Corporate debt	120,654		(71)		1,294		(15,795)		106,082
Mortgage-backed, asset-backed and collateralized:
RMBS	14,491		(25)		599		(788)		14,277
CMBS	11,045		(30)		22		(1,056)		9,981
CLO	11,203		—		90		(149)		11,144
ABS	14,956		—		63		(1,084)		13,935
Total mortgage-backed, asset-backed and collateralized	51,695		(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 $5 million and $43 million, and an amortized cost of $4 million and $45 million as of June 30, 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 June 30, 2024 includes mark-to-market movement (“MTM”) relating to embedded derivatives.

Corebridge | Second Quarter 2024 Form 10-Q 34

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 5. Investments

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*
June 30, 2024
Bonds available-for-sale:
U.S. government and government sponsored entities	$	224	$	12	$	689	$	288	$	913	$	300
Obligations of states, municipalities and political subdivisions	630		82		3,803		718		4,433		800
Non-U.S. governments	636		113		2,700		687		3,336		800
Corporate debt	16,144		2,531		66,557		15,177		82,701		17,708
RMBS	3,498		142		5,471		738		8,969		880
CMBS	1,209		50		6,472		878		7,681		928
CLO	1,442		31		1,479		41		2,921		72
ABS	3,008		95		8,369		857		11,377		952
Total bonds available-for-sale	$	26,791	$	3,056	$	95,540	$	19,384	$	122,331	$	22,440
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 subdivisions	1,124		110		3,676		583		4,800		693
Non-U.S. governments	470		82		2,981		592		3,451		674
Corporate debt	11,338		1,760		75,045		14,009		86,383		15,769
RMBS	2,676		174		4,855		577		7,531		751
CMBS	1,840		159		6,570		886		8,410		1,045
CLO	2,992		60		3,823		89		6,815		149
ABS	2,599		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 June 30, 2024 includes mark to market movement relating to embedded derivatives.

At June 30, 2024, we held 14,489 individual fixed maturity securities that were in an unrealized loss position and for which no allowance for credit losses has been recorded (including 11,979 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 June 30, 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
June 30, 2024
Due in one year or less	$	2,986	$	2,948
Due after one year through five years	22,942		22,280
Due after five years through ten years	23,038		21,172
Due after ten years	81,139		65,007
Mortgage-backed, asset-backed and collateralized	57,916		55,913
Total	$	188,021	$	167,320

Corebridge | Second Quarter 2024 Form 10-Q 35

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 5. Investments

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  June 30,								Six Months Ended  June 30,
	2024				2023				2024				2023
(in millions)	Gross Realized Gains		Gross Realized Losses		Gross Realized Gains		Gross Realized Losses		Gross Realized Gains		Gross Realized Losses		Gross Realized Gains		Gross Realized Losses
Fixed maturity securities	$	12	$	(554)	$	38	$	(279)	$	15	$	(899)	$	84	$	(418)

For the three and six months ended June 30, 2024, the aggregate fair value of available-for-sale securities sold was $2.5 billion and $5.0 billion, respectively, which resulted in Net realized gains (losses) of $(542) million and $(884) million, respectively. Included within the Net realized gains (losses) are $(49) million and $(71) million of realized gains (losses) for the three and six months ended June 30, 2024, respectively, 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.    

For the three and six months ended June 30, 2023, the aggregate fair value of available-for-sale securities sold was $3.0 billion and $5.7 billion, respectively, which resulted in Net realized gains (losses) of $(241) million and $(334) million, respectively. Included within the Net realized gains (losses) are $(46) million and $(63) million of Net realized gains (losses) for the three and six months ended June 30, 2023, respectively, 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:

	June 30, 2024				December 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. governments	27		1		13		—
Corporate debt	2,833		55		2,653		57
Mortgage-backed, asset-backed and collateralized:
RMBS	163		3		170		4
CMBS	238		5		228		5
CLO	464		9		423		9
ABS	1,279		25		1,051		23
Total mortgage-backed, asset-backed and collateralized	2,144		42		1,872		41
Total fixed maturity securities	5,043		99		4,578		99
Equity securities	73		1		63		1
Total	$	5,116	100	%	$	4,641	100	%

Corebridge | Second Quarter 2024 Form 10-Q 36

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 5. Investments

OTHER INVESTED ASSETS

The following table summarizes the carrying amounts of other invested assets:

(in millions)	June 30, 2024		December 31, 2023
Alternative investments(a)(b)	$	7,532	$	7,690
Investment real estate(c)	1,830		1,932
All other investments(d)	595		635
Total	$	9,957	$	10,257

(a)At June 30, 2024, included hedge funds of $229 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 $652 million and $680 million as of June 30, 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 June 30, 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 June 30, 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:

	2024						2023
(in millions)	Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets		Total		Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets		Total
Three Months Ended June 30,
Available-for-sale fixed maturity securities, including short-term investments	$	2,174	$	183	$	2,357	$	1,905	$	208	$	2,113
Other fixed maturity securities	13		78		91		8		6		14
Equity securities	(7)		—		(7)		3		—		3
Interest on mortgage and other loans	592		48		640		564		49		613
Alternative investments*	52		26		78		80		13		93
Real estate	10		(1)		9		15		—		15
Other investments	15		—		15		8		—		8
Total investment income	2,849		334		3,183		2,583		276		2,859
Investment expenses	186		9		195		139		6		145
Net investment income	$	2,663	$	325	$	2,988	$	2,444	$	270	$	2,714
Six Months Ended June 30,
Available-for-sale fixed maturity securities, including short-term investments	$	4,358	$	378	$	4,736	$	3,801	$	425	$	4,226
Other fixed maturity securities	26		149		175		18		111		129
Equity securities	3		—		3		32		—		32
Interest on mortgage and other loans	1,172		96		1,268		1,076		99		1,175
Alternative investments*	—		59		59		79		44		123
Real estate	22		(8)		14		19		—		19
Other investments	27		—		27		11		—		11
Total investment income	5,608		674		6,282		5,036		679		5,715
Investment expenses	353		17		370		291		15		306
Net investment income	$	5,255	$	657	$	5,912	$	4,745	$	664	$	5,409

*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.

Corebridge | Second Quarter 2024 Form 10-Q 37

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 5. Investments

NET REALIZED GAINS AND LOSSES

The following table presents the components of Net realized gains (losses):

	2024						2023
(in millions)	Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets		Total		Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets		Total
Three Months Ended June 30,
Sales of fixed maturity securities	$	(493)	$	(49)	$	(542)	$	(195)	$	(46)	$	(241)
Intent to sell	—		—		—		—		—		—
Change in allowance for credit losses on fixed maturity securities	(50)		(1)		(51)		(26)		(2)		(28)
Change in allowance for credit losses on loans	(34)		(5)		(39)		(48)		(8)		(56)
Foreign exchange transactions, net of related hedges	55		(1)		54		(115)		2		(113)
Index-Linked interest credited embedded derivatives, net of related hedges	(172)		—		(172)		(141)		—		(141)
All other derivatives and hedge accounting*	18		(34)		(16)		258		(77)		181
Sales of alternative investments and real estate investments	11		(3)		8		3		(1)		2
Other	(25)		—		(25)		(48)		2		(46)
Net realized gains (losses) – excluding Fortitude Re funds withheld embedded derivative	(690)		(93)		(783)		(312)		(130)		(442)
Net realized gains (losses) on Fortitude Re funds withheld embedded derivative	—		36		36		—		122		122
Net realized gains (losses)	$	(690)	$	(57)	$	(747)	$	(312)	$	(8)	$	(320)
Six Months Ended June 30,
Sales of fixed maturity securities	$	(813)	$	(71)	$	(884)	$	(271)	$	(63)	$	(334)
Intent to sell	(15)		(32)		(47)		—		—		—
Change in allowance for credit losses on fixed maturity securities	(112)		(7)		(119)		(43)		(2)		(45)
Change in allowance for credit losses on loans	(48)		(3)		(51)		(82)		(27)		(109)
Foreign exchange transactions, net of related hedges	101		—		101		(104)		9		(95)
Index-Linked interest credited embedded derivatives, net of related hedges	(82)		—		(82)		(319)		—		(319)
All other derivatives and hedge accounting*	123		(140)		(17)		94		(29)		65
Sales of alternative investments and real estate investments	31		(4)		27		8		—		8
Other	(53)		—		(53)		(48)		2		(46)
Net realized gains (losses) – excluding Fortitude Re funds withheld embedded derivative	(868)		(257)		(1,125)		(765)		(110)		(875)
Net realized gains (losses) on Fortitude Re funds withheld embedded derivative	—		58		58		—		(903)		(903)
Net realized gains (losses)	$	(868)	$	(199)	$	(1,067)	$	(765)	$	(1,013)	$	(1,778)

*Derivative activity related to hedging MRBs is recorded in Change in the fair value of MRBs, net. For additional disclosures about MRBs, see Note 14.

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  June 30,				Six Months Ended  June 30,
(in millions)	2024		2023		2024		2023
Increase (decrease) in unrealized appreciation (depreciation) of investments:
Fixed maturity securities	$	(1,222)	$	(1,783)	$	(2,309)	$	2,236
Other investments	3		11		3		12
Total increase (decrease) in unrealized appreciation (depreciation) of investments*	$	(1,219)	$	(1,772)	$	(2,306)	$	2,248

*    Excludes net unrealized gains and losses attributable to business Held-for-sale at December 31 2023.

Corebridge | Second Quarter 2024 Form 10-Q 38

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 5. Investments

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:

	2024						2023
(in millions)	Equities		Other Invested Assets		Total		Equities		Other Invested Assets		Total
Three Months Ended June 30,
Net gains (losses) recognized during the period on equity securities and other investments	$	(7)	$	83	$	76	$	4	$	123	$	127
Less: Net gains (losses) recognized during the period on equity securities and other investments sold during the period	(2)		2		—		—		8		8
Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date	$	(5)	$	81	$	76	$	4	$	115	$	119
Six Months Ended June 30,
Net gains (losses) recognized during the period on equity securities and other investments	$	3	$	153	$	156	$	33	$	154	$	187
Less: Net gains (losses) recognized during the period on equity securities and other investments sold during the period	16		4		20		33		9		42
Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date	$	(13)	$	149	$	136	$	—	$	145	$	145

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:

	2024						2023
(in millions)	Structured		Non-Structured		Total		Structured		Non-Structured		Total
Three Months Ended June 30,
Balance, beginning of period	$	36	$	61	$	97	$	27	$	69	$	96
Additions:
Securities for which allowance for credit losses were not previously recorded	1		14		15		13		16		29
Reductions:
Securities sold during the period	—		(2)		(2)		1		(10)		(9)
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	24		12		36		(1)		—		(1)
Write-offs charged against the allowance	(24)		(28)		(52)		—		(25)		(25)
Other	1		—		1		—		—		—
Balance, end of period	$	38	$	57	$	95	$	40	$	50	$	90
Six Months Ended June 30,
Balance, beginning of year	$	55	$	73	$	128	$	27	$	121	$	148
Additions:
Securities for which allowance for credit losses were not previously recorded	14		31		45		15		28		43
Reductions:
Securities sold during the period	(15)		(11)		(26)		(1)		(27)		(28)
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	46		28		74		(1)		3		2
Write-offs charged against the allowance	(63)		(65)		(128)		—		(75)		(75)
Other	1		1		2		—		—		—
Balance, end of period	$	38	$	57	$	95	$	40	$	50	$	90

Corebridge | Second Quarter 2024 Form 10-Q 39

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 5. Investments

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 six months ended June 30, 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)	June 30, 2024		December 31, 2023
Fixed maturity securities available-for-sale	$	1,590	$	2,655

At June 30, 2024 and December 31, 2023, amounts borrowed under repurchase agreements totaled $1.6 billion and $2.5 billion, respectively.

Corebridge | Second Quarter 2024 Form 10-Q 40

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 5. Investments

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 Continuous		Up to 30 Days		31 - 90 Days		91 - 364 Days		365 Days or Greater		Total
June 30, 2024
Bonds available-for-sale:
Non-U.S. governments	$	—	$	50	$	—	$	—	$	—	$	50
Corporate debt	24		1,516		—		—		—		1,540
Total	$	24	$	1,566	$	—	$	—	$	—	$	1,590
December 31, 2023
Bonds available-for-sale:
Non-U.S. governments	$	—	$	209	$	—	$	—	$	—	$	209
Corporate debt	38		2,408		—		—		—		2,446
Total	$	38	$	2,617	$	—	$	—	$	—	$	2,655

There were no securities lending agreements at June 30, 2024 and December 31, 2023.

There were no reverse repurchase agreements at June 30, 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 $9.8 billion and $8.1 billion at June 30, 2024 and December 31, 2023, respectively.

Other Pledges and Restrictions

Certain of our subsidiaries are members of Federal Home Loan Banks (“FHLB”) 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 June 30, 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 $4.3 billion and $3.0 billion, respectively, at June 30, 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 $49 million and $53 million at June 30, 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 $46 million and $63 million at June 30, 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 $577 million and $490 million at June 30, 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.

Corebridge | Second Quarter 2024 Form 10-Q 41

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 6. Lending Activities

6. Lending Activities

The following table presents the composition of Mortgage and other loans receivable, net:

(in millions)	June 30, 2024		December 31, 2023
Commercial mortgages(a)	$	34,686	$	34,172
Residential mortgages	9,670		8,445
Life insurance policy loans	1,747		1,746
Commercial loans, other loans and notes receivable(b)	3,318		3,202
Total mortgage and other loans receivable	49,421		47,565
Allowance for credit losses(c)	(758)		(698)
Mortgage and other loans receivable, net	$	48,663	$	46,867

(a)Commercial mortgages primarily represent loans for apartments, offices and retail properties, with exposures in New York and New Jersey representing the largest geographic concentrations (aggregating approximately 19% and 11%, respectively, at June 30, 2024, and 19% and 10%, respectively, at December 31, 2023). The weighted average loan-to-value ratio for NY and NJ was 63% and 60% at June 30, 2024, respectively, and 61% and 58% at December 31, 2023, respectively. The debt service coverage ratio for NY and NJ was 1.8X and 1.8X at June 30, 2024, respectively, and 1.9X and 1.9X at December 31, 2023, respectively.

(b)There were no loans that were held for sale which are carried at lower of cost or market as of June 30, 2024 and December 31, 2023.

(c)Does not include allowance for credit losses of $43 million and $58 million at June 30, 2024 and December 31, 2023, respectively, in relation to off-balance-sheet commitments to fund commercial mortgage loans, which is recorded in Other liabilities.

Interest income is not accrued when payment of contractual principal and interest is not expected. Any cash received on impaired loans is generally recorded as a reduction of the current carrying amount of the loan. Accrual of interest income is generally resumed when delinquent contractual principal and interest are repaid or when a portion of the delinquent contractual payments are made, and the ongoing required contractual payments have been made for an appropriate period. As of June 30, 2024, $48 million and $828 million of residential mortgage loans and commercial mortgage loans, respectively, were placed on nonaccrual status. As of December 31, 2023, $27 million and $419 million of residential mortgage loans and commercial mortgage loans, respectively, were placed on nonaccrual status.    

Accrued interest is presented separately and is included in Accrued investment income on the Condensed Consolidated Balance Sheets. As of June 30, 2024, accrued interest receivable was $36 million and $168 million associated with residential mortgage loans and commercial mortgage loans, respectively. As of December 31, 2023, accrued interest receivable was $20 million and $162 million associated with residential mortgage loans and commercial mortgage loans, respectively.

A significant majority of commercial mortgages in the portfolio are non-recourse loans and, accordingly, the only guarantees are for specific items that are exceptions to the non-recourse provisions. It is therefore extremely rare for us to have cause to enforce the provisions of a guarantee on a commercial real estate or mortgage loan.

Nonperforming loans are generally those loans where payment of contractual principal or interest is more than 90 days past due. Nonperforming loans were not significant for all periods presented.

CREDIT QUALITY OF COMMERCIAL MORTGAGES

The following table presents debt service coverage ratios for commercial mortgages by year of vintage*:

June 30, 2024
(in millions)	2024		2023		2022		2021		2020		Prior		Total
>1.2X	$	916	$	2,160	$	6,236	$	2,127	$	1,270	$	15,711	$	28,420
1.00 - 1.20X	230		325		1,099		1,019		312		2,411		5,396
<1.00X	—		—		39		—		—		831		870
Total commercial mortgages	$	1,146	$	2,485	$	7,374	$	3,146	$	1,582	$	18,953	$	34,686
December 31, 2023
(in millions)	2023		2022		2021		2020		2019		Prior		Total
>1.2X	$	2,156	$	6,042	$	1,955	$	1,252	$	4,813	$	11,675	$	27,893
1.00 - 1.20X	291		1,077		1,320		312		156		2,334		5,490
<1.00X	—		40		—		—		—		749		789
Total commercial mortgages	$	2,447	$	7,159	$	3,275	$	1,564	$	4,969	$	14,758	$	34,172

*The debt service coverage ratio compares a property’s net operating income to its debt service payments, including principal and interest. Our weighted average debt service coverage ratio was 1.9X at both periods ended June 30, 2024 and December 31, 2023. The debt service coverage ratios are updated when additional relevant information becomes available.

Corebridge | Second Quarter 2024 Form 10-Q 42

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 6. Lending Activities

The following table presents loan-to-value ratios for commercial mortgages by year of vintage*:

June 30, 2024
(in millions)	2024		2023		2022		2021		2020		Prior		Total
Less than 65%	$	1,075	$	2,099	$	4,878	$	2,285	$	1,140	$	12,132	$	23,609
65% to 75%	71		386		1,915		642		285		4,357		7,656
76% to 80%	—		—		—		47		—		724		771
Greater than 80%	—		—		581		172		157		1,740		2,650
Total commercial mortgages	$	1,146	$	2,485	$	7,374	$	3,146	$	1,582	$	18,953	$	34,686
December 31, 2023
(in millions)	2023		2022		2021		2020		2019		Prior		Total
Less than 65%	$	2,088	$	4,470	$	2,249	$	1,126	$	2,676	$	10,186	$	22,795
65% to 75%	280		1,748		658		287		1,916		2,853		7,742
76% to 80%	—		343		89		—		377		340		1,149
Greater than 80%	79		598		279		151		—		1,379		2,486
Total commercial mortgages	$	2,447	$	7,159	$	3,275	$	1,564	$	4,969	$	14,758	$	34,172

*The loan-to-value ratio compares the current unpaid principal balance of the loan to the estimated fair value of the underlying property collateralizing the loan. Our weighted average loan-to-value ratio was 60% at June 30, 2024 and 59% at December 31, 2023. The loan-to-value ratios have been updated within the last three months to reflect the current carrying values of the loans. We update the valuations of collateral properties by obtaining independent appraisals, generally at least once per year.

The following table presents the credit quality performance indicators for commercial mortgages:

(dollars in millions)	Number of Loans	Class														Percent  of Total
		Apartments		Offices		Retail		Industrial		Hotel		Others		Total
June 30, 2024
Credit Quality Performance Indicator:
In good standing	588	$	14,114	$	8,299	$	3,723	$	5,963	$	1,785	$	431	$	34,315	99%
90 days or less delinquent	1	—		112		—		—		—		—		112		—%
>90 days delinquent or in process of foreclosure(a)	3	—		79		180		—		—		—		259		1%
Total(b)	592	$	14,114	$	8,490	$	3,903	$	5,963	$	1,785	$	431	$	34,686	100%
Allowance for credit losses		$	68	$	383	$	96	$	71	$	31	$	5	$	654	2	%
December 31, 2023
Credit Quality Performance Indicator:
In good standing	600	$	13,861	$	8,468	$	3,787	$	5,908	$	1,805	$	325	$	34,154	100%
90 days or less delinquent	1	—		18		—		—		—		—		18		—%
>90 days delinquent or in process of foreclosure	—	—		—		—		—		—		—		—		—%
Total(b)	601	$	13,861	$	8,486	$	3,787	$	5,908	$	1,805	$	325	$	34,172	100%
Allowance for credit losses		$	85	$	340	$	74	$	83	$	27	$	5	$	614	2	%

(a)Includes $61 million of Offices loans and $20 million of Retail loans supporting the Fortitude Re Funds Withheld arrangements, greater than 90 days delinquent or in process of foreclosure, at June 30, 2024

(b)Does not reflect allowance for credit losses.

Corebridge | Second Quarter 2024 Form 10-Q 43

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 6. Lending Activities

The following table presents credit quality performance indicators for residential mortgages by year of vintage:

June 30, 2024
(in millions)	2024		2023		2022		2021		2020		Prior		Total
FICO*:
780 and greater	$	120	$	624	$	663	$	2,276	$	633	$	819	$	5,135
720 - 779	399		1,092		579		563		151		370		3,154
660 - 719	147		354		240		144		41		217		1,143
600 - 659	—		12		37		23		11		83		166
Less than 600	—		2		21		11		4		34		72
Total residential mortgages	$	666	$	2,084	$	1,540	$	3,017	$	840	$	1,523	$	9,670
December 31, 2023
(in millions)	2023		2022		2021		2020		2019		Prior		Total
FICO*:
780 and greater	$	514	$	528	$	2,280	$	619	$	239	$	497	$	4,677
720 - 779	1,121		608		558		168		99		209		2,763
660 - 719	313		256		113		40		37		120		879
600 - 659	2		20		11		8		9		51		101
Less than 600	—		—		2		2		4		17		25
Total residential mortgages	$	1,950	$	1,412	$	2,964	$	837	$	388	$	894	$	8,445

*Fair Isaac Corporation (“FICO”) is the credit quality indicator used to evaluate consumer credit risk for residential mortgage loan borrowers and have been updated within the last twelve months. FICO scores for residential mortgage investor loans to corporate entities are those of the guarantor at time of purchase. On June 30, 2024 and December 31, 2023 residential loans direct to consumers totaled $7.1 billion and $6.7 billion, respectively.

ALLOWANCE FOR CREDIT LOSSES

The following table presents a rollforward of the changes in the allowance for credit losses on Mortgage and other loans receivable*:

	2024						2023
(in millions)	Commercial Mortgages		Other Loans		Total		Commercial Mortgages		Other Loans		Total
Three Months Ended June 30,
Allowance, beginning of period	$	634	$	80	$	714	$	586	$	73	$	659
Loans charged off	—		—		—		(4)		—		(4)
Net charge-offs	—		—		—		(4)		—		(4)
Addition to (release of) allowance for loan losses	20		24		44		39		(5)		34
Allowance, end of period	$	654	$	104	$	758	$	621	$	68	$	689
Six Months Ended June 30,
Allowance, beginning of period	$	614	$	84	$	698	$	531	$	69	$	600
Loans charged off	—		(6)		(6)		(4)		—		(4)
Net charge-offs	—		(6)		(6)		(4)		—		(4)
Addition to (release of) allowance for loan losses	40		26		66		94		(1)		93
Allowance, end of period	$	654	$	104	$	758	$	621	$	68	$	689

*Does not include allowance for credit losses of $43 million and $74 million, respectively, at June 30, 2024 and 2023 in relation to the off-balance-sheet commitments to fund commercial mortgage loans, which is recorded in Other liabilities in the Condensed Consolidated Balance Sheets.

Our expectations and models used to estimate the allowance for losses on commercial and residential mortgage loans are regularly updated to reflect the current economic environment.

Corebridge | Second Quarter 2024 Form 10-Q 44

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 6. Lending Activities

LOAN MODIFICATIONS

The allowance for credit losses incorporates an estimate of lifetime expected credit losses and is recorded on each asset upon asset origination or acquisition. The starting point for the estimate of the allowance for credit losses is historical loss information, which includes losses from modifications of receivables to borrowers experiencing financial difficulty. We use a probability of default/loss given default model to determine the allowance for credit losses for our commercial and residential mortgage loans. An assessment of whether a borrower is experiencing financial difficulty is made on the date of a modification.

Because the effect of most modifications made to borrowers experiencing financial difficulty is already included in the allowance for credit losses utilizing the measurement methodologies used to estimate the allowance, a change to the allowance for credit losses is generally not recorded upon modification.

When modifications are executed, they often will be in the form of principal forgiveness, term extensions, interest rate reductions, or some combination of any of these concessions. When principal is forgiven, the amortized cost basis of the asset is written off against the allowance for credit losses. The amount of the principal forgiveness is deemed to be uncollectible; therefore, that portion of the loan is written off, resulting in a reduction of the amortized cost basis and a corresponding adjustment to the allowance for credit losses.

We assess whether a borrower is experiencing financial difficulty based on a variety of factors, including the borrower’s current default on any of its outstanding debt, the probability of a default on any of its debt in the foreseeable future without the modification, the insufficiency of the borrower’s forecasted cash flows to service any of its outstanding debt (including both principal and interest), and the borrower’s inability to access alternative third party financing at an interest rate that would be reflective of current market conditions for a non-troubled debtor.

During the six months ended June 30, 2024, commercial mortgage loans with an amortized cost of $11 million supporting the funds withheld arrangements with Fortitude Re and commercial loans, other loans and notes receivable with an amortized cost of $168 million (none of which were supporting the funds withheld arrangements with Fortitude Re, and $168 million of which is related to the loans previously modified in 2023) were granted term extensions. The modified loans represent less than 1% and 6%, respectively, of these portfolio segments. These modifications added less than one year to the weighted average life of loans in each of these two portfolio segments.

There were no loans that defaulted during the six months ended June 30, 2024 and 2023, that had been previously modified with borrowers experiencing financial difficulties.

Corebridge closely monitors the performance of the loans modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. All loans with borrowers with financial difficulty that have been modified in the previous 12 months are current and performing in conjunction with its modified terms.

7. Reinsurance

In the ordinary course of business, our insurance companies may use ceded reinsurance to limit potential losses, provide additional capacity for growth, minimize exposure to significant risks or to provide greater diversification of our businesses. We may also use assumed reinsurance to diversify our business. Our reinsurance is principally under yearly renewable term (“YRT”) treaties, along with a large modco treaty reinsuring the majority of our legacy business to Fortitude Re. Reinsurance premiums ceded are recognized when due, along with corresponding benefits. Amounts recoverable from reinsurers are presented as a component of Reinsurance assets.

Reinsurance assets include the balances due from reinsurance and insurance companies under the terms of our reinsurance agreements for ceded future policy benefits for life and accident and health insurance contracts and benefits paid and unpaid. We remain liable to the extent that our reinsurers do not meet their obligations under the reinsurance contracts, and as such, we regularly evaluate the financial condition of our reinsurers and monitor concentration of our credit risk. The estimation of the allowance for credit losses and disputes requires judgment for which key inputs typically include historical trends regarding uncollectible balances, disputes and credit events as well as specific reviews of balances in dispute or subject to credit impairment. Changes in the allowance for credit losses and disputes on reinsurance assets are reflected in policyholder benefits within the Consolidated Statements of Income (Loss).

Reinsurance recoverables are recognized in a manner consistent with the liabilities relating to the underlying reinsured contracts.

Corebridge | Second Quarter 2024 Form 10-Q 45

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 7. Reinsurance

FORTITUDE RE

AGL, VALIC and USL, have modco agreements with Fortitude Re, a registered Class 4 and Class E reinsurer in Bermuda.

In the modco, the investments supporting the reinsurance agreements, which consist mostly of available-for-sale securities, and which reflect the majority of the consideration that would be paid to the reinsurer for entering into the transaction, are withheld by, and therefore continue to reside on the balance sheet of, the ceding company (i.e., Corebridge), thereby creating an obligation for the ceding company to pay the reinsurer (i.e., Fortitude Re) at a later date. Additionally, as Corebridge maintains ownership of these investments, Corebridge will maintain its existing accounting for these assets (e.g., the changes in fair value of available-for-sale securities will be recognized within OCI). Corebridge has established a funds withheld payable to Fortitude Re while simultaneously establishing a reinsurance asset representing liabilities for the insurance coverage that Fortitude Re has assumed. The funds withheld payable contains an embedded derivative and changes in fair value of the embedded derivative related to the funds withheld payable are recognized in earnings through realized gains (losses). This embedded derivative is considered a total return swap with contractual returns that are attributable to various assets and liabilities associated with these reinsurance agreements.

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:

	June 30, 2024				December 31, 2023
(in millions)	Carrying Value		Fair Value		Carrying Value		Fair Value		Corresponding Accounting Policy
Fixed maturity securities - available-for-sale	$	13,896	$	13,896	$	15,204	$	15,204	Fair value through other comprehensive income
Fixed maturity securities - fair value option	4,680		4,680		4,212		4,212		Fair value through net investment income
Commercial mortgage loans	3,277		3,040		3,378		3,157		Amortized cost
Real estate investments	171		286		184		329		Amortized cost
Private equity funds/hedge funds	1,892		1,892		1,910		1,910		Fair value through net investment income
Policy loans	323		323		330		330		Amortized cost
Short-term Investments	217		217		129		129		Fair value through net investment income
Funds withheld investment assets	24,456		24,334		25,347		25,271
Derivative assets, net(a)	1		1		45		45		Fair value through realized gains (losses)
Other(b)	605		605		641		641		Amortized cost
Total	$	25,062	$	24,940	$	26,033	$	25,957

(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 $2 million and $11 million, respectively, as of June 30, 2024. 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. These derivative assets and liabilities are fully collateralized either by cash or securities.

(b)Primarily comprised of Cash and Accrued investment income.

The impact of the funds withheld arrangements with Fortitude Re was as follows:

	Three Months Ended  June 30,				Six Months Ended  June 30,
(in millions)	2024		2023		2024		2023
Net investment income - Fortitude Re funds withheld assets	$	325	$	270	$	657	$	664
Net realized losses on Fortitude Re funds withheld assets:
Net realized losses Fortitude Re funds withheld assets	(93)		(130)		(257)		(110)
Net realized gains (losses) Fortitude Re funds withheld embedded derivatives	36		122		58		(903)
Net realized losses on Fortitude Re funds withheld assets	(57)		(8)		(199)		(1,013)
Income (loss) before income tax expense (benefit)	268		262		458		(349)
Income tax expense (benefit)*	56		55		96		(73)
Net income (loss)	212		207		362		(276)
Change in unrealized appreciation (depreciation) of the invested assets supporting the Fortitude Re modco arrangement classified as available-for-sale*	(216)		(165)		(332)		286
Comprehensive income (loss)	$	(4)	$	42	$	30	$	10

*The income tax expense (benefit) and the tax impact in OCI was computed using the U.S. statutory tax rate of 21%.

Various assets supporting the Fortitude Re funds withheld arrangements are reported at amortized cost, and as such, changes in the fair value of these assets are not reflected in the financial statements. However, changes in the fair value of these assets are included in the embedded derivative in the Fortitude Re funds withheld arrangement and the appreciation (depreciation) of the assets is the primary driver of the comprehensive income (loss) reflected above.

Corebridge | Second Quarter 2024 Form 10-Q 46

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 7. Reinsurance

REINSURANCE – CREDIT LOSSES

The estimation of reinsurance recoverables involves a significant amount of judgment. Reinsurance assets include reinsurance recoverables on future policy benefits and policyholder contract deposits that are estimated as part of our insurance liability valuation process and, consequently, are subject to similar judgments and uncertainties as the estimation of gross benefit liabilities.

We assess the collectability of reinsurance recoverable balances in each reporting period, through either historical trends of disputes and credit events or financial analysis of the credit quality of the reinsurer. We record adjustments to reflect the results of these assessments through an allowance for credit losses and disputes on uncollectible reinsurance that reduces the carrying amount of reinsurance and other assets on the Condensed Consolidated Balance Sheets (collectively, the reinsurance recoverable balances). This estimate requires significant judgment for which key considerations include:

•paid and unpaid amounts recoverable;

•whether the balance is in dispute or subject to legal collection;

•the relative financial health of the reinsurer as classified by the Obligor Risk Ratings (“ORRs”) we assign to each reinsurer based upon our financial reviews; insurers that are financially troubled (i.e., in run-off, have voluntarily or involuntarily been placed in receivership, are insolvent, are in the process of liquidation or otherwise subject to formal or informal regulatory restriction) are assigned ORRs that will generate a significant allowance; and

•whether collateral and collateral arrangements exist.

An estimate of the reinsurance recoverable’s lifetime expected credit losses is established utilizing a probability of default and loss given default method, which reflects the reinsurer’s ORR. The allowance for credit losses excludes disputed amounts. An allowance for disputes is established for a reinsurance recoverable using the losses incurred model for contingencies.

The total reinsurance recoverables as of June 30, 2024 were $27.0 billion. As of that date, utilizing Corebridge’s ORRs, (i) approximately 100% of the reinsurance recoverables were investment grade, (ii) less than 1% were non-investment grade reinsurance recoverables and (iii) none of the reinsurance recoverables were related to entities that were not rated by Corebridge.

Reinsurance Recoverable Allowance

The following table presents a rollforward of the reinsurance recoverable allowance:

	Three Months Ended  June 30,				Six Months Ended  June 30,
(in millions)	2024		2023		2024		2023
Balance, beginning of period	$	18	$	74	$	30	$	84
Current period provision for expected credit losses and disputes	(6)		(8)		(8)		(18)
Write-offs charged against the allowance for credit losses and disputes	—		—		(10)		—
Balance, end of period	$	12	$	66	$	12	$	66

There were no material recoveries of credit losses previously written off for the six months ended June 30, 2024 or 2023.

Past-Due Status

We consider a reinsurance asset to be past due when it is 90 days past due and record an allowance for disputes when there is reasonable uncertainty of the collectability of a disputed amount during the reporting period. Past-due balances were not significant for any of the periods presented.

For further discussion of arbitration proceedings against us, see Note 15.

8. Variable Interest Entities

A VIE is a legal entity that does not have sufficient equity at risk to finance its activities without additional subordinated financial support or is structured such that equity investors lack the ability to make significant decisions relating to the entity’s operations through voting rights or do not substantively participate in the gains and losses of the entity. Consolidation of a VIE by its primary beneficiary is not based on majority voting interest but is based on other criteria discussed below.

We enter into various arrangements with VIEs in the normal course of business and consolidate the VIEs when we determine we are the primary beneficiary. This analysis includes a review of the VIE’s capital structure, related contractual relationships and terms, nature of the VIE’s operations and purpose, nature of the VIE’s interests issued and our involvement with the entity. When assessing the need to consolidate a VIE, we evaluate the design of the VIE as well as the related risks to which the entity was designed to expose the variable interest holders.

Corebridge | Second Quarter 2024 Form 10-Q 47

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 8. Variable Interest Entities

The primary beneficiary is the entity that has both (i) the power to direct the activities of the VIE that most significantly affect the entity’s economic performance and (ii) the obligation to absorb losses or the right to receive benefits that could be potentially significant to the VIE. While also considering these factors, the consolidation conclusion depends on the breadth of our decision-making ability and our ability to influence activities that significantly affect the economic performance of the VIE.

BALANCE SHEET CLASSIFICATION AND EXPOSURE TO LOSS

Creditors or beneficial interest holders of VIEs for which the Company is the primary beneficiary generally have recourse only to the assets and cash flows of the VIEs and do not have recourse to the Company. The following table presents the total assets and total liabilities associated with our variable interests in consolidated VIEs, as classified in the Condensed Consolidated Balance Sheets:

(in millions)	Real Estate and Investment Entities(c)		Securitization and Repackaging Vehicles		Total
June 30, 2024
Assets:
Bonds available-for-sale	$	38	$	2	$	40
Other bond securities	46		—		46
Equity securities	20		—		20
Mortgage and other loans receivable	—		1,950		1,950
Other invested assets
Alternative investments(a)	2,487		—		2,487
Investment real estate	1,288		—		1,288
Short-term investments	188		1		189
Cash	58		—		58
Accrued investment income	2		5		7
Other assets	78		1		79
Total assets(b)	$	4,205	$	1,959	$	6,164
Liabilities:
Debt of consolidated investment entities	$	903	$	1,136	$	2,039
Other liabilities	69		—		69
Total liabilities	$	972	$	1,136	$	2,108
December 31, 2023
Assets:
Bonds available-for-sale	$	36	$	76	$	112
Other bond securities	45		—		45
Equity securities	8		—		8
Mortgage and other loans receivable	—		1,941		1,941
Other invested assets
Alternative investments(a)	2,695		—		2,695
Investment real estate	1,488		—		1,488
Short-term investments	125		5		130
Cash	61		—		61
Accrued investment income	2		5		7
Other assets	93		2		95
Total assets(b)	$	4,553	$	2,029	$	6,582
Liabilities:
Debt of consolidated investment entities	$	1,117	$	1,149	$	2,266
Other liabilities	82		1		83
Total liabilities	$	1,199	$	1,150	$	2,349

(a)Composed primarily of investments in real estate joint ventures at June 30, 2024 and December 31, 2023.

(b)The assets of each VIE can be used only to settle specific obligations of that VIE.

(c)Off-balance-sheet exposure primarily consisting of commitments by insurance operations and affiliates into real estate and investment entities. At June 30, 2024 and December 31, 2023, together, the Company and AIG affiliates have commitments to internal parties of $1.3 billion and $1.8 billion and commitments to external parties of $0.4 billion and $0.4 billion, respectively. At June 30, 2024, $0.7 billion out of the internal commitments was from subsidiaries of Corebridge entities and $0.6 billion was from other AIG affiliates. At December 31, 2023, $1.2 billion out of the internal commitments was from subsidiaries of Corebridge entities, and $0.6 billion was from other AIG affiliates.

Corebridge | Second Quarter 2024 Form 10-Q 48

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 8. Variable Interest Entities

The following table presents the revenue, net income (loss) attributable to noncontrolling interests and net income (loss) attributable to Corebridge associated with our variable interests in consolidated VIEs, as classified in the Condensed Consolidated Statements of Income (Loss):

	Real Estate and		Securitization
	Investment		and Repackaging
(in millions)	Entities		Vehicles		Total
Three Months Ended June 30, 2024
Total revenue	$	6	$	19	$	25
Net (loss) attributable to noncontrolling interests	$	(24)	$	—	$	(24)
Net income attributable to Corebridge	$	11	$	9	$	20
Three Months Ended June 30, 2023
Total revenue	$	16	$	18	$	34
Net (loss) attributable to noncontrolling interests	$	(20)	$	—	$	(20)
Net income attributable to Corebridge	$	19	$	9	$	28
Six Months Ended June 30, 2024
Total revenue	$	(57)	$	35	$	(22)
Net (loss) attributable to noncontrolling interests	$	(75)	$	—	$	(75)
Net income (loss) attributable to Corebridge	$	(21)	$	18	$	(3)
Six Months Ended June 30, 2023
Total revenue	$	69	$	77	$	146
Net (loss) attributable to noncontrolling interests	$	(14)	$	—	$	(14)
Net income attributable to Corebridge	$	52	$	54	$	106

We calculate our maximum exposure to loss to be (i) the amount invested in the debt or equity of the VIE, (ii) the notional amount of VIE assets or liabilities where we have also provided credit protection to the VIE with the VIE as the referenced obligation and (iii) other commitments and guarantees to the VIE.

The following table presents total assets of unconsolidated VIEs in which we hold a variable interest, as well as our maximum exposure to loss associated with these VIEs:

			Maximum Exposure to Loss
(in millions)	Total VIE Assets			On-Balance Sheet(b)		Off-Balance Sheet (c)		Total
June 30, 2024
Real estate and investment entities(a)	$	410,042		$	5,574	$	2,839	$	8,413
Total	$	410,042		$	5,574	$	2,839	$	8,413
December 31, 2023
Real estate and investment entities(a)	$	398,978		$	5,532	$	2,870	$	8,402
Total	$	398,978		$	5,532	$	2,870	$	8,402

(a)Composed primarily of hedge funds and private equity funds.

(b)At June 30, 2024 and December 31, 2023, $5.5 billion and $5.5 billion, respectively, of our total unconsolidated VIE assets were recorded as other invested assets.

(c)These amounts represent our unfunded commitments to invest in private equity funds and hedge funds.

Additionally, from time to time, AIG designed internal securitizations and a series of VIEs, which are not consolidated by Corebridge, that securitized certain secured loans, bank loans and residential mortgage loans. The notes held by Corebridge and their related fair values are included in the available-for-sale disclosures that are reported in Notes 4 and 5. As of June 30, 2024, the total VIE assets of these securitizations are $2.8 billion, of which Corebridge’s maximum exposure to loss including unfunded commitments is $2.2 billion. As of December 31, 2023, the total VIE assets of these securitizations are $3.1 billion, of which Corebridge’s maximum exposure to loss is $2.2 billion.

Corebridge | Second Quarter 2024 Form 10-Q 49

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 9. Derivatives and Hedge Accounting

9. Derivatives and Hedge Accounting

We use derivatives and other financial instruments as part of our financial risk management programs and as part of our investment operations. Interest rate derivatives (such as interest rate futures, swaps and options), equity derivatives (such as equity futures, swaps and options) and fixed maturity securities are used to economically mitigate interest rate risk, equity risk and credit spread exposure associated with MRBs and embedded derivatives contained in insurance contract liabilities. Interest rate derivatives are used to manage interest rate risk associated with fixed maturity securities as well as other interest rate sensitive assets and liabilities. Equity derivatives are used to economically mitigate financial risk associated with embedded derivatives and MRBs in certain insurance liabilities. In addition, equity derivatives are used to economically hedge certain investments. Foreign exchange derivatives (principally foreign exchange forwards and swaps) are used to economically mitigate risk associated with foreign denominated investments, net capital exposures and foreign currency transactions. We use credit derivatives to manage our credit exposures. The derivatives are effective economic hedges of the exposures that they are meant to offset. As part of our strategy to enhance investment income, in addition to hedging activities, we also enter into derivative contracts with respect to investment operations, which may include, among other things, credit default swaps (“CDS”), total return swaps and purchases of investments with embedded derivatives, such as equity-linked notes and convertible bonds.

Interest rate, currency and equity swaps, credit contracts, swaptions, options and forward transactions are accounted for as derivatives, recorded on a trade-date basis and carried at fair value. Unrealized gains and losses are generally reflected in income, except in certain situations in which hedge accounting is applied and unrealized gains and losses are reflected in AOCI. Aggregate asset or liability positions are netted on the Condensed Consolidated Balance Sheets only to the extent permitted by qualifying master netting arrangements in place with each respective counterparty. Cash collateral posted with counterparties in conjunction with transactions supported by qualifying master netting arrangements is reported as a reduction of the corresponding net derivative liability, while cash collateral received in conjunction with transactions supported by qualifying master netting arrangements is reported as a reduction of the corresponding net derivative asset.

Derivatives, with the exception of embedded derivatives, are reported at fair value in the Condensed Consolidated Balance Sheets in Other assets and Other liabilities. Embedded derivatives are generally presented with the host contract in the Condensed Consolidated Balance Sheets. A bifurcated embedded derivative is measured at fair value and accounted for in the same manner as a freestanding derivative contract. The corresponding host contract is accounted for according to the accounting guidance applicable for that instrument.

For additional information on embedded derivatives and MRBs, see Notes 4, 13 and 14.

The following table presents the notional amounts of our derivatives and the fair value of derivative assets and liabilities in the Condensed Consolidated Balance Sheets:

	June 30, 2024								December 31, 2023
	Gross Derivative Assets				Gross Derivative Liabilities				Gross Derivative Assets				Gross Derivative Liabilities
(in millions)	Notional Amount		Fair Value		Notional Amount		Fair Value		Notional Amount		Fair Value		Notional Amount		Fair Value
Derivatives designated as hedging instruments:(a)
Interest rate contracts	$	1,560	$	217	$	4,977	$	85	$	2,213	$	238	$	833	$	18
Foreign exchange contracts	5,607		447		1,957		55		2,918		354		4,829		164
Derivatives not designated as hedging instruments:(a)
Interest rate contracts	53,412		3,318		35,930		3,330		41,056		2,709		41,225		3,260
Foreign exchange contracts	9,509		585		5,108		280		6,260		586		7,878		399
Equity contracts	81,499		3,498		22,247		1,679		76,561		2,017		14,144		745
Credit contracts(b)	2,005		76		5		—		305		8		5		—
Other contracts(c)	43,737		13		47		—		44,640		13		47		2
Total derivatives, gross	$	197,329	$	8,154	$	70,271	$	5,429	$	173,953	$	5,925	$	68,961	$	4,588
Counterparty netting(d)			(4,940)				(4,940)				(3,646)				(3,646)
Cash collateral(e)			(2,723)				(305)				(1,886)				(801)
Total derivatives on Condensed Consolidated Balance Sheets(f)			$	491			$	184			$	393			$	141

(a)Fair value amounts are shown before the effects of counterparty netting adjustments and offsetting cash collateral.

(b)Includes written credit default swaps linked to certain actively traded indices. In the case of a credit event, the maximum future payment is limited to the constituent’s representation within the index.

(c)Consists primarily of stable value wraps and contracts with multiple underlying exposures.

Corebridge | Second Quarter 2024 Form 10-Q 50

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 9. Derivatives and Hedge Accounting

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

(e)Represents cash collateral posted and received that is eligible for netting.

(f)Freestanding derivatives only, excludes embedded derivatives. Derivative instrument assets and liabilities are recorded in Other assets and Other liabilities, respectively. The fair value of assets related to bifurcated embedded derivatives were both zero at June 30, 2024 and December 31, 2023. The fair value of liabilities related to bifurcated embedded derivatives was $11.1 billion and $10.2 billion at June 30, 2024 and December 31, 2023, respectively. A bifurcated embedded derivative is generally presented with the host contract in the Condensed Consolidated Balance Sheets. Embedded derivatives are primarily related to guarantee features in fixed index annuities, index universal life contracts and bonds available-for-sale, which include equity and interest rate components and the funds withheld arrangement with Fortitude Re. For additional information, see Note 7.

The following table presents the gross notional amounts of our derivatives and the fair value of derivative assets and liabilities with related parties and third parties:

	June 30, 2024								December 31, 2023
	Gross Derivative Assets				Gross Derivative Liabilities				Gross Derivative Assets				Gross Derivative Liabilities
(in millions)	Notional Amount		Fair Value		Notional Amount		Fair Value		Notional Amount		Fair Value		Notional Amount		Fair Value
Total derivatives with related parties	$	3,362	$	65	$	1	$	—	$	53,163	$	622	$	5,720	$	232
Total derivatives with third parties	193,967		8,089		70,270		5,429		120,790		5,303		63,241		4,356
Total derivatives, gross	$	197,329	$	8,154	$	70,271	$	5,429	$	173,953	$	5,925	$	68,961	$	4,588

As of June 30, 2024 and December 31, 2023, the following amounts were recorded on the Condensed Consolidated Balance Sheets related to the carrying amount of the hedged assets (liabilities) and cumulative basis adjustments included in the carrying amount for fair value hedges:

	June 30, 2024				December 31, 2023
(in millions)	Carrying Amount of the Hedged Assets (Liabilities)		Cumulative Amount of Fair Value Hedging Adjustments Included In the Carrying Amount of the Hedged Assets Liabilities		Carrying Amount of the Hedged Assets (Liabilities)		Cumulative Amount of Fair Value Hedging Adjustments Included In the Carrying Amount of the Hedged Assets Liabilities
Balance sheet line item in which hedged item is recorded:
Fixed maturities, available-for-sale, at fair value	$	6,662	$	—	$	7,412	$	—
Commercial mortgage and other loans(a)	—		(22)		—		(24)
Policyholder contract deposits(b)	(7,422)		43		(4,756)		(31)

(a)This relates to hedge accounting that has been discontinued, but the respective loans are still held. The cumulative adjustment is being amortized into earnings over the remaining life of the loan.

(b)This relates to fair value hedges on GICs.

COLLATERAL

We engage in derivative transactions that are not subject to a clearing requirement directly with related parties and unaffiliated third parties, in most cases under International Swaps and Derivatives Association, Inc. (“ISDA”) Master Agreements. Many of the ISDA Master Agreements also include Credit Support Annex provisions, which provide for collateral postings that may vary based on criteria such as ratings and threshold levels. We attempt to reduce our risk with certain counterparties by entering into agreements that enable collateral to be obtained from a counterparty on an up-front or contingent basis. We minimize the risk that counterparties might be unable to fulfill their contractual obligations by monitoring counterparty credit exposure and collateral value and generally requiring additional collateral to be posted upon the occurrence of certain events or circumstances.

Collateral posted by us to third parties for derivative transactions was $1.1 billion and $1.4 billion at June 30, 2024 and December 31, 2023, respectively. No collateral was posted by us to related parties for derivative transactions at June 30, 2024 and December 31, 2023, respectively. In the case of collateral posted under derivative transactions that are not subject to clearing, this collateral can generally be repledged or resold by the counterparties. Collateral provided to us from third parties for derivative transactions was $3.2 billion and $1.9 billion at June 30, 2024 and December 31, 2023, respectively. Collateral provided to us from related parties for derivative transactions was $66 million and $377 million at June 30, 2024 and December 31, 2023, respectively. In the case of collateral provided to us under derivative transactions that are not subject to clearing, we generally can repledge or resell collateral.

Corebridge | Second Quarter 2024 Form 10-Q 51

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 9. Derivatives and Hedge Accounting

OFFSETTING

We have elected to present all derivative receivables and derivative payables, and the related cash collateral received and paid, on a net basis on our Condensed Consolidated Balance Sheets when a legally enforceable ISDA Master Agreement exists between us and our derivative counterparty. An ISDA Master Agreement is an agreement governing multiple derivative transactions between two counterparties. The ISDA Master Agreement generally provides for the net settlement of all, or a specified group, of these derivative transactions, as well as transferred collateral, through a single payment, and in a single currency, as applicable. The net settlement provisions apply in the event of a default on, or affecting any, one derivative transaction or a termination event affecting all, or a specified group of, derivative transactions governed by the ISDA Master Agreement.

HEDGE ACCOUNTING

We designated certain derivatives entered into with related parties as fair value hedges of available-for-sale securities held by our insurance subsidiaries. The fair value hedges include foreign currency forwards and cross-currency swaps designated as hedges of the change in fair value of foreign currency denominated available-for-sale securities attributable to changes in foreign exchange rates. We also designated certain interest rate swaps entered into with related parties as fair value hedges of fixed rate GICs and commercial mortgage loans attributable to changes in benchmark interest rates.

In 2022, we designated certain interest rate swaps entered into with related parties as cash flow hedges of forecasted coupon payments associated with anticipated long-term debt issuances. For the three and six months ended June 30, 2024, $7 million and $14 million, respectively, and for the three and six months ended June 30, 2023, $7 million and $14 million, respectively, have been reclassified into Interest expense. The remaining amount in AOCI, of $160 million, will be reclassified into Interest expense over the life of the hedging relationship, which can extend up to 30 years. We expect $28 million to be reclassified into Interest expense over the next 12 months. There are no amounts excluded from the assessment of hedge effectiveness that are recognized in earnings.

For additional information related to the debt issuances, see Note 17 to the Consolidated Financial Statements in the 2023 Form 10-K.

We also designated certain interest rate swaps as cash flow hedges of floating-rate investment assets. Related to such swaps, for the three and six months ended June 30, 2024, we recognized derivative gains (losses) of $5 million and $(13) million, respectively, in AOCI and $(4) million and $(7) million, respectively, in net investment income. As it relates to such hedges, we do not expect any reclassifications into net investment income over the next 12 months and there are no amounts excluded from the assessment of hedge effectiveness that are recognized in earnings.

We use cross-currency swaps as hedging instruments in net investment hedge relationships to mitigate the foreign exchange risk associated with our non-U.S. dollar functional currency foreign subsidiaries. For net investment hedge relationships that use derivatives as hedging instruments, we assess hedge effectiveness and measure hedge ineffectiveness using changes in forward rates. We recognized gains (losses) for the three and six months ended June 30, 2024 of $1 million and $3 million, respectively, and for the three and six months ended June 30, 2023 of $(1) million and $(2) million, respectively, included in Change in foreign currency translation adjustment in OCI related to the net investment hedge relationships. The gains (losses) recognized primarily include transactions with related parties. A qualitative methodology is utilized to assess hedge effectiveness for net investment hedges, while regression analysis is employed for all other hedges.

Corebridge | Second Quarter 2024 Form 10-Q 52

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 9. Derivatives and Hedge Accounting

The following table presents the gain (loss) recognized in earnings on our derivative instruments in fair value hedging relationships in the Condensed Consolidated Statements of Income (Loss):

	Gains/(Losses) Recognized in Earnings for:
(in millions)	Hedging Derivatives(a)(c)		Excluded Components(b)(c)		Hedged Items		Net Impact
Three Months Ended June 30, 2024
Interest rate contracts:
Interest credited to policyholder account balances	$	(10)	$	—	$	4	$	(6)
Foreign exchange contracts:
Realized gains (losses)	$	25	$	53	$	(25)	$	53
Three Months Ended June 30, 2023
Interest rate contracts:
Interest credited to policyholder account balances	$	(43)	$	—	$	37	$	(6)
Foreign exchange contracts:
Realized gains (losses)	$	(79)	$	30	$	79	$	30
Six Months Ended June 30, 2024
Interest rate contracts:
Interest credited to policyholder account balances	$	(69)	$	—	$	69	$	—
Foreign exchange contracts:
Realized gains (losses)	$	169	$	42	$	(169)	$	42
Six Months Ended June 30, 2023
Interest rate contracts:
Interest credited to policyholder account balances	$	43	$	—	$	(51)	$	(8)
Foreign exchange contracts:
Realized gains (losses)	(162)		109		162		109

(a)Gains and losses on derivative instruments designated and qualifying in fair value hedges that are included in the assessment of hedge effectiveness.

(b)Includes gains and losses with related parties for the three and six months ended June 30, 2024 and 2023.

(c)Gains and losses on derivative instruments designated and qualifying in fair value hedges that are excluded from the assessment of hedge effectiveness and recognized in earnings on a mark-to-market basis.

Corebridge | Second Quarter 2024 Form 10-Q 53

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 9. Derivatives and Hedge Accounting

DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS

The following table presents the effect of derivative instruments not designated as hedging instruments in the Condensed Consolidated Statements of Income (Loss):

	Gains (Losses) Recognized in Earnings
	Three Months Ended  June 30,				Six Months Ended  June 30,
(in millions)	2024		2023		2024		2023
By Derivative Type:
Interest rate contracts	$	3	$	(148)	$	(364)	$	(116)
Foreign exchange contracts	(60)		(123)		164		(190)
Equity contracts	14		(131)		203		(48)
Credit contracts	3		—		26		—
Other contracts	15		152		31		25
Embedded derivatives	(275)		(435)		(837)		(819)
Fortitude Re funds withheld embedded derivative	36		122		58		(903)
Total(a)	$	(264)	$	(563)	$	(719)	$	(2,051)
By Classification:
Policy fees	$	14	$	16	$	29	$	32
Net investment income (loss) - Fortitude Re funds withheld assets	6		—		11		(2)
Net realized gains (losses) - excluding Fortitude Re funds withheld assets(b)	(129)		9		169		(405)
Net realized losses on Fortitude Re funds withheld assets	(37)		(85)		(132)		(42)
Net realized gains (losses) on Fortitude Re funds withheld embedded derivatives	36		122		58		(903)
Policyholder benefits	—		(3)		—		—
Change in the Fair value of market risk benefits(c)	(154)		(622)		(854)		(731)
Total(a)	$	(264)	$	(563)	$	(719)	$	(2,051)

(a)Includes gains (losses) with related parties of $49 million and $(246) million for the three months ended June 30, 2024 and 2023, respectively, and $36 million and $(240) million for the six months ended June 30, 2024 and 2023, respectively.

(b)Includes a $5 million gain related to the sale of AIG Life U.K. reported in net (gain) loss on divestitures for the six months ended June 30, 2024. For further details on this transaction, see Note 1.

(c)This represents activity related to derivatives that economically hedged changes in fair value of certain MRBs.

In addition to embedded derivatives within policyholder contract deposits, certain guaranteed benefits within insurance contracts are classified as MRBs. The change in the fair value of these benefits is disclosed in Note 14. The change in the fair value of MRBs and the derivative instruments that hedge those risks are recognized in “Change in the fair value of MRBs, net” in the Condensed Consolidated Statements of Income (Loss).

HYBRID SECURITIES WITH EMBEDDED CREDIT DERIVATIVES

We invest in hybrid securities (such as credit-linked notes) with the intent of generating income, and not specifically to acquire exposure to embedded derivative risk. As is the case with our other investments in RMBS, CMBS, CLOs, ABS and collateralized debt obligations (“CDOs”), our investments in these hybrid securities are exposed to losses only up to the amount of our initial investment in the hybrid security. Other than our initial investment in the hybrid securities, we have no further obligation to make payments on the embedded credit derivatives in the related hybrid securities.

We elect to account for our investments in these hybrid securities with embedded written credit derivatives at fair value, with changes in fair value recognized in Net investment income. Our investments in these hybrid securities are reported as Other bond securities in the Condensed Consolidated Balance Sheets. The fair values of these hybrid securities were both zero at June 30, 2024 and December 31, 2023. These securities have par amounts of $25 million and $25 million at June 30, 2024 and December 31, 2023, respectively, and have remaining stated maturity dates that extend to 2052.

Corebridge | Second Quarter 2024 Form 10-Q 54

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 10. Deferred Policy Acquisition Costs

10. Deferred Policy Acquisition Costs

Deferred policy acquisition costs (“DAC”) represent those costs that are incremental and directly related to the successful acquisition of new or renewal of existing insurance contracts. We defer incremental costs that result directly from, and are essential to, the acquisition or renewal of an insurance contract. Such DAC generally include agent or broker commissions and bonuses, and medical fees that would not have been incurred if the insurance contract had not been acquired or renewed. Each cost is analyzed to assess whether it is fully deferrable. We partially defer costs, including certain commissions, when we do not believe that the entire cost is directly related to the acquisition or renewal of insurance contracts. Commissions that are not deferred to DAC are recorded in Non-deferrable insurance commissions in the Condensed Consolidated Statements of Income (Loss).

We also defer a portion of employee total compensation and payroll-related fringe benefits directly related to time spent performing specific acquisition or renewal activities, including costs associated with the time spent on underwriting, policy issuance and processing, and sales force contract selling. The amounts deferred are derived based on successful efforts for each distribution channel and/or cost center from which the cost originates.

DAC for all contracts, except for those with limited to no exposure to policyholder behavior risk, (i.e., certain investment contracts), is grouped and amortized on a constant level basis over the expected term of the related contracts.

Value of Business Acquired (“VOBA”): VOBA is determined at the time of acquisition and is reported in the Condensed Consolidated Balance Sheets with DAC. This value is based on the present value of future pre-tax profits discounted at yields applicable at the time of purchase. VOBA is amortized, consistent with DAC, i.e., over the life of the business on a constant level basis.

The following table presents a rollforward of deferred policy acquisition costs and value of business acquired related to long-duration contracts for the six months ended June 30, 2024 and 2023:

	Individual Retirement		Group Retirement		Life Insurance		Institutional Markets		Total
(in millions)
DAC:
Balance at January 1, 2024 (a)	$	4,777	$	1,055	$	4,092	$	70	$	9,994
Capitalization	395		41		226		22		684
Amortization expense	(301)		(42)		(177)		(6)		(526)
Other, including foreign exchange	—		—		(7)		—		(7)
Dispositions	—		—		(27)		—		(27)
Balance at June 30, 2024	$	4,871	$	1,054	$	4,107	$	86	$	10,118
Balance at January 1, 2023	$	4,643	$	1,060	$	4,718	$	51	$	10,472
Capitalization	358		37		221		10		626
Amortization expense	(274)		(41)		(189)		(4)		(508)
Other, including foreign exchange	—		—		33		—		33
Balance at June 30, 2023	$	4,727	$	1,056	$	4,783	$	57	$	10,623
VOBA:
Balance at January 1, 2024 (b)	$	2	$	1	$	14	$	—	$	17
Amortization expense	—		—		(1)		—		(1)
Other, including foreign exchange	—		—		(1)		—		(1)
Balance at June 30, 2024	$	2	$	1	$	12	$	—	$	15
Balance at January 1, 2023	$	3	$	1	$	87	$	—	$	91
Amortization expense	(1)		—		(5)		—		(6)
Other, including foreign exchange	—		(1)		8		—		7
Balance at June 30, 2023	$	2	$	—	$	90	$	—	$	92
Total DAC and VOBA:
Balance at June 30, 2024									$	10,133
Balance at June 30, 2023									$	10,715

(a) Excludes $740 million of DAC reclassified to Assets held-for-sale at the beginning of the period and was derecognized concurrent with the closing of the sale of AIG Life U.K..

(b) Excludes $74 million of VOBA reclassified to Assets held-for-sale at the beginning of the period and was derecognized concurrent with the closing of the sale of AIG Life U.K..

Corebridge | Second Quarter 2024 Form 10-Q 55

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 10. Deferred Policy Acquisition Costs

DEFERRED SALES INDUCEMENTS

We offer deferred sales inducements (“DSI”) which include enhanced crediting rates or bonus payments to contract holders (bonus interest) on certain annuity and investment contract products. To qualify for accounting treatment as an asset, the bonus interest must be explicitly identified in the contract at inception. We must also demonstrate that such amounts are incremental to amounts we credit on similar contracts without bonus interest and are higher than the contracts’ expected ongoing crediting rates for periods after the bonus period. DSI is reported in Other assets, while amortization related to DSI is recorded in Interest credited to policyholder account balances. DSI amounts are deferred and amortized on a constant level basis over the life of the contract consistent with DAC.

The following table presents a rollforward of deferred sales inducement assets related to long-duration contracts for the six months ended June 30, 2024 and 2023:

Six Months Ended June 30,	2024						2023
	Individual Retirement		Group Retirement		Total		Individual Retirement		Group Retirement		Total
(in millions)
Balance, beginning of year	$	333	$	164	$	497	$	381	$	177	$	558
Capitalization	3		1		4		4		1		5
Amortization expense	(26)		(7)		(33)		(27)		(7)		(34)
Balance, end of period	$	310	$	158	$	468	$	358	$	171	$	529
Other reconciling items*					1,872						2,151
Other assets, including restricted cash					$	2,340					$	2,680

*Other reconciling items include prepaid expenses, goodwill, intangible assets and any similar items.

11. Separate Account Assets and Liabilities

We report variable contracts within the separate accounts when investment income and investment gains and losses accrue directly to, and investment risk is borne by, the contract holder and the separate account meets additional accounting criteria to qualify for separate account treatment. The assets supporting the variable portion of variable annuity and variable universal life contracts that qualify for separate account treatment are carried at fair value and are reported as separate account assets, with an equivalent summary total reported as separate account liabilities. The assets of insulated accounts are legally segregated and are not subject to claims that arise from any of our other businesses.

Policy values for variable products and investment contracts are expressed in terms of investment units. Each unit is linked to an asset portfolio. The value of a unit increases or decreases based on the value of the linked asset portfolio. The current liability at any time is the sum of the current unit value of all investment units in the separate accounts, plus any liabilities for MRBs.

Amounts assessed against the policyholders for mortality, administrative and other services are included in policy fees. Investment performance (including investment income, net investment gains (losses) and changes in unrealized gains (losses)) and the corresponding amounts credited to policyholders of such separate accounts are offset within the same line in the Condensed Consolidated Statements of Income (Loss).

For discussion of the fair value measurement of guaranteed benefits that are accounted for as MRBs, see Note 4.

The following table presents fair value of separate account investment options:

	Individual Retirement		Group Retirement		Life Insurance		Institutional Markets		Total
(in millions)
June 30, 2024
Equity funds	$	26,698	$	30,033	$	914	$	650	$	58,295
Bond funds	4,059		3,207		45		1,279		8,590
Balanced funds	17,753		5,635		55		2,103		25,546
Money market funds	698		804		17		172		1,691
Total	$	49,208	$	39,679	$	1,031	$	4,204	$	94,122
December 31, 2023
Equity funds	$	25,451	$	28,675	$	819	$	593	$	55,538
Bond funds	4,037		3,292		44		1,303		8,676
Balanced funds	17,711		5,479		53		1,923		25,166
Money market funds	694		742		16		173		1,625
Total	$	47,893	$	38,188	$	932	$	3,992	$	91,005

Corebridge | Second Quarter 2024 Form 10-Q 56

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 11. Separate Account Assets and Liabilities

The following table presents the balances and changes in separate account liabilities:

	Individual Retirement		Group  Retirement		Life Insurance		Institutional Markets		Total
(in millions)
Six Months Ended June 30, 2024
Separate accounts balance, beginning of year	$	47,893	$	38,188	$	932	$	3,992	$	91,005
Premiums and deposits	621		712		17		82		1,432
Policy charges	(570)		(233)		(24)		(47)		(874)
Surrenders and withdrawals	(2,502)		(2,145)		(17)		(53)		(4,717)
Benefit payments	(478)		(302)		(4)		(11)		(795)
Investment performance	4,208		3,607		128		214		8,157
Net transfers from (to) general account and other	36		(148)		(1)		27		(86)
Separate accounts balance, end of period	$	49,208	$	39,679	$	1,031	$	4,204	$	94,122
Cash surrender value*	$	48,277	$	39,478	$	1,010	$	4,200	$	92,965
Six Months Ended June 30, 2023
Separate accounts balance, beginning of year	$	45,178	$	34,361	$	799	$	4,515	$	84,853
Premiums and deposits	807		697		18		30		1,552
Policy charges	(662)		(221)		(25)		(47)		(955)
Surrenders and withdrawals	(1,776)		(1,390)		(12)		(422)		(3,600)
Benefit payments	(432)		(250)		(3)		(58)		(743)
Investment performance	4,172		4,169		113		146		8,600
Net transfers from (to) general account and other	122		(121)		(2)		12		11
Separate accounts balance, end of period	$	47,409	$	37,245	$	888	$	4,176	$	89,718
Cash surrender value*	$	46,307	$	37,050	$	854	$	4,178	$	88,389

*The cash surrender value represents the amount of the contract holder’s account balance distributable at the balance sheet date less applicable surrender charges.

Separate account liabilities primarily represent the contract holder's account balance in separate account assets and will be equal and offsetting to total separate account assets.

12. Future Policy Benefits

Future policy benefits primarily include reserves for traditional life and annuity payout contracts, which represent an estimate of the present value of future benefits less the present value of future net premiums. Included in Future policy benefits are liabilities for annuities issued in structured settlement arrangements whereby a claimant receives life contingent payments over their lifetime. Also included are pension risk transfer arrangements whereby an upfront premium is received in exchange for guaranteed retirement benefits. All payments under these arrangements are fixed and determinable with respect to their amounts and dates. Structured settlement or other annuitization elections (e.g., certain single premium immediate annuities) that do not involve life contingent payments, but rather payments for a stated period are included in Policyholder contract deposits.

For traditional and limited pay long-duration products, benefit reserves are accrued and benefit expense is recognized using a net premium ratio (“NPR”) methodology for each annual cohort of business.

Corebridge | Second Quarter 2024 Form 10-Q 57

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) |12. Future Policy Benefits

The following tables present the balances and changes in the liability for future policy benefits and a reconciliation of the net liability for future policy benefits to the liability for future policy benefits in the Condensed Consolidated Balance Sheets:

	Individual Retirement		Group Retirement		Life Insurance		Institutional Markets		Corporate and Other		Total
(in millions, except for liability durations)
Six Months Ended June 30, 2024
Present value of expected net premiums
Balance, beginning of year	$	—	$	—	$	8,379	$	—	$	973	$	9,352
Effect of changes in discount rate assumptions (AOCI)	—		—		1,482		—		44		1,526
Reclassified to Liabilities held-for-sale	—		—		4,287		—		—		4,287
Beginning balance at original discount rate	—		—		14,148		—		1,017		15,165
Effect of actual variances from expected experience	—		—		(12)		—		(6)		(18)
Adjusted beginning of year balance	—		—		14,136		—		1,011		15,147
Issuances	—		—		572		—		—		572
Interest accrual	—		—		202		—		22		224
Net premium collected	—		—		(634)		—		(57)		(691)
Foreign exchange impact	—		—		(46)		—		—		(46)
Other	—		—		(4)		—		—		(4)
Dispositions	—		—		(5,108)		—		—		(5,108)
Ending balance at original discount rate	—		—		9,118		—		976		10,094
Effect of changes in discount rate assumptions (AOCI)	—		—		(845)		—		(66)		(911)
Balance, end of period	$	—	$	—	$	8,273	$	—	$	910	$	9,183
Present value of expected future policy benefits
Balance, beginning of year	$	1,353	$	217	$	17,531	$	18,482	$	20,654	$	58,237
Effect of changes in discount rate assumptions (AOCI)	132		(3)		2,745		1,906		437		5,217
Reclassified to Liabilities held-for-sale	—		—		5,119		—		—		5,119
Beginning balance at original discount rate	1,485		214		25,395		20,388		21,091		68,573
Effect of actual variances from expected experience(a)	(21)		(2)		(10)		(12)		(16)		(61)
Adjusted beginning of year balance	1,464		212		25,385		20,376		21,075		68,512
Issuances	62		6		565		1,892		3		2,528
Interest accrual	32		6		435		439		503		1,415
Benefit payments	(67)		(12)		(814)		(594)		(731)		(2,218)
Foreign exchange impact	—		—		(61)		(75)		—		(136)
Other	—		(5)		(2)		—		(5)		(12)
Dispositions	—		—		(6,796)		—		—		(6,796)
Ending balance at original discount rate	1,491		207		18,712		22,038		20,845		63,293
Effect of changes in discount rate assumptions (AOCI)	(170)		(3)		(1,717)		(2,848)		(1,406)		(6,144)
Balance, end of period	$	1,321	$	204	$	16,995	$	19,190	$	19,439	$	57,149
Net liability for future policy benefits, end of period	1,321		204		8,722		19,190		18,529		47,966
Liability for future policy benefits for certain participating contracts	—		—		12		—		1,280		1,292
Liability for universal life policies with secondary guarantees and similar features(b)	—		—		3,916		—		55		3,971
Deferred profit liability	78		9		21		1,602		837		2,547
Other reconciling items(c)	30		—		457		—		92		579
Future policy benefits for life and accident and health insurance contracts	1,429		213		13,128		20,792		20,793		56,355
Less: Reinsurance recoverable:	(4)		—		(699)		(39)		(20,793)		(21,535)
Net liability for future policy benefits after reinsurance recoverable	$	1,425	$	213	$	12,429	$	20,753	$	—	$	34,820
Weighted average liability duration of the liability for future policy benefits(d)	7.5		6.6		10.9		11.8		10.9

Corebridge | Second Quarter 2024 Form 10-Q 58

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) |12. Future Policy Benefits

	Individual Retirement		Group Retirement		Life Insurance		Institutional Markets		Corporate and Other		Total
(in millions, except for liability durations)
Six Months Ended June 30, 2023
Present value of expected net premiums
Balance, beginning of year	$	—	$	—	$	11,654	$	—	$	991	$	12,645
Effect of changes in discount rate assumptions (AOCI)	—		—		1,872		—		66		1,938
Beginning balance at original discount rate	—		—		13,526		—		1,057		14,583
Effect of actual variances from expected experience	—		—		10		—		6		16
Adjusted beginning of year balance	—		—		13,536		—		1,063		14,599
Issuances	—		—		666		—		—		666
Interest accrual	—		—		214		—		23		237
Net premium collected	—		—		(719)		—		(59)		(778)
Foreign exchange impact	—		—		206		—		—		206
Other	—		—		10		—		—		10
Ending balance at original discount rate	—		—		13,913		—		1,027		14,940
Effect of changes in discount rate assumptions (AOCI)	—		—		(1,904)		—		(61)		(1,965)
Balance, end of period	$	—	$	—	$	12,009	$	—	$	966	$	12,975
Present value of expected future policy benefits
Balance, beginning of year	$	1,223	$	211	$	21,179	$	12,464	$	20,429	$	55,506
Effect of changes in discount rate assumptions (AOCI)	167		2		3,424		2,634		1,083		7,310
Beginning balance at original discount rate	1,390		213		24,603		15,098		21,512		62,816
Effect of actual variances from expected experience(a)	(1)		—		36		17		(8)		44
Adjusted beginning of year balance	1,389		213		24,639		15,115		21,504		62,860
Issuances	120		6		656		3,301		3		4,086
Interest accrual	25		5		450		301		513		1,294
Benefit payments	(65)		(13)		(943)		(521)		(739)		(2,281)
Foreign exchange impact	—		—		236		308		—		544
Other	—		—		5		—		(6)		(1)
Ending balance at original discount rate	1,469		211		25,043		18,504		21,275		66,502
Effect of changes in discount rate assumptions (AOCI)	(158)		(1)		(3,386)		(2,752)		(822)		(7,119)
Balance, end of period	$	1,311	$	210	$	21,657	$	15,752	$	20,453	$	59,383
Net liability for future policy benefits, end of period	1,311		210		9,648		15,752		19,487		46,408
Liability for future policy benefits for certain participating contracts	—		—		13		—		1,316		1,329
Liability for universal life policies with secondary guarantees and similar features(b)	—		—		3,402		—		56		3,458
Deferred profit liability	86		10		17		1,468		869		2,450
Other reconciling items(c)	35		3		513		—		92		643
Future policy benefits for life and accident and health insurance contracts	1,432		223		13,593		17,220		21,820		54,288
Less: Reinsurance recoverable:	(4)		—		(1,148)		(39)		(21,820)		(23,011)
Net liability for future policy benefits after reinsurance recoverable	$	1,428	$	223	$	12,445	$	17,181	$	—	$	31,277
Weighted average liability duration of the liability for future policy benefits(d)	7.8		6.9		12.5		11.6		11.5

(a)Effect of changes in cash flow assumptions and variances from actual experience are partially offset by changes in the deferred profit liability.

(b)Additional details can be found in the table that presents the balances and changes in the liability for universal life policies with secondary guarantees and similar features.

(c)Other reconciling items primarily include the Accident and Health as well as Group Benefits (short-duration) contracts.

(d)The weighted average liability durations are calculated as the modified duration using projected future net liability cashflows that are aggregated at the segment level, utilizing the segment level weighted average interest rates and current discount rate, which can be found in the table below.

Corebridge | Second Quarter 2024 Form 10-Q 59

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) |12. Future Policy Benefits

For the six months ended June 30, 2024 and 2023 in the traditional and term life insurance block, capping of net premium ratios at 100% caused a (credit)/charge to net income of $1 million and $32 million, respectively. The discount rate was updated based on market observable information. Relative to the prior period, the increase in upper-medium-grade fixed income yields resulted in a decrease in the liability for future policy benefits.

The following table presents the amount of undiscounted expected future benefit payments and undiscounted and discounted expected gross premiums for future policy benefits for nonparticipating contracts:

		Six Months Ended June 30,
(in millions)		2024		2023
Individual Retirement	Undiscounted expected future benefits and expense	$	2,139	$	2,115
	Undiscounted expected future gross premiums	$	—	$	—
	Discounted expected future gross premiums (at current discount rate)	$	—	$	—
Group Retirement	Undiscounted expected future benefits and expense	$	306	$	316
	Undiscounted expected future gross premiums	$	—	$	—
	Discounted expected future gross premiums (at current discount rate)	$	—	$	—
Life Insurance (a)	Undiscounted expected future benefits and expense	$	30,783	$	39,848
	Undiscounted expected future gross premiums	$	21,815	$	29,792
	Discounted expected future gross premiums (at current discount rate)	$	14,318	$	19,207
Institutional Markets	Undiscounted expected future benefits and expense	$	42,543	$	33,474
	Undiscounted expected future gross premiums	$	—	$	—
	Discounted expected future gross premiums (at current discount rate)	$	—	$	—
Corporate and other (b)	Undiscounted expected future benefits and expense	$	42,304	$	43,791
	Undiscounted expected future gross premiums	$	2,060	$	2,179
	Discounted expected future gross premiums (at current discount rate)	$	1,356	$	1,435

(a) 2023 includes balances related to AIG Life U.K.

(b)    Represents activity ceded to Fortitude Re.

The following table presents the amount of revenue and interest recognized in the Condensed Consolidated Statements of Income (Loss) for future policy benefits for nonparticipating contracts:

	Gross Premiums				Interest Accretion
	Six Months Ended June 30,				Six Months Ended June 30,
(in millions)	2024		2023		2024		2023
Individual Retirement	$	70	$	136	$	32	$	25
Group Retirement	5		10		6		5
Life Insurance	1,070		1,175		233		236
Institutional Markets	1,981		3,500		439		301
Corporate and Other	103		107		481		490
Total	$	3,229	$	4,928	$	1,191	$	1,057

The following table presents the weighted-average interest rate for future policy benefits for nonparticipating contracts:

	Individual Retirement		Group Retirement		Life Insurance		Institutional Markets		Corporate and Other
June 30, 2024
Weighted-average interest rate, original discount rate	3.79	%	5.13	%	4.68	%	4.27	%	4.86	%
Weighted-average interest rate, current discount rate	5.48	%	5.44	%	5.56	%	5.43	%	5.54	%
June 30, 2023
Weighted-average interest rate, original discount rate	3.73	%	5.14	%	4.09	%	3.95	%	4.88	%
Weighted-average interest rate, current discount rate	5.27	%	5.26	%	5.27	%	5.34	%	5.25	%

The weighted average interest rates are calculated using projected future net liability cash flows that are aggregated to the segment level, and are represented as an annual rate.

Additional Liabilities: For universal-life type products, insurance benefits in excess of the account balance are generally recognized as expenses in the period incurred unless the design of the product is such that future charges are insufficient to cover the benefits, in which case an “additional liability” is accrued over the life of the contract. These additional liabilities are included in Future policy benefits for life and accident and health insurance contracts in the Condensed Consolidated Balance Sheets.

Corebridge | Second Quarter 2024 Form 10-Q 60

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) |12. Future Policy Benefits

Our additional liabilities primarily consist of universal life policies with secondary guarantees and these additional liabilities are recognized in addition to the Policyholder account balances. For universal life policies with secondary guarantees, as well as other universal life policies for which profits followed by losses are expected at contract inception, a liability is recognized based on a benefit ratio of (a) the present value of total expected payments, in excess of the account value, over the life of the contract, divided by (b) the present value of total expected assessments over the life of the contract. For universal life policies without secondary guarantees, for which profits followed by losses are first expected after contract inception, we establish a liability, in addition to policyholder account balances, so that expected future losses are recognized in proportion to the emergence of profits in the earlier (profitable) years. Universal life account balances are reported within Policyholder contract deposits, while these additional liabilities are reported within the liability for future policy benefits in the Condensed Consolidated Balance Sheets. These additional liabilities are also adjusted to reflect the effect of unrealized gains or losses on fixed maturity securities available-for-sale on accumulated assessments, with related changes recognized through Other comprehensive income. The policyholder behavior assumptions for these liabilities include mortality, lapses and premium persistency. The capital market assumptions used for the liability for universal life secondary guarantees include discount rates and net earned rates.

The following table presents the balances and changes in the liability for universal life policies with secondary guarantees and similar features:

	Six Months Ended June 30,
	2024						2023
	Life Insurance		Corporate and Other		Total		Life Insurance		Corporate and Other		Total
(in millions, except duration of liability)
Balance, beginning of year	$	3,731	$	55	$	3,786	$	3,300	$	55	$	3,355
Effect of changes in experience	192		(2)		190		149		(1)		148
Adjusted beginning balance	$	3,923	$	53	$	3,976	$	3,449	$	54	$	3,503
Assessments	288		1		289		341		1		342
Excess benefits paid	(413)		—		(413)		(457)		—		(457)
Interest accrual	78		1		79		61		1		62
Other	—		—		—		(3)		—		(3)
Changes related to unrealized appreciation (depreciation) of investments	40		—		40		11		—		11
Balance, end of period	$	3,916	$	55	$	3,971	$	3,402	$	56	$	3,458
Less: Reinsurance recoverable	(175)		(55)		(230)		(172)		—		(172)
Balance, end of period, net of Reinsurance recoverable	$	3,741	$	—	$	3,741	$	3,230	$	56	$	3,286
Weighted average duration of liability *	25.1		9.0				26.2		9.2

*The weighted average duration of liabilities is calculated as the modified duration using projected future net liability cashflows that are aggregated at the segment level, utilizing the segment level weighted average interest rates, which can be found in the table below.

The following table presents the amount of revenue and interest recognized in the Condensed Consolidated Statements of Income (Loss) for the liability for universal life policies with secondary guarantees and similar features:

	Gross Assessments				Interest Accretion
	Six Months Ended June 30,				Six Months Ended  June 30,
(in millions)	2024		2023		2024		2023
Life Insurance	$	500	$	573	$	78	$	61
Corporate and Other	19		20		1		1
Total	$	519	$	593	$	79	$	62

The following table presents the calculation of weighted average interest rate for the liability for universal life policies with secondary guarantees and similar features:

June 30,	2024				2023
	Life Insurance		Corporate and Other		Life Insurance		Corporate and Other
Weighted-average interest rate	3.92	%	4.20	%	3.77	%	4.20	%

The weighted average interest rates are calculated using projected future net liability cash flows that are aggregated to the segment level, and are represented as an annual rate.

Corebridge | Second Quarter 2024 Form 10-Q 61

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) |12. Future Policy Benefits

The following table presents details concerning our universal life policies with secondary guarantees and similar features:

	Six Months Ended June 30,
(in millions, except for attained age of contract holders)	2024		2023
Account value	$	3,846	$	3,604
Net amount at risk	$	74,076	$	70,850
Average attained age of contract holders	54		53

13. Policyholder Contract Deposits and Other Policyholder Funds

POLICYHOLDER CONTRACT DEPOSITS

The liability for Policyholder contract deposits is primarily recorded at accumulated value (deposits received and net transfers from separate accounts, plus accrued interest credited, less withdrawals and assessed fees). Deposits collected on investment-oriented products are not reflected as revenues. They are recorded directly to Policyholder contract deposits upon receipt. Amounts assessed against the contract holders for mortality, administrative, and other services are included as Policy fees in revenues.

In addition to liabilities for universal life, fixed annuities, fixed options within variable annuities, annuities without life contingencies, funding agreements and GICs, policyholder contract deposits also include our liability for (i) index features accounted for as embedded derivatives at fair value, (ii) annuities issued in a structured settlement arrangement with no life contingency and (iii) certain contracts we have elected to account for at fair value. Changes in the fair value of the embedded derivatives related to policy index features and the fair value of derivatives hedging these liabilities are recognized in realized gains and losses.

For additional information on index credits accounted for as embedded derivatives, see Note 4.

Under a funding agreement-backed notes issuance program, an unaffiliated, non-consolidated statutory trust issues medium-term notes to investors, which are secured by funding agreements issued to the trust by one of our subsidiaries through our Institutional Markets business.

Corebridge | Second Quarter 2024 Form 10-Q 62

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 13. Policyholder Contract Deposits and Other Policyholder Funds

The following table presents the balances and changes in Policyholder contract deposits account balances(a):

	Individual Retirement			Group Retirement			Life Insurance			Institutional Markets			Corporate and other			Total
(in millions, except for average crediting rate)
Six Months Ended June 30, 2024
Policyholder contract deposits account balance, beginning of year	$	94,896		$	41,299		$	10,231		$	13,649		$	3,333		$	163,408
Deposits	11,696			2,637			816			2,682			21			17,852
Policy charges	(360)			(250)			(753)			(34)			(29)			(1,426)
Surrenders and withdrawals	(8,902)			(4,859)			(148)			(53)			(39)			(14,001)
Benefit payments	(1,422)			(993)			(153)			(1,028)			(143)			(3,739)
Net transfers from (to) separate account	2,570			2,026			9			—			—			4,605
Interest credited	1,670			611			243			320			80			2,924
Other	1			(207)			17			201			(1)			11
Policyholder contract deposits account balance, end of period	100,149			40,264			10,262			15,737			3,222			169,634
Other reconciling items(b)	(1,286)			(212)			161			27			—			(1,310)
Policyholder contract deposits	$	98,863		$	40,052		$	10,423		$	15,764		$	3,222		$	168,324
Weighted average crediting rate	2.84		%	3.08		%	4.43		%	4.45		%	4.98		%
Cash surrender value(c)	$	93,131		$	39,262		$	9,068		$	2,596		$	1,666		$	145,723
Six Months Ended June 30, 2023
Policyholder contract deposits account balance, beginning of year	$	89,554		$	43,395		$	10,224		$	11,734		$	3,587		$	158,494
Deposits	8,898			2,597			809			1,608			22			13,934
Policy charges	(462)			(238)			(764)			(34)			(31)			(1,529)
Surrenders and withdrawals	(6,585)			(3,979)			(122)			(421)			(42)			(11,149)
Benefit payments	(2,012)			(1,080)			(100)			(283)			(171)			(3,646)
Net transfers from (to) separate account	1,637			1,221			—			473			—			3,331
Interest credited	863			554			188			218			85			1,908
Other	(3)			4			(32)			(1)			8			(24)
Policyholder contract deposits account balance, end of period	91,890			42,474			10,203			13,294			3,458			161,319
Other reconciling items(b)	(1,598)			(254)			135			42			—			(1,675)
Policyholder contract deposits	$	90,292		$	42,220		$	10,338		$	13,336		$	3,458		$	159,644
Weighted average crediting rate	2.59		%	2.84		%	4.30		%	3.54		%	4.95		%
Cash surrender value(c)	$	85,417		$	41,550		$	8,976		$	2,555		$	1,762		$	140,260

(a)Transactions between the general account and the separate account are presented in this table on a gross basis (e.g., a policyholder's funds are initially deposited into the general account and then simultaneously transferred to the separate account), and thus, did not impact the ending balance of policyholder contract deposits.

(b)Reconciling items principally relate to MRBs that are bifurcated and reported separately, net of embedded derivatives that are recorded in policyholder contract deposits.

(c)Cash surrender value is related to the portion of policyholder contract deposits that have a defined cash surrender value (e.g. GICs do not have a cash surrender value).

For information related to net amount at risk, refer to the table that presents the balances of and changes in MRBs in Note 14.

Corebridge | Second Quarter 2024 Form 10-Q 63

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 13. Policyholder Contract Deposits and Other Policyholder Funds

The following table presents Policyholder contract deposits account balance by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between rates being credited to policyholders and the respective guaranteed minimums:

June 30, 2024		At Guaranteed Minimum		1 Basis Point - 50 Basis Points Above		More than 50 Basis Points Above Minimum Guarantee		Total
(in millions, except percentage of total)
Individual Retirement	Range of Guaranteed Minimum Credited Rate
	<=1%	$	6,010	$	1,794	$	31,449	$	39,253
	> 1% - 2%	3,380		21		1,262		4,663
	> 2% - 3%	7,367		12		1,898		9,277
	> 3% - 4%	6,114		34		5		6,153
	> 4% - 5%	418		—		4		422
	> 5%	32		2		3		37
	Total	$	23,321	$	1,863	$	34,621	$	59,805
Group Retirement	Range of Guaranteed Minimum Credited Rate
	<=1%	$	2,103	$	1,841	$	8,062	$	12,006
	> 1% - 2%	3,449		781		933		5,163
	> 2% - 3%	11,277		272		113		11,662
	> 3% - 4%	588		—		—		588
	> 4% - 5%	6,503		—		—		6,503
	> 5%	140		—		—		140
	Total	$	24,060	$	2,894	$	9,108	$	36,062
Life Insurance	Range of Guaranteed Minimum Credited Rate
	<=1%	$	—	$	—	$	—	$	—
	> 1% - 2%	—		109		367		476
	> 2% - 3%	9		623		1,299		1,931
	> 3% - 4%	1,179		479		7		1,665
	> 4% - 5%	2,785		—		—		2,785
	> 5%	212		—		—		212
	Total	$	4,185	$	1,211	$	1,673	$	7,069
Total*		$	51,566	$	5,968	$	45,402	$	102,936
Percentage of total		50%		6%		44%		100%

Corebridge | Second Quarter 2024 Form 10-Q 64

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 13. Policyholder Contract Deposits and Other Policyholder Funds

June 30, 2023		At Guaranteed Minimum		1 Basis Point - 50 Basis Points Above		More than 50 Basis Points Above Minimum Guarantee		Total
(in millions, except percentage of total)
Individual Retirement	Range of Guaranteed Minimum Credited Rate
	<=1%	$	7,044	$	2,390	$	23,797	$	33,231
	> 1% - 2%	4,151		23		2,067		6,241
	> 2% - 3%	8,831		11		732		9,574
	> 3% - 4%	7,122		39		6		7,167
	> 4% - 5%	446		—		4		450
	> 5%	32		—		4		36
	Total	$	27,626	$	2,463	$	26,610	$	56,699
Group Retirement	Range of Guaranteed Minimum Credited Rate
	<=1%	$	2,018	$	2,574	$	6,382	$	10,974
	> 1% - 2%	4,050		1,624		391		6,065
	> 2% - 3%	13,123		89		62		13,274
	> 3% - 4%	651		—		—		651
	> 4% - 5%	6,799		—		—		6,799
	> 5%	151		—		—		151
	Total	$	26,792	$	4,287	$	6,835	$	37,914
Life Insurance	Range of Guaranteed Minimum Credited Rate
	<=1%	$	—	$	—	$	—	$	—
	> 1% - 2%	—		131		350		481
	> 2% - 3%	10		872		1,083		1,965
	> 3% - 4%	1,190		322		201		1,713
	> 4% - 5%	2,909		—		—		2,909
	> 5%	221		—		—		221
	Total	$	4,330	$	1,325	$	1,634	$	7,289
Total*		$	58,748	$	8,075	$	35,079	$	101,902
Percentage of total		58%		8%		34%		100%

*Excludes policyholder contract deposits account balances that are not subject to guaranteed minimum crediting rates.

OTHER POLICYHOLDER FUNDS

Other policyholder funds include unearned revenue reserve (“URR”), consisting of front-end loads on investment-oriented contracts, representing those policy loads that are non-level and typically higher in initial policy years than in later policy years. Amortization of URR is recorded in Policy fees.

URR for investment-oriented contracts are generally deferred and amortized into income using the same assumptions and factors used to amortize DAC (i.e., on a constant level basis).

Corebridge | Second Quarter 2024 Form 10-Q 65

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 13. Policyholder Contract Deposits and Other Policyholder Funds

The following table presents a rollforward of the unearned revenue reserve for the six months ended June 30, 2024 and 2023:

	Life Insurance		Institutional Markets		Corporate and Other		Total
(in millions)
Six Months Ended June 30, 2024
Balance, beginning of year	$	1,770	$	1	$	94	$	1,865
Revenue deferred	80		—		—		80
Amortization	(56)		—		(5)		(61)
Balance, end of period	$	1,794	$	1	$	89	$	1,884
Other reconciling items*							969
Other policyholder funds							$	2,853
Six Months Ended June 30, 2023
Balance, beginning of year	$	1,727	$	2	$	105	$	1,834
Revenue deferred	76		—		—		76
Amortization	(55)		(1)		(5)		(61)
Balance, end of period	$	1,748	$	1	$	100	$	1,849
Other reconciling items*							1,042
Other policyholder funds							$	2,891

*Other reconciling items include policyholders' dividend accumulations, provisions for future dividends to participating policyholders, dividends to policyholders and any similar items.

14. Market Risk Benefits

MRBs are defined as contracts or contract features that both provide protection to the contract holder from other-than-nominal capital market risk and expose Corebridge to other-than nominal capital market risk. The MRB represents an amount that a policyholder receives in addition to the account balance upon the occurrence of a specific event or circumstance, such as death, annuitization, or periodic withdrawal that involves protection from other-than-nominal capital market risk. Certain contract features, such as GMWBs, GMDBs and guaranteed minimum income benefits (“GMIBs”) commonly found in variable, fixed index and fixed annuities, are MRBs. MRBs are assessed at contract inception using a non-option method involving attributed fees that results in an initial fair value of zero or an option method that results in a fair value greater than zero.

MRBs are recorded at fair value, and Corebridge applies a non-option attributed fee valuation method for variable annuity products, and an option-based valuation method (host offset) for both fixed index and fixed products.

Changes in the fair value of Market Risk Benefits, net represents changes in the fair value of market risk benefit liabilities and assets (with the exception of our own credit risk changes), and includes attributed rider fees and benefits, net of changes in the fair value of derivative instruments and fixed maturity securities that are used to economically hedge market risk from the variable annuity GMWB riders.

Corebridge | Second Quarter 2024 Form 10-Q 66

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 14. Market Risk Benefits

The following table presents the balances of and changes in MRBs:

	Individual Retirement		Group Retirement		Total
(in millions, except for attained age of contract holders)
Six Months Ended June 30, 2024
Balance, beginning of year	$	4,562	$	308	$	4,870
Effect of changes in our own credit risk	(1,072)		(88)		(1,160)
Balance, beginning of year, before effect of changes in our own credit risk	$	3,490	$	220	$	3,710
Issuances	303		24		327
Interest accrual	78		6		84
Attributed fees	338		30		368
Expected claims	(34)		(1)		(35)
Effect of changes in interest rates	(605)		(48)		(653)
Effect of changes in interest rate volatility	22		3		25
Effect of changes in equity markets	(670)		(62)		(732)
Effect of changes in equity index volatility	(37)		(2)		(39)
Actual outcome different from model expected outcome	(43)		2		(41)
Effect of changes in other future expected assumptions	(5)		—		(5)
Other, including foreign exchange	—		(2)		(2)
Balance, end of period before effect of changes in our own credit risk	2,837		170		3,007
Effect of changes in our own credit risk	914		73		987
Balance, end of period	3,751		243		3,994
Less: Reinsured MRB, end of period	(57)		—		(57)
Net Liability Balance after reinsurance recoverable	$	3,694	$	243	$	3,937
Net amount at risk
GMDB only	$	609	$	130	$	739
GMWB only	$	130	$	11	$	141
Combined*	$	533	$	13	$	546
Weighted average attained age of contract holders	71		64
Six Months Ended June 30, 2023
Balance, beginning of year	$	3,738	$	296	$	4,034
Effect of changes in our own credit risk	(441)		(24)		(465)
Balance, beginning of year, before effect of changes in our own credit risk	$	3,297	$	272	$	3,569
Issuances	379		19		398
Interest accrual	78		8		86
Attributed fees	442		33		475
Expected claims	(48)		(1)		(49)
Effect of changes in interest rates	34		3		37
Effect of changes in interest rate volatility	(84)		(4)		(88)
Effect of changes in equity markets	(843)		(78)		(921)
Effect of changes in equity index volatility	8		(4)		4
Actual outcome different from model expected outcome	93		12		105
Effect of changes in other future expected assumptions	(94)		(29)		(123)
Other, including foreign exchange	—		(2)		(2)
Balance, end of period before effect of changes in our own credit risk	3,262		229		3,491
Effect of changes in our own credit risk	564		47		611
Balance, end of period	3,826		276		4,102
Less: Reinsured MRB, end of period	(79)		—		(79)
Net liability balance after reinsurance recoverable	$	3,747	$	276	$	4,023
Net amount at risk
GMDB only	$	1,068	$	212	$	1,280
GMWB only	$	56	$	4	$	60
Combined*	$	1,435	$	23	$	1,458
Weighted average attained age of contract holders	70		64

*Certain contracts contain both guaranteed GMDB and GMWB features and are modeled together for the purposes of calculating the MRB.

Corebridge | Second Quarter 2024 Form 10-Q 67

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 14. Market Risk Benefits

The following is a reconciliation of MRBs by amounts in an asset position and in a liability position to the MRBs amount in the Condensed Consolidated Balance Sheets:

	June 30, 2024						June 30, 2023
(in millions)	Asset*		Liability*		Net		Asset*		Liability*		Net
Individual Retirement	$	984	$	4,678	$	3,694	$	787	$	4,534	$	3,747
Group Retirement	203		446		243		167		443		276
Total	$	1,187	$	5,124	$	3,937	$	954	$	4,977	$	4,023

*Cash flows and attributed fees for MRBs are determined on a policy level basis and are reported based on their asset or liability position at the balance sheet date.

For additional information related to fair value measurements of MRBs, see Note 4.

15. Contingencies, Commitments and Guarantees

In the normal course of business, we enter into various contingent liabilities and commitments. Although we cannot currently quantify our ultimate liability for unresolved litigation and investigation matters, including those referred to below, it is possible that such liability could have a material adverse effect on our consolidated financial condition, consolidated results of operations or consolidated cash flows for an individual reporting period.

LEGAL CONTINGENCIES

Overview

In the normal course of business, we are subject to regulatory and government investigations and actions, and litigation and other forms of dispute resolution in a large number of proceedings pending in various domestic and foreign jurisdictions. Certain of these matters involve potentially significant risk of loss due to potential for significant jury awards and settlements, punitive damages or other penalties. Many of these matters are also highly complex and may seek recovery on behalf of a class or similarly large number of plaintiffs. It is therefore inherently difficult to predict the size or scope of potential future losses arising from these matters. In our insurance and reinsurance operations, litigation and arbitration concerning the scope of coverage under insurance and reinsurance contracts, and litigation and arbitration in which our subsidiaries defend or indemnify their insureds under insurance contracts, are generally considered in the establishment of our future policy benefits. Separate and apart from the foregoing matters involving insurance and reinsurance coverage, we and our respective officers and directors are subject to a variety of additional types of legal proceedings brought by holders of our securities, customers, employees and others, alleging, among other things, breach of contractual or fiduciary duties, bad faith, indemnification and violations of federal and state statutes and regulations. With respect to these other categories of matters not arising out of claims for insurance or reinsurance coverage, we establish reserves for loss contingencies when it is probable that a loss will be incurred, and the amount of the loss can be reasonably estimated. In many instances, we are unable to determine whether a loss is probable or to reasonably estimate the amount of such a loss and, therefore, the potential future losses arising from legal proceedings may exceed the amount of liabilities that we have recorded in our financial statements covering these matters. While such potential future charges could be material, based on information currently known to management, management does not believe, other than as may be discussed below, that any such charges are likely to have a material adverse effect on our financial position or results of operations.

Additionally, from time to time, various regulatory and governmental agencies review our transactions and practices in connection with industry-wide and other inquiries or examinations into, among other matters, the business practices of current and former operating subsidiaries. Such investigations, inquiries or examinations could develop into administrative, civil or criminal proceedings or enforcement actions, in which remedies could include fines, penalties, restitution or alterations in our business practices, and could result in additional expenses, limitations on certain business activities and reputational damage.

Yearly Renewable Term Agreements

Certain of our reinsurers have sought rate increases on certain YRT agreements. We are disputing the requested rate increases under these agreements. Certain reinsurers with whom we have disputes have initiated arbitration proceedings against us, may initiate additional proceedings, and other reinsurers may initiate them in the future. To the extent reinsurers have sought retroactive premium increases, we have accrued our current estimate of probable loss with respect to these matters.

For additional information, see Note 7.

Corebridge | Second Quarter 2024 Form 10-Q 68

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 15. Contingencies, Commitments and Guarantees

Moriarty Litigation

AGL continues to defend against Moriarty v. American General Life Insurance Co. (S.D. Cal.), a putative class action involving Sections 10113.71 and 10113.72 of the California Insurance Code, which was instituted against AGL on July 18, 2017. In general, those statutes require that for life-insurance policies issued and delivered in California: (1) the policy must contain a 60-day grace period following non-payment of premium during which the policy remains in force; (2) the insurer must provide a 30-day pre-lapse notice; and (3) the insurer must notify policy owners of the right to designate a secondary recipient for lapse notices. The plaintiff contends AGL did not comply with these requirements for a policy issued before these statutes went into effect. The plaintiff seeks damages and other relief. AGL asserts various defenses to the plaintiff’s claims and to class certification. In 2022, the District Court held that a trial was necessary to determine whether AGL was liable on the plaintiff’s breach of contract claim, and it denied class certification. In May 2023, the case was reassigned to a new judge. On August 14, 2023, the District Court granted the plaintiff’s motion for summary judgment on the plaintiff’s breach of contract claim. On September 26, 2023, the District Court decided that good cause exists to allow the plaintiff to file a third motion for class certification. At the same time, however, the District Court certified its August 14, 2023 order for interlocutory appeal to the Ninth Circuit and stayed trial court proceedings pending the outcome of AGL’s appeal. The Ninth Circuit granted AGL’s petition for interlocutory appeal on November 21, 2023, which remains pending. AGL filed its opening brief on April 15, 2024. The Ninth Circuit granted the plaintiff’s third request for an extension of time to file an answering brief, which is now due on July 22, 2024. AGL’s reply brief will be due 21 days after the answering brief is filed. If the Ninth Circuit schedules oral arguments, it will not occur until all briefing is complete.

AGL is also defending other actions in California involving similar issues: Allen v. Protective Life Insurance Co. and American General Life Insurance Co. (E.D. Cal.), which was filed in state court on September 26, 2022. After being removed to federal court, the plaintiffs filed a motion on August 11, 2023, seeking leave to amend the complaint to add class action allegations against AGL. On November 8, 2023, the District Court issued an order that plaintiffs’ motion will be held in abeyance pending resolution of the class certification issues in Moriarty. On June 24, 2024, Protective Life and AGL filed a motion to stay the entire lawsuit (not just plaintiffs’ motion for leave to amend the complaint) pending resolution of Moriarty. On July 8, 2024, plaintiffs filed a response in opposition to the motion to stay; Chuck v. American General Life Insurance Co. (C.D. Cal.), which was filed in state court on September 6, 2023, as a putative class action. After being removed to federal court, the plaintiffs filed an amended complaint on January 8, 2024, dropping the class action allegation against AGL and adding a sales agent as a defendant. On April 15, 2024, the District Court entered a scheduling order setting the case for trial on February 18, 2025; and Koch Family Insurance Trust v. American General Life Insurance Co. (C.D. Cal.), which was filed in state court on May 15, 2024, and removed to federal court on June 28, 2024.

These cases are in the early stages, and AGL expects their progress will be influenced by future developments in Moriarty and cases against other insurers involving the same insurance statutes. AGL has accrued its current estimate of probable loss with respect to these litigation matters.

OTHER COMMITMENTS

In the normal course of business, we enter into commitments to invest in limited partnerships, private equity funds and hedge funds and to purchase and develop real estate in the United States and abroad. These commitments totaled $4.3 billion at June 30, 2024.

GUARANTEES

Asset Dispositions

We are subject to guarantees and indemnity arrangements in connection with the completed sales of businesses. The various arrangements may be triggered by, among other things, declines in asset values; the occurrence of specified business contingencies; the realization of contingent liabilities; developments in litigation; or breaches of representations, warranties or covenants provided by us. These arrangements are typically subject to various time limitations, defined by the contract or by operation of law, such as statutes of limitations. In some cases, the maximum potential obligation is subject to contractual limitations, while in other cases such limitations are not specified or are not applicable.

We are unable to develop a reasonable estimate of the maximum potential payout under certain of these arrangements. Overall, we believe that it is unlikely we will have to make any material payments related to completed sales under these arrangements, and no material liabilities related to these arrangements have been recorded in the Condensed Consolidated Balance Sheets.

Guarantees provided by AIG

Prior to the IPO, AIG provided certain guarantees to us as described below. Pursuant to the Separation Agreement we will indemnify, defend and hold harmless AIG against or from any liability arising from or related to these guarantees.

Corebridge | Second Quarter 2024 Form 10-Q 69

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 15. Contingencies, Commitments and Guarantees

Certain of our insurance subsidiaries benefit from General Guarantee Agreements under which American Home Assurance Company (“AHAC”) or National Union Fire Insurance Company of Pittsburgh, PA (“NUFIC”) has unconditionally and irrevocably guaranteed all present and future obligations arising from certain insurance policies issued by these subsidiaries (a “Guaranteed Policy” or the “Guaranteed Policies”). AHAC and NUFIC are required to perform under the agreements if one of the insurance subsidiaries fails to make payments due under a Guaranteed Policy. These General Guarantee Agreements have all been terminated as to insurance policies issued after the date of termination. AHAC and NUFIC have not been required to perform under any of the agreements but remain contingently liable for all policyholder obligations associated with the Guaranteed Policies. We did not pay any fees under these agreements for the six months ended June 30, 2024 or 2023.

AIG Parent provides a full and unconditional guarantee of all outstanding notes and junior subordinated debentures of Corebridge Life Holdings, Inc. (“CRBGLH”). This includes:

•a guarantee (the “CRBGLH External Debt Guarantee”) in connection with CRBGLH junior subordinated debentures and certain CRBGLH notes (the “CRBGLH External Debt”); and

•a guarantee in connection with a sale-leaseback transaction in 2020. Pursuant to this transaction, CRBGLH issued promissory notes to AGL with maturity dates of up to five years. These promissory notes were guaranteed by AIG Parent for the benefit of AGL. We paid no fees for these guarantees during the six months ended June 30, 2024 or 2023. On August 1, 2023, the guarantee of these promissory notes was novated from AIG Parent to Corebridge Parent.

In addition to the Separation Agreement, we have entered into a guarantee reimbursement agreement with AIG Parent which provides that we will reimburse AIG Parent for the full amount of any payment made by or on behalf of AIG Parent pursuant to the CRBGLH External Debt Guarantee. We have also entered into a collateral agreement with AIG Parent which provides that in the event of: (i) a ratings downgrade of Corebridge Parent or CRBGLH long-term unsecured indebtedness below specified levels or (ii) the failure by CRBGLH to pay principal and interest on the External Debt when due, we must collateralize an amount equal to the sum of: (a) 100% of the principal amount outstanding, (b) accrued and unpaid interest and (c) 100% of the net present value of scheduled interest payments through the maturity dates of the CRBGLH External Debt.

•For additional discussion on commitments and guarantees associated with VIEs, see Note 8.

•For additional disclosures about derivatives, see Note 9.

•For additional disclosures about related parties, see Note 19.

16. Equity

COMMON STOCK

The following table presents a rollforward of outstanding shares:

Six Months Ended June 30, 2024	Common Stock Issued	Treasury Stock	Common Stock Outstanding
Shares, beginning of year	648,148,737	(26,484,411)	621,664,326
Shares issued under long-term incentive compensation plans	2,041,112	1,229,028	3,270,140
Shares repurchased	—	(24,607,065)	(24,607,065)
Shares, end of period	650,189,849	(49,862,448)	600,327,401

Repurchase of Corebridge Common Stock

Shares may be repurchased from time to time in the open market, through private purchases, through forward, derivative, accelerated repurchase or automatic repurchase transactions or otherwise. Certain of our share repurchases have been and may from time to time be effected through the Securities and Exchange Act of 1934, as amended (the “Exchange Act”) Rule 10b5-1 repurchase plans. On May 4, 2023, our Board of Directors authorized a $1.0 billion share repurchase program. On April 30, 2024, our Board of Directors authorized an additional $2.0 billion increase in the share repurchase amount under the share repurchase program. Under this program, Corebridge Parent may, from time to time, purchase up to $3.0 billion of Corebridge Parent common stock but is not obligated to purchase any particular number of shares. The authorization for the share repurchase program may be terminated, increased or decreased by the Board of Directors at any time.

From July 1, 2024 to July 26, 2024, we repurchased approximately 8.3 million shares of Corebridge Parent common stock for an aggregate purchase price of approximately $246 million, leaving approximately $1.6 billion under the share repurchase authorizations as of July 26, 2024.

Corebridge | Second Quarter 2024 Form 10-Q 70

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 16. Equity

RETAINED EARNINGS

Dividends

Declaration Date	Record Date	Payment Date	Dividend Paid Per Common Share
May 2, 2024	June 14, 2024	June 28, 2024	$	0.23
February 14, 2024	March 15, 2024	March 29, 2024	$	0.23

Dividends Declared

On July 30, 2024, the Company declared a cash dividend on Corebridge Parent common stock of $0.23 per share, payable on September 30, 2024 to shareholders of record at close of business on September 16, 2024.

Accumulated Other Comprehensive Income (Loss)

The following table presents a rollforward of Accumulated other comprehensive income (loss):

(in millions)	Unrealized Appreciation (Depreciation) of Fixed Maturity Securities on Which allowance for credit losses was Taken		Unrealized Appreciation (Depreciation) of All Other Investments		Change in fair value of market risk benefits attributable to changes in our own credit risk		Change in the discount rates used to measure traditional and limited payment long-duration insurance contracts		Cash Flow Hedges		Foreign Currency Translation Adjustments		Retirement Plan Liabilities Adjustment		Total
Three Months Ended June 30, 2024
Balance, March 31, 2024, net of tax	$	(44)	$	(15,865)	$	(932)	$	2,638	$	127	$	(65)	$	2	$	(14,139)
Change in unrealized depreciation of investments	(12)		(1,150)		—		—		—		—		—		(1,162)
Change in fair value of market risk benefits attributable to changes in our own credit risk	—		—		202		—		—		—		—		202
Change in discount rates assumptions of certain liabilities	—		—		—		472		—		—		—		472
Change in future policy benefits and other	—		86		—		—		—		—		—		86
Change in cash flow hedges	—		—		—		—		(3)		—		—		(3)
Change in foreign currency translation adjustments	—		—		—		—		—		70		—		70
Change in deferred tax asset (liability)	3		97		(43)		(93)		1		—		—		(35)
Total other comprehensive income (loss)	(9)		(967)		159		379		(2)		70		—		(370)
Less: Noncontrolling interests	—		—		—		—		—		(1)		—		(1)
Balance, June 30, 2024, net of tax	$	(53)	$	(16,832)	$	(773)	$	3,017	$	125	$	6	$	2	$	(14,508)
Three Months Ended June 30, 2023
Balance, March 31, 2023, net of tax	$	(62)	$	(16,248)	$	(291)	$	2,443	$	153	$	(73)	$	11	$	(14,067)
Change in unrealized depreciation of investments	55		(1,827)		—		—		—		—		—		(1,772)
Change in fair value of market risk benefits attributable to changes in our own credit risk	—		—		(240)		—		—		—		—		(240)
Change in discount rates assumptions of certain liabilities	—		—		—		628		—		—		—		628
Change in future policy benefits and other	—		49		—		—		—		—		—		49
Change in cash value hedges	—		—		—		—		(8)		—		—		(8)
Change in foreign currency translation adjustments	—		—		—		—		—		28		—		28
Change in deferred tax asset (liability)	(12)		294		51		(142)		2		8		—		201
Total other comprehensive income (loss)	43		(1,484)		(189)		486		(6)		36		—		(1,114)
Less: Noncontrolling interests	—		—		—		—		—		1		—		1
Balance, June 30, 2023, net of tax	$	(19)	$	(17,732)	$	(480)	$	2,929	$	147	$	(38)	$	11	$	(15,182)

Corebridge | Second Quarter 2024 Form 10-Q 71

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 16. Equity

(in millions)	Unrealized Appreciation (Depreciation) of Fixed Maturity Securities on Which allowance for credit losses was Taken		Unrealized Appreciation (Depreciation) of All Other Investments		Change in fair value of market risk benefits attributable to changes in our own credit risk		Change in the discount rates used to measure traditional and limited payment long-duration insurance contracts		Cash Flow Hedges		Foreign Currency Translation Adjustments		Retirement Plan Liabilities Adjustment		Total
Six Months Ended June 30, 2024
Balance at December 31, 2023, net of tax	$	(79)	$	(14,650)	$	(909)	$	2,095	$	146	$	(63)	$	2	$	(13,458)
Change in unrealized depreciation of investments	33		(2,270)		—		—		—		—		—		(2,237)
Change in fair value of market risk benefits attributable to changes in our own credit risk	—		—		173		—		—		—		—		173
Change in discount rates assumptions of certain liabilities	—		—		—		1,167		—		—		—		1,167
Change in future policy benefits and other	—		(41)		—		—		—		—		—		(41)
Change in cash flow hedges	—		—		—		—		(28)		—		—		(28)
Change in foreign currency translation adjustments	—		—		—		—		—		66		—		66
Change in deferred tax asset (liability)	(7)		168		(37)		(245)		6		1		—		(114)
Total other comprehensive income (loss)	26		(2,143)		136		922		(22)		67		—		(1,014)
Other	—		(39)		—		—		1		—		—		(38)
Less: Noncontrolling interests	—		—		—		—		—		(2)		—		(2)
Balance, June 30, 2024, net of tax	$	(53)	$	(16,832)	$	(773)	$	3,017	$	125	$	6	$	2	$	(14,508)
Six Months Ended June 30, 2023
Balance, December 31, 2022, net of tax	$	(92)	$	(19,380)	$	(365)	$	2,908	$	157	$	(100)	$	9	$	(16,863)
Change in unrealized depreciation of investments	93		2,155		—		—		—		—		—		2,248
Change in fair value of market risk benefits attributable to changes in our own credit risk	—		—		(146)		—		—		—		—		(146)
Change in discount rates assumptions of certain liabilities	—		—		—		33		—		—		—		33
Change in future policy benefits and other	—		(67)		—		—		—		—		—		(67)
Change in cash value hedges	—		—		—		—		(15)		—		—		(15)
Change in foreign currency translation adjustments	—		—		—		—		—		65		—		65
Change in net actuarial loss	—		—		—		—		—		—		3		3
Change in deferred tax asset (liability)	(20)		(440)		31		(12)		5		7		(1)		(430)
Total other comprehensive income (loss)	73		1,648		(115)		21		(10)		72		2		1,691
Less: Noncontrolling interests	—		—		—		—		—		10		—		10
Balance, June 30, 2023, net of tax	$	(19)	$	(17,732)	$	(480)	$	2,929	$	147	$	(38)	$	11	$	(15,182)

Corebridge | Second Quarter 2024 Form 10-Q 72

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 16. Equity

The following table presents the OCI reclassification adjustments for the three and six months ended June 30, 2024 and 2023, respectively:

(in millions)	Unrealized Appreciation (Depreciation) of Fixed Maturity Securities on Which Allowance for Credit Losses Was Taken		Unrealized Appreciation (Depreciation) of All Other Investments		Change in fair value of market risk benefits attributable to changes in our own credit risk		Change in the discount rates used to measure traditional and limited payment long-duration insurance contracts		Cash Flow Hedges		Foreign Currency Translation Adjustments		Retirement Plan Liabilities Adjustment		Total
Three Months Ended June 30, 2024
Unrealized change arising during period	$	(14)	$	(1,665)	$	202	$	718	$	(3)	$	3	$	—	$	(759)
Less: Reclassification adjustments included in net income	(2)		(601)		—		246		—		(67)		—		(424)
Total other comprehensive income (loss), before income tax expense (benefit)	(12)		(1,064)		202		472		(3)		70		—		(335)
Less: Income tax expense (benefit)	(3)		(97)		43		93		(1)		—		—		35
Total other comprehensive income (loss), net of income tax expense (benefit)	$	(9)	$	(967)	$	159	$	379	$	(2)	$	70	$	—	$	(370)
Three Months Ended June 30, 2023
Unrealized change arising during period	$	52	$	(2,009)	$	(240)	$	628	$	(8)	$	28	$	—	$	(1,549)
Less: Reclassification adjustments included in net income	(3)		(231)		—		—		—		—		—		(234)
Total other comprehensive income (loss), before income tax expense (benefit)	55		(1,778)		(240)		628		(8)		28		—		(1,315)
Less: Income tax expense (benefit)	12		(294)		(51)		142		(2)		(8)		—		(201)
Total other comprehensive income (loss), net of income tax expense (benefit)	$	43	$	(1,484)	$	(189)	$	486	$	(6)	$	36	$	—	$	(1,114)
Six Months Ended June 30, 2024
Unrealized change arising during period	$	25	$	(3,248)	$	173	$	1,413	$	(28)	$	(1)	$	—	$	(1,666)
Less: Reclassification adjustments included in net income	(8)		(937)		—		246		—		(67)		—		(766)
Total other comprehensive income (loss), before income tax expense (benefit)	33		(2,311)		173		1,167		(28)		66		—		(900)
Less: Income tax expense (benefit)	7		(168)		37		245		(6)		(1)		—		114
Total other comprehensive income (loss), net of income tax expense (benefit)	$	26	$	(2,143)	$	136	$	922	$	(22)	$	67	$	—	$	(1,014)
Six Months Ended June 30, 2023
Unrealized change arising during period	$	76	$	1,770	$	(146)	$	33	$	(15)	$	65	$	3	$	1,786
Less: Reclassification adjustments included in net income	(17)		(318)		—		—		—		—		—		(335)
Total other comprehensive income (loss), before income tax expense (benefit)	93		2,088		(146)		33		(15)		65		3		2,121
Less: Income tax expense (benefit)	20		440		(31)		12		(5)		(7)		1		430
Total other comprehensive income (loss), net of income tax expense (benefit)	$	73	$	1,648	$	(115)	$	21	$	(10)	$	72	$	2	$	1,691

Corebridge | Second Quarter 2024 Form 10-Q 73

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 16. Equity

The following table presents the effect of the reclassification of significant items out of Accumulated other comprehensive income on the respective line items in the Condensed Consolidated Statements of Income (Loss)*:

	Amount Reclassified from AOCI								Affected Line Item in the Condensed Consolidated Statements of Income (Loss)
	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2024		2023		2024		2023
Unrealized appreciation (depreciation) of fixed maturity securities on which allowance for credit losses was taken
Investments	$	(2)	$	(3)	$	(8)	$	(17)	Net realized gains (losses)
Total	$	(2)	$	(3)	$	(8)	$	(17)
Unrealized appreciation (depreciation) of all other investments
Investments	$	(540)	$	(231)	$	(876)	$	(318)	Net realized gains (losses)
Sale of business	(61)		—		(61)		—		Net (gain) loss on divestitures
Total	$	(601)	$	(231)	$	(937)	$	(318)
Effect of changes in the discount rates used to measure traditional and limited-payment long duration insurance contracts
Sale of business	$	246	$	—	$	246	$	—	Net (gain) loss on divestitures
Total	$	246	$	—	$	246	$	—
Foreign Currency Translation Adjustments
Sale of business	$	(67)	$	—	$	(67)	$	—	Net (gain) loss on divestitures
Total	$	(67)	$	—	$	(67)	$	—
Total reclassifications for the period	$	(424)	$	(234)	$	(766)	$	(335)

*The following items are not reclassified out of AOCI and included in the Condensed Consolidated Statements of Income (Loss) and thus have been excluded from the table:(a) Change in fair value of MRBs attributable to changes in our own credit risk (b) Change in the discount rates used to measure traditional and limited-payment long-duration insurance contracts and (c) Fair value of liabilities under fair value option attributable to changes in our own credit risk.

NON-REDEEMABLE NONCONTROLLING INTEREST

The activity in non-redeemable noncontrolling interest primarily relates to activities with consolidated investment entities.

The changes in non-redeemable noncontrolling interest due to divestitures and acquisitions primarily relate to the formation and funding of new consolidated investment entities. The majority of the funding for these consolidated investment entities comes from affiliated companies of Corebridge.

The changes in non-redeemable noncontrolling interest due to contributions from noncontrolling interests primarily relate to the additional capital calls related to consolidated investment entities.

The changes in non-redeemable noncontrolling interest due to distributions to noncontrolling interests primarily relate to dividends or other distributions related to consolidated investment entities.

The following table presents a rollforward of non-redeemable noncontrolling interest:

	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2024		2023		2024		2023
Beginning balance	$	810	$	910	$	869	$	939
Net (loss) attributable to redeemable noncontrolling interest	(24)		(20)		(75)		(14)
Other comprehensive income (loss), net of tax	(1)		1		(2)		10
Changes in noncontrolling interests due to divestitures and acquisitions	—		—		1		(19)
Contributions from noncontrolling interests	32		18		53		43
Distributions to noncontrolling interests	(2)		(3)		(31)		(53)
Other	1		1		1		1
Ending balance	$	816	$	907	$	816	$	907

Refer to Note 8 for additional information related to Variable Interest Entities.

Corebridge | Second Quarter 2024 Form 10-Q 74

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) 17. Earnings Per Common Share

17. Earnings Per Common Share

The basic earnings per common share (“EPS”) computation is based on the weighted average number of common shares outstanding, adjusted to reflect all stock splits. The diluted EPS computation is based on those shares used in the basic EPS computation plus common shares that would have been outstanding assuming issuance of common shares for all dilutive potential common shares outstanding and adjusted to reflect all stock splits, using the treasury stock method.

The following table presents the computation of basic and diluted EPS for the three and six months ended June 30, 2024 and 2023:

	Three Months Ended June 30,				Six Months Ended June 30,
(in millions, except per common share data)	2024		2023		2024		2023
Numerator for EPS:
Net income (loss)	$	341	$	751	$	1,168	$	298
Less: Net income (loss) attributable to noncontrolling interests	(24)		(20)		(75)		(14)
Net income (loss) attributable to Corebridge common shareholders	$	365	771		$	1,243	$	312
Denominator for EPS:
Weighted average common shares outstanding - basic	611.6		650.7		617.8		650.8
Dilutive common shares	1.0		1.5		0.9		1.7
Weighted average common shares outstanding - diluted	612.6		652.2		618.7		652.5
Income per common share attributable to Corebridge common shareholders
Common stock - basic	$	0.60	$	1.18	$	2.01	$	0.48
Common stock - diluted	$	0.59	$	1.18	$	2.01	$	0.48

*Potential dilutive common shares include our share-based employee compensation plans. The number of common shares excluded from dilutive shares outstanding was approximately 0.1 million and 1.3 million for the three months ended June 30, 2024 and 2023, respectively, and 0.3 million and 0.9 million for the six months ended June 30, 2024 and 2023, respectively, because the effect of including those common shares in the calculation would have been anti-dilutive.

18. Income Taxes

RECENT TAX LAW CHANGES

The Inflation Reduction Act of 2022 (H.R. 5376), (the “Inflation Reduction Act”) includes a 15% corporate alternative minimum tax (“CAMT”) on adjusted financial statement income for corporations with average profits over $1 billion over a three-year period and a 1% stock buyback tax. Although the U.S. Treasury and Internal Revenue Service (“IRS”) issued interim CAMT guidance during 2023, many details and specifics of application of the CAMT remain subject to future guidance. Our estimated CAMT liability will continue to be refined based on future guidance.

BASIS OF PRESENTATION

Prior to the IPO, Corebridge Parent and certain U.S. subsidiaries were included in the consolidated federal income tax return of AIG as well as certain state tax returns where AIG files on a combined or unitary basis. Following the IPO, AIG owned less than 80% interest in Corebridge, resulting in tax deconsolidation of Corebridge from the AIG Consolidated Tax Group. In addition, under the tax law, AGC and its directly owned life insurance subsidiaries (the “AGC Group”) will not be permitted to join in the filing of a U.S. consolidated federal income tax return with our other subsidiaries (collectively, the “Non-Life Group”) for the five-year waiting period. Instead, the AGC Group is expected to file separately as members of the AGC Group consolidated U.S. federal income tax return during the five-year waiting period. Following the five-year waiting period, the AGC Group is expected to join the U.S. consolidated federal income tax return with the Non-Life Group.

RECLASSIFICATION OF CERTAIN TAX EFFECTS FROM AOCI

We use an item-by-item approach to release the stranded or disproportionate income tax effects in AOCI related to our available-for-sale securities. Under this approach, a portion of the disproportionate tax effects is assigned to each individual security lot at the date the amount becomes lodged. When the individual securities are sold, mature or are otherwise impaired on an other-than-temporary basis, the assigned portion of the disproportionate tax effect is reclassified from AOCI to income (loss) from operations.

Corebridge | Second Quarter 2024 Form 10-Q 75

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 18. Income Taxes

INTERIM TAX CALCULATION METHOD

We use the estimated annual effective tax rate method in computing our interim tax provision. Certain items, including those deemed to be unusual or infrequent or that cannot be reliably estimated, are excluded from the estimated annual effective tax rate. In these cases, the actual tax expense or benefit is reported in the same period as the related item. Certain tax effects are also not reflected in the estimated annual effective tax rate, primarily certain changes in uncertain tax positions and realizability of deferred tax assets, and are recorded in the period in which the change occurs.

INTERIM TAX EXPENSE (BENEFIT)

For the three months ended June 30, 2024, the effective tax rate on income from operations was 25.2%. The effective tax rate on income from operations differs from the statutory tax rate of 21% primarily due to tax charges associated with the establishment of additional U.S. federal and state valuation allowance and with state and local income taxes. These tax charges were partially offset by dividends received deduction, tax adjustments related to prior year returns including interest, renewable energy tax credits, and reclassifications from AOCI to income from operations related to the disposal of available-for-sale securities.

For the six months ended June 30, 2024, the effective tax rate on income from operations was 20.7%. The effective tax rate on income from operations differs from the statutory tax rate of 21% primarily due to tax benefits associated with dividends received deduction, excess tax benefits related to share based compensation payments recorded through the income statement, adjustments to deferred tax assets, renewable energy tax credits, and reclassifications from AOCI to income from operations related to the disposal of available-for-sale securities. These tax benefits were partially offset by the establishment of additional U.S. federal, state and foreign valuation allowance and tax charges associated with state and local income taxes.

For the three months ended June 30, 2023, the effective tax rate on income from operations was 17.6%. The effective tax rate on income from operations differs from the statutory tax rate of 21% primarily due to the dividends received deduction, tax adjustments related to prior year returns, and reclassifications from AOCI to income from operations related to the disposal of available-for-sale securities. These tax benefits were partially offset by the establishment of additional valuation allowance and tax charges associated with state and local income taxes.

For the six months ended June 30, 2023, the effective tax rate on income from operations was (23.1)%. The effective tax rate on income from operations differs from the statutory tax rate of 21% primarily due to the dividends received deduction, adjustments to deferred tax assets, reclassifications from AOCI to income from operations related to the disposal of available-for-sale securities, tax adjustments related to prior year returns, and excess tax benefits related to share based compensation payments recorded through the income statement. These tax benefits were partially offset by the establishment of additional valuation allowance and tax charges associated with state and local income taxes.

ASSESSMENT OF DEFERRED TAX ASSET VALUATION ALLOWANCE

The evaluation of the recoverability of our deferred tax asset and the need for a valuation allowance requires us to weigh all positive and negative evidence to reach a conclusion that it is more likely than not that all or some portion of the deferred tax asset will not be realized. The weight given to the evidence is commensurate with the extent to which it can be objectively verified. The more negative evidence that exists, the more positive evidence is necessary and the more difficult it is to support a conclusion that a valuation allowance is not needed.

As discussed above, under the tax law, the AGC Group will not be permitted to join in the filing of a U.S. consolidated federal income tax return with the Non-Life Group for the five-year waiting period following the IPO. Instead, the AGC Group is expected to file separately as members of the AGC consolidated U.S. federal income tax return during this period. Following the five-year waiting period, the AGC Group is expected to join U.S. consolidated federal income tax return with the Non-Life Group. Each separate U.S. federal tax filing group or separate U.S. tax filer is required to consider this five-year waiting period when assessing realization of their respective deferred tax assets including net operating loss and tax credit carryforwards.

Our separation from AIG resulted in an “ownership change” for U.S. federal income tax purposes under Section 382 of the Code. As a result of the ownership change, a limitation has been imposed upon the utilization of our U.S. net operating loss carryforwards and certain built-in losses and deductions to offset future taxable income. Our utilization is limited to approximately $648 million per year. These limitation amounts accumulate for future use to the extent they are not utilized in a given year.

Recent events, changes in target interest rates by the Board of Governors of the Federal Reserve System and significant market volatility, impacted actual and projected results of our business operations as well as our views on potential effectiveness of certain prudent and feasible tax planning strategies. In order to demonstrate the predictability and sufficiency of future taxable income necessary to support the realizability of the net operating losses and foreign tax credit carryforwards, we have considered forecasts of future income for each of our businesses, including assumptions about future macroeconomic and Corebridge-specific conditions and events, and any impact these conditions and events may have on our prudent and feasible tax planning strategies.

Corebridge | Second Quarter 2024 Form 10-Q 76

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 18. Income Taxes

To the extent that the valuation allowance is attributed to changes in forecast of current year taxable income, the impact is included in our estimated annualized effective tax rate. A valuation allowance related to changes in forecasts of income in future periods as well as other items not related to the current year is recorded discretely. For the three and six months ended June 30, 2024, we recorded an increase in valuation allowance of $30 million and $45 million primarily attributable to current year activity. As of June 30, 2024, the balance sheet reflects a valuation allowance of $207 million related to our tax attribute carryforwards and a portion of certain other deferred tax assets that are no longer more-likely-than-not to be realized.

Estimates of future taxable income, including income generated from prudent and feasible actions and tax planning strategies, impact of settlements with taxing authorities, and any changes to interpretations and assumptions related to the impact of the Inflation Reduction Act or the Tax Act, could change in the near term, perhaps materially, which may require us to consider any potential impact to our assessment of the recoverability of the deferred tax asset. Such potential impact could be material to our consolidated financial condition or results of operations for an individual reporting period.

For the three and six months ended June 30, 2024, recent changes in market conditions, including rising interest rates, impacted the unrealized tax capital gains and losses in the U.S. life insurance companies’ available-for-sale securities portfolio, resulting in a deferred tax asset related to net unrealized tax capital losses. The deferred tax asset relates to the unrealized capital losses for which the carryforward period has not yet begun, and as such, when assessing its recoverability, we consider our ability and intent to hold the underlying securities to recovery. As of June 30, 2024, based on all available evidence, we concluded that a valuation allowance should be established on a portion of the deferred tax asset related to unrealized capital losses that are not more-likely-than-not to be realized. For the three and six months ended June 30, 2024, we recorded an increase in valuation allowance of $96 million and $290 million, respectively, associated with the unrealized tax capital losses in the U.S. life insurance companies’ available-for-sale securities portfolio. As of June 30, 2024, the balance sheet reflects a valuation allowance of $1.3 billion associated with the unrealized tax capital losses in the U.S. Life Insurance Companies’ available-for-sale securities portfolio, all of which was allocated to OCI. Additionally, as of June 30, 2024, based on all available evidence, we concluded that a valuation allowance should be established on a portion of the deferred tax asset related to realized tax capital losses that are not more-likely-than-not to be realized. As of June 30, 2024, we established $57 million of valuation allowance associated with the realized tax capital losses from the insurance companies’ available-for-sale securities portfolio.

For the six months ended June 30, 2024, we recognized a $2 million increase in deferred tax asset valuation allowance associated with certain foreign jurisdictions.

TAX EXAMINATIONS AND LITIGATION

Corebridge Parent and certain U.S. subsidiaries are included in a consolidated U.S. federal income tax return with AIG through the date of IPO (short-period tax year 2022), and income tax expense is recorded, based on applicable U.S. and foreign laws.

The AIG Consolidated Tax Group is currently under IRS examination for the tax years 2011 through 2019 and is continuing to engage in the appeals process for years 2007 through 2010.

We are periodically advised of certain IRS and other adjustments identified in AIG's consolidated tax return which are attributable to our operations. Under our tax sharing arrangement, we provide a charge or credit for the effect of the adjustments and the related interest in the period we are advised of such adjustments and interest.

19. Related Parties

RELATED PARTY TRANSACTIONS

We may enter into a significant number of transactions with related parties in the normal course of business. Parties are considered to be related if one party has the ability to control or exercise significant influence over the other party in making financial or operating decisions, or if a party, directly or indirectly through one or more of its intermediaries, controls, is controlled by or is under common control with an entity. Our material transactions with related parties are described below.

Corebridge | Second Quarter 2024 Form 10-Q 77

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 19. Related Parties

Related Party Transactions with AIG

We have historically entered into various transactions with AIG, some of which are continuing and are described below. In addition, on September 14, 2022, we entered into a Separation Agreement with AIG, which governs the relationship between AIG and us following the IPO, including matters related to the allocation of assets and liabilities between the parties, indemnification obligations, our corporate governance, information rights for each party and consent rights of AIG with respect to certain business activities that we may undertake. On May 16, 2024, in connection with the execution of the Purchase Agreement with AIG Parent and Nippon, the Company entered into an Amendment to the Separation Agreement, by and between the Company and AIG Parent, pursuant to which the Company and AIG Parent agreed to certain changes with respect to AIG’s board designation rights and AIG’s right to consent over certain actions by the Company, as set forth in the original Separation Agreement. Additionally, on June 9, 2024, AIG Parent waived its right under the Separation Agreement to include a majority of the director candidates on each slate of candidates recommended by the Corebridge Board of Directors.

For further information on the Nippon Transaction, the Separation Agreement and the amendment and waiver thereto, see Note 1.

Advisory Transactions

Certain of our investment management subsidiaries provide advisory, management, allocation, structuring, planning, oversight, administration and similar services (collectively, “Investment Services”) with respect to the investment portfolios of AIG. Investment Services are provided primarily pursuant to investment management, investment advisory and similar agreements (“IMAs”), under which our subsidiaries are appointed as investment manager and are authorized to manage client investment portfolios on a fully discretionary basis, subject to agreed investment guidelines. Certain of our subsidiaries are also authorized under the IMAs to retain, oversee and direct third-party investment advisers and managers for and on behalf of these AIG clients. In some cases, Investment Services are provided through the clients’ participation in private investment funds, RMBS, CLO and other pooled investment vehicles and investment products (collectively, “Funds”) sponsored or managed by us.

Separately, certain of our subsidiaries provide portfolio administration and investment planning, performance evaluation and oversight services to AIG Property Casualty International, LLC (“AIGPCI”), on a non-discretionary basis, with respect to the investment portfolios of various of AIGPCI’s non-U.S. subsidiaries. In some cases, these services are directly provided to AIGPCI’s non-US subsidiaries. We offer our Funds to AIGPCI’s non-U.S. subsidiaries. Our subsidiaries earn investment management and advisory fees under the IMAs and other service agreements, as well as management fees and carried interest distributions or similar performance-based compensation under the Funds’ operating agreements, the majority of which are based on, or calibrated to approximate, the costs of providing the services. With respect to a minority of the AIG client portfolios, which relate to assets backing risks that have been transferred to third parties, our subsidiaries earn market-based fees. Management and advisory fee income for these Investment Services and related services reflected in Other income on the Condensed Consolidated Statements of Income (Loss) were $6 million and $13 million for the three and six months ended June 30, 2024, respectively, and $7 million and $20 million for the three and six months ended June 30, 2023, respectively.

Capital Markets Agreements

Historically, we received a suite of capital markets services, including securities lending, collateral management, repurchase transactions, derivatives execution and support, and operational support services, from AIG for which we pay a fee. AIG Markets, Inc. (“AIGM”) provided these services through various services agreements.

The suite of capital markets services previously provided by AIGM are now provided by our consolidated subsidiary Corebridge Markets, LLC (“CRBGM”). The majority of transactions previously outstanding with AIGM were legally transferred to CRBGM as of December 31, 2023.

In addition, in the ordinary course of business, we enter into over-the-counter derivative transactions with AIGM under standard ISDA Master Agreements. We previously had certain unsecured derivative transactions with AIG. On May 4, 2023, these previously unsecured derivative transactions became fully collateralized.

The total expenses incurred for services provided by AIGM reflected in Net investment income - excluding Fortitude Re funds withheld assets on the Condensed Consolidated Statements of Income (Loss) were $0 million and $0 million for the three and six months ended June 30, 2024, respectively, and $0 million and $0 million for the three and six months ended June 30, 2023, respectively. The derivative assets, net of gross assets and gross liabilities after collateral were $0 million and $13 million as of June 30, 2024 and December 31, 2023, respectively. The derivative liabilities, net of gross assets and gross liabilities after collateral were $0 million and $0 million as of June 30, 2024 and December 31, 2023, respectively. The collateral posted to AIGM was $0 million and $0 million as of June 30, 2024 and December 31, 2023, respectively. The collateral held by us was $66 million and $377 million as of June 30, 2024 and December 31, 2023, respectively.

For further details regarding derivatives, see Note 9.

Corebridge | Second Quarter 2024 Form 10-Q 78

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 19. Related Parties

General Services Agreements

Pursuant to the provisions of a Service and Expense Agreement (the “AIG Service and Expense Agreement”) effective February 1, 1974, as amended, we and AIG have provided various services to each other at cost, including, but not limited to, advertising, accounting, actuarial, tax, legal, data processing, claims adjustment, employee cafeteria, office space, payroll, information technology services, capital markets services, services that support financial transactions and budgeting, risk management and compliance services, human resources services, insurance, operations and other support services.

On September 14, 2022, we entered into a Transition Services Agreement (the “TSA”) with AIG regarding the continued provision of services between the Company and AIG on a transitional basis. The TSA has generally replaced the AIG Service and Expense Agreement for services provided between the parties.

Amounts due to AIG under these agreements were $19 million and $39 million as of June 30, 2024 and December 31, 2023, respectively. Amounts due from AIG were $12 million and $38 million as of June 30, 2024 and December 31, 2023, respectively. The total service expenses incurred specific to these agreements reflected in General operating expenses on the Condensed Consolidated Statements of Income (Loss) were $12 million and $25 million for the three and six months ended June 30, 2024, respectively, and $46 million and $93 million for the three and six months ended June 30, 2023, respectively.

Reinsurance Transactions

From time to time, AIG Life U.K. entered into various coinsurance agreements with American International Reinsurance Company, Ltd., a consolidated subsidiary of AIG (“AIRCO”) as follows:

•In 2018, AIG Life U.K. ceded risks to AIRCO relating to the payment of obligations of life-contingent annuity claims in the annuitization phase of the contracts on or after June 30, 2018.

•In 2019 and 2020, AIG Life U.K. ceded risks to AIRCO relating to certain whole life policies issued prior to and subsequent to July 1, 2019, respectively.

Reinsurance assets related to these agreements were $67 million as of December 31, 2023. Amounts payable to AIRCO were $13 million as of December 31, 2023. Ceded premiums related to these agreements were $0 million and $9 million for the three and six months ended June 30, 2024, respectively, and $11 million and $18 million for the three and six months ended June 30, 2023, respectively. Reinsurance assets and amounts payable related to these agreements were reclassified to Assets held-for-sale and Liabilities held-for-sale, respectively at December 31, 2023.

On April 8, 2024, Corebridge completed the sale of AIG Life U.K. to Aviva and AIG Life U.K. terminated its reinsurance agreements with AIRCO.

Guarantees

Prior to the IPO, AIG provided certain guarantees to us. Pursuant to the Separation Agreement, we will indemnify, defend and hold harmless AIG against or from any liability arising from or related to such guarantees.

For further details regarding guarantees previously provided by AIG, see Note 15.

Tax Sharing Agreements

On September 14, 2022, we entered into a tax matters agreement with AIG that governs the parties’ respective rights, responsibilities, and obligations with respect to taxes, including the allocation of current and historic tax liabilities (whether income or non-income consolidated or stand-alone) between us and AIG (the “Tax Matters Agreement”). The Tax Matters Agreement governs, among other things, procedural matters, such as filing of tax returns, tax elections, control and settlement of tax controversies and entitlement to tax refunds and tax attributes.

Prior to the IPO, Corebridge and SAFG Capital LLC were included in the consolidated federal income tax return of AIG as well as certain state tax returns where AIG files on a combined or unitary basis. There were no payments to AIG in connection with the tax sharing agreements for the six months ended June 30, 2024 and 2023. Amounts receivable (payable) from or to AIG pursuant to the tax sharing agreements were $(381) million and $(371) million as of June 30, 2024 and December 31, 2023, respectively.

Employee Compensation and Benefits

Our employees participate in certain of AIG’s employee benefit programs. We had a payable of $18 million and $32 million as of June 30, 2024 and December 31, 2023, respectively, with respect to these programs. On September 14, 2022, we entered into an employee matters agreement with AIG (the “EMA”). The EMA allocates liabilities and responsibilities relating to employment matters, employee compensation and benefits plans and programs, and other related matters between us and AIG. The EMA generally provides that, unless otherwise specified, each party is responsible for liabilities associated with their current and former employees for purposes of compensation and benefit matters following the IPO.

Corebridge | Second Quarter 2024 Form 10-Q 79

ITEM 1 | Notes to Condensed Consolidated Financial Statements (Unaudited) | 19. Related Parties

Related Party Transactions with Blackstone Inc. (“Blackstone”)

Investment Expense

We entered into a long-term asset management relationship with Blackstone to manage a portion of our investment portfolio. The investment expense incurred were $60 million and $111 million for the three and six months ended June 30, 2024, respectively, and $37 million and $72 million for the three and six months ended June 30, 2023, respectively.

Related Party Transactions with Variable Interest Entities

In the ordinary course of business, we enter into various arrangements with VIEs, and we consolidate the VIE if we are determined to be the primary beneficiary. In certain situations, we may have a variable interest in a VIE that is consolidated by an affiliate, and in other instances, affiliates may have variable interests in a VIE that is consolidated by us. The total debt of consolidated VIEs held by affiliates was $136 million and $102 million as of June 30, 2024 and December 31, 2023, respectively. The interest expense incurred on the debt reflected in Interest expense on the Condensed Consolidated Statements of Income (Loss) were $1 million and $2 million for the three and six months ended June 30, 2024, respectively, and $1 million and $8 million for the three and six months ended June 30, 2023, respectively.

The noncontrolling interest included in the Condensed Consolidated Balance Sheets related to the VIEs held by affiliates was $474 million and $518 million as of June 30, 2024 and December 31, 2023, respectively. The gain/(loss) attributable to noncontrolling interest of consolidated VIEs held by affiliates were $(18) million and $(39) million for the three and six months ended June 30, 2024, respectively, and $(8) million and $11 million for the three and six months ended June 30, 2023, respectively.

In addition to transactions with VIEs, Corebridge has entered into other structured financing arrangements supporting real estate properties and other types of assets with other AIG affiliates. These financing arrangements are reported in Other invested assets in the Condensed Consolidated Balance Sheets. Certain of these and the VIE structures above also include commitments for funding from other AIG affiliates.

For additional information related to VIEs and other investments, see Notes 5 and 8.

Corebridge | Second Quarter 2024 Form 10-Q 80

Item 2 | Management’s Discussion and Analysis of Financial Condition and Results of Operations

Glossary and Acronyms of Selected Insurance Terms and References

Throughout this Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”), we use certain terms and abbreviations, which are summarized in the Glossary and Acronyms.

Corebridge has incorporated into this discussion a number of cross-references to additional information included throughout this Quarterly Report to assist readers seeking additional information related to a particular subject.

In this Quarterly Report, unless otherwise mentioned or unless the context indicates otherwise, we use the terms “Corebridge,” “we,” “us” and “our” to refer to Corebridge Financial, Inc., a Delaware corporation, and its consolidated subsidiaries. We use the term “Corebridge Parent” to refer solely to Corebridge Financial, Inc., and not to any of its consolidated subsidiaries.

This MD&A addresses the consolidated financial condition of Corebridge as of June 30, 2024, compared with December 31, 2023, and its consolidated results of operations for the three and six months ended June 30, 2024 and 2023. In addition to historical data, this discussion contains forward-looking statements about our business operations and financial performance based on current expectations that involve risks, uncertainties and assumptions. Actual results may differ materially from those discussed in the forward-looking statements as a result of various factors. You should read the following analysis of our consolidated financial condition and results of operations in conjunction with the “Management’s Discussion and Analysis of Results of Operations and Financial Condition,” the unaudited Condensed Consolidated Financial Statements and the statements under “Cautionary Statements Regarding Forward-Looking Information,” included elsewhere in this Quarterly Report and the “Risk Factors” section in the 2023 Form 10-K.

Corebridge | Second Quarter 2024 Form 10-Q 81

Index to Item 2

	Page
Executive Summary	83
Overview	83
Revenues	83
Benefits and Expenses	83
Significant Factors Impacting our Results	84
Corebridge’s Outlook - Macroeconomic, Industry and Regulatory Trends	86
Use of Non-GAAP Measures	88
Key Operating Metrics	94
Consolidated Results of Operations	97
Business Segment Operations	100
Individual Retirement	101
Group Retirement	105
Life Insurance	108
Institutional Markets	110
Corporate and Other	113
Investments	115
Overview	115
Key Investment Strategies	115
Credit Ratings	118
Future Policy Benefits, Policyholder Contract Deposits and Market Risk Benefits	135
Liquidity and Capital Resources	139
Overview	139
Liquidity and Capital Resources of Corebridge Parent and Intermediate Holding Companies	139
Liquidity and Capital Resources of Corebridge Insurance Subsidiaries	140
Short-Term and Long-Term Debt	142
Credit Ratings	143
Off-Balance Sheet Arrangements and Commercial Commitments	143
Accounting Policies and Pronouncements	144
Critical Accounting Estimates	144
Adoption of Accounting Pronouncements	144
Glossary	145
Certain Important Terms	147
Acronyms	148

Corebridge | Second Quarter 2024 Form 10-Q 82

ITEM 2 | Executive Summary

Executive Summary

OVERVIEW

We are one of the largest providers of retirement solutions and insurance products in the United States, committed to helping individuals plan, save for and achieve secure financial futures. We offer a broad set of products and services through our market leading Individual Retirement, Group Retirement, Life Insurance and Institutional Markets businesses, each of which features capabilities and industry experience we believe are difficult to replicate. These four businesses collectively seek to enhance stockholder returns while maintaining our attractive risk profile, which has historically resulted in consistent and strong cash flow generation.

REVENUES

Our revenues come from five principal sources:

•Premiums are principally derived from our traditional life insurance and certain annuity products including pension risk transfer (“PRT”) transactions and structured settlements with life contingencies. Our premium income is driven by growth in new policies and contracts written and persistency of our in-force policies, both of which are influenced by a combination of factors including our efforts to attract and retain customers and market conditions that influence demand for our products;

•Policy fees are principally derived from our individual retirement, group retirement, universal life insurance, Corporate Markets and SVW products. Our policy fees typically vary directly with the underlying account value or benefit base of our annuities. Account value and benefit base are influenced by changes in economic conditions, including changes in levels of equity prices, and changes in levels of interest rates and credit spreads, as well as net flows;

•Net investment income from our investment portfolio varies as a result of the yield, allocation and size of our investment portfolio, which are, in turn, a function of capital market conditions and net flows into our total investments, as well as the expenses associated with managing our investment portfolio;

•Net realized gains (losses), net include changes in the Fortitude Re funds withheld embedded derivative, risk management related derivative activities (excluding hedges of certain MRBs), changes in the fair value of embedded derivatives in certain of our insurance products and trading activity within our investment portfolio, including trading activity related to the Fortitude Re modco arrangement. Net realized gains (losses) vary due to the timing of sales of investments as well as changes in the fair value of embedded derivatives in certain of our insurance products and derivatives utilized to hedge certain embedded derivatives; and

•Advisory fee income and other income includes fees from registered investment advisory services, 12b-1 fees (marketing and distribution fees paid by mutual funds), other asset management fee income and commission-based broker-dealer services.

BENEFITS AND EXPENSES

Our benefits and expenses come from six principal sources:

•Policyholder benefits are driven primarily by customer withdrawals and surrenders from traditional products which change in response to changes in capital market conditions and changes in policy reserves, as well as life contingent benefit payments on life and annuity contracts and updates to assumptions related to future policyholder behavior, mortality and longevity;

•Interest credited to policyholder account balances varies in relation to the amount of the underlying account value or benefit base and also includes changes in the fair value of certain embedded derivatives related to our insurance products and amortization of deferred sales inducement assets;

•Amortization of deferred policy acquisition costs and value of business acquired for all contracts except for other investment contracts is amortized, on a constant level basis over the expected term of the related contracts, using assumptions consistent with those used in estimating the related liability for future policy benefits, or any other related balances, for those corresponding contracts, as applicable. VOBA is determined at the time of acquisition and is reported with DAC. This value is based on the present value of future pre-tax profits discounted at yields applicable at the time of purchase;

•General operating expenses include expenses associated with conducting our business, including salaries, other employee-related compensation and other operating expenses such as professional services or travel;

•Change in the fair value of market risk benefits, net represents the changes in fair value of MRBs contained within certain insurance contracts (excluding the impact of changes in our own credit risk), including attributed fees, along with the changes in the fair value of derivatives that economically hedge MRBs. Changes in our own credit risk are included in OCI; and

Corebridge | Second Quarter 2024 Form 10-Q 83

ITEM 2 | Executive Summary

•Interest expense represents the charges associated with our external debt obligations, including debt of consolidated investment entities. This expense varies based on the amount of debt on our balance sheet, as well as the rates of interest associated with those obligations. Interest expense related to consolidated investment entities principally relates to variable interest entities (“VIEs”) for which we are the primary beneficiary; however, creditors or beneficial interest holders of VIEs generally only have recourse to the assets and cash flows of the VIEs and do not have recourse to us except in limited circumstances when we have provided a guarantee to the VIE’s interest holders.

SIGNIFICANT FACTORS IMPACTING OUR RESULTS

The following significant factors have impacted, and may in the future impact, our business, results of operations, financial condition and liquidity.

Impact of Fortitude Re

In 2018, AIG established Fortitude Re, a wholly-owned subsidiary of Fortitude Group Holdings, LLC (“Fortitude Holdings”), in a series of reinsurance transactions related to certain of AIG’s legacy operations. In February 2018, AGL, VALIC and USL entered into modco agreements with Fortitude Re, a registered Class 4 and Class E reinsurer in Bermuda. Following the sale of AIG’s majority ownership interest in Fortitude Holdings, AIG contributed its remaining ownership in Fortitude Re Bermuda and its one seat on its Board of Managers to us. As of June 30, 2024, our ownership interest in Fortitude Re was 2.46%.

In the modco arrangement, the investments supporting the reinsurance agreements, which reflect the majority of the consideration that would be paid to the reinsurer for entering into the transaction, are withheld by, and therefore continue to reside on the balance sheet of, the ceding company (i.e., AGL, VALIC and USL) thereby creating an obligation for the ceding company to pay the reinsurer (i.e., Fortitude Re) at a later date. Additionally, since we maintain ownership of these investments, we reflect our existing accounting for these assets, which consist primarily of available-for-sale securities (e.g., the changes in fair value of available-for-sale securities are recognized within OCI) on our balance sheet. We have established a funds withheld payable to Fortitude Re while simultaneously establishing a reinsurance asset representing liabilities for the insurance coverage that Fortitude Re has assumed. The funds withheld payable contains an embedded derivative and changes in fair value of this derivative are recognized in Net realized gains (losses) on Fortitude Re funds withheld embedded derivative. This embedded derivative is considered a total return swap with contractual returns that are attributable to various assets, primarily available-for-sale securities, associated with these reinsurance agreements. As the majority of the invested assets supporting the modco are fixed income securities that are available-for-sale, there is a mismatch between the accounting for the embedded derivative as its changes in fair value are recorded through net income while changes in the fair value of the fixed maturity securities available-for-sale are recorded through OCI.

Our net income experiences ongoing volatility as a result of the reinsurance agreements, which, as described above, give rise to a funds withheld payable that contains an embedded derivative. However, this net income volatility is almost entirely offset with a corresponding change in OCI, which reflects the fair value change from the investment portfolio supporting the funds withheld payable, which is primarily available-for-sale securities, resulting in minimal impact to our comprehensive income (loss) and equity attributable to Corebridge. The Company has also elected the fair value option on the acquisition of certain new fixed maturity securities, helping reduce the mismatch over time.

As of June 30, 2024, $25.5 billion of reserves had been ceded to Fortitude Re.

For additional information on our reinsurance agreements with Fortitude Re, see Note 7 to the Condensed Consolidated Financial Statements.

Impact of Variable Annuity Guaranteed Benefit Riders and Hedging

Our Individual Retirement and Group Retirement businesses offer variable annuity products with riders that provide guaranteed benefits. The liabilities are accounted for as MRBs and measured at fair value. The fair value of the MRBs may fluctuate significantly based on market interest rates, equity prices, credit spreads, market volatility, policyholder behavior and other factors.

In addition to risk-mitigating features in our variable annuity product design, we have an economic hedging program designed to manage market risk from GMWBs, including exposures to changes in interest rates, equity prices, credit spreads and volatility. The hedging program includes all in-force GMWB policies and utilizes derivative instruments, including, but not limited to, equity options, futures contracts and interest rate swap and option contracts, as well as fixed maturity securities.

For additional information regarding Corebridge’s impact of Variable Annuity Guaranteed Benefit Riders and Hedging, see “Future Policy Benefits, Policyholder Contract Deposits and Market Risk Benefits — Variable Annuity Guaranteed Benefits and Hedging Results.”

Corebridge | Second Quarter 2024 Form 10-Q 84

ITEM 2 | Executive Summary

Embedded Derivatives for Fixed Index Annuity and Index Universal Life Products

Fixed index annuity contracts contain index interest credits which are accounted for as embedded derivatives and our index universal life insurance products also contain embedded derivatives. Policyholders may elect to rebalance among the various crediting strategies within the product at specified renewal dates. At the end of each index term, we generally have the opportunity to re-price the index component by establishing different participation rates or caps on index credited rates. The index crediting feature of these products results in the recognition of an embedded derivative that is required to be bifurcated from the host contract and carried at fair value with changes in the fair value of the liabilities recorded in Net realized gains (losses). Option pricing models are used to estimate fair value, taking into account assumptions for future index growth rates, volatility of the index, future interest rates and our ability to adjust the participation rate and the cap on index credited rates in light of market conditions and policyholder behavior assumptions.

The following table summarizes the fair values of the embedded derivatives for fixed index annuity and index universal life products:

(in millions)	June 30, 2024		December 31, 2023
Fixed index annuities	$	8,033	$	6,953
Index universal life	$	1,003	$	989

Our Strategic Partnership with Blackstone

In 2021, we entered into a strategic partnership with Blackstone pursuant to which Blackstone acquired a 9.9% position in our common stock and we entered into a long-term asset management relationship with Blackstone IM. As of June 30, 2024, Blackstone managed approximately $64.4 billion in book value of assets in our investment portfolio.

For additional information on our Strategic Partnership with Blackstone, see “Investments” below.

Our Investment Management Agreements with BlackRock

Since April 2022, we entered into investment management agreements with BlackRock and its investment advisory affiliates. As of June 30, 2024, BlackRock managed approximately $84.0 billion in book value of assets in our investment portfolio, consisting of liquid fixed income and certain private placement assets.

For additional information on our Investment Management Agreements with BlackRock, see “Investments” below.

Fair Value Option Bond Securities

We elect the fair value option on certain bond securities. When the fair value option is elected, the realized and unrealized gains and losses on these securities are reported in net investment income.

The following table shows the net investment income reported on fair value option bond securities:

	Three Months Ended  June 30,				Six Months Ended June 30,
(in millions)	2024		2023		2024		2023
Net investment income - excluding Fortitude Re funds withheld assets	$	13	$	8	$	26	$	18
Net investment income - Fortitude Re funds withheld assets	78		6		149		111
Total	$	91	$	14	$	175	$	129

Separation Costs

In connection with our separation from AIG, we have incurred and expect to continue to incur one-time and recurring expenses. As of June 30, 2024, we have incurred approximately $519 million of one-time expenses on a pre-tax basis. These expenses primarily relate to replicating and replacing functions, systems and infrastructure provided by AIG; rebranding; and accounting advisory, consulting and actuarial fees. In addition to these separation costs, we expect to incur costs related to the evolution of our investments organization to reflect our strategic partnerships with key external managers, our implementation of BlackRock’s “Aladdin” investment management technology platform and our expected reduction in fees for asset management services.

In addition, as part of Corebridge Forward, we aimed to achieve an annual run rate expense reduction of approximately $400 million on a pre-tax basis within 24 months of the IPO. Through June 30, 2024 we have acted upon or contracted the full $400 million of exit run rate savings on a pre-tax basis. Corebridge Forward is expected to have a cumulative cost to achieve of approximately $300 million on a pre-tax basis. As of June 30, 2024, the cost to achieve has been approximately $203 million.

Corebridge | Second Quarter 2024 Form 10-Q 85

ITEM 2 | Executive Summary

COREBRIDGE’S MACROECONOMIC, INDUSTRY AND REGULATORY TRENDS

Our business is affected by industry and economic factors such as changes in interest rates and credit spreads; geopolitical tensions (including the ongoing armed conflicts between Ukraine and Russia and in the Middle East); credit and equity market conditions; currency exchange rates; regulation; tax policy; competition; and general economic, market and political conditions. We continued to operate under market conditions in 2024 and 2023 characterized by factors such as higher interest rates, inflationary pressures, an uneven global economic recovery and global trade tensions. Responses by central banks and monetary authorities with respect to inflation, growth concerns and other macroeconomic factors have also affected global exchange rates and volatility.

Below is a discussion of certain industry and economic factors impacting our business:

Demographics

We expect our target market of individuals planning for retirement to continue to grow with the size of the U.S. population age 65 and over that is expected to increase by approximately 30% by 2030 from just ten years earlier. In addition, we believe that reduced employer-paid retirement benefits will drive an increasing need for our individual retirement solutions. Further, consumers in the United States continue to prefer purchasing life insurance and retirement products through an agent or advisor, which positions us favorably given our broad distribution platform and in-house advisory capabilities. We continue to seek opportunities to develop new products and adapt our existing products to the growing needs of individuals to plan, save for and achieve secure financial futures.

Equity Markets

Our financial results are impacted by the performance of equity markets, which impacts the performance of our alternative investment portfolio, fee income, MRBs and embedded derivatives. For instance, in our variable annuity separate accounts, mutual fund assets and brokerage and advisory assets, we generally earn fee income based on the account value, which fluctuates with the equity markets as a significant amount of these assets are invested in equity funds. The impact of equity market returns, both increases and decreases, is reflected in our results due to the impact on the account value and the fair values of equity-exposed securities in our investment portfolio.

Our hedging costs could also be significantly impacted by changes in the level of equity markets as rebalancing and option costs are tied to the equity market volatility. These hedging costs are partially offset by our rider fees that are tied to the level of the volatility index (“VIX”). As rebalancing and option costs increase or decrease, the rider fees will increase or decrease partially offsetting the hedging costs incurred.

For Additional information see “Risk Factors—Risks Relating to Market Conditions—We are exposed to risk from equity market declines or volatility” in the 2023 Form 10-K.

Market and other economic factors may result in increased credit impairments, downgrades and losses across single or numerous asset classes due to lower collateral values or deteriorating cash flow and profitability by borrowers could lead to higher defaults on our investment portfolio, especially in geographic, industry or investment sectors where we have higher concentrations of exposure, such as real estate related borrowings. These factors can also cause widening of credit spreads which could reduce investment asset valuations, decrease fee income and increase statutory capital requirements, as well as reduce the availability of investments that are attractive from a risk-adjusted perspective.

For additional information see “Risk Factors—Risks Relating to Market Conditions—Our business is highly dependent on economic and capital market conditions” in the 2023 Form 10-K.

Alternative investments include private equity funds which are generally reported on a one-quarter lag. Accordingly, changes in valuations driven by equity market conditions during the second quarter of 2024 may impact the private equity investments in the alternative investments portfolio in the third quarter of 2024.

Impact of Changes in the Interest Rate Environment

A rising interest rate environment benefits our spread income as we reinvest cash flows from existing business at higher rates and should have a positive impact on sales of spread-based products.

As of June 30, 2024, increases in key rates have improved yields on new investments, which are now higher than the yield on maturities and redemptions that we are experiencing in our existing portfolios. Furthermore, the impact of interest rate increases is further reflected in our results as these rate increases have also reduced the value of fixed income assets that are held in the variable annuity separate accounts and brokerage and advisory assets, and accordingly, have adversely impacted the fees that are charged on these accounts. We actively manage our exposure to the interest rate environment through portfolio construction and asset-liability management, including spread management strategies for our investment-oriented products and economic hedging of interest rate risk from guarantee features in our variable annuities, but we may not be able to fully mitigate our interest rate risk by matching exposure of our assets relative to our liabilities.

Corebridge | Second Quarter 2024 Form 10-Q 86

ITEM 2 | Executive Summary

Fluctuations in interest rates may result in changes to certain statutory reserve or capital requirements that are based on formulas or models that consider interest rates or prescribed interest rates, such as cash flow testing. Rising interest rates can have a mixed impact on statutory financials due to higher surrender activity, particularly for fixed annuities, offset by potentially lower reserves for other products under various statutory reserving frameworks.

Annuity Sales and Surrenders

The rising rate environment and our partnership with Blackstone have provided a strong tailwind for fixed and fixed index annuity sales, however, higher interest rates have also resulted in an increase in surrenders. Rising interest rates could continue to create the potential for increased sales but could also drive higher surrenders relative to what we have already experienced. Fixed annuities have surrender charge periods, generally in the three-to-seven-year range. Fixed index annuities have surrender charge periods, generally in the five-to-ten-year range, and within our Group Retirement segment, certain of our fixed investment options are subject to other withdrawal restrictions, which may help mitigate increased early surrenders in a rising rate environment. In addition, older contracts that have higher minimum interest rates and continue to be attractive to contract holders have driven better than expected persistency in fixed annuities, although the liabilities for such contracts have continued to decrease over time in amount and as a percentage of the total annuity portfolio. We closely monitor surrenders of fixed annuities as contracts with lower minimum interest rates come out of the surrender charge period.

Reinvestment and Spread Management

We actively monitor fixed income markets, including the level of interest rates, credit spreads and the shape of the yield curve. We also frequently review our interest rate assumptions and actively manage the crediting rates used for new and in-force business. Business strategies continue to evolve and we attempt to maintain profitability of the overall business in light of the interest rate environment. A rising interest rate environment results in improved yields on new investments and improves margins for our business while also making certain products, such as fixed annuities, more attractive to potential customers. However, the rising rate environment has resulted in lower values on general and separate account assets, mutual fund assets and brokerage and advisory assets that hold investments in fixed income assets.

For investment-oriented products, including universal life insurance, and variable, fixed and fixed index annuities, in each of our operating and reportable segments, our spread management strategies include disciplined pricing and product design for new business, modifying or limiting the sale of products that do not achieve targeted spreads, using asset-liability management to match assets to liabilities to the extent practicable and actively managing crediting rates to help mitigate some of the pressure on investment spreads. Renewal crediting rate management is guided by specific contract provisions designed to allow crediting rates to be reset at pre-established intervals and subject to minimum crediting rate guarantees. We expect to continue to adjust crediting rates on in-force business, as appropriate, to be responsive to changing rate environments. As interest rates rise, we may need to raise crediting rates on in-force business for competitive and other reasons, potentially offsetting a portion of the additional investment income resulting from investing in a higher interest rate environment.

Of the aggregate fixed account values of our Individual Retirement and Group Retirement annuity products, 49% and 54% were crediting at the contractual minimum guaranteed interest rate at June 30, 2024 and December 31, 2023, respectively. The percentages of fixed account values of our annuity products that are currently crediting at rates above 1% were 47% and 50% at June 30, 2024 and December 31, 2023, respectively. In the universal life insurance products in our Life Insurance business, 59% and 59% of the account values were crediting at the contractual minimum guaranteed interest rate at June 30, 2024 and December 31, 2023, respectively. These businesses continue to focus on pricing discipline and strategies to manage the minimum guaranteed interest crediting rates offered on new sales in the context of regulatory requirements and competitive positioning.

For additional information on our investment and asset-liability management strategies, see “Investments” below.

Regulatory Environment

The insurance and financial services industries are generally subject to close regulatory scrutiny and supervision. Our operations are subject to regulation by a number of different types of domestic and international regulatory authorities, including securities, derivatives and investment advisory regulators. Our insurance subsidiaries are subject to regulation and supervision by the states and jurisdictions in which they do business.

Corebridge | Second Quarter 2024 Form 10-Q 87

ITEM 2 | Executive Summary

We expect that the domestic and international regulations applicable to us and our regulated entities will continue to evolve for the foreseeable future.

For example, on March 6, 2024, the SEC adopted final rules that require registrants, including Corebridge, to disclose certain climate-related information in registration statements and annual reports. The final rules require registrants to disclose, among other things: the impacts of material climate-related risks; the processes for identifying, assessing and managing such risks; information about the oversight of climate-related risks by the board of directors and management’s role in managing material climate-related risks; and information about any climate-related targets or goals that are material to a registrant's business, results of operations, or financial condition. The final rules also require, if material, disclosure of registrants’ Scope 1 and/or Scope 2 greenhouse gas emissions. In addition, registrants must disclose certain information in their audited financial statements, including aggregate expenditures expensed and losses as well as capitalized costs and charges, in each case as a result of severe weather events and other natural conditions, subject to de minimis disclosure thresholds.

The final rules include a phased-in compliance period beginning in fiscal year 2025 for large accelerated filers such as Corebridge. Numerous legal challenges were filed after the rule’s adoption, which lawsuits have been consolidated in the Eighth Circuit. On April 4, 2024, the SEC exercised its discretion to stay the final rules pending completion of judicial review in the U.S. Court of Appeals for the Eighth Circuit. Corebridge is evaluating the potential impacts of these new requirements. However, if these requirements are implemented following completion of judicial review, they may increase the complexity of Corebridge’s periodic reporting as a U.S. public company and are expected to result in additional compliance and reporting costs.

In addition, on April 25, 2024, the Department of Labor (“DOL”) published a final rule in the Federal Register updating the definition for when a person is an “investment advice fiduciary” for purposes of transactions with ERISA qualified plans, related plan participants and IRAs. The DOL also published changes with respect to existing prohibited transactions exemptions (“PTEs”) relating to such advice, including PTE 84-24 and PTE 2020-02. Orders staying the rule’s September 23, 2024 effective date were issued by the U.S. District Courts for the Eastern District of Texas and the Northern District of Texas on July 25, 2024 and July 26, 2024, respectively, in connection with separate lawsuits challenging the rule. We are actively monitoring the progress of the litigation while continuing to evaluate potential impact of the DOL rule to our business.

For information regarding our regulation and supervision by different regulatory authorities in the United States and abroad, see “Business—Regulation” in the 2023 Form 10-K.

Use of Non-GAAP Financial Measures and Key Operating Metrics

NON-GAAP FINANCIAL MEASURES

Throughout this MD&A, we present our financial condition and results of operations in the way we believe will be most meaningful and representative of our business results. Some of the measurements we use are “non-GAAP financial measures” under SEC rules and regulations. We believe presentation of these non-GAAP financial measures allows for a deeper understanding of the profitability drivers of our business, results of operations, financial condition and liquidity. These measures should be considered supplementary to our results of operations and financial condition that are presented in accordance with GAAP and should not be viewed as a substitute for GAAP measures. The non-GAAP financial measures we present may not be comparable to similarly named measures reported by other companies. Reconciliations of non-GAAP financial measures for future periods are not provided as we do not currently have sufficient data to accurately estimate the variables and individual adjustments for such reconciliations.

Adjusted revenues exclude Net realized gains (losses) except for gains (losses) related to the disposition of real estate investments, income from non-operating litigation settlements (included in Other income for GAAP purposes) and changes in fair value of securities used to hedge guaranteed living benefits (included in Net investment income for GAAP purposes).

Corebridge | Second Quarter 2024 Form 10-Q 88

ITEM 2 | Use of Non-GAAP Financial Measures and Key Operating Metrics

The following table presents a reconciliation of Total revenues to Adjusted revenues:

	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2024		2023		2024		2023
Total revenues	$	3,710	$	5,757	$	9,546	$	10,019
Fortitude Re related items:
Net investment (income) on Fortitude Re funds withheld assets	(325)		(270)		(657)		(664)
Net realized losses on Fortitude Re funds withheld assets	93		130		257		110
Net realized (gains) losses on Fortitude Re funds withheld embedded derivatives	(36)		(122)		(58)		903
Subtotal - Fortitude Re related items	(268)		(262)		(458)		349
Other non-Fortitude Re reconciling items:
Changes in fair value of securities used to hedge guaranteed living benefits	(13)		(14)		(31)		(27)
Other (income) loss - net	(11)		(4)		(17)		(14)
Net realized losses*	758		368		989		881
Subtotal - Other non-Fortitude Re reconciling items	734		350		941		840
Total adjustments	466		88		483		1,189
Adjusted revenues	$	4,176	$	5,845	$	10,029	$	11,208

*Represents all Net realized gains and losses except gains (losses) related to the disposition of real estate investments and earned income (periodic settlements and changes in settlement accruals) on derivative instruments used for non-qualifying (economic) hedging or for asset replication. Earned income for non-qualifying (economic) hedging or for asset replication is reclassified from Net realized gains and losses to specific APTOI line items (e.g., net investment income and interest credited to policyholder account balances) based on the economic risk being hedged.

Adjusted pre-tax operating income (“APTOI”) is derived by excluding the items set forth below from income from operations before income tax. These items generally fall into one or more of the following broad categories: legacy matters having no relevance to our current businesses or operating performance; adjustments to enhance transparency to the underlying economics of transactions; and recording adjustments to APTOI that we believe to be common in our industry. We believe the adjustments to pre-tax income are useful for gaining an understanding of our overall results of operations.

APTOI excludes the impact of the following items:

FORTITUDE RE RELATED ADJUSTMENTS:

The modified coinsurance (“modco”) reinsurance agreements with Fortitude Re transfer the economics of the invested assets supporting the reinsurance agreements to Fortitude Re. Accordingly, the net investment income on Fortitude Re funds withheld assets and the net realized gains (losses) on Fortitude Re funds withheld assets are excluded from APTOI. Similarly, changes in the Fortitude Re funds withheld embedded derivative are also excluded from APTOI.

The ongoing results associated with the reinsurance agreement with Fortitude Re have been excluded from APTOI as these are not indicative of our ongoing business operations.

INVESTMENT RELATED ADJUSTMENTS:

APTOI excludes “Net realized gains (losses)”, except for gains (losses) related to the disposition of real estate investments. Net realized gains (losses), except for gains (losses) related to the disposition of real estate investments, are excluded as the timing of sales on invested assets or changes in allowances depend largely on market credit cycles and can vary considerably across periods. In addition, changes in interest rates may create opportunistic scenarios to buy or sell invested assets. Our derivative results, including those used to economically hedge insurance liabilities or are recognized as embedded derivatives at fair value are also included in Net realized gains (losses) and are similarly excluded from APTOI except earned income (periodic settlements and changes in settlement accruals) on derivative instruments used for non-qualifying (economic) hedges or for asset replication. Earned income on such economic hedges is reclassified from Net realized gains and losses to specific APTOI line items based on the economic risk being hedged (e.g., Net investment income and Interest credited to policyholder account balances).

MARKET RISK BENEFIT ADJUSTMENTS:

Certain of our variable annuity, fixed annuity and fixed index annuity contracts contain GMWBs and/or GMDBs which are accounted for as MRBs. Changes in the fair value of these MRBs (excluding changes related to our own credit risk), including certain rider fees attributed to the MRBs, along with changes in the fair value of derivatives used to hedge MRBs are recorded through “Change in the fair value of MRBs, net” and are excluded from APTOI.

Changes in the fair value of securities used to economically hedge MRBs are excluded from APTOI.

OTHER ADJUSTMENTS:

Other adjustments represent all other adjustments that are excluded from APTOI and includes the net pre-tax operating income (losses) from noncontrolling interests related to consolidated investment entities. The excluded adjustments include, as applicable:

Corebridge | Second Quarter 2024 Form 10-Q 89

ITEM 2 | Use of Non-GAAP Financial Measures and Key Operating Metrics

•restructuring and other costs related to initiatives designed to reduce operating expenses, improve efficiency and simplify our organization;

•non-recurring costs associated with the implementation of non-ordinary course legal or regulatory changes or changes to accounting principles;

•separation costs;

•non-operating litigation reserves and settlements;

•loss (gain) on extinguishment of debt, if any;

•losses from the impairment of goodwill, if any; and

•income and loss from divested or run-off business, if any.

Adjusted after-tax operating income attributable to our common shareholders (“Adjusted After-tax Operating Income” or “AATOI”) is derived by excluding the tax effected APTOI adjustments described above, as well as the following tax items from net income attributable to us:

•reclassifications of disproportionate tax effects from AOCI, changes in uncertain tax positions and other tax items related to legacy matters having no relevance to our current businesses or operating performance; and

•deferred income tax valuation allowance releases and charges.

Corebridge | Second Quarter 2024 Form 10-Q 90

ITEM 2 | Use of Non-GAAP Financial Measures and Key Operating Metrics

The following tables present a reconciliation of pre-tax income (loss)/net income (loss) attributable to Corebridge to adjusted pre-tax operating income (loss)/adjusted after-tax operating income (loss) attributable to Corebridge:

Three Months Ended June 30,	2024								2023
(in millions)	Pre-tax		Total Tax (Benefit) Charge		Non- controlling Interests		After Tax		Pre-tax		Total Tax (Benefit) Charge		Non- controlling Interests		After Tax
Pre-tax income/net income, including noncontrolling interests	$	456	$	115	$	—	$	341	$	911	$	160	$	—	$	751
Noncontrolling interests	—		—		24		24		—		—		20		20
Pre-tax income/net income attributable to Corebridge	456		115		24		365		911		160		20		771
Fortitude Re related items
Net investment (income) on Fortitude Re funds withheld assets	(325)		(69)		—		(256)		(270)		(61)		—		(209)
Net realized losses on Fortitude Re funds withheld assets	93		20		—		73		130		28		—		102
Net realized (gains) on Fortitude Re funds withheld embedded derivative	(36)		(7)		—		(29)		(122)		(27)		—		(95)
Subtotal Fortitude Re related items	(268)		(56)		—		(212)		(262)		(60)		—		(202)
Other reconciling Items
Reclassification of disproportionate tax effects from AOCI and other tax adjustments	—		52		—		(52)		—		59		—		(59)
Deferred income tax valuation allowance (releases) charges	—		(87)		—		87		—		(35)		—		35
Changes in fair value of market risk benefits, net	25		5		—		20		(262)		(55)		—		(207)
Changes in fair value of securities used to hedge guaranteed living benefits	5		1		—		4		4		—		—		4
Changes in benefit reserves related to net realized gains (losses)	(3)		—		—		(3)		1		—		—		1
Net realized losses*	748		160		—		588		363		76		—		287
Separation costs	27		6		—		21		70		15		—		55
Restructuring and other costs	85		18		—		67		28		6		—		22
Non-recurring costs related to regulatory or accounting changes	1		—		—		1		7		1		—		6
Net (gain) on divestiture	(241)		(47)		—		(194)		(59)		(13)		—		(46)
Pension expense - non operating	—		—		—		—		15		3		—		12
Noncontrolling interests	24		—		(24)		—		20		—		(20)		—
Subtotal Non-Fortitude Re reconciling items	671		108		(24)		539		187		57		(20)		110
Total adjustments	403		52		(24)		327		(75)		(3)		(20)		(92)
Adjusted pre-tax operating income/Adjusted after-tax operating income attributable to Corebridge	$	859	$	167	$	—	$	692	$	836	$	157	$	—	$	679

Corebridge | Second Quarter 2024 Form 10-Q 91

ITEM 2 | Use of Non-GAAP Financial Measures and Key Operating Metrics

Six Months Ended June 30,	2024								2023
(in millions)	Pre-tax		Total Tax (Benefit) Charge		Non- controlling Interests		After Tax		Pre-tax		Total Tax (Benefit) Charge		Non- controlling Interests		After Tax
Pre-tax income/net income, including noncontrolling    interests	$	1,472	$	304	$	—	$	1,168	$	242	$	(56)	$	—	$	298
Noncontrolling interests	—		—		75		75		—		—		14		14
Pre-tax income/net income attributable to Corebridge	1,472		304		75		1,243		242		(56)		14		312
Fortitude Re related items
Net investment (income) on Fortitude Re funds withheld assets	(657)		(140)		—		(517)		(664)		(148)		—		(516)
Net realized losses on Fortitude Re funds withheld assets	257		55		—		202		110		24		—		86
Net realized (gains) losses on Fortitude Re funds withheld embedded derivative	(58)		(12)		—		(46)		903		200		—		703
Subtotal Fortitude Re related items	(458)		(97)		—		(361)		349		76		—		273
Other reconciling items
Reclassification of disproportionate tax effects from AOCI and other tax adjustments	—		78		—		(78)		—		80		—		(80)
Deferred income tax valuation allowance (releases) charges	—		(104)		—		104		—		(51)		—		51
Changes in fair value of market risk benefits, net	(344)		(72)		—		(272)		(66)		(14)		—		(52)
Changes in fair value of securities used to hedge guaranteed living benefits	6		1		—		5		7		1		—		6
Changes in benefit reserves related to net realized gains (losses)	(6)		(1)		—		(5)		(4)		(1)		—		(3)
Net realized losses*	970		207		—		763		871		183		—		688
Separation costs	94		20		—		74		122		26		—		96
Restructuring and other costs	132		28		—		104		55		12		—		43
Non-recurring costs related to regulatory or accounting changes	1		—		—		1		11		2		—		9
Net (gain) on divestiture	(246)		(48)		—		(198)		(56)		(12)		—		(44)
Pension expense - non operating	—		—		—		—		15		3		—		12
Noncontrolling interests	75		—		(75)		—		14		—		(14)		—
Subtotal Other non-Fortitude Re reconciling items	682		109		(75)		498		969		229		(14)		726
Total adjustments	224		12		(75)		137		1,318		305		(14)		999
Adjusted pre-tax operating income/Adjusted after-tax operating income attributable to Corebridge	$	1,696	$	316	$	—	$	1,380	$	1,560	$	249	$	—	$	1,311

*Includes all net realized gains and losses except earned income (periodic settlements and changes in settlement accruals) on derivative instruments used for non-qualifying (economic) hedging or for asset replication. Additionally, gains (losses) related to the disposition of real estate investments are also excluded from this adjustment.

Adjusted Book Value is derived by excluding AOCI, adjusted for the cumulative unrealized gains and losses related to Fortitude Re’s funds withheld assets. We believe this measure is useful to investors as it eliminates the asymmetrical impact resulting from changes in fair value of our available-for-sale securities portfolio for which there is largely no offsetting impact for certain related insurance liabilities that are not recorded at fair value with changes in fair value recorded through OCI. It also eliminates asymmetrical impacts where our own credit non-performance risk is recorded through OCI. In addition, we adjust for the cumulative unrealized gains and losses related to Fortitude Re’s funds withheld assets since these fair value movements are economically transferred to Fortitude Re.

The following table presents the reconciliation of Book value per common share to Adjusted book value per common share:

(in millions, except per common share data)	June 30, 2024		December 31, 2023
Total Corebridge shareholders' equity (a)	$	10,996	$	11,766
Less: Accumulated other comprehensive income (loss)	(14,508)		(13,458)
Add: Cumulative unrealized gains and losses related to Fortitude Re funds withheld assets	(2,721)		(2,332)
Adjusted Book Value (b)	$	22,783	$	22,892
Total common shares outstanding (c)	600.3		621.7
Book value per common share (a/c)	$	18.32	$	18.93
Adjusted book value per common share (b/c)	$	37.95	$	36.82

Corebridge | Second Quarter 2024 Form 10-Q 92

ITEM 2 | Use of Non-GAAP Financial Measures and Key Operating Metrics

Adjusted Return on Average Equity (“Adjusted ROAE”) is derived by dividing AATOI by average Adjusted Book Value and is used by management to evaluate our recurring profitability and evaluate trends in our business. We believe this measure is useful to investors as it eliminates the asymmetrical impact resulting from changes in fair value of our available-for-sale securities portfolio for which there is largely no offsetting impact for certain related insurance liabilities that are not recorded at fair value with changes in fair value recorded through OCI. It also eliminates asymmetrical impacts where our own credit non-performance risk is recorded through OCI. In addition, we adjust for the cumulative unrealized gains and losses related to Fortitude Re’s funds withheld assets since these fair value movements are economically transferred to Fortitude Re.

The following table presents the reconciliation of Adjusted ROAE:

	Three Months Ended June 30,						Six Months Ended June 30,
(in millions, unless otherwise noted)	2024			2023			2024			2023
Actual or annualized net income (loss) attributable to Corebridge shareholders (a)	$	1,460		$	3,084		$	2,486		$	624
Actual or annualized adjusted after-tax operating income attributable to Corebridge shareholders (b)	2,768			2,716			2,760			2,622
Average Corebridge shareholders’ equity (c)	11,286			11,058			11,446			10,499
Less: Average AOCI	(14,324)			(14,625)			(14,035)			(15,371)
Add: Average cumulative unrealized gains and losses related to Fortitude Re funds withheld assets	(2,609)			(2,467)			(2,517)			(2,580)
Average Adjusted Book Value (d)	$	23,001		$	23,216		$	22,964		$	23,290
Return on Average Equity (a/c)	12.9		%	27.9		%	21.7		%	5.9%
Adjusted ROAE (b/d)	12.0		%	11.7		%	12.0		%	11.3%

Premiums and deposits is a non-GAAP financial measure that includes direct and assumed premiums received and earned on traditional life insurance policies and life-contingent payout annuities, as well as deposits received on universal life insurance, investment-type annuity contracts and GICs. Premiums and deposits are presented net of internal replacements. We believe the measure of premiums and deposits is useful in understanding customer demand for our products, evolving product trends and our sales performance period over period.

The following table presents the premiums and deposits:

	Three Months Ended  June 30,				Six Months Ended  June 30,
(in millions)	2024		2023		2024		2023
Individual Retirement
Premiums	$	30	$	66	$	71	$	144
Deposits	6,761		3,984		11,583		8,791
Other(a)	(4)		(5)		(6)		(7)
Premiums and deposits	6,787		4,045		11,648		8,928
Group Retirement
Premiums	—		4		5		10
Deposits	1,998		1,919		4,047		4,159
Premiums and deposits(b)(c)	1,998		1,923		4,052		4,169
Life Insurance
Premiums	331		443		765		868
Deposits	389		384		782		782
Other(a)	126		236		393		462
Premiums and deposits	846		1,063		1,940		2,112
Institutional Markets
Premiums	167		1,911		1,963		3,486
Deposits	1,871		991		2,652		1,572
Other(a)	10		8		19		15
Premiums and deposits	2,048		2,910		4,634		5,073
Total
Premiums	528		2,424		2,804		4,508
Deposits	11,019		7,278		19,064		15,304
Other(a)	132		239		406		470
Premiums and deposits	$	11,679	$	9,941	$	22,274	$	20,282

(a)Other principally consists of ceded premiums, in order to reflect gross premiums and deposits.

(b)Excludes client deposits into advisory and brokerage accounts of $783 million and $580 million for the three months ended June 30, 2024 and 2023, respectively, and $1.5 billion and $1.1 billion for the six months ended June 30, 2024 and 2023, respectively.

(c)Includes inflows related to in-plan mutual funds of $790 million and $720 million for the three months ended June 30, 2024 and 2023, respectively, and $1.6 billion and $1.7 billion for the six months ended June 30, 2024 and 2023, respectively.

Corebridge | Second Quarter 2024 Form 10-Q 93

ITEM 2 | Use of Non-GAAP Financial Measures and Key Operating Metrics

Net investment income (APTOI basis) is the sum of base portfolio income and variable investment income.

The following table presents a reconciliation of net investment income (net income basis) to net investment income (APTOI basis):

	Three Months Ended  June 30,				Six Months Ended June 30,
(in millions)	2024		2023		2024		2023
Net investment income (net income basis)	$	2,988	$	2,714	$	5,912	$	5,409
Net investment (income) on Fortitude Re funds withheld assets	(325)		(270)		(657)		(664)
Change in fair value of securities used to hedge guaranteed living benefits	(13)		(14)		(31)		(27)
Other adjustments	(11)		(5)		(17)		(15)
Derivative income recorded in net realized gains (losses)	77		55		138		112
Total adjustments	(272)		(234)		(567)		(594)
Net investment income (APTOI basis)	$	2,716	$	2,480	$	5,345	$	4,815

KEY OPERATING METRICS

Assets Under Management and Administration

Assets Under Management (“AUM”) include assets in the general and separate accounts of our subsidiaries that support liabilities and surplus related to our life and annuity insurance products.

Assets Under Administration (“AUA”) include Group Retirement mutual fund assets and other third-party assets that we sell or administer and the notional value of SVW contracts.    

Assets Under Management and Administration (“AUMA”) is the cumulative amount of AUM and AUA.

The following table presents a summary of our AUMA:

(in millions)	June 30, 2024		December 31, 2023
Individual Retirement
AUM	$	154,920	$	149,691
AUA	—		—
Total Individual Retirement AUMA	154,920		149,691
Group Retirement
AUM	79,457		79,910
AUA	44,939		42,271
Total Group Retirement AUMA	124,396		122,181
Life Insurance
AUM	26,668		26,691
AUA	—		—
Total Life Insurance AUMA *	26,668		26,691
Institutional Markets
AUM	44,208		40,678
AUA	43,714		44,607
Total Institutional Markets AUMA	87,922		85,285
Total AUMA	$	393,906	$	383,848

*The December 31, 2023 AUMA excludes $181 million, of assets that were reclassified to Assets held-for-sale in the Condensed Consolidated Balance Sheets. See Note 4 in the 2023 Form 10-K Notes to the Condensed Consolidated Financial Statements for additional information.

Corebridge | Second Quarter 2024 Form 10-Q 94

ITEM 2 | Use of Non-GAAP Financial Measures and Key Operating Metrics

Fee and Spread income and Underwriting Margin

Fee income is defined as policy fees plus advisory fees plus other fee income. For our Institutional Markets segment, its SVW products generate fee income.

Spread income is defined as net investment income less interest credited to policyholder account balances, exclusive of amortization of deferred sales inducement assets. Spread income is comprised of both base spread income and variable investment income. For our Institutional Markets segment, its structured settlements, PRT and GIC products generate spread income, which includes premiums, net investment income, less interest credited and policyholder benefits and excludes the annual assumption update.

Underwriting margin for our Life Insurance segment includes premiums, policy fees, other income, net investment income, less interest credited to policyholder account balances and policyholder benefits and excludes the annual assumption update. For our Institutional Markets segment, its Corporate Markets products generate underwriting margin, which includes premiums, net investment income, policy and advisory fee income, less interest credited and policyholder benefits and excludes the annual assumption update.

Base portfolio income includes interest, dividends and foreclosed real estate income, net of investment expenses and non-qualifying (economic) hedges.

Variable investment income includes call and tender income, commercial mortgage loan prepayments, changes in market value of investments accounted for under the fair value option, interest received on defaulted investments (other than foreclosed real estate), income from alternative investments and other miscellaneous investment income, including income of certain partnership entities that are required to be consolidated. Alternative investments include private equity funds which are generally reported on a one-quarter lag.

Base spread income means base portfolio income less interest credited to policyholder account balances, excluding the amortization of deferred sales inducement assets.

Base net investment spread means base yield less cost of funds, excluding the amortization of deferred sales inducement assets.

Base yield means the returns from base portfolio income including accretion and impacts from holding cash and short-term investments.

The following table presents a summary of our spread income, fee income and underwriting margin:

	Three Months Ended  June 30,				Six Months Ended  June 30,
(in millions)	2024		2023		2024		2023
Individual Retirement
Spread income	$	723	$	684	$	1,436	$	1,307
Fee income	308		280		615		557
Total Individual Retirement*	1,031		964		2,051		1,864
Group Retirement
Spread income	191		213		391		426
Fee income	191		178		381		354
Total Group Retirement	382		391		772		780
Life Insurance
Underwriting margin	309		361		606		717
Total Life Insurance	309		361		606		717
Institutional Markets
Spread income	88		117		194		199
Fee income	15		16		31		32
Underwriting margin	20		20		38		37
Total Institutional Markets	123		153		263		268
Total
Spread income	1,002		1,014		2,021		1,932
Fee income	514		474		1,027		943
Underwriting margin	329		381		644		754
Total	$	1,845	$	1,869	$	3,692	$	3,629

Corebridge | Second Quarter 2024 Form 10-Q 95

ITEM 2 | Use of Non-GAAP Financial Measures and Key Operating Metrics

Net Investment Income (APTOI Basis)

The following table presents a summary of our four insurance operating businesses’ net investment income on an APTOI basis:

	Three Months Ended  June 30,				Six Months Ended  June 30,
(in millions)	2024		2023		2024		2023
Individual Retirement
Base portfolio income	$	1,374	$	1,194	$	2,709	$	2,317
Variable investment income	31		30		35		35
Net investment income	1,405		1,224		2,744		2,352
Group Retirement
Base portfolio income	476		484		970		975
Variable investment income	11		20		12		29
Net investment income	487		504		982		1,004
Life Insurance
Base portfolio income	315		321		642		638
Variable investment income	7		6		6		6
Net investment income	322		327		648		644
Institutional Markets
Base portfolio income	484		367		973		685
Variable investment income	5		40		3		54
Net investment income	489		407		976		739
Total
Base portfolio income	2,649		2,366		5,294		4,615
Variable investment income	54		96		56		124
Net investment income (APTOI basis) - Insurance operations	$	2,703	$	2,462	$	5,350	$	4,739

Net Flows

Net flows for annuity products in Individual Retirement and Group Retirement represent premiums and deposits less death, surrender and other withdrawal benefits. Net flows for mutual funds represent deposits less withdrawals. For Group Retirement, client deposits into advisory and brokerage accounts less total client withdrawals from advisory and brokerage accounts are not included in net flows.

The following table presents a summary of our Net Flows:

	Three Months Ended  June 30,				Six Months Ended  June 30,
(in millions)	2024		2023		2024		2023
Individual Retirement
Fixed Annuities	$	2,014	$	(1,115)	$	1,803	$	(1,205)
Fixed Index Annuities	1,102		1,612		2,027		3,000
Variable Annuities	(1,307)		(855)		(2,535)		(1,491)
Total Individual Retirement	1,809		(358)		1,295		304
Group Retirement	(1,874)		(1,746)		(3,765)		(2,565)
Total Net Flows	$	(65)	$	(2,104)	$	(2,470)	$	(2,261)

Corebridge | Second Quarter 2024 Form 10-Q 96

ITEM 2 Consolidated Results of Operations

Consolidated Results of Operations

The following section provides a comparative discussion of our consolidated results of operations on a reported basis for the three and six months ended June 30, 2024 and 2023. For factors that relate primarily to a specific business, see “— Business Segment Operations.”

	Three Months Ended  June 30,				Six Months Ended  June 30,
(in millions)	2024		2023		2024		2023
Revenues:
Premiums	$	547	$	2,443	$	2,842	$	4,548
Policy fees	721		694		1,435		1,392
Net investment income	2,988		2,714		5,912		5,409
Net realized (losses)	(747)		(320)		(1,067)		(1,778)
Advisory fee and other income	201		226		424		448
Total revenues	3,710		5,757		9,546		10,019
Benefits and expenses:
Policyholder benefits	1,049		2,876		3,856		5,371
Change in the fair value of market risk benefits, net	25		(262)		(344)		(66)
Interest credited to policyholder account balances	1,274		1,078		2,473		2,104
Amortization of deferred policy acquisition costs and value of business acquired	260		258		527		514
Non-deferrable insurance commissions	146		153		289		289
Advisory fee expenses	71		64		139		129
General operating expenses	532		604		1,104		1,186
Interest expense	138		134		276		306
Net (gain) on divestitures	(241)		(59)		(246)		(56)
Total benefits and expenses	3,254		4,846		8,074		9,777
Income before income tax expense (benefit)	456		911		1,472		242
Income tax expense (benefit)	115		160		304		(56)
Net income	341		751		1,168		298
Less: Net (loss) attributable to noncontrolling interests	(24)		(20)		(75)		(14)
Net income attributable to Corebridge	$	365	$	771	$	1,243	$	312

The following table presents certain balance sheet data:.

(in millions, except per common share data)	June 30, 2024		December 31, 2023
Balance sheet data:
Total assets	$	382,492	$	379,270
Long-term debt	$	9,121	$	9,118
Debt of consolidated investment entities	$	2,364	$	2,504
Total Corebridge shareholders’ equity	$	10,996	$	11,766
Book value per common share	$	18.32	$	18.93
Adjusted book value per common share	$	37.95	$	36.82

Financial Highlights

Three Months Ended June 30, 2024 to Three Months Ended June 30, 2023 Net Income Comparison

Income (loss) before income tax expense (benefit)

We recorded pre-tax income of $456 million in the three months ended June 30, 2024 compared to pre-tax income of $911 million in the three months ended June 30, 2023. The change in pre-tax income was primarily due to:

•lower premiums of $1.9 billion primarily on new pension risk transfer business;

•higher net realized losses of $427 million primarily driven by higher losses on the Fortitude Re balances;

•unfavorable change in the fair value of market risk benefits, net of $287 million primarily driven by the impacts of lower equity market performance compared to the comparable period in the prior year; and

Corebridge | Second Quarter 2024 Form 10-Q 97

ITEM 2 Consolidated Results of Operations

•higher interest credited to policyholder account balances of $196 million primarily due to higher interest rates and higher sales activity in fixed and fixed index annuities and higher interest rates on the growing GIC business.

Partially offset by:

•lower policyholder benefits of $1.8 billion primarily on new pension risk transfer business;

•higher net investment income of $274 million primarily driven by higher base portfolio income and higher income related to the Fortitude Re funds withheld assets partially offset by lower variable investment income; and

•higher net gain on divestitures of $182 million primarily from the gain on the sale of AIG Life U.K.

Income tax expense (benefit)

For the three months ended June 30, 2024, there was an income tax expense of $115 million on income from operations, resulting in an effective tax rate on income from operations of 25.2%.

Six Months Ended June 30, 2024 to Six Months Ended June 30, 2023 Net Income Comparison

We recorded pre-tax income of $1.5 billion in the six months ended June 30, 2024 compared to pre-tax income of $242 million in the six months ended June 30, 2023 .The change in pre-tax income was primarily due to:

•lower policyholder benefits of $1.5 billion primarily on new pension risk transfer business;

•lower net realized losses of $711 million primarily driven by lower losses on the Fortitude Re balances;

•higher net investment income of $503 million primarily driven by higher base portfolio income partially offset by lower variable investment income;

•higher favorable change in the fair value of market risk benefits, net of $278 million primarily driven by the impacts of higher equity market performance compared to the comparable period in the prior year; and

•higher net gain on divestitures of $190 million primarily from the gain on the sale of AIG Life U.K.

Partially offset by:

•lower premiums of $1.7 billion primarily on new pension risk transfer business; and

•higher interest credited to policyholder account balances of $369 million primarily due to higher interest rates and higher sales activity in fixed and fixed index annuities and higher interest rates on the growing GIC business.

Income tax expense (benefit)

For the six months ended June 30, 2024, there was an income tax expense of $304 million on income from operations, resulting in an effective tax rate on income from operations of 20.7%.

Corebridge | Second Quarter 2024 Form 10-Q 98

ITEM 2 Consolidated Results of Operations

Adjusted pre-tax operating income

The following table presents total Corebridge’s adjusted pre-tax operating income:

	Three Months Ended  June 30,				Six Months Ended  June 30,
(in millions)	2024		2023		2024		2023
Premiums	$	547	$	2,444	$	2,842	$	4,548
Policy fees	721		694		1,435		1,392
Net investment income	2,716		2,480		5,345		4,815
Net realized gains (losses)*	(9)		1		(17)		5
Advisory fee and other income	201		226		424		448
Total adjusted revenues	4,176		5,845		10,029		11,208
Policyholder benefits	1,052		2,876		3,862		5,376
Interest credited to policyholder account balances	1,266		1,065		2,455		2,080
Amortization of deferred policy acquisition costs	260		258		527		514
Non-deferrable insurance commissions	146		153		289		289
Advisory fee expenses	71		64		139		129
General operating expenses	419		484		877		983
Interest expense	127		129		259		291
Total benefits and expenses	3,341		5,029		8,408		9,662
Noncontrolling interests	24		20		75		14
Adjusted pre-tax operating income	$	859	$	836	$	1,696	$	1,560

*Net realized gains (losses) includes the gains (losses) related to the disposition of real estate investments.

Three Months Ended June 30, 2024 to Three Months Ended June 30, 2023 APTOI Comparison

APTOI increased $23 million, primarily due to:

•lower policyholder benefits of $1.8 billion primarily on new pension risk transfer business;

•higher net investment income of $236 million primarily driven by higher base portfolio income partially offset by lower variable investment income; and

•lower general operating expenses by $65 million.

Partially offset by:

•lower premiums of $1.9 billion primarily on new pension risk transfer business; and

•higher interest credited to policyholder account balances of $201 million primarily due to higher interest rates and higher sales activity in fixed and fixed index annuities and higher interest rates on the growing GIC business.

Six Months Ended June 30, 2024 to Six Months Ended June 30, 2023 APTOI Comparison

APTOI increased $136 million, primarily due to:

•lower policyholder benefits of $1.5 billion primarily on new pension risk transfer business;

•higher net investment income of $530 million primarily driven by higher base portfolio income partially offset by lower variable investment income;

•lower general operating expenses by $106 million; and

•lower income attributable to noncontrolling interest of $61 million.

Partially offset by:

•lower premiums of $1.7 billion primarily on new pension risk transfer business;and

•higher interest credited to policyholder account balances of $375 million primarily due to higher interest rates and higher sales activity in fixed and fixed index annuities and higher interest rates on the growing GIC business.

Corebridge | Second Quarter 2024 Form 10-Q 99

ITEM 2 | Business Segment Operations

Business Segment Operations

Our business operations consist of five reportable segments:

•Individual Retirement – consists of fixed annuities, fixed index annuities and variable annuities.

•Group Retirement – consists of recordkeeping, plan administrative and compliance services, financial planning and advisory solutions offered in-plan, along with proprietary and limited non-proprietary annuities, advisory and brokerage products offered out-of-plan.

•Life Insurance – primary products in the United States include term life and universal life insurance. The International Life business issued individual and group life insurance in the United Kingdom and distributed private medical insurance in Ireland. On October 31, 2023 Corebridge completed the sale of Laya and on April 8, 2024 completed the sale of AIG Life U.K.

•Institutional Markets – consists of SVW products, structured settlement and PRT annuities, Corporate Markets products that include corporate- and bank-owned life insurance (“COLI-BOLI”), private placement variable universal life and private placement variable annuities products and GICs.

•Corporate and Other – consists primarily of:

–corporate expenses not attributable to our other segments;

–interest expense on financial debt;

–results of our consolidated investment entities;

–institutional asset management business, which includes managing assets for non-consolidated affiliates; and

–results of our legacy insurance lines ceded to Fortitude Re.

The following tables summarize adjusted pre-tax operating income (loss) from our segments:

See Note 3 to the Condensed Consolidated Financial Statements.

	Three Months Ended  June 30,				Six Months Ended  June 30,
(in millions)	2024		2023		2024		2023
Individual Retirement	$	621	$	574	$	1,243	$	1,108
Group Retirement	195		197		395		383
Life Insurance	95		76		149		158
Institutional Markets	96		126		208		211
Corporate and Other	(148)		(136)		(296)		(299)
Consolidation and elimination	—		(1)		(3)		(1)
Adjusted pre-tax operating income	$	859	$	836	$	1,696	$	1,560

Corebridge | Second Quarter 2024 Form 10-Q 100

ITEM 2 | Business Segment Operations

DISCUSSION OF SEGMENT RESULTS

Individual Retirement

Individual Retirement Results

	Three Months Ended  June 30,				Six Months Ended  June 30,
(in millions)	2024		2023		2024		2023
Revenues:
Premiums	$	30	$	66	$	71	$	144
Policy fees	200		172		391		346
Net investment income:
Base portfolio income	1,374		1,194		2,709		2,317
Variable investment income	31		30		35		35
Net investment income	1,405		1,224		2,744		2,352
Advisory fee and other income*	108		108		224		211
Total adjusted revenues	1,743		1,570		3,430		3,053
Benefits and expenses:
Policyholder benefits	33		71		69		136
Interest credited to policyholder account balances	695		553		1,334		1,072
Amortization of deferred policy acquisition costs	152		138		301		275
Non-deferrable insurance commissions	94		94		184		180
Advisory fee expenses	38		36		73		70
General operating expenses	110		104		226		212
Total benefits and expenses	1,122		996		2,187		1,945
Adjusted pre-tax operating income	$	621	$	574	$	1,243	$	1,108

*    Includes advisory fee income from registered investment services, 12b-1 fees (i.e., marketing and distribution fee income), and other asset management fee income.

Individual Retirement Sources of Earnings

The following table presents the sources of earnings of the Individual Retirement segment. We believe providing APTOI using this view is useful for gaining an understanding of our overall results of operations and the significant drivers of our earnings:

	Three Months Ended  June 30,				Six Months Ended  June 30,
(in millions)	2024		2023		2024		2023
Spread income(a)	$	723	$	684	$	1,436	$	1,307
Fee income	308		280		615		557
Policyholder benefits, net of premiums	(3)		(5)		2		8
Non-deferrable insurance commissions	(94)		(94)		(184)		(180)
Amortization of DAC and DSI	(165)		(151)		(327)		(302)
General operating expenses	(110)		(104)		(226)		(212)
Other(b)	(38)		(36)		(73)		(70)
Adjusted pre-tax operating income	$	621	$	574	$	1,243	$	1,108

(a)Spread income represents net investment income less interest credited to policyholder account balances, exclusive of amortization of DSI of $13 million and

$13 million for the three months ended June 30,2024 and 2023, respectively, and $26 million and $27 million for the six months ended June 30, 2024 and 2023 respectively.

(b)Other represents advisory fee expenses.

Financial Highlights

Three Months Ended June 30, 2024 to Three Months Ended June 30, 2023 APTOI Comparison

APTOI increased $47 million, primarily due to:

•higher spread income of $39 million primarily driven by higher base spread income due to improved base portfolio yields and growth in invested assets driven by higher general account sales.

Corebridge | Second Quarter 2024 Form 10-Q 101

ITEM 2 | Business Segment Operations

Six Months Ended June 30, 2024 to Six Months Ended June 30, 2023 APTOI Comparison

APTOI increased $135 million, primarily due to:

•higher spread income of $129 million primarily driven by higher base spread income due to improved base portfolio yields and growth in invested assets driven by higher general account sales.

AUMA

The following table presents Individual Retirement AUMA by product:

(in millions)	June 30, 2024		December 31, 2023
Fixed annuities	$	55,105	$	53,570
Fixed index annuities	44,152		40,661
Variable annuities:
Variable annuities - General Account	6,608		7,715
Variable annuities - Separate Accounts	49,055		47,745
Variable annuities	55,663		55,460
Total	$	154,920	$	149,691

    

June 30, 2024 to December 31, 2023 AUMA Comparison

AUMA increased $5.2 billion driven by an increase of $3.9 billion in the general account and higher separate accounts asset values of $1.3 billion. The general account increased primarily due to positive general account net flows. The separate account increased primarily due to increases in the equity markets, partially offset by outflows from separate accounts.

Spread and Fee Income

The following table presents Individual Retirement spread and fee income:

	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2024		2023		2024		2023
Spread income:
Total spread income
Base portfolio income	$	1,374	$	1,194	$	2,709	$	2,317
Interest credited to policyholder account balances	(682)		(540)		(1,308)		(1,045)
Base spread income	692		654		1,401		1,272
Variable investment income	31		30		35		35
Total spread income*	$	723	$	684	$	1,436	$	1,307
Fee income:
Policy fees	$	200	$	172	$	391	$	346
Advisory fees and other income	108		108		224		211
Total fee income	$	308	$	280	$	615	$	557

*Excludes amortization of DSI assets of $13 million and $13 million for the three months ended June 30, 2024 and 2023, respectively,and $26 million and $27 million for the six months ended June 30, 2024 and 2023, respectively.

Corebridge | Second Quarter 2024 Form 10-Q 102

ITEM 2 | Business Segment Operations

The following table presents Individual Retirement net investment spread:

	Three Months Ended  June 30,				Six Months Ended  June 30,
	2024		2023		2024		2023
Fixed annuities base net investment spread:
Base yield*	5.45	%	5.00	%	5.39	%	4.91	%
Cost of funds	3.41		2.89		3.30		2.86
Fixed annuities base net investment spread	2.04		2.11		2.09		2.05
Fixed index annuities base net investment spread:
Base yield*	4.92		4.76		5.01		4.61
Cost of funds	2.41		1.95		2.35		1.87
Fixed index annuities base net investment spread	2.51		2.81		2.66		2.74
Variable annuities base net investment spread:
Base yield*	3.68		3.72		3.67		3.79
Cost of funds	1.50		1.48		1.49		1.47
Variable annuities base net investment spread	2.18		2.24		2.18		2.32
Total Individual Retirement base net investment spread:
Base yield*	5.13		4.83		5.13		4.74
Cost of funds	2.86		2.42		2.78		2.38
Total Individual Retirement base net investment spread	2.27	%	2.41	%	2.35	%	2.36	%

*Includes returns from base portfolio including accretion and income (loss) from certain other invested assets.

Three Months Ended June 30, 2024 to Three Months Ended June 30, 2023 Comparison and Six Months Ended June 30, 2024 to Six Months Ended June 30, 2023 Comparison

See “Financial Highlights.”

Premiums and Deposits and Net Flows

For Individual Retirement, premiums primarily represent amounts received on life-contingent payout annuities, while deposits represent sales on investment-oriented products.

Net flows for annuity products in Individual Retirement represent premiums and deposits less death, surrender and other withdrawal benefits.

Premiums and Deposits	Three Months Ended  June 30,				Six Months Ended  June 30,
(in millions)	2024		2023		2024		2023
Fixed annuities	$	4,132	$	1,268	$	6,744	$	3,516
Fixed index annuities	2,239		2,317		4,122		4,374
Variable annuities	416		460		782		1,038
Total	$	6,787	$	4,045	$	11,648	$	8,928

Net Flows	Three Months Ended  June 30,				Six Months Ended  June 30,
(in millions)	2024		2023		2024		2023
Fixed annuities	$	2,014	$	(1,115)	$	1,803	$	(1,205)
Fixed index annuities	1,102		1,612		2,027		3,000
Variable annuities	(1,307)		(855)		(2,535)		(1,491)
Total	$	1,809	$	(358)	$	1,295	$	304

Three Months Ended June 30, 2024 to Three Months Ended June 30, 2023 Comparison

Fixed Annuities Net inflows increased by $3.1 billion over the prior year, primarily due to higher premiums and deposits of $2.9 billion due to higher sales and strong customer demand, lower death benefits of $242 million and lower surrenders and withdrawals of $24 million.

Fixed Index Annuities Net inflows decreased by $510 million primarily due to lower premiums and deposits of $78 million, higher surrenders and withdrawals of $402 million and higher death benefits of $28 million.

Corebridge | Second Quarter 2024 Form 10-Q 103

ITEM 2 | Business Segment Operations

Variable Annuities Net outflows increased $452 million primarily due to lower premium and deposits of $44 million, higher surrenders and withdrawals of $398 million and higher death benefits of $11 million.

Six Months Ended June 30, 2024 to Six Months Ended June 30, 2023 Comparison

Fixed Annuities Net inflows increased by $3.0 billion over the prior year, primarily due to higher premiums and deposits of $3.2 billion due to higher sales and strong customer demand and lower death benefits of $443 million, partially offset by higher surrenders and withdrawals of $663 million.

Fixed Index Annuities Net inflows decreased by $973 million primarily due to lower premiums and deposits of $252 million, higher surrenders and withdrawals of $672 million and higher death benefits of $49 million.

Variable Annuities Net outflows increased $1.0 billion primarily due to lower premium and deposits of $256 million, higher surrenders and withdrawals of $762 million and higher death benefits of $26 million.

Surrenders

The following table presents Individual Retirement surrender rates:

	Three Months Ended  June 30,				Six Months Ended  June 30,
	2024		2023		2024		2023
Fixed annuities	15.3	%	15.9	%	17.8	%	15.5	%
Fixed index annuities	9.4		6.8		8.7		6.7
Variable annuities	10.3		7.7		9.9		7.4

The following table presents account values for fixed annuities, fixed index annuities and variable annuities by surrender charge category:

	June 30, 2024						December 31, 2023
(in millions)	Fixed Annuities		Fixed Index Annuities		Variable Annuities		Fixed Annuities		Fixed Index Annuities		Variable Annuities
No surrender charge	$	19,918	$	1,958	$	30,937	$	21,793	$	1,727	$	29,819
Greater than 0% - 2%	982		3,717		6,872		1,023		3,326		6,717
Greater than 2% - 4%	2,780		6,349		6,071		2,844		6,413		5,799
Greater than 4%	26,440		30,394		10,537		21,766		28,128		11,014
Non-surrenderable(a)	2,446		—		1,156		2,474		—		1,156
Total account value(b)	$	52,566	$	42,418	$	55,573	$	49,900	$	39,594	$	54,505

(a)    The non-surrenderable portion of variable annuities relates to funding agreements.

(b)    Includes payout Immediate Annuities and funding agreements.

Individual Retirement annuities are typically subject to a three- to ten-year surrender charge period, depending on the product. For fixed annuities, the proportion of account value subject to surrender charge at June 30, 2024 increased compared to December 31, 2023 primarily due to growth in the business. For fixed index annuities, the proportion of account value subject to surrender charge at June 30, 2024 was slightly lower compared to December 31, 2023 due to the aging of the business. The increase in the proportion of account value with no surrender charge for variable annuities as of June 30, 2024 compared to December 31, 2023 was principally due to normal aging of the business.

Corebridge | Second Quarter 2024 Form 10-Q 104

ITEM 2 | Business Segment Operations

Group Retirement

Group Retirement Results

	Three Months Ended  June 30,				Six Months Ended  June 30,
(in millions)	2024		2023		2024		2023
Revenues:
Premiums	$	—	$	4	$	5	$	10
Policy fees	108		102		215		202
Net investment income:
Base portfolio income	476		484		970		975
Variable investment income	11		20		12		29
Net investment income	487		504		982		1,004
Advisory fee and other income*	83		76		166		152
Total adjusted revenues	678		686		1,368		1,368
Benefits and expenses:
Policyholder benefits	(2)		6		1		15
Interest credited to policyholder account balances	300		294		598		585
Amortization of deferred policy acquisition costs	21		20		42		41
Non-deferrable insurance commissions	30		33		59		61
Advisory fee expenses	32		29		65		58
General operating expenses	102		107		208		225
Total benefits and expenses	483		489		973		985
Adjusted pre-tax operating income	$	195	$	197	$	395	$	383

*    Includes advisory fee income from registered investment services, 12b-1 fees (i.e., marketing and distribution fee income), other asset management fee income, and commission-based broker-dealer services.

Group Retirement Sources of Earnings

The following table presents the sources of earnings of the Group Retirement segment. We believe providing APTOI using this view is useful for gaining an understanding of our overall results of operations and the significant drivers of our earnings:

	Three Months Ended  June 30,				Six Months Ended  June 30,
(in millions)	2024		2023		2024		2023
Spread income(a)	$	191	$	213	$	391	$	426
Fee income(b)	191		178		381		354
Policyholder benefits, net of premiums	2		(2)		4		(5)
Non-deferrable insurance commissions	(30)		(33)		(59)		(61)
Amortization of DAC and DSI	(25)		(23)		(49)		(48)
General operating expenses	(102)		(107)		(208)		(225)
Other(c)	(32)		(29)		(65)		(58)
Adjusted pre-tax operating income	$	195	$	197	$	395	$	383

(a)Spread income represents net investment income less interest credited to policyholder account balances, exclusive of amortization of DSI of $4 million and $3 million for the three months ended June 30, 2024 and 2023, respectively, and $7 million and $7 million for the six months ended June 30, 2024 and 2023, respectively.

(b)Fee income represents policy fee and advisory fee and other income.

(c)Other consists of advisory fee expenses.

Financial Highlights

Three Months Ended June 30, 2024 to Three Months Ended June 30, 2023 APTOI Comparison

APTOI decreased $2 million, primarily due to:

•lower spread income of $22 million due to lower base spread income of $13 million reflecting higher crediting rates and a decrease in variable investment income of $9 million primarily driven by lower alternative investment income.

Partially offset by:

•higher fee income, net of advisory fee expenses of $10 million due to higher average separate account, advisory, and mutual fund assets driven by improved equity market performance.

Corebridge | Second Quarter 2024 Form 10-Q 105

ITEM 2 | Business Segment Operations

Six Months Ended June 30, 2024 to Six Months Ended June 30, 2023 APTOI Comparison

APTOI increased $12 million, primarily due to:

•higher fee income, net of advisory fee expenses of $20 million due to higher average separate account, advisory, and mutual fund assets driven by improved equity market performance; and

•lower general operating expenses of $17 million.

Partially offset by:

•lower spread income of $35 million due to lower base spread income of $18 million reflecting higher crediting rates and a decrease in variable investment income of $17 million primarily due to lower alternative investment income.

AUMA

The following table presents Group Retirement AUMA by product:

(in millions)	June 30, 2024		December 31, 2023
AUMA by asset type:
In-plan spread based	$	23,361	$	25,160
In-plan fee based	57,968		54,807
Total in-plan AUMA(a)	81,329		79,967
Out-of-plan proprietary - General Account	16,517		16,664
Out-of-plan proprietary - Separate Accounts	11,228		11,075
Total out-of-plan proprietary annuities	27,745		27,739
Advisory and brokerage assets	15,322		14,475
Total out-of-plan AUMA(b)	43,067		42,214
Total AUMA	$	124,396	$	122,181

(a)Includes $13.4 billion of AUMA at June 30, 2024 and $12.7 billion of AUMA at December 31, 2023 that is associated with our in-plan investment advisory service that we offer to participants at an additional fee.

(b)Includes $12.8 billion of AUMA at June 30, 2024 and $12.0 billion of AUMA at December 31, 2023 that is associated with our out-of-plan investment advisory service that we offer to customers at an additional fee.

June 30, 2024 to December 31, 2023 AUMA Comparison

In-plan assets increased by $1.4 billion driven by $3.2 billion increase in fee based assets, primarily due to higher equity markets, partially offset by $1.8 billion decrease in spread based assets, primarily due to negative net flows. The increase of advisory and brokerage assets of $847 million was driven by higher equity markets and net new assets.

Spread and Fee Income

The following table presents Group Retirement spread and fee income:

	Three Months Ended  June 30,				Six Months Ended  June 30,
(in millions)	2024		2023		2024		2023
Spread income:
Base portfolio income	$	476	$	484	$	970	$	975
Interest credited to policyholder account balances	(296)		(291)		(591)		(578)
Base spread income	180		193		379		397
Variable investment income	11		20		12		29
Total spread income*	$	191	$	213	$	391	$	426
Fee income:
Policy fees	$	108	$	102	$	215	$	202
Advisory fees and other income	83		76		166		152
Total fee income	$	191	$	178	$	381	$	354

*Spread income represents net investment income less interest credited to policyholder account balances, exclusive of amortization of DSI of $4 million and $3 million for the three months ended June 30, 2024 and 2023, respectively, and $7 million and $7 million for the six months ended June 30, 2024 and 2023, respectively.

Corebridge | Second Quarter 2024 Form 10-Q 106

ITEM 2 | Business Segment Operations

	Three Months Ended  June 30,				Six Months Ended  June 30,
	2024		2023		2024		2023
Base net investment spread:
Base yield*	4.28	%	4.29	%	4.35	%	4.25	%
Cost of funds	2.95		2.74		2.92		2.72
Base net investment spread	1.33	%	1.55	%	1.43	%	1.53	%

*Includes returns from base portfolio, including accretion and income (loss) from certain other invested assets.

Three Months Ended June 30, 2024 to Three Months Ended June 30, 2023 Comparison and Six Months Ended June 30, 2024 to Six Months Ended June 30, 2023 Comparison

See “Financial Highlights.”

Premiums and Deposits and Net Flows

For Group Retirement, premiums primarily represent amounts received on life-contingent payout annuities while deposits represent sales on investment-oriented products.

Net flows for annuity products included in Group Retirement represent premiums and deposits less death, surrender and other withdrawal benefits. Net flows for mutual funds represent deposits less withdrawals. For Group Retirement, client deposits into advisory and brokerage accounts less total client withdrawals from advisory and brokerage accounts are not included in net flows. Net new assets into these products contribute to growth in AUA rather than AUM.

Premiums and Deposits and Net Flows	Three Months Ended  June 30,				Six Months Ended  June 30,
(in millions)	2024		2023		2024		2023
In-plan(a)(b)	$	1,261	$	1,191	$	2,511	$	2,710
Out-of-plan proprietary variable annuity	163		169		316		361
Out-of-plan proprietary fixed and index annuities	574		563		1,225		1,098
Premiums and deposits(c)	$	1,998	$	1,923	$	4,052	$	4,169
Net Flows	$	(1,874)	$	(1,746)	$	(3,765)	$	(2,565)

(a)In-plan premium and deposits include sales of variable and fixed annuities as well as mutual funds for 403(b), 401(a), 457(b) and 401(k) plans.

(b)Includes inflows related to in-plan mutual funds of $790 million and $720 million for the three months ended June 30, 2024 and 2023, respectively, and $1.6 billion and $1.7 billion for the six months ended June 30, 2024 and 2023, respectively.    

(c)Excludes client deposits into advisory and brokerage accounts of $783 million and $580 million for the three months ended June 30, 2024 and 2023, respectively, and $1.5 billion and $1.1 billion for the six months ended June 30, 2024 and 2023, respectively.

Three Months Ended June 30, 2024 to Three Months Ended June 30, 2023 Comparison

Net flows remained negative and declined by $128 million primarily due to an increase in surrenders and withdrawals of $163 million, driven by an increase in in-plan annuity surrenders and an increase in death and payout benefit annuity benefits of $40 million, partially offset by an increase in deposits of $75 million. Net outflows were concentrated in variable annuity products with higher contractual guaranteed minimum crediting rates.

Six Months Ended June 30, 2024 to Six Months Ended June 30, 2023 Comparison

Net flows remained negative and declined by $1.2 billion primarily due to an increase in surrenders and withdrawals of $1.0 billion, driven by an increase in in-plan annuity surrenders, a decrease in deposits of $117 million and an increase in death and payout benefit annuity benefits of $58 million. Net outflows were concentrated in higher contractual guaranteed minimum crediting rates.

Surrenders

The following table presents Group Retirement surrender rates:

	Three Months Ended  June 30,				Six Months Ended  June 30,
	2024		2023		2024		2023
Surrender rates	13.1	%	13.0	%	13.4	%	12.0	%

Corebridge | Second Quarter 2024 Form 10-Q 107

ITEM 2 | Business Segment Operations

The following table presents account value for Group Retirement annuities by surrender charge category:

(in millions)	June 30, 2024(a)		December 31, 2023(a)
No surrender charge(b)	$	70,506	$	70,500
Greater than 0% - 2%	1,338		1,251
Greater than 2% - 4%	1,521		1,698
Greater than 4%	6,506		5,757
Non-surrenderable	264		490
Total account value(c)	$	80,135	$	79,696

(a)Excludes mutual fund assets under administration of $29.6 billion and $27.8 billion at June 30, 2024 and December 31, 2023, respectively.

(b)Group Retirement amounts in this category include account value in the general account of approximately $3.9 billion and $4.1 billion at June 30, 2024 and December 31, 2023, respectively, which are subject to 20% annual withdrawal limitations at the participant level and account value in the general account of $5.2 billion and $5.3 billion at June 30, 2024 and December 31, 2023, respectively, which are subject to 20% annual withdrawal limitations at the plan level.

(c)Includes payout Immediate Annuities and funding agreements.

Group Retirement annuity deposits are typically subject to a four- to seven-year surrender charge period, depending on the product. In addition, for annuity assets held within an employer defined contribution plan, participants can only withdraw funds in certain circumstances without incurring tax penalties (for example, separation from service), regardless of surrender charges.

Life Insurance

Life Insurance Results

	Three Months Ended  June 30,				Six Months Ended  June 30,
(in millions)	2024		2023		2024		2023
Revenues:
Premiums	$	331	$	443	$	765	$	868
Policy fees	366		371		734		746
Net investment income:
Base portfolio income	315		321		642		638
Variable investment income	7		6		6		6
Net investment income	322		327		648		644
Other income	1		26		1		55
Total adjusted revenues	1,020		1,167		2,148		2,313
Benefits and expenses:
Policyholder benefits	627		721		1,375		1,429
Interest credited to policyholder account balances	84		85		167		167
Amortization of deferred policy acquisition costs	84		98		178		194
Non-deferrable insurance commissions	16		21		35		38
Advisory fee expenses	1		(1)		1		1
General operating expenses	113		167		243		326
Total benefits and expenses	925		1,091		1,999		2,155
Adjusted pre-tax operating income	$	95	$	76	$	149	$	158

Life Insurance Sources of Earnings

The following table presents the sources of earnings of the Life Insurance segment. We believe providing APTOI using this view is useful for gaining an understanding of our overall results of operations and the significant drivers of our earnings:

	Three Months Ended  June 30,				Six Months Ended  June 30,
(in millions)	2024		2023		2024		2023
Underwriting margin(a)	$	309	$	361	$	606	$	717
General operating expenses	(113)		(167)		(243)		(326)
Non-deferrable insurance commissions	(16)		(21)		(35)		(38)
Amortization of DAC	(84)		(98)		(178)		(194)
Other(b)	(1)		1		(1)		(1)
Adjusted pre-tax operating income	$	95	$	76	$	149	$	158

(a)Underwriting margin represents premiums, policy fees, net investment income and other income, less policyholder benefits and interest credited to policyholder account balances.

(b)Other primarily represents advisory fee expenses.

Corebridge | Second Quarter 2024 Form 10-Q 108

ITEM 2 | Business Segment Operations

Financial Highlights

Three Months Ended June 30, 2024 to Three Months Ended June 30, 2023 APTOI Comparison

Reported APTOI figures reflect the results of AIG Life U.K. until April 2024 and Laya until October 2023.

APTOI increased $19 million, primarily due to:

•lower domestic general operating expenses of $13 million, driven by expense efficiencies; and

•favorable domestic underwriting margin of $14 million, driven by favorable mortality experience.

Six Months Ended June 30, 2024 to Six Months Ended June 30, 2023 APTOI Comparison

Reported APTOI figures reflect the results of AIG Life U.K. until April 2024 and Laya until October 2023.

APTOI decreased $9 million, primarily due to:

•unfavorable domestic underwriting margin of $29 million, driven by one-time reinsurance adjustments in first quarter 2024.

Partially offset by:

•lower domestic general operating expenses of $25 million, driven by expense efficiencies.

AUMA

The following table presents Life Insurance AUMA:

(in millions)	June 30, 2024		December 31, 2023
Total AUMA*	$	26,668	$	26,691

*The December 31, 2023 AUMA excludes $181 million, of assets that were reclassified to Assets held-for-sale in the Condensed Consolidated Balance Sheets. See Note 4 in the 2023 Form 10-K Notes to the Condensed Consolidated Financial Statements for additional information.

June 30, 2024 to December 31, 2023 AUMA Comparison

AUMA decreased $23 million in the six months ended June 30, 2024 compared to the prior year-end due to investment performance partially offset by growth in the business.

Underwriting Margin

The following table presents Life Insurance underwriting margin:

	Three Months Ended  June 30,				Six Months Ended  June 30,
(in millions)	2024		2023		2024		2023
Premiums	$	331	$	443	$	765	$	868
Policy fees	366		371		734		746
Net investment income	322		327		648		644
Other income	1		26		1		55
Policyholder benefits	(627)		(721)		(1,375)		(1,429)
Interest credited to policyholder account balances	(84)		(85)		(167)		(167)
Underwriting margin	$	309	$	361	$	606	$	717

Three Months Ended June 30, 2024 to Three Months Ended June 30, 2023 Comparison and Six Months Ended June 30, 2024 to Six Months Ended June 30, 2023 Comparison

See “Financial Highlights.”

Corebridge | Second Quarter 2024 Form 10-Q 109

ITEM 2 | Business Segment Operations

Premiums and Deposits

Premiums and Deposits for Life Insurance represent amounts received on life and health policies. Premiums generally represent amounts received on traditional life products, while deposits represent amounts received on universal life products.

	Three Months Ended  June 30,				Six Months Ended  June 30,
(in millions)	2024		2023		2024		2023
Traditional Life	$	458	$	454	$	919	$	895
Universal Life	388		384		781		782
Total U.S.	846		838		1,700		1,677
International	—		225		240		435
Premiums and deposits	$	846	$	1,063	$	1,940	$	2,112

Three Months Ended June 30, 2024 to Three Months Ended June 30, 2023 Comparison

Premiums and deposits decreased $217 million for the three months ended June 30, 2024 compared to the prior year, reflecting the sale of AIG Life U.K. on April 8, 2024. Total U.S. life premiums and deposits increased primarily due to higher Term premiums.

Six Months Ended June 30, 2024 to Six Months Ended June 30, 2023 Comparison

Premiums and deposits decreased $172 million for the six months ended June 30, 2024 compared to the prior year, reflecting the sale of AIG Life U.K. on April 8, 2024. Total U.S. life premium and deposits increased primarily due to higher Term premiums.

Institutional Markets

Institutional Markets Results

	Three Months Ended  June 30,				Six Months Ended  June 30,
(in millions)	2024		2023		2024		2023
Revenues:
Premiums	$	167	$	1,911	$	1,963	$	3,486
Policy fees	47		49		95		98
Net investment income:
Base portfolio income	484		367		973		685
Variable investment income	5		40		3		54
Net investment income	489		407		976		739
Other income	1		—		2		—
Total adjusted revenues	704		2,367		3,036		4,323
Benefits and expenses:
Policyholder benefits	394		2,081		2,417		3,799
Interest credited to policyholder account balances	187		133		356		256
Amortization of deferred policy acquisition costs	3		2		6		4
Non-deferrable insurance commissions	5		4		10		9
General operating expenses	19		21		39		44
Total benefits and expenses	608		2,241		2,828		4,112
Adjusted pre-tax operating income	$	96	$	126	$	208	$	211

Corebridge | Second Quarter 2024 Form 10-Q 110

ITEM 2 | Business Segment Operations

Institutional Markets Sources of Earnings

The following table presents the sources of earnings of the Institutional Markets segment. We believe providing APTOI using this view is useful for gaining an understanding of our overall results of operations and the significant drivers of our earnings:

	Three Months Ended  June 30,				Six Months Ended  June 30,
(in millions)	2024		2023		2024		2023
Spread income(a)	$	88	$	117	$	194	$	199
Fee income(b)	15		16		31		32
Underwriting margin(c)	20		20		38		37
Non-deferrable insurance commissions	(5)		(4)		(10)		(9)
General operating expenses	(19)		(21)		(39)		(44)
Other	(3)		(2)		(6)		(4)
Adjusted pre-tax operating income	$	96	$	126	$	208	$	211

(a)Represents spread income on GIC, PRT and structured settlement products.

(b)Represents fee income on SVW products.

(c)Represents underwriting margin from Corporate Markets products, including COLI-BOLI, private placement variable universal life insurance and private placement variable annuity products.

Financial Highlights

Three Months Ended June 30, 2024 to Three Months Ended June 30, 2023 APTOI Comparison

APTOI decreased $30 million, primarily due to:

•lower spread income of $29 million driven by $35 million lower variable investment income from private equity investments.

Six Months Ended June 30, 2024 to Six Months Ended June 30, 2023 APTOI Comparison

APTOI decreased $3 million, primarily due to:

•lower spread income of $5 million driven by $51 million lower variable investment income from private equity investments, partially offset by $46 million higher base portfolio spread income.

AUMA

The following table presents Institutional Markets AUMA:

(in millions)	June 30, 2024		December 31, 2023
SVW (AUA)	$	43,714	$	44,607
GIC, PRT and Structured settlements (AUM)	36,920		33,579
All other (AUM)	7,288		7,099
Total AUMA	$	87,922	$	85,285

June 30, 2024 to December 31, 2023 AUMA Comparison

AUMA increased $2.6 billion, primarily due to premiums and deposits of PRT and GIC products of $4.6 billion and investment performance and other activity of $1.2 billion, partially offset by benefit payments on the GIC, PRT and structured settlement products of $1.7 billion and net outflows of $1.5 billion from SVW products.

Corebridge | Second Quarter 2024 Form 10-Q 111

ITEM 2 | Business Segment Operations

Spread Income, Fee Income and Underwriting Margin

The following table presents Institutional Markets spread income, fee income and underwriting margin:

	Three Months Ended  June 30,				Six Months Ended  June 30,
(in millions)	2024		2023		2024		2023
Premiums	$	175	$	1,921	$	1,980	$	3,504
Net investment income	451		371		900		669
Policyholder benefits	(378)		(2,070)		(2,384)		(3,772)
Interest credited to policyholder account balances	(160)		(105)		(302)		(202)
Total spread income(a)	$	88	$	117	$	194	$	199
SVW fees	$	15	$	16	$	31	$	32
Total fee income	$	15	$	16	$	31	$	32
Premiums	$	(8)	$	(10)	$	(17)	$	(18)
Policy fees (excluding SVW)	32		33		64		66
Net investment income	38		36		76		70
Other income	1		—		2		—
Policyholder benefits	(16)		(11)		(33)		(27)
Interest credited to policyholder account balances	(27)		(28)		(54)		(54)
Total underwriting margin(b)	$	20	$	20	$	38	$	37

(a)Represents spread income from GIC, PRT and structured settlement products.

(b)Represents underwriting margin from Corporate Markets products, including COLI-BOLI, private placement variable universal life insurance and private placement variable annuity products.

Three Months Ended June 30, 2024 to Three Months Ended June 30, 2023 Comparison and Six Months Ended June 30, 2024 to Six Months Ended June 30, 2023 Comparison

See “Financial Highlights.”

Premiums and Deposits

The following table presents the Institutional Markets premiums and deposits:

	Three Months Ended  June 30,				Six Months Ended  June 30,
(in millions)	2024		2023		2024		2023
PRT	$	127	$	1,885	$	1,894	$	3,413
GICs	1,791		917		2,391		1,423
Other*	130		108		349		237
Premiums and deposits	$	2,048	$	2,910	$	4,634	$	5,073

*Other principally consists of structured settlements and Corporate Markets products.

Three Months Ended June 30, 2024 to Three Months Ended June 30, 2023 Comparison

Premiums and deposits decreased compared to the prior year period by $0.9 billion, primarily due to lower premiums on new PRT business of $1.8 billion, partially offset by higher deposits on new GICs of $0.9 billion.

Six Months Ended June 30, 2024 to Six Months Ended June 30, 2023 Comparison

Premiums and deposits decreased compared to the prior year period by $0.4 billion, primarily due to lower premiums on new PRT business of $1.5 billion, partially offset by higher deposits on new GICs of $1.0 billion.

Corebridge | Second Quarter 2024 Form 10-Q 112

ITEM 2 | Business Segment Operations

Corporate and Other

Corporate and Other primarily consists of interest expense on financial debt, parent expenses not attributable to other segments, institutional asset management business, which includes managing assets for non-consolidated affiliates, results of our consolidated investment entities, results of our legacy insurance lines ceded to Fortitude Re and intercompany eliminations.

Corporate and Other Results

	Three Months Ended  June 30,				Six Months Ended  June 30,
(in millions)	2024		2023		2024		2023
Revenues:
Premiums(a)	$	19	$	20	$	38	$	40
Net investment income	18		19		8		87
Net realized gains (losses) on real estate investments	(9)		1		(17)		5
Other income	8		16		31		30
Total adjusted revenues	36		56		60		162
Benefits and expenses:
Policyholder benefits	—		(3)		—		(3)
Non-deferrable insurance commissions	1		1		1		1
General operating expenses:
Corporate and other	60		67		126		139
Asset management(b)	15		18		35		37
Total general operating expenses	75		85		161		176
Interest expense:
Corporate	107		106		214		214
Asset management and other	25		23		55		87
Total interest expense	132		129		269		301
Total benefits and expenses	208		212		431		475
Noncontrolling interest(c)	24		20		75		14
Adjusted pre-tax operating (loss) before consolidation and eliminations	(148)		(136)		(296)		(299)
Consolidations and eliminations	—		(1)		(3)		(1)
Adjusted pre-tax operating (loss)	$	(148)	$	(137)	$	(299)	$	(300)

        

(a)Premiums include an expense allowance associated with Fortitude Re which is entirely offset in general operating expenses – Corporate and Other.

(b)General operating expenses – Asset management primarily represent the costs to manage the investment portfolio for affiliates that are not included in the consolidated financial statements of Corebridge.

(c)Noncontrolling interests represent the third-party or Corebridge affiliated interest in internally managed consolidated investment vehicles and are almost entirely offset within net investment income, net realized gains (losses) and interest expense.

Corebridge | Second Quarter 2024 Form 10-Q 113

ITEM 2 | Business Segment Operations

Corporate and Other Sources of Earnings

The following table presents the sources of earnings of the Corporate and Other segment. We believe providing APTOI using this view is useful for gaining an understanding of our overall results of operations and the significant drivers of our earnings:

	Three Months Ended  June 30,				Six Months Ended  June 30,
(in millions)	2024		2023		2024		2023
Corporate expenses	$	(37)	$	(47)	$	(76)	$	(95)
Interest expense on financial debt	(107)		(106)		(214)		(214)
Asset management	2		11		16		11
Consolidated investment entities	2		5		1		5
Other	(8)		—		(26)		(7)
Adjusted pre-tax operating (loss)	$	(148)	$	(137)	$	(299)	$	(300)

Financial Highlights

Three Months Ended June 30, 2024 to Three Months Ended June 30, 2023 APTOI Comparison

Adjusted pre-tax operating loss increased $11 million primarily due to:

•lower asset management income of $9 million driven by lower income from legacy investments; and

•higher losses from Other sources of earnings of $8 million.

Partially offset by:

•lower corporate expenses of $10 million primarily driven by Corebridge Forward, our modernization program delivering both expense reduction and increased efficiency.

Six Months Ended June 30, 2024 to Six Months Ended June 30, 2023 APTOI Comparison

Adjusted pre-tax operating loss decreased $1 million primarily due to:

•lower corporate expenses of $19 million primarily driven by Corebridge Forward, our modernization program delivering both expense reduction and increased efficiency.

Offset by:

•higher losses from Other sources of earnings of $19 million.

Corebridge | Second Quarter 2024 Form 10-Q 114

ITEM 2 | Investments

Investments

OVERVIEW

Our investment strategies are tailored to the specific business needs of each operating unit by targeting an asset allocation mix that supports estimated cash flows of our outstanding liabilities and provides diversification from asset class, sector, issuer and geographic perspectives. The primary objectives are generation of investment income, preservation of capital, liquidity management and growth of surplus. The majority of assets backing our insurance liabilities consist of fixed maturity securities, RMBS, CMBS, CLOs, other ABS and fixed maturity securities issued by government-sponsored entities and corporate entities. At June 30, 2024, for $207.4 billion of invested assets supporting our insurance operating companies, approximately 44% were in corporate debt securities. Mortgage-backed securities (“MBS”), ABS and CLOs represent 35% of our fixed income securities, and 99% were investment grade. At December 31, 2023, for $202.8 billion of invested assets supporting our insurance operating companies, approximately 47% were in corporate debt securities. MBS, ABS and CLOs represent 31% of our fixed income securities and 99% were investment grade.

See “Business - Investment Management” for further information, including current and future management of our investment portfolio.”

Key Investment Strategies

Investment strategies are assessed at the segment level and involve considerations that include local and general market and economic conditions, duration and cash flow management, risk appetite and volatility constraints, rating agency and regulatory capital considerations, tax, regulatory and legal investment limitations, and, as applicable, environmental, social and governance considerations.

In 2021, we entered into a long-term asset management relationship with Blackstone IM. Blackstone IM initially managed $50 billion of our existing investment portfolio, with that amount to increase to an aggregate of $92.5 billion by the third quarter of 2027.

The investments underlying the original $50 billion mandate with Blackstone IM began to run-off in 2022 and are being reinvested over time. As these assets run-off, we expect Blackstone to reinvest primarily in Blackstone-originated investments across a range of asset classes, including private and structured credit, and commercial and residential real estate securitized and whole loans. Blackstone’s preferred credit and lending strategy is to seek to control all significant components of the underwriting and pricing processes with the goal of facilitating bespoke opportunities with historically strong credit protection and attractive risk-adjusted returns. Blackstone seeks to capture enhanced economics to those available in the traditional fixed income markets by going directly to the borrowers.

We believe that Blackstone’s ability to originate attractive and privately sourced, fixed-income oriented assets, will be accretive to our businesses and provide us with an enhanced competitive advantage as we have been able to expand our investment capabilities, access new asset classes and improve our investment yields. We continue to manage asset allocation and portfolio-level risk management decisions with respect to any assets managed by Blackstone, ensuring that we maintain a consistent level of oversight across our entire investment portfolio considering our asset-liability matching needs, risk appetite and capital position.

As of June 30, 2024, Blackstone managed $64.4 billion in book value of assets in our investment portfolio.

Under the investment management agreements with BlackRock and its investment advisory affiliates, as of June 30, 2024, BlackRock managed approximately $84.0 billion in book value of assets in our investment portfolio, consisting of liquid fixed income and certain private placement assets. In addition, liquid fixed income assets associated with the Fortitude Re portfolio were separately transferred to BlackRock for management. The investment management agreements with BlackRock provide us with access to market-leading capabilities, including portfolio management, research and tactical strategies in addition to a larger pool of investment professionals. We believe BlackRock’s scale and fee structure make BlackRock an excellent outsourcing partner for certain asset classes and will allow us to further optimize our investment management operating model while improving overall performance. The investment management agreements contain detailed investment guidelines and reporting requirements. These agreements also contain reasonable and customary representations and warranties, standard of care, expense reimbursement, liability, indemnity and other provisions.

Some of our key investment strategies are as follows:

•our fundamental strategy across the portfolios is to seek investments with similar characteristics to the associated insurance liabilities to the extent practicable;

•we seek to purchase investments that offer enhanced yield through illiquidity premiums, such as private placements and commercial mortgage loans, which also add portfolio diversification. These assets typically afford credit protections through covenants, ability to customize structures that meet our insurance liability needs and deeper due diligence given information access;

Corebridge | Second Quarter 2024 Form 10-Q 115

ITEM 2 | Investments

•we seek investments that provide diversification from assets available in local markets. To the extent we purchase these investments, we generally hedge any currency risk using derivatives, which could provide opportunities to earn higher risk-adjusted returns compared to investments in the functional currency;

•we actively manage our assets and liabilities, counterparties and duration. Our liquidity sources are held primarily in the form of cash, short-term investments and publicly traded, investment grade rated fixed maturity securities that can be readily monetized through sales or repurchase agreements. Certain of our subsidiaries are members of the FHLBs in their respective districts, and we borrow from the FHLB utilizing its funding agreement program. Borrowings from FHLBs are used to supplement liquidity or for other uses deemed appropriate by management. This strategy allows us to both diversify our sources of liquidity and reduce the cost of maintaining sufficient liquidity;

•within the United States, investments are generally split between reserve-backing and surplus portfolios:

–insurance liabilities are backed mainly by investment grade fixed maturity securities that meet our duration, risk-return, tax liquidity, credit quality and diversification objectives. We assess asset classes based on their fundamental underlying risk factors, including credit (public and private), commercial real estate and residential real estate, regardless of whether such investments are bonds, loans or structured products; and

–surplus investments seek to enhance portfolio returns and are generally comprised of a mix of fixed maturity investment grade and below investment grade securities and various alternative asset classes, including private equity, real estate equity and hedge funds. Over the past few years, hedge fund investments have been reduced;

•outside of the United States, fixed maturity securities held by our insurance companies consist primarily of investment grade securities generally denominated in the currencies of the countries in which we operate; and

•we also utilize derivatives to manage our asset and liability duration as well as currency exposures.

Asset Liability Management

Our investment strategy is to invest in assets that generate net investment income to back policyholder benefit and deposit liabilities that result in stable distributable earnings and enhance portfolio value, subject to asset-liability management, capital, liquidity and regulatory constraints.

We use asset-liability management as a primary tool to monitor and manage interest rate and duration risk in our businesses. We maintain a diversified, high quality portfolio of fixed maturity securities issued by corporations, municipalities and other governmental agencies; structured securities collateralized by, among other assets, residential and commercial real estate; and commercial mortgage loans that, to the extent practicable, match the duration characteristics of the liabilities. We seek to diversify the portfolio across asset classes, sectors and issuers to mitigate idiosyncratic portfolio risks. The investment portfolio of each product line is tailored to the specific characteristics of its insurance liabilities, and as a result, duration varies between distinct portfolios. The interest rate environment has a direct impact on the asset liability management profile of the businesses, and changes in the interest rate environment may result in the need to lengthen or shorten the duration of the portfolio. In a rising rate environment, we may shorten the duration of the investment portfolio.

Fixed maturity securities of our domestic operations have an average duration of 6.5 years as of June 30, 2024.

In addition, we seek to enhance surplus portfolio returns through investments in a diversified portfolio of alternative investments. Although these alternative investments are subject to earnings fluctuations, they have historically achieved accumulative returns over time in excess of the fixed maturity portfolio returns.    

Corebridge | Second Quarter 2024 Form 10-Q 116

ITEM 2 | Investments

Investment Portfolio

The following table presents carrying amounts of our total investments:

(in millions)	Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets		Total
June 30, 2024
Bonds available-for-sale:
U.S. government and government-sponsored entities	$	1,121	$	250	$	1,371
Obligations of states, municipalities and political subdivisions	4,427		608		5,035
Non-U.S. governments	3,507		249		3,756
Corporate debt	90,424		10,821		101,245
Mortgage-backed, asset-backed and collateralized:
RMBS	15,536		719		16,255
CMBS	9,817		487		10,304
CLO	11,459		167		11,626
ABS	17,133		595		17,728
Total mortgage-backed, asset-backed and collateralized	53,945		1,968		55,913
Total bonds available-for-sale	153,424		13,896		167,320
Other bond securities	363		4,680		5,043
Total fixed maturities	153,787		18,576		172,363
Equity securities	73		—		73
Mortgage and other loans receivable:
Residential mortgages	9,624		—		9,624
Commercial mortgages	30,903		3,129		34,032
Life insurance policy loans	1,424		323		1,747
Commercial loans, other loans and notes receivable	3,112		148		3,260
Total mortgage and other loans receivable(a)	45,063		3,600		48,663
Other invested assets(b)	7,894		2,063		9,957
Short-term investments	4,781		217		4,998
Total(c)	$	211,598	$	24,456	$	236,054
December 31, 2023
Bonds available-for-sale:
U.S. government and government-sponsored entities	$	946	$	274	$	1,220
Obligations of states, municipalities and political subdivisions	5,178		653		5,831
Non-U.S. governments	3,782		275		4,057
Corporate debt	94,118		11,964		106,082
Mortgage-backed, asset-backed and collateralized:
RMBS	13,531		746		14,277
CMBS	9,493		488		9,981
CLO	10,938		206		11,144
ABS	13,337		598		13,935
Total mortgage-backed, asset-backed and collateralized	47,299		2,038		49,337
Total bonds available-for-sale	151,323		15,204		166,527
Other bond securities	366		4,212		4,578
Total fixed maturities	151,689		19,416		171,105
Equity securities	63		—		63
Mortgage and other loans receivable:
Residential mortgages	8,428		—		8,428
Commercial mortgages	30,354		3,204		33,558
Life insurance policy loans	1,416		330		1,746
Commercial loans, other loans and notes receivable	2,961		174		3,135
Total mortgage and other loans receivable(a)	43,159		3,708		46,867
Other invested assets(b)	8,163		2,094		10,257
Short-term investments	4,207		129		4,336
Total(c)	$	207,281	$	25,347	$	232,628

(a)Net of total allowance for credit losses for $758 million and $698 million at June 30, 2024 and December 31, 2023, respectively.

(b)Other invested assets, excluding Fortitude Re funds withheld assets, include $5.5 billion and $5.6 billion of private equity funds as of June 30, 2024 and December 31, 2023, respectively, which are generally reported on a one-quarter lag.

Corebridge | Second Quarter 2024 Form 10-Q 117

ITEM 2 | Investments

(c)Includes the consolidation of approximately $5.4 billion and $5.9 billion of consolidated investment entities at June 30, 2024 and December 31, 2023, respectively.

The following table presents carrying amounts of our total investments for our insurance operating subsidiaries excluding the Fortitude Re funds withheld assets:

(in millions)	June 30, 2024		December 31, 2023
Bonds available-for-sale:
U.S. government and government-sponsored entities	$	1,119	$	945
Obligations of states, municipalities and political subdivisions	4,427		5,178
Non-U.S. governments	3,507		3,782
Corporate debt
Public credit	70,104		73,014
Private credit	20,669		21,388
Total corporate debt	90,773		94,402
Mortgage-backed, asset-backed and collateralized:
RMBS	15,971		13,941
CMBS	9,817		9,493
CLO	11,406		10,893
ABS	17,135		13,337
Total mortgage-backed, asset-backed and collateralized	54,329		47,664
Total bonds available-for-sale	154,155		151,971
Other bond securities	325		329
Total fixed maturities	154,480		152,300
Equity securities	53		55
Mortgage and other loans receivable:
Residential mortgages	8,141		6,869
Commercial mortgages	31,478		30,892
Commercial loans, other loans and notes receivable	3,181		3,040
Total mortgage and other loans receivable(a)(b)	42,800		40,801
Other invested assets
Hedge funds	149		222
Private equity(c)	5,085		5,012
Real estate investments	263		270
Other invested assets - All other	302		290
Total other invested assets	5,799		5,794
Short-term investments	4,282		3,881
Total(d)	$	207,414	$	202,831

(a)Does not reflect allowance for credit loss on mortgage loans of $679 million and $623 million at June 30, 2024 and December 31, 2023, respectively.

(b)Does not reflect policy loans of $1.4 billion and $1.4 billion at June 30, 2024 and December 31, 2023, respectively.

(c)Private equity funds are generally reported on a one-quarter lag.

(d)Excludes approximately $5.4 billion and $5.9 billion of consolidated investment entities as well as $1.8 billion and $2.3 billion of eliminations primarily between the consolidated investment entities and the insurance operating companies at June 30, 2024 and December 31, 2023, respectively.

Credit Ratings

At June 30, 2024, nearly all our fixed maturity securities were held by our U.S. entities and 94% of these securities were rated investment grade by one or more of the principal rating agencies.

Moody’s, Standard & Poor’s Financial Services LLC (“S&P”), Fitch or similar foreign rating services rate a significant portion of our foreign entities’ fixed maturity securities portfolio. Rating services are not available for some foreign-issued securities. Our Investments team, with oversight from credit risk management, closely reviews the credit quality of the foreign portfolio’s non-rated fixed maturity securities.

Corebridge | Second Quarter 2024 Form 10-Q 118

ITEM 2 | Investments

NAIC Designations of Fixed Maturity Securities    

The Securities Valuation Office (“SVO”) of the National Association of Insurance Commissioners (“NAIC”) evaluates the investments of U.S. insurers for statutory reporting purposes and assigns fixed maturity securities to one of six categories called ‘NAIC Designations.’ In general, NAIC Designations of ‘1,’ highest quality, or ‘2,’ high quality, include fixed maturity securities considered investment grade, while NAIC Designations of ‘3’ through ‘6’ generally include fixed maturity securities referred to as below investment grade. NAIC Designations for non-agency RMBS and CMBS are calculated using third-party modeling results provided through the NAIC. These methodologies result in an improved NAIC Designation for such securities compared to the rating typically assigned by the three major rating agencies. The following tables summarize the ratings distribution of our subsidiaries’ fixed maturity security portfolio by NAIC Designation, and the distribution by composite our credit rating, which is generally based on ratings of the three major rating agencies. As of June 30, 2024 and December 31, 2023, 95% and 95%, respectively, of our fixed maturity security portfolio, excluding Fortitude Re funds withheld assets, were investment grade. The fixed maturity security portfolio of our insurance operating subsidiaries, excluding the Fortitude Re funds withheld assets, was 95% and 95% investment grade as of June 30, 2024 and December 31, 2023, respectively. The remaining below investment grade securities that are not included in consolidated investment entities relate to middle market and high yield bank loans securities.

The following tables present the fixed maturity security portfolio categorized by NAIC Designation, at fair value:

NAIC Designation Excluding Fortitude Re Funds Withheld Assets (in millions)	1		2		Total Investment Grade		3		4(a)		5(a)		6		Total Below Investment Grade		Total
June 30, 2024
Other fixed maturity securities	$	46,389	$	46,500	$	92,889	$	3,470	$	2,692	$	408	$	65	$	6,635	$	99,524
Mortgage-backed, asset-backed and collateralized	46,232		7,376		53,608		342		168		29		9		548		54,156
Total(b)	$	92,621	$	53,876	$	146,497	$	3,812	$	2,860	$	437	$	74	$	7,183	$	153,680
Fortitude Re funds withheld assets																	$	18,576
Total fixed maturities																	$	172,256
December 31, 2023
Other fixed maturity securities	$	49,628	$	46,891	$	96,519	$	4,104	$	2,983	$	389	$	58	$	7,534	$	104,053
Mortgage-backed, asset-backed and collateralized	41,165		5,806		46,971		307		224		44		11		586		47,557
Total(b)	$	90,793	$	52,697	$	143,490	$	4,411	$	3,207	$	433	$	69	$	8,120	$	151,610
Fortitude Re funds withheld assets																	$	19,416
Total fixed maturities																	$	171,026

(a)Includes $3 million and $5 million of consolidated CLOs that are rated NAIC 4 and 5, respectively, as of June 30, 2024 and $63 million and $6 million of NAIC 4 and 5 securities, respectively, as of December 31, 2023. These are assets of consolidated investment entities and do not represent direct investment of Corebridge’s insurance subsidiaries.

(b)Excludes $107 million and $79 million of fixed maturity securities for which no NAIC Designation is available at June 30, 2024 and December 31, 2023, respectively.

The following table presents the fixed maturity security portfolio categorized by NAIC Designation, at fair value, for our insurance operating subsidiaries excluding the Fortitude Re funds withheld assets:

(in millions)	June 30, 2024		December 31, 2023
NAIC 1	$	93,066	$	91,207
NAIC 2	54,228		53,029
NAIC 3	3,812		4,408
NAIC 4	2,859		3,147
NAIC 5 and 6	505		496
Total(a)(b)	$	154,470	$	152,287

(a)Excludes approximately $61 million and $121 million of consolidated investment entities and $624 million and $732 million of eliminations primarily related to the consolidated investment entities and the insurance operating subsidiaries at June 30, 2024 and December 31, 2023, respectively.

(b)Excludes $10 million and $13 million of fixed maturity securities for which no NAIC Designation is available at June 30, 2024 and December 31, 2023, respectively.

Corebridge | Second Quarter 2024 Form 10-Q 119

ITEM 2 | Investments

Composite Corebridge Credit Ratings

With respect to our fixed maturity securities, the credit ratings in the table below and in subsequent tables reflect: (i) a composite of the ratings of the three major rating agencies, or when agency ratings are not available, the rating assigned by the NAIC SVO (100% of total fixed maturity securities), or (ii) our equivalent internal ratings when these investments have not been rated by any of the major rating agencies or the NAIC. The “Non-rated” category in those tables consists of fixed maturity securities that have not been rated by any of the major rating agencies, the NAIC or us.

The following tables present the fixed maturity security portfolio categorized by composite Corebridge credit rating (as described below), at fair value:

Composite Corebridge Credit Rating Excluding Fortitude Re Funds Withheld Assets (in millions)	AAA/AA/A		BBB		Total Investment Grade		BB		B		CCC and Lower		Total Below Investment Grade (a)(b)		Total
June 30, 2024
Other fixed maturity securities	$	46,919	$	46,044	$	92,963	$	3,398	$	2,703	$	460	$	6,561	$	99,524
Mortgage-backed, asset-backed and collateralized	42,912		8,124		51,036		392		306		2,422		3,120		54,156
Total(c)	$	89,831	$	54,168	$	143,999	$	3,790	$	3,009	$	2,882	$	9,681	$	153,680
Fortitude Re funds withheld assets															$	18,576
Total fixed maturities															$	172,256
December 31, 2023
Other fixed maturity securities	$	49,833	$	46,706	$	96,539	$	4,083	$	3,014	$	417	$	7,514	$	104,053
Mortgage-backed, asset-backed and collateralized	37,795		6,439		44,234		430		335		2,558		3,323		47,557
Total(c)	$	87,628	$	53,145	$	140,773	$	4,513	$	3,349	$	2,975	$	10,837	$	151,610
Fortitude Re funds withheld assets															$	19,416
Total fixed maturities															$	171,026

(a)Includes $2.6 billion and $2.7 billion at June 30, 2024 and December 31, 2023, respectively, of certain RMBS that had experienced deterioration in credit quality since its origination but prior to Corebridge’s acquisition. These securities are currently rated as investment grade under the NAIC SVO framework.

(b)Includes $10 million of consolidated CLOs as of June 30, 2024 and $76 million as of December 31, 2023. These are assets of consolidated investment entities and do not represent direct investment of Corebridge’s insurance subsidiaries.

(c)Excludes $107 million and $79 million of fixed maturity securities for which no NAIC Designation is available at June 30, 2024 and December 31, 2023, respectively.

The following table presents the fixed maturity security portfolio categorized by composite Corebridge credit rating (as described below), at fair value for our insurance operating subsidiaries excluding the Fortitude Re funds withheld assets:

Composite Corebridge Credit Rating For Our Insurance Operating Subsidiaries (in millions)	AAA/AA/A		BBB		Total Investment Grade		BB		B		CCC and Lower		Total Below Investment Grade		Total
June 30, 2024
Other fixed maturity securities	$	46,921	$	46,395	$	93,316	$	3,397	$	2,704	$	456	$	6,557	$	99,873
Mortgage-backed, asset-backed and collateralized	43,346		8,131		51,477		395		307		2,418		3,120		54,597
Total fixed maturities(a)(b)	$	90,267	$	54,526	$	144,793	$	3,792	$	3,011	$	2,874	$	9,677	$	154,470
December 31, 2023
Other fixed maturity securities	$	49,836	$	47,056	$	96,892	$	4,079	$	2,957	$	408	$	7,444	$	104,336
Mortgage-backed, asset-backed and collateralized	38,204		6,422		44,626		434		338		2,553		3,325		47,951
Total fixed maturities(a)(b)	$	88,040	$	53,478	$	141,518	$	4,513	$	3,295	$	2,961	$	10,769	$	152,287

(a)Excludes approximately $61 million and $121 million of consolidated investment entities and $624 million and $732 million of eliminations primarily related to the consolidated investment entities and the insurance operating subsidiaries at June 30, 2024 and December 31, 2023, respectively.

(b)Excludes $10 million and $13 million of fixed maturity securities for which no NAIC Designation is available at June 30, 2024 and December 31, 2023, respectively.

For a discussion of credit risks associated with investments, see “Business—Investment Management—Credit Risk” in the 2023 Form 10-K.

Corebridge | Second Quarter 2024 Form 10-Q 120

ITEM 2 | Investments

The following tables present the composite Corebridge credit ratings of our fixed maturity securities calculated based on their fair value:

	Available-for-Sale				Other Fixed Maturity Securities, at Fair Value				Total
Excluding Fortitude Funds Withheld Assets (in millions)	June 30, 2024		December 31, 2023		June 30, 2024		December 31, 2023		June 30, 2024		December 31, 2023
Rating:
Other fixed maturity securities*
AAA	$	1,554	$	1,656	$	—	$	—	$	1,554	$	1,656
AA	20,931		21,970		19		14		20,950		21,984
A	24,415		26,193		—		—		24,415		26,193
BBB	46,028		46,688		16		18		46,044		46,706
Below investment grade	6,536		7,506		8		10		6,544		7,516
Non-rated	15		11		2		—		17		11
Total	$	99,479	$	104,024	$	45	$	42	$	99,524	$	104,066
Mortgage-backed, asset-
backed and collateralized
AAA	$	11,582	$	9,720	$	17	$	19	$	11,599	$	9,739
AA	22,983		20,577		79		83		23,062		20,660
A	8,144		7,293		107		103		8,251		7,396
BBB	8,073		6,383		51		56		8,124		6,439
Below investment grade	3,104		3,297		20		19		3,124		3,316
Non-rated	59		29		44		44		103		73
Total	$	53,945	$	47,299	$	318	$	324	$	54,263	$	47,623
Total
AAA	$	13,136	$	11,376	$	17	$	19	$	13,153	$	11,395
AA	43,914		42,547		98		97		44,012		42,644
A	32,559		33,486		107		103		32,666		33,589
BBB	54,101		53,071		67		74		54,168		53,145
Below investment grade	9,640		10,803		28		29		9,668		10,832
Non-rated	74		40		46		44		120		84
Total	$	153,424	$	151,323	$	363	$	366	$	153,787	$	151,689

    

Corebridge | Second Quarter 2024 Form 10-Q 121

ITEM 2 | Investments

	Available-for-Sale				Other Fixed Maturity Securities, at Fair Value				Total
Fortitude Re Funds Withheld Assets (in millions)	June 30, 2024		December 31, 2023		June 30, 2024		December 31, 2023		June 30, 2024		December 31, 2023
Rating:
Other fixed maturity securities*
AAA	$	360	$	387	$	22	$	23	$	382	$	410
AA	3,206		3,603		777		795		3,983		4,398
A	3,358		3,559		187		158		3,545		3,717
BBB	4,589		5,084		1,450		1,225		6,039		6,309
Below investment grade	415		533		414		457		829		990
Non-rated	—		—		4		6		4		6
Total	$	11,928	$	13,166	$	2,854	$	2,664	$	14,782	$	15,830
Mortgage-backed, asset- backed and collateralized
AAA	$	151	$	141	$	123	$	117	$	274	$	258
AA	725		770		709		555		1,434		1,325
A	226		238		245		225		471		463
BBB	357		361		685		591		1,042		952
Below investment grade	508		526		63		59		571		585
Non-rated	1		2		1		1		2		3
Total	$	1,968	$	2,038	$	1,826	$	1,548	$	3,794	$	3,586
Total
AAA	$	511	$	528	$	145	$	140	$	656	$	668
AA	3,931		4,373		1,486		1,350		5,417		5,723
A	3,584		3,797		432		383		4,016		4,180
BBB	4,946		5,445		2,135		1,816		7,081		7,261
Below investment grade	923		1,059		477		516		1,400		1,575
Non-rated	1		2		5		7		6		9
Total	$	13,896	$	15,204	$	4,680	$	4,212	$	18,576	$	19,416

Corebridge | Second Quarter 2024 Form 10-Q 122

ITEM 2 | Investments

	Available-for-Sale				Other Fixed Maturity Securities, at Fair Value				Total
Total (in millions)	June 30, 2024		December 31, 2023		June 30, 2024		December 31, 2023		June 30, 2024		December 31, 2023
Rating:
Other fixed maturity securities*
AAA	$	1,914	$	2,043	$	22	$	23	$	1,936	$	2,066
AA	24,137		25,573		796		809		24,933		26,382
A	27,773		29,752		187		158		27,960		29,910
BBB	50,617		51,772		1,466		1,243		52,083		53,015
Below investment grade	6,951		8,039		422		467		7,373		8,506
Non-rated	15		11		6		6		21		17
Total	$	111,407	$	117,190	$	2,899	$	2,706	$	114,306	$	119,896
Mortgage-backed, asset-backed and collateralized
AAA	$	11,733	$	9,861	$	140	$	136	$	11,873	$	9,997
AA	23,708		21,347		788		638		24,496		21,985
A	8,370		7,531		352		328		8,722		7,859
BBB	8,430		6,744		736		647		9,166		7,391
Below investment grade	3,612		3,823		83		78		3,695		3,901
Non-rated	60		31		45		45		105		76
Total	$	55,913	$	49,337	$	2,144	$	1,872	$	58,057	$	51,209
Total
AAA	$	13,647	$	11,904	$	162	$	159	$	13,809	$	12,063
AA	47,845		46,920		1,584		1,447		49,429		48,367
A	36,143		37,283		539		486		36,682		37,769
BBB	59,047		58,516		2,202		1,890		61,249		60,406
Below investment grade	10,563		11,862		505		545		11,068		12,407
Non-rated	75		42		51		51		126		93
Total	$	167,320	$	166,527	$	5,043	$	4,578	$	172,363	$	171,105

*Consists of assets including U.S. government and government sponsored entities, obligations of states, municipalities and political subdivisions, non-U.S. governments, and corporate debt.

The following table presents the fair value of our aggregate credit exposures to non-U.S. governments for our fixed maturity securities:

	June 30, 2024						December 31, 2023
(in millions)	Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets		Total		Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets		Total
Chile	$	367	$	11	$	378	$	357	$	13	$	370
Indonesia	324		31		355		344		23		367
Mexico	247		18		265		257		13		270
France	232		18		250		229		18		247
United Arab Emirates	208		4		212		221		4		225
Qatar	196		48		244		204		61		265
Saudi Arabia	179		19		198		185		20		205
Norway	146		—		146		160		—		160
Panama	141		19		160		145		19		164
Colombia	128		25		153		155		26		181
Other	1,339		83		1,422		1,525		91		1,616
Total*	$	3,507	$	276	$	3,783	$	3,782	$	288	$	4,070

*Includes bonds available-for-sale and other bond securities.

Corebridge | Second Quarter 2024 Form 10-Q 123

ITEM 2 | Investments

Investments in Corporate Debt Securities

The following table presents the industry categories of our available-for-sale corporate debt securities:

	June 30, 2024						December 31, 2023
	Fair Value						Fair Value
(in millions)	Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets		Total		Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets		Total
Industry Category:
Financial institutions	$	25,408	$	2,249	$	27,657	$	25,875	$	2,429	$	28,304
Utilities	13,667		2,368		16,035		14,108		2,545		16,653
Communications	5,601		609		6,210		5,957		730		6,687
Consumer noncyclical	11,417		1,265		12,682		12,093		1,444		13,537
Capital goods	3,847		361		4,208		4,230		412		4,642
Energy	7,937		983		8,920		8,323		1,096		9,419
Consumer cyclical	4,995		457		5,452		5,114		520		5,634
Basic materials	3,070		286		3,356		3,141		350		3,491
Other	14,482		2,243		16,725		15,277		2,438		17,715
Total*	$	90,424	$	10,821	$	101,245	$	94,118	$	11,964	$	106,082

*    94% and 93% of investments were rated investment grade at June 30, 2024 and December 31, 2023, respectively.

Corebridge | Second Quarter 2024 Form 10-Q 124

ITEM 2 | Investments

Investments in RMBS

The following table presents our RMBS available-for-sale securities:

	June 30, 2024				December 31, 2023
(in millions)	Fair Value		Percent of Total		Fair Value		Percent of Total
Agency RMBS	$	3,957	27%		$	4,218	31%
AAA	6				20
AA	3,951				4,198
A	—				—
BBB	—				—
Below investment grade	—				—
Non-rated	—				—
Alt-A RMBS	3,491		22%		3,147		23%
AAA	1,036				692
AA	706				685
A	70				38
BBB	82				54
Below investment grade	1,597				1,678
Non-rated	—				—
Sub-prime RMBS	1,074		7%		1,124		8%
AAA	—				—
AA	75				78
A	60				60
BBB	68				50
Below investment grade	871				936
Non-rated	—				—
Prime non-agency	3,049		19%		2,399		18%
AAA	1,615				1,163
AA	887				847
A	251				198
BBB	193				76
Below investment grade	102				113
Non-rated	1				2
Other housing related	3,965		25%		2,643		20%
AAA	2,663				1,822
AA	692				465
A	333				246
BBB	258				93
Below investment grade	15				13
Non-rated	4				4
Total RMBS excluding Fortitude Re funds withheld assets	15,536		100	%	13,531		100%
Total RMBS Fortitude Re funds withheld assets	719				746
Total RMBS(a)(b)	$	16,255			$	14,277

(a)Includes $2.6 billion and $2.7 billion at June 30, 2024 and December 31, 2023, respectively, of certain RMBS that had experienced deterioration in credit quality since their origination but prior to Corebridge’s acquisition. These securities are currently rated as investment grade under the NAIC SVO framework.

(b)The weighted average expected life was 6 years at June 30, 2024 and 7 years at December 31, 2023.

Our underwriting principles for investing in RMBS, other ABS and CLOs take into consideration the quality of the originator, the manager, the servicer, security credit ratings, underlying characteristics of the mortgages, borrower characteristics and the level of credit enhancement in the transaction.

Corebridge | Second Quarter 2024 Form 10-Q 125

ITEM 2 | Investments

Investments in CMBS

The following table presents our CMBS available-for-sale securities:

	June 30, 2024				December 31, 2023
(in millions)	Fair Value		Percent of Total		Fair Value		Percent of Total
CMBS (traditional)	$	8,845	90	%	$	8,265	87	%
AAA	3,687				3,691
AA	3,172				2,855
A	913				753
BBB	798				621
Below investment grade	275				345
Non-rated	—				—
Agency	783		8	%	815		9	%
AAA	3				3
AA	780				812
A	—				—
BBB	—				—
Below investment grade	—				—
Non-rated	—				—
Other	189		2	%	413		4	%
AAA	43				91
AA	14				130
A	42				100
BBB	90				92
Below investment grade	—				—
Non-rated	—				—
Total excluding Fortitude Re funds withheld assets	9,817		100	%	9,493		100	%
Total Fortitude Re funds withheld assets	487				488
Total	$	10,304			$	9,981

The fair value of CMBS holdings increased slightly during the six months ended June 30,2024. The majority of our investments in CMBS are in tranches that contain substantial protection features through collateral subordination.

Corebridge | Second Quarter 2024 Form 10-Q 126

ITEM 2 | Investments

Investments in ABS/CLOs

The following table presents our ABS/CLO available-for-sale securities by collateral type:

	June 30, 2024				December 31, 2023
(dollars in millions)	Fair Value		Percent of Total		Fair Value		Percent of Total
CDO - bank loan (CLO)	$	11,457	40	%	$	10,808	44	%
AAA	1,922				1,741
AA	5,284				5,246
A	3,210				3,058
BBB	970				727
Below investment grade	17				13
Non-rated	54				23
CDO - other	2		—	%	130		1	%
AAA	—				1
AA	—				125
A	—				—
BBB	—				1
Below investment grade	2				3
Non-rated	—				—
ABS	17,133		60	%	13,337		55	%
AAA	607				496
AA	7,422				5,136
A	3,265				2,840
BBB	5,614				4,669
Below investment grade	225				196
Non-rated	—				—
Total excluding Fortitude Re funds withheld assets	28,592		100	%	24,275		100	%
Total Fortitude Re funds withheld assets	762				804
Total	$	29,354			$	25,079

Unrealized Losses of Fixed Maturity Securities

The following tables show the aging of the unrealized losses on available-for-sale fixed maturity securities, the extent to which the fair value is less than amortized cost or cost, and the number of respective items in each category:

June 30, 2024	Less Than or Equal to 20% of Cost(b)					Greater Than 20% to 50% of Cost(b)					Greater Than 50% of Cost(b)					Total
Aging(a) (dollars in millions)	Cost(c)		Unrealized Loss(e)		Items(d)	Cost(c)		Unrealized Loss(e)		Items(d)	Cost(c)		Unrealized Loss(e)		Items(d)	Cost(c)		Unrealized Loss(e)		Items(d)
Investment grade bonds
0-6 months	$	18,064	$	668	1,680	$	3,449	$	1,109	251	$	20	$	11	1	$	21,533	$	1,788	1,932
7-11 months	3,530		283		491	2,559		826		200	24		13		2	6,113		1,122		693
12 months or more	64,536		6,180		7,167	31,153		9,383		2,705	277		147		17	95,966		15,710		9,889
Total	86,130		7,131		9,338	37,161		11,318		3,156	321		171		20	123,612		18,620		12,514
Below investment grade bonds
0-6 months	1,096		30		204	20		7		20	6		6		7	1,122		43		231
7-11 months	568		35		115	74		22		18	11		9		2	653		66		135
12 months or more	3,451		235		793	655		193		98	12		8		8	4,118		436		899
Total	5,115		300		1,112	749		222		136	29		23		17	5,893		545		1,265
Total bonds
0-6 months	19,160		698		1,884	3,469		1,116		271	26		17		8	22,655		1,831		2,163
7-11 months	4,098		318		606	2,633		848		218	35		22		4	6,766		1,188		828
12 months or more	67,987		6,415		7,960	31,808		9,576		2,803	289		155		25	100,084		16,146		10,788
Total excluding Fortitude Re funds withheld assets	$	91,245	$	7,431	10,450	$	37,910	$	11,540	3,292	$	350	$	194	37	$	129,505	$	19,165	13,779
Total Fortitude Re funds withheld assets																$	16,057	$	3,351	757
Total																$	145,562	$	22,516	14,536

Corebridge | Second Quarter 2024 Form 10-Q 127

ITEM 2 | Investments

December 31, 2023	Less Than or Equal to 20% of Cost(b)					Greater than 20% to 50% of Cost(b)					Greater than 50% of Cost(b)					Total
Aging(a) (dollars in millions)	Cost(c)		Unrealized Loss		Items(d)	Cost(c)		Unrealized Loss		Items(d)	Cost(c)		Unrealized Loss		Items(d)	Cost(c)		Unrealized Loss		Items(d)
Investment grade bonds
0-6 months	$	8,072	$	358	964	$	2,687	$	779	209	$	6	$	3	—	$	10,765	$	1,140	1,173
7-11 months	9,583		490		880	2,176		628		178	4		2		—	11,763		1,120		1,058
12 months or more	74,309		6,603		7,899	28,479		7,968		2,391	79		42		10	102,867		14,613		10,300
Total	91,964		7,451		9,743	33,342		9,375		2,778	89		47		10	125,395		16,873		12,531
Below Investment grade bonds
0-6 months	1,635		64		449	110		40		41	8		7		8	1,753		111		498
7-11 months	497		18		98	47		13		4	1		1		2	545		32		104
12 months or more	5,127		325		1,066	606		177		104	39		25		8	5,772		527		1,178
Total	7,259		407		1,613	763		230		149	48		33		18	8,070		670		1,780
Total bonds
0-6 months	9,707		422		1,413	2,797		819		250	14		10		8	12,518		1,251		1,671
7-11 months	10,080		508		978	2,223		641		182	5		3		2	12,308		1,152		1,162
12 months or more	79,436		6,928		8,965	29,085		8,145		2,495	118		67		18	108,639		15,140		11,478
Total excluding Fortitude Re funds withheld assets	$	99,223	$	7,858	11,356	$	34,105	$	9,605	2,927	$	137	$	80	28	$	133,465	$	17,543	14,311
Total Fortitude Re funds withheld assets																$	16,725	$	2,934	891
Total																$	150,190	$	20,477	15,202

(a)Represents the number of consecutive months that fair value has been less than amortized cost or cost by any amount.

(b)Represents the percentage by which fair value is less than amortized cost or cost at June 30, 2024 and December 31, 2023.

(c)For bonds, represents amortized cost net of allowance.

(d)Item count is by CUSIP by subsidiary.

(e)Includes MTM movement relating to embedded derivatives.

The allowance for credit losses was $7 million and $7 million for investment grade bonds, and $88 million and $121 million for below investment grade bonds as of June 30, 2024 and December 31, 2023, respectively.

Change in Unrealized Gains and Losses on Investments

The change in net unrealized gains and losses on investments for the three and six months ended June 30, 2024, was primarily attributable to a change in the fair value of fixed maturity securities. For the three and six months ended June 30, 2024, net unrealized losses related to fixed maturity securities were $1.2 billion and $2.3 billion, respectively, due to higher interest rates.

The change in net unrealized gains and losses on investments for the three and six months ended June 30, 2023 was primarily attributable to a change in the fair value of fixed maturity securities. For the three months ended June 30, 2023, net unrealized losses related to fixed maturity securities were $1.8 billion due to an increase in interest rates. For the six months ended June 30, 2023, net unrealized gains were $2.2 billion due to lower interest rates.

For further discussion of our investment portfolio, see Notes 4 and 5 to the Condensed Consolidated Financial Statements.    

Corebridge | Second Quarter 2024 Form 10-Q 128

ITEM 2 | Investments

Commercial Mortgage Loans

At June 30, 2024 and December 31, 2023, we had direct commercial mortgage loan exposure of $34.7 billion and $34.2 billion, respectively. At June 30, 2024 and December 31, 2023, we had an allowance for credit losses of $654 million and $614 million, respectively.

The following tables present the commercial mortgage loan exposure by location and class of loan based on amortized cost:

	Number of Loans	Class													Total		Percent of Total
Excluding Fortitude Re Funds Withheld Assets (dollars in millions)			Apartments		Offices		Retail		Industrial		Hotel		Others
June 30, 2024
State:
New York	70		$	1,371	$	3,505	$	277	$	517	$	67	$	—	$	5,737	18	%
New Jersey	75		2,133		96		254		768		—		21		3,272		10	%
California	55		673		824		99		1,049		575		12		3,232		10	%
Texas	39		735		550		329		258		18		157		2,047		7	%
Massachusetts	19		548		704		505		14		—		—		1,771		6	%
Florida	43		652		106		358		78		455		—		1,649		5	%
Illinois	20		497		352		3		65		—		20		937		3	%
Pennsylvania	19		132		91		191		235		23		—		672		2	%
Colorado	14		269		61		87		70		156		—		643		2	%
Ohio	18		76		6		77		375		—		—		534		2	%
Other States	103		2,296		229		498		669		142		—		3,834		12	%
Foreign	70		3,564		1,028		712		1,343		282		221		7,150		23	%
Total*	545		$	12,946	$	7,552	$	3,390	$	5,441	$	1,718	$	431	$	31,478	100	%
Fortitude Re funds withheld assets															$	3,208
Total Commercial Mortgages															$	34,686
December 31, 2023
State:
New York	69		$	1,301	$	3,577	$	276	$	392	$	70	$	1	$	5,617	18	%
New Jersey	73		2,012		73		256		650		—		21		3,012		10	%
California	57		665		837		102		1,153		579		12		3,348		11	%
Texas	38		760		609		131		221		18		—		1,739		6	%
Massachusetts	19		550		567		492		15		—		—		1,624		5	%
Florida	44		632		107		361		97		455		—		1,652		5	%
Illinois	20		503		353		3		39		—		20		918		3	%
Pennsylvania	19		128		94		206		188		23		—		639		2	%
Colorado	15		285		61		87		70		157		—		660		2	%
Ohio	19		78		6		80		407		—		—		571		2	%
Other States	105		2,273		221		505		699		144		47		3,889		13	%
Foreign	72		3,479		1,069		728		1,432		291		224		7,223		23	%
Total*	550		$	12,666	$	7,574	$	3,227	$	5,363	$	1,737	$	325	$	30,892	100	%
Fortitude Re funds withheld assets															$	3,280
Total Commercial Mortgages															$	34,172

*Does not reflect allowance for credit losses.

Corebridge | Second Quarter 2024 Form 10-Q 129

ITEM 2 | Investments

The following tables present debt service coverage ratios and loan-to-value ratios for commercial mortgages:

	Debt Service Coverage Ratios(a)
(in millions)	>1.20X		1.00X - 1.20X		<1.00X		Total
June 30, 2024
Loan-to-value ratios(b)
Less than 65%	$	18,021	$	3,344	$	249	$	21,614
65% to 75%	5,595		1,243		46		6,884
76% to 80%	638		64		—		702
Greater than 80%	1,483		246		549		2,278
Total commercial mortgages excluding Fortitude Re(c)	$	25,737	$	4,897	$	844	$	31,478
Total commercial mortgages including Fortitude Re							$	3,208
Total commercial mortgages							$	34,686
December 31, 2023
Loan-to-value ratios(b)
Less than 65%	$	17,301	$	3,141	$	285	$	20,727
65% to 75%	5,577		1,337		44		6,958
76% to 80%	938		64		47		1,049
Greater than 80%	1,349		402		407		2,158
Total commercial mortgages excluding Fortitude Re(c)	$	25,165	$	4,944	$	783	$	30,892
Total commercial mortgages including Fortitude Re							$	3,280
Total commercial mortgages							$	34,172

(a)The debt service coverage ratio compares a property’s net operating income to its debt service payments, including principal and interest. Our weighted average debt service coverage ratio was 1.9X at both periods ended June 30, 2024 and December 31, 2023. The debt service coverage ratios are updated when additional relevant information becomes available.

(b)The loan-to-value ratio compares the current unpaid principal balance of the loan to the estimated fair value of the underlying property collateralizing the loan. Our weighted average loan-to-value ratio was 60% at June 30, 2024 and 59% at December 31, 2023. The loan-to-value ratios have been updated within the last three months to reflect the current carrying values of the loans. We update the valuations of collateral properties by obtaining independent appraisals, generally at least once per year.

(c)Does not reflect allowance for credit losses.

Residential Mortgage Loans

At June 30, 2024 and December 31, 2023, we had direct residential mortgage loan exposure of $9.7 billion and $8.4 billion, respectively.

The following tables present credit quality performance indicators for residential mortgages by year of vintage:

June 30, 2024
(in millions)	2024		2023		2022		2021		2020		Prior		Total
FICO:(a)
780 and greater	$	120	$	624	$	663	$	2,276	$	633	$	819	$	5,135
720 - 779	399		1,092		579		563		151		370		3,154
660 - 719	147		354		240		144		41		217		1,143
600 - 659	—		12		37		23		11		83		166
Less than 600	—		2		21		11		4		34		72
Total residential mortgages(b)(c)	$	666	$	2,084	$	1,540	$	3,017	$	840	$	1,523	$	9,670

Corebridge | Second Quarter 2024 Form 10-Q 130

ITEM 2 | Investments

December 31, 2023
(in millions)	2023		2022		2021		2020		2018		Prior		Total
FICO:(a)
780 and greater	$	514	$	528	$	2,280	$	619	$	239	$	497	$	4,677
720 - 779	1,121		608		558		168		99		209		2,763
660 - 719	313		256		113		40		37		120		879
600 - 659	2		20		11		8		9		51		101
Less than 600	—		—		2		2		4		17		25
Total residential mortgages(b)(c)	$	1,950	$	1,412	$	2,964	$	837	$	388	$	894	$	8,445

(a)Fair Isaac Corporation (“FICO”) is the credit quality indicator used to evaluate consumer credit risk for residential mortgage loan borrowers and have been updated within the last twelve months. FICO scores for residential mortgage investor loans to corporate entities are those of the guarantor at time of purchase. On June 30, 2024 and December 31, 2023 residential loans direct to consumers totaled $7.1 billion and $6.7 billion, respectively.

(b)There are no residential mortgage loans under Fortitude Re funds withheld assets.

(c)Does not include allowance for credit losses.

For additional discussion on credit losses, see Note 5 and for additional discussion on commercial mortgage loans, see Note 6 to the Condensed Consolidated Financial Statements.

Corebridge | Second Quarter 2024 Form 10-Q 131

ITEM 2 | Investments

Net Realized Gains and Losses

Three Months Ended June 30,	2024						2023
(in millions)	Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets		Total		Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets		Total
Sales of fixed maturity securities	$	(493)	$	(49)	$	(542)	$	(195)	$	(46)	$	(241)
Intent to Sell	—		—		—		—		—		—
Change in allowance for credit losses on fixed maturity securities	(50)		(1)		(51)		(26)		(2)		(28)
Change in allowance for credit losses on loans	(34)		(5)		(39)		(48)		(8)		(56)
Foreign exchange transactions, net of related hedges	55		(1)		54		(115)		2		(113)
Index-linked interest credited embedded derivatives, net of related hedges	(172)		—		(172)		(141)		—		(141)
All other derivatives and hedge accounting*	18		(34)		(16)		258		(77)		181
Sale of alternative investments and real estate	11		(3)		8		3		(1)		2
Other	(25)		—		(25)		(48)		2		(46)
Net realized gains (losses) – excluding Fortitude Re funds withheld embedded derivative	(690)		(93)		(783)		(312)		(130)		(442)
Net realized gains (losses) on Fortitude Re funds withheld embedded derivative	—		36		36		—		122		122
Net realized gains (losses)	$	(690)	$	(57)	$	(747)	$	(312)	$	(8)	$	(320)
Six Months Ended June 30,	2024						2023
(in millions)	Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets		Total		Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets		Total
Sales of fixed maturity securities	$	(813)	$	(71)	$	(884)	(271)		(63)		(334)
Intent to Sell	(15)		(32)		(47)		—		—		—
Change in allowance for credit losses on fixed maturity securities	(112)		(7)		(119)		(43)		(2)		(45)
Change in allowance for credit losses on loans	(48)		(3)		(51)		(82)		(27)		(109)
Foreign exchange transactions, net of related hedges	101		—		101		(104)		9		(95)
Index-linked interest credited embedded derivatives, net of related hedges	(82)		—		(82)		(319)		—		(319)
All other derivatives and hedge accounting*	123		(140)		(17)		94		(29)		65
Sale of alternative investments and real estate	31		(4)		27		8		—		8
Other	(53)		—		(53)		(48)		2		(46)
Net realized gains (losses) – excluding Fortitude Re funds withheld embedded derivative	(868)		(257)		(1,125)		(765)		(110)		(875)
Net realized gains (losses) on Fortitude Re funds withheld embedded derivative	—		58		58		—		(903)		(903)
Net realized gains (losses)	$	(868)	$	(199)	$	(1,067)	(765)		(1,013)		(1,778)

*Derivative activity related to hedging MRBs is recorded in Change in the fair value of MRBs, net. For additional disclosures about MRBs, see Note 14 to the Condensed Consolidated Financial Statements.

Higher net realized losses excluding Fortitude Re funds withheld assets in the three and six months ended June 30, 2024 compared to same periods in the prior year were due primarily to losses on sale of securities partially offset by gains on foreign exchange transactions in the current period compared to losses in the same period in the prior year.

Index-linked interest credited embedded derivatives, net of related hedges, reflected higher losses and lower losses in the three and six months ended June 30, 2024 respectively, compared to losses in the same period in the prior year. Fair value gains or losses in the hedging portfolio are typically not fully offset by increases or decreases in liabilities due to the non-performance or “own credit” risk adjustment used in the valuation of index-linked interest credited embedded derivatives, which are not hedged as part of our economic hedging program, and other risk margins used for valuation that cause the embedded derivatives to be less sensitive to changes in market rates than the hedge portfolio.

Corebridge | Second Quarter 2024 Form 10-Q 132

ITEM 2 | Investments

Net realized gains (losses) on Fortitude Re funds withheld assets primarily reflect changes in the valuation of the modified coinsurance and funds withheld assets. Increases in the valuation of these assets result in losses to Corebridge as the appreciation on the assets under those reinsurance arrangements must be transferred to Fortitude Re. Decreases in valuation of the assets result in gains to Corebridge as the depreciation on the assets under those reinsurance agreements must be transferred to Fortitude Re.

For further discussion of our investment portfolio, see Note 5 to the Condensed Consolidated Financial Statements.

Other Invested Assets

We seek to enhance returns through investment in a diversified portfolio of alternative asset classes, including private equity, real estate equity and hedge funds.

The following table presents the carrying value of our other invested assets by type:

	June 30, 2024						December 31, 2023
(in millions)	Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets		Total		Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets		Total
Alternative investments(a)(b)	$	5,640	$	1,892	$	7,532	$	5,780	$	1,910	$	7,690
Investment real estate(c)	1,659		171		1,830		1,748		184		1,932
All other investments(d)	595		—		595		635		—		635
Total	$	7,894	$	2,063	$	9,957	$	8,163	$	2,094	$	10,257

(a)At June 30, 2024, included hedge funds of $229 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 $652 million and $680 million as of June 30, 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 June 30, 2024 and December 31, 2023, respectively.

Derivatives and Hedge Accounting

We use derivatives and other financial instruments as part of our financial risk management programs and as part of our investment operations. Interest rate derivatives (such as interest rate swaps) are used to manage interest rate risk associated with both embedded derivatives and MRBs contained in insurance contract liabilities and fixed maturity securities as well as other interest rate sensitive assets and liabilities. Foreign exchange derivatives (principally foreign exchange forwards and swaps) are used to economically mitigate risk associated with foreign denominated investments, net capital exposures and foreign currency transactions. Equity derivatives are used to mitigate financial risk embedded in certain insurance liabilities and economically hedge certain investments. We use credit derivatives to manage our credit exposures. The derivatives are effective economic hedges of the exposures that they are meant to offset. In addition to hedging activities, we also enter into derivative instruments with respect to investment operations, which may include, among other things, credit default swaps (“CDS”) and purchases of investments with embedded derivatives, such as equity linked notes and convertible bonds.

We designated certain derivatives entered into with related parties as fair value hedges of available-for-sale investment securities held by our insurance subsidiaries. The fair value hedges include foreign currency forwards and cross-currency swaps designated as hedges of the change in fair value of foreign currency denominated available-for-sale securities attributable to changes in foreign exchange rates. We also designated certain interest rate swaps entered into with both third parties and related parties as fair value hedges of fixed rate GICs and commercial mortgage loans attributable to changes in benchmark interest rates.

Credit risk associated with derivative counterparties exists for a derivative contract when that contract has a positive fair value to us. The maximum potential exposure may increase or decrease during the life of the derivative commitments as a function of maturity and market conditions. All derivative transactions must be transacted within counterparty limits.

We utilize various credit enhancements, including guarantees, collateral, credit triggers and margin agreements, to reduce the credit risk related to outstanding financial derivative transactions. We require credit enhancements in connection with specific transactions based on, among other things, the creditworthiness of the counterparties and the transaction size and maturity. Furthermore, we enter into certain agreements that have the benefit of set-off and close-out netting provisions, such as ISDA Master Agreements. These provisions provide that, in the case of an early termination of a transaction, we can set off receivables from a counterparty against payables to the same counterparty arising out of all covered transactions. As a result, where a legally enforceable netting agreement exists, the fair value of the transaction with the counterparty represents the net sum of estimated fair values.

For additional information on embedded derivatives, see Notes 4 and 9 to the Condensed Consolidated Financial Statements.

Corebridge | Second Quarter 2024 Form 10-Q 133

ITEM 2 | Investments

The following table presents the notional amounts of our derivatives and the fair value of derivative assets and liabilities in the Condensed Consolidated Balance Sheets:

	June 30, 2024								December 31, 2023
	Gross Derivative Assets				Gross Derivative Liabilities				Gross Derivative Assets				Gross Derivative Liabilities
(in millions)	Notional Amount		Fair Value		Notional Amount		Fair Value		Notional Amount		Fair Value		Notional Amount		Fair Value
Derivatives designated as hedging instruments(a)
Interest rate contracts	$	1,560	$	217	$	4,977	$	85	$	2,213	$	238	$	833	$	18
Foreign exchange contracts	5,558		446		1,957		55		2,765		336		4,670		159
Derivatives not designated as hedging instruments(a)
Interest rate contracts	53,412		3,318		35,930		3,330		41,056		2,709		41,225		3,260
Foreign exchange contracts	9,509		585		5,108		280		6,229		584		7,523		379
Equity contracts	81,499		3,498		22,247		1,679		76,561		2,017		14,144		745
Credit contracts	2,005		76		5		—		305		8		5		—
Other contracts(b)	43,737		13		47		—		44,640		13		47		2
Total derivatives, excluding Fortitude Re funds withheld	$	197,280	$	8,153	$	70,271	$	5,429	$	173,769	$	5,905	$	68,447	$	4,563
Total derivatives, Fortitude Re funds withheld	$	49	$	1	$	—	$	—	$	184	$	20	$	514	$	25
Total derivatives, gross	$	197,329	$	8,154	$	70,271	$	5,429	$	173,953	$	5,925	$	68,961	$	4,588
Counterparty netting(c)			(4,940)				(4,940)				(3,646)				(3,646)
Cash collateral(d)			(2,723)				(305)				(1,886)				(801)
Total derivatives on Condensed Consolidated Balance Sheets(e)			$	491			$	184			$	393			$	141

(a)Fair value amounts are shown before the effects of counterparty netting adjustments and offsetting cash collateral.

(b)Consists primarily of SVWs and contracts with multiple underlying exposures.

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

(d)Represents cash collateral posted and received that is eligible for netting.

(e)Freestanding derivatives only, excludes embedded derivatives. Derivative instrument assets and liabilities are recorded in Other assets and Other liabilities, respectively. Fair value of assets related to bifurcated embedded derivatives was zero at both June 30, 2024 and December 31, 2023. Fair value of liabilities related to bifurcated embedded derivatives was $11.1 billion and $10.2 billion, respectively, at June 30, 2024 and December 31, 2023. A bifurcated embedded derivative is generally presented with the host contract in the Condensed Consolidated Balance Sheets. Embedded derivatives are primarily related to guarantee features in fixed index annuities, index universal life contracts and bonds available-for-sale, which include equity and interest rate components and the funds withheld arrangement with Fortitude Re. For additional information, see Note 7 to the Condensed Consolidated Financial Statements.

For additional information, see Note 9 to the Condensed Consolidated Financial Statements.

Corebridge | Second Quarter 2024 Form 10-Q 134

ITEM 2 | Future Policy Benefits, Policyholder Contract Deposits and Market Risk Benefit

Future Policy Benefits, Policyholder Contract Deposits and Market Risk Benefits

VARIABLE ANNUITY GUARANTEED BENEFITS AND HEDGING RESULTS

The following section provides discussion of our variable annuity guaranteed benefits and hedging results regarding our business segments.

Variable Annuity Guaranteed Benefits and Hedging Results

Our Individual Retirement and Group Retirement businesses offer variable annuity products with riders that provide guaranteed benefits. The liabilities are accounted for as MRBs and measured at fair value. The fair value of the MRBs may fluctuate significantly based on market interest rates, equity prices, credit spreads, market volatility, policyholder behavior and other factors.

In addition to risk-mitigating features in our variable annuity product design, we have an economic hedging program designed to manage market risk from GMWBs, including exposures to changes in interest rates, equity prices, credit spreads and volatility. The hedging program includes all in-force GMWB policies and utilizes derivative instruments, including but not limited to equity options, futures contracts and interest rate swap and option contracts, as well as fixed maturity securities.

For additional discussion of market risk management related to these product features, see “Quantitative and Qualitative Disclosures about Market Risk.”

Differences in Valuation of MRBs and Economic Hedge Target

Our variable annuity hedging program utilizes an economic hedge target, which represents an estimate of the underlying economic risks in our GMWB riders. The economic hedge target differs from the GAAP valuation of the MRBs, creating volatility in our net income (loss) primarily due to the following:

•the MRBs include both the GMWB riders and the GMDB riders while the hedge program is targeting the economic risks of just the GMWB rider;

•the hedge program is designed to offset moves in the GMWB economic liability and therefore has a lower sensitivity to equity market changes than the MRBs;

•the economic hedge target includes 100% of the GMWB rider fees in present value calculations;

•the GAAP valuation reflects those fees attributed to the MRBs such that the initial value at contract issue equals zero. Since the MRB includes GMWBs and GMDBs these attributed fees are typically larger than just the GMWB rider fees;

•the economic hedge target uses best estimate actuarial assumptions and excludes explicit risk margins used for GAAP valuation, such as margins for policyholder behavior, mortality and volatility; and

•the economic hedge target excludes our own credit risk changes (NPAs) used in the GAAP valuation, which are recognized in OCI. The GAAP valuation has different sensitivities to movements in interest rates and other market factors, and to changes from actuarial assumption updates, than the economic hedge target.

For additional information on our valuation methodology for MRBs, see Note 4 to the Consolidated Financial Statements in the 2023 Form 10-K.

The market value of the hedge portfolio compared to the economic hedge target at any point in time may be different and is not expected to be fully offsetting. In addition to the derivatives held in conjunction with the variable annuity hedging program, we generally have cash and invested assets available to cover future claims payable under these guarantees. The primary sources of difference between the change in the fair value of the hedging portfolio and the economic hedge target include:

•basis risk due to the variance between expected and actual fund returns, which may be either positive or negative;

•realized volatility versus implied volatility;

•actual versus expected changes in the hedge target driven by assumptions not subject to hedging, particularly policyholder behavior; and

•risk exposures that we have elected not to explicitly or fully hedge.

Corebridge | Second Quarter 2024 Form 10-Q 135

ITEM 2 | Future Policy Benefits, Policyholder Contract Deposits and Market Risk Benefit

The following table presents a reconciliation between the fair value of the GAAP MRBs and the value of our economic hedge target:

	June 30,		December 31,
(in millions)	2024		2023
Reconciliation of market risk benefits and economic hedge target:
Market risk benefits liability, net	$	453	$	1,340
Exclude NPA	(690)		(826)
Market risk benefits liability, excluding NPA	(237)		514
Adjustments for risk margins and differences in valuation	555		522
Economic hedge target liability	$	318	$	1,036

Impact on Pre-tax Income (Loss)

The impact on our pre-tax income (loss) of variable annuity guaranteed benefits and related hedging results includes changes in the fair value of MRBs and changes in the fair value of related derivative hedging instruments, and along with attributed rider fees and net of benefits associated with MRBs are together recognized in Change in the fair value of market risk benefits, net, with the exception of NPA changes, which are recognized in OCI. Changes in the fair value of market risk benefits, net are excluded from APTOI of Individual Retirement and Group Retirement.

The change in the fair value of the MRBs and the change in the value of the hedging portfolio are not expected to be fully offsetting, primarily due to the differences in valuation between the economic hedge target, the GAAP MRBs and the fair value of the hedging portfolio, as discussed above. When corporate credit spreads widen, the change in the NPA spread generally reduces the fair value of the MRBs liabilities, resulting in a gain in AOCI, and when corporate credit spreads tighten, the change in the NPA spread generally increases the fair value of the MRBs liabilities, resulting in a loss in AOCI. In addition to changes driven by credit market-related movements in the NPA spread, the NPA balance also reflects changes in business activity and in the net amount at risk from the underlying guaranteed living benefits.

Change in Economic Hedge Target

The decrease in the economic hedge target liability in the six months ended June 30, 2024, was primarily driven by higher interest rates and equity markets.

Corebridge | Second Quarter 2024 Form 10-Q 136

ITEM 2 | Future Policy Benefits, Policyholder Contract Deposits and Market Risk Benefit

The following table presents the impact on pre-tax income (loss) and Other comprehensive income (loss) of Variable Annuity MRBs and Hedging for the Individual Retirement and Group Retirement Segments:

	Three Months Ended June 30, 2024						Six Months Ended June 30, 2024
(in millions)	MRB Liability(*)		Hedge Assets		Net		MRB Liability(*)		Hedge Assets		Net
Issuances	$	(2)	$	—	$	(2)	$	(1)	$	—	$	(1)
Interest accrual	3		(60)		(57)		(6)		(121)		(127)
Attributed fees	(180)		—		(180)		(369)		—		(369)
Expected claims	16		—		16		34		—		34
Effect of changes in interest rates	75		(66)		9		372		(407)		(35)
Effect of changes in interest rate volatility	(45)		44		(1)		(31)		5		(26)
Effect of changes in equity markets	149		(82)		67		729		(441)		288
Effect of changes in equity index volatility	22		4		26		37		35		72
Actual outcome different from model expected outcome	(46)		—		(46)		(17)		—		(17)
Effect of changes in future expected policyholder behavior	—		—		—		—		—		—
Effect of changes in other future expected assumptions	(1)		—		(1)		(2)		—		(2)
Foreign exchange impact	2		—		2		4		—		4
Total impact on balance before other and changes in our own credit risk	(7)		(160)		(167)		750		(929)		(179)
Other	(2)		(3)		(5)		(4)		(1)		(5)
Effect of changes in our own credit risk	125		(36)		89		137		(19)		118
Total income (loss) impact on market risk benefits	116		(199)		(83)		883		(949)		(66)
Less: impact on OCI	125		(41)		84		137		(89)		48
Add: fees net of claims and ceded premiums and benefits	153		—		153		321		—		321
Net impact on pre-tax income (loss)	$	144	$	(158)	$	(14)	$	1,067	$	(860)	$	207
Net change in value of economic hedge target and related hedges
Net impact on economic gains (losses)					$	31					$	34

	Three Months Ended June 30, 2023						Six Months Ended June 30, 2023
(in millions)	MRB Liability(*)		Hedge Assets		Net		MRB Liability(*)		Hedge Assets		Net
Issuances	$	3	$	—	$	3	$	—	$	—	$	—
Interest accrual	(11)		(64)		(75)		(26)		(119)		(145)
Attributed fees	(224)		—		(224)		(475)		—		(475)
Expected claims	23		—		23		49		—		49
Effect of changes in interest rates	339		(317)		22		(28)		29		1
Effect of changes in interest rate volatility	13		(18)		(5)		94		(78)		16
Effect of changes in equity markets	491		(288)		203		912		(550)		362
Effect of changes in equity index volatility	8		(4)		4		(4)		(11)		(15)
Actual outcome different from model expected outcome	(48)		—		(48)		(109)		—		(109)
Effect of changes in future expected policyholder behavior	—		—		—		—		—		—
Effect of changes in other future expected assumptions	12		—		12		108		—		108
Foreign exchange impact	3		—		3		3		—		3
Total impact on balance before other and changes in our own credit risk	609		(691)		(82)		524		(729)		(205)
Other	(3)		3		—		(3)		(17)		(20)
Effect of changes in our own credit risk	(138)		41		(97)		(37)		43		6
Total income (loss) impact on market risk benefits	468		(647)		(179)		484		(703)		(219)
Less: impact on OCI	(138)		(22)		(160)		(37)		34		(3)
Add: fees net of claims and ceded premiums and benefits	195		—		195		419		—		419
Net impact on pre-tax income (loss)	$	801	$	(625)	$	176	$	940	$	(737)	$	203
Net change in value of economic hedge target and related hedges
Net impact on economic gains (losses)					$	(167)					$	(375)

*MRB Liability is partially offset by MRB Assets.

Corebridge | Second Quarter 2024 Form 10-Q 137

ITEM 2 | Future Policy Benefits, Policyholder Contract Deposits and Market Risk Benefit

Three Months Ended June 30, 2024

•Net impact on pre-tax loss of $14 million was primarily driven by actual outcomes realizing differently than expected.

On an economic basis, the changes in the fair value of the hedge portfolio were partially offset by the changes in the economic hedge target. In the three months ended June 30, 2024, we had a net mark-to-market gain of approximately $31 million from our hedging activities related to our economic hedge target principally driven by higher interest rates and equity markets.

Six Months Ended June 30, 2024

•Net impact on pre-tax income of $207 million was primarily driven by increases in equity markets.

On an economic basis, the changes in the fair value of the hedge portfolio were partially offset by the changes in the economic hedge target. In the six months ended June 30, 2024, we had a net mark-to-market gain of approximately $34 million from our hedging activities related to our economic hedge target principally driven by higher equity markets

Three Months Ended June 30, 2023

•Net impact on pre-tax income of $176 million was primarily driven by increases in equity markets.

On an economic basis, the changes in the fair value of the hedge portfolio were partially offset by the changes in the economic hedge target. In the three months ended June 30, 2023, we had a net mark-to-market loss of approximately $167 million from our hedging activities related to our economic hedge target primarily driven by tightening credit spreads and lower equity volatility.

Six Months Ended June 30, 2023

•Net impact on pre-tax income of $203 million was primarily driven by increases in equity markets and the impact of the London Interbank Offered Rate to Secured Overnight Financing Rate (“SOFR”) transition.

•With the transition of risk free rates to the SOFR curve our discounting of fees has been reduced, resulting in a one time favorable impact to the MRB liability.

On an economic basis, the changes in the fair value of the hedge portfolio were partially offset by the changes in the economic hedge target. In the six months ended June 30, 2023, we had a net mark-to-market loss of approximately $375 million from our hedging activities related to our economic hedge target primarily driven by tightening credit spreads and lower equity volatility.

Corebridge | Second Quarter 2024 Form 10-Q 138

ITEM 2 | Liquidity and Capital Resources

Liquidity and Capital Resources

OVERVIEW

Liquidity is defined as cash and unencumbered assets that can be monetized in a short period of time at a reasonable cost. In addition to the on-balance-sheet liquid assets, liquidity resources include availability under committed bank credit facilities.

Capital refers to the long-term financial resources available to support the operation of our businesses, fund business growth, and cover financial and operational needs that arise from adverse circumstances.

We aim to manage our liquidity and capital resources prudently through a well-defined risk management framework that involves various target operating thresholds, as well as minimum requirements during periods of stress.

We believe that we have sufficient liquidity and capital resources to satisfy future requirements and meet our obligations to policyholders, customers, creditors and debt-holders, including those arising from reasonably foreseeable contingencies or events.

For a discussion regarding risks associated with liquidity and capital, see “Risk Factors—Risks Relating to Our Investment Portfolio, Liquidity, Capital and Credit” in the 2023 Form 10-K.

LIQUIDITY AND CAPITAL RESOURCES OF COREBRIDGE PARENT AND INTERMEDIATE HOLDING COMPANIES

As of June 30, 2024 and December 31, 2023, Corebridge Parent and its non-regulated intermediate holding companies (“Corebridge Hold Cos.”) had $4.4 billion and $4.1 billion, respectively, in liquidity sources. These liquidity sources were primarily held in the form of cash and short-term investments and included a $2.5 billion committed revolving credit facility as of June 30, 2024 and December 31, 2023, respectively. Corebridge Hold Cos.’ primary sources of liquidity are dividends, loans and other payments from subsidiaries, sales of businesses and credit facilities. Corebridge Hold Cos.’ primary uses of liquidity are for debt service, capital and liability management, and operating expenses.

Corebridge Parent expects to maintain liquidity that is sufficient to cover one year of its expenses. We expect the Corebridge Hold Cos. may access the debt and preferred equity markets from time to time to meet funding requirements as needed.

We utilize our capital resources to support our businesses, with the majority of capital held by our insurance businesses. Corebridge Hold Cos. intend to manage capital between Corebridge Hold Cos. and our insurance companies through internal, Board-approved policies as well as management standards. Nevertheless, regulatory and other legal restrictions could limit our ability to transfer capital freely, either to or from our subsidiaries.

As of June 30, 2024, Corebridge Parent and certain of our subsidiaries were parties to several letter of credit agreements with various financial institutions which issue letters of credit from time to time in support of our insurance companies. Letters of credit issued in support of our subsidiaries (primarily, insurance companies) totaled $126 million and $151 million at June 30, 2024 and December 31, 2023, respectively.

The following table presents Corebridge Hold Cos.’ liquidity sources:

(in millions)	June 30, 2024		December 31, 2023
Cash and short-term investments	$	1,932	$	1,591
Total Corebridge Hold Cos. liquidity	1,932		1,591
Available capacity under committed, revolving credit facility	2,500		2,500
Total Corebridge Hold Cos. liquidity sources	$	4,432	$	4,091

COREBRIDGE HOLD COS. LIQUIDITY AND CAPITAL RESOURCES HIGHLIGHTS

SOURCES

Liquidity to Corebridge Parent from Subsidiaries

During the three and six months ended June 30, 2024, Corebridge Hold Cos. received $500 million and $1.1 billion in dividends from subsidiaries, respectively.

Sale of AIG Life U.K.

On April 8, 2024, Corebridge completed the sale of AIG Life U.K. and received gross proceeds (i.e., net cash before transaction costs) of £453 million ($569 million).

Corebridge | Second Quarter 2024 Form 10-Q 139

ITEM 2 | Liquidity and Capital Resources

USES

Interest Payments

We made interest payments on our debt instruments totaling $167 million and $201 million, respectively, during the three and six months ended June 30, 2024.

Dividends

During the three and six months ended June 30, 2024, Corebridge Parent paid cash dividends of $0.23 per share of Corebridge Parent common stock totaling $139 million and $282 million, respectively.

Repurchase of Common Stock

During the three and six months ended June 30, 2024, Corebridge Parent repurchased approximately 15.1 million and 24.6 million of shares of Corebridge Parent common stock, for an aggregate purchase price of approximately $436 million and $679 million, respectively.

For additional information, see Note 16 to the Condensed Consolidated Financial Statements.

LIQUIDITY AND CAPITAL RESOURCES OF COREBRIDGE INSURANCE SUBSIDIARIES

Insurance Companies

We believe that our insurance companies have sufficient liquidity and capital resources to satisfy reasonably foreseeable future liquidity requirements and meet their obligations, including those arising from reasonably foreseeable contingencies or events, through cash from operations and, to the extent necessary, monetization of invested assets. Our insurance companies’ liquidity resources are primarily held in the form of cash, short-term investments and publicly traded, investment grade-rated fixed maturity securities.

The liquidity of each of our material insurance companies is monitored through various internal liquidity risk measures. The primary sources of liquidity are premiums, deposits, fees, reinsurance recoverables, investment income and maturities. The primary uses of liquidity are paid losses, reinsurance payments, benefit claims, surrenders, withdrawals, interest payments, dividends, expenses, investment purchases and collateral requirements.

Certain of our U.S. insurance companies are members of the FHLBs in their respective districts. Our borrowings from FHLBs are non-puttable and are used to supplement liquidity or for other uses deemed appropriate by management. Our U.S. insurance companies had $5.5 billion which were due to FHLBs in their respective districts at June 30, 2024, under funding agreements which were reported in policyholder contract deposits. These investment contracts do not have mortality or morbidity risk. Proceeds from funding agreements are generally invested in investments intended to generate spread income. In addition, our U.S. insurance companies had no outstanding borrowings in the form of cash advances from FHLBs at June 30, 2024.

Certain of our U.S. insurance companies have securities lending programs that lend securities from their investment portfolios to supplement liquidity or for other uses deemed appropriate by management. Under these programs, these U.S. insurance companies lend securities to financial institutions and receive cash as collateral equal to 102% of the fair value of the loaned securities. Cash collateral received is kept in cash or invested in short-term investments or used for short-term liquidity purposes.

The aggregate amount of securities that a U.S. insurance company can lend under its program at any time is limited to 5% of its general account statutory-basis admitted assets. Our U.S. insurance companies had no securities subject to these agreements at June 30, 2024 and no liabilities to borrowers for collateral received at June 30, 2024.

We manage the capital of our Life Fleet Risk-Based Capital (“RBC”) ratio targeting above 400%. AGC serves as an affiliate reinsurance company. The surplus of AGC is comprised predominantly of the statutory surplus of the Life Fleet. Given that AGC has no primary operations outside of this internal reinsurance, we believe that excluding AGC from the Life Fleet RBC ratio calculation presents a more accurate view of the overall capital position of our U.S. operating entities. Our Life Fleet RBC ratio was above our minimum target Life Fleet RBC ratio of 400% as of December 31, 2023.

Corebridge | Second Quarter 2024 Form 10-Q 140

ITEM 2 | Liquidity and Capital Resources

Dividend Restrictions

Payments of dividends to Corebridge Hold Cos. by our U.S. insurance subsidiaries are subject to certain restrictions imposed by laws and regulations of their respective states. With respect to our domestic insurance subsidiaries, the payment of a dividend may require formal notice to the insurance department of the state in which the particular insurance subsidiary is domiciled, and prior approval of such insurance regulator is required when the amount of the dividend is above certain regulatory thresholds. See “Business — Regulation — U.S. Regulation — State Insurance Regulation” in the 2023 Form 10-K. Other foreign jurisdictions may restrict the ability of our foreign insurance subsidiaries to pay dividends.

To our knowledge, no Corebridge insurance company is currently on any regulatory or similar “watch list” with regard to solvency.

ANALYSIS OF SOURCES AND USES OF CASH

Our primary sources and uses of liquidity are summarized as follows:

	Six Months Ended  June 30,
(in millions)	2024		2023
Sources:
Operating activities, net	$	589	$	1,572
Net changes in policyholder account balances	5,726		3,119
Issuance of debt of consolidated investment entities	101		146
Contributions from noncontrolling interests	53		43
Issuance of common stock	1		—
Effect of exchange rate changes on cash and restricted cash	—		3
Total Sources	6,470		4,883
Uses:
Investing activities, net	(3,964)		(890)
Repayments of debt of consolidated investment entities	(398)		(290)
Distributions to noncontrolling interests	(31)		(54)
Dividends paid on common stock	(282)		(700)
Net change in securities lending and repurchase agreements	(893)		(2,524)
Repurchase of common stock	(679)		(200)
Financing other, net	(198)		(70)
Effect of exchange rate changes on cash and restricted cash	—		—
Total Uses	(6,445)		(4,728)
Net increase (decrease) in cash and cash equivalents	$	25	$	155

Operating Activities

Cash inflows from operating activities primarily include insurance premiums, fees and investment income. Cash outflows from operating activities primarily include benefit payments, general operating expenses and servicing of debt. Operating cash flow will fluctuate based on the timing of premiums received and benefit payments to policyholders, as well as other core business activities.

Investing Activities

Cash inflows from investing activities primarily include sales and maturities of underlying assets, mainly fixed maturities available-for-sale and principal payments on mortgage and other loans. The primary cash outflows for investing activities relate to the purchases of new securities, mainly fixed maturities available-for-sale.

Financing Activities

Cash inflows from financing activities primarily include policyholder deposits on investment-type contracts, issuances of debt and inflows from the settlement of securities lending and repurchase agreements. Cash outflows primarily relate to policyholder withdrawal activity on investment-type contracts, repayments of debt of consolidated investment entities, repayments of short and long-term debt, repurchases of common stock, shareholder dividends, distributions to noncontrolling interests and outflows for the settlement of securities lending and repurchase agreements.

CONTRACTUAL OBLIGATIONS

As of June 30, 2024, there have been no material changes in our contractual obligations from December 31, 2023, a description of which may be found in “Management’s Discussion and Analysis of Financial Condition and Results of Operation —Liquidity and Capital Resources — Contractual Obligations” in the 2023 Form 10-K.

Corebridge | Second Quarter 2024 Form 10-Q 141

ITEM 2 | Liquidity and Capital Resources

SHORT-TERM AND LONG-TERM DEBT

We expect to repay the short-term and long-term debt maturities and interest accrued on these borrowings through cash flows generated from invested assets, future cash flows from operations, and future debt and other financing arrangements.

The following tables provide the rollforward of our total debt outstanding:

(in millions)	Maturity Date(s)	Balance at December 31, 2023		Issuances		Maturities and Repayments		Other Changes		Balance at June 30, 2024
Short-term debt issued by Corebridge:
Three-Year DDTL Facility*	2024	$	250	$	—	$	—	$	—	$	250
Total short-term debt		250		—		—		—		250
Long-term debt issued by Corebridge:
Senior unsecured notes	2025-2052	7,750		—		—		—		7,750
Hybrid junior subordinated notes	2052	1,000		—		—		—		1,000
Long-term debt issued by Corebridge subsidiaries:
CRBGLH notes	2025-2029	200		—		—		—		200
CRBGLH junior subordinated debentures	2030-2046	227		—		—		—		227
Total long-term debt		9,177		—		—		—		9,177
Debt issuance costs		(59)		—		—		3		(56)
Total long-term debt, net of debt issuance costs		9,118		—		—		3		9,121
Total debt, net of issuance costs		$	9,368	$	—	$	—	$	3	$	9,371

*The current interest period for the Three-Year Delayed Draw Term Loan (“DDTL”) Facility continues through August 29, 2024. We have the ability to further continue this borrowing through February 25, 2025.

SENIOR UNSECURED NOTES AND DELAYED DRAW TERM LOAN

On September 15, 2022, Corebridge Parent borrowed an aggregate principal amount of $1.5 billion under the Three-Year DDTL Facility. On December 8, 2023 and September 15, 2023, Corebridge Parent used the net proceeds of the issuance of the Senior Notes and cash on hand to repay $750 million and $500 million, respectively, on the Three-Year DDTL Facility. As of June 30, 2024, a total of $250 million of borrowings are outstanding under the Three-Year DDTL Facility. For the current interest period, the Three-Year DDTL Facility will end on August 29, 2024, unless prior to that date Corebridge Parent elects to continue the loan, or a portion of it, for an additional interest period.

The Three-Year DDTL Facility bears interest at a rate per annum equal to the Adjusted Term SOFR Rate (as defined in terms of the Three-Year DDTL Facility) plus the Applicable Rate (as defined in the Three-Year DDTL Agreement, which is currently 1.000%, and is based on the applicable credit ratings of our senior unsecured long-term indebtedness). The Three-Year DDTL Facility matures on February 25, 2025.

REVOLVING CREDIT AGREEMENT

On May 12, 2022, Corebridge Parent entered into a revolving credit agreement (the “Revolving Credit Agreement”). The Revolving Credit Agreement provides for a five-year total commitment of $2.5 billion, consisting of standby letters of credit and/or revolving credit borrowings without any limits on the type of borrowings. Under circumstances described in the Revolving Credit Agreement, the aggregate commitments may be increased by up to $500 million, for a total commitment under the Revolving Credit Agreement of $3.0 billion. Loans under the Revolving Credit Agreement will mature on May 12, 2027. Under the Revolving Credit Agreement, the applicable rate, commitment fee and letter of credit fee are determined by reference to the credit ratings of Corebridge Parent’s senior, unsecured, long-term indebtedness. Borrowings bear interest at a rate per annum equal to (i) in the case of U.S. dollar borrowings, Term SOFR plus an applicable credit spread adjustment plus an applicable rate or an alternative base rate plus an applicable rate; (ii) in the case of Sterling borrowings, sterling overnight index average plus an applicable credit spread adjustment plus an applicable rate; (iii) in the case of Euro borrowings, European Union interbank Offer Rate plus an applicable rate; and (iv) in the case of Japanese Yen, Tokyo Interbank Offered Rate plus an applicable rate. The alternative base rate is equal to the highest of (a) the New York Federal Reserve Bank Rate plus 0.50%, (b) the rate of interest in effect as quoted by The Wall Street Journal as the “Prime Rate” in the United States and (c) Term SOFR plus a credit spread adjustment of 0.100% plus an additional 1.00%.

For additional information on debt outstanding and revolving credit facilities, see Note 17 to the Consolidated Financial Statements in the 2023 Form 10-K.

Corebridge | Second Quarter 2024 Form 10-Q 142

ITEM 2 | Liquidity and Capital Resources

DEBT OF CONSOLIDATED INVESTMENT ENTITIES

Our non-financial debt includes debt of consolidated investment entities and such debt does not represent our contractual obligation and is non-recourse to Corebridge. This non-financial debt includes notes and bonds payables supported by cash and investments held by us and certain of our non-insurance subsidiaries for the repayment of those obligations.

(in millions)	Balance at December 31, 2023		Issuances		Maturities and Repayments		Effect of Foreign Exchange		Other Changes		Balance at June 30, 2024
Debt of consolidated investment entities – not guaranteed by Corebridge(a)(b)	$	2,504	$	101	$	(398)	$	1	$	156	$	2,364

(a)At June 30, 2024, includes debt of consolidated investment entities related to real estate investments of $903 million and other securitization vehicles of $1.1 billion.

(b)In relation to the debt of consolidated investment entities not guaranteed by Corebridge, creditors or beneficial interest holders of VIEs generally only have recourse to the assets and cash flows of the VIEs and do not have recourse to us.

CREDIT RATINGS

Credit ratings estimate a company’s ability to meet its obligations and may directly affect the cost and availability of financing to that company.

The following table presents the credit ratings of Corebridge Parent as of the date of this filing:

Senior Unsecured Long-Term Debt			Hybrid Junior Subordinated Long-Term Debt
Moody’s(a)	S&P(b)	Fitch(c)	Moody’s(a)	S&P(b)	Fitch(c)
Baa2 (Stable)	BBB+ (Stable)	BBB+ (Stable)	Baa3 (Stable)	BBB- (Stable)	BBB- (Stable)

(a)Moody’s appends numerical modifiers 1, 2 and 3 to the generic rating categories to show relative position within the rating categories.

(b)S&P ratings may be modified by the addition of a plus or minus sign to show relative standing within the major rating categories.

(c)Fitch ratings may be modified by the addition of a plus or minus sign to show relative standing within the major rating categories.

These credit ratings are current opinions of the rating agencies. They may be changed, suspended or withdrawn at any time by the rating agencies because of changes in, or unavailability of, information or based on other circumstances. Ratings may also be withdrawn at our request.

We are party to some agreements that contain “ratings triggers.” Depending on the ratings maintained by one or more rating agencies, these triggers could result in (i) the termination or limitation of credit availability or a requirement for accelerated repayment, (ii) the termination of business contracts or (iii) a requirement to post collateral for the benefit of counterparties.

In the event of a downgrade of our long-term debt ratings or our insurance subsidiaries’ Insurer Financial Strength (“IFS”) ratings, we would be required to post additional collateral under some derivative and other transactions, or certain of the counterparties of such other of our subsidiaries would be permitted to terminate such transactions early.

The actual amount of collateral that we or certain of our subsidiaries would be required to post to counterparties in the event of such downgrades, or the aggregate amount of payments that we could be required to make, depends on market conditions, the fair value of outstanding affected transactions and other factors prevailing at the time of the downgrade.

INSURER FINANCIAL STRENGTH RATINGS

IFS ratings estimate an insurance company’s ability to pay its obligations under an insurance policy.

The following table presents the ratings of our primary insurance subsidiaries as of the date of this filing:

	A.M. Best	S&P	Fitch	Moody’s
American General Life Insurance Company	A	A+	A+	A2
The Variable Annuity Life Insurance Company	A	A+	A+	A2
The United States Life Insurance Company in the City of New York	A	A+	A+	A2

These IFS ratings are current opinions of the rating agencies. They may be changed, suspended or withdrawn at any time by the rating agencies as a result of changes in, or unavailability of, information or based on other circumstances.

OFF-BALANCE SHEET ARRANGEMENTS AND COMMERCIAL COMMITMENTS

As June 30, 2024, there have been no material changes in our off-balance-sheet arrangements and commercial commitments from December 31, 2023, a description of which may be found in “Management’s Discussion and Analysis of Financial Condition and Results of Operation—Liquidity and Capital Resources—Off-Balance Sheet Arrangements and Commercial Commitments” in the 2023 Form 10-K.

Corebridge | Second Quarter 2024 Form 10-Q 143

ITEM 2 | Accounting Policies and Pronouncements

Accounting Policies and Pronouncements

CRITICAL ACCOUNTING ESTIMATES

The preparation of financial statements in accordance with GAAP requires the application of accounting policies that often involve a significant degree of judgment. On a regular basis, we review estimates and assumptions used in the preparation of financial statements. Actual results may differ from these estimates under different assumptions or conditions. For a detailed discussion of our significant accounting policies and accounting pronouncements, see Note 2 to the Consolidated Financial Statements in the 2023 Form 10-K.

The accounting policies that we believe are most dependent on the application of estimates and assumptions, which are critical accounting estimates, are related to the determination of:

•fair value measurements of certain financial assets and liabilities;

•valuation of MRBs related to guaranteed benefit features of variable annuity, fixed annuity and fixed index annuity products;

•valuation of embedded derivative liabilities for fixed index annuity and index universal life products;

•valuation of future policy benefit liabilities and recognition of remeasurement gains and losses;

•reinsurance assets, including the allowance for credit losses;

•goodwill impairment;

•allowance for credit losses primarily on loans and available-for-sale fixed maturity securities; and

•income tax assets and liabilities, including recoverability of our net deferred tax asset and the predictability of future tax operating profitability of the character necessary to realize the net deferred tax asset.

These accounting estimates require the use of assumptions about matters, some of which are highly uncertain at the time of estimation. To the extent actual experience differs from the assumptions used, our business, results of operations, financial condition and liquidity could be materially affected.

For a complete discussion of our critical accounting estimates, see “Management’s Discussion and Analysis of Financial Condition and Results of Operation—Accounting Policies and Pronouncements” in the 2023 Form 10-K.

ADOPTION OF ACCOUNTING PRONOUNCEMENTS

See Note 2 to the Condensed Consolidated Financial Statements for a complete discussion of adoption of accounting pronouncements.

Corebridge | Second Quarter 2024 Form 10-Q 144

ITEM 2 | Glossary

Glossary

Credit support annex — a legal document generally associated with an ISDA Master Agreement that provides for collateral postings which could vary depending on ratings and threshold levels.

Deferred policy acquisition costs — deferred costs that are incremental and directly related to the successful acquisition of new business or renewal of existing business.

Deferred sales inducement — represents enhanced crediting rates or bonus payments to contract holders on certain annuity and investment contract products that meet the criteria to be deferred and amortized over the life of the contract.

Fee income — is defined as policy fees plus advisory fees plus other fee income. For our Institutional Markets segment, its SVW products generate fee income.

Financial debt — represents the sum of short-term debt and long-term debt, net of debt issuance costs, not including (a) debt of consolidated investment entities—not guaranteed by Corebridge; (b) investment contracts supported by assets and issued for purposes of earning spread income, such as GICs and FABNs; and (c) operating debt utilized to fund daily operations.

Guaranteed investment contract — a contract whereby the issuer provides a guaranteed repayment of principal and a fixed or floating interest rate for a predetermined period of time.

Guaranteed minimum death benefit — a benefit that guarantees the annuity beneficiary will receive a certain value upon death of the annuitant. The GMDB feature may provide a death benefit of either (a) total deposits made to the contract, less any partial withdrawals plus a minimum return (and in rare instances, no minimum return); (b) return of premium whereby the benefit is the greater of the current account value or premiums paid less any partial withdrawals; (c) rollups whereby the benefit is the greater of current account value or premiums paid (adjusted for withdrawals) accumulated at contractually specified rates up to specified ages; or (d) the highest contract value attained, typically on any anniversary date less any subsequent withdrawals following the contract anniversary.

Guaranteed minimum withdrawal benefit — a type of living benefit that guarantees that withdrawals from the contract may be taken up to a contractually guaranteed amount, even if the account value subsequently falls to zero, provided that during each contract year total withdrawals do not exceed an annual withdrawal amount specified in the contract. Once the account value is depleted under the conditions of the GMWB, the policy continues to provide a protected income payment.

ISDA Master Agreement — an agreement between two counterparties, which may have multiple derivative transactions with each other governed by such agreement, that generally provides for the net settlement of all or a specified group of these derivative transactions, as well as pledged collateral, through a single payment, in a single currency, in the event of a default on, or affecting any, one derivative transaction or a termination event affecting all, or a specified group of, derivative transactions.

Loan-to-value ratio — principal amount of loan divided by appraised value of collateral securing the loan.

Market risk benefit — is an amount that a policyholder would receive in addition to the account balance upon the occurrence of a specific event or circumstance, such as death, annuitization, or periodic withdrawal that involves protection from other-than-nominal capital market risk.

Master netting agreement — an agreement between two counterparties who have multiple derivative contracts with each other that provides for the net settlement of all contracts covered by such agreement, as well as pledged collateral, through a single payment, in a single currency, in the event of default on or upon termination of any one such contract.

Non-performance Risk Adjustment — adjusts the valuation of derivatives and MRBs to account for non-performance risk in the fair value measurement of all MRBs and derivative net liability positions.

Noncontrolling interests — the portion of equity ownership in a consolidated subsidiary not attributable to the controlling parent company.

Policy fees — an amount added to a policy premium, or deducted from a policy cash value or contract holder account, to reflect the cost of issuing a policy, establishing the required records and sending premium notices and other related expenses.

Reinsurance — the practice whereby one insurer, the reinsurer, in consideration of a premium paid to that insurer, agrees to indemnify another insurer, the ceding company, for part or all of the liability of the ceding company under one or more policies or contracts of insurance which it has issued.

Risk-based capital — a formula designed to measure the adequacy of an insurer’s statutory surplus compared to the risks inherent in its business.

Corebridge | Second Quarter 2024 Form 10-Q 145

ITEM 2 | Glossary

Spread income — is defined as net investment income less interest credited to policyholder account balances, exclusive of amortization of deferred sales inducement assets. Spread income is comprised of both base spread income and variable investment income. For our Institutional Markets segment, its structured settlements, PRT and GIC products generate spread income, which includes premiums, net investment income, less interest credited and policyholder benefits and excludes the annual assumption update.

Surrender charge — a charge levied against an investor for the early withdrawal of funds from a life insurance or annuity contract, or for the cancellation of the agreement.

Surrender rate — represents annualized surrenders and withdrawals as a percentage of average reserves and Group Retirement mutual fund assets under administration. Surrenders are presented net of internal replacements.

Underwriting margin — for our Life Insurance segment includes premiums, policy fees, other income, net investment income, less interest credited to policyholder account balances and policyholder benefits and excludes the annual assumption update. For our Institutional Markets segment, its Corporate Markets products generate underwriting margin, which includes premiums, net investment income, policy and advisory fee income, less interest credited and policyholder benefits and excludes the annual assumption update.

Value of business acquired — present value of projected future gross profits from in-force policies of acquired businesses.

Corebridge | Second Quarter 2024 Form 10-Q 146

ITEM 2 | Certain Important Terms

Certain Important Terms

We use the following capitalized terms in this report

“AGC” means AGC Life Insurance Company, a Missouri insurance company;

“AGC Group” means AGC and its directly owned life insurance subsidiaries;

“AGL” means American General Life Insurance Company, a Texas insurance company;

“AHAC” means American Home Assurance Company, a consolidated subsidiary of AIG;

“AIG” means AIG, Inc. and its subsidiaries, other than Corebridge and Corebridge’s subsidiaries, unless the context refers to AIG, Inc. only;

“AIG, Inc.” means American International Group, Inc., a Delaware corporation;

“AIG Life U.K.” means AIG Life Limited, a U.K. insurance company, and its subsidiary;

“AIGM” means AIG Markets, Inc., a consolidated subsidiary of AIG;

“AIRCO” means American International Reinsurance Company, Ltd., a consolidated subsidiary of AIG;

“BlackRock” means BlackRock Financial Management, Inc.;

“Blackstone” means Blackstone Inc. and its subsidiaries;

“Blackstone IM” means Blackstone ISG-I Advisors L.L.C.;

“Board of Directors” means the Corebridge Financial, Inc. Board of Directors;

“CIIUS” means Corebridge Institutional Investments (U.S), LLC (formerly known as AIG Asset Management (U.S.), LLC.(“AMG”));

“Corebridge”, “we”, “us”, “our” or the “Company” means Corebridge and its subsidiaries, unless the context refers to Corebridge Parent;

“Corebridge Forward” means Corebridge’s expense savings initiative aimed at improving profitability across its businesses through operating expense reductions;

“Corebridge Parent” means Corebridge Financial, Inc., a Delaware corporation;

“CRBG Bermuda” means Corebridge Insurance Company of Bermuda, Ltd., a Bermuda insurance company;

“CRBGLH” means Corebridge Life Holdings, Inc., a Texas corporation;

“Fortitude Re” means Fortitude Reinsurance Company Ltd., a Bermuda insurance company;

“Fortitude Re Bermuda” means FGH Parent, L.P., a Bermuda exempted limited partnership and the indirect parent of Fortitude Re;

“Laya” means Laya Healthcare Limited, an Irish insurance intermediary, and its subsidiary;

“Life Fleet” means AGL, USL and VALIC;

“NUFIC” means National Union Fire Insurance Company of Pittsburgh, PA, a consolidated subsidiary of AIG;

“NYSE” means the New York Stock Exchange;

“SAFG Capital” means SAFG Capital LLC, a Delaware corporation;

“USL” means The United States Life Insurance Company in the City of New York, a New York insurance company;

“VALIC” means The Variable Annuity Life Insurance Company, a Texas insurance company; and

Corebridge | Second Quarter 2024 Form 10-Q 147

ITEM 2 | Acronyms

Acronyms

•“AATOI” — adjusted after-tax operating income attributable to our common stockholders;

•“ABS” — asset-backed securities;

•“APTOI” — adjusted pre-tax operating income;

•“AUA” — assets under administration;

•“AUM” — assets under management;

•“AUMA” — assets under management and administration;

•“BMA” — Bermuda Monetary Authority;

•“CDO” — collateralized debt obligations;

•“CDS” — credit default swap;

•“CLO” — collateralized loan obligations;

•“CMBS” — commercial mortgage-backed securities;

•“DAC” — deferred policy acquisition costs;

•“DSI” — deferred sales inducement;

•“FABN”— funding agreement-backed notes;

•“FASB” — the Financial Accounting Standards Board;

•“GAAP” — accounting principles generally accepted in the United States of America;

•“GIC” — guaranteed investment contract;

•“GMDB” — guaranteed minimum death benefits;

•“GMWB” — guaranteed minimum withdrawal benefits;

•“ISDA” — the International Swaps and Derivatives Association, Inc.;

•“MBS” — mortgage-backed securities;

•“MRB” — market risk benefits;

•“NAIC” — National Association of Insurance Commissioners;

•“NPA” — Non-performance risk adjustment;

•“NPR” — Net premium ratio;

•“PRT” — pension risk transfer;

•“RBC” — Risk-Based Capital;

•“RMBS” — residential mortgage-backed securities;

•“S&P” — Standard & Poor’s Financial Services LLC;

•“SEC” — the U.S. Securities and Exchange Commission;

•“SVW” — stable value wrap;

•“URR” — unearned revenue reserve;

•“VIE” — variable interest entity;

•“VIX” — volatility index; and

•“VOBA” — value of business acquired.

Corebridge | Second Quarter 2024 Form 10-Q 148

ITEM 3 | Quantitative and Qualitative Disclosures about Market Risk

ITEM 3 | Quantitative and Qualitative Disclosures about Market Risk

There have been no material changes to the quantitative and qualitative disclosures about market risk described in “Quantitative and Qualitative Disclosures About Market Risk” in the 2023 Form 10-K.

ITEM 4 | Controls and Procedures

EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES

Disclosure controls and procedures are designed to ensure that information required to be disclosed in reports filed or submitted under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms and that such information is accumulated and communicated to management, including the Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosures. In connection with the preparation of this Quarterly Report on Form 10-Q, an evaluation was carried out by Corebridge management, with the participation of Corebridge’s Chief Executive Officer and Chief Financial Officer, of the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act), as of June 30, 2024. Based on this evaluation, Corebridge’s Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of June 30, 2024.

CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING

There have been no changes in our internal control over financial reporting (as defined in Rule 13a-15(f)) that have occurred during the quarter ended June 30, 2024 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Corebridge | Second Quarter 2024 Form 10-Q 149

TABLE OF CONTENTS

Part II - Other Information

ITEM 1 | Legal Proceedings

For information regarding certain legal proceedings pending against us, see Note 15 to the Condensed Consolidated Financial Statements.

ITEM 1A | Risk Factors

Failure to complete the Nippon Transaction may negatively impact our ongoing business and stock price.

If the Nippon Transaction is not completed on a timely basis or at all, our ongoing business may be adversely affected as a result of the time and resources committed to the proposed transaction that could have been devoted to pursuing other opportunities. In addition, the price of our common stock may decline to the extent that the current market price reflects a market assumption that the Nippon Transaction will be completed on the proposed timeline and that any anticipated benefits will be realized.

In addition to the other information set forth in this Quarterly Report, you should carefully consider the risk factors discussed in “Risk Factors” in the 2023 Form 10-K.

ITEM 2 | Unregistered Sales of Equity Securities and Use of Proceeds

The following table provides information about purchases made by or on behalf of Corebridge Parent or any “affiliated purchaser” (as defined in Rule 10b-18(a)(3) under the Exchange Act) of Corebridge Parent common stock during the three months ended June 30, 2024:

Period	Total Number of Shares Repurchased	Average Price Paid per Share*		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (in millions)
04/01/24 through 04/30/24	4,184,874	$	27.51	4,184,874	$	144
05/01/24 through 05/31/24	2,841,859	29.51		2,841,859	2,060
06/01/24 through 06/30/24	8,116,316	29.16		8,116,316	1,823
Total	15,143,049	$	28.77	15,143,049	$	1,823

*Excludes excise tax of $4.4 million due to the Inflation Reduction Act of 2022 for the three months ended June 30, 2024.

On May 4, 2023, our Board of Directors authorized a $1.0 billion share repurchase program. On April 30, 2024, our Board of Directors authorized an additional $2.0 billion increase in the share repurchase amount under the share repurchase program. Under this program, Corebridge Parent may, from time to time, purchase up to $3.0 billion of Corebridge Parent common stock but is not obligated to purchase any particular number of shares. The authorization for the share repurchase program may be terminated, increased or decreased by the Board of Directors at any time.

Shares may be repurchased from time to time in the open market, through private purchases, through forward, derivative, accelerated repurchase or automatic repurchase transactions or otherwise. For instance, certain of our share repurchases have been and may from time to time be effected through Exchange Act Rule 10b5-1 repurchase plans, including the share repurchase plan Corebridge Parent adopted on June 12, 2024, which, unless extended expires on August 7, 2024. The timing of any future share repurchases will depend on market conditions, our business and strategic plans, financial condition, results of operations, liquidity and other factors.

During the three months ended June 30, 2024, Corebridge Parent repurchased approximately 15.1 million shares of Corebridge Parent common stock, par value $0.01 per share, for an aggregate purchase price of $436 million, pursuant to the share repurchase program.

As of June 30, 2024, approximately $1.8 billion remained under the share repurchase program authorizations.

Corebridge | Second Quarter 2024 Form 10-Q 150

TABLE OF CONTENTS

ITEM 5 | Other Information

Not applicable.

Corebridge | Second Quarter 2024 Form 10-Q 151

Exhibit Index

Exhibit Index

Exhibit Number	Description
10.1	Stock Purchase Agreement, dated as of May 16, 2024, by and among American International Group, Inc., Corebridge Financial, Inc. and Nippon Life Insurance Company, incorporated by reference to Exhibit 10.1 to Current Report on Form 8-K, filed on May 16, 2024.
10.2	Amendment, dated as of May 16, 2024, by and between American International Group, Inc. and Corebridge Financial, Inc. to the Separation Agreement between American International Group, Inc. and Corebridge Financial, Inc., dated as of September 14, 2022, incorporated by reference to Exhibit 10.2 to Current Report on Form 8-K, filed on May 16, 2024.
10.3*	Irrevocable Waiver, dated as of June 9, 2024, by American International Group, Inc. under the Separation Agreement between American International Group, Inc. and Corebridge Financial, Inc., dated as of September 14, 2022, and amended as of May 16, 2024.
31.1*	Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2*	Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1**	Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2**	Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101**	Interactive data files pursuant to Rule 405 of Regulation S-T formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) the Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023, (ii) the Condensed Consolidated Statements of Income (Loss) for the six months ended June 30, 2024 and 2023, (iii) the Condensed Consolidated Statements of Equity for the six months ended June 30, 2024 and 2023, (iv) the Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023, (v) the Condensed Consolidated Statements of Comprehensive Income (Loss) for the six months ended June 30, 2024 and 2023, and (vi) the Notes to the Condensed Consolidated Financial Statements
104*	Cover Page Interactive Data File (formatted as inline XBRL with applicable taxonomy extension information contained in exhibits 101).
*	Filed herewith.
**	This information is furnished and not filed for purposes of Sections 11 and 12 of the Securities Act of 1933 and Section 18 of the Securities Exchange Act of 1934, as amended.
†	Identifies each management contract or compensatory plan or arrangement.

Corebridge | Second Quarter 2024 Form 10-Q 152

Exhibit Index

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

COREBRIDGE FINANCIAL, INC.

(Registrant)

/s/ ELIAS HABAYEB

Elias Habayeb

Executive Vice President and

Chief Financial Officer

(Principal Financial Officer)

/s/ CHRISTOPHER FILIAGGI

Christopher Filiaggi

Senior Vice President and

Chief Accounting Officer

(Principal Accounting Officer)

Dated August 1, 2024

Corebridge | Second Quarter 2024 Form 10-Q 153

EX-10.3

Exhibit 10.3

IRREVOCABLE WAIVER OF AMERICAN INTERNATIONAL GROUP, INC. PURSUANT TO SEPARATION AGREEMENT

Reference is made to the Separation Agreement, dated as of September 14, 2022 (the

“Agreement”) and amended as of May 16, 2024 between American International Group, Inc. ("AIG") and Corebridge Financial, Inc. ("CRBG"). All capitalized terms not otherwise defined herein have the meanings set forth in the Agreement.

WHEREAS, pursuant to Section 4.1(e)(ii) of the Agreement, after the Majority Holder Date and until the Fourth Threshold Date, AlG shall have the right to include on each Corebridge Slate a number of Directors equal to the product of: (x) the total number of Directors entitled to serve on the Corebridge Board multiplied by (y) the quotient obtained by dividing (A) the number of shares of Common Stock beneficially owned by AIG by (8) the total number of shares of Common Stock outstanding, rounded up to the nearest whole number (the “Director Formula”);

WHEREAS, in the event that the application of the Director Formula should result in AlG being entitled under the Agreement to include a majority of the Directors on the Corebridge Slate, AIG wishes to irrevocably waive its right under the Agreement to include on a Corebridge Slate the number of Directors equal to the difference between: (x) the number of Directors to which AIG is entitled under the Agreement to include on such Corebridge Slate and (y) the maximum number of Directors that AIG may include on such Corebridge Slate without including the majority of the Directors on such Corebridge Slate and

WHEREAS, pursuant to Section 11.7 of the Agreement, a provision of the Agreement may only be waived by a written instrument signed by the Party waiving a right under the Agreement.

NOW, THEREFORE,

1.In the event that the application of the Director Formula should result in AIG being entitled under the Agreement to include a majority of the Directors on a Corebridge Slate, AlG hereby irrevocably waives its right under the Agreement to include on such Corebridge Slate the number of Directors equal to the difference between: (x) the number of Directors to which AlG is entitled under the Agreement to include on such Corebridge Slate and (y) the maximum number of Directors that AlG may Include on such Corebridge Slate without including the majority of the Directors on such Corebridge Slate. As an example, if the Corebridge Slate consists of thirteen Directors and the application of the Director Formula would result in AIG being entitled under the Agreement to include seven Directors on the Corebridge Slate, AIG irrevocably waives its right to include one of the seven Directors on the Corebridge Slate and retains its right under the Agreement to include six of the seven Directors on the Corebridge Slate.

2.Except as otherwise expressly provided herein, all of the terms, agreements and conditions of the Agreement remain unwaived and unchanged and continue in full force and effect. This Irrevocable Waiver is limited precisely as written and shall not be deemed to be a waiver of any other term, agreement or condition of the Agreement or any of the documents referred to therein or any consent to any other action.

IN WITNESS WHEREOF, the undersigned has executed this Irrevocable Waiver as of June 9, 2024.

EX-31.1

Exhibit 31.1

CERTIFICATIONS

I, Kevin Hogan, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Corebridge Financial, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 1, 2024

/S/ KEVIN HOGAN

Kevin Hogan

Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATIONS

I, Elias Habayeb, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Corebridge Financial, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 1, 2024

/S/ ELIAS HABAYEB

Elias Habayeb

Executive Vice President and

Chief Financial Officer

EX-32.1

Exhibit 32.1

CERTIFICATION

In connection with this Quarterly Report on Form 10-Q of Corebridge Financial, Inc. (the “Company”) for the three and six months ended June 30, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Kevin Hogan, Chairman and Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: August 1, 2024

/S/ KEVIN HOGAN

Kevin Hogan

Chief Executive Officer

The foregoing certification is being furnished solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report or as a separate disclosure document.

EX-32.2

Exhibit 32.2

CERTIFICATION

In connection with this Quarterly Report on Form 10-Q of Corebridge Financial, Inc. (the “Company”) for the three and six months ended June 30, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Elias Habayeb, Executive Vice President and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: August 1, 2024

/S/ ELIAS HABAYEB

Elias Habayeb

Executive Vice President and

Chief Financial Officer

The foregoing certification is being furnished solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report or as a separate disclosure document.

XML

Cover Page - shares	6 Months Ended
	Jun. 30, 2024	Jul. 26, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-41504
Entity Registrant Name	Corebridge Financial, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	95-4715639
Entity Address, Address Line One	2919 Allen Parkway, Woodson Tower
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77019
City Area Code	1-877
Local Phone Number	375-2422
Title of 12(b) Security	Common Stock, Par Value $0.01 Per Share
Trading Symbol	CRBG
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		592,013,501
Document Fiscal Year Focus	2024
Entity Central Index Key	0001889539
Document Fiscal Period Focus	Q2
Amendment Flag	false
Current Fiscal Year End Date	--12-31

XML

Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Millions		Jun. 30, 2024	Dec. 31, 2023
Fixed maturity securities:
Bonds available-for-sale, at fair value, net of allowance for credit losses of $95 in 2024 and $128 in 2023 (amortized cost: 2024 - $188,116; 2023 - $184,946)	[1]	$ 167,320	$ 166,527
Other bond securities	[1]	5,043	4,578
Equity securities, at fair value	[1]	73	63
Mortgage and other loans receivable, net of allowance for credit losses of $758 in 2024 and $698 in 2023	[1]	48,663	46,867
Other invested assets (portion measured at fair value: 2024 - $7,479; 2023 - $7,690	[1]	9,957	10,257
Short-term investments, including restricted cash of $3 in 2024 and $3 in 2023 (portion measured at fair value: 2024 - $610; 2023 - $1,408)	[1]	4,998	4,336
Total investments		236,054	232,628
Cash	[1]	637	612
Accrued investment income	[1]	2,092	2,008
Premiums and other receivables, net of allowance for credit losses and disputes of $1 in 2024 and $1 in 2023		620	594
Deferred income taxes		8,219	8,577
Deferred policy acquisition costs and value of business acquired		10,133	10,011
Market risk benefit assets, at fair value		1,187	912
Other assets, including restricted cash of $13 in 2024 and $13 in 2023 (portion measured at fair value: 2024 - $491; 2023 - $393)	[1]	2,340	2,294
Separate account assets, at fair value		94,122	91,005
Assets held-for-sale		113	2,237
Total assets		382,492	379,270
Liabilities:
Future policy benefits for life and accident and health insurance contracts		56,355	57,108
Policyholder contract deposits (portion measured at fair value: 2024 - $9,151; 2023 - $8,050)		168,324	162,050
Market risk benefit liabilities, at fair value		5,124	5,705
Other policyholder funds		2,853	2,862
Short-term debt		250	250
Separate account liabilities		94,122	91,005
Liabilities held-for-sale		0	1,746
Total liabilities		370,680	366,635
Contingencies, commitments and guarantees
Corebridge Shareholders' equity:
Common stock, $0.01 par value; 2,500,000,000 shares authorized; shares issued: 2024 - 650,189,849 and 2023 - 648,148,737		7	6
Treasury stock, at cost; 2024 - 49,862,448 shares and 2023 - 26,484,411 shares		(1,161)	(503)
Additional paid-in capital		8,122	8,149
Retained earnings		18,536	17,572
Accumulated other comprehensive loss		(14,508)	(13,458)
Total Corebridge Shareholders' equity		10,996	11,766
Non-redeemable noncontrolling interests		816	869
Total equity		11,812	12,635
Total liabilities and equity		382,492	379,270
Consolidated Entities, Excluding Consolidated Investments
Liabilities:
Long-term debt		9,121	9,118
Debt of Consolidated Entities
Liabilities:
Long-term debt	[1]	2,364	2,504
Fortitude RE
Fixed maturity securities:
Reinsurance assets, net of allowance for credit losses and disputes		25,462	26,772
Liabilities:
Fortitude Re funds withheld payable (portion measured at fair value: 2024 - $1,913; 2023 - $2,182)		24,940	25,957
Excluding Fortitude
Fixed maturity securities:
Reinsurance assets, net of allowance for credit losses and disputes		1,513	1,620
Liabilities:
Other liabilities (portion measured at fair value: 2024 - $184; 2023 - $141)	[1]	$ 7,227	$ 8,330

[1] See Note 8 for details of balances associated with variable interest entities

XML

Condensed Consolidated Balance Sheets (unaudited) (Parenthetical) - USD ($) $ in Millions		Jun. 30, 2024	Dec. 31, 2023
Fixed maturity securities:
Bonds available for sale, allowance for credit losses		$ 95	$ 128
Bonds available for sale, amortized cost		188,116	184,946
Allowance for credit losses		758	698
Other investments	[1]	9,957	10,257
Restricted cash, included in other invested assets		3	3
Short-term Investments	[1]	4,998	4,336
Premiums and other receivables, allowance for credit losses and disputes		1	1
Other assets	[1]	2,340	2,294
Liabilities:
Policyholder contract deposits		$ 168,324	$ 162,050
Corebridge Shareholders' equity:
Common stock, par value (in dollars per share)		$ 0.01	$ 0.01
Common stock, shares authorized (in shares)		2,500,000,000	2,500,000,000
Common stock, shares issued (in shares)		650,189,849	648,148,737
Treasury stock, at cost (in shares)		49,862,448	26,484,411
Fortitude RE
Fixed maturity securities:
Reinsurance asset, allowance for credit loss		$ 0	$ 0
Liabilities:
Fortitude Re funds withheld payable		24,940	25,957
Excluding Fortitude
Fixed maturity securities:
Reinsurance asset, allowance for credit loss		12	30
Recurring Basis
Fixed maturity securities:
Other investments		7,479	7,690
Short-term Investments		610	1,408
Restricted cash, included in other assets		13	13
Other assets		491	393
Liabilities:
Policyholder contract deposits		9,151	8,050
Fortitude Re funds withheld payable		1,913	2,182
Other liabilities, portion measured at fair value		184	141
Long-term debt, portion measured at fair value		$ 0	$ 0

[1] See Note 8 for details of balances associated with variable interest entities

XML

Condensed Consolidated Statements of Income (Loss) (unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues:
Premiums	$ 547	$ 2,443	$ 2,842	$ 4,548
Policy fees	721	694	1,435	1,392
Total net investment income	2,988	2,714	5,912	5,409
Net realized losses:
Total net realized losses	(747)	(320)	(1,067)	(1,778)
Advisory fee income	124	115	248	231
Other income	77	111	176	217
Total revenues	3,710	5,757	9,546	10,019
Benefits and expenses:
Policyholder benefits (includes remeasurement losses of $168 and $157 for the six months ended June 30, 2024 and 2023, respectively)	1,049	2,876	3,856	5,371
Change in the fair value of market risk benefits, net	25	(262)	(344)	(66)
Interest credited to policyholder account balances	1,274	1,078	2,473	2,104
Amortization of deferred policy acquisition costs and value of business acquired	260	258	527	514
Non-deferrable insurance commissions	146	153	289	289
Advisory fee expenses	71	64	139	129
General operating expenses	532	604	1,104	1,186
Interest expense	138	134	276	306
Net (gain) on divestitures	(241)	(59)	(246)	(56)
Total benefits and expenses	3,254	4,846	8,074	9,777
Income before income tax expense (benefit)	456	911	1,472	242
Income tax expense (benefit)	115	160	304	(56)
Net income	341	751	1,168	298
Less:
Net income (loss) attributable to noncontrolling interests	(24)	(20)	(75)	(14)
Net income attributable to Corebridge	$ 365	$ 771	$ 1,243	$ 312
Income (loss) per common share attributable to Corebridge common shareholders:
Basic (in dollars per share)	$ 0.60	$ 1.18	$ 2.01	$ 0.48
Diluted (in dollars per share)	$ 0.59	$ 1.18	$ 2.01	$ 0.48
Weighted average shares outstanding:
Basic (in shares)	611.6	650.7	617.8	650.8
Diluted (in shares)	612.6	652.2	618.7	652.5
Excluding Fortitude Re Funds Withheld Assets
Revenues:
Total net investment income	$ 2,663	$ 2,444	$ 5,255	$ 4,745
Net realized losses:
Total net realized losses	(690)	(312)	(868)	(765)
Fortitude Re funds withheld assets
Revenues:
Total net investment income	325	270	657	664
Net realized losses:
Total net realized losses	(93)	(130)	(257)	(110)
Fortitude Re funds withheld embedded derivative
Net realized losses:
Total net realized losses	$ 36	$ 122	$ 58	$ (903)

XML

Condensed Consolidated Statements of Income (Loss) (unaudited) (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Policyholder benefits, remeasurement losses	$ 68	$ 93	$ 168	$ 157

XML

Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 341	$ 751	$ 1,168	$ 298
Other comprehensive income (loss), net of tax
Change in unrealized appreciation of fixed maturity securities on which allowance for credit losses was taken	(9)	43	26	73
Change in unrealized appreciation (depreciation) of all other investments	(967)	(1,484)	(2,143)	1,648
Change in fair value of market risk benefits attributable to changes in our own credit risk	159	(189)	136	(115)
Change in the discount rates used to measure traditional and limited payment long-duration insurance contracts	379	486	922	21
Change in cash flow hedges	(2)	(6)	(22)	(10)
Change in foreign currency translation adjustments	70	36	67	72
Change in retirement plan liabilities	0	0	0	2
Other comprehensive income (loss)	(370)	(1,114)	(1,014)	1,691
Comprehensive income (loss)	(29)	(363)	154	1,989
Less:
Comprehensive income (loss) attributable to noncontrolling interests	(25)	(19)	(77)	(4)
Comprehensive income (loss) attributable to Corebridge	$ (4)	$ (344)	$ 231	$ 1,993

XML

Condensed Consolidated Statements of Equity (unaudited) - USD ($) $ in Millions	Total	Common Class B	Total Corebridge Shareholders' Equity	Total Corebridge Shareholders' Equity Common Class B	Common Stock	Treasury Stock	Additional Paid-In Capital	Retained Earnings	Retained Earnings Common Class B	Accumulated Other Comprehensive Income (Loss)	Non- Redeemable Noncontrolling Interests
Balance, beginning of period at Dec. 31, 2022	$ 10,319		$ 9,380		$ 6	$ 0	$ 8,030	$ 18,207		$ (16,863)	$ 939
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Purchase of common stock	(202)		(202)			(202)
Net income (loss) attributable to Corebridge or noncontrolling interests	298		312					312			(14)
Dividends on common stock	(700)		(700)					(700)
Other comprehensive income (loss), net of tax	1,691		1,681							1,681	10
Changes in noncontrolling interests due to divestitures and acquisitions	(19)										(19)
Contributions from noncontrolling interests	43										43
Distributions to noncontrolling interests	(53)										(53)
Other	91		90				98	(8)			1
Balance, end of period at Jun. 30, 2023	11,468		10,561		6	(202)	8,128	17,811		(15,182)	907
Balance, beginning of period at Mar. 31, 2023	12,465		11,555		6	0	8,024	17,592		(14,067)	910
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Purchase of common stock	(202)		(202)			(202)
Net income (loss) attributable to Corebridge or noncontrolling interests	751		771					771			(20)
Dividends on common stock		$ (551)		$ (551)					$ (551)
Other comprehensive income (loss), net of tax	(1,114)		(1,115)							(1,115)	1
Contributions from noncontrolling interests	18										18
Distributions to noncontrolling interests	(3)										(3)
Other	104		103				104	(1)			1
Balance, end of period at Jun. 30, 2023	11,468		10,561		6	(202)	8,128	17,811		(15,182)	907
Balance, beginning of period at Dec. 31, 2023	12,635		11,766		6	(503)	8,149	17,572		(13,458)	869
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued under stock plans	1		1		1	23	(23)
Purchase of common stock	(681)		(681)			(681)
Net income (loss) attributable to Corebridge or noncontrolling interests	1,168		1,243					1,243			(75)
Dividends on common stock	(282)		(282)					(282)
Other comprehensive income (loss), net of tax	(1,014)		(1,012)							(1,012)	(2)
Changes in noncontrolling interests due to divestitures and acquisitions	1										1
Contributions from noncontrolling interests	53										53
Distributions to noncontrolling interests	(31)										(31)
Other	(38)		(39)				(4)	3		(38)	1
Balance, end of period at Jun. 30, 2024	11,812		10,996		7	(1,161)	8,122	18,536		(14,508)	816
Balance, beginning of period at Mar. 31, 2024	12,386		11,576		7	(717)	8,115	18,310		(14,139)	810
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued under stock plans	0		0			(4)	4
Purchase of common stock	(440)		(440)			(440)
Net income (loss) attributable to Corebridge or noncontrolling interests	341		365					365			(24)
Dividends on common stock		$ (139)		$ (139)					$ (139)
Other comprehensive income (loss), net of tax	(370)		(369)							(369)	(1)
Contributions from noncontrolling interests	32										32
Distributions to noncontrolling interests	(2)										(2)
Other	4		3				3				1
Balance, end of period at Jun. 30, 2024	$ 11,812		$ 10,996		$ 7	$ (1,161)	$ 8,122	$ 18,536		$ (14,508)	$ 816

XML

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Millions	3 Months Ended			6 Months Ended			12 Months Ended
	Jun. 30, 2024		Jun. 30, 2023	Jun. 30, 2024		Jun. 30, 2023	Dec. 31, 2023
Cash flows from operating activities:
Net income (loss)	$ 341		$ 751	$ 1,168		$ 298
Non-cash revenues, expenses, gains and losses included in income (loss):
Net losses (gains) on sales of securities available-for-sale and other assets				903		330
Net (gain) on divestitures	(241)		(59)	(246)		(56)
Unrealized (gains) losses in earnings - net				753		835
Change in the fair value of market risk benefits, net				(858)		(363)
Equity in income from equity method investments, net of dividends or distributions				34		(2)
Depreciation and other amortization				96		239
Impairment Charges				48		0
Changes in operating assets and liabilities:
Insurance liabilities				443		399
Premiums and other receivables and payables - net				(238)		(124)
Funds held relating to Fortitude Re Reinsurance contracts				(1,031)		(83)
Reinsurance assets and funds held under reinsurance treaties				487		317
Capitalization of deferred policy acquisition costs				(684)		(628)
Current and deferred income taxes - net				61		178
Other, net				(347)		232
Total adjustments				(579)		1,274
Net cash provided by operating activities				589		1,572
Sales or distributions of:
Available-for-sale securities				4,992		5,534
Other securities				374		470
Other invested assets				642		563
Divestitures, net				577		32
Maturities of fixed maturity securities available-for-sale				7,007		4,040
Principal payments received on mortgage and other loans receivable				2,201		2,441
Purchases of:
Available-for-sale securities				(14,025)		(7,947)
Other securities				(583)		(821)
Other invested assets				(374)		(552)
Mortgage and other loans receivable				(4,113)		(4,345)
Acquisition of businesses, net of cash and restricted cash acquired				0		(5)
Net change in short-term investments				(693)		20
Net change in derivative assets and liabilities				103		(458)
Other, net				(72)		138
Net cash used in investing activities				(3,964)		(890)
Proceeds from (payments for):
Policyholder contract deposits				20,103		15,920
Policyholder contract withdrawals				(14,377)		(12,801)
Issuance of debt of consolidated investment entities				101		146
Maturities and repayments of debt of consolidated investment entities				(398)		(290)
Dividends paid on common stock				(282)		(700)
Distributions to noncontrolling interests				(31)		(54)
Contributions from noncontrolling interests				53		43
Net change in securities lending and repurchase agreements				(893)		(2,524)
Issuance of common stock				1		0
Repurchase of common stock				(679)		(200)
Other, net				(198)		(70)
Net cash provided by (used in) financing activities				3,400		(530)
Effect of exchange rate changes on cash and restricted cash				0		3
Net increase (decrease) in cash and restricted cash				25		155
Cash and restricted cash at beginning of year				628		633	$ 633
Cash and restricted cash at end of period	653		788	653		788	628
Cash Equivalents, Restricted Cash and Restricted Cash Equivalents:
Cash	637	[1]	751	637	[1]	751	612	[1]
Restricted cash included in short-term investments	3		28	3		28
Restricted cash included in other assets	13		9	13		9
Total cash and restricted cash shown in the Condensed Consolidated Statements of Cash Flows	$ 653		$ 788	653		788	$ 628
Cash (received) paid during the period for:
Interest				259		305
Taxes				243		(235)
Non-cash investing activities:
Fixed maturity securities, designated available-for-sale, received in connection with pension risk transfer transactions				(1,316)		(2,818)
Fixed maturity securities, designated fair value option, received in connection with reinsurance transactions				(232)		0
Fixed maturity securities, designated available-for-sale, transferred in connection with reinsurance transactions				131		439
Fixed maturity securities, designated fair value option, transferred in connection with reinsurance transactions				15		17
Non-cash financing activities:
Interest credited to policyholder contract deposits included in financing activities				2,416		2,145
Fee income debited to policyholder contract deposits included in financing activities				(1,426)		(1,044)
Non-cash capital contributions				$ 0		$ 16

[1] See Note 8 for details of balances associated with variable interest entities

XML

Overview and Basis of Presentation

6 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Overview and Basis of Presentation

1. Overview and Basis of Presentation

Corebridge Financial, Inc. (“Corebridge Parent”) is a leading provider of retirement solutions and life insurance products in the United States. Our primary business operations consist of sales of individual and group annuities and life insurance products to individuals and institutional markets products. Corebridge Parent common stock, par value $0.01 per share, is listed on the New York Stock Exchange (NYSE:CRBG). The terms “Corebridge,” “we,” “us,” “our” or the “Company” mean Corebridge Parent and its consolidated subsidiaries, unless the context refers to Corebridge Parent only. Subsidiaries of Corebridge Parent include: AGC Life Insurance Company (“AGC”), American General Life Insurance Company (“AGL”), The Variable Annuity Life Insurance Company (“VALIC”), The United States Life Insurance Company in the City of New York (“USL”), Corebridge Insurance Company of Bermuda, Ltd. (" CRBG Bermuda") and SAFG Capital LLC and its subsidiaries. American International Group, Inc. (“AIG Parent”) is a publicly traded entity, listed on the New York Stock Exchange (NYSE: AIG). The term “AIG” means AIG Parent and its consolidated subsidiaries, unless the context refers to AIG Parent only.

These unaudited Condensed Consolidated Financial Statements present the results of operations, financial condition and cash flows of the Company.

On September 19, 2022, we completed an initial public offering (the “IPO”) in which AIG Parent sold 80.0 million shares of Corebridge Parent common stock to the public. Since our IPO, AIG Parent has sold portions of its interest in Corebridge through secondary public offerings. As of June 30, 2024, AIG Parent owned approximately 49.0% of the outstanding Corebridge Parent common stock.

On May 16, 2024, Corebridge Parent entered into a stock purchase agreement (the “Purchase Agreement”) with AIG Parent and Nippon Life Insurance Company, a mutual company organized under the laws of Japan (“Nippon”), pursuant to which AIG Parent agreed to sell approximately 122.0 million shares of Corebridge Parent common stock, representing approximately 20% of the issued and outstanding Corebridge Parent common stock at signing, to Nippon (the “Nippon Transaction”). The Nippon Transaction is expected to close in the first quarter of 2025, subject to certain closing conditions, including the receipt of specified regulatory approvals. On May 16, 2024, in connection with the execution of the Purchase Agreement, the Company entered into an Amendment to the Separation Agreement, dated as of September 14, 2022, by and between the Company and AIG Parent (the “Separation Agreement”), pursuant to which the Company and AIG Parent agreed to certain changes with respect to AIG’s board designation rights and AIG’s right to consent over certain actions by the Company, as set forth in the Separation Agreement.

On June 9, 2024, AIG Parent waived its right under the Separation Agreement to include a majority of the candidates on each slate of candidates recommended by the Corebridge Board of Directors to Corebridge’s stockholders in connection with a meeting of stockholders. On June 10, 2024, AIG Parent announced that it has met the requirements for the deconsolidation for accounting purposes of Corebridge.

These Condensed Consolidated Financial Statements include the results of Corebridge Parent, its controlled subsidiaries (generally through a greater than 50% ownership of voting rights and voting interests) and variable interest entities (“VIEs”) of which we are the primary beneficiary. Equity investments in entities that we do not consolidate, including corporate entities in which we have significant influence and partnership and partnership-like entities in which we have more than minor influence over the operating and financial policies, are accounted for under the equity method unless we have elected the fair value option.

The accompanying Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States (‘‘GAAP’’). All material intercompany accounts and transactions between consolidated entities have been eliminated.

The Company has recorded affiliated transactions with certain AIG subsidiaries that are not subsidiaries of Corebridge which have not been eliminated in the Condensed Consolidated Financial Statements of the Company. The accompanying Condensed Consolidated Financial Statements reflect all normal recurring adjustments, including eliminations of material intercompany accounts and transactions, necessary in the opinion of management for a fair statement of our financial position, results of operations and cash flows for the periods presented.

SALE OF BUSINESSES

AIG Life Limited (“AIG Life U.K.”)

On April 8, 2024, Corebridge completed the sale of AIG Life Limited (“AIG Life U.K.”) to Aviva plc (“Aviva”) and received gross proceeds of £453 million ($569 million) resulting in a pre-tax gain of $246 million for the six months ended June 30, 2024.

Laya Healthcare Ltd. (“Laya”)

On October 31, 2023 Corebridge completed the sale of Laya to AXA and received gross proceeds of €691 million ($731 million) resulting in a pre-tax gain of $652 million for the year ended December 31, 2023.

Held-For-Sale Classification

Assets classified as held-for-sale are segregated and reported in Assets held-for-sale in our Condensed Consolidated Balance Sheets beginning in the period in which the assets are classified as held-for-sale. At June 30, 2024, we recorded Assets held-for-sale, primarily consisting of real estate, of $113 million. At December 31, 2023, we recorded Assets held-for-sale and Liabilities held-for-sale, primarily consisting of AIG Life U.K. and real estate, of $2.2 billion and $1.7 billion, respectively.

USE OF ESTIMATES

The preparation of financial statements in accordance with GAAP requires the application of accounting policies that often involve a significant degree of judgment. Accounting policies that we believe are most dependent on the application of estimates and assumptions are considered our critical accounting estimates and are related to the determination of:

•fair value measurements of certain financial assets and liabilities;

•valuation of market risk benefits (“MRBs”) related to guaranteed benefit features of variable annuity, fixed annuity and fixed index annuity products; valuation of embedded derivative liabilities for fixed index annuity and index universal life products;

•valuation of future policy benefit liabilities and recognition of remeasurement gains and losses;

•reinsurance assets, including the allowance for credit losses;

•goodwill impairment;

•allowance for credit losses primarily on loans and available-for-sale fixed maturity securities; and

•income tax assets and liabilities, including recoverability of our net deferred tax asset and the predictability of future tax operating profitability of the character necessary to realize the net deferred tax asset.

These accounting estimates require the use of assumptions about matters, some of which are highly uncertain at the time of estimation. To the extent actual experience differs from the assumptions used, our consolidated financial condition, results of operations and cash flows could be materially affected.

Out-of-period adjustment

In the first quarter of 2024, the Company recorded a $67 million out-of-period adjustment, which increased earnings, primarily related to the correction of net investment income for certain securities. The Company evaluated the impact of the error and out-of-period adjustment and concluded it was not material to any previously issued interim or annual consolidated financial statements and the adjustment is not expected to be material to the year ending December 31, 2024.

XML

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

ACCOUNTING STANDARDS ADOPTED DURING 2024

Changes to GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of accounting standards updates (“ASU”) to the FASB Accounting Standards Codification. The Company considers the applicability and impact of all ASUs.

Fair Value Measurement

On June 30, 2022, the FASB issued an ASU to address diversity in practice by clarifying that a contractual sale restriction should not be considered in the measurement of the fair value of an equity security. It also requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. The Company adopted the standard on January 1, 2024, prospectively for entities other than investment companies. The adoption of the standard did not have a material impact to our consolidated financial statements.

FUTURE APPLICATION OF ACCOUNTING STANDARDS

Income Taxes

In December 2023, the FASB issued an ASU to address improvements to income tax disclosures. The standard requires disaggregated information about a company’s effective tax rate reconciliation as well as information on income taxes paid. The standard is effective for public companies for annual periods beginning after December 15, 2024, with early adoption permitted. The standard will be applied on a prospective basis with the option to apply the standard retrospectively. We are assessing the impact of this standard.

Segment Reporting

In November 2023, the FASB issued an ASU to address improvements to reportable segment disclosures. The standard primarily requires the following disclosure on an annual and interim basis: i) significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss, and ii) other segment items and description of its composition. The standard also requires current annual disclosures about a reportable segment’s profits or losses and assets to be disclosed in interim periods and the title and position of the CODM with an explanation of how the CODM uses the reported measure(s) of segment profits or losses in assessing segment performance. The guidance is effective for public companies for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The ASU is applied retrospectively to all prior periods presented. We are assessing the impact of this standard.

XML

Segment Information

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Segment Information

3. Segment Information

We report our results of operations consistent with the manner in which our chief operating decision maker reviews the business to assess performance and allocate resources.

We report our results of operations as five reportable segments:

•Individual Retirement – consists of fixed annuities, fixed index annuities and variable annuities.

•Group Retirement – consists of recordkeeping, plan administrative and compliance services, financial planning and advisory solutions offered in-plan, along with proprietary and limited non-proprietary annuities, advisory and brokerage products offered out-of-plan.

•Life Insurance – primary products in the United States include term life and universal life insurance. The International Life business issued individual and group life insurance in the United Kingdom and distributed private medical insurance in Ireland. On October 31, 2023 Corebridge completed the sale of Laya and on April 8, 2024 completed the sale of AIG Life U.K.

•Institutional Markets – consists of stable value wrap (“SVW”) products, structured settlement and pension risk transfer (“PRT”) annuities, guaranteed investment contracts (“GICs”) and Corporate Markets products that include corporate- and bank-owned life insurance (“COLI-BOLI”), private placement variable universal life and private placement variable annuity products.

•Corporate and Other – consists primarily of:

–corporate expenses not attributable to our other segments;

–interest expense on financial debt;

–results of our consolidated investment entities;

–institutional asset management business, which includes managing assets for non-consolidated affiliates; and

–results of our legacy insurance lines ceded to Fortitude Re.

We evaluate segment performance based on adjusted revenues and adjusted pre-tax operating income (loss) (“APTOI”). Adjusted revenues are derived by excluding certain items from total revenues. APTOI is derived by excluding certain items from income from operations before income tax. These items generally fall into one or more of the following broad categories: legacy matters having no relevance to our current businesses or operating performance; adjustments to enhance transparency to the underlying economics of transactions; and adjustments that we believe to be common to the industry. Legal entities are attributed to each segment based upon the predominance of activity in that legal entity.

APTOI excludes the impact of the following items:

Fortitude Re related adjustments:

The modified coinsurance (“modco”) reinsurance agreements with Fortitude Re transfer the economics of the invested assets supporting the reinsurance agreements to Fortitude Re. Accordingly, the net investment income on Fortitude Re funds withheld assets and the net realized gains (losses) on Fortitude Re funds withheld assets are excluded from APTOI. Similarly, changes in the Fortitude Re funds withheld embedded derivative are also excluded from APTOI.

The ongoing results associated with the reinsurance agreement with Fortitude Re have been excluded from APTOI as these are not indicative of our ongoing business operations.

Investment-related adjustments:

APTOI excludes “Net realized gains (losses)”, except for gains (losses) related to the disposition of real estate investments. Net realized gains (losses), except for gains (losses) related to the disposition of real estate investments, are excluded as the timing of sales on invested assets or changes in allowances depend largely on market credit cycles and can vary considerably across periods. In addition, changes in interest rates may create opportunistic scenarios to buy or sell invested assets. Our derivative results, including those used to economically hedge insurance liabilities or are recognized as embedded derivatives at fair value are also included in Net realized gains (losses) and are similarly excluded from APTOI except earned income (periodic settlements and changes in settlement accruals) on derivative instruments used for non-qualifying (economic) hedges or for asset replication. Earned income on such economic hedges is reclassified from Net realized gains and losses to specific APTOI line items based on the economic risk being hedged (e.g., Net investment income and Interest credited to policyholder account balances).

Market Risk Benefits adjustments:

Certain of our variable annuity, fixed annuity and fixed index annuity contracts contain guaranteed minimum withdrawal benefits (“GMWBs”) and/or guaranteed minimum death benefits (“GMDBs”) which are accounted for as MRBs. Changes in the fair value of these MRBs (excluding changes related to our own credit risk), including certain rider fees attributed to the MRBs, along with changes in the fair value of derivatives used to hedge MRBs are recorded through “Change in the fair value of MRBs, net” and are excluded from APTOI.

Changes in the fair value of securities used to economically hedge MRBs are excluded from APTOI.

Other adjustments:

Other adjustments represent all other adjustments that are excluded from APTOI and includes the net pre-tax operating income (losses) from noncontrolling interests related to consolidated investment entities. The excluded adjustments include, as applicable:

•restructuring and other costs related to initiatives designed to reduce operating expenses, improve efficiency and simplify our organization;

•non-recurring costs associated with the implementation of non-ordinary course legal or regulatory changes or changes to accounting principles;

•separation costs;

•non-operating litigation reserves and settlements;

•loss (gain) on extinguishment of debt, if any;

•losses from the impairment of goodwill, if any; and

•income and loss from divested or run-off business, if any.

The following table presents Corebridge’s operations by segment:

(in millions)	Individual Retirement		Group Retirement		Life Insurance		Institutional Markets		Corporate & Other		Eliminations		Total Corebridge		Adjustments		Total Consolidated
Three Months Ended June 30, 2024
Premiums	$	30	$	—	$	331	$	167	$	19	$	—	$	547	$	—	$	547
Policy fees	200		108		366		47		—		—		721		—		721
Net investment income(a)	1,405		487		322		489		18		(5)		2,716		272		2,988
Net realized gains (losses)(a)(b)	—		—		—		—		(9)		—		(9)		(738)		(747)
Advisory fee and other income	108		83		1		1		8		—		201		—		201
Total adjusted revenues	1,743		678		1,020		704		36		(5)		4,176		(466)		3,710
Policyholder benefits	33		(2)		627		394		—		—		1,052		(3)		1,049
Change in the fair value of market risk benefits, net	—		—		—		—		—		—		—		25		25
Interest credited to policyholder account balances	695		300		84		187		—		—		1,266		8		1,274
Amortization of deferred policy acquisition costs	152		21		84		3		—		—		260		—		260
Non-deferrable insurance commissions	94		30		16		5		1		—		146		—		146
Advisory fee expenses	38		32		1		—		—		—		71		—		71
General operating expenses	110		102		113		19		75		—		419		113		532
Interest expense	—		—		—		—		132		(5)		127		11		138
Net (gain) on divestitures	—		—		—		—		—		—		—		(241)		(241)
Total benefits and expenses	1,122		483		925		608		208		(5)		3,341		(87)		3,254
Noncontrolling interests	—		—		—		—		24		—		24
Adjusted pre-tax operating income (loss)	$	621	$	195	$	95	$	96	$	(148)	$	—	$	859
Adjustments to:
Total revenue													(466)
Total expenses													(87)
Noncontrolling interests													(24)
Income before income tax expense (benefit)													$	456			$	456
Three Months Ended June 30, 2023
Premiums	$	66	$	4	$	443	$	1,911	$	20	$	—	$	2,444	$	(1)	$	2,443
Policy fees	172		102		371		49		—		—		694		—		694
Net investment income (loss)(a)	1,224		504		327		407		19		(1)		2,480		234		2,714
Net realized gains (losses)(a)(b)	—		—		—		—		1		—		1		(321)		(320)
Advisory fee and other income	108		76		26		—		16		—		226		—		226
Total adjusted revenues	1,570		686		1,167		2,367		56		(1)		5,845		(88)		5,757
Policyholder benefits	71		6		721		2,081		(3)		—		2,876		—		2,876
Change in the fair value of market risk benefits, net	—		—		—		—		—		—		—		(262)		(262)
Interest credited to policyholder account balances	553		294		85		133		—		—		1,065		13		1,078
Amortization of deferred policy acquisition costs	138		20		98		2		—		—		258		—		258
Non-deferrable insurance commissions	94		33		21		4		1		—		153		—		153
Advisory fee expenses	36		29		(1)		—		—		—		64		—		64
General operating expenses	104		107		167		21		85		—		484		120		604
Interest expense	—		—		—		—		129		—		129		5		134
Net (gain) on divestitures	—		—		—		—		—		—		—		(59)		(59)
Total benefits and expenses	996		489		1,091		2,241		212		—		5,029		(183)		4,846
Noncontrolling interests	—		—		—		—		20		—		20
Adjusted pre-tax operating income (loss)	$	574	$	197	$	76	$	126	$	(136)	$	(1)	$	836
Adjustments to:
Total revenue													(88)
Total expenses													(183)
Noncontrolling interests													(20)
Income before income tax expense (benefit)													$	911			$	911

(in millions)	Individual Retirement		Group Retirement		Life Insurance		Institutional Markets		Corporate & Other		Eliminations		Total Corebridge		Adjustments		Total Consolidated
Six Months Ended June 30, 2024
Premiums	$	71	$	5	$	765	$	1,963	$	38	$	—	$	2,842	$	—	$	2,842
Policy fees	391		215		734		95		—		—		1,435		—		1,435
Net investment income(a)	2,744		982		648		976		8		(13)		5,345		567		5,912
Net realized gains (losses)(a)(b)	—		—		—		—		(17)		—		(17)		(1,050)		(1,067)
Advisory fee and other income	224		166		1		2		31		—		424		—		424
Total adjusted revenues	3,430		1,368		2,148		3,036		60		(13)		10,029		(483)		9,546
Policyholder benefits	69		1		1,375		2,417		—		—		3,862		(6)		3,856
Change in the fair value of market risk benefits, net	—		—		—		—		—		—		—		(344)		(344)
Interest credited to policyholder account balances	1,334		598		167		356		—		—		2,455		18		2,473
Amortization of deferred policy acquisition costs	301		42		178		6		—		—		527		—		527
Non-deferrable insurance commissions	184		59		35		10		1		—		289		—		289
Advisory fee expenses	73		65		1		—		—		—		139		—		139
General operating expenses	226		208		243		39		161		—		877		227		1,104
Interest expense	—		—		—		—		269		(10)		259		17		276
Net (gain) on divestitures	—		—		—		—		—		—		—		(246)		(246)
Total benefits and expenses	2,187		973		1,999		2,828		431		(10)		8,408		(334)		8,074
Noncontrolling interests	—		—		—		—		75		—		75
Adjusted pre-tax operating income (loss)	$	1,243	$	395	$	149	$	208	$	(296)	$	(3)	$	1,696
Adjustments to:
Total revenue													(483)
Total expenses													(334)
Noncontrolling interests													(75)
Income before income tax expense (benefit)													$	1,472			$	1,472
Six Months Ended June 30, 2023
Premiums	$	144	$	10	$	868	$	3,486	$	40	$	—	$	4,548	$	—	$	4,548
Policy fees	346		202		746		98		—		—		1,392		—		1,392
Net investment income(a)	2,352		1,004		644		739		87		(11)		4,815		594		5,409
Net realized gains (losses)(a)(b)	—		—		—		—		5		—		5		(1,783)		(1,778)
Advisory fee and other income	211		152		55		—		30		—		448		—		448
Total adjusted revenues	3,053		1,368		2,313		4,323		162		(11)		11,208		(1,189)		10,019
Policyholder benefits	136		15		1,429		3,799		(3)		—		5,376		(5)		5,371
Change in the fair value of market risk benefits, net	—		—		—		—		—		—		—		(66)		(66)
Interest credited to policyholder account balances	1,072		585		167		256		—		—		2,080		24		2,104
Amortization of deferred policy acquisition costs	275		41		194		4		—		—		514		—		514
Non-deferrable insurance commissions	180		61		38		9		1		—		289		—		289
Advisory fee expenses	70		58		1		—		—		—		129		—		129
General operating expenses	212		225		326		44		176		—		983		203		1,186
Interest expense	—		—		—		—		301		(10)		291		15		306
Net (gain) on divestitures	—		—		—		—		—		—		—		(56)		(56)
Total benefits and expenses	1,945		985		2,155		4,112		475		(10)		9,662		115		9,777
Noncontrolling interests	—		—		—		—		14		—		14
Adjusted pre-tax operating income (loss)	$	1,108	$	383	$	158	$	211	$	(299)	$	(1)	$	1,560
Adjustments to:
Total revenue													(1,189)
Total expenses													115
Noncontrolling interests													(14)
Income before income tax expense (benefit)													$	242			$	242

(a)Adjustments include Fortitude Re activity of $268 million and $262 million for the three months ended June 30, 2024 and 2023, respectively, and $458 million and $(349) million for the six months ended June 30, 2024 and 2023, respectively.

(b)Net realized gains (losses) includes the gains (losses) related to the disposition of real estate investments.

XML

Fair Value Measurements

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

4. Fair Value Measurements

FAIR VALUE MEASUREMENTS ON A RECURRING BASIS

Assets and liabilities recorded at fair value in the Condensed Consolidated Balance Sheets are measured and classified in accordance with a fair value hierarchy consisting of three “levels” based on the observability of valuation inputs:

•Level 1: Fair value measurements based on quoted prices (unadjusted) in active markets that we have the ability to access for identical assets or liabilities. Market price data generally is obtained from exchange or dealer markets. We do not adjust the quoted price for such instruments.

•Level 2: Fair value measurements based on inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals.

•Level 3: Fair value measurements based on valuation techniques that use significant inputs that are unobservable. Both observable and unobservable inputs may be used to determine the fair values of positions classified in Level 3. The circumstances for using these measurements include those in which there is little, if any, market activity for the asset or liability. Therefore, we must make certain assumptions about the inputs a hypothetical market participant would use to value that asset or liability.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

ASSETS AND LIABILITIES MEASURED AT FAIR VALUE ON A RECURRING BASIS

The following table presents information about assets and liabilities measured at fair value on a recurring basis and indicates the level of the fair value measurement based on the observability of the inputs used:

June 30, 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	$	8	$	1,363	$	—	$	—	$	—	$	1,371
Obligations of states, municipalities and political subdivisions	—		4,239		796		—		—		5,035
Non-U.S. governments	—		3,756		—		—		—		3,756
Corporate debt	—		99,852		1,393		—		—		101,245
RMBS(b)	—		9,802		6,453		—		—		16,255
CMBS	—		9,775		529		—		—		10,304
CLO	—		9,854		1,772		—		—		11,626
ABS	—		1,373		16,355		—		—		17,728
Total bonds available-for-sale	8		140,014		27,298		—		—		167,320
Other bond securities:
U.S. government and government sponsored entities	—		—		—		—		—		—
Obligations of states, municipalities and political subdivisions	—		38		1		—		—		39
Non-U.S. governments	—		27		—		—		—		27
Corporate debt	—		2,638		195		—		—		2,833
RMBS(c)	—		60		103		—		—		163
CMBS	—		221		17		—		—		238
CLO	—		403		61		—		—		464
ABS	—		86		1,193		—		—		1,279
Total other bond securities	—		3,473		1,570		—		—		5,043
Equity securities	25		—		48		—		—		73
Other invested assets(d)	—		—		1,655		—		—		1,655
Derivative assets:
Interest rate contracts	—		3,108		427		—		—		3,535
Foreign exchange contracts	—		1,032		—		—		—		1,032
Equity contracts	5		2,438		1,055		—		—		3,498
Credit contracts	—		76		—		—		—		76
Other contracts	—		1		12		—		—		13
Counterparty netting and cash collateral	—		—		—		(4,940)		(2,723)		(7,663)
Total derivative assets	5		6,655		1,494		(4,940)		(2,723)		491
Short-term investments	16		594		—		—		—		610
Market risk benefit assets	—		—		1,187		—		—		1,187
Separate account assets	90,767		3,355		—		—		—		94,122
Total	$	90,821	$	154,091	$	33,252	$	(4,940)	$	(2,723)	$	270,501
Liabilities:
Policyholder contract deposits(e)	$	—	$	115	$	9,036	$	—	$	—	$	9,151
Derivative liabilities:
Interest rate contracts	—		3,411		4		—		—		3,415
Foreign exchange contracts	—		335		—		—		—		335
Equity contracts	6		1,641		32		—		—		1,679
Credit contracts	—		—		—		—		—		—
Other contracts	—		—		—		—		—		—
Counterparty netting and cash collateral	—		—		—		(4,940)		(305)		(5,245)
Total derivative liabilities	6		5,387		36		(4,940)		(305)		184
Fortitude Re funds withheld payable(f)	—		—		1,913		—		—		1,913
Market risk benefit liabilities	—		—		5,124		—		—		5,124
Total	$	6	$	5,502	$	16,109	$	(4,940)	$	(305)	$	16,372

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 (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
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
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 $0 million and $5 million classified as Level 2 and Level 3, respectively, as of June 30, 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 $0 million and less than $1 million of investments in RMBS issued by related parties classified as Level 2 as of June 30, 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 June 30, 2024 and December 31, 2023, respectively.

(e)Excludes basis adjustments for fair value hedges.

(f)As discussed in Note 7, 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.

(g)Excludes assets that were reclassified to Assets held-for-sale in the Condensed Consolidated Balance Sheets of $167 million, as of December 31, 2023. See Note 4 in the 2023 Form 10-K for additional information.

CHANGES IN LEVEL 3 RECURRING FAIR VALUE MEASUREMENTS

The following tables present changes during the three and six months ended June 30, 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 June 30, 2024 and 2023:

(in millions)	Fair Value  Beginning  of Period		Net  Realized  and Unrealized Gains  (Losses)  Included in Income		Other  Comprehensive Income (Loss)		Purchases,  Sales,  Issuances  and  Settlements, Net		Gross Transfers  in		Gross  Transfers  out		Other		Fair Value  End of Period		Changes in  Unrealized Gains  (Losses)  Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in  Other Comprehensive Income (Loss) for Recurring  Level 3 Instruments  Held at  End of Period
Three Months Ended June 30, 2024
Assets:
Bonds available-for-sale:
Obligations of states, municipalities and political subdivisions	$	829	$	—	$	(33)	$	—	$	—	$	—	$	—	$	796	$	—	$	(33)
Corporate debt	1,575		—		2		(79)		183		(288)		—		1,393		—		(43)
RMBS	6,354		74		(90)		208		21		(112)		(2)		6,453		—		(101)
CMBS	547		3		3		(24)		—		—		—		529		—		2
CLO	1,729		18		8		57		32		(72)		—		1,772		—		6
ABS	15,033		99		75		1,318		162		(332)		—		16,355		—		64
Total bonds available-for-sale	26,067		194		(35)		1,480		398		(804)		(2)		27,298		—		(105)
Other bond securities:
Obligations of states, municipalities and political subdivisions	1		—		—		—		—		—		—		1		—		—
Corporate debt	177		7		—		10		1		—		—		195		7		—
RMBS	106		—		—		(3)		—		—		—		103		(1)		—
CMBS	17		—		—		—		—		—		—		17		1		—
CLO	71		(2)		—		(8)		—		—		—		61		—		—
ABS	947		21		—		209		20		(4)		—		1,193		12		—
Total other bond securities	1,319		26		—		208		21		(4)		—		1,570		19		—
Equity securities	45		(2)		—		5		—		—		—		48		—		—
Other invested assets	1,671		(2)		(2)		(12)		—		—		—		1,655		(8)		—
Total(a)	$	29,102	$	216	$	(37)	$	1,681	$	419	$	(808)	$	(2)	$	30,571	$	11	$	(105)
(in millions)	Fair Value  Beginning  of Period		Net  Realized  and Unrealized (Gains)  Losses  Included in Income		Other  Comprehensive (Income) Loss		Purchases,  Sales,  Issuances  and  Settlements, Net		Gross Transfers  in		Gross  Transfers  out		Other		Fair Value  End of Period		Changes in  Unrealized Gains  (Losses)  Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in  Other Comprehensive Income (Loss) for Recurring  Level 3 Instruments  Held at  End of Period
Liabilities:
Policyholder contract deposits	$	8,550	$	272	$	—	$	214	$	—	$	—	$	—	$	9,036	$	191	$	—
Derivative liabilities, net:
Interest rate contracts	(407)		(119)		—		(27)		—		—		130		(423)		112		—
Equity contracts	(1,018)		45		—		(62)		—		—		12		(1,023)		(16)		—
Other contracts	(11)		(16)		—		14		—		—		1		(12)		15		—
Total derivative liabilities, net(b)	(1,436)		(90)		—		(75)		—		—		143		(1,458)		111		—
Fortitude Re funds withheld payable	2,211		(36)		—		(262)		—		—		—		1,913		271		—
Total(c)	$	9,325	$	146	$	—	$	(123)	$	—	$	—	$	143	$	9,491	$	573	$	—

(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 Gains (Losses) Included in  Other Comprehensive Income (Loss) for Recurring  Level 3 Instruments  Held at  End of Period
Three Months Ended June 30, 2023
Assets:
Bonds available-for-sale:
Obligations of states, municipalities and political subdivisions	$	858	$	—	$	(4)	$	(1)	$	—	$	—	$	—	$	853	$	—	$	(13)
Corporate debt	1,704		10		(2)		(41)		44		(412)		—		1,303		—		1
RMBS	5,687		75		133		(174)		32		—		—		5,753		—		131
CMBS	718		(7)		(37)		(40)		—		(129)		—		505		—		(46)
CLO	1,834		(54)		44		(66)		11		(62)		1		1,708		—		—
ABS	10,707		53		(103)		436		38		(4)		—		11,127		—		(118)
Total bonds available-for-sale	21,508		77		31		114		125		(607)		1		21,249		—		(45)
Other bond securities:
Obligations of states, municipalities and political subdivisions	1		—		—		2		—		—		—		3		—		—
Corporate debt	130		1		—		(20)		—		(1)		—		110		3		—
RMBS	114		2		—		(4)		—		—		—		112		1		—
CMBS	27		(1)		—		—		—		—		—		26		(1)		—
CLO	71		—		—		(47)		38		(37)		—		25		1		—
ABS	781		(6)		—		124		—		(35)		—		864		(13)		—
Total other bond securities	1,124		(4)		—		55		38		(73)		—		1,140		(9)		—
Equity securities	50		—		—		1		—		(7)		—		44		—		—
Other invested assets	1,852		(19)		2		79		—		—		—		1,914		(21)		—
Total(a)	$	24,534	$	54	$	33	$	249	$	163	$	(687)	$	1	$	24,347	$	(30)	$	(45)
(in millions)	Fair Value  Beginning  of Period		Net  Realized  and Unrealized (Gains)  Losses  Included in Income		Other  Comprehensive (Income) Loss		Purchases,  Sales,  Issuances  and  Settlements, Net		Gross Transfers  in		Gross  Transfers  out		Other		Fair Value  End of Period		Changes in  Unrealized Gains  (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in  Other Comprehensive Income (Loss) for Recurring  Level 3 Instruments  Held at  End of Period
Liabilities:
Policyholder contract deposits	$	6,064	$	429	$	—	$	320	$	—	$	—	$	—	$	6,813	$	(308)	$	—
Derivative liabilities, net:
Interest rate contracts	(344)		37		—		(21)		—		—		—		(328)		(23)		—
Equity contracts	(497)		7		—		(149)		—		—		—		(639)		5		—
Other contracts	(14)		(16)		—		15		—		—		—		(15)		16		—
Total derivative liabilities, net(b)	(855)		28		—		(155)		—		—		—		(982)		(2)		—
Fortitude Re funds withheld payable	1,774		(122)		—		(192)		—		—		—		1,460		213		—
Debt of consolidated investment entities	6		1		—		(7)		—		—		—		—		—		—
Total(c)	$	6,989	$	336	$	—	$	(34)	$	—	$	—	$	—	$	7,291	$	(97)	$	—

(in millions)	Fair Value  Beginning  of Year		Net  Realized  and Unrealized Gains  (Losses)  Included in Income		Other  Comprehensive Income (Loss)		Purchases,  Sales,  Issuances  and  Settlements, Net		Gross Transfers  In		Gross  Transfers  Out		Other		Fair Value  End of Period		Changes in  Unrealized Gains  (Losses)  Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in  Other Comprehensive Income (Loss) for Recurring  Level 3 Instruments  Held at  End of Period
Six Months Ended June 30, 2024
Assets:
Bonds available-for-sale:
Obligations of states, municipalities and political subdivisions	$	844	$	—	$	(47)	$	(1)	$	—	$	—	$	—	$	796	$	—	$	(49)
Corporate debt	1,357		1		3		(70)		427		(325)		—		1,393		—		(44)
RMBS	5,854		142		(24)		612		21		(150)		(2)		6,453		—		(30)
CMBS	608		(2)		49		(127)		127		(126)		—		529		—		13
CLO	1,843		(3)		59		78		32		(237)		—		1,772		—		56
ABS	12,906		190		163		2,589		839		(332)		—		16,355		—		147
Total bonds available-for-sale	23,412		328		203		3,081		1,446		(1,170)		(2)		27,298		—		93
Other bond securities:
Obligations of states, municipalities and political subdivisions	1		—		—		—		—		—		—		1		—		—
Corporate debt	167		16		—		10		2		—		—		195		16		—
RMBS	107		2		—		(6)		—		—		—		103		1		—
CMBS	17		—		—		—		—		—		—		17		—		—
CLO	69		—		—		(7)		—		(1)		—		61		1		—
ABS	962		34		—		181		20		(4)		—		1,193		15		—
Total other bond securities	1,323		52		—		178		22		(5)		—		1,570		33		—
Equity securities	42		1		—		5		—		—		—		48		—		—
Other invested assets	1,850		(82)		(11)		(42)		—		(44)		(16)		1,655		(87)		—
Total(a)	$	26,627	$	299	$	192	$	3,222	$	1,468	$	(1,219)	$	(18)	$	30,571	$	(54)	$	93
(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	$	724	$	—	$	370	$	—	$	—	$	—	$	9,036	$	188	$	—
Derivative liabilities, net:
Interest rate contracts	(449)		(227)		—		(80)		—		—		333		(423)		310		—
Equity contracts	(761)		(147)		—		(128)		—		—		13		(1,023)		171		—
Other contracts	(10)		(31)		—		29		—		—		—		(12)		30		—
Total derivative liabilities, net(b)	(1,220)		(405)		—		(179)		—		—		346		(1,458)		511		—
Fortitude Re funds withheld payable	2,182		(58)		—		(211)		—		—		—		1,913		466		—
Total(c)	$	8,904	$	261	$	—	$	(20)	$	—	$	—	$	346	$	9,491	$	1,165	$	—

(in millions)	Fair Value  Beginning  of Year		Net  Realized  and Unrealized Gains  (Losses)  Included in Income		Other  Comprehensive Income (Loss)		Purchases,  Sales,  Issuances  and  Settlements, Net		Gross Transfers  In		Gross  Transfers  Out		Other		Fair Value  End of Period		Changes in  Unrealized Gains  (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in  Other Comprehensive Income (Loss) for Recurring  Level 3 Instruments  Held at  End of Period
Six Months Ended June 30, 2023
Assets:
Bonds available-for-sale:
Obligations of states, municipalities and political subdivisions	$	805	$	—	$	51	$	(3)	$	—	$	—	$	—	$	853	$	—	$	27
Corporate debt	1,968		(92)		42		(27)		211		(783)		(16)		1,303		—		54
RMBS	5,670		156		93		(182)		32		(16)		—		5,753		—		65
CMBS	718		—		(41)		(40)		24		(156)		—		505		—		(71)
CLO	1,670		(45)		26		(45)		65		(154)		191		1,708		—		(47)
ABS	9,595		95		166		1,240		38		(7)		—		11,127		—		137
Total bonds available-for-sale	20,426		114		337		943		370		(1,116)		175		21,249		—		165
Other bond securities:
Obligations of states, municipalities and political subdivisions	—		—		—		3		—		—		—		3		—		—
Corporate debt	417		1		—		(116)		—		(192)		—		110		2		—
RMBS	107		6		—		(1)		—		—		—		112		3		—
CMBS	28		(2)		—		—		—		—		—		26		(2)		—
CLO	11		9		—		(46)		39		(42)		54		25		1		—
ABS	741		20		—		138		—		(35)		—		864		5		—
Total other bond securities	1,304		34		—		(22)		39		(269)		54		1,140		9		—
Equity securities	26		—		—		25		—		(7)		—		44		—		—
Other invested assets	1,832		(63)		7		138		—		—		—		1,914		(63)		—
Total(a)	$	23,588	$	85	$	344	$	1,084	$	409	$	(1,392)	$	229	$	24,347	$	(54)	$	165
(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	$	810	$	—	$	636	$	—	$	—	$	—	$	6,813	$	(676)	$	—
Derivative liabilities, net:
Interest rate contracts	(303)		115		—		(140)		—		—		—		(328)		(52)		—
Equity contracts	(267)		(200)		—		(315)		—		—		143		(639)		189		—
Other contracts	(14)		(32)		—		31		—		—		—		(15)		32		—
Total derivative liabilities, net(b)	(584)		(117)		—		(424)		—		—		143		(982)		169		—
Fortitude Re funds withheld payable	1,262		903		—		(705)		—		—		—		1,460		(420)		—
Debt of consolidated investment entities	6		1		—		(7)		—		—		—		—		—		—
Total(c)	$	6,051	$	1,597	$	—	$	(500)	$	—	$	—	$	143	$	7,291	$	(927)	$	—

(a)Excludes MRB assets of $1.2 billion at June 30, 2024 and $954 million at June 30, 2023. Refer to Note 14 for additional information.

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

(c)Excludes MRB liabilities of $5.1 billion at June 30, 2024 and $5.0 billion at June 30, 2023. Refer to Note 14 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 (Loss)		Net Realized and Unrealized Gains (Losses)		Change in the Fair Value of Market Risk Benefits, net(a)		Total
Three Months Ended June 30, 2024
Assets:
Bonds available-for-sale	$	—	$	200	$	(6)	$	—	$	194
Other bond securities	—		26		—		—		26
Equity securities	—		(2)		—		—		(2)
Other invested assets	—		(6)		4		—		(2)
Three Months Ended June 30, 2023
Assets:
Bonds available-for-sale	$	—	$	118	$	(41)	$	—	$	77
Other bond securities	—		(4)		—		—		(4)
Equity securities	—		—		—		—		—
Other invested assets	—		(21)		2		—		(19)
Six Months Ended June 30, 2024
Assets:
Bonds available-for-sale	$	—	$	359	$	(31)	$	—	$	328
Other bond securities	—		52		—		—		52
Equity securities	—		1		—		—		1
Other invested assets	—		(84)		2		—		(82)
Six Months Ended June 30, 2023
Assets:
Bonds available-for-sale	$	—	$	150	$	(36)	$	—	$	114
Other bond securities	—		34		—		—		34
Equity securities	—		—		—		—		—
Other invested assets	—		(64)		1		—		(63)
Three Months Ended June 30, 2024
Liabilities:
Policyholder contract deposits(b)	$	—	$	—	$	(272)	$	—	$	(272)
Derivative liabilities, net	14		—		76		—		90
Fortitude Re funds withheld payable	—		—		36		—		36
Market risk benefit liabilities, net(c)	—		—		2		129		131
Three Months Ended June 30, 2023
Liabilities:
Policyholder contract deposits(b)	$	—	$	—	$	(429)	$	—	$	(429)
Derivative liabilities, net	15		—		3		(46)		(28)
Fortitude Re funds withheld payable	—		—		122		—		122
Market risk benefit liabilities, net(c)	—		—		3		884		887
Debt of consolidated investment entities	—		(1)		—		—		(1)
Six Months Ended June 30, 2024
Liabilities:
Policyholder contract deposits(b)	$	—	$	—	$	(724)	$	—	$	(724)
Derivative liabilities, net	29		—		439		(63)		405
Fortitude Re funds withheld payable	—		—		58		—		58
Market risk benefit liabilities, net(c)	—		—		4		1,198		1,202
Six Months Ended June 30, 2023
Liabilities:
Policyholder contract deposits(b)	$	—	$	—	$	(810)	$	—	$	(810)
Derivative liabilities, net	31		—		231		(145)		117
Fortitude Re funds withheld payable	—		—		(903)		—		(903)
Market risk benefit liabilities, net(c)	—		—		3		797		800
Debt of consolidated investment entities	—		(1)		—		—		(1)

(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 and six months ended June 30, 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 June 30, 2024
Assets:
Bonds available-for-sale:
Obligations of states, municipalities and political subdivisions	$	—	$	—	$	—	$	—
Corporate debt	54		(8)		(125)		(79)
RMBS	465		(49)		(208)		208
CMBS	9		—		(33)		(24)
CLO	90		—		(33)		57
ABS	1,987		(50)		(619)		1,318
Total bonds available-for-sale	2,605		(107)		(1,018)		1,480
Other bond securities:
Obligations of states, municipalities and political subdivisions	—		—		—		—
Corporate debt	10		—		—		10
RMBS	—		—		(3)		(3)
CMBS	—		—		—		—
CLO	8		—		(16)		(8)
ABS	228		—		(19)		209
Total other bond securities	246		—		(38)		208
Equity securities	7		(2)		—		5
Other invested assets	27		—		(39)		(12)
Total assets*	$	2,885	$	(109)	$	(1,095)	$	1,681
Liabilities:
Policyholder contract deposits	$	—	$	392	$	(178)	$	214
Derivative liabilities, net	1		—		(76)		(75)
Fortitude Re funds withheld payable	—		—		(262)		(262)
Total liabilities	$	1	$	392	$	(516)	$	(123)
Three Months Ended June 30, 2023
Assets:
Bonds available-for-sale:
Obligations of states, municipalities and political subdivisions	$	—	$	—	$	(1)	$	(1)
Corporate debt	2		—		(43)		(41)
RMBS	64		(42)		(196)		(174)
CMBS	—		(21)		(19)		(40)
CLO	72		—		(138)		(66)
ABS	345		—		91		436
Total bonds available-for-sale	483		(63)		(306)		114
Other bond securities:
Obligations of states, municipalities and political subdivisions	2		—		—		2
Corporate debt	67		—		(87)		(20)
RMBS	—		—		(4)		(4)
CMBS	—		—		—		—
CLO	—		—		(47)		(47)
ABS	81		—		43		124
Total other bond securities	150		—		(95)		55
Equity securities	1		—		—		1
Other invested assets	81		—		(2)		79
Total assets*	$	715	$	(63)	$	(403)	$	249

(in millions)	Purchases		Sales		Issuances and Settlements		Purchases, Sales, Issuances and Settlements, Net
Liabilities:
Policyholder contract deposits	$	—	$	402	$	(82)	$	320
Derivative liabilities, net	(100)		—		(55)		(155)
Fortitude Re funds withheld payable	—		—		(192)		(192)
Debt of consolidated investment entities	—		—		(7)		(7)
Total liabilities	$	(100)	$	402	$	(336)	$	(34)
Six Months Ended June 30, 2024
Assets:
Bonds available-for-sale:
Obligations of states, municipalities and political subdivisions	$	—	$	—	$	(1)	$	(1)
Corporate debt	69		(8)		(131)		(70)
RMBS	1,039		(49)		(378)		612
CMBS	9		(30)		(106)		(127)
CLO	220		(2)		(140)		78
ABS	3,691		(103)		(999)		2,589
Total bonds available-for-sale	5,028		(192)		(1,755)		3,081
Other bond securities:
Obligations of states, municipalities and political subdivisions	—		—		—		—
Corporate debt	10		—		—		10
RMBS	—		—		(6)		(6)
CMBS	—		—		—		—
CLO	9		—		(16)		(7)
ABS	257		—		(76)		181
Total other bond securities	276		—		(98)		178
Equity securities	7		(2)		—		5
Other invested assets	89		—		(131)		(42)
Total assets*	$	5,400	$	(194)	$	(1,984)	$	3,222
Liabilities:
Policyholder contract deposits	$	—	$	724	$	(354)	$	370
Derivative liabilities, net	—		—		(179)		(179)
Fortitude Re funds withheld payable	—		—		(211)		(211)
Total liabilities	$	—	$	724	$	(744)	$	(20)

(in millions)	Purchases		Sales		Issuances and Settlements		Purchases, Sales, Issuances and Settlements, Net
Six Months Ended June 30, 2023
Assets:
Bonds available-for-sale:
Obligations of states, municipalities and political subdivisions	$	—	$	—	$	(3)	$	(3)
Corporate debt	30		—		(57)		(27)
RMBS	231		(42)		(371)		(182)
CMBS	9		(27)		(22)		(40)
CLO	82		—		(127)		(45)
ABS	1,203		—		37		1,240
Total bonds available-for-sale	1,555		(69)		(543)		943
Other bond securities:
Obligations of states, municipalities and political subdivisions	3		—		—		3
Corporate debt	67		—		(183)		(116)
RMBS	6		—		(7)		(1)
CMBS	—		—		—		—
CLO	1		—		(47)		(46)
ABS	113		—		25		138
Total other bond securities	190		—		(212)		(22)
Equity securities	25		—		—		25
Other invested assets	151		—		(13)		138
Total assets*	$	1,921	$	(69)	$	(768)	$	1,084
Liabilities:
Policyholder contract deposits	$	—	$	728	$	(92)	$	636
Derivative liabilities, net	(201)		—		(223)		(424)
Fortitude Re funds withheld payable	—		—		(705)		(705)
Debt of consolidated investment entities	—		—		(7)		(7)
Total liabilities	$	(201)	$	728	$	(1,027)	$	(500)

*There were no issuances during the three and six months ended June 30, 2024 and 2023 for invested assets.

Both observable and unobservable inputs may be used to determine the fair values of positions classified in Level 3 in the tables above. As a result, the unrealized gains (losses) on instruments held at June 30, 2024 and 2023 may include changes in fair value that were attributable to both observable (e.g., changes in market interest rates) and unobservable inputs (e.g., changes in unobservable long-dated volatilities).

Transfers of Level 3 Assets and Liabilities

We record transfers of assets and liabilities into or out of Level 3 at their fair values as of the end of each reporting period, consistent with the date of the determination of fair value. The Net realized and unrealized gains (losses) included in net income (loss) or OCI as shown in the table above excludes $3 million and $0 million of net gains (losses) related to assets transferred into Level 3 during the three months ended June 30, 2024 and 2023, respectively, and $(5) million and $7 million of net gains (losses) related to assets transferred into Level 3 during the six months ended June 30, 2024 and 2023, respectively, and includes $9 million and $(1) million of net gains (losses) related to assets transferred out of Level 3 during the three months ended June 30, 2024 and 2023, respectively, and $13 million and $10 million of net gains (losses) related to assets transferred out of Level 3 during the six months ended June 30, 2024 and 2023, respectively.

Transfers of Level 3 Assets

During the three and six months ended June 30, 2024 and 2023, transfers into Level 3 assets primarily included certain investments in private placement corporate debt, commercial mortgage backed securities (“CMBS”), collateralized loan obligations (“CLO”) and asset-backed securities (“ABS”). Transfers of private placement corporate debt and certain ABS into Level 3 assets were primarily the result of limited market pricing information that required us to determine fair value for these securities based on inputs that are adjusted to better reflect our own assumptions regarding the characteristics of a specific security or associated market liquidity. The transfers of investments in CMBS, CLO and certain ABS into Level 3 assets were due to diminished market transparency and liquidity for individual security types.

During the three and six months ended June 30, 2024 and 2023, transfers out of Level 3 assets primarily included private placement and other corporate debt, CMBS, RMBS, CLO, ABS and certain investments in municipal securities. Transfers of certain investments in municipal securities, corporate debt, RMBS, CMBS and CLO and ABS out of Level 3 assets were based on consideration of market liquidity as well as related transparency of pricing and associated observable inputs for these investments. Transfers of certain investments in private placement corporate debt and certain ABS out of Level 3 assets were primarily the result of using observable pricing information that reflects the fair value of those securities without the need for adjustment based on our own assumptions regarding the characteristics of a specific security or the current liquidity in the market.

Transfers of Level 3 Liabilities

There were no significant transfers of derivative or other liabilities into or out of Level 3 for the three and six months ended June 30, 2024 and 2023

QUANTITATIVE INFORMATION ABOUT LEVEL 3 FAIR VALUE MEASUREMENTS

The table below presents information about the significant unobservable inputs used for recurring fair value measurements for certain Level 3 instruments, and includes only those instruments for which information about the inputs is reasonably available to us, such as data from independent third-party valuation service providers 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 June 30, 2024		Valuation Technique	Unobservable Input(a)	Range (Weighted Average)(b)
Assets:
Obligations of states, municipalities and political subdivisions	$	773	Discounted cash flow	Yield	5.27% - 5.70% (5.49%)
Corporate debt	$	1,468	Discounted cash flow	Yield	5.63% - 8.49% (7.06%)
RMBS(c)	$	3,156	Discounted cash flow	Prepayment Speed	4.43% - 10.26% (7.34%)
				Default Rate	0.72% - 2.51% (1.61%)
				Yield	6.24% - 7.49% (6.86%)
				Loss Severity	42.30% - 78.37% (60.33%)
CLO(c)	$	1,705	Discounted cash flow	Yield	6.61% - 7.75% (7.18%)
ABS(c)	$	14,401	Discounted cash flow	Yield	5.67% - 7.68% (6.68%)
CMBS	$	522	Discounted cash flow	Yield	5.38% - 16.30% (10.83%)
Market risk benefit assets	$	1,187	Discounted cash flow	Equity volatility	6.25% - 49.35%
				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)	0.09% - 2.49%
Liabilities(d):
Market risk benefit liabilities
Variable annuities guaranteed benefits	$	1,582	Discounted cash flow	Equity volatility	6.25% - 49.35%
				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)	0.09% - 2.49%
Fixed annuities guaranteed benefits	$	1,182	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)	0.09% - 2.49%

(in millions)	Fair Value at June 30, 2024		Valuation Technique	Unobservable Input(a)	Range (Weighted Average)(b)
Fixed index annuities guaranteed benefits	$	2,360	Discounted cash flow	Equity volatility	6.25% - 49.35%
				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)	0.09% - 2.49%
Embedded derivatives within Policyholder contract deposits:
Index credits on fixed index annuities(i)	$	8,033	Discounted cash flow	Equity volatility	6.25% - 49.35%
				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)	0.09% - 2.49%
Index universal life	$	1,003	Discounted cash flow	Base lapse rate	0.00% - 37.97%
				Mortality rates	0.00% - 100.00%
				Equity Volatility	5.85% - 19.69%
				NPA(h)	0.09% - 2.49%

(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%

(in millions)	Fair Value at December 31, 2023		Valuation Technique	Unobservable Input(a)	Range (Weighted Average)(b)
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%
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 7, 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 $1.8 billion and $1.5 billion at June 30, 2024 and December 31, 2023, respectively.

The ranges of reported inputs for obligations of states, municipalities and political subdivisions, corporate debt, RMBS, CLO/ABS and CMBS valued using a discounted cash flow technique consist of one standard deviation in either direction from the value-weighted average. The preceding table does not give effect to our risk management practices that might offset risks inherent in these Level 3 assets and liabilities.

Interrelationships Between Unobservable Inputs

We consider unobservable inputs to be those for which market data is not available and that are developed using the best information available to us about the assumptions that market participants would use when pricing the asset or liability. Relevant inputs vary depending on the nature of the instrument being measured at fair value. The following paragraphs provide a general description of significant unobservable inputs along with interrelationships between and among the significant unobservable inputs and their impact on the fair value measurements. In practice, simultaneous changes in assumptions may not always have a linear effect on the inputs discussed below. Interrelationships may also exist between observable and unobservable inputs. Such relationships have not been included in the discussion below. For each of the individual relationships described below, the inverse relationship would also generally apply.

Fixed Maturity Securities

The significant unobservable input used in the fair value measurement of fixed maturity securities is yield. The yield is affected by the market movements in credit spreads and U.S. Treasury yields. The yield may be affected by other factors, including constant prepayment rates, loss severity and constant default rates. In general, increases in the yield would decrease the fair value of investments, and conversely, decreases in the yield would increase the fair value of investments.

MRBs and Embedded Derivatives within Policyholder Contract Deposits

For MRBs and embedded derivatives, the assumptions for unobservable inputs vary throughout the period over which cash flows are projected for valuation purposes. The following are applicable unobservable inputs:

•Long-term equity volatilities represent equity volatility beyond the period for which observable equity volatilities are available. Increases in assumed volatility will generally increase the fair value of both the projected cash flows from rider fees as well as the projected cash flows related to benefit payments. Therefore, the net change in the fair value of the liability may be either a decrease or an increase, depending on the relative changes in projected rider fees and projected benefit payments.

•Equity and interest rate correlation estimates the relationship between changes in equity returns and interest rates in the economic scenario generator used to value our MRBs. In general, a higher positive correlation assumes that equity markets and interest rates move in a more correlated fashion, which generally increases the fair value of the liability. Only our fixed index annuities with a GMWB rider are subject to the equity and interest correlation assumption. Other policies such as accumulation fixed index annuity and life products do not use a correlation assumption.

•Base lapse rate assumptions are determined by company experience and judgment and are adjusted at the contract level using a dynamic lapse function, which reduces the base lapse rate when the contract is in-the-money (when the contract holder’s guaranteed value, as estimated by the company, is worth more than their underlying account value). Lapse rates are also generally assumed to be lower in periods when a surrender charge applies. Increases in assumed lapse rates will generally decrease the fair value of the liability as fewer policyholders would persist to collect guaranteed benefit amounts.

•Mortality rate assumptions, which vary by age and gender, are based on company experience and include a mortality improvement assumption. Increases in assumed mortality rates will decrease the fair value of the GMWB liability, while lower mortality rate assumptions will generally increase the fair value of the liability because guaranteed withdrawal payments will be made for a longer period of time and generally exceed any decrease in guaranteed death benefits.

•Utilization assumptions estimate the timing when policyholders with a GMWB will elect to utilize their benefit and begin taking withdrawals. The assumptions may vary by the type of guarantee, tax-qualified status, the contract’s withdrawal history and the age of the policyholder. Utilization assumptions are based on company experience, which includes partial withdrawal behavior. Increases in assumed utilization rates will generally increase the fair value of the liability.

•Non-performance or “own credit” risk adjustment used in the valuation of MRBs and embedded derivatives, which reflects a market participant’s view of our claims-paying ability by incorporating a different spread (the “NPA spread”) to the curve used to discount projected benefit cash flows. When corporate credit spreads widen, the change in the NPA spread generally reduces the fair value of the MRBs and embedded derivatives, resulting in a gain in Accumulated other comprehensive income (“AOCI”) or Net realized gains (losses), respectively, and when corporate credit spreads narrow or tighten, the change in the NPA spread generally increases the fair value of the MRBs and embedded derivatives, resulting in a loss in AOCI or Net realized gains (losses), respectively.

•The projected cash flows incorporate best estimate assumptions for policyholder behavior (including mortality, lapses, withdrawals and benefit utilization), along with an explicit risk margin to reflect a market participant’s estimates of the fair value of projected cash flows and policyholder behavior. Estimates of future policyholder behavior assumptions are subjective and based primarily on our historical experience.

•For embedded derivatives, option budgets estimate the expected long-term cost of options used to hedge exposures associated with index price changes. The level of option budgets determines future costs of the options, which impacts the growth in account value and the valuation of embedded derivatives.

Embedded Derivatives within Reinsurance Contracts

The fair value of embedded derivatives associated with funds withheld reinsurance contracts is determined based upon a total return swap technique with reference to the fair value of the investments held by Corebridge related to Corebridge’s funds withheld payable. The fair value of the underlying assets is generally based on market observable inputs using industry standard valuation techniques. The valuation also requires certain significant inputs, which are generally not observable, and accordingly, the valuation is considered Level 3 in the fair value hierarchy.

INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING NET ASSET VALUE PER SHARE

The following table includes information related to our investments in certain other invested assets, including private equity funds, hedge funds and other alternative investments that calculate net asset value per share (or its equivalent). For these investments, which are measured at fair value on a recurring basis, we use the net asset value per share to measure fair value:

		June 30, 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	$	2,595	$	1,721	$	2,445	$	1,755
Real estate	Investments in real estate properties and infrastructure positions, including power plants and other energy generating facilities	1,020		564		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	199		82		203		91
Growth equity	Funds that make investments in established companies for the purpose of growing their businesses	478		103		485		109
Mezzanine	Funds that make investments in the junior debt and equity securities of leveraged companies	124		30		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	1,179		200		1,182		233
Total private equity funds		5,595		2,700		5,541		2,770
Hedge funds:
Event-driven	Securities of companies undergoing material structural changes, including mergers, acquisitions and other reorganizations	5		—		4		—
Long-short	Securities that the manager believes are undervalued, with corresponding short positions to hedge market risk	176		—		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	1		—		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	47		—		65		—
Total hedge funds		229		—		299		—
Total		$	5,824	$	2,700	$	5,840	$	2,770

Private equity fund investments included above are not redeemable, because distributions from the funds will be received when underlying investments of the funds are liquidated. Private equity funds are generally expected to have 10-year lives at their inception, but these lives may be extended at the fund manager’s discretion, typically in one-year or two-year increments.

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.

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  June 30,				Six Months Ended  June 30,
(in millions)	2024		2023		2024		2023
Assets:
Other bond securities(a)	$	91	$	14	$	175	$	129
Alternative investments(b)	58		80		109		81
Total assets	149		94		284		210
Liabilities:
Policyholder contract deposits(c)	2		3		3		2
Total liabilities	2		3		3		2
Total gain (loss)	$	151	$	97	$	287	$	212

(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 5. For additional information regarding the funds withheld arrangements with Fortitude Re, see Note 7.

(b)Includes certain hedge funds, private equity funds and other investment partnerships.

(c)Represents GICs.

We calculate the effect of these credit spread changes using discounted cash flow techniques that incorporate current market interest rates, our observable credit spreads on these liabilities and other factors that mitigate the risk of non-performance such as cash collateral posted.

FAIR VALUE MEASUREMENTS ON A NON-RECURRING BASIS

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 June 30,				Six Months Ended June 30,
(in millions)	Level 1		Level 2		Level 3		Total		2024		2023		2024		2023
June 30, 2024
Other investments	$	—	$	—	$	109	$	109	$	21	$	—	$	46	$	—
Total	$	—	$	—	$	109	$	109	$	21	$	—	$	46	$	—
December 31, 2023
Other investments	$	—	$	—	$	80	$	80
Total	$	—	$	—	$	80	$	80

In addition to the assets presented in the table above, at June 30, 2024, Corebridge had no loans held for sale which are carried at fair value, determined on an individual loan basis. There is no associated impairment charge.

FAIR VALUE INFORMATION ABOUT FINANCIAL INSTRUMENTS NOT MEASURED AT FAIR VALUE

The following table presents the carrying amounts and estimated fair values of our financial instruments not measured at fair value and indicates the level in the fair value hierarchy of the estimated fair value measurement based on the observability of the inputs used:

	Estimated Fair Value
(in millions)	Level 1		Level 2		Level 3		Total		Carrying Value
June 30, 2024
Assets:
Mortgage and other loans receivable	$	—	$	28	$	45,475	$	45,503	$	48,663
Other invested assets	—		273		—		273		273
Short-term investments	—		4,388		—		4,388		4,388
Cash	637		—		—		637		637
Other assets	13		—		—		13		13
Liabilities:
Policyholder contract deposits associated with investment-type contracts	—		78		137,768		137,846		145,933
Fortitude Re funds withheld payable	—		—		23,027		23,027		23,027
Other liabilities	—		1,567		—		1,567		1,567
Short-term debt	—		250		—		250		250
Long-term debt	—		8,599		—		8,599		9,121
Debt of consolidated investment entities	—		30		2,055		2,085		2,364
Separate account liabilities - investment contracts	—		90,162		—		90,162		90,162
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 $11 million as of December 31, 2023. See Note 4 in the 2023 Form 10-K for additional information.

(b)Excludes assets that were reclassified to Assets held-for-sale in the Condensed Consolidated Balance Sheets of $3 million as of December 31, 2023. See Note 4 in the 2023 Form 10-K

XML

Investments

6 Months Ended

Jun. 30, 2024

Equity Method Investments, Joint Ventures, Investments, Debt And Equity Securities [Abstract]

Investments

5. 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)
June 30, 2024
Bonds available-for-sale:
U.S. government and government sponsored entities	$	1,664	$	—	$	7	$	(300)	$	1,371
Obligations of states, municipalities and political subdivisions	5,809		—		26		(800)		5,035
Non-U.S. governments	4,530		—		26		(800)		3,756
Corporate debt	118,159		(57)		890		(17,747)		101,245
Mortgage-backed, asset-backed and collateralized:
RMBS	16,616		(20)		568		(909)		16,255
CMBS	11,219		(18)		39		(936)		10,304
CLO	11,537		—		161		(72)		11,626
ABS	18,582		—		98		(952)		17,728
Total mortgage-backed, asset-backed and collateralized	57,954		(38)		866		(2,869)		55,913
Total bonds available-for-sale	$	188,116	$	(95)	$	1,815	$	(22,516)	$	167,320
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 subdivisions	6,466		—		58		(693)		5,831
Non-U.S. governments	4,695		(2)		43		(679)		4,057
Corporate debt	120,654		(71)		1,294		(15,795)		106,082
Mortgage-backed, asset-backed and collateralized:
RMBS	14,491		(25)		599		(788)		14,277
CMBS	11,045		(30)		22		(1,056)		9,981
CLO	11,203		—		90		(149)		11,144
ABS	14,956		—		63		(1,084)		13,935
Total mortgage-backed, asset-backed and collateralized	51,695		(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 $5 million and $43 million, and an amortized cost of $4 million and $45 million as of June 30, 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 June 30, 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*
June 30, 2024
Bonds available-for-sale:
U.S. government and government sponsored entities	$	224	$	12	$	689	$	288	$	913	$	300
Obligations of states, municipalities and political subdivisions	630		82		3,803		718		4,433		800
Non-U.S. governments	636		113		2,700		687		3,336		800
Corporate debt	16,144		2,531		66,557		15,177		82,701		17,708
RMBS	3,498		142		5,471		738		8,969		880
CMBS	1,209		50		6,472		878		7,681		928
CLO	1,442		31		1,479		41		2,921		72
ABS	3,008		95		8,369		857		11,377		952
Total bonds available-for-sale	$	26,791	$	3,056	$	95,540	$	19,384	$	122,331	$	22,440
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 subdivisions	1,124		110		3,676		583		4,800		693
Non-U.S. governments	470		82		2,981		592		3,451		674
Corporate debt	11,338		1,760		75,045		14,009		86,383		15,769
RMBS	2,676		174		4,855		577		7,531		751
CMBS	1,840		159		6,570		886		8,410		1,045
CLO	2,992		60		3,823		89		6,815		149
ABS	2,599		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 June 30, 2024 includes mark to market movement relating to embedded derivatives.

At June 30, 2024, we held 14,489 individual fixed maturity securities that were in an unrealized loss position and for which no allowance for credit losses has been recorded (including 11,979 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 June 30, 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
June 30, 2024
Due in one year or less	$	2,986	$	2,948
Due after one year through five years	22,942		22,280
Due after five years through ten years	23,038		21,172
Due after ten years	81,139		65,007
Mortgage-backed, asset-backed and collateralized	57,916		55,913
Total	$	188,021	$	167,320

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  June 30,								Six Months Ended  June 30,
	2024				2023				2024				2023
(in millions)	Gross Realized Gains		Gross Realized Losses		Gross Realized Gains		Gross Realized Losses		Gross Realized Gains		Gross Realized Losses		Gross Realized Gains		Gross Realized Losses
Fixed maturity securities	$	12	$	(554)	$	38	$	(279)	$	15	$	(899)	$	84	$	(418)

For the three and six months ended June 30, 2024, the aggregate fair value of available-for-sale securities sold was $2.5 billion and $5.0 billion, respectively, which resulted in Net realized gains (losses) of $(542) million and $(884) million, respectively. Included within the Net realized gains (losses) are $(49) million and $(71) million of realized gains (losses) for the three and six months ended June 30, 2024, respectively, 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.    

For the three and six months ended June 30, 2023, the aggregate fair value of available-for-sale securities sold was $3.0 billion and $5.7 billion, respectively, which resulted in Net realized gains (losses) of $(241) million and $(334) million, respectively. Included within the Net realized gains (losses) are $(46) million and $(63) million of Net realized gains (losses) for the three and six months ended June 30, 2023, respectively, 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:

	June 30, 2024				December 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. governments	27		1		13		—
Corporate debt	2,833		55		2,653		57
Mortgage-backed, asset-backed and collateralized:
RMBS	163		3		170		4
CMBS	238		5		228		5
CLO	464		9		423		9
ABS	1,279		25		1,051		23
Total mortgage-backed, asset-backed and collateralized	2,144		42		1,872		41
Total fixed maturity securities	5,043		99		4,578		99
Equity securities	73		1		63		1
Total	$	5,116	100	%	$	4,641	100	%

OTHER INVESTED ASSETS

The following table summarizes the carrying amounts of other invested assets:

(in millions)	June 30, 2024		December 31, 2023
Alternative investments(a)(b)	$	7,532	$	7,690
Investment real estate(c)	1,830		1,932
All other investments(d)	595		635
Total	$	9,957	$	10,257

(a)At June 30, 2024, included hedge funds of $229 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 $652 million and $680 million as of June 30, 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 June 30, 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 June 30, 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:

	2024						2023
(in millions)	Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets		Total		Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets		Total
Three Months Ended June 30,
Available-for-sale fixed maturity securities, including short-term investments	$	2,174	$	183	$	2,357	$	1,905	$	208	$	2,113
Other fixed maturity securities	13		78		91		8		6		14
Equity securities	(7)		—		(7)		3		—		3
Interest on mortgage and other loans	592		48		640		564		49		613
Alternative investments*	52		26		78		80		13		93
Real estate	10		(1)		9		15		—		15
Other investments	15		—		15		8		—		8
Total investment income	2,849		334		3,183		2,583		276		2,859
Investment expenses	186		9		195		139		6		145
Net investment income	$	2,663	$	325	$	2,988	$	2,444	$	270	$	2,714
Six Months Ended June 30,
Available-for-sale fixed maturity securities, including short-term investments	$	4,358	$	378	$	4,736	$	3,801	$	425	$	4,226
Other fixed maturity securities	26		149		175		18		111		129
Equity securities	3		—		3		32		—		32
Interest on mortgage and other loans	1,172		96		1,268		1,076		99		1,175
Alternative investments*	—		59		59		79		44		123
Real estate	22		(8)		14		19		—		19
Other investments	27		—		27		11		—		11
Total investment income	5,608		674		6,282		5,036		679		5,715
Investment expenses	353		17		370		291		15		306
Net investment income	$	5,255	$	657	$	5,912	$	4,745	$	664	$	5,409

*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):

	2024						2023
(in millions)	Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets		Total		Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets		Total
Three Months Ended June 30,
Sales of fixed maturity securities	$	(493)	$	(49)	$	(542)	$	(195)	$	(46)	$	(241)
Intent to sell	—		—		—		—		—		—
Change in allowance for credit losses on fixed maturity securities	(50)		(1)		(51)		(26)		(2)		(28)
Change in allowance for credit losses on loans	(34)		(5)		(39)		(48)		(8)		(56)
Foreign exchange transactions, net of related hedges	55		(1)		54		(115)		2		(113)
Index-Linked interest credited embedded derivatives, net of related hedges	(172)		—		(172)		(141)		—		(141)
All other derivatives and hedge accounting*	18		(34)		(16)		258		(77)		181
Sales of alternative investments and real estate investments	11		(3)		8		3		(1)		2
Other	(25)		—		(25)		(48)		2		(46)
Net realized gains (losses) – excluding Fortitude Re funds withheld embedded derivative	(690)		(93)		(783)		(312)		(130)		(442)
Net realized gains (losses) on Fortitude Re funds withheld embedded derivative	—		36		36		—		122		122
Net realized gains (losses)	$	(690)	$	(57)	$	(747)	$	(312)	$	(8)	$	(320)
Six Months Ended June 30,
Sales of fixed maturity securities	$	(813)	$	(71)	$	(884)	$	(271)	$	(63)	$	(334)
Intent to sell	(15)		(32)		(47)		—		—		—
Change in allowance for credit losses on fixed maturity securities	(112)		(7)		(119)		(43)		(2)		(45)
Change in allowance for credit losses on loans	(48)		(3)		(51)		(82)		(27)		(109)
Foreign exchange transactions, net of related hedges	101		—		101		(104)		9		(95)
Index-Linked interest credited embedded derivatives, net of related hedges	(82)		—		(82)		(319)		—		(319)
All other derivatives and hedge accounting*	123		(140)		(17)		94		(29)		65
Sales of alternative investments and real estate investments	31		(4)		27		8		—		8
Other	(53)		—		(53)		(48)		2		(46)
Net realized gains (losses) – excluding Fortitude Re funds withheld embedded derivative	(868)		(257)		(1,125)		(765)		(110)		(875)
Net realized gains (losses) on Fortitude Re funds withheld embedded derivative	—		58		58		—		(903)		(903)
Net realized gains (losses)	$	(868)	$	(199)	$	(1,067)	$	(765)	$	(1,013)	$	(1,778)

*Derivative activity related to hedging MRBs is recorded in Change in the fair value of MRBs, net. For additional disclosures about MRBs, see Note 14.

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  June 30,				Six Months Ended  June 30,
(in millions)	2024		2023		2024		2023
Increase (decrease) in unrealized appreciation (depreciation) of investments:
Fixed maturity securities	$	(1,222)	$	(1,783)	$	(2,309)	$	2,236
Other investments	3		11		3		12
Total increase (decrease) in unrealized appreciation (depreciation) of investments*	$	(1,219)	$	(1,772)	$	(2,306)	$	2,248

*    Excludes net unrealized gains and losses attributable to business Held-for-sale at 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:

	2024						2023
(in millions)	Equities		Other Invested Assets		Total		Equities		Other Invested Assets		Total
Three Months Ended June 30,
Net gains (losses) recognized during the period on equity securities and other investments	$	(7)	$	83	$	76	$	4	$	123	$	127
Less: Net gains (losses) recognized during the period on equity securities and other investments sold during the period	(2)		2		—		—		8		8
Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date	$	(5)	$	81	$	76	$	4	$	115	$	119
Six Months Ended June 30,
Net gains (losses) recognized during the period on equity securities and other investments	$	3	$	153	$	156	$	33	$	154	$	187
Less: Net gains (losses) recognized during the period on equity securities and other investments sold during the period	16		4		20		33		9		42
Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date	$	(13)	$	149	$	136	$	—	$	145	$	145

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:

	2024						2023
(in millions)	Structured		Non-Structured		Total		Structured		Non-Structured		Total
Three Months Ended June 30,
Balance, beginning of period	$	36	$	61	$	97	$	27	$	69	$	96
Additions:
Securities for which allowance for credit losses were not previously recorded	1		14		15		13		16		29
Reductions:
Securities sold during the period	—		(2)		(2)		1		(10)		(9)
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	24		12		36		(1)		—		(1)
Write-offs charged against the allowance	(24)		(28)		(52)		—		(25)		(25)
Other	1		—		1		—		—		—
Balance, end of period	$	38	$	57	$	95	$	40	$	50	$	90
Six Months Ended June 30,
Balance, beginning of year	$	55	$	73	$	128	$	27	$	121	$	148
Additions:
Securities for which allowance for credit losses were not previously recorded	14		31		45		15		28		43
Reductions:
Securities sold during the period	(15)		(11)		(26)		(1)		(27)		(28)
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	46		28		74		(1)		3		2
Write-offs charged against the allowance	(63)		(65)		(128)		—		(75)		(75)
Other	1		1		2		—		—		—
Balance, end of period	$	38	$	57	$	95	$	40	$	50	$	90

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 six months ended June 30, 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)	June 30, 2024		December 31, 2023
Fixed maturity securities available-for-sale	$	1,590	$	2,655

At June 30, 2024 and December 31, 2023, amounts borrowed under repurchase agreements totaled $1.6 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 Continuous		Up to 30 Days		31 - 90 Days		91 - 364 Days		365 Days or Greater		Total
June 30, 2024
Bonds available-for-sale:
Non-U.S. governments	$	—	$	50	$	—	$	—	$	—	$	50
Corporate debt	24		1,516		—		—		—		1,540
Total	$	24	$	1,566	$	—	$	—	$	—	$	1,590
December 31, 2023
Bonds available-for-sale:
Non-U.S. governments	$	—	$	209	$	—	$	—	$	—	$	209
Corporate debt	38		2,408		—		—		—		2,446
Total	$	38	$	2,617	$	—	$	—	$	—	$	2,655

There were no securities lending agreements at June 30, 2024 and December 31, 2023.

There were no reverse repurchase agreements at June 30, 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 $9.8 billion and $8.1 billion at June 30, 2024 and December 31, 2023, respectively.

Other Pledges and Restrictions

Certain of our subsidiaries are members of Federal Home Loan Banks (“FHLB”) 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 June 30, 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 $4.3 billion and $3.0 billion, respectively, at June 30, 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 $49 million and $53 million at June 30, 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 $46 million and $63 million at June 30, 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 $577 million and $490 million at June 30, 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.

XML

Lending Activities

6 Months Ended

Jun. 30, 2024

Receivables [Abstract]

Lending Activities

6. Lending Activities

The following table presents the composition of Mortgage and other loans receivable, net:

(in millions)	June 30, 2024		December 31, 2023
Commercial mortgages(a)	$	34,686	$	34,172
Residential mortgages	9,670		8,445
Life insurance policy loans	1,747		1,746
Commercial loans, other loans and notes receivable(b)	3,318		3,202
Total mortgage and other loans receivable	49,421		47,565
Allowance for credit losses(c)	(758)		(698)
Mortgage and other loans receivable, net	$	48,663	$	46,867

(a)Commercial mortgages primarily represent loans for apartments, offices and retail properties, with exposures in New York and New Jersey representing the largest geographic concentrations (aggregating approximately 19% and 11%, respectively, at June 30, 2024, and 19% and 10%, respectively, at December 31, 2023). The weighted average loan-to-value ratio for NY and NJ was 63% and 60% at June 30, 2024, respectively, and 61% and 58% at December 31, 2023, respectively. The debt service coverage ratio for NY and NJ was 1.8X and 1.8X at June 30, 2024, respectively, and 1.9X and 1.9X at December 31, 2023, respectively.

(b)There were no loans that were held for sale which are carried at lower of cost or market as of June 30, 2024 and December 31, 2023.

(c)Does not include allowance for credit losses of $43 million and $58 million at June 30, 2024 and December 31, 2023, respectively, in relation to off-balance-sheet commitments to fund commercial mortgage loans, which is recorded in Other liabilities.

Interest income is not accrued when payment of contractual principal and interest is not expected. Any cash received on impaired loans is generally recorded as a reduction of the current carrying amount of the loan. Accrual of interest income is generally resumed when delinquent contractual principal and interest are repaid or when a portion of the delinquent contractual payments are made, and the ongoing required contractual payments have been made for an appropriate period. As of June 30, 2024, $48 million and $828 million of residential mortgage loans and commercial mortgage loans, respectively, were placed on nonaccrual status. As of December 31, 2023, $27 million and $419 million of residential mortgage loans and commercial mortgage loans, respectively, were placed on nonaccrual status.    

Accrued interest is presented separately and is included in Accrued investment income on the Condensed Consolidated Balance Sheets. As of June 30, 2024, accrued interest receivable was $36 million and $168 million associated with residential mortgage loans and commercial mortgage loans, respectively. As of December 31, 2023, accrued interest receivable was $20 million and $162 million associated with residential mortgage loans and commercial mortgage loans, respectively.

A significant majority of commercial mortgages in the portfolio are non-recourse loans and, accordingly, the only guarantees are for specific items that are exceptions to the non-recourse provisions. It is therefore extremely rare for us to have cause to enforce the provisions of a guarantee on a commercial real estate or mortgage loan.

Nonperforming loans are generally those loans where payment of contractual principal or interest is more than 90 days past due. Nonperforming loans were not significant for all periods presented.

CREDIT QUALITY OF COMMERCIAL MORTGAGES

The following table presents debt service coverage ratios for commercial mortgages by year of vintage*:

June 30, 2024
(in millions)	2024		2023		2022		2021		2020		Prior		Total
>1.2X	$	916	$	2,160	$	6,236	$	2,127	$	1,270	$	15,711	$	28,420
1.00 - 1.20X	230		325		1,099		1,019		312		2,411		5,396
<1.00X	—		—		39		—		—		831		870
Total commercial mortgages	$	1,146	$	2,485	$	7,374	$	3,146	$	1,582	$	18,953	$	34,686
December 31, 2023
(in millions)	2023		2022		2021		2020		2019		Prior		Total
>1.2X	$	2,156	$	6,042	$	1,955	$	1,252	$	4,813	$	11,675	$	27,893
1.00 - 1.20X	291		1,077		1,320		312		156		2,334		5,490
<1.00X	—		40		—		—		—		749		789
Total commercial mortgages	$	2,447	$	7,159	$	3,275	$	1,564	$	4,969	$	14,758	$	34,172

*The debt service coverage ratio compares a property’s net operating income to its debt service payments, including principal and interest. Our weighted average debt service coverage ratio was 1.9X at both periods ended June 30, 2024 and December 31, 2023. The debt service coverage ratios are updated when additional relevant information becomes available.

The following table presents loan-to-value ratios for commercial mortgages by year of vintage*:

June 30, 2024
(in millions)	2024		2023		2022		2021		2020		Prior		Total
Less than 65%	$	1,075	$	2,099	$	4,878	$	2,285	$	1,140	$	12,132	$	23,609
65% to 75%	71		386		1,915		642		285		4,357		7,656
76% to 80%	—		—		—		47		—		724		771
Greater than 80%	—		—		581		172		157		1,740		2,650
Total commercial mortgages	$	1,146	$	2,485	$	7,374	$	3,146	$	1,582	$	18,953	$	34,686
December 31, 2023
(in millions)	2023		2022		2021		2020		2019		Prior		Total
Less than 65%	$	2,088	$	4,470	$	2,249	$	1,126	$	2,676	$	10,186	$	22,795
65% to 75%	280		1,748		658		287		1,916		2,853		7,742
76% to 80%	—		343		89		—		377		340		1,149
Greater than 80%	79		598		279		151		—		1,379		2,486
Total commercial mortgages	$	2,447	$	7,159	$	3,275	$	1,564	$	4,969	$	14,758	$	34,172

*The loan-to-value ratio compares the current unpaid principal balance of the loan to the estimated fair value of the underlying property collateralizing the loan. Our weighted average loan-to-value ratio was 60% at June 30, 2024 and 59% at December 31, 2023. The loan-to-value ratios have been updated within the last three months to reflect the current carrying values of the loans. We update the valuations of collateral properties by obtaining independent appraisals, generally at least once per year.

The following table presents the credit quality performance indicators for commercial mortgages:

(dollars in millions)	Number of Loans	Class														Percent  of Total
		Apartments		Offices		Retail		Industrial		Hotel		Others		Total
June 30, 2024
Credit Quality Performance Indicator:
In good standing	588	$	14,114	$	8,299	$	3,723	$	5,963	$	1,785	$	431	$	34,315	99%
90 days or less delinquent	1	—		112		—		—		—		—		112		—%
>90 days delinquent or in process of foreclosure(a)	3	—		79		180		—		—		—		259		1%
Total(b)	592	$	14,114	$	8,490	$	3,903	$	5,963	$	1,785	$	431	$	34,686	100%
Allowance for credit losses		$	68	$	383	$	96	$	71	$	31	$	5	$	654	2	%
December 31, 2023
Credit Quality Performance Indicator:
In good standing	600	$	13,861	$	8,468	$	3,787	$	5,908	$	1,805	$	325	$	34,154	100%
90 days or less delinquent	1	—		18		—		—		—		—		18		—%
>90 days delinquent or in process of foreclosure	—	—		—		—		—		—		—		—		—%
Total(b)	601	$	13,861	$	8,486	$	3,787	$	5,908	$	1,805	$	325	$	34,172	100%
Allowance for credit losses		$	85	$	340	$	74	$	83	$	27	$	5	$	614	2	%

(a)Includes $61 million of Offices loans and $20 million of Retail loans supporting the Fortitude Re Funds Withheld arrangements, greater than 90 days delinquent or in process of foreclosure, at June 30, 2024

(b)Does not reflect allowance for credit losses.

The following table presents credit quality performance indicators for residential mortgages by year of vintage:

June 30, 2024
(in millions)	2024		2023		2022		2021		2020		Prior		Total
FICO*:
780 and greater	$	120	$	624	$	663	$	2,276	$	633	$	819	$	5,135
720 - 779	399		1,092		579		563		151		370		3,154
660 - 719	147		354		240		144		41		217		1,143
600 - 659	—		12		37		23		11		83		166
Less than 600	—		2		21		11		4		34		72
Total residential mortgages	$	666	$	2,084	$	1,540	$	3,017	$	840	$	1,523	$	9,670
December 31, 2023
(in millions)	2023		2022		2021		2020		2019		Prior		Total
FICO*:
780 and greater	$	514	$	528	$	2,280	$	619	$	239	$	497	$	4,677
720 - 779	1,121		608		558		168		99		209		2,763
660 - 719	313		256		113		40		37		120		879
600 - 659	2		20		11		8		9		51		101
Less than 600	—		—		2		2		4		17		25
Total residential mortgages	$	1,950	$	1,412	$	2,964	$	837	$	388	$	894	$	8,445

*Fair Isaac Corporation (“FICO”) is the credit quality indicator used to evaluate consumer credit risk for residential mortgage loan borrowers and have been updated within the last twelve months. FICO scores for residential mortgage investor loans to corporate entities are those of the guarantor at time of purchase. On June 30, 2024 and December 31, 2023 residential loans direct to consumers totaled $7.1 billion and $6.7 billion, respectively.

ALLOWANCE FOR CREDIT LOSSES

The following table presents a rollforward of the changes in the allowance for credit losses on Mortgage and other loans receivable*:

	2024						2023
(in millions)	Commercial Mortgages		Other Loans		Total		Commercial Mortgages		Other Loans		Total
Three Months Ended June 30,
Allowance, beginning of period	$	634	$	80	$	714	$	586	$	73	$	659
Loans charged off	—		—		—		(4)		—		(4)
Net charge-offs	—		—		—		(4)		—		(4)
Addition to (release of) allowance for loan losses	20		24		44		39		(5)		34
Allowance, end of period	$	654	$	104	$	758	$	621	$	68	$	689
Six Months Ended June 30,
Allowance, beginning of period	$	614	$	84	$	698	$	531	$	69	$	600
Loans charged off	—		(6)		(6)		(4)		—		(4)
Net charge-offs	—		(6)		(6)		(4)		—		(4)
Addition to (release of) allowance for loan losses	40		26		66		94		(1)		93
Allowance, end of period	$	654	$	104	$	758	$	621	$	68	$	689

*Does not include allowance for credit losses of $43 million and $74 million, respectively, at June 30, 2024 and 2023 in relation to the off-balance-sheet commitments to fund commercial mortgage loans, which is recorded in Other liabilities in the Condensed Consolidated Balance Sheets.

Our expectations and models used to estimate the allowance for losses on commercial and residential mortgage loans are regularly updated to reflect the current economic environment.

LOAN MODIFICATIONS

The allowance for credit losses incorporates an estimate of lifetime expected credit losses and is recorded on each asset upon asset origination or acquisition. The starting point for the estimate of the allowance for credit losses is historical loss information, which includes losses from modifications of receivables to borrowers experiencing financial difficulty. We use a probability of default/loss given default model to determine the allowance for credit losses for our commercial and residential mortgage loans. An assessment of whether a borrower is experiencing financial difficulty is made on the date of a modification.

Because the effect of most modifications made to borrowers experiencing financial difficulty is already included in the allowance for credit losses utilizing the measurement methodologies used to estimate the allowance, a change to the allowance for credit losses is generally not recorded upon modification.

When modifications are executed, they often will be in the form of principal forgiveness, term extensions, interest rate reductions, or some combination of any of these concessions. When principal is forgiven, the amortized cost basis of the asset is written off against the allowance for credit losses. The amount of the principal forgiveness is deemed to be uncollectible; therefore, that portion of the loan is written off, resulting in a reduction of the amortized cost basis and a corresponding adjustment to the allowance for credit losses.

We assess whether a borrower is experiencing financial difficulty based on a variety of factors, including the borrower’s current default on any of its outstanding debt, the probability of a default on any of its debt in the foreseeable future without the modification, the insufficiency of the borrower’s forecasted cash flows to service any of its outstanding debt (including both principal and interest), and the borrower’s inability to access alternative third party financing at an interest rate that would be reflective of current market conditions for a non-troubled debtor.

During the six months ended June 30, 2024, commercial mortgage loans with an amortized cost of $11 million supporting the funds withheld arrangements with Fortitude Re and commercial loans, other loans and notes receivable with an amortized cost of $168 million (none of which were supporting the funds withheld arrangements with Fortitude Re, and $168 million of which is related to the loans previously modified in 2023) were granted term extensions. The modified loans represent less than 1% and 6%, respectively, of these portfolio segments. These modifications added less than one year to the weighted average life of loans in each of these two portfolio segments.

There were no loans that defaulted during the six months ended June 30, 2024 and 2023, that had been previously modified with borrowers experiencing financial difficulties.

Corebridge closely monitors the performance of the loans modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. All loans with borrowers with financial difficulty that have been modified in the previous 12 months are current and performing in conjunction with its modified terms.

XML

Reinsurance

6 Months Ended

Jun. 30, 2024

Insurance [Abstract]

Reinsurance

7. Reinsurance

In the ordinary course of business, our insurance companies may use ceded reinsurance to limit potential losses, provide additional capacity for growth, minimize exposure to significant risks or to provide greater diversification of our businesses. We may also use assumed reinsurance to diversify our business. Our reinsurance is principally under yearly renewable term (“YRT”) treaties, along with a large modco treaty reinsuring the majority of our legacy business to Fortitude Re. Reinsurance premiums ceded are recognized when due, along with corresponding benefits. Amounts recoverable from reinsurers are presented as a component of Reinsurance assets.

Reinsurance assets include the balances due from reinsurance and insurance companies under the terms of our reinsurance agreements for ceded future policy benefits for life and accident and health insurance contracts and benefits paid and unpaid. We remain liable to the extent that our reinsurers do not meet their obligations under the reinsurance contracts, and as such, we regularly evaluate the financial condition of our reinsurers and monitor concentration of our credit risk. The estimation of the allowance for credit losses and disputes requires judgment for which key inputs typically include historical trends regarding uncollectible balances, disputes and credit events as well as specific reviews of balances in dispute or subject to credit impairment. Changes in the allowance for credit losses and disputes on reinsurance assets are reflected in policyholder benefits within the Consolidated Statements of Income (Loss).

Reinsurance recoverables are recognized in a manner consistent with the liabilities relating to the underlying reinsured contracts.

FORTITUDE RE

AGL, VALIC and USL, have modco agreements with Fortitude Re, a registered Class 4 and Class E reinsurer in Bermuda.

In the modco, the investments supporting the reinsurance agreements, which consist mostly of available-for-sale securities, and which reflect the majority of the consideration that would be paid to the reinsurer for entering into the transaction, are withheld by, and therefore continue to reside on the balance sheet of, the ceding company (i.e., Corebridge), thereby creating an obligation for the ceding company to pay the reinsurer (i.e., Fortitude Re) at a later date. Additionally, as Corebridge maintains ownership of these investments, Corebridge will maintain its existing accounting for these assets (e.g., the changes in fair value of available-for-sale securities will be recognized within OCI). Corebridge has established a funds withheld payable to Fortitude Re while simultaneously establishing a reinsurance asset representing liabilities for the insurance coverage that Fortitude Re has assumed. The funds withheld payable contains an embedded derivative and changes in fair value of the embedded derivative related to the funds withheld payable are recognized in earnings through realized gains (losses). This embedded derivative is considered a total return swap with contractual returns that are attributable to various assets and liabilities associated with these reinsurance agreements.

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:

	June 30, 2024				December 31, 2023
(in millions)	Carrying Value		Fair Value		Carrying Value		Fair Value		Corresponding Accounting Policy
Fixed maturity securities - available-for-sale	$	13,896	$	13,896	$	15,204	$	15,204	Fair value through other comprehensive income
Fixed maturity securities - fair value option	4,680		4,680		4,212		4,212		Fair value through net investment income
Commercial mortgage loans	3,277		3,040		3,378		3,157		Amortized cost
Real estate investments	171		286		184		329		Amortized cost
Private equity funds/hedge funds	1,892		1,892		1,910		1,910		Fair value through net investment income
Policy loans	323		323		330		330		Amortized cost
Short-term Investments	217		217		129		129		Fair value through net investment income
Funds withheld investment assets	24,456		24,334		25,347		25,271
Derivative assets, net(a)	1		1		45		45		Fair value through realized gains (losses)
Other(b)	605		605		641		641		Amortized cost
Total	$	25,062	$	24,940	$	26,033	$	25,957

(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 $2 million and $11 million, respectively, as of June 30, 2024. 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. These derivative assets and liabilities are fully collateralized either by cash or securities.

(b)Primarily comprised of Cash and Accrued investment income.

The impact of the funds withheld arrangements with Fortitude Re was as follows:

	Three Months Ended  June 30,				Six Months Ended  June 30,
(in millions)	2024		2023		2024		2023
Net investment income - Fortitude Re funds withheld assets	$	325	$	270	$	657	$	664
Net realized losses on Fortitude Re funds withheld assets:
Net realized losses Fortitude Re funds withheld assets	(93)		(130)		(257)		(110)
Net realized gains (losses) Fortitude Re funds withheld embedded derivatives	36		122		58		(903)
Net realized losses on Fortitude Re funds withheld assets	(57)		(8)		(199)		(1,013)
Income (loss) before income tax expense (benefit)	268		262		458		(349)
Income tax expense (benefit)*	56		55		96		(73)
Net income (loss)	212		207		362		(276)
Change in unrealized appreciation (depreciation) of the invested assets supporting the Fortitude Re modco arrangement classified as available-for-sale*	(216)		(165)		(332)		286
Comprehensive income (loss)	$	(4)	$	42	$	30	$	10

*The income tax expense (benefit) and the tax impact in OCI was computed using the U.S. statutory tax rate of 21%.

Various assets supporting the Fortitude Re funds withheld arrangements are reported at amortized cost, and as such, changes in the fair value of these assets are not reflected in the financial statements. However, changes in the fair value of these assets are included in the embedded derivative in the Fortitude Re funds withheld arrangement and the appreciation (depreciation) of the assets is the primary driver of the comprehensive income (loss) reflected above.

REINSURANCE – CREDIT LOSSES

The estimation of reinsurance recoverables involves a significant amount of judgment. Reinsurance assets include reinsurance recoverables on future policy benefits and policyholder contract deposits that are estimated as part of our insurance liability valuation process and, consequently, are subject to similar judgments and uncertainties as the estimation of gross benefit liabilities.

We assess the collectability of reinsurance recoverable balances in each reporting period, through either historical trends of disputes and credit events or financial analysis of the credit quality of the reinsurer. We record adjustments to reflect the results of these assessments through an allowance for credit losses and disputes on uncollectible reinsurance that reduces the carrying amount of reinsurance and other assets on the Condensed Consolidated Balance Sheets (collectively, the reinsurance recoverable balances). This estimate requires significant judgment for which key considerations include:

•paid and unpaid amounts recoverable;

•whether the balance is in dispute or subject to legal collection;

•the relative financial health of the reinsurer as classified by the Obligor Risk Ratings (“ORRs”) we assign to each reinsurer based upon our financial reviews; insurers that are financially troubled (i.e., in run-off, have voluntarily or involuntarily been placed in receivership, are insolvent, are in the process of liquidation or otherwise subject to formal or informal regulatory restriction) are assigned ORRs that will generate a significant allowance; and

•whether collateral and collateral arrangements exist.

An estimate of the reinsurance recoverable’s lifetime expected credit losses is established utilizing a probability of default and loss given default method, which reflects the reinsurer’s ORR. The allowance for credit losses excludes disputed amounts. An allowance for disputes is established for a reinsurance recoverable using the losses incurred model for contingencies.

The total reinsurance recoverables as of June 30, 2024 were $27.0 billion. As of that date, utilizing Corebridge’s ORRs, (i) approximately 100% of the reinsurance recoverables were investment grade, (ii) less than 1% were non-investment grade reinsurance recoverables and (iii) none of the reinsurance recoverables were related to entities that were not rated by Corebridge.

Reinsurance Recoverable Allowance

The following table presents a rollforward of the reinsurance recoverable allowance:

	Three Months Ended  June 30,				Six Months Ended  June 30,
(in millions)	2024		2023		2024		2023
Balance, beginning of period	$	18	$	74	$	30	$	84
Current period provision for expected credit losses and disputes	(6)		(8)		(8)		(18)
Write-offs charged against the allowance for credit losses and disputes	—		—		(10)		—
Balance, end of period	$	12	$	66	$	12	$	66

There were no material recoveries of credit losses previously written off for the six months ended June 30, 2024 or 2023.

Past-Due Status

We consider a reinsurance asset to be past due when it is 90 days past due and record an allowance for disputes when there is reasonable uncertainty of the collectability of a disputed amount during the reporting period. Past-due balances were not significant for any of the periods presented.

For further discussion of arbitration proceedings against us, see Note 15.

XML

Variable Interest Entities

6 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Variable Interest Entities

8. Variable Interest Entities

A VIE is a legal entity that does not have sufficient equity at risk to finance its activities without additional subordinated financial support or is structured such that equity investors lack the ability to make significant decisions relating to the entity’s operations through voting rights or do not substantively participate in the gains and losses of the entity. Consolidation of a VIE by its primary beneficiary is not based on majority voting interest but is based on other criteria discussed below.

We enter into various arrangements with VIEs in the normal course of business and consolidate the VIEs when we determine we are the primary beneficiary. This analysis includes a review of the VIE’s capital structure, related contractual relationships and terms, nature of the VIE’s operations and purpose, nature of the VIE’s interests issued and our involvement with the entity. When assessing the need to consolidate a VIE, we evaluate the design of the VIE as well as the related risks to which the entity was designed to expose the variable interest holders.

The primary beneficiary is the entity that has both (i) the power to direct the activities of the VIE that most significantly affect the entity’s economic performance and (ii) the obligation to absorb losses or the right to receive benefits that could be potentially significant to the VIE. While also considering these factors, the consolidation conclusion depends on the breadth of our decision-making ability and our ability to influence activities that significantly affect the economic performance of the VIE.

BALANCE SHEET CLASSIFICATION AND EXPOSURE TO LOSS

Creditors or beneficial interest holders of VIEs for which the Company is the primary beneficiary generally have recourse only to the assets and cash flows of the VIEs and do not have recourse to the Company. The following table presents the total assets and total liabilities associated with our variable interests in consolidated VIEs, as classified in the Condensed Consolidated Balance Sheets:

(in millions)	Real Estate and Investment Entities(c)		Securitization and Repackaging Vehicles		Total
June 30, 2024
Assets:
Bonds available-for-sale	$	38	$	2	$	40
Other bond securities	46		—		46
Equity securities	20		—		20
Mortgage and other loans receivable	—		1,950		1,950
Other invested assets
Alternative investments(a)	2,487		—		2,487
Investment real estate	1,288		—		1,288
Short-term investments	188		1		189
Cash	58		—		58
Accrued investment income	2		5		7
Other assets	78		1		79
Total assets(b)	$	4,205	$	1,959	$	6,164
Liabilities:
Debt of consolidated investment entities	$	903	$	1,136	$	2,039
Other liabilities	69		—		69
Total liabilities	$	972	$	1,136	$	2,108
December 31, 2023
Assets:
Bonds available-for-sale	$	36	$	76	$	112
Other bond securities	45		—		45
Equity securities	8		—		8
Mortgage and other loans receivable	—		1,941		1,941
Other invested assets
Alternative investments(a)	2,695		—		2,695
Investment real estate	1,488		—		1,488
Short-term investments	125		5		130
Cash	61		—		61
Accrued investment income	2		5		7
Other assets	93		2		95
Total assets(b)	$	4,553	$	2,029	$	6,582
Liabilities:
Debt of consolidated investment entities	$	1,117	$	1,149	$	2,266
Other liabilities	82		1		83
Total liabilities	$	1,199	$	1,150	$	2,349

(a)Composed primarily of investments in real estate joint ventures at June 30, 2024 and December 31, 2023.

(b)The assets of each VIE can be used only to settle specific obligations of that VIE.

(c)Off-balance-sheet exposure primarily consisting of commitments by insurance operations and affiliates into real estate and investment entities. At June 30, 2024 and December 31, 2023, together, the Company and AIG affiliates have commitments to internal parties of $1.3 billion and $1.8 billion and commitments to external parties of $0.4 billion and $0.4 billion, respectively. At June 30, 2024, $0.7 billion out of the internal commitments was from subsidiaries of Corebridge entities and $0.6 billion was from other AIG affiliates. At December 31, 2023, $1.2 billion out of the internal commitments was from subsidiaries of Corebridge entities, and $0.6 billion was from other AIG affiliates.

The following table presents the revenue, net income (loss) attributable to noncontrolling interests and net income (loss) attributable to Corebridge associated with our variable interests in consolidated VIEs, as classified in the Condensed Consolidated Statements of Income (Loss):

	Real Estate and		Securitization
	Investment		and Repackaging
(in millions)	Entities		Vehicles		Total
Three Months Ended June 30, 2024
Total revenue	$	6	$	19	$	25
Net (loss) attributable to noncontrolling interests	$	(24)	$	—	$	(24)
Net income attributable to Corebridge	$	11	$	9	$	20
Three Months Ended June 30, 2023
Total revenue	$	16	$	18	$	34
Net (loss) attributable to noncontrolling interests	$	(20)	$	—	$	(20)
Net income attributable to Corebridge	$	19	$	9	$	28
Six Months Ended June 30, 2024
Total revenue	$	(57)	$	35	$	(22)
Net (loss) attributable to noncontrolling interests	$	(75)	$	—	$	(75)
Net income (loss) attributable to Corebridge	$	(21)	$	18	$	(3)
Six Months Ended June 30, 2023
Total revenue	$	69	$	77	$	146
Net (loss) attributable to noncontrolling interests	$	(14)	$	—	$	(14)
Net income attributable to Corebridge	$	52	$	54	$	106

We calculate our maximum exposure to loss to be (i) the amount invested in the debt or equity of the VIE, (ii) the notional amount of VIE assets or liabilities where we have also provided credit protection to the VIE with the VIE as the referenced obligation and (iii) other commitments and guarantees to the VIE.

The following table presents total assets of unconsolidated VIEs in which we hold a variable interest, as well as our maximum exposure to loss associated with these VIEs:

			Maximum Exposure to Loss
(in millions)	Total VIE Assets			On-Balance Sheet(b)		Off-Balance Sheet (c)		Total
June 30, 2024
Real estate and investment entities(a)	$	410,042		$	5,574	$	2,839	$	8,413
Total	$	410,042		$	5,574	$	2,839	$	8,413
December 31, 2023
Real estate and investment entities(a)	$	398,978		$	5,532	$	2,870	$	8,402
Total	$	398,978		$	5,532	$	2,870	$	8,402

(a)Composed primarily of hedge funds and private equity funds.

(b)At June 30, 2024 and December 31, 2023, $5.5 billion and $5.5 billion, respectively, of our total unconsolidated VIE assets were recorded as other invested assets.

(c)These amounts represent our unfunded commitments to invest in private equity funds and hedge funds.

Additionally, from time to time, AIG designed internal securitizations and a series of VIEs, which are not consolidated by Corebridge, that securitized certain secured loans, bank loans and residential mortgage loans. The notes held by Corebridge and their related fair values are included in the available-for-sale disclosures that are reported in Notes 4 and 5. As of June 30, 2024, the total VIE assets of these securitizations are $2.8 billion, of which Corebridge’s maximum exposure to loss including unfunded commitments is $2.2 billion. As of December 31, 2023, the total VIE assets of these securitizations are $3.1 billion, of which Corebridge’s maximum exposure to loss is $2.2 billion

XML

Derivatives and Hedge Accounting

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives and Hedge Accounting

9. Derivatives and Hedge Accounting

We use derivatives and other financial instruments as part of our financial risk management programs and as part of our investment operations. Interest rate derivatives (such as interest rate futures, swaps and options), equity derivatives (such as equity futures, swaps and options) and fixed maturity securities are used to economically mitigate interest rate risk, equity risk and credit spread exposure associated with MRBs and embedded derivatives contained in insurance contract liabilities. Interest rate derivatives are used to manage interest rate risk associated with fixed maturity securities as well as other interest rate sensitive assets and liabilities. Equity derivatives are used to economically mitigate financial risk associated with embedded derivatives and MRBs in certain insurance liabilities. In addition, equity derivatives are used to economically hedge certain investments. Foreign exchange derivatives (principally foreign exchange forwards and swaps) are used to economically mitigate risk associated with foreign denominated investments, net capital exposures and foreign currency transactions. We use credit derivatives to manage our credit exposures. The derivatives are effective economic hedges of the exposures that they are meant to offset. As part of our strategy to enhance investment income, in addition to hedging activities, we also enter into derivative contracts with respect to investment operations, which may include, among other things, credit default swaps (“CDS”), total return swaps and purchases of investments with embedded derivatives, such as equity-linked notes and convertible bonds.

Interest rate, currency and equity swaps, credit contracts, swaptions, options and forward transactions are accounted for as derivatives, recorded on a trade-date basis and carried at fair value. Unrealized gains and losses are generally reflected in income, except in certain situations in which hedge accounting is applied and unrealized gains and losses are reflected in AOCI. Aggregate asset or liability positions are netted on the Condensed Consolidated Balance Sheets only to the extent permitted by qualifying master netting arrangements in place with each respective counterparty. Cash collateral posted with counterparties in conjunction with transactions supported by qualifying master netting arrangements is reported as a reduction of the corresponding net derivative liability, while cash collateral received in conjunction with transactions supported by qualifying master netting arrangements is reported as a reduction of the corresponding net derivative asset.

Derivatives, with the exception of embedded derivatives, are reported at fair value in the Condensed Consolidated Balance Sheets in Other assets and Other liabilities. Embedded derivatives are generally presented with the host contract in the Condensed Consolidated Balance Sheets. A bifurcated embedded derivative is measured at fair value and accounted for in the same manner as a freestanding derivative contract. The corresponding host contract is accounted for according to the accounting guidance applicable for that instrument.

For additional information on embedded derivatives and MRBs, see Notes 4, 13 and 14.

The following table presents the notional amounts of our derivatives and the fair value of derivative assets and liabilities in the Condensed Consolidated Balance Sheets:

	June 30, 2024								December 31, 2023
	Gross Derivative Assets				Gross Derivative Liabilities				Gross Derivative Assets				Gross Derivative Liabilities
(in millions)	Notional Amount		Fair Value		Notional Amount		Fair Value		Notional Amount		Fair Value		Notional Amount		Fair Value
Derivatives designated as hedging instruments:(a)
Interest rate contracts	$	1,560	$	217	$	4,977	$	85	$	2,213	$	238	$	833	$	18
Foreign exchange contracts	5,607		447		1,957		55		2,918		354		4,829		164
Derivatives not designated as hedging instruments:(a)
Interest rate contracts	53,412		3,318		35,930		3,330		41,056		2,709		41,225		3,260
Foreign exchange contracts	9,509		585		5,108		280		6,260		586		7,878		399
Equity contracts	81,499		3,498		22,247		1,679		76,561		2,017		14,144		745
Credit contracts(b)	2,005		76		5		—		305		8		5		—
Other contracts(c)	43,737		13		47		—		44,640		13		47		2
Total derivatives, gross	$	197,329	$	8,154	$	70,271	$	5,429	$	173,953	$	5,925	$	68,961	$	4,588
Counterparty netting(d)			(4,940)				(4,940)				(3,646)				(3,646)
Cash collateral(e)			(2,723)				(305)				(1,886)				(801)
Total derivatives on Condensed Consolidated Balance Sheets(f)			$	491			$	184			$	393			$	141

(a)Fair value amounts are shown before the effects of counterparty netting adjustments and offsetting cash collateral.

(b)Includes written credit default swaps linked to certain actively traded indices. In the case of a credit event, the maximum future payment is limited to the constituent’s representation within the index.

(c)Consists primarily of stable value wraps and contracts with multiple underlying exposures.

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

(e)Represents cash collateral posted and received that is eligible for netting.

(f)Freestanding derivatives only, excludes embedded derivatives. Derivative instrument assets and liabilities are recorded in Other assets and Other liabilities, respectively. The fair value of assets related to bifurcated embedded derivatives were both zero at June 30, 2024 and December 31, 2023. The fair value of liabilities related to bifurcated embedded derivatives was $11.1 billion and $10.2 billion at June 30, 2024 and December 31, 2023, respectively. A bifurcated embedded derivative is generally presented with the host contract in the Condensed Consolidated Balance Sheets. Embedded derivatives are primarily related to guarantee features in fixed index annuities, index universal life contracts and bonds available-for-sale, which include equity and interest rate components and the funds withheld arrangement with Fortitude Re. For additional information, see Note 7.

The following table presents the gross notional amounts of our derivatives and the fair value of derivative assets and liabilities with related parties and third parties:

	June 30, 2024								December 31, 2023
	Gross Derivative Assets				Gross Derivative Liabilities				Gross Derivative Assets				Gross Derivative Liabilities
(in millions)	Notional Amount		Fair Value		Notional Amount		Fair Value		Notional Amount		Fair Value		Notional Amount		Fair Value
Total derivatives with related parties	$	3,362	$	65	$	1	$	—	$	53,163	$	622	$	5,720	$	232
Total derivatives with third parties	193,967		8,089		70,270		5,429		120,790		5,303		63,241		4,356
Total derivatives, gross	$	197,329	$	8,154	$	70,271	$	5,429	$	173,953	$	5,925	$	68,961	$	4,588

As of June 30, 2024 and December 31, 2023, the following amounts were recorded on the Condensed Consolidated Balance Sheets related to the carrying amount of the hedged assets (liabilities) and cumulative basis adjustments included in the carrying amount for fair value hedges:

	June 30, 2024				December 31, 2023
(in millions)	Carrying Amount of the Hedged Assets (Liabilities)		Cumulative Amount of Fair Value Hedging Adjustments Included In the Carrying Amount of the Hedged Assets Liabilities		Carrying Amount of the Hedged Assets (Liabilities)		Cumulative Amount of Fair Value Hedging Adjustments Included In the Carrying Amount of the Hedged Assets Liabilities
Balance sheet line item in which hedged item is recorded:
Fixed maturities, available-for-sale, at fair value	$	6,662	$	—	$	7,412	$	—
Commercial mortgage and other loans(a)	—		(22)		—		(24)
Policyholder contract deposits(b)	(7,422)		43		(4,756)		(31)

(a)This relates to hedge accounting that has been discontinued, but the respective loans are still held. The cumulative adjustment is being amortized into earnings over the remaining life of the loan.

(b)This relates to fair value hedges on GICs.

COLLATERAL

We engage in derivative transactions that are not subject to a clearing requirement directly with related parties and unaffiliated third parties, in most cases under International Swaps and Derivatives Association, Inc. (“ISDA”) Master Agreements. Many of the ISDA Master Agreements also include Credit Support Annex provisions, which provide for collateral postings that may vary based on criteria such as ratings and threshold levels. We attempt to reduce our risk with certain counterparties by entering into agreements that enable collateral to be obtained from a counterparty on an up-front or contingent basis. We minimize the risk that counterparties might be unable to fulfill their contractual obligations by monitoring counterparty credit exposure and collateral value and generally requiring additional collateral to be posted upon the occurrence of certain events or circumstances.

Collateral posted by us to third parties for derivative transactions was $1.1 billion and $1.4 billion at June 30, 2024 and December 31, 2023, respectively. No collateral was posted by us to related parties for derivative transactions at June 30, 2024 and December 31, 2023, respectively. In the case of collateral posted under derivative transactions that are not subject to clearing, this collateral can generally be repledged or resold by the counterparties. Collateral provided to us from third parties for derivative transactions was $3.2 billion and $1.9 billion at June 30, 2024 and December 31, 2023, respectively. Collateral provided to us from related parties for derivative transactions was $66 million and $377 million at June 30, 2024 and December 31, 2023, respectively. In the case of collateral provided to us under derivative transactions that are not subject to clearing, we generally can repledge or resell collateral.

OFFSETTING

We have elected to present all derivative receivables and derivative payables, and the related cash collateral received and paid, on a net basis on our Condensed Consolidated Balance Sheets when a legally enforceable ISDA Master Agreement exists between us and our derivative counterparty. An ISDA Master Agreement is an agreement governing multiple derivative transactions between two counterparties. The ISDA Master Agreement generally provides for the net settlement of all, or a specified group, of these derivative transactions, as well as transferred collateral, through a single payment, and in a single currency, as applicable. The net settlement provisions apply in the event of a default on, or affecting any, one derivative transaction or a termination event affecting all, or a specified group of, derivative transactions governed by the ISDA Master Agreement.

HEDGE ACCOUNTING

We designated certain derivatives entered into with related parties as fair value hedges of available-for-sale securities held by our insurance subsidiaries. The fair value hedges include foreign currency forwards and cross-currency swaps designated as hedges of the change in fair value of foreign currency denominated available-for-sale securities attributable to changes in foreign exchange rates. We also designated certain interest rate swaps entered into with related parties as fair value hedges of fixed rate GICs and commercial mortgage loans attributable to changes in benchmark interest rates.

In 2022, we designated certain interest rate swaps entered into with related parties as cash flow hedges of forecasted coupon payments associated with anticipated long-term debt issuances. For the three and six months ended June 30, 2024, $7 million and $14 million, respectively, and for the three and six months ended June 30, 2023, $7 million and $14 million, respectively, have been reclassified into Interest expense. The remaining amount in AOCI, of $160 million, will be reclassified into Interest expense over the life of the hedging relationship, which can extend up to 30 years. We expect $28 million to be reclassified into Interest expense over the next 12 months. There are no amounts excluded from the assessment of hedge effectiveness that are recognized in earnings.

For additional information related to the debt issuances, see Note 17 to the Consolidated Financial Statements in the 2023 Form 10-K.

We also designated certain interest rate swaps as cash flow hedges of floating-rate investment assets. Related to such swaps, for the three and six months ended June 30, 2024, we recognized derivative gains (losses) of $5 million and $(13) million, respectively, in AOCI and $(4) million and $(7) million, respectively, in net investment income. As it relates to such hedges, we do not expect any reclassifications into net investment income over the next 12 months and there are no amounts excluded from the assessment of hedge effectiveness that are recognized in earnings.

We use cross-currency swaps as hedging instruments in net investment hedge relationships to mitigate the foreign exchange risk associated with our non-U.S. dollar functional currency foreign subsidiaries. For net investment hedge relationships that use derivatives as hedging instruments, we assess hedge effectiveness and measure hedge ineffectiveness using changes in forward rates. We recognized gains (losses) for the three and six months ended June 30, 2024 of $1 million and $3 million, respectively, and for the three and six months ended June 30, 2023 of $(1) million and $(2) million, respectively, included in Change in foreign currency translation adjustment in OCI related to the net investment hedge relationships. The gains (losses) recognized primarily include transactions with related parties. A qualitative methodology is utilized to assess hedge effectiveness for net investment hedges, while regression analysis is employed for all other hedges.

The following table presents the gain (loss) recognized in earnings on our derivative instruments in fair value hedging relationships in the Condensed Consolidated Statements of Income (Loss):

	Gains/(Losses) Recognized in Earnings for:
(in millions)	Hedging Derivatives(a)(c)		Excluded Components(b)(c)		Hedged Items		Net Impact
Three Months Ended June 30, 2024
Interest rate contracts:
Interest credited to policyholder account balances	$	(10)	$	—	$	4	$	(6)
Foreign exchange contracts:
Realized gains (losses)	$	25	$	53	$	(25)	$	53
Three Months Ended June 30, 2023
Interest rate contracts:
Interest credited to policyholder account balances	$	(43)	$	—	$	37	$	(6)
Foreign exchange contracts:
Realized gains (losses)	$	(79)	$	30	$	79	$	30
Six Months Ended June 30, 2024
Interest rate contracts:
Interest credited to policyholder account balances	$	(69)	$	—	$	69	$	—
Foreign exchange contracts:
Realized gains (losses)	$	169	$	42	$	(169)	$	42
Six Months Ended June 30, 2023
Interest rate contracts:
Interest credited to policyholder account balances	$	43	$	—	$	(51)	$	(8)
Foreign exchange contracts:
Realized gains (losses)	(162)		109		162		109

(a)Gains and losses on derivative instruments designated and qualifying in fair value hedges that are included in the assessment of hedge effectiveness.

(b)Includes gains and losses with related parties for the three and six months ended June 30, 2024 and 2023.

(c)Gains and losses on derivative instruments designated and qualifying in fair value hedges that are excluded from the assessment of hedge effectiveness and recognized in earnings on a mark-to-market basis.

DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS

The following table presents the effect of derivative instruments not designated as hedging instruments in the Condensed Consolidated Statements of Income (Loss):

	Gains (Losses) Recognized in Earnings
	Three Months Ended  June 30,				Six Months Ended  June 30,
(in millions)	2024		2023		2024		2023
By Derivative Type:
Interest rate contracts	$	3	$	(148)	$	(364)	$	(116)
Foreign exchange contracts	(60)		(123)		164		(190)
Equity contracts	14		(131)		203		(48)
Credit contracts	3		—		26		—
Other contracts	15		152		31		25
Embedded derivatives	(275)		(435)		(837)		(819)
Fortitude Re funds withheld embedded derivative	36		122		58		(903)
Total(a)	$	(264)	$	(563)	$	(719)	$	(2,051)
By Classification:
Policy fees	$	14	$	16	$	29	$	32
Net investment income (loss) - Fortitude Re funds withheld assets	6		—		11		(2)
Net realized gains (losses) - excluding Fortitude Re funds withheld assets(b)	(129)		9		169		(405)
Net realized losses on Fortitude Re funds withheld assets	(37)		(85)		(132)		(42)
Net realized gains (losses) on Fortitude Re funds withheld embedded derivatives	36		122		58		(903)
Policyholder benefits	—		(3)		—		—
Change in the Fair value of market risk benefits(c)	(154)		(622)		(854)		(731)
Total(a)	$	(264)	$	(563)	$	(719)	$	(2,051)

(a)Includes gains (losses) with related parties of $49 million and $(246) million for the three months ended June 30, 2024 and 2023, respectively, and $36 million and $(240) million for the six months ended June 30, 2024 and 2023, respectively.

(b)Includes a $5 million gain related to the sale of AIG Life U.K. reported in net (gain) loss on divestitures for the six months ended June 30, 2024. For further details on this transaction, see Note 1.

(c)This represents activity related to derivatives that economically hedged changes in fair value of certain MRBs.

In addition to embedded derivatives within policyholder contract deposits, certain guaranteed benefits within insurance contracts are classified as MRBs. The change in the fair value of these benefits is disclosed in Note 14. The change in the fair value of MRBs and the derivative instruments that hedge those risks are recognized in “Change in the fair value of MRBs, net” in the Condensed Consolidated Statements of Income (Loss).

HYBRID SECURITIES WITH EMBEDDED CREDIT DERIVATIVES

We invest in hybrid securities (such as credit-linked notes) with the intent of generating income, and not specifically to acquire exposure to embedded derivative risk. As is the case with our other investments in RMBS, CMBS, CLOs, ABS and collateralized debt obligations (“CDOs”), our investments in these hybrid securities are exposed to losses only up to the amount of our initial investment in the hybrid security. Other than our initial investment in the hybrid securities, we have no further obligation to make payments on the embedded credit derivatives in the related hybrid securities.

We elect to account for our investments in these hybrid securities with embedded written credit derivatives at fair value, with changes in fair value recognized in Net investment income. Our investments in these hybrid securities are reported as Other bond securities in the Condensed Consolidated Balance Sheets. The fair values of these hybrid securities were both zero at June 30, 2024 and December 31, 2023. These securities have par amounts of $25 million and $25 million at June 30, 2024 and December 31, 2023, respectively, and have remaining stated maturity dates that extend to 2052.

XML

Deferred Policy Acquisition Costs

6 Months Ended

Jun. 30, 2024

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Deferred Policy Acquisition Costs

10. Deferred Policy Acquisition Costs

Deferred policy acquisition costs (“DAC”) represent those costs that are incremental and directly related to the successful acquisition of new or renewal of existing insurance contracts. We defer incremental costs that result directly from, and are essential to, the acquisition or renewal of an insurance contract. Such DAC generally include agent or broker commissions and bonuses, and medical fees that would not have been incurred if the insurance contract had not been acquired or renewed. Each cost is analyzed to assess whether it is fully deferrable. We partially defer costs, including certain commissions, when we do not believe that the entire cost is directly related to the acquisition or renewal of insurance contracts. Commissions that are not deferred to DAC are recorded in Non-deferrable insurance commissions in the Condensed Consolidated Statements of Income (Loss).

We also defer a portion of employee total compensation and payroll-related fringe benefits directly related to time spent performing specific acquisition or renewal activities, including costs associated with the time spent on underwriting, policy issuance and processing, and sales force contract selling. The amounts deferred are derived based on successful efforts for each distribution channel and/or cost center from which the cost originates.

DAC for all contracts, except for those with limited to no exposure to policyholder behavior risk, (i.e., certain investment contracts), is grouped and amortized on a constant level basis over the expected term of the related contracts.

Value of Business Acquired (“VOBA”): VOBA is determined at the time of acquisition and is reported in the Condensed Consolidated Balance Sheets with DAC. This value is based on the present value of future pre-tax profits discounted at yields applicable at the time of purchase. VOBA is amortized, consistent with DAC, i.e., over the life of the business on a constant level basis.

The following table presents a rollforward of deferred policy acquisition costs and value of business acquired related to long-duration contracts for the six months ended June 30, 2024 and 2023:

	Individual Retirement		Group Retirement		Life Insurance		Institutional Markets		Total
(in millions)
DAC:
Balance at January 1, 2024 (a)	$	4,777	$	1,055	$	4,092	$	70	$	9,994
Capitalization	395		41		226		22		684
Amortization expense	(301)		(42)		(177)		(6)		(526)
Other, including foreign exchange	—		—		(7)		—		(7)
Dispositions	—		—		(27)		—		(27)
Balance at June 30, 2024	$	4,871	$	1,054	$	4,107	$	86	$	10,118
Balance at January 1, 2023	$	4,643	$	1,060	$	4,718	$	51	$	10,472
Capitalization	358		37		221		10		626
Amortization expense	(274)		(41)		(189)		(4)		(508)
Other, including foreign exchange	—		—		33		—		33
Balance at June 30, 2023	$	4,727	$	1,056	$	4,783	$	57	$	10,623
VOBA:
Balance at January 1, 2024 (b)	$	2	$	1	$	14	$	—	$	17
Amortization expense	—		—		(1)		—		(1)
Other, including foreign exchange	—		—		(1)		—		(1)
Balance at June 30, 2024	$	2	$	1	$	12	$	—	$	15
Balance at January 1, 2023	$	3	$	1	$	87	$	—	$	91
Amortization expense	(1)		—		(5)		—		(6)
Other, including foreign exchange	—		(1)		8		—		7
Balance at June 30, 2023	$	2	$	—	$	90	$	—	$	92
Total DAC and VOBA:
Balance at June 30, 2024									$	10,133
Balance at June 30, 2023									$	10,715

(a) Excludes $740 million of DAC reclassified to Assets held-for-sale at the beginning of the period and was derecognized concurrent with the closing of the sale of AIG Life U.K..

(b) Excludes $74 million of VOBA reclassified to Assets held-for-sale at the beginning of the period and was derecognized concurrent with the closing of the sale of AIG Life U.K..

DEFERRED SALES INDUCEMENTS

We offer deferred sales inducements (“DSI”) which include enhanced crediting rates or bonus payments to contract holders (bonus interest) on certain annuity and investment contract products. To qualify for accounting treatment as an asset, the bonus interest must be explicitly identified in the contract at inception. We must also demonstrate that such amounts are incremental to amounts we credit on similar contracts without bonus interest and are higher than the contracts’ expected ongoing crediting rates for periods after the bonus period. DSI is reported in Other assets, while amortization related to DSI is recorded in Interest credited to policyholder account balances. DSI amounts are deferred and amortized on a constant level basis over the life of the contract consistent with DAC.

The following table presents a rollforward of deferred sales inducement assets related to long-duration contracts for the six months ended June 30, 2024 and 2023:

Six Months Ended June 30,	2024						2023
	Individual Retirement		Group Retirement		Total		Individual Retirement		Group Retirement		Total
(in millions)
Balance, beginning of year	$	333	$	164	$	497	$	381	$	177	$	558
Capitalization	3		1		4		4		1		5
Amortization expense	(26)		(7)		(33)		(27)		(7)		(34)
Balance, end of period	$	310	$	158	$	468	$	358	$	171	$	529
Other reconciling items*					1,872						2,151
Other assets, including restricted cash					$	2,340					$	2,680

*Other reconciling items include prepaid expenses, goodwill, intangible assets and any similar items.

XML

Separate Account Assets and Liabilities

6 Months Ended

Jun. 30, 2024

Insurance [Abstract]

Separate Account Assets and Liabilities

11. Separate Account Assets and Liabilities

We report variable contracts within the separate accounts when investment income and investment gains and losses accrue directly to, and investment risk is borne by, the contract holder and the separate account meets additional accounting criteria to qualify for separate account treatment. The assets supporting the variable portion of variable annuity and variable universal life contracts that qualify for separate account treatment are carried at fair value and are reported as separate account assets, with an equivalent summary total reported as separate account liabilities. The assets of insulated accounts are legally segregated and are not subject to claims that arise from any of our other businesses.

Policy values for variable products and investment contracts are expressed in terms of investment units. Each unit is linked to an asset portfolio. The value of a unit increases or decreases based on the value of the linked asset portfolio. The current liability at any time is the sum of the current unit value of all investment units in the separate accounts, plus any liabilities for MRBs.

Amounts assessed against the policyholders for mortality, administrative and other services are included in policy fees. Investment performance (including investment income, net investment gains (losses) and changes in unrealized gains (losses)) and the corresponding amounts credited to policyholders of such separate accounts are offset within the same line in the Condensed Consolidated Statements of Income (Loss).

For discussion of the fair value measurement of guaranteed benefits that are accounted for as MRBs, see Note 4.

The following table presents fair value of separate account investment options:

	Individual Retirement		Group Retirement		Life Insurance		Institutional Markets		Total
(in millions)
June 30, 2024
Equity funds	$	26,698	$	30,033	$	914	$	650	$	58,295
Bond funds	4,059		3,207		45		1,279		8,590
Balanced funds	17,753		5,635		55		2,103		25,546
Money market funds	698		804		17		172		1,691
Total	$	49,208	$	39,679	$	1,031	$	4,204	$	94,122
December 31, 2023
Equity funds	$	25,451	$	28,675	$	819	$	593	$	55,538
Bond funds	4,037		3,292		44		1,303		8,676
Balanced funds	17,711		5,479		53		1,923		25,166
Money market funds	694		742		16		173		1,625
Total	$	47,893	$	38,188	$	932	$	3,992	$	91,005

The following table presents the balances and changes in separate account liabilities:

	Individual Retirement		Group  Retirement		Life Insurance		Institutional Markets		Total
(in millions)
Six Months Ended June 30, 2024
Separate accounts balance, beginning of year	$	47,893	$	38,188	$	932	$	3,992	$	91,005
Premiums and deposits	621		712		17		82		1,432
Policy charges	(570)		(233)		(24)		(47)		(874)
Surrenders and withdrawals	(2,502)		(2,145)		(17)		(53)		(4,717)
Benefit payments	(478)		(302)		(4)		(11)		(795)
Investment performance	4,208		3,607		128		214		8,157
Net transfers from (to) general account and other	36		(148)		(1)		27		(86)
Separate accounts balance, end of period	$	49,208	$	39,679	$	1,031	$	4,204	$	94,122
Cash surrender value*	$	48,277	$	39,478	$	1,010	$	4,200	$	92,965
Six Months Ended June 30, 2023
Separate accounts balance, beginning of year	$	45,178	$	34,361	$	799	$	4,515	$	84,853
Premiums and deposits	807		697		18		30		1,552
Policy charges	(662)		(221)		(25)		(47)		(955)
Surrenders and withdrawals	(1,776)		(1,390)		(12)		(422)		(3,600)
Benefit payments	(432)		(250)		(3)		(58)		(743)
Investment performance	4,172		4,169		113		146		8,600
Net transfers from (to) general account and other	122		(121)		(2)		12		11
Separate accounts balance, end of period	$	47,409	$	37,245	$	888	$	4,176	$	89,718
Cash surrender value*	$	46,307	$	37,050	$	854	$	4,178	$	88,389

*The cash surrender value represents the amount of the contract holder’s account balance distributable at the balance sheet date less applicable surrender charges.

Separate account liabilities primarily represent the contract holder's account balance in separate account assets and will be equal and offsetting to total separate account assets.

XML

Future Policy Benefits

6 Months Ended

Jun. 30, 2024

Insurance [Abstract]

Future Policy Benefits

12. Future Policy Benefits

Future policy benefits primarily include reserves for traditional life and annuity payout contracts, which represent an estimate of the present value of future benefits less the present value of future net premiums. Included in Future policy benefits are liabilities for annuities issued in structured settlement arrangements whereby a claimant receives life contingent payments over their lifetime. Also included are pension risk transfer arrangements whereby an upfront premium is received in exchange for guaranteed retirement benefits. All payments under these arrangements are fixed and determinable with respect to their amounts and dates. Structured settlement or other annuitization elections (e.g., certain single premium immediate annuities) that do not involve life contingent payments, but rather payments for a stated period are included in Policyholder contract deposits.

For traditional and limited pay long-duration products, benefit reserves are accrued and benefit expense is recognized using a net premium ratio (“NPR”) methodology for each annual cohort of business.

The following tables present the balances and changes in the liability for future policy benefits and a reconciliation of the net liability for future policy benefits to the liability for future policy benefits in the Condensed Consolidated Balance Sheets:

	Individual Retirement		Group Retirement		Life Insurance		Institutional Markets		Corporate and Other		Total
(in millions, except for liability durations)
Six Months Ended June 30, 2024
Present value of expected net premiums
Balance, beginning of year	$	—	$	—	$	8,379	$	—	$	973	$	9,352
Effect of changes in discount rate assumptions (AOCI)	—		—		1,482		—		44		1,526
Reclassified to Liabilities held-for-sale	—		—		4,287		—		—		4,287
Beginning balance at original discount rate	—		—		14,148		—		1,017		15,165
Effect of actual variances from expected experience	—		—		(12)		—		(6)		(18)
Adjusted beginning of year balance	—		—		14,136		—		1,011		15,147
Issuances	—		—		572		—		—		572
Interest accrual	—		—		202		—		22		224
Net premium collected	—		—		(634)		—		(57)		(691)
Foreign exchange impact	—		—		(46)		—		—		(46)
Other	—		—		(4)		—		—		(4)
Dispositions	—		—		(5,108)		—		—		(5,108)
Ending balance at original discount rate	—		—		9,118		—		976		10,094
Effect of changes in discount rate assumptions (AOCI)	—		—		(845)		—		(66)		(911)
Balance, end of period	$	—	$	—	$	8,273	$	—	$	910	$	9,183
Present value of expected future policy benefits
Balance, beginning of year	$	1,353	$	217	$	17,531	$	18,482	$	20,654	$	58,237
Effect of changes in discount rate assumptions (AOCI)	132		(3)		2,745		1,906		437		5,217
Reclassified to Liabilities held-for-sale	—		—		5,119		—		—		5,119
Beginning balance at original discount rate	1,485		214		25,395		20,388		21,091		68,573
Effect of actual variances from expected experience(a)	(21)		(2)		(10)		(12)		(16)		(61)
Adjusted beginning of year balance	1,464		212		25,385		20,376		21,075		68,512
Issuances	62		6		565		1,892		3		2,528
Interest accrual	32		6		435		439		503		1,415
Benefit payments	(67)		(12)		(814)		(594)		(731)		(2,218)
Foreign exchange impact	—		—		(61)		(75)		—		(136)
Other	—		(5)		(2)		—		(5)		(12)
Dispositions	—		—		(6,796)		—		—		(6,796)
Ending balance at original discount rate	1,491		207		18,712		22,038		20,845		63,293
Effect of changes in discount rate assumptions (AOCI)	(170)		(3)		(1,717)		(2,848)		(1,406)		(6,144)
Balance, end of period	$	1,321	$	204	$	16,995	$	19,190	$	19,439	$	57,149
Net liability for future policy benefits, end of period	1,321		204		8,722		19,190		18,529		47,966
Liability for future policy benefits for certain participating contracts	—		—		12		—		1,280		1,292
Liability for universal life policies with secondary guarantees and similar features(b)	—		—		3,916		—		55		3,971
Deferred profit liability	78		9		21		1,602		837		2,547
Other reconciling items(c)	30		—		457		—		92		579
Future policy benefits for life and accident and health insurance contracts	1,429		213		13,128		20,792		20,793		56,355
Less: Reinsurance recoverable:	(4)		—		(699)		(39)		(20,793)		(21,535)
Net liability for future policy benefits after reinsurance recoverable	$	1,425	$	213	$	12,429	$	20,753	$	—	$	34,820
Weighted average liability duration of the liability for future policy benefits(d)	7.5		6.6		10.9		11.8		10.9

	Individual Retirement		Group Retirement		Life Insurance		Institutional Markets		Corporate and Other		Total
(in millions, except for liability durations)
Six Months Ended June 30, 2023
Present value of expected net premiums
Balance, beginning of year	$	—	$	—	$	11,654	$	—	$	991	$	12,645
Effect of changes in discount rate assumptions (AOCI)	—		—		1,872		—		66		1,938
Beginning balance at original discount rate	—		—		13,526		—		1,057		14,583
Effect of actual variances from expected experience	—		—		10		—		6		16
Adjusted beginning of year balance	—		—		13,536		—		1,063		14,599
Issuances	—		—		666		—		—		666
Interest accrual	—		—		214		—		23		237
Net premium collected	—		—		(719)		—		(59)		(778)
Foreign exchange impact	—		—		206		—		—		206
Other	—		—		10		—		—		10
Ending balance at original discount rate	—		—		13,913		—		1,027		14,940
Effect of changes in discount rate assumptions (AOCI)	—		—		(1,904)		—		(61)		(1,965)
Balance, end of period	$	—	$	—	$	12,009	$	—	$	966	$	12,975
Present value of expected future policy benefits
Balance, beginning of year	$	1,223	$	211	$	21,179	$	12,464	$	20,429	$	55,506
Effect of changes in discount rate assumptions (AOCI)	167		2		3,424		2,634		1,083		7,310
Beginning balance at original discount rate	1,390		213		24,603		15,098		21,512		62,816
Effect of actual variances from expected experience(a)	(1)		—		36		17		(8)		44
Adjusted beginning of year balance	1,389		213		24,639		15,115		21,504		62,860
Issuances	120		6		656		3,301		3		4,086
Interest accrual	25		5		450		301		513		1,294
Benefit payments	(65)		(13)		(943)		(521)		(739)		(2,281)
Foreign exchange impact	—		—		236		308		—		544
Other	—		—		5		—		(6)		(1)
Ending balance at original discount rate	1,469		211		25,043		18,504		21,275		66,502
Effect of changes in discount rate assumptions (AOCI)	(158)		(1)		(3,386)		(2,752)		(822)		(7,119)
Balance, end of period	$	1,311	$	210	$	21,657	$	15,752	$	20,453	$	59,383
Net liability for future policy benefits, end of period	1,311		210		9,648		15,752		19,487		46,408
Liability for future policy benefits for certain participating contracts	—		—		13		—		1,316		1,329
Liability for universal life policies with secondary guarantees and similar features(b)	—		—		3,402		—		56		3,458
Deferred profit liability	86		10		17		1,468		869		2,450
Other reconciling items(c)	35		3		513		—		92		643
Future policy benefits for life and accident and health insurance contracts	1,432		223		13,593		17,220		21,820		54,288
Less: Reinsurance recoverable:	(4)		—		(1,148)		(39)		(21,820)		(23,011)
Net liability for future policy benefits after reinsurance recoverable	$	1,428	$	223	$	12,445	$	17,181	$	—	$	31,277
Weighted average liability duration of the liability for future policy benefits(d)	7.8		6.9		12.5		11.6		11.5

(a)Effect of changes in cash flow assumptions and variances from actual experience are partially offset by changes in the deferred profit liability.

(b)Additional details can be found in the table that presents the balances and changes in the liability for universal life policies with secondary guarantees and similar features.

(c)Other reconciling items primarily include the Accident and Health as well as Group Benefits (short-duration) contracts.

(d)The weighted average liability durations are calculated as the modified duration using projected future net liability cashflows that are aggregated at the segment level, utilizing the segment level weighted average interest rates and current discount rate, which can be found in the table below.

For the six months ended June 30, 2024 and 2023 in the traditional and term life insurance block, capping of net premium ratios at 100% caused a (credit)/charge to net income of $1 million and $32 million, respectively. The discount rate was updated based on market observable information. Relative to the prior period, the increase in upper-medium-grade fixed income yields resulted in a decrease in the liability for future policy benefits.

The following table presents the amount of undiscounted expected future benefit payments and undiscounted and discounted expected gross premiums for future policy benefits for nonparticipating contracts:

		Six Months Ended June 30,
(in millions)		2024		2023
Individual Retirement	Undiscounted expected future benefits and expense	$	2,139	$	2,115
	Undiscounted expected future gross premiums	$	—	$	—
	Discounted expected future gross premiums (at current discount rate)	$	—	$	—
Group Retirement	Undiscounted expected future benefits and expense	$	306	$	316
	Undiscounted expected future gross premiums	$	—	$	—
	Discounted expected future gross premiums (at current discount rate)	$	—	$	—
Life Insurance (a)	Undiscounted expected future benefits and expense	$	30,783	$	39,848
	Undiscounted expected future gross premiums	$	21,815	$	29,792
	Discounted expected future gross premiums (at current discount rate)	$	14,318	$	19,207
Institutional Markets	Undiscounted expected future benefits and expense	$	42,543	$	33,474
	Undiscounted expected future gross premiums	$	—	$	—
	Discounted expected future gross premiums (at current discount rate)	$	—	$	—
Corporate and other (b)	Undiscounted expected future benefits and expense	$	42,304	$	43,791
	Undiscounted expected future gross premiums	$	2,060	$	2,179
	Discounted expected future gross premiums (at current discount rate)	$	1,356	$	1,435

(a) 2023 includes balances related to AIG Life U.K.

(b)    Represents activity ceded to Fortitude Re.

The following table presents the amount of revenue and interest recognized in the Condensed Consolidated Statements of Income (Loss) for future policy benefits for nonparticipating contracts:

	Gross Premiums				Interest Accretion
	Six Months Ended June 30,				Six Months Ended June 30,
(in millions)	2024		2023		2024		2023
Individual Retirement	$	70	$	136	$	32	$	25
Group Retirement	5		10		6		5
Life Insurance	1,070		1,175		233		236
Institutional Markets	1,981		3,500		439		301
Corporate and Other	103		107		481		490
Total	$	3,229	$	4,928	$	1,191	$	1,057

The following table presents the weighted-average interest rate for future policy benefits for nonparticipating contracts:

	Individual Retirement		Group Retirement		Life Insurance		Institutional Markets		Corporate and Other
June 30, 2024
Weighted-average interest rate, original discount rate	3.79	%	5.13	%	4.68	%	4.27	%	4.86	%
Weighted-average interest rate, current discount rate	5.48	%	5.44	%	5.56	%	5.43	%	5.54	%
June 30, 2023
Weighted-average interest rate, original discount rate	3.73	%	5.14	%	4.09	%	3.95	%	4.88	%
Weighted-average interest rate, current discount rate	5.27	%	5.26	%	5.27	%	5.34	%	5.25	%

The weighted average interest rates are calculated using projected future net liability cash flows that are aggregated to the segment level, and are represented as an annual rate.

Additional Liabilities: For universal-life type products, insurance benefits in excess of the account balance are generally recognized as expenses in the period incurred unless the design of the product is such that future charges are insufficient to cover the benefits, in which case an “additional liability” is accrued over the life of the contract. These additional liabilities are included in Future policy benefits for life and accident and health insurance contracts in the Condensed Consolidated Balance Sheets.

Our additional liabilities primarily consist of universal life policies with secondary guarantees and these additional liabilities are recognized in addition to the Policyholder account balances. For universal life policies with secondary guarantees, as well as other universal life policies for which profits followed by losses are expected at contract inception, a liability is recognized based on a benefit ratio of (a) the present value of total expected payments, in excess of the account value, over the life of the contract, divided by (b) the present value of total expected assessments over the life of the contract. For universal life policies without secondary guarantees, for which profits followed by losses are first expected after contract inception, we establish a liability, in addition to policyholder account balances, so that expected future losses are recognized in proportion to the emergence of profits in the earlier (profitable) years. Universal life account balances are reported within Policyholder contract deposits, while these additional liabilities are reported within the liability for future policy benefits in the Condensed Consolidated Balance Sheets. These additional liabilities are also adjusted to reflect the effect of unrealized gains or losses on fixed maturity securities available-for-sale on accumulated assessments, with related changes recognized through Other comprehensive income. The policyholder behavior assumptions for these liabilities include mortality, lapses and premium persistency. The capital market assumptions used for the liability for universal life secondary guarantees include discount rates and net earned rates.

The following table presents the balances and changes in the liability for universal life policies with secondary guarantees and similar features:

	Six Months Ended June 30,
	2024						2023
	Life Insurance		Corporate and Other		Total		Life Insurance		Corporate and Other		Total
(in millions, except duration of liability)
Balance, beginning of year	$	3,731	$	55	$	3,786	$	3,300	$	55	$	3,355
Effect of changes in experience	192		(2)		190		149		(1)		148
Adjusted beginning balance	$	3,923	$	53	$	3,976	$	3,449	$	54	$	3,503
Assessments	288		1		289		341		1		342
Excess benefits paid	(413)		—		(413)		(457)		—		(457)
Interest accrual	78		1		79		61		1		62
Other	—		—		—		(3)		—		(3)
Changes related to unrealized appreciation (depreciation) of investments	40		—		40		11		—		11
Balance, end of period	$	3,916	$	55	$	3,971	$	3,402	$	56	$	3,458
Less: Reinsurance recoverable	(175)		(55)		(230)		(172)		—		(172)
Balance, end of period, net of Reinsurance recoverable	$	3,741	$	—	$	3,741	$	3,230	$	56	$	3,286
Weighted average duration of liability *	25.1		9.0				26.2		9.2

*The weighted average duration of liabilities is calculated as the modified duration using projected future net liability cashflows that are aggregated at the segment level, utilizing the segment level weighted average interest rates, which can be found in the table below.

The following table presents the amount of revenue and interest recognized in the Condensed Consolidated Statements of Income (Loss) for the liability for universal life policies with secondary guarantees and similar features:

	Gross Assessments				Interest Accretion
	Six Months Ended June 30,				Six Months Ended  June 30,
(in millions)	2024		2023		2024		2023
Life Insurance	$	500	$	573	$	78	$	61
Corporate and Other	19		20		1		1
Total	$	519	$	593	$	79	$	62

The following table presents the calculation of weighted average interest rate for the liability for universal life policies with secondary guarantees and similar features:

June 30,	2024				2023
	Life Insurance		Corporate and Other		Life Insurance		Corporate and Other
Weighted-average interest rate	3.92	%	4.20	%	3.77	%	4.20	%

The weighted average interest rates are calculated using projected future net liability cash flows that are aggregated to the segment level, and are represented as an annual rate.

The following table presents details concerning our universal life policies with secondary guarantees and similar features:

	Six Months Ended June 30,
(in millions, except for attained age of contract holders)	2024		2023
Account value	$	3,846	$	3,604
Net amount at risk	$	74,076	$	70,850
Average attained age of contract holders	54		53

XML

Policyholder Contract Deposits and Other Policyholder Funds

6 Months Ended

Jun. 30, 2024

Insurance [Abstract]

Policyholder Contract Deposits and Other Policyholder Funds

13. Policyholder Contract Deposits and Other Policyholder Funds

POLICYHOLDER CONTRACT DEPOSITS

The liability for Policyholder contract deposits is primarily recorded at accumulated value (deposits received and net transfers from separate accounts, plus accrued interest credited, less withdrawals and assessed fees). Deposits collected on investment-oriented products are not reflected as revenues. They are recorded directly to Policyholder contract deposits upon receipt. Amounts assessed against the contract holders for mortality, administrative, and other services are included as Policy fees in revenues.

In addition to liabilities for universal life, fixed annuities, fixed options within variable annuities, annuities without life contingencies, funding agreements and GICs, policyholder contract deposits also include our liability for (i) index features accounted for as embedded derivatives at fair value, (ii) annuities issued in a structured settlement arrangement with no life contingency and (iii) certain contracts we have elected to account for at fair value. Changes in the fair value of the embedded derivatives related to policy index features and the fair value of derivatives hedging these liabilities are recognized in realized gains and losses.

For additional information on index credits accounted for as embedded derivatives, see Note 4.

Under a funding agreement-backed notes issuance program, an unaffiliated, non-consolidated statutory trust issues medium-term notes to investors, which are secured by funding agreements issued to the trust by one of our subsidiaries through our Institutional Markets business.

The following table presents the balances and changes in Policyholder contract deposits account balances(a):

	Individual Retirement			Group Retirement			Life Insurance			Institutional Markets			Corporate and other			Total
(in millions, except for average crediting rate)
Six Months Ended June 30, 2024
Policyholder contract deposits account balance, beginning of year	$	94,896		$	41,299		$	10,231		$	13,649		$	3,333		$	163,408
Deposits	11,696			2,637			816			2,682			21			17,852
Policy charges	(360)			(250)			(753)			(34)			(29)			(1,426)
Surrenders and withdrawals	(8,902)			(4,859)			(148)			(53)			(39)			(14,001)
Benefit payments	(1,422)			(993)			(153)			(1,028)			(143)			(3,739)
Net transfers from (to) separate account	2,570			2,026			9			—			—			4,605
Interest credited	1,670			611			243			320			80			2,924
Other	1			(207)			17			201			(1)			11
Policyholder contract deposits account balance, end of period	100,149			40,264			10,262			15,737			3,222			169,634
Other reconciling items(b)	(1,286)			(212)			161			27			—			(1,310)
Policyholder contract deposits	$	98,863		$	40,052		$	10,423		$	15,764		$	3,222		$	168,324
Weighted average crediting rate	2.84		%	3.08		%	4.43		%	4.45		%	4.98		%
Cash surrender value(c)	$	93,131		$	39,262		$	9,068		$	2,596		$	1,666		$	145,723
Six Months Ended June 30, 2023
Policyholder contract deposits account balance, beginning of year	$	89,554		$	43,395		$	10,224		$	11,734		$	3,587		$	158,494
Deposits	8,898			2,597			809			1,608			22			13,934
Policy charges	(462)			(238)			(764)			(34)			(31)			(1,529)
Surrenders and withdrawals	(6,585)			(3,979)			(122)			(421)			(42)			(11,149)
Benefit payments	(2,012)			(1,080)			(100)			(283)			(171)			(3,646)
Net transfers from (to) separate account	1,637			1,221			—			473			—			3,331
Interest credited	863			554			188			218			85			1,908
Other	(3)			4			(32)			(1)			8			(24)
Policyholder contract deposits account balance, end of period	91,890			42,474			10,203			13,294			3,458			161,319
Other reconciling items(b)	(1,598)			(254)			135			42			—			(1,675)
Policyholder contract deposits	$	90,292		$	42,220		$	10,338		$	13,336		$	3,458		$	159,644
Weighted average crediting rate	2.59		%	2.84		%	4.30		%	3.54		%	4.95		%
Cash surrender value(c)	$	85,417		$	41,550		$	8,976		$	2,555		$	1,762		$	140,260

(a)Transactions between the general account and the separate account are presented in this table on a gross basis (e.g., a policyholder's funds are initially deposited into the general account and then simultaneously transferred to the separate account), and thus, did not impact the ending balance of policyholder contract deposits.

(b)Reconciling items principally relate to MRBs that are bifurcated and reported separately, net of embedded derivatives that are recorded in policyholder contract deposits.

(c)Cash surrender value is related to the portion of policyholder contract deposits that have a defined cash surrender value (e.g. GICs do not have a cash surrender value).

For information related to net amount at risk, refer to the table that presents the balances of and changes in MRBs in Note 14.

The following table presents Policyholder contract deposits account balance by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between rates being credited to policyholders and the respective guaranteed minimums:

June 30, 2024		At Guaranteed Minimum		1 Basis Point - 50 Basis Points Above		More than 50 Basis Points Above Minimum Guarantee		Total
(in millions, except percentage of total)
Individual Retirement	Range of Guaranteed Minimum Credited Rate
	<=1%	$	6,010	$	1,794	$	31,449	$	39,253
	> 1% - 2%	3,380		21		1,262		4,663
	> 2% - 3%	7,367		12		1,898		9,277
	> 3% - 4%	6,114		34		5		6,153
	> 4% - 5%	418		—		4		422
	> 5%	32		2		3		37
	Total	$	23,321	$	1,863	$	34,621	$	59,805
Group Retirement	Range of Guaranteed Minimum Credited Rate
	<=1%	$	2,103	$	1,841	$	8,062	$	12,006
	> 1% - 2%	3,449		781		933		5,163
	> 2% - 3%	11,277		272		113		11,662
	> 3% - 4%	588		—		—		588
	> 4% - 5%	6,503		—		—		6,503
	> 5%	140		—		—		140
	Total	$	24,060	$	2,894	$	9,108	$	36,062
Life Insurance	Range of Guaranteed Minimum Credited Rate
	<=1%	$	—	$	—	$	—	$	—
	> 1% - 2%	—		109		367		476
	> 2% - 3%	9		623		1,299		1,931
	> 3% - 4%	1,179		479		7		1,665
	> 4% - 5%	2,785		—		—		2,785
	> 5%	212		—		—		212
	Total	$	4,185	$	1,211	$	1,673	$	7,069
Total*		$	51,566	$	5,968	$	45,402	$	102,936
Percentage of total		50%		6%		44%		100%

June 30, 2023		At Guaranteed Minimum		1 Basis Point - 50 Basis Points Above		More than 50 Basis Points Above Minimum Guarantee		Total
(in millions, except percentage of total)
Individual Retirement	Range of Guaranteed Minimum Credited Rate
	<=1%	$	7,044	$	2,390	$	23,797	$	33,231
	> 1% - 2%	4,151		23		2,067		6,241
	> 2% - 3%	8,831		11		732		9,574
	> 3% - 4%	7,122		39		6		7,167
	> 4% - 5%	446		—		4		450
	> 5%	32		—		4		36
	Total	$	27,626	$	2,463	$	26,610	$	56,699
Group Retirement	Range of Guaranteed Minimum Credited Rate
	<=1%	$	2,018	$	2,574	$	6,382	$	10,974
	> 1% - 2%	4,050		1,624		391		6,065
	> 2% - 3%	13,123		89		62		13,274
	> 3% - 4%	651		—		—		651
	> 4% - 5%	6,799		—		—		6,799
	> 5%	151		—		—		151
	Total	$	26,792	$	4,287	$	6,835	$	37,914
Life Insurance	Range of Guaranteed Minimum Credited Rate
	<=1%	$	—	$	—	$	—	$	—
	> 1% - 2%	—		131		350		481
	> 2% - 3%	10		872		1,083		1,965
	> 3% - 4%	1,190		322		201		1,713
	> 4% - 5%	2,909		—		—		2,909
	> 5%	221		—		—		221
	Total	$	4,330	$	1,325	$	1,634	$	7,289
Total*		$	58,748	$	8,075	$	35,079	$	101,902
Percentage of total		58%		8%		34%		100%

*Excludes policyholder contract deposits account balances that are not subject to guaranteed minimum crediting rates.

OTHER POLICYHOLDER FUNDS

Other policyholder funds include unearned revenue reserve (“URR”), consisting of front-end loads on investment-oriented contracts, representing those policy loads that are non-level and typically higher in initial policy years than in later policy years. Amortization of URR is recorded in Policy fees.

URR for investment-oriented contracts are generally deferred and amortized into income using the same assumptions and factors used to amortize DAC (i.e., on a constant level basis).

The following table presents a rollforward of the unearned revenue reserve for the six months ended June 30, 2024 and 2023:

	Life Insurance		Institutional Markets		Corporate and Other		Total
(in millions)
Six Months Ended June 30, 2024
Balance, beginning of year	$	1,770	$	1	$	94	$	1,865
Revenue deferred	80		—		—		80
Amortization	(56)		—		(5)		(61)
Balance, end of period	$	1,794	$	1	$	89	$	1,884
Other reconciling items*							969
Other policyholder funds							$	2,853
Six Months Ended June 30, 2023
Balance, beginning of year	$	1,727	$	2	$	105	$	1,834
Revenue deferred	76		—		—		76
Amortization	(55)		(1)		(5)		(61)
Balance, end of period	$	1,748	$	1	$	100	$	1,849
Other reconciling items*							1,042
Other policyholder funds							$	2,891

*Other reconciling items include policyholders' dividend accumulations, provisions for future dividends to participating policyholders, dividends to policyholders and any similar items.

XML

Market Risk Benefits

6 Months Ended

Jun. 30, 2024

Insurance [Abstract]

Market Risk Benefits

14. Market Risk Benefits

MRBs are defined as contracts or contract features that both provide protection to the contract holder from other-than-nominal capital market risk and expose Corebridge to other-than nominal capital market risk. The MRB represents an amount that a policyholder receives in addition to the account balance upon the occurrence of a specific event or circumstance, such as death, annuitization, or periodic withdrawal that involves protection from other-than-nominal capital market risk. Certain contract features, such as GMWBs, GMDBs and guaranteed minimum income benefits (“GMIBs”) commonly found in variable, fixed index and fixed annuities, are MRBs. MRBs are assessed at contract inception using a non-option method involving attributed fees that results in an initial fair value of zero or an option method that results in a fair value greater than zero.

MRBs are recorded at fair value, and Corebridge applies a non-option attributed fee valuation method for variable annuity products, and an option-based valuation method (host offset) for both fixed index and fixed products.

Changes in the fair value of Market Risk Benefits, net represents changes in the fair value of market risk benefit liabilities and assets (with the exception of our own credit risk changes), and includes attributed rider fees and benefits, net of changes in the fair value of derivative instruments and fixed maturity securities that are used to economically hedge market risk from the variable annuity GMWB riders.

The following table presents the balances of and changes in MRBs:

	Individual Retirement		Group Retirement		Total
(in millions, except for attained age of contract holders)
Six Months Ended June 30, 2024
Balance, beginning of year	$	4,562	$	308	$	4,870
Effect of changes in our own credit risk	(1,072)		(88)		(1,160)
Balance, beginning of year, before effect of changes in our own credit risk	$	3,490	$	220	$	3,710
Issuances	303		24		327
Interest accrual	78		6		84
Attributed fees	338		30		368
Expected claims	(34)		(1)		(35)
Effect of changes in interest rates	(605)		(48)		(653)
Effect of changes in interest rate volatility	22		3		25
Effect of changes in equity markets	(670)		(62)		(732)
Effect of changes in equity index volatility	(37)		(2)		(39)
Actual outcome different from model expected outcome	(43)		2		(41)
Effect of changes in other future expected assumptions	(5)		—		(5)
Other, including foreign exchange	—		(2)		(2)
Balance, end of period before effect of changes in our own credit risk	2,837		170		3,007
Effect of changes in our own credit risk	914		73		987
Balance, end of period	3,751		243		3,994
Less: Reinsured MRB, end of period	(57)		—		(57)
Net Liability Balance after reinsurance recoverable	$	3,694	$	243	$	3,937
Net amount at risk
GMDB only	$	609	$	130	$	739
GMWB only	$	130	$	11	$	141
Combined*	$	533	$	13	$	546
Weighted average attained age of contract holders	71		64
Six Months Ended June 30, 2023
Balance, beginning of year	$	3,738	$	296	$	4,034
Effect of changes in our own credit risk	(441)		(24)		(465)
Balance, beginning of year, before effect of changes in our own credit risk	$	3,297	$	272	$	3,569
Issuances	379		19		398
Interest accrual	78		8		86
Attributed fees	442		33		475
Expected claims	(48)		(1)		(49)
Effect of changes in interest rates	34		3		37
Effect of changes in interest rate volatility	(84)		(4)		(88)
Effect of changes in equity markets	(843)		(78)		(921)
Effect of changes in equity index volatility	8		(4)		4
Actual outcome different from model expected outcome	93		12		105
Effect of changes in other future expected assumptions	(94)		(29)		(123)
Other, including foreign exchange	—		(2)		(2)
Balance, end of period before effect of changes in our own credit risk	3,262		229		3,491
Effect of changes in our own credit risk	564		47		611
Balance, end of period	3,826		276		4,102
Less: Reinsured MRB, end of period	(79)		—		(79)
Net liability balance after reinsurance recoverable	$	3,747	$	276	$	4,023
Net amount at risk
GMDB only	$	1,068	$	212	$	1,280
GMWB only	$	56	$	4	$	60
Combined*	$	1,435	$	23	$	1,458
Weighted average attained age of contract holders	70		64

*Certain contracts contain both guaranteed GMDB and GMWB features and are modeled together for the purposes of calculating the MRB.

The following is a reconciliation of MRBs by amounts in an asset position and in a liability position to the MRBs amount in the Condensed Consolidated Balance Sheets:

	June 30, 2024						June 30, 2023
(in millions)	Asset*		Liability*		Net		Asset*		Liability*		Net
Individual Retirement	$	984	$	4,678	$	3,694	$	787	$	4,534	$	3,747
Group Retirement	203		446		243		167		443		276
Total	$	1,187	$	5,124	$	3,937	$	954	$	4,977	$	4,023

*Cash flows and attributed fees for MRBs are determined on a policy level basis and are reported based on their asset or liability position at the balance sheet date.

For additional information related to fair value measurements of MRBs, see Note 4.

XML

Contingencies, Commitments and Guarantees

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Contingencies, Commitments and Guarantees

15. Contingencies, Commitments and Guarantees

In the normal course of business, we enter into various contingent liabilities and commitments. Although we cannot currently quantify our ultimate liability for unresolved litigation and investigation matters, including those referred to below, it is possible that such liability could have a material adverse effect on our consolidated financial condition, consolidated results of operations or consolidated cash flows for an individual reporting period.

LEGAL CONTINGENCIES

Overview

In the normal course of business, we are subject to regulatory and government investigations and actions, and litigation and other forms of dispute resolution in a large number of proceedings pending in various domestic and foreign jurisdictions. Certain of these matters involve potentially significant risk of loss due to potential for significant jury awards and settlements, punitive damages or other penalties. Many of these matters are also highly complex and may seek recovery on behalf of a class or similarly large number of plaintiffs. It is therefore inherently difficult to predict the size or scope of potential future losses arising from these matters. In our insurance and reinsurance operations, litigation and arbitration concerning the scope of coverage under insurance and reinsurance contracts, and litigation and arbitration in which our subsidiaries defend or indemnify their insureds under insurance contracts, are generally considered in the establishment of our future policy benefits. Separate and apart from the foregoing matters involving insurance and reinsurance coverage, we and our respective officers and directors are subject to a variety of additional types of legal proceedings brought by holders of our securities, customers, employees and others, alleging, among other things, breach of contractual or fiduciary duties, bad faith, indemnification and violations of federal and state statutes and regulations. With respect to these other categories of matters not arising out of claims for insurance or reinsurance coverage, we establish reserves for loss contingencies when it is probable that a loss will be incurred, and the amount of the loss can be reasonably estimated. In many instances, we are unable to determine whether a loss is probable or to reasonably estimate the amount of such a loss and, therefore, the potential future losses arising from legal proceedings may exceed the amount of liabilities that we have recorded in our financial statements covering these matters. While such potential future charges could be material, based on information currently known to management, management does not believe, other than as may be discussed below, that any such charges are likely to have a material adverse effect on our financial position or results of operations.

Additionally, from time to time, various regulatory and governmental agencies review our transactions and practices in connection with industry-wide and other inquiries or examinations into, among other matters, the business practices of current and former operating subsidiaries. Such investigations, inquiries or examinations could develop into administrative, civil or criminal proceedings or enforcement actions, in which remedies could include fines, penalties, restitution or alterations in our business practices, and could result in additional expenses, limitations on certain business activities and reputational damage.

Yearly Renewable Term Agreements

Certain of our reinsurers have sought rate increases on certain YRT agreements. We are disputing the requested rate increases under these agreements. Certain reinsurers with whom we have disputes have initiated arbitration proceedings against us, may initiate additional proceedings, and other reinsurers may initiate them in the future. To the extent reinsurers have sought retroactive premium increases, we have accrued our current estimate of probable loss with respect to these matters.

For additional information, see Note 7.

Moriarty Litigation

AGL continues to defend against Moriarty v. American General Life Insurance Co. (S.D. Cal.), a putative class action involving Sections 10113.71 and 10113.72 of the California Insurance Code, which was instituted against AGL on July 18, 2017. In general, those statutes require that for life-insurance policies issued and delivered in California: (1) the policy must contain a 60-day grace period following non-payment of premium during which the policy remains in force; (2) the insurer must provide a 30-day pre-lapse notice; and (3) the insurer must notify policy owners of the right to designate a secondary recipient for lapse notices. The plaintiff contends AGL did not comply with these requirements for a policy issued before these statutes went into effect. The plaintiff seeks damages and other relief. AGL asserts various defenses to the plaintiff’s claims and to class certification. In 2022, the District Court held that a trial was necessary to determine whether AGL was liable on the plaintiff’s breach of contract claim, and it denied class certification. In May 2023, the case was reassigned to a new judge. On August 14, 2023, the District Court granted the plaintiff’s motion for summary judgment on the plaintiff’s breach of contract claim. On September 26, 2023, the District Court decided that good cause exists to allow the plaintiff to file a third motion for class certification. At the same time, however, the District Court certified its August 14, 2023 order for interlocutory appeal to the Ninth Circuit and stayed trial court proceedings pending the outcome of AGL’s appeal. The Ninth Circuit granted AGL’s petition for interlocutory appeal on November 21, 2023, which remains pending. AGL filed its opening brief on April 15, 2024. The Ninth Circuit granted the plaintiff’s third request for an extension of time to file an answering brief, which is now due on July 22, 2024. AGL’s reply brief will be due 21 days after the answering brief is filed. If the Ninth Circuit schedules oral arguments, it will not occur until all briefing is complete.

AGL is also defending other actions in California involving similar issues: Allen v. Protective Life Insurance Co. and American General Life Insurance Co. (E.D. Cal.), which was filed in state court on September 26, 2022. After being removed to federal court, the plaintiffs filed a motion on August 11, 2023, seeking leave to amend the complaint to add class action allegations against AGL. On November 8, 2023, the District Court issued an order that plaintiffs’ motion will be held in abeyance pending resolution of the class certification issues in Moriarty. On June 24, 2024, Protective Life and AGL filed a motion to stay the entire lawsuit (not just plaintiffs’ motion for leave to amend the complaint) pending resolution of Moriarty. On July 8, 2024, plaintiffs filed a response in opposition to the motion to stay; Chuck v. American General Life Insurance Co. (C.D. Cal.), which was filed in state court on September 6, 2023, as a putative class action. After being removed to federal court, the plaintiffs filed an amended complaint on January 8, 2024, dropping the class action allegation against AGL and adding a sales agent as a defendant. On April 15, 2024, the District Court entered a scheduling order setting the case for trial on February 18, 2025; and Koch Family Insurance Trust v. American General Life Insurance Co. (C.D. Cal.), which was filed in state court on May 15, 2024, and removed to federal court on June 28, 2024.

These cases are in the early stages, and AGL expects their progress will be influenced by future developments in Moriarty and cases against other insurers involving the same insurance statutes. AGL has accrued its current estimate of probable loss with respect to these litigation matters.

OTHER COMMITMENTS

In the normal course of business, we enter into commitments to invest in limited partnerships, private equity funds and hedge funds and to purchase and develop real estate in the United States and abroad. These commitments totaled $4.3 billion at June 30, 2024.

GUARANTEES

Asset Dispositions

We are subject to guarantees and indemnity arrangements in connection with the completed sales of businesses. The various arrangements may be triggered by, among other things, declines in asset values; the occurrence of specified business contingencies; the realization of contingent liabilities; developments in litigation; or breaches of representations, warranties or covenants provided by us. These arrangements are typically subject to various time limitations, defined by the contract or by operation of law, such as statutes of limitations. In some cases, the maximum potential obligation is subject to contractual limitations, while in other cases such limitations are not specified or are not applicable.

We are unable to develop a reasonable estimate of the maximum potential payout under certain of these arrangements. Overall, we believe that it is unlikely we will have to make any material payments related to completed sales under these arrangements, and no material liabilities related to these arrangements have been recorded in the Condensed Consolidated Balance Sheets.

Guarantees provided by AIG

Prior to the IPO, AIG provided certain guarantees to us as described below. Pursuant to the Separation Agreement we will indemnify, defend and hold harmless AIG against or from any liability arising from or related to these guarantees.

Certain of our insurance subsidiaries benefit from General Guarantee Agreements under which American Home Assurance Company (“AHAC”) or National Union Fire Insurance Company of Pittsburgh, PA (“NUFIC”) has unconditionally and irrevocably guaranteed all present and future obligations arising from certain insurance policies issued by these subsidiaries (a “Guaranteed Policy” or the “Guaranteed Policies”). AHAC and NUFIC are required to perform under the agreements if one of the insurance subsidiaries fails to make payments due under a Guaranteed Policy. These General Guarantee Agreements have all been terminated as to insurance policies issued after the date of termination. AHAC and NUFIC have not been required to perform under any of the agreements but remain contingently liable for all policyholder obligations associated with the Guaranteed Policies. We did not pay any fees under these agreements for the six months ended June 30, 2024 or 2023.

AIG Parent provides a full and unconditional guarantee of all outstanding notes and junior subordinated debentures of Corebridge Life Holdings, Inc. (“CRBGLH”). This includes:

•a guarantee (the “CRBGLH External Debt Guarantee”) in connection with CRBGLH junior subordinated debentures and certain CRBGLH notes (the “CRBGLH External Debt”); and

•a guarantee in connection with a sale-leaseback transaction in 2020. Pursuant to this transaction, CRBGLH issued promissory notes to AGL with maturity dates of up to five years. These promissory notes were guaranteed by AIG Parent for the benefit of AGL. We paid no fees for these guarantees during the six months ended June 30, 2024 or 2023. On August 1, 2023, the guarantee of these promissory notes was novated from AIG Parent to Corebridge Parent.

In addition to the Separation Agreement, we have entered into a guarantee reimbursement agreement with AIG Parent which provides that we will reimburse AIG Parent for the full amount of any payment made by or on behalf of AIG Parent pursuant to the CRBGLH External Debt Guarantee. We have also entered into a collateral agreement with AIG Parent which provides that in the event of: (i) a ratings downgrade of Corebridge Parent or CRBGLH long-term unsecured indebtedness below specified levels or (ii) the failure by CRBGLH to pay principal and interest on the External Debt when due, we must collateralize an amount equal to the sum of: (a) 100% of the principal amount outstanding, (b) accrued and unpaid interest and (c) 100% of the net present value of scheduled interest payments through the maturity dates of the CRBGLH External Debt.

•For additional discussion on commitments and guarantees associated with VIEs, see Note 8.

•For additional disclosures about derivatives, see Note 9.

•For additional disclosures about related parties, see Note 19

XML

Equity

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Equity

16. Equity

COMMON STOCK

The following table presents a rollforward of outstanding shares:

Six Months Ended June 30, 2024	Common Stock Issued	Treasury Stock	Common Stock Outstanding
Shares, beginning of year	648,148,737	(26,484,411)	621,664,326
Shares issued under long-term incentive compensation plans	2,041,112	1,229,028	3,270,140
Shares repurchased	—	(24,607,065)	(24,607,065)
Shares, end of period	650,189,849	(49,862,448)	600,327,401

Repurchase of Corebridge Common Stock

Shares may be repurchased from time to time in the open market, through private purchases, through forward, derivative, accelerated repurchase or automatic repurchase transactions or otherwise. Certain of our share repurchases have been and may from time to time be effected through the Securities and Exchange Act of 1934, as amended (the “Exchange Act”) Rule 10b5-1 repurchase plans. On May 4, 2023, our Board of Directors authorized a $1.0 billion share repurchase program. On April 30, 2024, our Board of Directors authorized an additional $2.0 billion increase in the share repurchase amount under the share repurchase program. Under this program, Corebridge Parent may, from time to time, purchase up to $3.0 billion of Corebridge Parent common stock but is not obligated to purchase any particular number of shares. The authorization for the share repurchase program may be terminated, increased or decreased by the Board of Directors at any time.

From July 1, 2024 to July 26, 2024, we repurchased approximately 8.3 million shares of Corebridge Parent common stock for an aggregate purchase price of approximately $246 million, leaving approximately $1.6 billion under the share repurchase authorizations as of July 26, 2024.

RETAINED EARNINGS

Dividends

Declaration Date	Record Date	Payment Date	Dividend Paid Per Common Share
May 2, 2024	June 14, 2024	June 28, 2024	$	0.23
February 14, 2024	March 15, 2024	March 29, 2024	$	0.23

Dividends Declared

On July 30, 2024, the Company declared a cash dividend on Corebridge Parent common stock of $0.23 per share, payable on September 30, 2024 to shareholders of record at close of business on September 16, 2024.

Accumulated Other Comprehensive Income (Loss)

The following table presents a rollforward of Accumulated other comprehensive income (loss):

(in millions)	Unrealized Appreciation (Depreciation) of Fixed Maturity Securities on Which allowance for credit losses was Taken		Unrealized Appreciation (Depreciation) of All Other Investments		Change in fair value of market risk benefits attributable to changes in our own credit risk		Change in the discount rates used to measure traditional and limited payment long-duration insurance contracts		Cash Flow Hedges		Foreign Currency Translation Adjustments		Retirement Plan Liabilities Adjustment		Total
Three Months Ended June 30, 2024
Balance, March 31, 2024, net of tax	$	(44)	$	(15,865)	$	(932)	$	2,638	$	127	$	(65)	$	2	$	(14,139)
Change in unrealized depreciation of investments	(12)		(1,150)		—		—		—		—		—		(1,162)
Change in fair value of market risk benefits attributable to changes in our own credit risk	—		—		202		—		—		—		—		202
Change in discount rates assumptions of certain liabilities	—		—		—		472		—		—		—		472
Change in future policy benefits and other	—		86		—		—		—		—		—		86
Change in cash flow hedges	—		—		—		—		(3)		—		—		(3)
Change in foreign currency translation adjustments	—		—		—		—		—		70		—		70
Change in deferred tax asset (liability)	3		97		(43)		(93)		1		—		—		(35)
Total other comprehensive income (loss)	(9)		(967)		159		379		(2)		70		—		(370)
Less: Noncontrolling interests	—		—		—		—		—		(1)		—		(1)
Balance, June 30, 2024, net of tax	$	(53)	$	(16,832)	$	(773)	$	3,017	$	125	$	6	$	2	$	(14,508)
Three Months Ended June 30, 2023
Balance, March 31, 2023, net of tax	$	(62)	$	(16,248)	$	(291)	$	2,443	$	153	$	(73)	$	11	$	(14,067)
Change in unrealized depreciation of investments	55		(1,827)		—		—		—		—		—		(1,772)
Change in fair value of market risk benefits attributable to changes in our own credit risk	—		—		(240)		—		—		—		—		(240)
Change in discount rates assumptions of certain liabilities	—		—		—		628		—		—		—		628
Change in future policy benefits and other	—		49		—		—		—		—		—		49
Change in cash value hedges	—		—		—		—		(8)		—		—		(8)
Change in foreign currency translation adjustments	—		—		—		—		—		28		—		28
Change in deferred tax asset (liability)	(12)		294		51		(142)		2		8		—		201
Total other comprehensive income (loss)	43		(1,484)		(189)		486		(6)		36		—		(1,114)
Less: Noncontrolling interests	—		—		—		—		—		1		—		1
Balance, June 30, 2023, net of tax	$	(19)	$	(17,732)	$	(480)	$	2,929	$	147	$	(38)	$	11	$	(15,182)

(in millions)	Unrealized Appreciation (Depreciation) of Fixed Maturity Securities on Which allowance for credit losses was Taken		Unrealized Appreciation (Depreciation) of All Other Investments		Change in fair value of market risk benefits attributable to changes in our own credit risk		Change in the discount rates used to measure traditional and limited payment long-duration insurance contracts		Cash Flow Hedges		Foreign Currency Translation Adjustments		Retirement Plan Liabilities Adjustment		Total
Six Months Ended June 30, 2024
Balance at December 31, 2023, net of tax	$	(79)	$	(14,650)	$	(909)	$	2,095	$	146	$	(63)	$	2	$	(13,458)
Change in unrealized depreciation of investments	33		(2,270)		—		—		—		—		—		(2,237)
Change in fair value of market risk benefits attributable to changes in our own credit risk	—		—		173		—		—		—		—		173
Change in discount rates assumptions of certain liabilities	—		—		—		1,167		—		—		—		1,167
Change in future policy benefits and other	—		(41)		—		—		—		—		—		(41)
Change in cash flow hedges	—		—		—		—		(28)		—		—		(28)
Change in foreign currency translation adjustments	—		—		—		—		—		66		—		66
Change in deferred tax asset (liability)	(7)		168		(37)		(245)		6		1		—		(114)
Total other comprehensive income (loss)	26		(2,143)		136		922		(22)		67		—		(1,014)
Other	—		(39)		—		—		1		—		—		(38)
Less: Noncontrolling interests	—		—		—		—		—		(2)		—		(2)
Balance, June 30, 2024, net of tax	$	(53)	$	(16,832)	$	(773)	$	3,017	$	125	$	6	$	2	$	(14,508)
Six Months Ended June 30, 2023
Balance, December 31, 2022, net of tax	$	(92)	$	(19,380)	$	(365)	$	2,908	$	157	$	(100)	$	9	$	(16,863)
Change in unrealized depreciation of investments	93		2,155		—		—		—		—		—		2,248
Change in fair value of market risk benefits attributable to changes in our own credit risk	—		—		(146)		—		—		—		—		(146)
Change in discount rates assumptions of certain liabilities	—		—		—		33		—		—		—		33
Change in future policy benefits and other	—		(67)		—		—		—		—		—		(67)
Change in cash value hedges	—		—		—		—		(15)		—		—		(15)
Change in foreign currency translation adjustments	—		—		—		—		—		65		—		65
Change in net actuarial loss	—		—		—		—		—		—		3		3
Change in deferred tax asset (liability)	(20)		(440)		31		(12)		5		7		(1)		(430)
Total other comprehensive income (loss)	73		1,648		(115)		21		(10)		72		2		1,691
Less: Noncontrolling interests	—		—		—		—		—		10		—		10
Balance, June 30, 2023, net of tax	$	(19)	$	(17,732)	$	(480)	$	2,929	$	147	$	(38)	$	11	$	(15,182)

The following table presents the OCI reclassification adjustments for the three and six months ended June 30, 2024 and 2023, respectively:

(in millions)	Unrealized Appreciation (Depreciation) of Fixed Maturity Securities on Which Allowance for Credit Losses Was Taken		Unrealized Appreciation (Depreciation) of All Other Investments		Change in fair value of market risk benefits attributable to changes in our own credit risk		Change in the discount rates used to measure traditional and limited payment long-duration insurance contracts		Cash Flow Hedges		Foreign Currency Translation Adjustments		Retirement Plan Liabilities Adjustment		Total
Three Months Ended June 30, 2024
Unrealized change arising during period	$	(14)	$	(1,665)	$	202	$	718	$	(3)	$	3	$	—	$	(759)
Less: Reclassification adjustments included in net income	(2)		(601)		—		246		—		(67)		—		(424)
Total other comprehensive income (loss), before income tax expense (benefit)	(12)		(1,064)		202		472		(3)		70		—		(335)
Less: Income tax expense (benefit)	(3)		(97)		43		93		(1)		—		—		35
Total other comprehensive income (loss), net of income tax expense (benefit)	$	(9)	$	(967)	$	159	$	379	$	(2)	$	70	$	—	$	(370)
Three Months Ended June 30, 2023
Unrealized change arising during period	$	52	$	(2,009)	$	(240)	$	628	$	(8)	$	28	$	—	$	(1,549)
Less: Reclassification adjustments included in net income	(3)		(231)		—		—		—		—		—		(234)
Total other comprehensive income (loss), before income tax expense (benefit)	55		(1,778)		(240)		628		(8)		28		—		(1,315)
Less: Income tax expense (benefit)	12		(294)		(51)		142		(2)		(8)		—		(201)
Total other comprehensive income (loss), net of income tax expense (benefit)	$	43	$	(1,484)	$	(189)	$	486	$	(6)	$	36	$	—	$	(1,114)
Six Months Ended June 30, 2024
Unrealized change arising during period	$	25	$	(3,248)	$	173	$	1,413	$	(28)	$	(1)	$	—	$	(1,666)
Less: Reclassification adjustments included in net income	(8)		(937)		—		246		—		(67)		—		(766)
Total other comprehensive income (loss), before income tax expense (benefit)	33		(2,311)		173		1,167		(28)		66		—		(900)
Less: Income tax expense (benefit)	7		(168)		37		245		(6)		(1)		—		114
Total other comprehensive income (loss), net of income tax expense (benefit)	$	26	$	(2,143)	$	136	$	922	$	(22)	$	67	$	—	$	(1,014)
Six Months Ended June 30, 2023
Unrealized change arising during period	$	76	$	1,770	$	(146)	$	33	$	(15)	$	65	$	3	$	1,786
Less: Reclassification adjustments included in net income	(17)		(318)		—		—		—		—		—		(335)
Total other comprehensive income (loss), before income tax expense (benefit)	93		2,088		(146)		33		(15)		65		3		2,121
Less: Income tax expense (benefit)	20		440		(31)		12		(5)		(7)		1		430
Total other comprehensive income (loss), net of income tax expense (benefit)	$	73	$	1,648	$	(115)	$	21	$	(10)	$	72	$	2	$	1,691

The following table presents the effect of the reclassification of significant items out of Accumulated other comprehensive income on the respective line items in the Condensed Consolidated Statements of Income (Loss)*:

	Amount Reclassified from AOCI								Affected Line Item in the Condensed Consolidated Statements of Income (Loss)
	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2024		2023		2024		2023
Unrealized appreciation (depreciation) of fixed maturity securities on which allowance for credit losses was taken
Investments	$	(2)	$	(3)	$	(8)	$	(17)	Net realized gains (losses)
Total	$	(2)	$	(3)	$	(8)	$	(17)
Unrealized appreciation (depreciation) of all other investments
Investments	$	(540)	$	(231)	$	(876)	$	(318)	Net realized gains (losses)
Sale of business	(61)		—		(61)		—		Net (gain) loss on divestitures
Total	$	(601)	$	(231)	$	(937)	$	(318)
Effect of changes in the discount rates used to measure traditional and limited-payment long duration insurance contracts
Sale of business	$	246	$	—	$	246	$	—	Net (gain) loss on divestitures
Total	$	246	$	—	$	246	$	—
Foreign Currency Translation Adjustments
Sale of business	$	(67)	$	—	$	(67)	$	—	Net (gain) loss on divestitures
Total	$	(67)	$	—	$	(67)	$	—
Total reclassifications for the period	$	(424)	$	(234)	$	(766)	$	(335)

*The following items are not reclassified out of AOCI and included in the Condensed Consolidated Statements of Income (Loss) and thus have been excluded from the table:(a) Change in fair value of MRBs attributable to changes in our own credit risk (b) Change in the discount rates used to measure traditional and limited-payment long-duration insurance contracts and (c) Fair value of liabilities under fair value option attributable to changes in our own credit risk.

NON-REDEEMABLE NONCONTROLLING INTEREST

The activity in non-redeemable noncontrolling interest primarily relates to activities with consolidated investment entities.

The changes in non-redeemable noncontrolling interest due to divestitures and acquisitions primarily relate to the formation and funding of new consolidated investment entities. The majority of the funding for these consolidated investment entities comes from affiliated companies of Corebridge.

The changes in non-redeemable noncontrolling interest due to contributions from noncontrolling interests primarily relate to the additional capital calls related to consolidated investment entities.

The changes in non-redeemable noncontrolling interest due to distributions to noncontrolling interests primarily relate to dividends or other distributions related to consolidated investment entities.

The following table presents a rollforward of non-redeemable noncontrolling interest:

	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2024		2023		2024		2023
Beginning balance	$	810	$	910	$	869	$	939
Net (loss) attributable to redeemable noncontrolling interest	(24)		(20)		(75)		(14)
Other comprehensive income (loss), net of tax	(1)		1		(2)		10
Changes in noncontrolling interests due to divestitures and acquisitions	—		—		1		(19)
Contributions from noncontrolling interests	32		18		53		43
Distributions to noncontrolling interests	(2)		(3)		(31)		(53)
Other	1		1		1		1
Ending balance	$	816	$	907	$	816	$	907

Refer to Note 8 for additional information related to Variable Interest Entities.

XML

Earnings Per Common Share

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Earnings Per Common Share

17. Earnings Per Common Share

The basic earnings per common share (“EPS”) computation is based on the weighted average number of common shares outstanding, adjusted to reflect all stock splits. The diluted EPS computation is based on those shares used in the basic EPS computation plus common shares that would have been outstanding assuming issuance of common shares for all dilutive potential common shares outstanding and adjusted to reflect all stock splits, using the treasury stock method.

The following table presents the computation of basic and diluted EPS for the three and six months ended June 30, 2024 and 2023:

	Three Months Ended June 30,				Six Months Ended June 30,
(in millions, except per common share data)	2024		2023		2024		2023
Numerator for EPS:
Net income (loss)	$	341	$	751	$	1,168	$	298
Less: Net income (loss) attributable to noncontrolling interests	(24)		(20)		(75)		(14)
Net income (loss) attributable to Corebridge common shareholders	$	365	771		$	1,243	$	312
Denominator for EPS:
Weighted average common shares outstanding - basic	611.6		650.7		617.8		650.8
Dilutive common shares	1.0		1.5		0.9		1.7
Weighted average common shares outstanding - diluted	612.6		652.2		618.7		652.5
Income per common share attributable to Corebridge common shareholders
Common stock - basic	$	0.60	$	1.18	$	2.01	$	0.48
Common stock - diluted	$	0.59	$	1.18	$	2.01	$	0.48

*Potential dilutive common shares include our share-based employee compensation plans. The number of common shares excluded from dilutive shares outstanding was approximately 0.1 million and 1.3 million for the three months ended June 30, 2024 and 2023, respectively, and 0.3 million and 0.9 million for the six months ended June 30, 2024 and 2023, respectively, because the effect of including those common shares in the calculation would have been anti-dilutive.

XML

Income Taxes

6 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes

18. Income Taxes

RECENT TAX LAW CHANGES

The Inflation Reduction Act of 2022 (H.R. 5376), (the “Inflation Reduction Act”) includes a 15% corporate alternative minimum tax (“CAMT”) on adjusted financial statement income for corporations with average profits over $1 billion over a three-year period and a 1% stock buyback tax. Although the U.S. Treasury and Internal Revenue Service (“IRS”) issued interim CAMT guidance during 2023, many details and specifics of application of the CAMT remain subject to future guidance. Our estimated CAMT liability will continue to be refined based on future guidance.

BASIS OF PRESENTATION

Prior to the IPO, Corebridge Parent and certain U.S. subsidiaries were included in the consolidated federal income tax return of AIG as well as certain state tax returns where AIG files on a combined or unitary basis. Following the IPO, AIG owned less than 80% interest in Corebridge, resulting in tax deconsolidation of Corebridge from the AIG Consolidated Tax Group. In addition, under the tax law, AGC and its directly owned life insurance subsidiaries (the “AGC Group”) will not be permitted to join in the filing of a U.S. consolidated federal income tax return with our other subsidiaries (collectively, the “Non-Life Group”) for the five-year waiting period. Instead, the AGC Group is expected to file separately as members of the AGC Group consolidated U.S. federal income tax return during the five-year waiting period. Following the five-year waiting period, the AGC Group is expected to join the U.S. consolidated federal income tax return with the Non-Life Group.

RECLASSIFICATION OF CERTAIN TAX EFFECTS FROM AOCI

We use an item-by-item approach to release the stranded or disproportionate income tax effects in AOCI related to our available-for-sale securities. Under this approach, a portion of the disproportionate tax effects is assigned to each individual security lot at the date the amount becomes lodged. When the individual securities are sold, mature or are otherwise impaired on an other-than-temporary basis, the assigned portion of the disproportionate tax effect is reclassified from AOCI to income (loss) from operations.

INTERIM TAX CALCULATION METHOD

We use the estimated annual effective tax rate method in computing our interim tax provision. Certain items, including those deemed to be unusual or infrequent or that cannot be reliably estimated, are excluded from the estimated annual effective tax rate. In these cases, the actual tax expense or benefit is reported in the same period as the related item. Certain tax effects are also not reflected in the estimated annual effective tax rate, primarily certain changes in uncertain tax positions and realizability of deferred tax assets, and are recorded in the period in which the change occurs.

INTERIM TAX EXPENSE (BENEFIT)

For the three months ended June 30, 2024, the effective tax rate on income from operations was 25.2%. The effective tax rate on income from operations differs from the statutory tax rate of 21% primarily due to tax charges associated with the establishment of additional U.S. federal and state valuation allowance and with state and local income taxes. These tax charges were partially offset by dividends received deduction, tax adjustments related to prior year returns including interest, renewable energy tax credits, and reclassifications from AOCI to income from operations related to the disposal of available-for-sale securities.

For the six months ended June 30, 2024, the effective tax rate on income from operations was 20.7%. The effective tax rate on income from operations differs from the statutory tax rate of 21% primarily due to tax benefits associated with dividends received deduction, excess tax benefits related to share based compensation payments recorded through the income statement, adjustments to deferred tax assets, renewable energy tax credits, and reclassifications from AOCI to income from operations related to the disposal of available-for-sale securities. These tax benefits were partially offset by the establishment of additional U.S. federal, state and foreign valuation allowance and tax charges associated with state and local income taxes.

For the three months ended June 30, 2023, the effective tax rate on income from operations was 17.6%. The effective tax rate on income from operations differs from the statutory tax rate of 21% primarily due to the dividends received deduction, tax adjustments related to prior year returns, and reclassifications from AOCI to income from operations related to the disposal of available-for-sale securities. These tax benefits were partially offset by the establishment of additional valuation allowance and tax charges associated with state and local income taxes.

For the six months ended June 30, 2023, the effective tax rate on income from operations was (23.1)%. The effective tax rate on income from operations differs from the statutory tax rate of 21% primarily due to the dividends received deduction, adjustments to deferred tax assets, reclassifications from AOCI to income from operations related to the disposal of available-for-sale securities, tax adjustments related to prior year returns, and excess tax benefits related to share based compensation payments recorded through the income statement. These tax benefits were partially offset by the establishment of additional valuation allowance and tax charges associated with state and local income taxes.

ASSESSMENT OF DEFERRED TAX ASSET VALUATION ALLOWANCE

The evaluation of the recoverability of our deferred tax asset and the need for a valuation allowance requires us to weigh all positive and negative evidence to reach a conclusion that it is more likely than not that all or some portion of the deferred tax asset will not be realized. The weight given to the evidence is commensurate with the extent to which it can be objectively verified. The more negative evidence that exists, the more positive evidence is necessary and the more difficult it is to support a conclusion that a valuation allowance is not needed.

As discussed above, under the tax law, the AGC Group will not be permitted to join in the filing of a U.S. consolidated federal income tax return with the Non-Life Group for the five-year waiting period following the IPO. Instead, the AGC Group is expected to file separately as members of the AGC consolidated U.S. federal income tax return during this period. Following the five-year waiting period, the AGC Group is expected to join U.S. consolidated federal income tax return with the Non-Life Group. Each separate U.S. federal tax filing group or separate U.S. tax filer is required to consider this five-year waiting period when assessing realization of their respective deferred tax assets including net operating loss and tax credit carryforwards.

Our separation from AIG resulted in an “ownership change” for U.S. federal income tax purposes under Section 382 of the Code. As a result of the ownership change, a limitation has been imposed upon the utilization of our U.S. net operating loss carryforwards and certain built-in losses and deductions to offset future taxable income. Our utilization is limited to approximately $648 million per year. These limitation amounts accumulate for future use to the extent they are not utilized in a given year.

Recent events, changes in target interest rates by the Board of Governors of the Federal Reserve System and significant market volatility, impacted actual and projected results of our business operations as well as our views on potential effectiveness of certain prudent and feasible tax planning strategies. In order to demonstrate the predictability and sufficiency of future taxable income necessary to support the realizability of the net operating losses and foreign tax credit carryforwards, we have considered forecasts of future income for each of our businesses, including assumptions about future macroeconomic and Corebridge-specific conditions and events, and any impact these conditions and events may have on our prudent and feasible tax planning strategies.

To the extent that the valuation allowance is attributed to changes in forecast of current year taxable income, the impact is included in our estimated annualized effective tax rate. A valuation allowance related to changes in forecasts of income in future periods as well as other items not related to the current year is recorded discretely. For the three and six months ended June 30, 2024, we recorded an increase in valuation allowance of $30 million and $45 million primarily attributable to current year activity. As of June 30, 2024, the balance sheet reflects a valuation allowance of $207 million related to our tax attribute carryforwards and a portion of certain other deferred tax assets that are no longer more-likely-than-not to be realized.

Estimates of future taxable income, including income generated from prudent and feasible actions and tax planning strategies, impact of settlements with taxing authorities, and any changes to interpretations and assumptions related to the impact of the Inflation Reduction Act or the Tax Act, could change in the near term, perhaps materially, which may require us to consider any potential impact to our assessment of the recoverability of the deferred tax asset. Such potential impact could be material to our consolidated financial condition or results of operations for an individual reporting period.

For the three and six months ended June 30, 2024, recent changes in market conditions, including rising interest rates, impacted the unrealized tax capital gains and losses in the U.S. life insurance companies’ available-for-sale securities portfolio, resulting in a deferred tax asset related to net unrealized tax capital losses. The deferred tax asset relates to the unrealized capital losses for which the carryforward period has not yet begun, and as such, when assessing its recoverability, we consider our ability and intent to hold the underlying securities to recovery. As of June 30, 2024, based on all available evidence, we concluded that a valuation allowance should be established on a portion of the deferred tax asset related to unrealized capital losses that are not more-likely-than-not to be realized. For the three and six months ended June 30, 2024, we recorded an increase in valuation allowance of $96 million and $290 million, respectively, associated with the unrealized tax capital losses in the U.S. life insurance companies’ available-for-sale securities portfolio. As of June 30, 2024, the balance sheet reflects a valuation allowance of $1.3 billion associated with the unrealized tax capital losses in the U.S. Life Insurance Companies’ available-for-sale securities portfolio, all of which was allocated to OCI. Additionally, as of June 30, 2024, based on all available evidence, we concluded that a valuation allowance should be established on a portion of the deferred tax asset related to realized tax capital losses that are not more-likely-than-not to be realized. As of June 30, 2024, we established $57 million of valuation allowance associated with the realized tax capital losses from the insurance companies’ available-for-sale securities portfolio.

For the six months ended June 30, 2024, we recognized a $2 million increase in deferred tax asset valuation allowance associated with certain foreign jurisdictions.

TAX EXAMINATIONS AND LITIGATION

Corebridge Parent and certain U.S. subsidiaries are included in a consolidated U.S. federal income tax return with AIG through the date of IPO (short-period tax year 2022), and income tax expense is recorded, based on applicable U.S. and foreign laws.

The AIG Consolidated Tax Group is currently under IRS examination for the tax years 2011 through 2019 and is continuing to engage in the appeals process for years 2007 through 2010.

We are periodically advised of certain IRS and other adjustments identified in AIG's consolidated tax return which are attributable to our operations. Under our tax sharing arrangement, we provide a charge or credit for the effect of the adjustments and the related interest in the period we are advised of such adjustments and interest

XML

Related Parties

6 Months Ended

Jun. 30, 2024

Related Party Transactions [Abstract]

Related Parties

19. Related Parties

RELATED PARTY TRANSACTIONS

We may enter into a significant number of transactions with related parties in the normal course of business. Parties are considered to be related if one party has the ability to control or exercise significant influence over the other party in making financial or operating decisions, or if a party, directly or indirectly through one or more of its intermediaries, controls, is controlled by or is under common control with an entity. Our material transactions with related parties are described below.

Related Party Transactions with AIG

We have historically entered into various transactions with AIG, some of which are continuing and are described below. In addition, on September 14, 2022, we entered into a Separation Agreement with AIG, which governs the relationship between AIG and us following the IPO, including matters related to the allocation of assets and liabilities between the parties, indemnification obligations, our corporate governance, information rights for each party and consent rights of AIG with respect to certain business activities that we may undertake. On May 16, 2024, in connection with the execution of the Purchase Agreement with AIG Parent and Nippon, the Company entered into an Amendment to the Separation Agreement, by and between the Company and AIG Parent, pursuant to which the Company and AIG Parent agreed to certain changes with respect to AIG’s board designation rights and AIG’s right to consent over certain actions by the Company, as set forth in the original Separation Agreement. Additionally, on June 9, 2024, AIG Parent waived its right under the Separation Agreement to include a majority of the director candidates on each slate of candidates recommended by the Corebridge Board of Directors.

For further information on the Nippon Transaction, the Separation Agreement and the amendment and waiver thereto, see Note 1.

Advisory Transactions

Certain of our investment management subsidiaries provide advisory, management, allocation, structuring, planning, oversight, administration and similar services (collectively, “Investment Services”) with respect to the investment portfolios of AIG. Investment Services are provided primarily pursuant to investment management, investment advisory and similar agreements (“IMAs”), under which our subsidiaries are appointed as investment manager and are authorized to manage client investment portfolios on a fully discretionary basis, subject to agreed investment guidelines. Certain of our subsidiaries are also authorized under the IMAs to retain, oversee and direct third-party investment advisers and managers for and on behalf of these AIG clients. In some cases, Investment Services are provided through the clients’ participation in private investment funds, RMBS, CLO and other pooled investment vehicles and investment products (collectively, “Funds”) sponsored or managed by us.

Separately, certain of our subsidiaries provide portfolio administration and investment planning, performance evaluation and oversight services to AIG Property Casualty International, LLC (“AIGPCI”), on a non-discretionary basis, with respect to the investment portfolios of various of AIGPCI’s non-U.S. subsidiaries. In some cases, these services are directly provided to AIGPCI’s non-US subsidiaries. We offer our Funds to AIGPCI’s non-U.S. subsidiaries. Our subsidiaries earn investment management and advisory fees under the IMAs and other service agreements, as well as management fees and carried interest distributions or similar performance-based compensation under the Funds’ operating agreements, the majority of which are based on, or calibrated to approximate, the costs of providing the services. With respect to a minority of the AIG client portfolios, which relate to assets backing risks that have been transferred to third parties, our subsidiaries earn market-based fees. Management and advisory fee income for these Investment Services and related services reflected in Other income on the Condensed Consolidated Statements of Income (Loss) were $6 million and $13 million for the three and six months ended June 30, 2024, respectively, and $7 million and $20 million for the three and six months ended June 30, 2023, respectively.

Capital Markets Agreements

Historically, we received a suite of capital markets services, including securities lending, collateral management, repurchase transactions, derivatives execution and support, and operational support services, from AIG for which we pay a fee. AIG Markets, Inc. (“AIGM”) provided these services through various services agreements.

The suite of capital markets services previously provided by AIGM are now provided by our consolidated subsidiary Corebridge Markets, LLC (“CRBGM”). The majority of transactions previously outstanding with AIGM were legally transferred to CRBGM as of December 31, 2023.

In addition, in the ordinary course of business, we enter into over-the-counter derivative transactions with AIGM under standard ISDA Master Agreements. We previously had certain unsecured derivative transactions with AIG. On May 4, 2023, these previously unsecured derivative transactions became fully collateralized.

The total expenses incurred for services provided by AIGM reflected in Net investment income - excluding Fortitude Re funds withheld assets on the Condensed Consolidated Statements of Income (Loss) were $0 million and $0 million for the three and six months ended June 30, 2024, respectively, and $0 million and $0 million for the three and six months ended June 30, 2023, respectively. The derivative assets, net of gross assets and gross liabilities after collateral were $0 million and $13 million as of June 30, 2024 and December 31, 2023, respectively. The derivative liabilities, net of gross assets and gross liabilities after collateral were $0 million and $0 million as of June 30, 2024 and December 31, 2023, respectively. The collateral posted to AIGM was $0 million and $0 million as of June 30, 2024 and December 31, 2023, respectively. The collateral held by us was $66 million and $377 million as of June 30, 2024 and December 31, 2023, respectively.

For further details regarding derivatives, see Note 9.

General Services Agreements

Pursuant to the provisions of a Service and Expense Agreement (the “AIG Service and Expense Agreement”) effective February 1, 1974, as amended, we and AIG have provided various services to each other at cost, including, but not limited to, advertising, accounting, actuarial, tax, legal, data processing, claims adjustment, employee cafeteria, office space, payroll, information technology services, capital markets services, services that support financial transactions and budgeting, risk management and compliance services, human resources services, insurance, operations and other support services.

On September 14, 2022, we entered into a Transition Services Agreement (the “TSA”) with AIG regarding the continued provision of services between the Company and AIG on a transitional basis. The TSA has generally replaced the AIG Service and Expense Agreement for services provided between the parties.

Amounts due to AIG under these agreements were $19 million and $39 million as of June 30, 2024 and December 31, 2023, respectively. Amounts due from AIG were $12 million and $38 million as of June 30, 2024 and December 31, 2023, respectively. The total service expenses incurred specific to these agreements reflected in General operating expenses on the Condensed Consolidated Statements of Income (Loss) were $12 million and $25 million for the three and six months ended June 30, 2024, respectively, and $46 million and $93 million for the three and six months ended June 30, 2023, respectively.

Reinsurance Transactions

From time to time, AIG Life U.K. entered into various coinsurance agreements with American International Reinsurance Company, Ltd., a consolidated subsidiary of AIG (“AIRCO”) as follows:

•In 2018, AIG Life U.K. ceded risks to AIRCO relating to the payment of obligations of life-contingent annuity claims in the annuitization phase of the contracts on or after June 30, 2018.

•In 2019 and 2020, AIG Life U.K. ceded risks to AIRCO relating to certain whole life policies issued prior to and subsequent to July 1, 2019, respectively.

Reinsurance assets related to these agreements were $67 million as of December 31, 2023. Amounts payable to AIRCO were $13 million as of December 31, 2023. Ceded premiums related to these agreements were $0 million and $9 million for the three and six months ended June 30, 2024, respectively, and $11 million and $18 million for the three and six months ended June 30, 2023, respectively. Reinsurance assets and amounts payable related to these agreements were reclassified to Assets held-for-sale and Liabilities held-for-sale, respectively at December 31, 2023.

On April 8, 2024, Corebridge completed the sale of AIG Life U.K. to Aviva and AIG Life U.K. terminated its reinsurance agreements with AIRCO.

Guarantees

Prior to the IPO, AIG provided certain guarantees to us. Pursuant to the Separation Agreement, we will indemnify, defend and hold harmless AIG against or from any liability arising from or related to such guarantees.

For further details regarding guarantees previously provided by AIG, see Note 15.

Tax Sharing Agreements

On September 14, 2022, we entered into a tax matters agreement with AIG that governs the parties’ respective rights, responsibilities, and obligations with respect to taxes, including the allocation of current and historic tax liabilities (whether income or non-income consolidated or stand-alone) between us and AIG (the “Tax Matters Agreement”). The Tax Matters Agreement governs, among other things, procedural matters, such as filing of tax returns, tax elections, control and settlement of tax controversies and entitlement to tax refunds and tax attributes.

Prior to the IPO, Corebridge and SAFG Capital LLC were included in the consolidated federal income tax return of AIG as well as certain state tax returns where AIG files on a combined or unitary basis. There were no payments to AIG in connection with the tax sharing agreements for the six months ended June 30, 2024 and 2023. Amounts receivable (payable) from or to AIG pursuant to the tax sharing agreements were $(381) million and $(371) million as of June 30, 2024 and December 31, 2023, respectively.

Employee Compensation and Benefits

Our employees participate in certain of AIG’s employee benefit programs. We had a payable of $18 million and $32 million as of June 30, 2024 and December 31, 2023, respectively, with respect to these programs. On September 14, 2022, we entered into an employee matters agreement with AIG (the “EMA”). The EMA allocates liabilities and responsibilities relating to employment matters, employee compensation and benefits plans and programs, and other related matters between us and AIG. The EMA generally provides that, unless otherwise specified, each party is responsible for liabilities associated with their current and former employees for purposes of compensation and benefit matters following the IPO.

Related Party Transactions with Blackstone Inc. (“Blackstone”)

Investment Expense

We entered into a long-term asset management relationship with Blackstone to manage a portion of our investment portfolio. The investment expense incurred were $60 million and $111 million for the three and six months ended June 30, 2024, respectively, and $37 million and $72 million for the three and six months ended June 30, 2023, respectively.

Related Party Transactions with Variable Interest Entities

In the ordinary course of business, we enter into various arrangements with VIEs, and we consolidate the VIE if we are determined to be the primary beneficiary. In certain situations, we may have a variable interest in a VIE that is consolidated by an affiliate, and in other instances, affiliates may have variable interests in a VIE that is consolidated by us. The total debt of consolidated VIEs held by affiliates was $136 million and $102 million as of June 30, 2024 and December 31, 2023, respectively. The interest expense incurred on the debt reflected in Interest expense on the Condensed Consolidated Statements of Income (Loss) were $1 million and $2 million for the three and six months ended June 30, 2024, respectively, and $1 million and $8 million for the three and six months ended June 30, 2023, respectively.

The noncontrolling interest included in the Condensed Consolidated Balance Sheets related to the VIEs held by affiliates was $474 million and $518 million as of June 30, 2024 and December 31, 2023, respectively. The gain/(loss) attributable to noncontrolling interest of consolidated VIEs held by affiliates were $(18) million and $(39) million for the three and six months ended June 30, 2024, respectively, and $(8) million and $11 million for the three and six months ended June 30, 2023, respectively.

In addition to transactions with VIEs, Corebridge has entered into other structured financing arrangements supporting real estate properties and other types of assets with other AIG affiliates. These financing arrangements are reported in Other invested assets in the Condensed Consolidated Balance Sheets. Certain of these and the VIE structures above also include commitments for funding from other AIG affiliates.

For additional information related to VIEs and other investments, see Notes 5 and 8.

XML

Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Use of Estimates

USE OF ESTIMATES

The preparation of financial statements in accordance with GAAP requires the application of accounting policies that often involve a significant degree of judgment. Accounting policies that we believe are most dependent on the application of estimates and assumptions are considered our critical accounting estimates and are related to the determination of:

•fair value measurements of certain financial assets and liabilities;

•valuation of market risk benefits (“MRBs”) related to guaranteed benefit features of variable annuity, fixed annuity and fixed index annuity products; valuation of embedded derivative liabilities for fixed index annuity and index universal life products;

•valuation of future policy benefit liabilities and recognition of remeasurement gains and losses;

•reinsurance assets, including the allowance for credit losses;

•goodwill impairment;

•allowance for credit losses primarily on loans and available-for-sale fixed maturity securities; and

•income tax assets and liabilities, including recoverability of our net deferred tax asset and the predictability of future tax operating profitability of the character necessary to realize the net deferred tax asset.

These accounting estimates require the use of assumptions about matters, some of which are highly uncertain at the time of estimation. To the extent actual experience differs from the assumptions used, our consolidated financial condition, results of operations and cash flows could be materially affected.

Accounting Standards Adopted During 2024 and Future Application of Accounting Standards

ACCOUNTING STANDARDS ADOPTED DURING 2024

Changes to GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of accounting standards updates (“ASU”) to the FASB Accounting Standards Codification. The Company considers the applicability and impact of all ASUs.

Fair Value Measurement

On June 30, 2022, the FASB issued an ASU to address diversity in practice by clarifying that a contractual sale restriction should not be considered in the measurement of the fair value of an equity security. It also requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. The Company adopted the standard on January 1, 2024, prospectively for entities other than investment companies. The adoption of the standard did not have a material impact to our consolidated financial statements.

FUTURE APPLICATION OF ACCOUNTING STANDARDS

Income Taxes

In December 2023, the FASB issued an ASU to address improvements to income tax disclosures. The standard requires disaggregated information about a company’s effective tax rate reconciliation as well as information on income taxes paid. The standard is effective for public companies for annual periods beginning after December 15, 2024, with early adoption permitted. The standard will be applied on a prospective basis with the option to apply the standard retrospectively. We are assessing the impact of this standard.

Segment Reporting

In November 2023, the FASB issued an ASU to address improvements to reportable segment disclosures. The standard primarily requires the following disclosure on an annual and interim basis: i) significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss, and ii) other segment items and description of its composition. The standard also requires current annual disclosures about a reportable segment’s profits or losses and assets to be disclosed in interim periods and the title and position of the CODM with an explanation of how the CODM uses the reported measure(s) of segment profits or losses in assessing segment performance. The guidance is effective for public companies for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The ASU is applied retrospectively to all prior periods presented. We are assessing the impact of this standard.

Segment Information

We report our results of operations consistent with the manner in which our chief operating decision maker reviews the business to assess performance and allocate resources.

We report our results of operations as five reportable segments:

•Individual Retirement – consists of fixed annuities, fixed index annuities and variable annuities.

•Group Retirement – consists of recordkeeping, plan administrative and compliance services, financial planning and advisory solutions offered in-plan, along with proprietary and limited non-proprietary annuities, advisory and brokerage products offered out-of-plan.

•Life Insurance – primary products in the United States include term life and universal life insurance. The International Life business issued individual and group life insurance in the United Kingdom and distributed private medical insurance in Ireland. On October 31, 2023 Corebridge completed the sale of Laya and on April 8, 2024 completed the sale of AIG Life U.K.

•Institutional Markets – consists of stable value wrap (“SVW”) products, structured settlement and pension risk transfer (“PRT”) annuities, guaranteed investment contracts (“GICs”) and Corporate Markets products that include corporate- and bank-owned life insurance (“COLI-BOLI”), private placement variable universal life and private placement variable annuity products.

•Corporate and Other – consists primarily of:

–corporate expenses not attributable to our other segments;

–interest expense on financial debt;

–results of our consolidated investment entities;

–institutional asset management business, which includes managing assets for non-consolidated affiliates; and

–results of our legacy insurance lines ceded to Fortitude Re.

We evaluate segment performance based on adjusted revenues and adjusted pre-tax operating income (loss) (“APTOI”). Adjusted revenues are derived by excluding certain items from total revenues. APTOI is derived by excluding certain items from income from operations before income tax. These items generally fall into one or more of the following broad categories: legacy matters having no relevance to our current businesses or operating performance; adjustments to enhance transparency to the underlying economics of transactions; and adjustments that we believe to be common to the industry. Legal entities are attributed to each segment based upon the predominance of activity in that legal entity.

APTOI excludes the impact of the following items:

Fortitude Re related adjustments:

The modified coinsurance (“modco”) reinsurance agreements with Fortitude Re transfer the economics of the invested assets supporting the reinsurance agreements to Fortitude Re. Accordingly, the net investment income on Fortitude Re funds withheld assets and the net realized gains (losses) on Fortitude Re funds withheld assets are excluded from APTOI. Similarly, changes in the Fortitude Re funds withheld embedded derivative are also excluded from APTOI.

The ongoing results associated with the reinsurance agreement with Fortitude Re have been excluded from APTOI as these are not indicative of our ongoing business operations.

Investment-related adjustments:

APTOI excludes “Net realized gains (losses)”, except for gains (losses) related to the disposition of real estate investments. Net realized gains (losses), except for gains (losses) related to the disposition of real estate investments, are excluded as the timing of sales on invested assets or changes in allowances depend largely on market credit cycles and can vary considerably across periods. In addition, changes in interest rates may create opportunistic scenarios to buy or sell invested assets. Our derivative results, including those used to economically hedge insurance liabilities or are recognized as embedded derivatives at fair value are also included in Net realized gains (losses) and are similarly excluded from APTOI except earned income (periodic settlements and changes in settlement accruals) on derivative instruments used for non-qualifying (economic) hedges or for asset replication. Earned income on such economic hedges is reclassified from Net realized gains and losses to specific APTOI line items based on the economic risk being hedged (e.g., Net investment income and Interest credited to policyholder account balances).

Market Risk Benefits adjustments:

Certain of our variable annuity, fixed annuity and fixed index annuity contracts contain guaranteed minimum withdrawal benefits (“GMWBs”) and/or guaranteed minimum death benefits (“GMDBs”) which are accounted for as MRBs. Changes in the fair value of these MRBs (excluding changes related to our own credit risk), including certain rider fees attributed to the MRBs, along with changes in the fair value of derivatives used to hedge MRBs are recorded through “Change in the fair value of MRBs, net” and are excluded from APTOI.

Changes in the fair value of securities used to economically hedge MRBs are excluded from APTOI.

Other adjustments:

Other adjustments represent all other adjustments that are excluded from APTOI and includes the net pre-tax operating income (losses) from noncontrolling interests related to consolidated investment entities. The excluded adjustments include, as applicable:

•restructuring and other costs related to initiatives designed to reduce operating expenses, improve efficiency and simplify our organization;

•non-recurring costs associated with the implementation of non-ordinary course legal or regulatory changes or changes to accounting principles;

•separation costs;

•non-operating litigation reserves and settlements;

•loss (gain) on extinguishment of debt, if any;

•losses from the impairment of goodwill, if any; and

•income and loss from divested or run-off business, if any.

Fair Value Measurement

Assets and liabilities recorded at fair value in the Condensed Consolidated Balance Sheets are measured and classified in accordance with a fair value hierarchy consisting of three “levels” based on the observability of valuation inputs:

•Level 1: Fair value measurements based on quoted prices (unadjusted) in active markets that we have the ability to access for identical assets or liabilities. Market price data generally is obtained from exchange or dealer markets. We do not adjust the quoted price for such instruments.

•Level 2: Fair value measurements based on inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals.

•Level 3: Fair value measurements based on valuation techniques that use significant inputs that are unobservable. Both observable and unobservable inputs may be used to determine the fair values of positions classified in Level 3. The circumstances for using these measurements include those in which there is little, if any, market activity for the asset or liability. Therefore, we must make certain assumptions about the inputs a hypothetical market participant would use to value that asset or liability.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

Short-term investments

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.

XML

Segment Information (Tables)

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Operations by Segment

The following table presents Corebridge’s operations by segment:

(in millions)	Individual Retirement		Group Retirement		Life Insurance		Institutional Markets		Corporate & Other		Eliminations		Total Corebridge		Adjustments		Total Consolidated
Three Months Ended June 30, 2024
Premiums	$	30	$	—	$	331	$	167	$	19	$	—	$	547	$	—	$	547
Policy fees	200		108		366		47		—		—		721		—		721
Net investment income(a)	1,405		487		322		489		18		(5)		2,716		272		2,988
Net realized gains (losses)(a)(b)	—		—		—		—		(9)		—		(9)		(738)		(747)
Advisory fee and other income	108		83		1		1		8		—		201		—		201
Total adjusted revenues	1,743		678		1,020		704		36		(5)		4,176		(466)		3,710
Policyholder benefits	33		(2)		627		394		—		—		1,052		(3)		1,049
Change in the fair value of market risk benefits, net	—		—		—		—		—		—		—		25		25
Interest credited to policyholder account balances	695		300		84		187		—		—		1,266		8		1,274
Amortization of deferred policy acquisition costs	152		21		84		3		—		—		260		—		260
Non-deferrable insurance commissions	94		30		16		5		1		—		146		—		146
Advisory fee expenses	38		32		1		—		—		—		71		—		71
General operating expenses	110		102		113		19		75		—		419		113		532
Interest expense	—		—		—		—		132		(5)		127		11		138
Net (gain) on divestitures	—		—		—		—		—		—		—		(241)		(241)
Total benefits and expenses	1,122		483		925		608		208		(5)		3,341		(87)		3,254
Noncontrolling interests	—		—		—		—		24		—		24
Adjusted pre-tax operating income (loss)	$	621	$	195	$	95	$	96	$	(148)	$	—	$	859
Adjustments to:
Total revenue													(466)
Total expenses													(87)
Noncontrolling interests													(24)
Income before income tax expense (benefit)													$	456			$	456
Three Months Ended June 30, 2023
Premiums	$	66	$	4	$	443	$	1,911	$	20	$	—	$	2,444	$	(1)	$	2,443
Policy fees	172		102		371		49		—		—		694		—		694
Net investment income (loss)(a)	1,224		504		327		407		19		(1)		2,480		234		2,714
Net realized gains (losses)(a)(b)	—		—		—		—		1		—		1		(321)		(320)
Advisory fee and other income	108		76		26		—		16		—		226		—		226
Total adjusted revenues	1,570		686		1,167		2,367		56		(1)		5,845		(88)		5,757
Policyholder benefits	71		6		721		2,081		(3)		—		2,876		—		2,876
Change in the fair value of market risk benefits, net	—		—		—		—		—		—		—		(262)		(262)
Interest credited to policyholder account balances	553		294		85		133		—		—		1,065		13		1,078
Amortization of deferred policy acquisition costs	138		20		98		2		—		—		258		—		258
Non-deferrable insurance commissions	94		33		21		4		1		—		153		—		153
Advisory fee expenses	36		29		(1)		—		—		—		64		—		64
General operating expenses	104		107		167		21		85		—		484		120		604
Interest expense	—		—		—		—		129		—		129		5		134
Net (gain) on divestitures	—		—		—		—		—		—		—		(59)		(59)
Total benefits and expenses	996		489		1,091		2,241		212		—		5,029		(183)		4,846
Noncontrolling interests	—		—		—		—		20		—		20
Adjusted pre-tax operating income (loss)	$	574	$	197	$	76	$	126	$	(136)	$	(1)	$	836
Adjustments to:
Total revenue													(88)
Total expenses													(183)
Noncontrolling interests													(20)
Income before income tax expense (benefit)													$	911			$	911

(in millions)	Individual Retirement		Group Retirement		Life Insurance		Institutional Markets		Corporate & Other		Eliminations		Total Corebridge		Adjustments		Total Consolidated
Six Months Ended June 30, 2024
Premiums	$	71	$	5	$	765	$	1,963	$	38	$	—	$	2,842	$	—	$	2,842
Policy fees	391		215		734		95		—		—		1,435		—		1,435
Net investment income(a)	2,744		982		648		976		8		(13)		5,345		567		5,912
Net realized gains (losses)(a)(b)	—		—		—		—		(17)		—		(17)		(1,050)		(1,067)
Advisory fee and other income	224		166		1		2		31		—		424		—		424
Total adjusted revenues	3,430		1,368		2,148		3,036		60		(13)		10,029		(483)		9,546
Policyholder benefits	69		1		1,375		2,417		—		—		3,862		(6)		3,856
Change in the fair value of market risk benefits, net	—		—		—		—		—		—		—		(344)		(344)
Interest credited to policyholder account balances	1,334		598		167		356		—		—		2,455		18		2,473
Amortization of deferred policy acquisition costs	301		42		178		6		—		—		527		—		527
Non-deferrable insurance commissions	184		59		35		10		1		—		289		—		289
Advisory fee expenses	73		65		1		—		—		—		139		—		139
General operating expenses	226		208		243		39		161		—		877		227		1,104
Interest expense	—		—		—		—		269		(10)		259		17		276
Net (gain) on divestitures	—		—		—		—		—		—		—		(246)		(246)
Total benefits and expenses	2,187		973		1,999		2,828		431		(10)		8,408		(334)		8,074
Noncontrolling interests	—		—		—		—		75		—		75
Adjusted pre-tax operating income (loss)	$	1,243	$	395	$	149	$	208	$	(296)	$	(3)	$	1,696
Adjustments to:
Total revenue													(483)
Total expenses													(334)
Noncontrolling interests													(75)
Income before income tax expense (benefit)													$	1,472			$	1,472
Six Months Ended June 30, 2023
Premiums	$	144	$	10	$	868	$	3,486	$	40	$	—	$	4,548	$	—	$	4,548
Policy fees	346		202		746		98		—		—		1,392		—		1,392
Net investment income(a)	2,352		1,004		644		739		87		(11)		4,815		594		5,409
Net realized gains (losses)(a)(b)	—		—		—		—		5		—		5		(1,783)		(1,778)
Advisory fee and other income	211		152		55		—		30		—		448		—		448
Total adjusted revenues	3,053		1,368		2,313		4,323		162		(11)		11,208		(1,189)		10,019
Policyholder benefits	136		15		1,429		3,799		(3)		—		5,376		(5)		5,371
Change in the fair value of market risk benefits, net	—		—		—		—		—		—		—		(66)		(66)
Interest credited to policyholder account balances	1,072		585		167		256		—		—		2,080		24		2,104
Amortization of deferred policy acquisition costs	275		41		194		4		—		—		514		—		514
Non-deferrable insurance commissions	180		61		38		9		1		—		289		—		289
Advisory fee expenses	70		58		1		—		—		—		129		—		129
General operating expenses	212		225		326		44		176		—		983		203		1,186
Interest expense	—		—		—		—		301		(10)		291		15		306
Net (gain) on divestitures	—		—		—		—		—		—		—		(56)		(56)
Total benefits and expenses	1,945		985		2,155		4,112		475		(10)		9,662		115		9,777
Noncontrolling interests	—		—		—		—		14		—		14
Adjusted pre-tax operating income (loss)	$	1,108	$	383	$	158	$	211	$	(299)	$	(1)	$	1,560
Adjustments to:
Total revenue													(1,189)
Total expenses													115
Noncontrolling interests													(14)
Income before income tax expense (benefit)													$	242			$	242

(a)Adjustments include Fortitude Re activity of $268 million and $262 million for the three months ended June 30, 2024 and 2023, respectively, and $458 million and $(349) million for the six months ended June 30, 2024 and 2023, respectively.

(b)Net realized gains (losses) includes the gains (losses) related to the disposition of real estate investments.

XML

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 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:

June 30, 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	$	8	$	1,363	$	—	$	—	$	—	$	1,371
Obligations of states, municipalities and political subdivisions	—		4,239		796		—		—		5,035
Non-U.S. governments	—		3,756		—		—		—		3,756
Corporate debt	—		99,852		1,393		—		—		101,245
RMBS(b)	—		9,802		6,453		—		—		16,255
CMBS	—		9,775		529		—		—		10,304
CLO	—		9,854		1,772		—		—		11,626
ABS	—		1,373		16,355		—		—		17,728
Total bonds available-for-sale	8		140,014		27,298		—		—		167,320
Other bond securities:
U.S. government and government sponsored entities	—		—		—		—		—		—
Obligations of states, municipalities and political subdivisions	—		38		1		—		—		39
Non-U.S. governments	—		27		—		—		—		27
Corporate debt	—		2,638		195		—		—		2,833
RMBS(c)	—		60		103		—		—		163
CMBS	—		221		17		—		—		238
CLO	—		403		61		—		—		464
ABS	—		86		1,193		—		—		1,279
Total other bond securities	—		3,473		1,570		—		—		5,043
Equity securities	25		—		48		—		—		73
Other invested assets(d)	—		—		1,655		—		—		1,655
Derivative assets:
Interest rate contracts	—		3,108		427		—		—		3,535
Foreign exchange contracts	—		1,032		—		—		—		1,032
Equity contracts	5		2,438		1,055		—		—		3,498
Credit contracts	—		76		—		—		—		76
Other contracts	—		1		12		—		—		13
Counterparty netting and cash collateral	—		—		—		(4,940)		(2,723)		(7,663)
Total derivative assets	5		6,655		1,494		(4,940)		(2,723)		491
Short-term investments	16		594		—		—		—		610
Market risk benefit assets	—		—		1,187		—		—		1,187
Separate account assets	90,767		3,355		—		—		—		94,122
Total	$	90,821	$	154,091	$	33,252	$	(4,940)	$	(2,723)	$	270,501
Liabilities:
Policyholder contract deposits(e)	$	—	$	115	$	9,036	$	—	$	—	$	9,151
Derivative liabilities:
Interest rate contracts	—		3,411		4		—		—		3,415
Foreign exchange contracts	—		335		—		—		—		335
Equity contracts	6		1,641		32		—		—		1,679
Credit contracts	—		—		—		—		—		—
Other contracts	—		—		—		—		—		—
Counterparty netting and cash collateral	—		—		—		(4,940)		(305)		(5,245)
Total derivative liabilities	6		5,387		36		(4,940)		(305)		184
Fortitude Re funds withheld payable(f)	—		—		1,913		—		—		1,913
Market risk benefit liabilities	—		—		5,124		—		—		5,124
Total	$	6	$	5,502	$	16,109	$	(4,940)	$	(305)	$	16,372

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 (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
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
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 $0 million and $5 million classified as Level 2 and Level 3, respectively, as of June 30, 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 $0 million and less than $1 million of investments in RMBS issued by related parties classified as Level 2 as of June 30, 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 June 30, 2024 and December 31, 2023, respectively.

(e)Excludes basis adjustments for fair value hedges.

(f)As discussed in Note 7, 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.

(g)Excludes assets that were reclassified to Assets held-for-sale in the Condensed Consolidated Balance Sheets of $167 million, as of December 31, 2023. See Note 4 in the 2023 Form 10-K for additional information.

CHANGES IN LEVEL 3 RECURRING FAIR VALUE MEASUREMENTS

The following tables present changes during the three and six months ended June 30, 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 June 30, 2024 and 2023:

(in millions)	Fair Value  Beginning  of Period		Net  Realized  and Unrealized Gains  (Losses)  Included in Income		Other  Comprehensive Income (Loss)		Purchases,  Sales,  Issuances  and  Settlements, Net		Gross Transfers  in		Gross  Transfers  out		Other		Fair Value  End of Period		Changes in  Unrealized Gains  (Losses)  Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in  Other Comprehensive Income (Loss) for Recurring  Level 3 Instruments  Held at  End of Period
Three Months Ended June 30, 2024
Assets:
Bonds available-for-sale:
Obligations of states, municipalities and political subdivisions	$	829	$	—	$	(33)	$	—	$	—	$	—	$	—	$	796	$	—	$	(33)
Corporate debt	1,575		—		2		(79)		183		(288)		—		1,393		—		(43)
RMBS	6,354		74		(90)		208		21		(112)		(2)		6,453		—		(101)
CMBS	547		3		3		(24)		—		—		—		529		—		2
CLO	1,729		18		8		57		32		(72)		—		1,772		—		6
ABS	15,033		99		75		1,318		162		(332)		—		16,355		—		64
Total bonds available-for-sale	26,067		194		(35)		1,480		398		(804)		(2)		27,298		—		(105)
Other bond securities:
Obligations of states, municipalities and political subdivisions	1		—		—		—		—		—		—		1		—		—
Corporate debt	177		7		—		10		1		—		—		195		7		—
RMBS	106		—		—		(3)		—		—		—		103		(1)		—
CMBS	17		—		—		—		—		—		—		17		1		—
CLO	71		(2)		—		(8)		—		—		—		61		—		—
ABS	947		21		—		209		20		(4)		—		1,193		12		—
Total other bond securities	1,319		26		—		208		21		(4)		—		1,570		19		—
Equity securities	45		(2)		—		5		—		—		—		48		—		—
Other invested assets	1,671		(2)		(2)		(12)		—		—		—		1,655		(8)		—
Total(a)	$	29,102	$	216	$	(37)	$	1,681	$	419	$	(808)	$	(2)	$	30,571	$	11	$	(105)
(in millions)	Fair Value  Beginning  of Period		Net  Realized  and Unrealized (Gains)  Losses  Included in Income		Other  Comprehensive (Income) Loss		Purchases,  Sales,  Issuances  and  Settlements, Net		Gross Transfers  in		Gross  Transfers  out		Other		Fair Value  End of Period		Changes in  Unrealized Gains  (Losses)  Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in  Other Comprehensive Income (Loss) for Recurring  Level 3 Instruments  Held at  End of Period
Liabilities:
Policyholder contract deposits	$	8,550	$	272	$	—	$	214	$	—	$	—	$	—	$	9,036	$	191	$	—
Derivative liabilities, net:
Interest rate contracts	(407)		(119)		—		(27)		—		—		130		(423)		112		—
Equity contracts	(1,018)		45		—		(62)		—		—		12		(1,023)		(16)		—
Other contracts	(11)		(16)		—		14		—		—		1		(12)		15		—
Total derivative liabilities, net(b)	(1,436)		(90)		—		(75)		—		—		143		(1,458)		111		—
Fortitude Re funds withheld payable	2,211		(36)		—		(262)		—		—		—		1,913		271		—
Total(c)	$	9,325	$	146	$	—	$	(123)	$	—	$	—	$	143	$	9,491	$	573	$	—

(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 Gains (Losses) Included in  Other Comprehensive Income (Loss) for Recurring  Level 3 Instruments  Held at  End of Period
Three Months Ended June 30, 2023
Assets:
Bonds available-for-sale:
Obligations of states, municipalities and political subdivisions	$	858	$	—	$	(4)	$	(1)	$	—	$	—	$	—	$	853	$	—	$	(13)
Corporate debt	1,704		10		(2)		(41)		44		(412)		—		1,303		—		1
RMBS	5,687		75		133		(174)		32		—		—		5,753		—		131
CMBS	718		(7)		(37)		(40)		—		(129)		—		505		—		(46)
CLO	1,834		(54)		44		(66)		11		(62)		1		1,708		—		—
ABS	10,707		53		(103)		436		38		(4)		—		11,127		—		(118)
Total bonds available-for-sale	21,508		77		31		114		125		(607)		1		21,249		—		(45)
Other bond securities:
Obligations of states, municipalities and political subdivisions	1		—		—		2		—		—		—		3		—		—
Corporate debt	130		1		—		(20)		—		(1)		—		110		3		—
RMBS	114		2		—		(4)		—		—		—		112		1		—
CMBS	27		(1)		—		—		—		—		—		26		(1)		—
CLO	71		—		—		(47)		38		(37)		—		25		1		—
ABS	781		(6)		—		124		—		(35)		—		864		(13)		—
Total other bond securities	1,124		(4)		—		55		38		(73)		—		1,140		(9)		—
Equity securities	50		—		—		1		—		(7)		—		44		—		—
Other invested assets	1,852		(19)		2		79		—		—		—		1,914		(21)		—
Total(a)	$	24,534	$	54	$	33	$	249	$	163	$	(687)	$	1	$	24,347	$	(30)	$	(45)
(in millions)	Fair Value  Beginning  of Period		Net  Realized  and Unrealized (Gains)  Losses  Included in Income		Other  Comprehensive (Income) Loss		Purchases,  Sales,  Issuances  and  Settlements, Net		Gross Transfers  in		Gross  Transfers  out		Other		Fair Value  End of Period		Changes in  Unrealized Gains  (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in  Other Comprehensive Income (Loss) for Recurring  Level 3 Instruments  Held at  End of Period
Liabilities:
Policyholder contract deposits	$	6,064	$	429	$	—	$	320	$	—	$	—	$	—	$	6,813	$	(308)	$	—
Derivative liabilities, net:
Interest rate contracts	(344)		37		—		(21)		—		—		—		(328)		(23)		—
Equity contracts	(497)		7		—		(149)		—		—		—		(639)		5		—
Other contracts	(14)		(16)		—		15		—		—		—		(15)		16		—
Total derivative liabilities, net(b)	(855)		28		—		(155)		—		—		—		(982)		(2)		—
Fortitude Re funds withheld payable	1,774		(122)		—		(192)		—		—		—		1,460		213		—
Debt of consolidated investment entities	6		1		—		(7)		—		—		—		—		—		—
Total(c)	$	6,989	$	336	$	—	$	(34)	$	—	$	—	$	—	$	7,291	$	(97)	$	—

(in millions)	Fair Value  Beginning  of Year		Net  Realized  and Unrealized Gains  (Losses)  Included in Income		Other  Comprehensive Income (Loss)		Purchases,  Sales,  Issuances  and  Settlements, Net		Gross Transfers  In		Gross  Transfers  Out		Other		Fair Value  End of Period		Changes in  Unrealized Gains  (Losses)  Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in  Other Comprehensive Income (Loss) for Recurring  Level 3 Instruments  Held at  End of Period
Six Months Ended June 30, 2024
Assets:
Bonds available-for-sale:
Obligations of states, municipalities and political subdivisions	$	844	$	—	$	(47)	$	(1)	$	—	$	—	$	—	$	796	$	—	$	(49)
Corporate debt	1,357		1		3		(70)		427		(325)		—		1,393		—		(44)
RMBS	5,854		142		(24)		612		21		(150)		(2)		6,453		—		(30)
CMBS	608		(2)		49		(127)		127		(126)		—		529		—		13
CLO	1,843		(3)		59		78		32		(237)		—		1,772		—		56
ABS	12,906		190		163		2,589		839		(332)		—		16,355		—		147
Total bonds available-for-sale	23,412		328		203		3,081		1,446		(1,170)		(2)		27,298		—		93
Other bond securities:
Obligations of states, municipalities and political subdivisions	1		—		—		—		—		—		—		1		—		—
Corporate debt	167		16		—		10		2		—		—		195		16		—
RMBS	107		2		—		(6)		—		—		—		103		1		—
CMBS	17		—		—		—		—		—		—		17		—		—
CLO	69		—		—		(7)		—		(1)		—		61		1		—
ABS	962		34		—		181		20		(4)		—		1,193		15		—
Total other bond securities	1,323		52		—		178		22		(5)		—		1,570		33		—
Equity securities	42		1		—		5		—		—		—		48		—		—
Other invested assets	1,850		(82)		(11)		(42)		—		(44)		(16)		1,655		(87)		—
Total(a)	$	26,627	$	299	$	192	$	3,222	$	1,468	$	(1,219)	$	(18)	$	30,571	$	(54)	$	93
(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	$	724	$	—	$	370	$	—	$	—	$	—	$	9,036	$	188	$	—
Derivative liabilities, net:
Interest rate contracts	(449)		(227)		—		(80)		—		—		333		(423)		310		—
Equity contracts	(761)		(147)		—		(128)		—		—		13		(1,023)		171		—
Other contracts	(10)		(31)		—		29		—		—		—		(12)		30		—
Total derivative liabilities, net(b)	(1,220)		(405)		—		(179)		—		—		346		(1,458)		511		—
Fortitude Re funds withheld payable	2,182		(58)		—		(211)		—		—		—		1,913		466		—
Total(c)	$	8,904	$	261	$	—	$	(20)	$	—	$	—	$	346	$	9,491	$	1,165	$	—

(in millions)	Fair Value  Beginning  of Year		Net  Realized  and Unrealized Gains  (Losses)  Included in Income		Other  Comprehensive Income (Loss)		Purchases,  Sales,  Issuances  and  Settlements, Net		Gross Transfers  In		Gross  Transfers  Out		Other		Fair Value  End of Period		Changes in  Unrealized Gains  (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in  Other Comprehensive Income (Loss) for Recurring  Level 3 Instruments  Held at  End of Period
Six Months Ended June 30, 2023
Assets:
Bonds available-for-sale:
Obligations of states, municipalities and political subdivisions	$	805	$	—	$	51	$	(3)	$	—	$	—	$	—	$	853	$	—	$	27
Corporate debt	1,968		(92)		42		(27)		211		(783)		(16)		1,303		—		54
RMBS	5,670		156		93		(182)		32		(16)		—		5,753		—		65
CMBS	718		—		(41)		(40)		24		(156)		—		505		—		(71)
CLO	1,670		(45)		26		(45)		65		(154)		191		1,708		—		(47)
ABS	9,595		95		166		1,240		38		(7)		—		11,127		—		137
Total bonds available-for-sale	20,426		114		337		943		370		(1,116)		175		21,249		—		165
Other bond securities:
Obligations of states, municipalities and political subdivisions	—		—		—		3		—		—		—		3		—		—
Corporate debt	417		1		—		(116)		—		(192)		—		110		2		—
RMBS	107		6		—		(1)		—		—		—		112		3		—
CMBS	28		(2)		—		—		—		—		—		26		(2)		—
CLO	11		9		—		(46)		39		(42)		54		25		1		—
ABS	741		20		—		138		—		(35)		—		864		5		—
Total other bond securities	1,304		34		—		(22)		39		(269)		54		1,140		9		—
Equity securities	26		—		—		25		—		(7)		—		44		—		—
Other invested assets	1,832		(63)		7		138		—		—		—		1,914		(63)		—
Total(a)	$	23,588	$	85	$	344	$	1,084	$	409	$	(1,392)	$	229	$	24,347	$	(54)	$	165
(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	$	810	$	—	$	636	$	—	$	—	$	—	$	6,813	$	(676)	$	—
Derivative liabilities, net:
Interest rate contracts	(303)		115		—		(140)		—		—		—		(328)		(52)		—
Equity contracts	(267)		(200)		—		(315)		—		—		143		(639)		189		—
Other contracts	(14)		(32)		—		31		—		—		—		(15)		32		—
Total derivative liabilities, net(b)	(584)		(117)		—		(424)		—		—		143		(982)		169		—
Fortitude Re funds withheld payable	1,262		903		—		(705)		—		—		—		1,460		(420)		—
Debt of consolidated investment entities	6		1		—		(7)		—		—		—		—		—		—
Total(c)	$	6,051	$	1,597	$	—	$	(500)	$	—	$	—	$	143	$	7,291	$	(927)	$	—

(a)Excludes MRB assets of $1.2 billion at June 30, 2024 and $954 million at June 30, 2023. Refer to Note 14 for additional information.

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

(c)Excludes MRB liabilities of $5.1 billion at June 30, 2024 and $5.0 billion at June 30, 2023. Refer to Note 14 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 (Loss)		Net Realized and Unrealized Gains (Losses)		Change in the Fair Value of Market Risk Benefits, net(a)		Total
Three Months Ended June 30, 2024
Assets:
Bonds available-for-sale	$	—	$	200	$	(6)	$	—	$	194
Other bond securities	—		26		—		—		26
Equity securities	—		(2)		—		—		(2)
Other invested assets	—		(6)		4		—		(2)
Three Months Ended June 30, 2023
Assets:
Bonds available-for-sale	$	—	$	118	$	(41)	$	—	$	77
Other bond securities	—		(4)		—		—		(4)
Equity securities	—		—		—		—		—
Other invested assets	—		(21)		2		—		(19)
Six Months Ended June 30, 2024
Assets:
Bonds available-for-sale	$	—	$	359	$	(31)	$	—	$	328
Other bond securities	—		52		—		—		52
Equity securities	—		1		—		—		1
Other invested assets	—		(84)		2		—		(82)
Six Months Ended June 30, 2023
Assets:
Bonds available-for-sale	$	—	$	150	$	(36)	$	—	$	114
Other bond securities	—		34		—		—		34
Equity securities	—		—		—		—		—
Other invested assets	—		(64)		1		—		(63)
Three Months Ended June 30, 2024
Liabilities:
Policyholder contract deposits(b)	$	—	$	—	$	(272)	$	—	$	(272)
Derivative liabilities, net	14		—		76		—		90
Fortitude Re funds withheld payable	—		—		36		—		36
Market risk benefit liabilities, net(c)	—		—		2		129		131
Three Months Ended June 30, 2023
Liabilities:
Policyholder contract deposits(b)	$	—	$	—	$	(429)	$	—	$	(429)
Derivative liabilities, net	15		—		3		(46)		(28)
Fortitude Re funds withheld payable	—		—		122		—		122
Market risk benefit liabilities, net(c)	—		—		3		884		887
Debt of consolidated investment entities	—		(1)		—		—		(1)
Six Months Ended June 30, 2024
Liabilities:
Policyholder contract deposits(b)	$	—	$	—	$	(724)	$	—	$	(724)
Derivative liabilities, net	29		—		439		(63)		405
Fortitude Re funds withheld payable	—		—		58		—		58
Market risk benefit liabilities, net(c)	—		—		4		1,198		1,202
Six Months Ended June 30, 2023
Liabilities:
Policyholder contract deposits(b)	$	—	$	—	$	(810)	$	—	$	(810)
Derivative liabilities, net	31		—		231		(145)		117
Fortitude Re funds withheld payable	—		—		(903)		—		(903)
Market risk benefit liabilities, net(c)	—		—		3		797		800
Debt of consolidated investment entities	—		(1)		—		—		(1)

(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 and six months ended June 30, 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 June 30, 2024
Assets:
Bonds available-for-sale:
Obligations of states, municipalities and political subdivisions	$	—	$	—	$	—	$	—
Corporate debt	54		(8)		(125)		(79)
RMBS	465		(49)		(208)		208
CMBS	9		—		(33)		(24)
CLO	90		—		(33)		57
ABS	1,987		(50)		(619)		1,318
Total bonds available-for-sale	2,605		(107)		(1,018)		1,480
Other bond securities:
Obligations of states, municipalities and political subdivisions	—		—		—		—
Corporate debt	10		—		—		10
RMBS	—		—		(3)		(3)
CMBS	—		—		—		—
CLO	8		—		(16)		(8)
ABS	228		—		(19)		209
Total other bond securities	246		—		(38)		208
Equity securities	7		(2)		—		5
Other invested assets	27		—		(39)		(12)
Total assets*	$	2,885	$	(109)	$	(1,095)	$	1,681
Liabilities:
Policyholder contract deposits	$	—	$	392	$	(178)	$	214
Derivative liabilities, net	1		—		(76)		(75)
Fortitude Re funds withheld payable	—		—		(262)		(262)
Total liabilities	$	1	$	392	$	(516)	$	(123)
Three Months Ended June 30, 2023
Assets:
Bonds available-for-sale:
Obligations of states, municipalities and political subdivisions	$	—	$	—	$	(1)	$	(1)
Corporate debt	2		—		(43)		(41)
RMBS	64		(42)		(196)		(174)
CMBS	—		(21)		(19)		(40)
CLO	72		—		(138)		(66)
ABS	345		—		91		436
Total bonds available-for-sale	483		(63)		(306)		114
Other bond securities:
Obligations of states, municipalities and political subdivisions	2		—		—		2
Corporate debt	67		—		(87)		(20)
RMBS	—		—		(4)		(4)
CMBS	—		—		—		—
CLO	—		—		(47)		(47)
ABS	81		—		43		124
Total other bond securities	150		—		(95)		55
Equity securities	1		—		—		1
Other invested assets	81		—		(2)		79
Total assets*	$	715	$	(63)	$	(403)	$	249

(in millions)	Purchases		Sales		Issuances and Settlements		Purchases, Sales, Issuances and Settlements, Net
Liabilities:
Policyholder contract deposits	$	—	$	402	$	(82)	$	320
Derivative liabilities, net	(100)		—		(55)		(155)
Fortitude Re funds withheld payable	—		—		(192)		(192)
Debt of consolidated investment entities	—		—		(7)		(7)
Total liabilities	$	(100)	$	402	$	(336)	$	(34)
Six Months Ended June 30, 2024
Assets:
Bonds available-for-sale:
Obligations of states, municipalities and political subdivisions	$	—	$	—	$	(1)	$	(1)
Corporate debt	69		(8)		(131)		(70)
RMBS	1,039		(49)		(378)		612
CMBS	9		(30)		(106)		(127)
CLO	220		(2)		(140)		78
ABS	3,691		(103)		(999)		2,589
Total bonds available-for-sale	5,028		(192)		(1,755)		3,081
Other bond securities:
Obligations of states, municipalities and political subdivisions	—		—		—		—
Corporate debt	10		—		—		10
RMBS	—		—		(6)		(6)
CMBS	—		—		—		—
CLO	9		—		(16)		(7)
ABS	257		—		(76)		181
Total other bond securities	276		—		(98)		178
Equity securities	7		(2)		—		5
Other invested assets	89		—		(131)		(42)
Total assets*	$	5,400	$	(194)	$	(1,984)	$	3,222
Liabilities:
Policyholder contract deposits	$	—	$	724	$	(354)	$	370
Derivative liabilities, net	—		—		(179)		(179)
Fortitude Re funds withheld payable	—		—		(211)		(211)
Total liabilities	$	—	$	724	$	(744)	$	(20)

(in millions)	Purchases		Sales		Issuances and Settlements		Purchases, Sales, Issuances and Settlements, Net
Six Months Ended June 30, 2023
Assets:
Bonds available-for-sale:
Obligations of states, municipalities and political subdivisions	$	—	$	—	$	(3)	$	(3)
Corporate debt	30		—		(57)		(27)
RMBS	231		(42)		(371)		(182)
CMBS	9		(27)		(22)		(40)
CLO	82		—		(127)		(45)
ABS	1,203		—		37		1,240
Total bonds available-for-sale	1,555		(69)		(543)		943
Other bond securities:
Obligations of states, municipalities and political subdivisions	3		—		—		3
Corporate debt	67		—		(183)		(116)
RMBS	6		—		(7)		(1)
CMBS	—		—		—		—
CLO	1		—		(47)		(46)
ABS	113		—		25		138
Total other bond securities	190		—		(212)		(22)
Equity securities	25		—		—		25
Other invested assets	151		—		(13)		138
Total assets*	$	1,921	$	(69)	$	(768)	$	1,084
Liabilities:
Policyholder contract deposits	$	—	$	728	$	(92)	$	636
Derivative liabilities, net	(201)		—		(223)		(424)
Fortitude Re funds withheld payable	—		—		(705)		(705)
Debt of consolidated investment entities	—		—		(7)		(7)
Total liabilities	$	(201)	$	728	$	(1,027)	$	(500)

*There were no issuances during the three and six months ended June 30, 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 June 30, 2024		Valuation Technique	Unobservable Input(a)	Range (Weighted Average)(b)
Assets:
Obligations of states, municipalities and political subdivisions	$	773	Discounted cash flow	Yield	5.27% - 5.70% (5.49%)
Corporate debt	$	1,468	Discounted cash flow	Yield	5.63% - 8.49% (7.06%)
RMBS(c)	$	3,156	Discounted cash flow	Prepayment Speed	4.43% - 10.26% (7.34%)
				Default Rate	0.72% - 2.51% (1.61%)
				Yield	6.24% - 7.49% (6.86%)
				Loss Severity	42.30% - 78.37% (60.33%)
CLO(c)	$	1,705	Discounted cash flow	Yield	6.61% - 7.75% (7.18%)
ABS(c)	$	14,401	Discounted cash flow	Yield	5.67% - 7.68% (6.68%)
CMBS	$	522	Discounted cash flow	Yield	5.38% - 16.30% (10.83%)
Market risk benefit assets	$	1,187	Discounted cash flow	Equity volatility	6.25% - 49.35%
				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)	0.09% - 2.49%
Liabilities(d):
Market risk benefit liabilities
Variable annuities guaranteed benefits	$	1,582	Discounted cash flow	Equity volatility	6.25% - 49.35%
				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)	0.09% - 2.49%
Fixed annuities guaranteed benefits	$	1,182	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)	0.09% - 2.49%

(in millions)	Fair Value at June 30, 2024		Valuation Technique	Unobservable Input(a)	Range (Weighted Average)(b)
Fixed index annuities guaranteed benefits	$	2,360	Discounted cash flow	Equity volatility	6.25% - 49.35%
				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)	0.09% - 2.49%
Embedded derivatives within Policyholder contract deposits:
Index credits on fixed index annuities(i)	$	8,033	Discounted cash flow	Equity volatility	6.25% - 49.35%
				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)	0.09% - 2.49%
Index universal life	$	1,003	Discounted cash flow	Base lapse rate	0.00% - 37.97%
				Mortality rates	0.00% - 100.00%
				Equity Volatility	5.85% - 19.69%
				NPA(h)	0.09% - 2.49%

(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%

(in millions)	Fair Value at December 31, 2023		Valuation Technique	Unobservable Input(a)	Range (Weighted Average)(b)
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%
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 7, 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 $1.8 billion and $1.5 billion at June 30, 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:

		June 30, 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	$	2,595	$	1,721	$	2,445	$	1,755
Real estate	Investments in real estate properties and infrastructure positions, including power plants and other energy generating facilities	1,020		564		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	199		82		203		91
Growth equity	Funds that make investments in established companies for the purpose of growing their businesses	478		103		485		109
Mezzanine	Funds that make investments in the junior debt and equity securities of leveraged companies	124		30		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	1,179		200		1,182		233
Total private equity funds		5,595		2,700		5,541		2,770
Hedge funds:
Event-driven	Securities of companies undergoing material structural changes, including mergers, acquisitions and other reorganizations	5		—		4		—
Long-short	Securities that the manager believes are undervalued, with corresponding short positions to hedge market risk	176		—		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	1		—		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	47		—		65		—
Total hedge funds		229		—		299		—
Total		$	5,824	$	2,700	$	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  June 30,				Six Months Ended  June 30,
(in millions)	2024		2023		2024		2023
Assets:
Other bond securities(a)	$	91	$	14	$	175	$	129
Alternative investments(b)	58		80		109		81
Total assets	149		94		284		210
Liabilities:
Policyholder contract deposits(c)	2		3		3		2
Total liabilities	2		3		3		2
Total gain (loss)	$	151	$	97	$	287	$	212

(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 5. For additional information regarding the funds withheld arrangements with Fortitude Re, see Note 7.

(b)Includes certain hedge funds, private equity funds and other investment partnerships.

(c)Represents GICs.

Fair Value Measurements on a Non-Recurring Basis

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 June 30,				Six Months Ended June 30,
(in millions)	Level 1		Level 2		Level 3		Total		2024		2023		2024		2023
June 30, 2024
Other investments	$	—	$	—	$	109	$	109	$	21	$	—	$	46	$	—
Total	$	—	$	—	$	109	$	109	$	21	$	—	$	46	$	—
December 31, 2023
Other investments	$	—	$	—	$	80	$	80
Total	$	—	$	—	$	80	$	80

Fair Value Information about Financial Instruments not Measured a Fair Value

The following table presents the carrying amounts and estimated fair values of our financial instruments not measured at fair value and indicates the level in the fair value hierarchy of the estimated fair value measurement based on the observability of the inputs used:

	Estimated Fair Value
(in millions)	Level 1		Level 2		Level 3		Total		Carrying Value
June 30, 2024
Assets:
Mortgage and other loans receivable	$	—	$	28	$	45,475	$	45,503	$	48,663
Other invested assets	—		273		—		273		273
Short-term investments	—		4,388		—		4,388		4,388
Cash	637		—		—		637		637
Other assets	13		—		—		13		13
Liabilities:
Policyholder contract deposits associated with investment-type contracts	—		78		137,768		137,846		145,933
Fortitude Re funds withheld payable	—		—		23,027		23,027		23,027
Other liabilities	—		1,567		—		1,567		1,567
Short-term debt	—		250		—		250		250
Long-term debt	—		8,599		—		8,599		9,121
Debt of consolidated investment entities	—		30		2,055		2,085		2,364
Separate account liabilities - investment contracts	—		90,162		—		90,162		90,162
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 $11 million as of December 31, 2023. See Note 4 in the 2023 Form 10-K for additional information.

(b)Excludes assets that were reclassified to Assets held-for-sale in the Condensed Consolidated Balance Sheets of $3 million as of December 31, 2023. See Note 4 in the 2023 Form 10-K

XML

Investments (Tables)

6 Months Ended

Jun. 30, 2024

Equity Method Investments, Joint Ventures, Investments, Debt And Equity Securities [Abstract]

Schedule of Amortized Cost and Fair Value of Available for Sale Securities

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)
June 30, 2024
Bonds available-for-sale:
U.S. government and government sponsored entities	$	1,664	$	—	$	7	$	(300)	$	1,371
Obligations of states, municipalities and political subdivisions	5,809		—		26		(800)		5,035
Non-U.S. governments	4,530		—		26		(800)		3,756
Corporate debt	118,159		(57)		890		(17,747)		101,245
Mortgage-backed, asset-backed and collateralized:
RMBS	16,616		(20)		568		(909)		16,255
CMBS	11,219		(18)		39		(936)		10,304
CLO	11,537		—		161		(72)		11,626
ABS	18,582		—		98		(952)		17,728
Total mortgage-backed, asset-backed and collateralized	57,954		(38)		866		(2,869)		55,913
Total bonds available-for-sale	$	188,116	$	(95)	$	1,815	$	(22,516)	$	167,320
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 subdivisions	6,466		—		58		(693)		5,831
Non-U.S. governments	4,695		(2)		43		(679)		4,057
Corporate debt	120,654		(71)		1,294		(15,795)		106,082
Mortgage-backed, asset-backed and collateralized:
RMBS	14,491		(25)		599		(788)		14,277
CMBS	11,045		(30)		22		(1,056)		9,981
CLO	11,203		—		90		(149)		11,144
ABS	14,956		—		63		(1,084)		13,935
Total mortgage-backed, asset-backed and collateralized	51,695		(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 $5 million and $43 million, and an amortized cost of $4 million and $45 million as of June 30, 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 June 30, 2024 includes mark-to-market movement (“MTM”) relating to embedded derivatives.

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:

	2024						2023
(in millions)	Structured		Non-Structured		Total		Structured		Non-Structured		Total
Three Months Ended June 30,
Balance, beginning of period	$	36	$	61	$	97	$	27	$	69	$	96
Additions:
Securities for which allowance for credit losses were not previously recorded	1		14		15		13		16		29
Reductions:
Securities sold during the period	—		(2)		(2)		1		(10)		(9)
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	24		12		36		(1)		—		(1)
Write-offs charged against the allowance	(24)		(28)		(52)		—		(25)		(25)
Other	1		—		1		—		—		—
Balance, end of period	$	38	$	57	$	95	$	40	$	50	$	90
Six Months Ended June 30,
Balance, beginning of year	$	55	$	73	$	128	$	27	$	121	$	148
Additions:
Securities for which allowance for credit losses were not previously recorded	14		31		45		15		28		43
Reductions:
Securities sold during the period	(15)		(11)		(26)		(1)		(27)		(28)
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	46		28		74		(1)		3		2
Write-offs charged against the allowance	(63)		(65)		(128)		—		(75)		(75)
Other	1		1		2		—		—		—
Balance, end of period	$	38	$	57	$	95	$	40	$	50	$	90

Schedule of Unrealized Loss on Investments

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*
June 30, 2024
Bonds available-for-sale:
U.S. government and government sponsored entities	$	224	$	12	$	689	$	288	$	913	$	300
Obligations of states, municipalities and political subdivisions	630		82		3,803		718		4,433		800
Non-U.S. governments	636		113		2,700		687		3,336		800
Corporate debt	16,144		2,531		66,557		15,177		82,701		17,708
RMBS	3,498		142		5,471		738		8,969		880
CMBS	1,209		50		6,472		878		7,681		928
CLO	1,442		31		1,479		41		2,921		72
ABS	3,008		95		8,369		857		11,377		952
Total bonds available-for-sale	$	26,791	$	3,056	$	95,540	$	19,384	$	122,331	$	22,440
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 subdivisions	1,124		110		3,676		583		4,800		693
Non-U.S. governments	470		82		2,981		592		3,451		674
Corporate debt	11,338		1,760		75,045		14,009		86,383		15,769
RMBS	2,676		174		4,855		577		7,531		751
CMBS	1,840		159		6,570		886		8,410		1,045
CLO	2,992		60		3,823		89		6,815		149
ABS	2,599		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 June 30, 2024 includes mark to market movement relating to embedded derivatives.

Fixed Maturity Securities Available for Sale by Contractual Maturity

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
June 30, 2024
Due in one year or less	$	2,986	$	2,948
Due after one year through five years	22,942		22,280
Due after five years through ten years	23,038		21,172
Due after ten years	81,139		65,007
Mortgage-backed, asset-backed and collateralized	57,916		55,913
Total	$	188,021	$	167,320

Realized Gain (Loss) on Investments

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  June 30,								Six Months Ended  June 30,
	2024				2023				2024				2023
(in millions)	Gross Realized Gains		Gross Realized Losses		Gross Realized Gains		Gross Realized Losses		Gross Realized Gains		Gross Realized Losses		Gross Realized Gains		Gross Realized Losses
Fixed maturity securities	$	12	$	(554)	$	38	$	(279)	$	15	$	(899)	$	84	$	(418)

The following table presents the components of Net realized gains (losses):

	2024						2023
(in millions)	Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets		Total		Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets		Total
Three Months Ended June 30,
Sales of fixed maturity securities	$	(493)	$	(49)	$	(542)	$	(195)	$	(46)	$	(241)
Intent to sell	—		—		—		—		—		—
Change in allowance for credit losses on fixed maturity securities	(50)		(1)		(51)		(26)		(2)		(28)
Change in allowance for credit losses on loans	(34)		(5)		(39)		(48)		(8)		(56)
Foreign exchange transactions, net of related hedges	55		(1)		54		(115)		2		(113)
Index-Linked interest credited embedded derivatives, net of related hedges	(172)		—		(172)		(141)		—		(141)
All other derivatives and hedge accounting*	18		(34)		(16)		258		(77)		181
Sales of alternative investments and real estate investments	11		(3)		8		3		(1)		2
Other	(25)		—		(25)		(48)		2		(46)
Net realized gains (losses) – excluding Fortitude Re funds withheld embedded derivative	(690)		(93)		(783)		(312)		(130)		(442)
Net realized gains (losses) on Fortitude Re funds withheld embedded derivative	—		36		36		—		122		122
Net realized gains (losses)	$	(690)	$	(57)	$	(747)	$	(312)	$	(8)	$	(320)
Six Months Ended June 30,
Sales of fixed maturity securities	$	(813)	$	(71)	$	(884)	$	(271)	$	(63)	$	(334)
Intent to sell	(15)		(32)		(47)		—		—		—
Change in allowance for credit losses on fixed maturity securities	(112)		(7)		(119)		(43)		(2)		(45)
Change in allowance for credit losses on loans	(48)		(3)		(51)		(82)		(27)		(109)
Foreign exchange transactions, net of related hedges	101		—		101		(104)		9		(95)
Index-Linked interest credited embedded derivatives, net of related hedges	(82)		—		(82)		(319)		—		(319)
All other derivatives and hedge accounting*	123		(140)		(17)		94		(29)		65
Sales of alternative investments and real estate investments	31		(4)		27		8		—		8
Other	(53)		—		(53)		(48)		2		(46)
Net realized gains (losses) – excluding Fortitude Re funds withheld embedded derivative	(868)		(257)		(1,125)		(765)		(110)		(875)
Net realized gains (losses) on Fortitude Re funds withheld embedded derivative	—		58		58		—		(903)		(903)
Net realized gains (losses)	$	(868)	$	(199)	$	(1,067)	$	(765)	$	(1,013)	$	(1,778)

*Derivative activity related to hedging MRBs is recorded in Change in the fair value of MRBs, net. For additional disclosures about MRBs, see Note 14.

Fixed Maturity Securities and Equity Securities 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:

	June 30, 2024				December 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. governments	27		1		13		—
Corporate debt	2,833		55		2,653		57
Mortgage-backed, asset-backed and collateralized:
RMBS	163		3		170		4
CMBS	238		5		228		5
CLO	464		9		423		9
ABS	1,279		25		1,051		23
Total mortgage-backed, asset-backed and collateralized	2,144		42		1,872		41
Total fixed maturity securities	5,043		99		4,578		99
Equity securities	73		1		63		1
Total	$	5,116	100	%	$	4,641	100	%

Schedule of Other Invested Assets

The following table summarizes the carrying amounts of other invested assets:

(in millions)	June 30, 2024		December 31, 2023
Alternative investments(a)(b)	$	7,532	$	7,690
Investment real estate(c)	1,830		1,932
All other investments(d)	595		635
Total	$	9,957	$	10,257

(a)At June 30, 2024, included hedge funds of $229 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 $652 million and $680 million as of June 30, 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 June 30, 2024 and December 31, 2023, respectively.

Components of Net Investment Income

The following table presents the components of Net investment income:

	2024						2023
(in millions)	Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets		Total		Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets		Total
Three Months Ended June 30,
Available-for-sale fixed maturity securities, including short-term investments	$	2,174	$	183	$	2,357	$	1,905	$	208	$	2,113
Other fixed maturity securities	13		78		91		8		6		14
Equity securities	(7)		—		(7)		3		—		3
Interest on mortgage and other loans	592		48		640		564		49		613
Alternative investments*	52		26		78		80		13		93
Real estate	10		(1)		9		15		—		15
Other investments	15		—		15		8		—		8
Total investment income	2,849		334		3,183		2,583		276		2,859
Investment expenses	186		9		195		139		6		145
Net investment income	$	2,663	$	325	$	2,988	$	2,444	$	270	$	2,714
Six Months Ended June 30,
Available-for-sale fixed maturity securities, including short-term investments	$	4,358	$	378	$	4,736	$	3,801	$	425	$	4,226
Other fixed maturity securities	26		149		175		18		111		129
Equity securities	3		—		3		32		—		32
Interest on mortgage and other loans	1,172		96		1,268		1,076		99		1,175
Alternative investments*	—		59		59		79		44		123
Real estate	22		(8)		14		19		—		19
Other investments	27		—		27		11		—		11
Total investment income	5,608		674		6,282		5,036		679		5,715
Investment expenses	353		17		370		291		15		306
Net investment income	$	5,255	$	657	$	5,912	$	4,745	$	664	$	5,409

*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.

Components of Unrealized Gain (Loss) on Investments

The following table presents the increase (decrease) in unrealized appreciation (depreciation) of our available-for-sale securities:

	Three Months Ended  June 30,				Six Months Ended  June 30,
(in millions)	2024		2023		2024		2023
Increase (decrease) in unrealized appreciation (depreciation) of investments:
Fixed maturity securities	$	(1,222)	$	(1,783)	$	(2,309)	$	2,236
Other investments	3		11		3		12
Total increase (decrease) in unrealized appreciation (depreciation) of investments*	$	(1,219)	$	(1,772)	$	(2,306)	$	2,248

*    Excludes net unrealized gains and losses attributable to business Held-for-sale at 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:

	2024						2023
(in millions)	Equities		Other Invested Assets		Total		Equities		Other Invested Assets		Total
Three Months Ended June 30,
Net gains (losses) recognized during the period on equity securities and other investments	$	(7)	$	83	$	76	$	4	$	123	$	127
Less: Net gains (losses) recognized during the period on equity securities and other investments sold during the period	(2)		2		—		—		8		8
Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date	$	(5)	$	81	$	76	$	4	$	115	$	119
Six Months Ended June 30,
Net gains (losses) recognized during the period on equity securities and other investments	$	3	$	153	$	156	$	33	$	154	$	187
Less: Net gains (losses) recognized during the period on equity securities and other investments sold during the period	16		4		20		33		9		42
Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date	$	(13)	$	149	$	136	$	—	$	145	$	145

Schedule of Financial Instruments Owned and Pledged as Collateral

The following table presents the fair value of securities pledged to counterparties under secured financing transactions, including repurchase agreements:

(in millions)	June 30, 2024		December 31, 2023
Fixed maturity securities available-for-sale	$	1,590	$	2,655

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 Continuous		Up to 30 Days		31 - 90 Days		91 - 364 Days		365 Days or Greater		Total
June 30, 2024
Bonds available-for-sale:
Non-U.S. governments	$	—	$	50	$	—	$	—	$	—	$	50
Corporate debt	24		1,516		—		—		—		1,540
Total	$	24	$	1,566	$	—	$	—	$	—	$	1,590
December 31, 2023
Bonds available-for-sale:
Non-U.S. governments	$	—	$	209	$	—	$	—	$	—	$	209
Corporate debt	38		2,408		—		—		—		2,446
Total	$	38	$	2,617	$	—	$	—	$	—	$	2,655

XML

Lending Activities (Tables)

6 Months Ended

Jun. 30, 2024

Receivables [Abstract]

Composition of Mortgages and Other Loans Receivable

The following table presents the composition of Mortgage and other loans receivable, net:

(in millions)	June 30, 2024		December 31, 2023
Commercial mortgages(a)	$	34,686	$	34,172
Residential mortgages	9,670		8,445
Life insurance policy loans	1,747		1,746
Commercial loans, other loans and notes receivable(b)	3,318		3,202
Total mortgage and other loans receivable	49,421		47,565
Allowance for credit losses(c)	(758)		(698)
Mortgage and other loans receivable, net	$	48,663	$	46,867

(a)Commercial mortgages primarily represent loans for apartments, offices and retail properties, with exposures in New York and New Jersey representing the largest geographic concentrations (aggregating approximately 19% and 11%, respectively, at June 30, 2024, and 19% and 10%, respectively, at December 31, 2023). The weighted average loan-to-value ratio for NY and NJ was 63% and 60% at June 30, 2024, respectively, and 61% and 58% at December 31, 2023, respectively. The debt service coverage ratio for NY and NJ was 1.8X and 1.8X at June 30, 2024, respectively, and 1.9X and 1.9X at December 31, 2023, respectively.

(b)There were no loans that were held for sale which are carried at lower of cost or market as of June 30, 2024 and December 31, 2023.

(c)Does not include allowance for credit losses of $43 million and $58 million at June 30, 2024 and December 31, 2023, respectively, in relation to off-balance-sheet commitments to fund commercial mortgage loans, which is recorded in Other liabilities.

Credit Quality

The following table presents debt service coverage ratios for commercial mortgages by year of vintage*:

June 30, 2024
(in millions)	2024		2023		2022		2021		2020		Prior		Total
>1.2X	$	916	$	2,160	$	6,236	$	2,127	$	1,270	$	15,711	$	28,420
1.00 - 1.20X	230		325		1,099		1,019		312		2,411		5,396
<1.00X	—		—		39		—		—		831		870
Total commercial mortgages	$	1,146	$	2,485	$	7,374	$	3,146	$	1,582	$	18,953	$	34,686
December 31, 2023
(in millions)	2023		2022		2021		2020		2019		Prior		Total
>1.2X	$	2,156	$	6,042	$	1,955	$	1,252	$	4,813	$	11,675	$	27,893
1.00 - 1.20X	291		1,077		1,320		312		156		2,334		5,490
<1.00X	—		40		—		—		—		749		789
Total commercial mortgages	$	2,447	$	7,159	$	3,275	$	1,564	$	4,969	$	14,758	$	34,172

*The debt service coverage ratio compares a property’s net operating income to its debt service payments, including principal and interest. Our weighted average debt service coverage ratio was 1.9X at both periods ended June 30, 2024 and December 31, 2023. The debt service coverage ratios are updated when additional relevant information becomes available.

The following table presents loan-to-value ratios for commercial mortgages by year of vintage*:

June 30, 2024
(in millions)	2024		2023		2022		2021		2020		Prior		Total
Less than 65%	$	1,075	$	2,099	$	4,878	$	2,285	$	1,140	$	12,132	$	23,609
65% to 75%	71		386		1,915		642		285		4,357		7,656
76% to 80%	—		—		—		47		—		724		771
Greater than 80%	—		—		581		172		157		1,740		2,650
Total commercial mortgages	$	1,146	$	2,485	$	7,374	$	3,146	$	1,582	$	18,953	$	34,686
December 31, 2023
(in millions)	2023		2022		2021		2020		2019		Prior		Total
Less than 65%	$	2,088	$	4,470	$	2,249	$	1,126	$	2,676	$	10,186	$	22,795
65% to 75%	280		1,748		658		287		1,916		2,853		7,742
76% to 80%	—		343		89		—		377		340		1,149
Greater than 80%	79		598		279		151		—		1,379		2,486
Total commercial mortgages	$	2,447	$	7,159	$	3,275	$	1,564	$	4,969	$	14,758	$	34,172

*The loan-to-value ratio compares the current unpaid principal balance of the loan to the estimated fair value of the underlying property collateralizing the loan. Our weighted average loan-to-value ratio was 60% at June 30, 2024 and 59% at December 31, 2023. The loan-to-value ratios have been updated within the last three months to reflect the current carrying values of the loans. We update the valuations of collateral properties by obtaining independent appraisals, generally at least once per year.

The following table presents the credit quality performance indicators for commercial mortgages:

(dollars in millions)	Number of Loans	Class														Percent  of Total
		Apartments		Offices		Retail		Industrial		Hotel		Others		Total
June 30, 2024
Credit Quality Performance Indicator:
In good standing	588	$	14,114	$	8,299	$	3,723	$	5,963	$	1,785	$	431	$	34,315	99%
90 days or less delinquent	1	—		112		—		—		—		—		112		—%
>90 days delinquent or in process of foreclosure(a)	3	—		79		180		—		—		—		259		1%
Total(b)	592	$	14,114	$	8,490	$	3,903	$	5,963	$	1,785	$	431	$	34,686	100%
Allowance for credit losses		$	68	$	383	$	96	$	71	$	31	$	5	$	654	2	%
December 31, 2023
Credit Quality Performance Indicator:
In good standing	600	$	13,861	$	8,468	$	3,787	$	5,908	$	1,805	$	325	$	34,154	100%
90 days or less delinquent	1	—		18		—		—		—		—		18		—%
>90 days delinquent or in process of foreclosure	—	—		—		—		—		—		—		—		—%
Total(b)	601	$	13,861	$	8,486	$	3,787	$	5,908	$	1,805	$	325	$	34,172	100%
Allowance for credit losses		$	85	$	340	$	74	$	83	$	27	$	5	$	614	2	%

(a)Includes $61 million of Offices loans and $20 million of Retail loans supporting the Fortitude Re Funds Withheld arrangements, greater than 90 days delinquent or in process of foreclosure, at June 30, 2024

(b)Does not reflect allowance for credit losses.

The following table presents credit quality performance indicators for residential mortgages by year of vintage:

June 30, 2024
(in millions)	2024		2023		2022		2021		2020		Prior		Total
FICO*:
780 and greater	$	120	$	624	$	663	$	2,276	$	633	$	819	$	5,135
720 - 779	399		1,092		579		563		151		370		3,154
660 - 719	147		354		240		144		41		217		1,143
600 - 659	—		12		37		23		11		83		166
Less than 600	—		2		21		11		4		34		72
Total residential mortgages	$	666	$	2,084	$	1,540	$	3,017	$	840	$	1,523	$	9,670
December 31, 2023
(in millions)	2023		2022		2021		2020		2019		Prior		Total
FICO*:
780 and greater	$	514	$	528	$	2,280	$	619	$	239	$	497	$	4,677
720 - 779	1,121		608		558		168		99		209		2,763
660 - 719	313		256		113		40		37		120		879
600 - 659	2		20		11		8		9		51		101
Less than 600	—		—		2		2		4		17		25
Total residential mortgages	$	1,950	$	1,412	$	2,964	$	837	$	388	$	894	$	8,445

*Fair Isaac Corporation (“FICO”) is the credit quality indicator used to evaluate consumer credit risk for residential mortgage loan borrowers and have been updated within the last twelve months. FICO scores for residential mortgage investor loans to corporate entities are those of the guarantor at time of purchase. On June 30, 2024 and December 31, 2023 residential loans direct to consumers totaled $7.1 billion and $6.7 billion, respectively.

Allowance for Credit Losses

The following table presents a rollforward of the changes in the allowance for credit losses on Mortgage and other loans receivable*:

	2024						2023
(in millions)	Commercial Mortgages		Other Loans		Total		Commercial Mortgages		Other Loans		Total
Three Months Ended June 30,
Allowance, beginning of period	$	634	$	80	$	714	$	586	$	73	$	659
Loans charged off	—		—		—		(4)		—		(4)
Net charge-offs	—		—		—		(4)		—		(4)
Addition to (release of) allowance for loan losses	20		24		44		39		(5)		34
Allowance, end of period	$	654	$	104	$	758	$	621	$	68	$	689
Six Months Ended June 30,
Allowance, beginning of period	$	614	$	84	$	698	$	531	$	69	$	600
Loans charged off	—		(6)		(6)		(4)		—		(4)
Net charge-offs	—		(6)		(6)		(4)		—		(4)
Addition to (release of) allowance for loan losses	40		26		66		94		(1)		93
Allowance, end of period	$	654	$	104	$	758	$	621	$	68	$	689

*Does not include allowance for credit losses of $43 million and $74 million, respectively, at June 30, 2024 and 2023 in relation to the off-balance-sheet commitments to fund commercial mortgage loans, which is recorded in Other liabilities in the Condensed Consolidated Balance Sheets.

XML

Reinsurance (Tables)

6 Months Ended

Jun. 30, 2024

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:

	June 30, 2024				December 31, 2023
(in millions)	Carrying Value		Fair Value		Carrying Value		Fair Value		Corresponding Accounting Policy
Fixed maturity securities - available-for-sale	$	13,896	$	13,896	$	15,204	$	15,204	Fair value through other comprehensive income
Fixed maturity securities - fair value option	4,680		4,680		4,212		4,212		Fair value through net investment income
Commercial mortgage loans	3,277		3,040		3,378		3,157		Amortized cost
Real estate investments	171		286		184		329		Amortized cost
Private equity funds/hedge funds	1,892		1,892		1,910		1,910		Fair value through net investment income
Policy loans	323		323		330		330		Amortized cost
Short-term Investments	217		217		129		129		Fair value through net investment income
Funds withheld investment assets	24,456		24,334		25,347		25,271
Derivative assets, net(a)	1		1		45		45		Fair value through realized gains (losses)
Other(b)	605		605		641		641		Amortized cost
Total	$	25,062	$	24,940	$	26,033	$	25,957

(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 $2 million and $11 million, respectively, as of June 30, 2024. 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. These derivative assets and liabilities are fully collateralized either by cash or securities.

(b)Primarily comprised of Cash and Accrued investment income.

The impact of the funds withheld arrangements with Fortitude Re was as follows:

	Three Months Ended  June 30,				Six Months Ended  June 30,
(in millions)	2024		2023		2024		2023
Net investment income - Fortitude Re funds withheld assets	$	325	$	270	$	657	$	664
Net realized losses on Fortitude Re funds withheld assets:
Net realized losses Fortitude Re funds withheld assets	(93)		(130)		(257)		(110)
Net realized gains (losses) Fortitude Re funds withheld embedded derivatives	36		122		58		(903)
Net realized losses on Fortitude Re funds withheld assets	(57)		(8)		(199)		(1,013)
Income (loss) before income tax expense (benefit)	268		262		458		(349)
Income tax expense (benefit)*	56		55		96		(73)
Net income (loss)	212		207		362		(276)
Change in unrealized appreciation (depreciation) of the invested assets supporting the Fortitude Re modco arrangement classified as available-for-sale*	(216)		(165)		(332)		286
Comprehensive income (loss)	$	(4)	$	42	$	30	$	10

*The income tax expense (benefit) and the tax impact in OCI was computed using the U.S. statutory tax rate of 21%.

Reinsurance Recoverable Allowance

The following table presents a rollforward of the reinsurance recoverable allowance:

	Three Months Ended  June 30,				Six Months Ended  June 30,
(in millions)	2024		2023		2024		2023
Balance, beginning of period	$	18	$	74	$	30	$	84
Current period provision for expected credit losses and disputes	(6)		(8)		(8)		(18)
Write-offs charged against the allowance for credit losses and disputes	—		—		(10)		—
Balance, end of period	$	12	$	66	$	12	$	66

XML

Variable Interest Entities (Tables)

6 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Variable Interest Entities

The following table presents the total assets and total liabilities associated with our variable interests in consolidated VIEs, as classified in the Condensed Consolidated Balance Sheets:

(in millions)	Real Estate and Investment Entities(c)		Securitization and Repackaging Vehicles		Total
June 30, 2024
Assets:
Bonds available-for-sale	$	38	$	2	$	40
Other bond securities	46		—		46
Equity securities	20		—		20
Mortgage and other loans receivable	—		1,950		1,950
Other invested assets
Alternative investments(a)	2,487		—		2,487
Investment real estate	1,288		—		1,288
Short-term investments	188		1		189
Cash	58		—		58
Accrued investment income	2		5		7
Other assets	78		1		79
Total assets(b)	$	4,205	$	1,959	$	6,164
Liabilities:
Debt of consolidated investment entities	$	903	$	1,136	$	2,039
Other liabilities	69		—		69
Total liabilities	$	972	$	1,136	$	2,108
December 31, 2023
Assets:
Bonds available-for-sale	$	36	$	76	$	112
Other bond securities	45		—		45
Equity securities	8		—		8
Mortgage and other loans receivable	—		1,941		1,941
Other invested assets
Alternative investments(a)	2,695		—		2,695
Investment real estate	1,488		—		1,488
Short-term investments	125		5		130
Cash	61		—		61
Accrued investment income	2		5		7
Other assets	93		2		95
Total assets(b)	$	4,553	$	2,029	$	6,582
Liabilities:
Debt of consolidated investment entities	$	1,117	$	1,149	$	2,266
Other liabilities	82		1		83
Total liabilities	$	1,199	$	1,150	$	2,349

(a)Composed primarily of investments in real estate joint ventures at June 30, 2024 and December 31, 2023.

(b)The assets of each VIE can be used only to settle specific obligations of that VIE.

(c)Off-balance-sheet exposure primarily consisting of commitments by insurance operations and affiliates into real estate and investment entities. At June 30, 2024 and December 31, 2023, together, the Company and AIG affiliates have commitments to internal parties of $1.3 billion and $1.8 billion and commitments to external parties of $0.4 billion and $0.4 billion, respectively. At June 30, 2024, $0.7 billion out of the internal commitments was from subsidiaries of Corebridge entities and $0.6 billion was from other AIG affiliates. At December 31, 2023, $1.2 billion out of the internal commitments was from subsidiaries of Corebridge entities, and $0.6 billion was from other AIG affiliates.

The following table presents the revenue, net income (loss) attributable to noncontrolling interests and net income (loss) attributable to Corebridge associated with our variable interests in consolidated VIEs, as classified in the Condensed Consolidated Statements of Income (Loss):

	Real Estate and		Securitization
	Investment		and Repackaging
(in millions)	Entities		Vehicles		Total
Three Months Ended June 30, 2024
Total revenue	$	6	$	19	$	25
Net (loss) attributable to noncontrolling interests	$	(24)	$	—	$	(24)
Net income attributable to Corebridge	$	11	$	9	$	20
Three Months Ended June 30, 2023
Total revenue	$	16	$	18	$	34
Net (loss) attributable to noncontrolling interests	$	(20)	$	—	$	(20)
Net income attributable to Corebridge	$	19	$	9	$	28
Six Months Ended June 30, 2024
Total revenue	$	(57)	$	35	$	(22)
Net (loss) attributable to noncontrolling interests	$	(75)	$	—	$	(75)
Net income (loss) attributable to Corebridge	$	(21)	$	18	$	(3)
Six Months Ended June 30, 2023
Total revenue	$	69	$	77	$	146
Net (loss) attributable to noncontrolling interests	$	(14)	$	—	$	(14)
Net income attributable to Corebridge	$	52	$	54	$	106

The following table presents total assets of unconsolidated VIEs in which we hold a variable interest, as well as our maximum exposure to loss associated with these VIEs:

			Maximum Exposure to Loss
(in millions)	Total VIE Assets			On-Balance Sheet(b)		Off-Balance Sheet (c)		Total
June 30, 2024
Real estate and investment entities(a)	$	410,042		$	5,574	$	2,839	$	8,413
Total	$	410,042		$	5,574	$	2,839	$	8,413
December 31, 2023
Real estate and investment entities(a)	$	398,978		$	5,532	$	2,870	$	8,402
Total	$	398,978		$	5,532	$	2,870	$	8,402

(a)Composed primarily of hedge funds and private equity funds.

(b)At June 30, 2024 and December 31, 2023, $5.5 billion and $5.5 billion, respectively, of our total unconsolidated VIE assets were recorded as other invested assets.

(c)These amounts represent our unfunded commitments to invest in private equity funds and hedge funds.

XML

Derivatives and Hedge Accounting (Tables)

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

The following table presents the notional amounts of our derivatives and the fair value of derivative assets and liabilities in the Condensed Consolidated Balance Sheets:

	June 30, 2024								December 31, 2023
	Gross Derivative Assets				Gross Derivative Liabilities				Gross Derivative Assets				Gross Derivative Liabilities
(in millions)	Notional Amount		Fair Value		Notional Amount		Fair Value		Notional Amount		Fair Value		Notional Amount		Fair Value
Derivatives designated as hedging instruments:(a)
Interest rate contracts	$	1,560	$	217	$	4,977	$	85	$	2,213	$	238	$	833	$	18
Foreign exchange contracts	5,607		447		1,957		55		2,918		354		4,829		164
Derivatives not designated as hedging instruments:(a)
Interest rate contracts	53,412		3,318		35,930		3,330		41,056		2,709		41,225		3,260
Foreign exchange contracts	9,509		585		5,108		280		6,260		586		7,878		399
Equity contracts	81,499		3,498		22,247		1,679		76,561		2,017		14,144		745
Credit contracts(b)	2,005		76		5		—		305		8		5		—
Other contracts(c)	43,737		13		47		—		44,640		13		47		2
Total derivatives, gross	$	197,329	$	8,154	$	70,271	$	5,429	$	173,953	$	5,925	$	68,961	$	4,588
Counterparty netting(d)			(4,940)				(4,940)				(3,646)				(3,646)
Cash collateral(e)			(2,723)				(305)				(1,886)				(801)
Total derivatives on Condensed Consolidated Balance Sheets(f)			$	491			$	184			$	393			$	141

(a)Fair value amounts are shown before the effects of counterparty netting adjustments and offsetting cash collateral.

(b)Includes written credit default swaps linked to certain actively traded indices. In the case of a credit event, the maximum future payment is limited to the constituent’s representation within the index.

(c)Consists primarily of stable value wraps and contracts with multiple underlying exposures.

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

(e)Represents cash collateral posted and received that is eligible for netting.

(f)Freestanding derivatives only, excludes embedded derivatives. Derivative instrument assets and liabilities are recorded in Other assets and Other liabilities, respectively. The fair value of assets related to bifurcated embedded derivatives were both zero at June 30, 2024 and December 31, 2023. The fair value of liabilities related to bifurcated embedded derivatives was $11.1 billion and $10.2 billion at June 30, 2024 and December 31, 2023, respectively. A bifurcated embedded derivative is generally presented with the host contract in the Condensed Consolidated Balance Sheets. Embedded derivatives are primarily related to guarantee features in fixed index annuities, index universal life contracts and bonds available-for-sale, which include equity and interest rate components and the funds withheld arrangement with Fortitude Re. For additional information, see Note 7.

The following table presents the gross notional amounts of our derivatives and the fair value of derivative assets and liabilities with related parties and third parties:

	June 30, 2024								December 31, 2023
	Gross Derivative Assets				Gross Derivative Liabilities				Gross Derivative Assets				Gross Derivative Liabilities
(in millions)	Notional Amount		Fair Value		Notional Amount		Fair Value		Notional Amount		Fair Value		Notional Amount		Fair Value
Total derivatives with related parties	$	3,362	$	65	$	1	$	—	$	53,163	$	622	$	5,720	$	232
Total derivatives with third parties	193,967		8,089		70,270		5,429		120,790		5,303		63,241		4,356
Total derivatives, gross	$	197,329	$	8,154	$	70,271	$	5,429	$	173,953	$	5,925	$	68,961	$	4,588

As of June 30, 2024 and December 31, 2023, the following amounts were recorded on the Condensed Consolidated Balance Sheets related to the carrying amount of the hedged assets (liabilities) and cumulative basis adjustments included in the carrying amount for fair value hedges:

	June 30, 2024				December 31, 2023
(in millions)	Carrying Amount of the Hedged Assets (Liabilities)		Cumulative Amount of Fair Value Hedging Adjustments Included In the Carrying Amount of the Hedged Assets Liabilities		Carrying Amount of the Hedged Assets (Liabilities)		Cumulative Amount of Fair Value Hedging Adjustments Included In the Carrying Amount of the Hedged Assets Liabilities
Balance sheet line item in which hedged item is recorded:
Fixed maturities, available-for-sale, at fair value	$	6,662	$	—	$	7,412	$	—
Commercial mortgage and other loans(a)	—		(22)		—		(24)
Policyholder contract deposits(b)	(7,422)		43		(4,756)		(31)

(a)This relates to hedge accounting that has been discontinued, but the respective loans are still held. The cumulative adjustment is being amortized into earnings over the remaining life of the loan.

(b)This relates to fair value hedges on GICs.

The following table presents the gain (loss) recognized in earnings on our derivative instruments in fair value hedging relationships in the Condensed Consolidated Statements of Income (Loss):

	Gains/(Losses) Recognized in Earnings for:
(in millions)	Hedging Derivatives(a)(c)		Excluded Components(b)(c)		Hedged Items		Net Impact
Three Months Ended June 30, 2024
Interest rate contracts:
Interest credited to policyholder account balances	$	(10)	$	—	$	4	$	(6)
Foreign exchange contracts:
Realized gains (losses)	$	25	$	53	$	(25)	$	53
Three Months Ended June 30, 2023
Interest rate contracts:
Interest credited to policyholder account balances	$	(43)	$	—	$	37	$	(6)
Foreign exchange contracts:
Realized gains (losses)	$	(79)	$	30	$	79	$	30
Six Months Ended June 30, 2024
Interest rate contracts:
Interest credited to policyholder account balances	$	(69)	$	—	$	69	$	—
Foreign exchange contracts:
Realized gains (losses)	$	169	$	42	$	(169)	$	42
Six Months Ended June 30, 2023
Interest rate contracts:
Interest credited to policyholder account balances	$	43	$	—	$	(51)	$	(8)
Foreign exchange contracts:
Realized gains (losses)	(162)		109		162		109

(a)Gains and losses on derivative instruments designated and qualifying in fair value hedges that are included in the assessment of hedge effectiveness.

(b)Includes gains and losses with related parties for the three and six months ended June 30, 2024 and 2023.

(c)Gains and losses on derivative instruments designated and qualifying in fair value hedges that are excluded from the assessment of hedge effectiveness and recognized in earnings on a mark-to-market basis.

The following table presents the effect of derivative instruments not designated as hedging instruments in the Condensed Consolidated Statements of Income (Loss):

	Gains (Losses) Recognized in Earnings
	Three Months Ended  June 30,				Six Months Ended  June 30,
(in millions)	2024		2023		2024		2023
By Derivative Type:
Interest rate contracts	$	3	$	(148)	$	(364)	$	(116)
Foreign exchange contracts	(60)		(123)		164		(190)
Equity contracts	14		(131)		203		(48)
Credit contracts	3		—		26		—
Other contracts	15		152		31		25
Embedded derivatives	(275)		(435)		(837)		(819)
Fortitude Re funds withheld embedded derivative	36		122		58		(903)
Total(a)	$	(264)	$	(563)	$	(719)	$	(2,051)
By Classification:
Policy fees	$	14	$	16	$	29	$	32
Net investment income (loss) - Fortitude Re funds withheld assets	6		—		11		(2)
Net realized gains (losses) - excluding Fortitude Re funds withheld assets(b)	(129)		9		169		(405)
Net realized losses on Fortitude Re funds withheld assets	(37)		(85)		(132)		(42)
Net realized gains (losses) on Fortitude Re funds withheld embedded derivatives	36		122		58		(903)
Policyholder benefits	—		(3)		—		—
Change in the Fair value of market risk benefits(c)	(154)		(622)		(854)		(731)
Total(a)	$	(264)	$	(563)	$	(719)	$	(2,051)

(a)Includes gains (losses) with related parties of $49 million and $(246) million for the three months ended June 30, 2024 and 2023, respectively, and $36 million and $(240) million for the six months ended June 30, 2024 and 2023, respectively.

(b)Includes a $5 million gain related to the sale of AIG Life U.K. reported in net (gain) loss on divestitures for the six months ended June 30, 2024. For further details on this transaction, see Note 1.

(c)This represents activity related to derivatives that economically hedged changes in fair value of certain MRBs.

XML

Deferred Policy Acquisition Costs (Tables)

6 Months Ended

Jun. 30, 2024

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Deferred Policy Acquisition Costs

The following table presents a rollforward of deferred policy acquisition costs and value of business acquired related to long-duration contracts for the six months ended June 30, 2024 and 2023:

	Individual Retirement		Group Retirement		Life Insurance		Institutional Markets		Total
(in millions)
DAC:
Balance at January 1, 2024 (a)	$	4,777	$	1,055	$	4,092	$	70	$	9,994
Capitalization	395		41		226		22		684
Amortization expense	(301)		(42)		(177)		(6)		(526)
Other, including foreign exchange	—		—		(7)		—		(7)
Dispositions	—		—		(27)		—		(27)
Balance at June 30, 2024	$	4,871	$	1,054	$	4,107	$	86	$	10,118
Balance at January 1, 2023	$	4,643	$	1,060	$	4,718	$	51	$	10,472
Capitalization	358		37		221		10		626
Amortization expense	(274)		(41)		(189)		(4)		(508)
Other, including foreign exchange	—		—		33		—		33
Balance at June 30, 2023	$	4,727	$	1,056	$	4,783	$	57	$	10,623
VOBA:
Balance at January 1, 2024 (b)	$	2	$	1	$	14	$	—	$	17
Amortization expense	—		—		(1)		—		(1)
Other, including foreign exchange	—		—		(1)		—		(1)
Balance at June 30, 2024	$	2	$	1	$	12	$	—	$	15
Balance at January 1, 2023	$	3	$	1	$	87	$	—	$	91
Amortization expense	(1)		—		(5)		—		(6)
Other, including foreign exchange	—		(1)		8		—		7
Balance at June 30, 2023	$	2	$	—	$	90	$	—	$	92
Total DAC and VOBA:
Balance at June 30, 2024									$	10,133
Balance at June 30, 2023									$	10,715

(a) Excludes $740 million of DAC reclassified to Assets held-for-sale at the beginning of the period and was derecognized concurrent with the closing of the sale of AIG Life U.K..

(b) Excludes $74 million of VOBA reclassified to Assets held-for-sale at the beginning of the period and was derecognized concurrent with the closing of the sale of AIG Life U.K..

The following table presents a rollforward of deferred sales inducement assets related to long-duration contracts for the six months ended June 30, 2024 and 2023:

Six Months Ended June 30,	2024						2023
	Individual Retirement		Group Retirement		Total		Individual Retirement		Group Retirement		Total
(in millions)
Balance, beginning of year	$	333	$	164	$	497	$	381	$	177	$	558
Capitalization	3		1		4		4		1		5
Amortization expense	(26)		(7)		(33)		(27)		(7)		(34)
Balance, end of period	$	310	$	158	$	468	$	358	$	171	$	529
Other reconciling items*					1,872						2,151
Other assets, including restricted cash					$	2,340					$	2,680

*Other reconciling items include prepaid expenses, goodwill, intangible assets and any similar items.

XML

Separate Account Assets and Liabilities (Tables)

6 Months Ended

Jun. 30, 2024

Insurance [Abstract]

Fair Value of Separate Account Investment Options

The following table presents fair value of separate account investment options:

	Individual Retirement		Group Retirement		Life Insurance		Institutional Markets		Total
(in millions)
June 30, 2024
Equity funds	$	26,698	$	30,033	$	914	$	650	$	58,295
Bond funds	4,059		3,207		45		1,279		8,590
Balanced funds	17,753		5,635		55		2,103		25,546
Money market funds	698		804		17		172		1,691
Total	$	49,208	$	39,679	$	1,031	$	4,204	$	94,122
December 31, 2023
Equity funds	$	25,451	$	28,675	$	819	$	593	$	55,538
Bond funds	4,037		3,292		44		1,303		8,676
Balanced funds	17,711		5,479		53		1,923		25,166
Money market funds	694		742		16		173		1,625
Total	$	47,893	$	38,188	$	932	$	3,992	$	91,005

Balances and Changes in Separate Account Liabilities

The following table presents the balances and changes in separate account liabilities:

	Individual Retirement		Group  Retirement		Life Insurance		Institutional Markets		Total
(in millions)
Six Months Ended June 30, 2024
Separate accounts balance, beginning of year	$	47,893	$	38,188	$	932	$	3,992	$	91,005
Premiums and deposits	621		712		17		82		1,432
Policy charges	(570)		(233)		(24)		(47)		(874)
Surrenders and withdrawals	(2,502)		(2,145)		(17)		(53)		(4,717)
Benefit payments	(478)		(302)		(4)		(11)		(795)
Investment performance	4,208		3,607		128		214		8,157
Net transfers from (to) general account and other	36		(148)		(1)		27		(86)
Separate accounts balance, end of period	$	49,208	$	39,679	$	1,031	$	4,204	$	94,122
Cash surrender value*	$	48,277	$	39,478	$	1,010	$	4,200	$	92,965
Six Months Ended June 30, 2023
Separate accounts balance, beginning of year	$	45,178	$	34,361	$	799	$	4,515	$	84,853
Premiums and deposits	807		697		18		30		1,552
Policy charges	(662)		(221)		(25)		(47)		(955)
Surrenders and withdrawals	(1,776)		(1,390)		(12)		(422)		(3,600)
Benefit payments	(432)		(250)		(3)		(58)		(743)
Investment performance	4,172		4,169		113		146		8,600
Net transfers from (to) general account and other	122		(121)		(2)		12		11
Separate accounts balance, end of period	$	47,409	$	37,245	$	888	$	4,176	$	89,718
Cash surrender value*	$	46,307	$	37,050	$	854	$	4,178	$	88,389

*The cash surrender value represents the amount of the contract holder’s account balance distributable at the balance sheet date less applicable surrender charges.

XML

Future Policy Benefits (Tables)

6 Months Ended

Jun. 30, 2024

Insurance [Abstract]

Liability for Future Policy Benefits

The following tables present the balances and changes in the liability for future policy benefits and a reconciliation of the net liability for future policy benefits to the liability for future policy benefits in the Condensed Consolidated Balance Sheets:

	Individual Retirement		Group Retirement		Life Insurance		Institutional Markets		Corporate and Other		Total
(in millions, except for liability durations)
Six Months Ended June 30, 2024
Present value of expected net premiums
Balance, beginning of year	$	—	$	—	$	8,379	$	—	$	973	$	9,352
Effect of changes in discount rate assumptions (AOCI)	—		—		1,482		—		44		1,526
Reclassified to Liabilities held-for-sale	—		—		4,287		—		—		4,287
Beginning balance at original discount rate	—		—		14,148		—		1,017		15,165
Effect of actual variances from expected experience	—		—		(12)		—		(6)		(18)
Adjusted beginning of year balance	—		—		14,136		—		1,011		15,147
Issuances	—		—		572		—		—		572
Interest accrual	—		—		202		—		22		224
Net premium collected	—		—		(634)		—		(57)		(691)
Foreign exchange impact	—		—		(46)		—		—		(46)
Other	—		—		(4)		—		—		(4)
Dispositions	—		—		(5,108)		—		—		(5,108)
Ending balance at original discount rate	—		—		9,118		—		976		10,094
Effect of changes in discount rate assumptions (AOCI)	—		—		(845)		—		(66)		(911)
Balance, end of period	$	—	$	—	$	8,273	$	—	$	910	$	9,183
Present value of expected future policy benefits
Balance, beginning of year	$	1,353	$	217	$	17,531	$	18,482	$	20,654	$	58,237
Effect of changes in discount rate assumptions (AOCI)	132		(3)		2,745		1,906		437		5,217
Reclassified to Liabilities held-for-sale	—		—		5,119		—		—		5,119
Beginning balance at original discount rate	1,485		214		25,395		20,388		21,091		68,573
Effect of actual variances from expected experience(a)	(21)		(2)		(10)		(12)		(16)		(61)
Adjusted beginning of year balance	1,464		212		25,385		20,376		21,075		68,512
Issuances	62		6		565		1,892		3		2,528
Interest accrual	32		6		435		439		503		1,415
Benefit payments	(67)		(12)		(814)		(594)		(731)		(2,218)
Foreign exchange impact	—		—		(61)		(75)		—		(136)
Other	—		(5)		(2)		—		(5)		(12)
Dispositions	—		—		(6,796)		—		—		(6,796)
Ending balance at original discount rate	1,491		207		18,712		22,038		20,845		63,293
Effect of changes in discount rate assumptions (AOCI)	(170)		(3)		(1,717)		(2,848)		(1,406)		(6,144)
Balance, end of period	$	1,321	$	204	$	16,995	$	19,190	$	19,439	$	57,149
Net liability for future policy benefits, end of period	1,321		204		8,722		19,190		18,529		47,966
Liability for future policy benefits for certain participating contracts	—		—		12		—		1,280		1,292
Liability for universal life policies with secondary guarantees and similar features(b)	—		—		3,916		—		55		3,971
Deferred profit liability	78		9		21		1,602		837		2,547
Other reconciling items(c)	30		—		457		—		92		579
Future policy benefits for life and accident and health insurance contracts	1,429		213		13,128		20,792		20,793		56,355
Less: Reinsurance recoverable:	(4)		—		(699)		(39)		(20,793)		(21,535)
Net liability for future policy benefits after reinsurance recoverable	$	1,425	$	213	$	12,429	$	20,753	$	—	$	34,820
Weighted average liability duration of the liability for future policy benefits(d)	7.5		6.6		10.9		11.8		10.9

	Individual Retirement		Group Retirement		Life Insurance		Institutional Markets		Corporate and Other		Total
(in millions, except for liability durations)
Six Months Ended June 30, 2023
Present value of expected net premiums
Balance, beginning of year	$	—	$	—	$	11,654	$	—	$	991	$	12,645
Effect of changes in discount rate assumptions (AOCI)	—		—		1,872		—		66		1,938
Beginning balance at original discount rate	—		—		13,526		—		1,057		14,583
Effect of actual variances from expected experience	—		—		10		—		6		16
Adjusted beginning of year balance	—		—		13,536		—		1,063		14,599
Issuances	—		—		666		—		—		666
Interest accrual	—		—		214		—		23		237
Net premium collected	—		—		(719)		—		(59)		(778)
Foreign exchange impact	—		—		206		—		—		206
Other	—		—		10		—		—		10
Ending balance at original discount rate	—		—		13,913		—		1,027		14,940
Effect of changes in discount rate assumptions (AOCI)	—		—		(1,904)		—		(61)		(1,965)
Balance, end of period	$	—	$	—	$	12,009	$	—	$	966	$	12,975
Present value of expected future policy benefits
Balance, beginning of year	$	1,223	$	211	$	21,179	$	12,464	$	20,429	$	55,506
Effect of changes in discount rate assumptions (AOCI)	167		2		3,424		2,634		1,083		7,310
Beginning balance at original discount rate	1,390		213		24,603		15,098		21,512		62,816
Effect of actual variances from expected experience(a)	(1)		—		36		17		(8)		44
Adjusted beginning of year balance	1,389		213		24,639		15,115		21,504		62,860
Issuances	120		6		656		3,301		3		4,086
Interest accrual	25		5		450		301		513		1,294
Benefit payments	(65)		(13)		(943)		(521)		(739)		(2,281)
Foreign exchange impact	—		—		236		308		—		544
Other	—		—		5		—		(6)		(1)
Ending balance at original discount rate	1,469		211		25,043		18,504		21,275		66,502
Effect of changes in discount rate assumptions (AOCI)	(158)		(1)		(3,386)		(2,752)		(822)		(7,119)
Balance, end of period	$	1,311	$	210	$	21,657	$	15,752	$	20,453	$	59,383
Net liability for future policy benefits, end of period	1,311		210		9,648		15,752		19,487		46,408
Liability for future policy benefits for certain participating contracts	—		—		13		—		1,316		1,329
Liability for universal life policies with secondary guarantees and similar features(b)	—		—		3,402		—		56		3,458
Deferred profit liability	86		10		17		1,468		869		2,450
Other reconciling items(c)	35		3		513		—		92		643
Future policy benefits for life and accident and health insurance contracts	1,432		223		13,593		17,220		21,820		54,288
Less: Reinsurance recoverable:	(4)		—		(1,148)		(39)		(21,820)		(23,011)
Net liability for future policy benefits after reinsurance recoverable	$	1,428	$	223	$	12,445	$	17,181	$	—	$	31,277
Weighted average liability duration of the liability for future policy benefits(d)	7.8		6.9		12.5		11.6		11.5

(a)Effect of changes in cash flow assumptions and variances from actual experience are partially offset by changes in the deferred profit liability.

(b)Additional details can be found in the table that presents the balances and changes in the liability for universal life policies with secondary guarantees and similar features.

(c)Other reconciling items primarily include the Accident and Health as well as Group Benefits (short-duration) contracts.

(d)The weighted average liability durations are calculated as the modified duration using projected future net liability cashflows that are aggregated at the segment level, utilizing the segment level weighted average interest rates and current discount rate, which can be found in the table below.

The following table presents the amount of undiscounted expected future benefit payments and undiscounted and discounted expected gross premiums for future policy benefits for nonparticipating contracts:

		Six Months Ended June 30,
(in millions)		2024		2023
Individual Retirement	Undiscounted expected future benefits and expense	$	2,139	$	2,115
	Undiscounted expected future gross premiums	$	—	$	—
	Discounted expected future gross premiums (at current discount rate)	$	—	$	—
Group Retirement	Undiscounted expected future benefits and expense	$	306	$	316
	Undiscounted expected future gross premiums	$	—	$	—
	Discounted expected future gross premiums (at current discount rate)	$	—	$	—
Life Insurance (a)	Undiscounted expected future benefits and expense	$	30,783	$	39,848
	Undiscounted expected future gross premiums	$	21,815	$	29,792
	Discounted expected future gross premiums (at current discount rate)	$	14,318	$	19,207
Institutional Markets	Undiscounted expected future benefits and expense	$	42,543	$	33,474
	Undiscounted expected future gross premiums	$	—	$	—
	Discounted expected future gross premiums (at current discount rate)	$	—	$	—
Corporate and other (b)	Undiscounted expected future benefits and expense	$	42,304	$	43,791
	Undiscounted expected future gross premiums	$	2,060	$	2,179
	Discounted expected future gross premiums (at current discount rate)	$	1,356	$	1,435

(a) 2023 includes balances related to AIG Life U.K.

(b)    Represents activity ceded to Fortitude Re.

The following table presents the amount of revenue and interest recognized in the Condensed Consolidated Statements of Income (Loss) for future policy benefits for nonparticipating contracts:

	Gross Premiums				Interest Accretion
	Six Months Ended June 30,				Six Months Ended June 30,
(in millions)	2024		2023		2024		2023
Individual Retirement	$	70	$	136	$	32	$	25
Group Retirement	5		10		6		5
Life Insurance	1,070		1,175		233		236
Institutional Markets	1,981		3,500		439		301
Corporate and Other	103		107		481		490
Total	$	3,229	$	4,928	$	1,191	$	1,057

The following table presents the weighted-average interest rate for future policy benefits for nonparticipating contracts:

	Individual Retirement		Group Retirement		Life Insurance		Institutional Markets		Corporate and Other
June 30, 2024
Weighted-average interest rate, original discount rate	3.79	%	5.13	%	4.68	%	4.27	%	4.86	%
Weighted-average interest rate, current discount rate	5.48	%	5.44	%	5.56	%	5.43	%	5.54	%
June 30, 2023
Weighted-average interest rate, original discount rate	3.73	%	5.14	%	4.09	%	3.95	%	4.88	%
Weighted-average interest rate, current discount rate	5.27	%	5.26	%	5.27	%	5.34	%	5.25	%

The following table presents the balances and changes in the liability for universal life policies with secondary guarantees and similar features:

	Six Months Ended June 30,
	2024						2023
	Life Insurance		Corporate and Other		Total		Life Insurance		Corporate and Other		Total
(in millions, except duration of liability)
Balance, beginning of year	$	3,731	$	55	$	3,786	$	3,300	$	55	$	3,355
Effect of changes in experience	192		(2)		190		149		(1)		148
Adjusted beginning balance	$	3,923	$	53	$	3,976	$	3,449	$	54	$	3,503
Assessments	288		1		289		341		1		342
Excess benefits paid	(413)		—		(413)		(457)		—		(457)
Interest accrual	78		1		79		61		1		62
Other	—		—		—		(3)		—		(3)
Changes related to unrealized appreciation (depreciation) of investments	40		—		40		11		—		11
Balance, end of period	$	3,916	$	55	$	3,971	$	3,402	$	56	$	3,458
Less: Reinsurance recoverable	(175)		(55)		(230)		(172)		—		(172)
Balance, end of period, net of Reinsurance recoverable	$	3,741	$	—	$	3,741	$	3,230	$	56	$	3,286
Weighted average duration of liability *	25.1		9.0				26.2		9.2

*The weighted average duration of liabilities is calculated as the modified duration using projected future net liability cashflows that are aggregated at the segment level, utilizing the segment level weighted average interest rates, which can be found in the table below.

The following table presents the amount of revenue and interest recognized in the Condensed Consolidated Statements of Income (Loss) for the liability for universal life policies with secondary guarantees and similar features:

	Gross Assessments				Interest Accretion
	Six Months Ended June 30,				Six Months Ended  June 30,
(in millions)	2024		2023		2024		2023
Life Insurance	$	500	$	573	$	78	$	61
Corporate and Other	19		20		1		1
Total	$	519	$	593	$	79	$	62

The following table presents the calculation of weighted average interest rate for the liability for universal life policies with secondary guarantees and similar features:

June 30,	2024				2023
	Life Insurance		Corporate and Other		Life Insurance		Corporate and Other
Weighted-average interest rate	3.92	%	4.20	%	3.77	%	4.20	%

The weighted average interest rates are calculated using projected future net liability cash flows that are aggregated to the segment level, and are represented as an annual rate.

The following table presents details concerning our universal life policies with secondary guarantees and similar features:

	Six Months Ended June 30,
(in millions, except for attained age of contract holders)	2024		2023
Account value	$	3,846	$	3,604
Net amount at risk	$	74,076	$	70,850
Average attained age of contract holders	54		53

The following table presents the balances and changes in Policyholder contract deposits account balances(a):

	Individual Retirement			Group Retirement			Life Insurance			Institutional Markets			Corporate and other			Total
(in millions, except for average crediting rate)
Six Months Ended June 30, 2024
Policyholder contract deposits account balance, beginning of year	$	94,896		$	41,299		$	10,231		$	13,649		$	3,333		$	163,408
Deposits	11,696			2,637			816			2,682			21			17,852
Policy charges	(360)			(250)			(753)			(34)			(29)			(1,426)
Surrenders and withdrawals	(8,902)			(4,859)			(148)			(53)			(39)			(14,001)
Benefit payments	(1,422)			(993)			(153)			(1,028)			(143)			(3,739)
Net transfers from (to) separate account	2,570			2,026			9			—			—			4,605
Interest credited	1,670			611			243			320			80			2,924
Other	1			(207)			17			201			(1)			11
Policyholder contract deposits account balance, end of period	100,149			40,264			10,262			15,737			3,222			169,634
Other reconciling items(b)	(1,286)			(212)			161			27			—			(1,310)
Policyholder contract deposits	$	98,863		$	40,052		$	10,423		$	15,764		$	3,222		$	168,324
Weighted average crediting rate	2.84		%	3.08		%	4.43		%	4.45		%	4.98		%
Cash surrender value(c)	$	93,131		$	39,262		$	9,068		$	2,596		$	1,666		$	145,723
Six Months Ended June 30, 2023
Policyholder contract deposits account balance, beginning of year	$	89,554		$	43,395		$	10,224		$	11,734		$	3,587		$	158,494
Deposits	8,898			2,597			809			1,608			22			13,934
Policy charges	(462)			(238)			(764)			(34)			(31)			(1,529)
Surrenders and withdrawals	(6,585)			(3,979)			(122)			(421)			(42)			(11,149)
Benefit payments	(2,012)			(1,080)			(100)			(283)			(171)			(3,646)
Net transfers from (to) separate account	1,637			1,221			—			473			—			3,331
Interest credited	863			554			188			218			85			1,908
Other	(3)			4			(32)			(1)			8			(24)
Policyholder contract deposits account balance, end of period	91,890			42,474			10,203			13,294			3,458			161,319
Other reconciling items(b)	(1,598)			(254)			135			42			—			(1,675)
Policyholder contract deposits	$	90,292		$	42,220		$	10,338		$	13,336		$	3,458		$	159,644
Weighted average crediting rate	2.59		%	2.84		%	4.30		%	3.54		%	4.95		%
Cash surrender value(c)	$	85,417		$	41,550		$	8,976		$	2,555		$	1,762		$	140,260

(a)Transactions between the general account and the separate account are presented in this table on a gross basis (e.g., a policyholder's funds are initially deposited into the general account and then simultaneously transferred to the separate account), and thus, did not impact the ending balance of policyholder contract deposits.

(b)Reconciling items principally relate to MRBs that are bifurcated and reported separately, net of embedded derivatives that are recorded in policyholder contract deposits.

(c)Cash surrender value is related to the portion of policyholder contract deposits that have a defined cash surrender value (e.g. GICs do not have a cash surrender value).

For information related to net amount at risk, refer to the table that presents the balances of and changes in MRBs in Note 14.

The following table presents Policyholder contract deposits account balance by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between rates being credited to policyholders and the respective guaranteed minimums:

June 30, 2024		At Guaranteed Minimum		1 Basis Point - 50 Basis Points Above		More than 50 Basis Points Above Minimum Guarantee		Total
(in millions, except percentage of total)
Individual Retirement	Range of Guaranteed Minimum Credited Rate
	<=1%	$	6,010	$	1,794	$	31,449	$	39,253
	> 1% - 2%	3,380		21		1,262		4,663
	> 2% - 3%	7,367		12		1,898		9,277
	> 3% - 4%	6,114		34		5		6,153
	> 4% - 5%	418		—		4		422
	> 5%	32		2		3		37
	Total	$	23,321	$	1,863	$	34,621	$	59,805
Group Retirement	Range of Guaranteed Minimum Credited Rate
	<=1%	$	2,103	$	1,841	$	8,062	$	12,006
	> 1% - 2%	3,449		781		933		5,163
	> 2% - 3%	11,277		272		113		11,662
	> 3% - 4%	588		—		—		588
	> 4% - 5%	6,503		—		—		6,503
	> 5%	140		—		—		140
	Total	$	24,060	$	2,894	$	9,108	$	36,062
Life Insurance	Range of Guaranteed Minimum Credited Rate
	<=1%	$	—	$	—	$	—	$	—
	> 1% - 2%	—		109		367		476
	> 2% - 3%	9		623		1,299		1,931
	> 3% - 4%	1,179		479		7		1,665
	> 4% - 5%	2,785		—		—		2,785
	> 5%	212		—		—		212
	Total	$	4,185	$	1,211	$	1,673	$	7,069
Total*		$	51,566	$	5,968	$	45,402	$	102,936
Percentage of total		50%		6%		44%		100%

June 30, 2023		At Guaranteed Minimum		1 Basis Point - 50 Basis Points Above		More than 50 Basis Points Above Minimum Guarantee		Total
(in millions, except percentage of total)
Individual Retirement	Range of Guaranteed Minimum Credited Rate
	<=1%	$	7,044	$	2,390	$	23,797	$	33,231
	> 1% - 2%	4,151		23		2,067		6,241
	> 2% - 3%	8,831		11		732		9,574
	> 3% - 4%	7,122		39		6		7,167
	> 4% - 5%	446		—		4		450
	> 5%	32		—		4		36
	Total	$	27,626	$	2,463	$	26,610	$	56,699
Group Retirement	Range of Guaranteed Minimum Credited Rate
	<=1%	$	2,018	$	2,574	$	6,382	$	10,974
	> 1% - 2%	4,050		1,624		391		6,065
	> 2% - 3%	13,123		89		62		13,274
	> 3% - 4%	651		—		—		651
	> 4% - 5%	6,799		—		—		6,799
	> 5%	151		—		—		151
	Total	$	26,792	$	4,287	$	6,835	$	37,914
Life Insurance	Range of Guaranteed Minimum Credited Rate
	<=1%	$	—	$	—	$	—	$	—
	> 1% - 2%	—		131		350		481
	> 2% - 3%	10		872		1,083		1,965
	> 3% - 4%	1,190		322		201		1,713
	> 4% - 5%	2,909		—		—		2,909
	> 5%	221		—		—		221
	Total	$	4,330	$	1,325	$	1,634	$	7,289
Total*		$	58,748	$	8,075	$	35,079	$	101,902
Percentage of total		58%		8%		34%		100%

*Excludes policyholder contract deposits account balances that are not subject to guaranteed minimum crediting rates.

The following table presents a rollforward of the unearned revenue reserve for the six months ended June 30, 2024 and 2023:

	Life Insurance		Institutional Markets		Corporate and Other		Total
(in millions)
Six Months Ended June 30, 2024
Balance, beginning of year	$	1,770	$	1	$	94	$	1,865
Revenue deferred	80		—		—		80
Amortization	(56)		—		(5)		(61)
Balance, end of period	$	1,794	$	1	$	89	$	1,884
Other reconciling items*							969
Other policyholder funds							$	2,853
Six Months Ended June 30, 2023
Balance, beginning of year	$	1,727	$	2	$	105	$	1,834
Revenue deferred	76		—		—		76
Amortization	(55)		(1)		(5)		(61)
Balance, end of period	$	1,748	$	1	$	100	$	1,849
Other reconciling items*							1,042
Other policyholder funds							$	2,891

*Other reconciling items include policyholders' dividend accumulations, provisions for future dividends to participating policyholders, dividends to policyholders and any similar items.

XML

Policyholder Contract Deposits and Other Policyholder Funds (Tables)

6 Months Ended

Jun. 30, 2024

Insurance [Abstract]

Policyholder Contract Deposits

The following tables present the balances and changes in the liability for future policy benefits and a reconciliation of the net liability for future policy benefits to the liability for future policy benefits in the Condensed Consolidated Balance Sheets:

	Individual Retirement		Group Retirement		Life Insurance		Institutional Markets		Corporate and Other		Total
(in millions, except for liability durations)
Six Months Ended June 30, 2024
Present value of expected net premiums
Balance, beginning of year	$	—	$	—	$	8,379	$	—	$	973	$	9,352
Effect of changes in discount rate assumptions (AOCI)	—		—		1,482		—		44		1,526
Reclassified to Liabilities held-for-sale	—		—		4,287		—		—		4,287
Beginning balance at original discount rate	—		—		14,148		—		1,017		15,165
Effect of actual variances from expected experience	—		—		(12)		—		(6)		(18)
Adjusted beginning of year balance	—		—		14,136		—		1,011		15,147
Issuances	—		—		572		—		—		572
Interest accrual	—		—		202		—		22		224
Net premium collected	—		—		(634)		—		(57)		(691)
Foreign exchange impact	—		—		(46)		—		—		(46)
Other	—		—		(4)		—		—		(4)
Dispositions	—		—		(5,108)		—		—		(5,108)
Ending balance at original discount rate	—		—		9,118		—		976		10,094
Effect of changes in discount rate assumptions (AOCI)	—		—		(845)		—		(66)		(911)
Balance, end of period	$	—	$	—	$	8,273	$	—	$	910	$	9,183
Present value of expected future policy benefits
Balance, beginning of year	$	1,353	$	217	$	17,531	$	18,482	$	20,654	$	58,237
Effect of changes in discount rate assumptions (AOCI)	132		(3)		2,745		1,906		437		5,217
Reclassified to Liabilities held-for-sale	—		—		5,119		—		—		5,119
Beginning balance at original discount rate	1,485		214		25,395		20,388		21,091		68,573
Effect of actual variances from expected experience(a)	(21)		(2)		(10)		(12)		(16)		(61)
Adjusted beginning of year balance	1,464		212		25,385		20,376		21,075		68,512
Issuances	62		6		565		1,892		3		2,528
Interest accrual	32		6		435		439		503		1,415
Benefit payments	(67)		(12)		(814)		(594)		(731)		(2,218)
Foreign exchange impact	—		—		(61)		(75)		—		(136)
Other	—		(5)		(2)		—		(5)		(12)
Dispositions	—		—		(6,796)		—		—		(6,796)
Ending balance at original discount rate	1,491		207		18,712		22,038		20,845		63,293
Effect of changes in discount rate assumptions (AOCI)	(170)		(3)		(1,717)		(2,848)		(1,406)		(6,144)
Balance, end of period	$	1,321	$	204	$	16,995	$	19,190	$	19,439	$	57,149
Net liability for future policy benefits, end of period	1,321		204		8,722		19,190		18,529		47,966
Liability for future policy benefits for certain participating contracts	—		—		12		—		1,280		1,292
Liability for universal life policies with secondary guarantees and similar features(b)	—		—		3,916		—		55		3,971
Deferred profit liability	78		9		21		1,602		837		2,547
Other reconciling items(c)	30		—		457		—		92		579
Future policy benefits for life and accident and health insurance contracts	1,429		213		13,128		20,792		20,793		56,355
Less: Reinsurance recoverable:	(4)		—		(699)		(39)		(20,793)		(21,535)
Net liability for future policy benefits after reinsurance recoverable	$	1,425	$	213	$	12,429	$	20,753	$	—	$	34,820
Weighted average liability duration of the liability for future policy benefits(d)	7.5		6.6		10.9		11.8		10.9

	Individual Retirement		Group Retirement		Life Insurance		Institutional Markets		Corporate and Other		Total
(in millions, except for liability durations)
Six Months Ended June 30, 2023
Present value of expected net premiums
Balance, beginning of year	$	—	$	—	$	11,654	$	—	$	991	$	12,645
Effect of changes in discount rate assumptions (AOCI)	—		—		1,872		—		66		1,938
Beginning balance at original discount rate	—		—		13,526		—		1,057		14,583
Effect of actual variances from expected experience	—		—		10		—		6		16
Adjusted beginning of year balance	—		—		13,536		—		1,063		14,599
Issuances	—		—		666		—		—		666
Interest accrual	—		—		214		—		23		237
Net premium collected	—		—		(719)		—		(59)		(778)
Foreign exchange impact	—		—		206		—		—		206
Other	—		—		10		—		—		10
Ending balance at original discount rate	—		—		13,913		—		1,027		14,940
Effect of changes in discount rate assumptions (AOCI)	—		—		(1,904)		—		(61)		(1,965)
Balance, end of period	$	—	$	—	$	12,009	$	—	$	966	$	12,975
Present value of expected future policy benefits
Balance, beginning of year	$	1,223	$	211	$	21,179	$	12,464	$	20,429	$	55,506
Effect of changes in discount rate assumptions (AOCI)	167		2		3,424		2,634		1,083		7,310
Beginning balance at original discount rate	1,390		213		24,603		15,098		21,512		62,816
Effect of actual variances from expected experience(a)	(1)		—		36		17		(8)		44
Adjusted beginning of year balance	1,389		213		24,639		15,115		21,504		62,860
Issuances	120		6		656		3,301		3		4,086
Interest accrual	25		5		450		301		513		1,294
Benefit payments	(65)		(13)		(943)		(521)		(739)		(2,281)
Foreign exchange impact	—		—		236		308		—		544
Other	—		—		5		—		(6)		(1)
Ending balance at original discount rate	1,469		211		25,043		18,504		21,275		66,502
Effect of changes in discount rate assumptions (AOCI)	(158)		(1)		(3,386)		(2,752)		(822)		(7,119)
Balance, end of period	$	1,311	$	210	$	21,657	$	15,752	$	20,453	$	59,383
Net liability for future policy benefits, end of period	1,311		210		9,648		15,752		19,487		46,408
Liability for future policy benefits for certain participating contracts	—		—		13		—		1,316		1,329
Liability for universal life policies with secondary guarantees and similar features(b)	—		—		3,402		—		56		3,458
Deferred profit liability	86		10		17		1,468		869		2,450
Other reconciling items(c)	35		3		513		—		92		643
Future policy benefits for life and accident and health insurance contracts	1,432		223		13,593		17,220		21,820		54,288
Less: Reinsurance recoverable:	(4)		—		(1,148)		(39)		(21,820)		(23,011)
Net liability for future policy benefits after reinsurance recoverable	$	1,428	$	223	$	12,445	$	17,181	$	—	$	31,277
Weighted average liability duration of the liability for future policy benefits(d)	7.8		6.9		12.5		11.6		11.5

(a)Effect of changes in cash flow assumptions and variances from actual experience are partially offset by changes in the deferred profit liability.

(b)Additional details can be found in the table that presents the balances and changes in the liability for universal life policies with secondary guarantees and similar features.

(c)Other reconciling items primarily include the Accident and Health as well as Group Benefits (short-duration) contracts.

(d)The weighted average liability durations are calculated as the modified duration using projected future net liability cashflows that are aggregated at the segment level, utilizing the segment level weighted average interest rates and current discount rate, which can be found in the table below.

The following table presents the amount of undiscounted expected future benefit payments and undiscounted and discounted expected gross premiums for future policy benefits for nonparticipating contracts:

		Six Months Ended June 30,
(in millions)		2024		2023
Individual Retirement	Undiscounted expected future benefits and expense	$	2,139	$	2,115
	Undiscounted expected future gross premiums	$	—	$	—
	Discounted expected future gross premiums (at current discount rate)	$	—	$	—
Group Retirement	Undiscounted expected future benefits and expense	$	306	$	316
	Undiscounted expected future gross premiums	$	—	$	—
	Discounted expected future gross premiums (at current discount rate)	$	—	$	—
Life Insurance (a)	Undiscounted expected future benefits and expense	$	30,783	$	39,848
	Undiscounted expected future gross premiums	$	21,815	$	29,792
	Discounted expected future gross premiums (at current discount rate)	$	14,318	$	19,207
Institutional Markets	Undiscounted expected future benefits and expense	$	42,543	$	33,474
	Undiscounted expected future gross premiums	$	—	$	—
	Discounted expected future gross premiums (at current discount rate)	$	—	$	—
Corporate and other (b)	Undiscounted expected future benefits and expense	$	42,304	$	43,791
	Undiscounted expected future gross premiums	$	2,060	$	2,179
	Discounted expected future gross premiums (at current discount rate)	$	1,356	$	1,435

(a) 2023 includes balances related to AIG Life U.K.

(b)    Represents activity ceded to Fortitude Re.

The following table presents the amount of revenue and interest recognized in the Condensed Consolidated Statements of Income (Loss) for future policy benefits for nonparticipating contracts:

	Gross Premiums				Interest Accretion
	Six Months Ended June 30,				Six Months Ended June 30,
(in millions)	2024		2023		2024		2023
Individual Retirement	$	70	$	136	$	32	$	25
Group Retirement	5		10		6		5
Life Insurance	1,070		1,175		233		236
Institutional Markets	1,981		3,500		439		301
Corporate and Other	103		107		481		490
Total	$	3,229	$	4,928	$	1,191	$	1,057

The following table presents the weighted-average interest rate for future policy benefits for nonparticipating contracts:

	Individual Retirement		Group Retirement		Life Insurance		Institutional Markets		Corporate and Other
June 30, 2024
Weighted-average interest rate, original discount rate	3.79	%	5.13	%	4.68	%	4.27	%	4.86	%
Weighted-average interest rate, current discount rate	5.48	%	5.44	%	5.56	%	5.43	%	5.54	%
June 30, 2023
Weighted-average interest rate, original discount rate	3.73	%	5.14	%	4.09	%	3.95	%	4.88	%
Weighted-average interest rate, current discount rate	5.27	%	5.26	%	5.27	%	5.34	%	5.25	%

The following table presents the balances and changes in the liability for universal life policies with secondary guarantees and similar features:

	Six Months Ended June 30,
	2024						2023
	Life Insurance		Corporate and Other		Total		Life Insurance		Corporate and Other		Total
(in millions, except duration of liability)
Balance, beginning of year	$	3,731	$	55	$	3,786	$	3,300	$	55	$	3,355
Effect of changes in experience	192		(2)		190		149		(1)		148
Adjusted beginning balance	$	3,923	$	53	$	3,976	$	3,449	$	54	$	3,503
Assessments	288		1		289		341		1		342
Excess benefits paid	(413)		—		(413)		(457)		—		(457)
Interest accrual	78		1		79		61		1		62
Other	—		—		—		(3)		—		(3)
Changes related to unrealized appreciation (depreciation) of investments	40		—		40		11		—		11
Balance, end of period	$	3,916	$	55	$	3,971	$	3,402	$	56	$	3,458
Less: Reinsurance recoverable	(175)		(55)		(230)		(172)		—		(172)
Balance, end of period, net of Reinsurance recoverable	$	3,741	$	—	$	3,741	$	3,230	$	56	$	3,286
Weighted average duration of liability *	25.1		9.0				26.2		9.2

*The weighted average duration of liabilities is calculated as the modified duration using projected future net liability cashflows that are aggregated at the segment level, utilizing the segment level weighted average interest rates, which can be found in the table below.

The following table presents the amount of revenue and interest recognized in the Condensed Consolidated Statements of Income (Loss) for the liability for universal life policies with secondary guarantees and similar features:

	Gross Assessments				Interest Accretion
	Six Months Ended June 30,				Six Months Ended  June 30,
(in millions)	2024		2023		2024		2023
Life Insurance	$	500	$	573	$	78	$	61
Corporate and Other	19		20		1		1
Total	$	519	$	593	$	79	$	62

The following table presents the calculation of weighted average interest rate for the liability for universal life policies with secondary guarantees and similar features:

June 30,	2024				2023
	Life Insurance		Corporate and Other		Life Insurance		Corporate and Other
Weighted-average interest rate	3.92	%	4.20	%	3.77	%	4.20	%

The weighted average interest rates are calculated using projected future net liability cash flows that are aggregated to the segment level, and are represented as an annual rate.

The following table presents details concerning our universal life policies with secondary guarantees and similar features:

	Six Months Ended June 30,
(in millions, except for attained age of contract holders)	2024		2023
Account value	$	3,846	$	3,604
Net amount at risk	$	74,076	$	70,850
Average attained age of contract holders	54		53

The following table presents the balances and changes in Policyholder contract deposits account balances(a):

	Individual Retirement			Group Retirement			Life Insurance			Institutional Markets			Corporate and other			Total
(in millions, except for average crediting rate)
Six Months Ended June 30, 2024
Policyholder contract deposits account balance, beginning of year	$	94,896		$	41,299		$	10,231		$	13,649		$	3,333		$	163,408
Deposits	11,696			2,637			816			2,682			21			17,852
Policy charges	(360)			(250)			(753)			(34)			(29)			(1,426)
Surrenders and withdrawals	(8,902)			(4,859)			(148)			(53)			(39)			(14,001)
Benefit payments	(1,422)			(993)			(153)			(1,028)			(143)			(3,739)
Net transfers from (to) separate account	2,570			2,026			9			—			—			4,605
Interest credited	1,670			611			243			320			80			2,924
Other	1			(207)			17			201			(1)			11
Policyholder contract deposits account balance, end of period	100,149			40,264			10,262			15,737			3,222			169,634
Other reconciling items(b)	(1,286)			(212)			161			27			—			(1,310)
Policyholder contract deposits	$	98,863		$	40,052		$	10,423		$	15,764		$	3,222		$	168,324
Weighted average crediting rate	2.84		%	3.08		%	4.43		%	4.45		%	4.98		%
Cash surrender value(c)	$	93,131		$	39,262		$	9,068		$	2,596		$	1,666		$	145,723
Six Months Ended June 30, 2023
Policyholder contract deposits account balance, beginning of year	$	89,554		$	43,395		$	10,224		$	11,734		$	3,587		$	158,494
Deposits	8,898			2,597			809			1,608			22			13,934
Policy charges	(462)			(238)			(764)			(34)			(31)			(1,529)
Surrenders and withdrawals	(6,585)			(3,979)			(122)			(421)			(42)			(11,149)
Benefit payments	(2,012)			(1,080)			(100)			(283)			(171)			(3,646)
Net transfers from (to) separate account	1,637			1,221			—			473			—			3,331
Interest credited	863			554			188			218			85			1,908
Other	(3)			4			(32)			(1)			8			(24)
Policyholder contract deposits account balance, end of period	91,890			42,474			10,203			13,294			3,458			161,319
Other reconciling items(b)	(1,598)			(254)			135			42			—			(1,675)
Policyholder contract deposits	$	90,292		$	42,220		$	10,338		$	13,336		$	3,458		$	159,644
Weighted average crediting rate	2.59		%	2.84		%	4.30		%	3.54		%	4.95		%
Cash surrender value(c)	$	85,417		$	41,550		$	8,976		$	2,555		$	1,762		$	140,260

(a)Transactions between the general account and the separate account are presented in this table on a gross basis (e.g., a policyholder's funds are initially deposited into the general account and then simultaneously transferred to the separate account), and thus, did not impact the ending balance of policyholder contract deposits.

(b)Reconciling items principally relate to MRBs that are bifurcated and reported separately, net of embedded derivatives that are recorded in policyholder contract deposits.

(c)Cash surrender value is related to the portion of policyholder contract deposits that have a defined cash surrender value (e.g. GICs do not have a cash surrender value).

For information related to net amount at risk, refer to the table that presents the balances of and changes in MRBs in Note 14.

The following table presents Policyholder contract deposits account balance by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between rates being credited to policyholders and the respective guaranteed minimums:

June 30, 2024		At Guaranteed Minimum		1 Basis Point - 50 Basis Points Above		More than 50 Basis Points Above Minimum Guarantee		Total
(in millions, except percentage of total)
Individual Retirement	Range of Guaranteed Minimum Credited Rate
	<=1%	$	6,010	$	1,794	$	31,449	$	39,253
	> 1% - 2%	3,380		21		1,262		4,663
	> 2% - 3%	7,367		12		1,898		9,277
	> 3% - 4%	6,114		34		5		6,153
	> 4% - 5%	418		—		4		422
	> 5%	32		2		3		37
	Total	$	23,321	$	1,863	$	34,621	$	59,805
Group Retirement	Range of Guaranteed Minimum Credited Rate
	<=1%	$	2,103	$	1,841	$	8,062	$	12,006
	> 1% - 2%	3,449		781		933		5,163
	> 2% - 3%	11,277		272		113		11,662
	> 3% - 4%	588		—		—		588
	> 4% - 5%	6,503		—		—		6,503
	> 5%	140		—		—		140
	Total	$	24,060	$	2,894	$	9,108	$	36,062
Life Insurance	Range of Guaranteed Minimum Credited Rate
	<=1%	$	—	$	—	$	—	$	—
	> 1% - 2%	—		109		367		476
	> 2% - 3%	9		623		1,299		1,931
	> 3% - 4%	1,179		479		7		1,665
	> 4% - 5%	2,785		—		—		2,785
	> 5%	212		—		—		212
	Total	$	4,185	$	1,211	$	1,673	$	7,069
Total*		$	51,566	$	5,968	$	45,402	$	102,936
Percentage of total		50%		6%		44%		100%

June 30, 2023		At Guaranteed Minimum		1 Basis Point - 50 Basis Points Above		More than 50 Basis Points Above Minimum Guarantee		Total
(in millions, except percentage of total)
Individual Retirement	Range of Guaranteed Minimum Credited Rate
	<=1%	$	7,044	$	2,390	$	23,797	$	33,231
	> 1% - 2%	4,151		23		2,067		6,241
	> 2% - 3%	8,831		11		732		9,574
	> 3% - 4%	7,122		39		6		7,167
	> 4% - 5%	446		—		4		450
	> 5%	32		—		4		36
	Total	$	27,626	$	2,463	$	26,610	$	56,699
Group Retirement	Range of Guaranteed Minimum Credited Rate
	<=1%	$	2,018	$	2,574	$	6,382	$	10,974
	> 1% - 2%	4,050		1,624		391		6,065
	> 2% - 3%	13,123		89		62		13,274
	> 3% - 4%	651		—		—		651
	> 4% - 5%	6,799		—		—		6,799
	> 5%	151		—		—		151
	Total	$	26,792	$	4,287	$	6,835	$	37,914
Life Insurance	Range of Guaranteed Minimum Credited Rate
	<=1%	$	—	$	—	$	—	$	—
	> 1% - 2%	—		131		350		481
	> 2% - 3%	10		872		1,083		1,965
	> 3% - 4%	1,190		322		201		1,713
	> 4% - 5%	2,909		—		—		2,909
	> 5%	221		—		—		221
	Total	$	4,330	$	1,325	$	1,634	$	7,289
Total*		$	58,748	$	8,075	$	35,079	$	101,902
Percentage of total		58%		8%		34%		100%

*Excludes policyholder contract deposits account balances that are not subject to guaranteed minimum crediting rates.

The following table presents a rollforward of the unearned revenue reserve for the six months ended June 30, 2024 and 2023:

	Life Insurance		Institutional Markets		Corporate and Other		Total
(in millions)
Six Months Ended June 30, 2024
Balance, beginning of year	$	1,770	$	1	$	94	$	1,865
Revenue deferred	80		—		—		80
Amortization	(56)		—		(5)		(61)
Balance, end of period	$	1,794	$	1	$	89	$	1,884
Other reconciling items*							969
Other policyholder funds							$	2,853
Six Months Ended June 30, 2023
Balance, beginning of year	$	1,727	$	2	$	105	$	1,834
Revenue deferred	76		—		—		76
Amortization	(55)		(1)		(5)		(61)
Balance, end of period	$	1,748	$	1	$	100	$	1,849
Other reconciling items*							1,042
Other policyholder funds							$	2,891

*Other reconciling items include policyholders' dividend accumulations, provisions for future dividends to participating policyholders, dividends to policyholders and any similar items.

XML

Market Risk Benefits (Tables)

6 Months Ended

Jun. 30, 2024

Insurance [Abstract]

Reconciliation of Market Risk Benefits

The following table presents the balances of and changes in MRBs:

	Individual Retirement		Group Retirement		Total
(in millions, except for attained age of contract holders)
Six Months Ended June 30, 2024
Balance, beginning of year	$	4,562	$	308	$	4,870
Effect of changes in our own credit risk	(1,072)		(88)		(1,160)
Balance, beginning of year, before effect of changes in our own credit risk	$	3,490	$	220	$	3,710
Issuances	303		24		327
Interest accrual	78		6		84
Attributed fees	338		30		368
Expected claims	(34)		(1)		(35)
Effect of changes in interest rates	(605)		(48)		(653)
Effect of changes in interest rate volatility	22		3		25
Effect of changes in equity markets	(670)		(62)		(732)
Effect of changes in equity index volatility	(37)		(2)		(39)
Actual outcome different from model expected outcome	(43)		2		(41)
Effect of changes in other future expected assumptions	(5)		—		(5)
Other, including foreign exchange	—		(2)		(2)
Balance, end of period before effect of changes in our own credit risk	2,837		170		3,007
Effect of changes in our own credit risk	914		73		987
Balance, end of period	3,751		243		3,994
Less: Reinsured MRB, end of period	(57)		—		(57)
Net Liability Balance after reinsurance recoverable	$	3,694	$	243	$	3,937
Net amount at risk
GMDB only	$	609	$	130	$	739
GMWB only	$	130	$	11	$	141
Combined*	$	533	$	13	$	546
Weighted average attained age of contract holders	71		64
Six Months Ended June 30, 2023
Balance, beginning of year	$	3,738	$	296	$	4,034
Effect of changes in our own credit risk	(441)		(24)		(465)
Balance, beginning of year, before effect of changes in our own credit risk	$	3,297	$	272	$	3,569
Issuances	379		19		398
Interest accrual	78		8		86
Attributed fees	442		33		475
Expected claims	(48)		(1)		(49)
Effect of changes in interest rates	34		3		37
Effect of changes in interest rate volatility	(84)		(4)		(88)
Effect of changes in equity markets	(843)		(78)		(921)
Effect of changes in equity index volatility	8		(4)		4
Actual outcome different from model expected outcome	93		12		105
Effect of changes in other future expected assumptions	(94)		(29)		(123)
Other, including foreign exchange	—		(2)		(2)
Balance, end of period before effect of changes in our own credit risk	3,262		229		3,491
Effect of changes in our own credit risk	564		47		611
Balance, end of period	3,826		276		4,102
Less: Reinsured MRB, end of period	(79)		—		(79)
Net liability balance after reinsurance recoverable	$	3,747	$	276	$	4,023
Net amount at risk
GMDB only	$	1,068	$	212	$	1,280
GMWB only	$	56	$	4	$	60
Combined*	$	1,435	$	23	$	1,458
Weighted average attained age of contract holders	70		64

*Certain contracts contain both guaranteed GMDB and GMWB features and are modeled together for the purposes of calculating the MRB.

The following is a reconciliation of MRBs by amounts in an asset position and in a liability position to the MRBs amount in the Condensed Consolidated Balance Sheets:

	June 30, 2024						June 30, 2023
(in millions)	Asset*		Liability*		Net		Asset*		Liability*		Net
Individual Retirement	$	984	$	4,678	$	3,694	$	787	$	4,534	$	3,747
Group Retirement	203		446		243		167		443		276
Total	$	1,187	$	5,124	$	3,937	$	954	$	4,977	$	4,023

*Cash flows and attributed fees for MRBs are determined on a policy level basis and are reported based on their asset or liability position at the balance sheet date.

XML

Equity (Tables)

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Rollforward of Outstanding Shares

The following table presents a rollforward of outstanding shares:

Six Months Ended June 30, 2024	Common Stock Issued	Treasury Stock	Common Stock Outstanding
Shares, beginning of year	648,148,737	(26,484,411)	621,664,326
Shares issued under long-term incentive compensation plans	2,041,112	1,229,028	3,270,140
Shares repurchased	—	(24,607,065)	(24,607,065)
Shares, end of period	650,189,849	(49,862,448)	600,327,401

Dividends Declared

Dividends

Declaration Date	Record Date	Payment Date	Dividend Paid Per Common Share
May 2, 2024	June 14, 2024	June 28, 2024	$	0.23
February 14, 2024	March 15, 2024	March 29, 2024	$	0.23

Rollforward of Accumulated Other Comprehensive Income (Loss)

The following table presents a rollforward of Accumulated other comprehensive income (loss):

(in millions)	Unrealized Appreciation (Depreciation) of Fixed Maturity Securities on Which allowance for credit losses was Taken		Unrealized Appreciation (Depreciation) of All Other Investments		Change in fair value of market risk benefits attributable to changes in our own credit risk		Change in the discount rates used to measure traditional and limited payment long-duration insurance contracts		Cash Flow Hedges		Foreign Currency Translation Adjustments		Retirement Plan Liabilities Adjustment		Total
Three Months Ended June 30, 2024
Balance, March 31, 2024, net of tax	$	(44)	$	(15,865)	$	(932)	$	2,638	$	127	$	(65)	$	2	$	(14,139)
Change in unrealized depreciation of investments	(12)		(1,150)		—		—		—		—		—		(1,162)
Change in fair value of market risk benefits attributable to changes in our own credit risk	—		—		202		—		—		—		—		202
Change in discount rates assumptions of certain liabilities	—		—		—		472		—		—		—		472
Change in future policy benefits and other	—		86		—		—		—		—		—		86
Change in cash flow hedges	—		—		—		—		(3)		—		—		(3)
Change in foreign currency translation adjustments	—		—		—		—		—		70		—		70
Change in deferred tax asset (liability)	3		97		(43)		(93)		1		—		—		(35)
Total other comprehensive income (loss)	(9)		(967)		159		379		(2)		70		—		(370)
Less: Noncontrolling interests	—		—		—		—		—		(1)		—		(1)
Balance, June 30, 2024, net of tax	$	(53)	$	(16,832)	$	(773)	$	3,017	$	125	$	6	$	2	$	(14,508)
Three Months Ended June 30, 2023
Balance, March 31, 2023, net of tax	$	(62)	$	(16,248)	$	(291)	$	2,443	$	153	$	(73)	$	11	$	(14,067)
Change in unrealized depreciation of investments	55		(1,827)		—		—		—		—		—		(1,772)
Change in fair value of market risk benefits attributable to changes in our own credit risk	—		—		(240)		—		—		—		—		(240)
Change in discount rates assumptions of certain liabilities	—		—		—		628		—		—		—		628
Change in future policy benefits and other	—		49		—		—		—		—		—		49
Change in cash value hedges	—		—		—		—		(8)		—		—		(8)
Change in foreign currency translation adjustments	—		—		—		—		—		28		—		28
Change in deferred tax asset (liability)	(12)		294		51		(142)		2		8		—		201
Total other comprehensive income (loss)	43		(1,484)		(189)		486		(6)		36		—		(1,114)
Less: Noncontrolling interests	—		—		—		—		—		1		—		1
Balance, June 30, 2023, net of tax	$	(19)	$	(17,732)	$	(480)	$	2,929	$	147	$	(38)	$	11	$	(15,182)

(in millions)	Unrealized Appreciation (Depreciation) of Fixed Maturity Securities on Which allowance for credit losses was Taken		Unrealized Appreciation (Depreciation) of All Other Investments		Change in fair value of market risk benefits attributable to changes in our own credit risk		Change in the discount rates used to measure traditional and limited payment long-duration insurance contracts		Cash Flow Hedges		Foreign Currency Translation Adjustments		Retirement Plan Liabilities Adjustment		Total
Six Months Ended June 30, 2024
Balance at December 31, 2023, net of tax	$	(79)	$	(14,650)	$	(909)	$	2,095	$	146	$	(63)	$	2	$	(13,458)
Change in unrealized depreciation of investments	33		(2,270)		—		—		—		—		—		(2,237)
Change in fair value of market risk benefits attributable to changes in our own credit risk	—		—		173		—		—		—		—		173
Change in discount rates assumptions of certain liabilities	—		—		—		1,167		—		—		—		1,167
Change in future policy benefits and other	—		(41)		—		—		—		—		—		(41)
Change in cash flow hedges	—		—		—		—		(28)		—		—		(28)
Change in foreign currency translation adjustments	—		—		—		—		—		66		—		66
Change in deferred tax asset (liability)	(7)		168		(37)		(245)		6		1		—		(114)
Total other comprehensive income (loss)	26		(2,143)		136		922		(22)		67		—		(1,014)
Other	—		(39)		—		—		1		—		—		(38)
Less: Noncontrolling interests	—		—		—		—		—		(2)		—		(2)
Balance, June 30, 2024, net of tax	$	(53)	$	(16,832)	$	(773)	$	3,017	$	125	$	6	$	2	$	(14,508)
Six Months Ended June 30, 2023
Balance, December 31, 2022, net of tax	$	(92)	$	(19,380)	$	(365)	$	2,908	$	157	$	(100)	$	9	$	(16,863)
Change in unrealized depreciation of investments	93		2,155		—		—		—		—		—		2,248
Change in fair value of market risk benefits attributable to changes in our own credit risk	—		—		(146)		—		—		—		—		(146)
Change in discount rates assumptions of certain liabilities	—		—		—		33		—		—		—		33
Change in future policy benefits and other	—		(67)		—		—		—		—		—		(67)
Change in cash value hedges	—		—		—		—		(15)		—		—		(15)
Change in foreign currency translation adjustments	—		—		—		—		—		65		—		65
Change in net actuarial loss	—		—		—		—		—		—		3		3
Change in deferred tax asset (liability)	(20)		(440)		31		(12)		5		7		(1)		(430)
Total other comprehensive income (loss)	73		1,648		(115)		21		(10)		72		2		1,691
Less: Noncontrolling interests	—		—		—		—		—		10		—		10
Balance, June 30, 2023, net of tax	$	(19)	$	(17,732)	$	(480)	$	2,929	$	147	$	(38)	$	11	$	(15,182)

Reclassification out of Accumulated Other Comprehensive Income

The following table presents the OCI reclassification adjustments for the three and six months ended June 30, 2024 and 2023, respectively:

(in millions)	Unrealized Appreciation (Depreciation) of Fixed Maturity Securities on Which Allowance for Credit Losses Was Taken		Unrealized Appreciation (Depreciation) of All Other Investments		Change in fair value of market risk benefits attributable to changes in our own credit risk		Change in the discount rates used to measure traditional and limited payment long-duration insurance contracts		Cash Flow Hedges		Foreign Currency Translation Adjustments		Retirement Plan Liabilities Adjustment		Total
Three Months Ended June 30, 2024
Unrealized change arising during period	$	(14)	$	(1,665)	$	202	$	718	$	(3)	$	3	$	—	$	(759)
Less: Reclassification adjustments included in net income	(2)		(601)		—		246		—		(67)		—		(424)
Total other comprehensive income (loss), before income tax expense (benefit)	(12)		(1,064)		202		472		(3)		70		—		(335)
Less: Income tax expense (benefit)	(3)		(97)		43		93		(1)		—		—		35
Total other comprehensive income (loss), net of income tax expense (benefit)	$	(9)	$	(967)	$	159	$	379	$	(2)	$	70	$	—	$	(370)
Three Months Ended June 30, 2023
Unrealized change arising during period	$	52	$	(2,009)	$	(240)	$	628	$	(8)	$	28	$	—	$	(1,549)
Less: Reclassification adjustments included in net income	(3)		(231)		—		—		—		—		—		(234)
Total other comprehensive income (loss), before income tax expense (benefit)	55		(1,778)		(240)		628		(8)		28		—		(1,315)
Less: Income tax expense (benefit)	12		(294)		(51)		142		(2)		(8)		—		(201)
Total other comprehensive income (loss), net of income tax expense (benefit)	$	43	$	(1,484)	$	(189)	$	486	$	(6)	$	36	$	—	$	(1,114)
Six Months Ended June 30, 2024
Unrealized change arising during period	$	25	$	(3,248)	$	173	$	1,413	$	(28)	$	(1)	$	—	$	(1,666)
Less: Reclassification adjustments included in net income	(8)		(937)		—		246		—		(67)		—		(766)
Total other comprehensive income (loss), before income tax expense (benefit)	33		(2,311)		173		1,167		(28)		66		—		(900)
Less: Income tax expense (benefit)	7		(168)		37		245		(6)		(1)		—		114
Total other comprehensive income (loss), net of income tax expense (benefit)	$	26	$	(2,143)	$	136	$	922	$	(22)	$	67	$	—	$	(1,014)
Six Months Ended June 30, 2023
Unrealized change arising during period	$	76	$	1,770	$	(146)	$	33	$	(15)	$	65	$	3	$	1,786
Less: Reclassification adjustments included in net income	(17)		(318)		—		—		—		—		—		(335)
Total other comprehensive income (loss), before income tax expense (benefit)	93		2,088		(146)		33		(15)		65		3		2,121
Less: Income tax expense (benefit)	20		440		(31)		12		(5)		(7)		1		430
Total other comprehensive income (loss), net of income tax expense (benefit)	$	73	$	1,648	$	(115)	$	21	$	(10)	$	72	$	2	$	1,691

The following table presents the effect of the reclassification of significant items out of Accumulated other comprehensive income on the respective line items in the Condensed Consolidated Statements of Income (Loss)*:

	Amount Reclassified from AOCI								Affected Line Item in the Condensed Consolidated Statements of Income (Loss)
	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2024		2023		2024		2023
Unrealized appreciation (depreciation) of fixed maturity securities on which allowance for credit losses was taken
Investments	$	(2)	$	(3)	$	(8)	$	(17)	Net realized gains (losses)
Total	$	(2)	$	(3)	$	(8)	$	(17)
Unrealized appreciation (depreciation) of all other investments
Investments	$	(540)	$	(231)	$	(876)	$	(318)	Net realized gains (losses)
Sale of business	(61)		—		(61)		—		Net (gain) loss on divestitures
Total	$	(601)	$	(231)	$	(937)	$	(318)
Effect of changes in the discount rates used to measure traditional and limited-payment long duration insurance contracts
Sale of business	$	246	$	—	$	246	$	—	Net (gain) loss on divestitures
Total	$	246	$	—	$	246	$	—
Foreign Currency Translation Adjustments
Sale of business	$	(67)	$	—	$	(67)	$	—	Net (gain) loss on divestitures
Total	$	(67)	$	—	$	(67)	$	—
Total reclassifications for the period	$	(424)	$	(234)	$	(766)	$	(335)

*The following items are not reclassified out of AOCI and included in the Condensed Consolidated Statements of Income (Loss) and thus have been excluded from the table:(a) Change in fair value of MRBs attributable to changes in our own credit risk (b) Change in the discount rates used to measure traditional and limited-payment long-duration insurance contracts and (c) Fair value of liabilities under fair value option attributable to changes in our own credit risk.

Non-Redeemable Noncontrolling Interest

The following table presents a rollforward of non-redeemable noncontrolling interest:

	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2024		2023		2024		2023
Beginning balance	$	810	$	910	$	869	$	939
Net (loss) attributable to redeemable noncontrolling interest	(24)		(20)		(75)		(14)
Other comprehensive income (loss), net of tax	(1)		1		(2)		10
Changes in noncontrolling interests due to divestitures and acquisitions	—		—		1		(19)
Contributions from noncontrolling interests	32		18		53		43
Distributions to noncontrolling interests	(2)		(3)		(31)		(53)
Other	1		1		1		1
Ending balance	$	816	$	907	$	816	$	907

XML

Earnings Per Common Share (Tables)

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Computation of Basic and Diluted Earning per Share

The following table presents the computation of basic and diluted EPS for the three and six months ended June 30, 2024 and 2023:

	Three Months Ended June 30,				Six Months Ended June 30,
(in millions, except per common share data)	2024		2023		2024		2023
Numerator for EPS:
Net income (loss)	$	341	$	751	$	1,168	$	298
Less: Net income (loss) attributable to noncontrolling interests	(24)		(20)		(75)		(14)
Net income (loss) attributable to Corebridge common shareholders	$	365	771		$	1,243	$	312
Denominator for EPS:
Weighted average common shares outstanding - basic	611.6		650.7		617.8		650.8
Dilutive common shares	1.0		1.5		0.9		1.7
Weighted average common shares outstanding - diluted	612.6		652.2		618.7		652.5
Income per common share attributable to Corebridge common shareholders
Common stock - basic	$	0.60	$	1.18	$	2.01	$	0.48
Common stock - diluted	$	0.59	$	1.18	$	2.01	$	0.48

*Potential dilutive common shares include our share-based employee compensation plans. The number of common shares excluded from dilutive shares outstanding was approximately 0.1 million and 1.3 million for the three months ended June 30, 2024 and 2023, respectively, and 0.3 million and 0.9 million for the six months ended June 30, 2024 and 2023, respectively, because the effect of including those common shares in the calculation would have been anti-dilutive.

XML

Overview and Basis of Presentation (Details) $ / shares in Units, € in Millions, £ in Millions, shares in Millions						3 Months Ended				6 Months Ended		12 Months Ended
	Apr. 08, 2024 USD ($)	Apr. 08, 2024 GBP (£)	Oct. 31, 2023 USD ($)	Oct. 31, 2023 EUR (€)	Sep. 19, 2022 USD ($)	Mar. 31, 2025 shares	Jun. 30, 2024 USD ($) $ / shares	Mar. 31, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) $ / shares	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) $ / shares
Other Ownership Interests [Line Items]
Common stock, par value (in dollars per share) | $ / shares							$ 0.01			$ 0.01		$ 0.01
Net (gain) loss on divestitures							$ 241,000,000		$ 59,000,000	$ 246,000,000	$ 56,000,000
Assets held-for-sale							113,000,000			113,000,000		$ 2,237,000,000
Liabilities held-for-sale							0			0		1,746,000,000
Total net investment income							$ 2,988,000,000		$ 2,714,000,000	5,912,000,000	$ 5,409,000,000
Revision of Prior Period, Adjustment
Other Ownership Interests [Line Items]
Total net investment income								$ 67,000,000
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Laya Healthcare Limited
Other Ownership Interests [Line Items]
Proceeds from sale of business			$ 731,000,000	€ 691
Net (gain) loss on divestitures												$ 652,000,000
Disposal Group, Disposed of by Sale, Not Discontinued Operations | AIG Life Limited
Other Ownership Interests [Line Items]
Proceeds from sale of business	$ 569,000,000	£ 453
Net (gain) loss on divestitures										$ 246,000,000
Corebridge Financial
Other Ownership Interests [Line Items]
Stock issued in IPO (in shares)					$ 80,000,000.0
Corebridge Financial | Stock Purchase Agreement | AIG | Forecast
Other Ownership Interests [Line Items]
Number of shares to be sold (in shares) | shares						122.0
Common stock ownership interest (as a percent)						20.00%
Corebridge Financial Inc
Other Ownership Interests [Line Items]
Ownership percentage (as a percent)							49.00%			49.00%

XML

Segment Information - Narrative (Details)	6 Months Ended
	Jun. 30, 2024 segment
Segment Reporting [Abstract]
Number of reportable segments	5

XML

Segment Information - Schedule of continuing operations by operating segment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Premiums	$ 547	$ 2,443	$ 2,842	$ 4,548
Policy fees	721	694	1,435	1,392
Total net investment income	2,988	2,714	5,912	5,409
Total net realized losses	(747)	(320)	(1,067)	(1,778)
Advisory fee and other income	201	226	424	448
Total revenues	3,710	5,757	9,546	10,019
Policyholder benefits	1,049	2,876	3,856	5,371
Change in the fair value of market risk benefits, net	25	(262)	(344)	(66)
Interest credited to policyholder account balances	1,274	1,078	2,473	2,104
Amortization of deferred policy acquisition costs and value of business acquired	260	258	527	514
Non-deferrable insurance commissions	146	153	289	289
Advisory fee expenses	71	64	139	129
General operating expenses	532	604	1,104	1,186
Interest expense	138	134	276	306
Net (gain) on divestitures	(241)	(59)	(246)	(56)
Total benefits and expenses	3,254	4,846	8,074	9,777
Net income (loss) attributable to noncontrolling interests	24	20	75	14
Income before income tax expense (benefit)	456	911	1,472	242
Fortitude Holdings
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total net investment income	325	270	657	664
Income before income tax expense (benefit)	268	262	458	(349)
Operating Segments | Individual Retirement
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Premiums	30	66	71	144
Policy fees	200	172	391	346
Total net investment income	1,405	1,224	2,744	2,352
Total net realized losses	0	0	0	0
Advisory fee and other income	108	108	224	211
Total revenues	1,743	1,570	3,430	3,053
Policyholder benefits	33	71	69	136
Change in the fair value of market risk benefits, net	0	0	0	0
Interest credited to policyholder account balances	695	553	1,334	1,072
Amortization of deferred policy acquisition costs and value of business acquired	152	138	301	275
Non-deferrable insurance commissions	94	94	184	180
Advisory fee expenses	38	36	73	70
General operating expenses	110	104	226	212
Interest expense	0	0	0	0
Net (gain) on divestitures	0	0	0	0
Total benefits and expenses	1,122	996	2,187	1,945
Net income (loss) attributable to noncontrolling interests	0	0	0	0
Adjusted pre-tax operating income (loss)	621	574	1,243	1,108
Operating Segments | Group Retirement
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Premiums	0	4	5	10
Policy fees	108	102	215	202
Total net investment income	487	504	982	1,004
Total net realized losses	0	0	0	0
Advisory fee and other income	83	76	166	152
Total revenues	678	686	1,368	1,368
Policyholder benefits	(2)	6	1	15
Change in the fair value of market risk benefits, net	0	0	0	0
Interest credited to policyholder account balances	300	294	598	585
Amortization of deferred policy acquisition costs and value of business acquired	21	20	42	41
Non-deferrable insurance commissions	30	33	59	61
Advisory fee expenses	32	29	65	58
General operating expenses	102	107	208	225
Interest expense	0	0	0	0
Net (gain) on divestitures	0	0	0	0
Total benefits and expenses	483	489	973	985
Net income (loss) attributable to noncontrolling interests	0	0	0	0
Adjusted pre-tax operating income (loss)	195	197	395	383
Operating Segments | Life Insurance
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Premiums	331	443	765	868
Policy fees	366	371	734	746
Total net investment income	322	327	648	644
Total net realized losses	0	0	0	0
Advisory fee and other income	1	26	1	55
Total revenues	1,020	1,167	2,148	2,313
Policyholder benefits	627	721	1,375	1,429
Change in the fair value of market risk benefits, net	0	0	0	0
Interest credited to policyholder account balances	84	85	167	167
Amortization of deferred policy acquisition costs and value of business acquired	84	98	178	194
Non-deferrable insurance commissions	16	21	35	38
Advisory fee expenses	1	(1)	1	1
General operating expenses	113	167	243	326
Interest expense	0	0	0	0
Net (gain) on divestitures	0	0	0	0
Total benefits and expenses	925	1,091	1,999	2,155
Net income (loss) attributable to noncontrolling interests	0	0	0	0
Adjusted pre-tax operating income (loss)	95	76	149	158
Operating Segments | Institutional Markets
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Premiums	167	1,911	1,963	3,486
Policy fees	47	49	95	98
Total net investment income	489	407	976	739
Total net realized losses	0	0	0	0
Advisory fee and other income	1	0	2	0
Total revenues	704	2,367	3,036	4,323
Policyholder benefits	394	2,081	2,417	3,799
Change in the fair value of market risk benefits, net	0	0	0	0
Interest credited to policyholder account balances	187	133	356	256
Amortization of deferred policy acquisition costs and value of business acquired	3	2	6	4
Non-deferrable insurance commissions	5	4	10	9
Advisory fee expenses	0	0	0	0
General operating expenses	19	21	39	44
Interest expense	0	0	0	0
Net (gain) on divestitures	0	0	0	0
Total benefits and expenses	608	2,241	2,828	4,112
Net income (loss) attributable to noncontrolling interests	0	0	0	0
Adjusted pre-tax operating income (loss)	96	126	208	211
Operating Segments | Corporate and Other
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Premiums	19	20	38	40
Policy fees	0	0	0	0
Total net investment income	18	19	8	87
Total net realized losses	(9)	1	(17)	5
Advisory fee and other income	8	16	31	30
Total revenues	36	56	60	162
Policyholder benefits	0	(3)	0	(3)
Change in the fair value of market risk benefits, net	0	0	0	0
Interest credited to policyholder account balances	0	0	0	0
Amortization of deferred policy acquisition costs and value of business acquired	0	0	0	0
Non-deferrable insurance commissions	1	1	1	1
Advisory fee expenses	0	0	0	0
General operating expenses	75	85	161	176
Interest expense	132	129	269	301
Net (gain) on divestitures	0	0	0	0
Total benefits and expenses	208	212	431	475
Net income (loss) attributable to noncontrolling interests	24	20	75	14
Adjusted pre-tax operating income (loss)	(148)	(136)	(296)	(299)
Eliminations
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Premiums	0	0	0	0
Policy fees	0	0	0	0
Total net investment income	(5)	(1)	(13)	(11)
Total net realized losses	0	0	0	0
Advisory fee and other income	0	0	0	0
Total revenues	(5)	(1)	(13)	(11)
Policyholder benefits	0	0	0	0
Change in the fair value of market risk benefits, net	0	0	0	0
Interest credited to policyholder account balances	0	0	0	0
Amortization of deferred policy acquisition costs and value of business acquired	0	0	0	0
Non-deferrable insurance commissions	0	0	0	0
Advisory fee expenses	0	0	0	0
General operating expenses	0	0	0	0
Interest expense	(5)	0	(10)	(10)
Net (gain) on divestitures	0	0	0	0
Total benefits and expenses	(5)	0	(10)	(10)
Net income (loss) attributable to noncontrolling interests	0	0	0	0
Adjusted pre-tax operating income (loss)	0	(1)	(3)	(1)
Adjustments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Premiums	0	(1)	0	0
Policy fees	0	0	0	0
Total net investment income	272	234	567	594
Total net realized losses	(738)	(321)	(1,050)	(1,783)
Advisory fee and other income	0	0	0	0
Total revenues	(466)	(88)	(483)	(1,189)
Policyholder benefits	(3)	0	(6)	(5)
Change in the fair value of market risk benefits, net	25	(262)	(344)	(66)
Interest credited to policyholder account balances	8	13	18	24
Amortization of deferred policy acquisition costs and value of business acquired	0	0	0	0
Non-deferrable insurance commissions	0	0	0	0
Advisory fee expenses	0	0	0	0
General operating expenses	113	120	227	203
Interest expense	11	5	17	15
Net (gain) on divestitures	(241)	(59)	(246)	(56)
Total benefits and expenses	(87)	(183)	(334)	115
Net income (loss) attributable to noncontrolling interests	(24)	(20)	(75)	(14)
Total Corebridge
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Premiums	547	2,444	2,842	4,548
Policy fees	721	694	1,435	1,392
Total net investment income	2,716	2,480	5,345	4,815
Total net realized losses	(9)	1	(17)	5
Advisory fee and other income	201	226	424	448
Total revenues	4,176	5,845	10,029	11,208
Policyholder benefits	1,052	2,876	3,862	5,376
Change in the fair value of market risk benefits, net	0	0	0	0
Interest credited to policyholder account balances	1,266	1,065	2,455	2,080
Amortization of deferred policy acquisition costs and value of business acquired	260	258	527	514
Non-deferrable insurance commissions	146	153	289	289
Advisory fee expenses	71	64	139	129
General operating expenses	419	484	877	983
Interest expense	127	129	259	291
Net (gain) on divestitures	0	0	0	0
Total benefits and expenses	3,341	5,029	8,408	9,662
Net income (loss) attributable to noncontrolling interests	24	20	75	14
Adjusted pre-tax operating income (loss)	$ 859	$ 836	$ 1,696	$ 1,560

XML

Fair Value Measurements - Assets and liabilities measured at fair value on a recurring basis (Details) - USD ($) $ in Millions		Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023
Assets:
Bonds available-for-sale	[1]	$ 167,320	$ 166,527
Other bond securities	[1]	5,043	4,578
Equity securities	[1]	73	63
Derivative assets		8,154	5,925
Counterparty Netting		(4,940)	(3,646)
Cash Collateral		(2,723)	(1,886)
Total derivative assets		491	393
Short-term investments	[1]	4,998	4,336
Market risk benefit assets, at fair value		1,187	912
Separate account assets		94,122	91,005
Liabilities:
Policyholder contract deposits		168,324	162,050	$ 159,644
Derivative liabilities		5,429	4,588
Counterparty Netting		(4,940)	(3,646)
Cash Collateral		(305)	(801)
Total derivative liabilities		184	141
Market risk benefit liabilities, at fair value		5,124	5,705
Private equity funds/hedge funds		7,532	7,690
Related Party
Assets:
Derivative assets		65	622
Total derivative assets		0	13
Liabilities:
Derivative liabilities		0	232
Total derivative liabilities		0	0
Fair Value Measured at Net Asset Value Per Share
Liabilities:
Private equity funds/hedge funds		5,800	5,800
U.S. government and government sponsored entities
Assets:
Bonds available-for-sale		1,371	1,220
Obligations of states, municipalities and political subdivisions
Assets:
Bonds available-for-sale		5,035	5,831
Obligations of states, municipalities and political subdivisions | Level 3
Assets:
Bonds available-for-sale		773	821
Non-U.S. governments
Assets:
Bonds available-for-sale		3,756	4,057
Corporate debt
Assets:
Bonds available-for-sale		101,245	106,082
Corporate debt | Level 3
Assets:
Bonds available-for-sale		1,468	1,471
RMBS
Assets:
Bonds available-for-sale		16,255	14,277
RMBS | Related Party
Assets:
Bonds available-for-sale		5	43
RMBS | Level 3
Assets:
Bonds available-for-sale		3,156	3,315
CMBS
Assets:
Bonds available-for-sale		10,304	9,981
CMBS | Level 3
Assets:
Bonds available-for-sale		522	565
CLO
Assets:
Bonds available-for-sale		11,626	11,144
ABS
Assets:
Bonds available-for-sale		17,728	13,935
Recurring Basis
Assets:
Bonds available-for-sale		167,320	166,527
Other bond securities		5,043	4,578
Equity securities		73	63
Other invested assets		1,655	1,850
Counterparty Netting		(4,940)	(3,646)
Cash Collateral		(2,723)	(1,886)
Counterparty netting and cash collateral		(7,663)	(5,532)
Total derivative assets		491	393
Short-term investments		610	1,408
Market risk benefit assets, at fair value		1,187	912
Separate account assets		94,122	91,005
Total		270,501	266,736
Liabilities:
Policyholder contract deposits		9,151	8,050
Counterparty Netting		(4,940)	(3,646)
Cash Collateral		(305)	(801)
Counterparty netting and cash collateral		(5,245)	(4,447)
Total derivative liabilities		184	141
Fortitude Re funds withheld payable		1,913	2,182
Market risk benefit liabilities, at fair value		5,124	5,705
Total		16,372	16,078
Recurring Basis | Disposal Group, Held-for-Sale, Not Discontinued Operations
Assets:
Total			167
Recurring Basis | Level 1
Assets:
Bonds available-for-sale		8	20
Other bond securities		0	0
Equity securities		25	21
Other invested assets		0	0
Derivative assets		5	7
Short-term investments		16	21
Market risk benefit assets, at fair value		0	0
Separate account assets		90,767	87,813
Total		90,821	87,882
Liabilities:
Policyholder contract deposits		0	0
Derivative liabilities		6	2
Fortitude Re funds withheld payable		0	0
Market risk benefit liabilities, at fair value		0	0
Total		6	2
Recurring Basis | Level 2
Assets:
Bonds available-for-sale		140,014	143,095
Other bond securities		3,473	3,255
Equity securities		0	0
Other invested assets		0	0
Derivative assets		6,655	4,633
Short-term investments		594	1,387
Market risk benefit assets, at fair value		0	0
Separate account assets		3,355	3,192
Total		154,091	155,562
Liabilities:
Policyholder contract deposits		115	108
Derivative liabilities		5,387	4,521
Fortitude Re funds withheld payable		0	0
Market risk benefit liabilities, at fair value		0	0
Total		5,502	4,629
Recurring Basis | Level 3
Assets:
Bonds available-for-sale		27,298	23,412
Other bond securities		1,570	1,323
Equity securities		48	42
Other invested assets		1,655	1,850
Derivative assets		1,494	1,285
Short-term investments		0	0
Market risk benefit assets, at fair value		1,187	912	954
Separate account assets		0	0
Total		33,252	28,824
Liabilities:
Policyholder contract deposits		9,036	7,942
Derivative liabilities		36	65
Fortitude Re funds withheld payable		1,913	2,182
Market risk benefit liabilities, at fair value		5,124	5,705	$ 5,000
Total		16,109	15,894
Recurring Basis | Interest rate contracts
Assets:
Derivative assets		3,535	2,947
Liabilities:
Derivative liabilities		3,415	3,278
Recurring Basis | Interest rate contracts | Level 1
Assets:
Derivative assets		0	0
Liabilities:
Derivative liabilities		0	0
Recurring Basis | Interest rate contracts | Level 2
Assets:
Derivative assets		3,108	2,498
Liabilities:
Derivative liabilities		3,411	3,278
Recurring Basis | Interest rate contracts | Level 3
Assets:
Derivative assets		427	449
Liabilities:
Derivative liabilities		4	0
Recurring Basis | Foreign exchange contracts
Assets:
Derivative assets		1,032	940
Liabilities:
Derivative liabilities		335	563
Recurring Basis | Foreign exchange contracts | Level 1
Assets:
Derivative assets		0	0
Liabilities:
Derivative liabilities		0	0
Recurring Basis | Foreign exchange contracts | Level 2
Assets:
Derivative assets		1,032	940
Liabilities:
Derivative liabilities		335	563
Recurring Basis | Foreign exchange contracts | Level 3
Assets:
Derivative assets		0	0
Liabilities:
Derivative liabilities		0	0
Recurring Basis | Equity contracts
Assets:
Derivative assets		3,498	2,017
Liabilities:
Derivative liabilities		1,679	745
Recurring Basis | Equity contracts | Level 1
Assets:
Derivative assets		5	7
Liabilities:
Derivative liabilities		6	2
Recurring Basis | Equity contracts | Level 2
Assets:
Derivative assets		2,438	1,186
Liabilities:
Derivative liabilities		1,641	680
Recurring Basis | Equity contracts | Level 3
Assets:
Derivative assets		1,055	824
Liabilities:
Derivative liabilities		32	63
Recurring Basis | Credit contracts
Assets:
Derivative assets		76	8
Liabilities:
Derivative liabilities		0
Recurring Basis | Credit contracts | Level 1
Assets:
Derivative assets		0	0
Liabilities:
Derivative liabilities		0
Recurring Basis | Credit contracts | Level 2
Assets:
Derivative assets		76	8
Liabilities:
Derivative liabilities		0
Recurring Basis | Credit contracts | Level 3
Assets:
Derivative assets		0	0
Liabilities:
Derivative liabilities		0
Recurring Basis | Other contracts
Assets:
Derivative assets		13	13
Liabilities:
Derivative liabilities		0	2
Recurring Basis | Other contracts | Level 1
Assets:
Derivative assets		0	0
Liabilities:
Derivative liabilities		0	0
Recurring Basis | Other contracts | Level 2
Assets:
Derivative assets		1	1
Liabilities:
Derivative liabilities		0	0
Recurring Basis | Other contracts | Level 3
Assets:
Derivative assets		12	12
Liabilities:
Derivative liabilities		0	2
Recurring Basis | U.S. government and government sponsored entities
Assets:
Bonds available-for-sale		1,371	1,220
Other bond securities		0
Recurring Basis | U.S. government and government sponsored entities | Level 1
Assets:
Bonds available-for-sale		8	20
Other bond securities		0
Recurring Basis | U.S. government and government sponsored entities | Level 2
Assets:
Bonds available-for-sale		1,363	1,200
Other bond securities		0
Recurring Basis | U.S. government and government sponsored entities | Level 3
Assets:
Bonds available-for-sale		0	0
Other bond securities		0
Recurring Basis | Obligations of states, municipalities and political subdivisions
Assets:
Bonds available-for-sale		5,035	5,831
Other bond securities		39	40
Recurring Basis | Obligations of states, municipalities and political subdivisions | Level 1
Assets:
Bonds available-for-sale		0	0
Other bond securities		0	0
Recurring Basis | Obligations of states, municipalities and political subdivisions | Level 2
Assets:
Bonds available-for-sale		4,239	4,987
Other bond securities		38	39
Recurring Basis | Obligations of states, municipalities and political subdivisions | Level 3
Assets:
Bonds available-for-sale		796	844
Other bond securities		1	1
Recurring Basis | Non-U.S. governments
Assets:
Bonds available-for-sale		3,756	4,057
Other bond securities		27	13
Recurring Basis | Non-U.S. governments | Level 1
Assets:
Bonds available-for-sale		0	0
Other bond securities		0	0
Recurring Basis | Non-U.S. governments | Level 2
Assets:
Bonds available-for-sale		3,756	4,057
Other bond securities		27	13
Recurring Basis | Non-U.S. governments | Level 3
Assets:
Bonds available-for-sale		0	0
Other bond securities		0	0
Recurring Basis | Corporate debt
Assets:
Bonds available-for-sale		101,245	106,082
Other bond securities		2,833	2,653
Recurring Basis | Corporate debt | Level 1
Assets:
Bonds available-for-sale		0	0
Other bond securities		0	0
Recurring Basis | Corporate debt | Level 2
Assets:
Bonds available-for-sale		99,852	104,725
Other bond securities		2,638	2,486
Recurring Basis | Corporate debt | Level 3
Assets:
Bonds available-for-sale		1,393	1,357
Other bond securities		195	167
Recurring Basis | RMBS
Assets:
Bonds available-for-sale		16,255	14,277
Other bond securities		163	170
Recurring Basis | RMBS | Level 1
Assets:
Bonds available-for-sale		0	0
Other bond securities		0	0
Recurring Basis | RMBS | Level 2
Assets:
Bonds available-for-sale		9,802	8,423
Other bond securities		60	63
Recurring Basis | RMBS | Level 2 | Related Party
Assets:
Bonds available-for-sale		0	36
Recurring Basis | RMBS | Level 2 | Related Party | Maximum
Assets:
Other bond securities		0	1
Recurring Basis | RMBS | Level 3
Assets:
Bonds available-for-sale		6,453	5,854
Other bond securities		103	107
Recurring Basis | RMBS | Level 3 | Related Party
Assets:
Bonds available-for-sale		5	7
Recurring Basis | CMBS
Assets:
Bonds available-for-sale		10,304	9,981
Other bond securities		238	228
Recurring Basis | CMBS | Level 1
Assets:
Bonds available-for-sale		0	0
Other bond securities		0	0
Recurring Basis | CMBS | Level 2
Assets:
Bonds available-for-sale		9,775	9,373
Other bond securities		221	211
Recurring Basis | CMBS | Level 3
Assets:
Bonds available-for-sale		529	608
Other bond securities		17	17
Recurring Basis | CLO
Assets:
Bonds available-for-sale		11,626	11,144
Other bond securities		464	423
Recurring Basis | CLO | Level 1
Assets:
Bonds available-for-sale		0	0
Other bond securities		0	0
Recurring Basis | CLO | Level 2
Assets:
Bonds available-for-sale		9,854	9,301
Other bond securities		403	354
Recurring Basis | CLO | Level 3
Assets:
Bonds available-for-sale		1,772	1,843
Other bond securities		61	69
Recurring Basis | ABS
Assets:
Bonds available-for-sale		17,728	13,935
Other bond securities		1,279	1,051
Recurring Basis | ABS | Level 1
Assets:
Bonds available-for-sale		0	0
Other bond securities		0	0
Recurring Basis | ABS | Level 2
Assets:
Bonds available-for-sale		1,373	1,029
Other bond securities		86	89
Recurring Basis | ABS | Level 3
Assets:
Bonds available-for-sale		16,355	12,906
Other bond securities		$ 1,193	$ 962

[1] See Note 8 for details of balances associated with variable interest entities

XML

Fair Value Measurements - Changes in level 3 recurring fair value measurements, assets (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value Beginning of Year	$ 29,102	$ 24,534	$ 26,627	$ 23,588
Net Realized and Unrealized Gains (Losses) Included in Income	216	54	299	85
Other Comprehensive Income (Loss)	(37)	33	192	344
Purchases, Sales, Issuances and Settlements, Net	1,681	249	3,222	1,084
Gross Transfers In	419	163	1,468	409
Gross Transfers Out	(808)	(687)	(1,219)	(1,392)
Other	(2)	1	(18)	229
Fair Value End of Period	30,571	24,347	30,571	24,347
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period	11	(30)	(54)	(54)
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period	(105)	(45)	93	165
Market risk benefit assets, at fair value	1,187		1,187		$ 912
Recurring Basis
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Market risk benefit assets, at fair value	1,187		1,187		912
Level 3 | Recurring Basis
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Market risk benefit assets, at fair value	1,187	954	1,187	954	$ 912
Bonds available-for-sale
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value Beginning of Year	26,067	21,508	23,412	20,426
Net Realized and Unrealized Gains (Losses) Included in Income	194	77	328	114
Other Comprehensive Income (Loss)	(35)	31	203	337
Purchases, Sales, Issuances and Settlements, Net	1,480	114	3,081	943
Gross Transfers In	398	125	1,446	370
Gross Transfers Out	(804)	(607)	(1,170)	(1,116)
Other	(2)	1	(2)	175
Fair Value End of Period	27,298	21,249	27,298	21,249
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period	0	0	0	0
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period	(105)	(45)	93	165
Bonds available-for-sale | Obligations of states, municipalities and political subdivisions
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value Beginning of Year	829	858	844	805
Net Realized and Unrealized Gains (Losses) Included in Income	0	0	0	0
Other Comprehensive Income (Loss)	(33)	(4)	(47)	51
Purchases, Sales, Issuances and Settlements, Net	0	(1)	(1)	(3)
Gross Transfers In	0	0	0	0
Gross Transfers Out	0	0	0	0
Other	0	0	0	0
Fair Value End of Period	796	853	796	853
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period	0	0	0	0
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period	(33)	(13)	(49)	27
Bonds available-for-sale | Corporate debt
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value Beginning of Year	1,575	1,704	1,357	1,968
Net Realized and Unrealized Gains (Losses) Included in Income	0	10	1	(92)
Other Comprehensive Income (Loss)	2	(2)	3	42
Purchases, Sales, Issuances and Settlements, Net	(79)	(41)	(70)	(27)
Gross Transfers In	183	44	427	211
Gross Transfers Out	(288)	(412)	(325)	(783)
Other	0	0	0	(16)
Fair Value End of Period	1,393	1,303	1,393	1,303
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period	0	0	0	0
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period	(43)	1	(44)	54
Bonds available-for-sale | RMBS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value Beginning of Year	6,354	5,687	5,854	5,670
Net Realized and Unrealized Gains (Losses) Included in Income	74	75	142	156
Other Comprehensive Income (Loss)	(90)	133	(24)	93
Purchases, Sales, Issuances and Settlements, Net	208	(174)	612	(182)
Gross Transfers In	21	32	21	32
Gross Transfers Out	(112)	0	(150)	(16)
Other	(2)	0	(2)	0
Fair Value End of Period	6,453	5,753	6,453	5,753
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period	0	0	0	0
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period	(101)	131	(30)	65
Bonds available-for-sale | CMBS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value Beginning of Year	547	718	608	718
Net Realized and Unrealized Gains (Losses) Included in Income	3	(7)	(2)	0
Other Comprehensive Income (Loss)	3	(37)	49	(41)
Purchases, Sales, Issuances and Settlements, Net	(24)	(40)	(127)	(40)
Gross Transfers In	0	0	127	24
Gross Transfers Out	0	(129)	(126)	(156)
Other	0	0	0	0
Fair Value End of Period	529	505	529	505
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period	0	0	0	0
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period	2	(46)	13	(71)
Bonds available-for-sale | CLO
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value Beginning of Year	1,729	1,834	1,843	1,670
Net Realized and Unrealized Gains (Losses) Included in Income	18	(54)	(3)	(45)
Other Comprehensive Income (Loss)	8	44	59	26
Purchases, Sales, Issuances and Settlements, Net	57	(66)	78	(45)
Gross Transfers In	32	11	32	65
Gross Transfers Out	(72)	(62)	(237)	(154)
Other	0	1	0	191
Fair Value End of Period	1,772	1,708	1,772	1,708
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period	0	0	0	0
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period	6	0	56	(47)
Bonds available-for-sale | ABS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value Beginning of Year	15,033	10,707	12,906	9,595
Net Realized and Unrealized Gains (Losses) Included in Income	99	53	190	95
Other Comprehensive Income (Loss)	75	(103)	163	166
Purchases, Sales, Issuances and Settlements, Net	1,318	436	2,589	1,240
Gross Transfers In	162	38	839	38
Gross Transfers Out	(332)	(4)	(332)	(7)
Other	0	0	0	0
Fair Value End of Period	16,355	11,127	16,355	11,127
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period	0	0	0	0
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period	64	(118)	147	137
Other bond securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value Beginning of Year	1,319	1,124	1,323	1,304
Net Realized and Unrealized Gains (Losses) Included in Income	26	(4)	52	34
Other Comprehensive Income (Loss)	0	0	0	0
Purchases, Sales, Issuances and Settlements, Net	208	55	178	(22)
Gross Transfers In	21	38	22	39
Gross Transfers Out	(4)	(73)	(5)	(269)
Other	0	0	0	54
Fair Value End of Period	1,570	1,140	1,570	1,140
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period	19	(9)	33	9
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period	0	0	0	0
Other bond securities | Obligations of states, municipalities and political subdivisions
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value Beginning of Year	1	1	1	0
Net Realized and Unrealized Gains (Losses) Included in Income	0	0	0	0
Other Comprehensive Income (Loss)	0	0	0	0
Purchases, Sales, Issuances and Settlements, Net	0	2	0	3
Gross Transfers In	0	0	0	0
Gross Transfers Out	0	0	0	0
Other	0	0	0	0
Fair Value End of Period	1	3	1	3
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period	0	0	0	0
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period	0	0	0	0
Other bond securities | Corporate debt
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value Beginning of Year	177	130	167	417
Net Realized and Unrealized Gains (Losses) Included in Income	7	1	16	1
Other Comprehensive Income (Loss)	0	0	0	0
Purchases, Sales, Issuances and Settlements, Net	10	(20)	10	(116)
Gross Transfers In	1	0	2	0
Gross Transfers Out	0	(1)	0	(192)
Other	0	0	0	0
Fair Value End of Period	195	110	195	110
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period	7	3	16	2
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period	0	0	0	0
Other bond securities | RMBS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value Beginning of Year	106	114	107	107
Net Realized and Unrealized Gains (Losses) Included in Income	0	2	2	6
Other Comprehensive Income (Loss)	0	0	0	0
Purchases, Sales, Issuances and Settlements, Net	(3)	(4)	(6)	(1)
Gross Transfers In	0	0	0	0
Gross Transfers Out	0	0	0	0
Other	0	0	0	0
Fair Value End of Period	103	112	103	112
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period	(1)	1	1	3
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period	0	0	0	0
Other bond securities | CMBS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value Beginning of Year	17	27	17	28
Net Realized and Unrealized Gains (Losses) Included in Income	0	(1)	0	(2)
Other Comprehensive Income (Loss)	0	0	0	0
Purchases, Sales, Issuances and Settlements, Net	0	0	0	0
Gross Transfers In	0	0	0	0
Gross Transfers Out	0	0	0	0
Other	0	0	0	0
Fair Value End of Period	17	26	17	26
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period	1	(1)	0	(2)
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period	0	0	0	0
Other bond securities | CLO
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value Beginning of Year	71	71	69	11
Net Realized and Unrealized Gains (Losses) Included in Income	(2)	0	0	9
Other Comprehensive Income (Loss)	0	0	0	0
Purchases, Sales, Issuances and Settlements, Net	(8)	(47)	(7)	(46)
Gross Transfers In	0	38	0	39
Gross Transfers Out	0	(37)	(1)	(42)
Other	0	0	0	0
Fair Value End of Period	61	25	61	25
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period	0	1	1	1
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period	0	0	0	0
Other bond securities | ABS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value Beginning of Year	947	781	962	741
Net Realized and Unrealized Gains (Losses) Included in Income	21	(6)	34	20
Other Comprehensive Income (Loss)	0	0	0	0
Purchases, Sales, Issuances and Settlements, Net	209	124	181	138
Gross Transfers In	20	0	20	0
Gross Transfers Out	(4)	(35)	(4)	(35)
Other	0	0	0	54
Fair Value End of Period	1,193	864	1,193	864
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period	12	(13)	15	5
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period	0	0	0	0
Equity securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value Beginning of Year	45	50	42	26
Net Realized and Unrealized Gains (Losses) Included in Income	(2)	0	1	0
Other Comprehensive Income (Loss)	0	0	0	0
Purchases, Sales, Issuances and Settlements, Net	5	1	5	25
Gross Transfers In	0	0	0	0
Gross Transfers Out	0	(7)	0	(7)
Other	0	0	0	0
Fair Value End of Period	48	44	48	44
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period	0	0	0	0
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period	0	0	0	0
Other invested assets
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value Beginning of Year	1,671	1,852	1,850	1,832
Net Realized and Unrealized Gains (Losses) Included in Income	(2)	(19)	(82)	(63)
Other Comprehensive Income (Loss)	(2)	2	(11)	7
Purchases, Sales, Issuances and Settlements, Net	(12)	79	(42)	138
Gross Transfers In	0	0	0	0
Gross Transfers Out	0	0	(44)	0
Other	0	0	(16)	0
Fair Value End of Period	1,655	1,914	1,655	1,914
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period	(8)	(21)	(87)	(63)
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period	$ 0	$ 0	$ 0	$ 0

XML

Fair Value Measurements - Changes in level 3 recurring fair value measurements, liabilities (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value Beginning of Year	$ 9,491	$ 7,291	$ 9,491	$ 7,291	$ 9,325	$ 8,904	$ 6,989	$ 6,051
Net Realized and Unrealized (Gains) Losses Included in Income	146	336	261	1,597
Other Comprehensive (Income) Loss	0	0	0	0
Purchases, Sales, Issuances and Settlements, Net	(123)	(34)	(20)	(500)
Fair Value End of Period	9,491	7,291	9,491	7,291
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period	573	(97)	1,165	(927)
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period	0	0	0	0
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Gross Transfers Out		0		0
Market risk benefit liabilities, at fair value	5,124		5,124			5,705
Recurring Basis
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Market risk benefit liabilities, at fair value	5,124		5,124			5,705
Level 3 | Recurring Basis
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Market risk benefit liabilities, at fair value	5,124	5,000	5,124	5,000		5,705
Policyholder contract deposits
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value Beginning of Year	9,036	6,813	9,036	6,813	8,550	7,942	6,064	5,367
Net Realized and Unrealized (Gains) Losses Included in Income	272	429	724	810
Other Comprehensive (Income) Loss	0	0	0	0
Purchases, Sales, Issuances and Settlements, Net	214	320	370	636
Gross Transfers In	0	0	0	0
Gross Transfers Out	0	0	0	0
Other	0	0	0	0
Fair Value End of Period	9,036	6,813	9,036	6,813
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period	191	(308)	188	(676)
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period	0	0	0	0
Derivative liabilities, net
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net Realized and Unrealized (Gains) Losses Included in Income	(90)	28	(405)	(117)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Fair Value Beginning of Period	1,436	(855)	(1,220)	(584)
Net Realized and Unrealized (Gains) Losses Included in Income	(90)	28	(405)	(117)
Other Comprehensive (Income) Loss	0	0	0	0
Purchases, Sales, Issuances and Settlements, Net	(75)	(155)	(179)	(424)
Gross Transfers In	0	0	0	0
Gross Transfers Out	0	0	0	0
Other	143	0	346	143
Fair Value End of Period	1,458	982	1,458	982
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period	111	(2)	511	169
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period	0	0	0	0
Interest rate contracts
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Fair Value Beginning of Period	407	(344)	(449)	(303)
Net Realized and Unrealized (Gains) Losses Included in Income	(119)	37	(227)	115
Other Comprehensive (Income) Loss	0	0	0	0
Purchases, Sales, Issuances and Settlements, Net	(27)	(21)	(80)	(140)
Gross Transfers In	0	0	0	0
Gross Transfers Out	0	0	0	0
Other	130	0	333	0
Fair Value End of Period	423	328	423	328
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period	112	(23)	310	(52)
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period	0	0	0	0
Equity contracts
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Fair Value Beginning of Period	1,018	(497)	(761)	(267)
Net Realized and Unrealized (Gains) Losses Included in Income	45	7	(147)	(200)
Other Comprehensive (Income) Loss	0	0	0	0
Purchases, Sales, Issuances and Settlements, Net	(62)	(149)	(128)	(315)
Gross Transfers In	0	0	0	0
Gross Transfers Out	0	0	0	0
Other	12	0	13	143
Fair Value End of Period	1,023	639	1,023	639
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period	(16)	5	171	189
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period	0	0	0	0
Other contracts
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Fair Value Beginning of Period	11	(14)	(10)	(14)
Net Realized and Unrealized (Gains) Losses Included in Income	(16)	(16)	(31)	(32)
Other Comprehensive (Income) Loss	0	0	0	0
Purchases, Sales, Issuances and Settlements, Net	14	15	29	31
Gross Transfers In	0	0	0	0
Gross Transfers Out	0	0	0	0
Other	1	0	0	0
Fair Value End of Period	12	15	12	15
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period	15	16	30	32
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period	0	0	0	0
Fortitude Re funds withheld payable
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value Beginning of Year	1,913	1,460	1,913	1,460	$ 2,211	$ 2,182	1,774	1,262
Net Realized and Unrealized (Gains) Losses Included in Income	(36)	(122)	(58)	903
Other Comprehensive (Income) Loss	0	0	0	0
Purchases, Sales, Issuances and Settlements, Net	(262)	(192)	(211)	(705)
Gross Transfers In	0	0	0	0
Gross Transfers Out	0	0	0	0
Other	0	0	0	0
Fair Value End of Period	1,913	1,460	1,913	1,460
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period	271	213	466	(420)
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period	$ 0	0	$ 0	0
Debt of consolidated investment entities
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value Beginning of Year		0		0			$ 6	$ 6
Net Realized and Unrealized (Gains) Losses Included in Income		1		1
Other Comprehensive (Income) Loss		0		0
Purchases, Sales, Issuances and Settlements, Net		(7)		(7)
Gross Transfers In		0		0
Gross Transfers Out		0		0
Other		0		0
Fair Value End of Period		0		0
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		0		0
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period		$ 0		$ 0

XML

Fair Value Measurements - Net realized and unrealized gains and losses included in income related to Level 3 assets and liabilities (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized gains (losses), assets	$ 216	$ 54	$ 299	$ 85
Net realized gains (losses), liabilities	(146)	(336)	(261)	(1,597)
Policyholder contract deposits
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized gains (losses), liabilities	(272)	(429)	(724)	(810)
Policyholder contract deposits | Policy Fees
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized gains (losses), liabilities	0	0	0	0
Policyholder contract deposits | Net Investment Income (Loss)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized gains (losses), liabilities	0	0	0	0
Policyholder contract deposits | Net Realized and Unrealized Gains (Losses)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized gains (losses), liabilities	(272)	(429)	(724)	(810)
Policyholder contract deposits | Change in the Fair Value of Market Risk Benefits, net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized gains (losses), liabilities	0	0	0	0
Derivative liabilities, net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized gains (losses), liabilities	90	(28)	405	117
Derivative liabilities, net | Policy Fees
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized gains (losses), liabilities	14	15	29	31
Derivative liabilities, net | Net Investment Income (Loss)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized gains (losses), liabilities	0	0	0	0
Derivative liabilities, net | Net Realized and Unrealized Gains (Losses)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized gains (losses), liabilities	76	3	439	231
Derivative liabilities, net | Change in the Fair Value of Market Risk Benefits, net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized gains (losses), liabilities	0	(46)	(63)	(145)
Fortitude Re funds withheld payable
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized gains (losses), liabilities	36	122	58	(903)
Fortitude Re funds withheld payable | Policy Fees
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized gains (losses), liabilities	0	0	0	0
Fortitude Re funds withheld payable | Net Investment Income (Loss)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized gains (losses), liabilities	0	0	0	0
Fortitude Re funds withheld payable | Net Realized and Unrealized Gains (Losses)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized gains (losses), liabilities	36	122	58	(903)
Fortitude Re funds withheld payable | Change in the Fair Value of Market Risk Benefits, net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized gains (losses), liabilities	0	0	0	0
Market Risk Benefit Liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized gains (losses), liabilities	131	887	1,202	800
Market Risk Benefit Liabilities | Policy Fees
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized gains (losses), liabilities	0	0	0	0
Market Risk Benefit Liabilities | Net Investment Income (Loss)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized gains (losses), liabilities	0	0	0	0
Market Risk Benefit Liabilities | Net Realized and Unrealized Gains (Losses)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized gains (losses), liabilities	2	3	4	3
Market Risk Benefit Liabilities | Change in the Fair Value of Market Risk Benefits, net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized gains (losses), liabilities	129	884	1,198	797
Debt of consolidated investment entities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized gains (losses), liabilities		(1)		(1)
Debt of consolidated investment entities | Policy Fees
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized gains (losses), liabilities		0		0
Debt of consolidated investment entities | Net Investment Income (Loss)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized gains (losses), liabilities		(1)		(1)
Debt of consolidated investment entities | Net Realized and Unrealized Gains (Losses)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized gains (losses), liabilities		0		0
Debt of consolidated investment entities | Change in the Fair Value of Market Risk Benefits, net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized gains (losses), liabilities		0		0
Bonds available-for-sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized gains (losses), assets	194	77	328	114
Bonds available-for-sale | Policy Fees
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized gains (losses), assets	0	0	0	0
Bonds available-for-sale | Net Investment Income (Loss)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized gains (losses), assets	200	118	359	150
Bonds available-for-sale | Net Realized and Unrealized Gains (Losses)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized gains (losses), assets	(6)	(41)	(31)	(36)
Bonds available-for-sale | Change in the Fair Value of Market Risk Benefits, net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized gains (losses), assets	0	0	0	0
Other bond securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized gains (losses), assets	26	(4)	52	34
Other bond securities | Policy Fees
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized gains (losses), assets	0	0	0	0
Other bond securities | Net Investment Income (Loss)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized gains (losses), assets	26	(4)	52	34
Other bond securities | Net Realized and Unrealized Gains (Losses)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized gains (losses), assets	0	0	0	0
Other bond securities | Change in the Fair Value of Market Risk Benefits, net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized gains (losses), assets	0	0	0	0
Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized gains (losses), assets	(2)	0	1	0
Equity securities | Policy Fees
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized gains (losses), assets	0	0	0	0
Equity securities | Net Investment Income (Loss)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized gains (losses), assets	(2)	0	1	0
Equity securities | Net Realized and Unrealized Gains (Losses)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized gains (losses), assets	0	0	0	0
Equity securities | Change in the Fair Value of Market Risk Benefits, net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized gains (losses), assets	0	0	0	0
Other invested assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized gains (losses), assets	(2)	(19)	(82)	(63)
Other invested assets | Policy Fees
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized gains (losses), assets	0	0	0	0
Other invested assets | Net Investment Income (Loss)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized gains (losses), assets	(6)	(21)	(84)	(64)
Other invested assets | Net Realized and Unrealized Gains (Losses)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized gains (losses), assets	4	2	2	1
Other invested assets | Change in the Fair Value of Market Risk Benefits, net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized gains (losses), assets	$ 0	$ 0	$ 0	$ 0

XML

Fair Value Measurements - Gross components of purchases, sales, issuances and settlements (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Assets [Abstract]
Purchases	$ 2,885	$ 715	$ 5,400	$ 1,921
Sales	(109)	(63)	(194)	(69)
Issuances and Settlements	(1,095)	(403)	(1,984)	(768)
Purchases, Sales, Issuances and Settlements, Net	1,681	249	3,222	1,084
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Liabilities [Abstract]
Purchases	1	(100)	0	(201)
Sales	392	402	724	728
Issuances and Settlements	(516)	(336)	(744)	(1,027)
Purchases, Sales, Issuances and Settlements, Net	(123)	(34)	(20)	(500)
Policyholder contract deposits
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Liabilities [Abstract]
Purchases	0	0	0	0
Sales	392	402	724	728
Issuances and Settlements	(178)	(82)	(354)	(92)
Purchases, Sales, Issuances and Settlements, Net	214	320	370	636
Derivative liabilities, net
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Liabilities [Abstract]
Purchases	1	(100)	0	(201)
Sales	0	0	0	0
Issuances and Settlements	(76)	(55)	(179)	(223)
Purchases, Sales, Issuances and Settlements, Net	(75)	(155)	(179)	(424)
Fortitude Re funds withheld payable
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Liabilities [Abstract]
Purchases	0	0	0	0
Sales	0	0	0	0
Issuances and Settlements	(262)	(192)	(211)	(705)
Purchases, Sales, Issuances and Settlements, Net	(262)	(192)	(211)	(705)
Debt of consolidated investment entities
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Liabilities [Abstract]
Purchases		0		0
Sales		0		0
Issuances and Settlements		(7)		(7)
Purchases, Sales, Issuances and Settlements, Net		(7)		(7)
Bonds available-for-sale
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Assets [Abstract]
Purchases	2,605	483	5,028	1,555
Sales	(107)	(63)	(192)	(69)
Issuances and Settlements	(1,018)	(306)	(1,755)	(543)
Purchases, Sales, Issuances and Settlements, Net	1,480	114	3,081	943
Bonds available-for-sale | Obligations of states, municipalities and political subdivisions
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Assets [Abstract]
Purchases	0	0	0	0
Sales	0	0	0	0
Issuances and Settlements	0	(1)	(1)	(3)
Purchases, Sales, Issuances and Settlements, Net	0	(1)	(1)	(3)
Bonds available-for-sale | Corporate debt
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Assets [Abstract]
Purchases	54	2	69	30
Sales	(8)	0	(8)	0
Issuances and Settlements	(125)	(43)	(131)	(57)
Purchases, Sales, Issuances and Settlements, Net	(79)	(41)	(70)	(27)
Bonds available-for-sale | RMBS
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Assets [Abstract]
Purchases	465	64	1,039	231
Sales	(49)	(42)	(49)	(42)
Issuances and Settlements	(208)	(196)	(378)	(371)
Purchases, Sales, Issuances and Settlements, Net	208	(174)	612	(182)
Bonds available-for-sale | CMBS
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Assets [Abstract]
Purchases	9	0	9	9
Sales	0	(21)	(30)	(27)
Issuances and Settlements	(33)	(19)	(106)	(22)
Purchases, Sales, Issuances and Settlements, Net	(24)	(40)	(127)	(40)
Bonds available-for-sale | CLO
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Assets [Abstract]
Purchases	90	72	220	82
Sales	0	0	(2)	0
Issuances and Settlements	(33)	(138)	(140)	(127)
Purchases, Sales, Issuances and Settlements, Net	57	(66)	78	(45)
Bonds available-for-sale | ABS
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Assets [Abstract]
Purchases	1,987	345	3,691	1,203
Sales	(50)	0	(103)	0
Issuances and Settlements	(619)	91	(999)	37
Purchases, Sales, Issuances and Settlements, Net	1,318	436	2,589	1,240
Other bond securities
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Assets [Abstract]
Purchases	246	150	276	190
Sales	0	0	0	0
Issuances and Settlements	(38)	(95)	(98)	(212)
Purchases, Sales, Issuances and Settlements, Net	208	55	178	(22)
Other bond securities | Obligations of states, municipalities and political subdivisions
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Assets [Abstract]
Purchases	0	2	0	3
Sales	0	0	0	0
Issuances and Settlements	0	0	0	0
Purchases, Sales, Issuances and Settlements, Net	0	2	0	3
Other bond securities | Corporate debt
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Assets [Abstract]
Purchases	10	67	10	67
Sales	0	0	0	0
Issuances and Settlements	0	(87)	0	(183)
Purchases, Sales, Issuances and Settlements, Net	10	(20)	10	(116)
Other bond securities | RMBS
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Assets [Abstract]
Purchases	0	0	0	6
Sales	0	0	0	0
Issuances and Settlements	(3)	(4)	(6)	(7)
Purchases, Sales, Issuances and Settlements, Net	(3)	(4)	(6)	(1)
Other bond securities | CMBS
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Assets [Abstract]
Purchases	0	0	0	0
Sales	0	0	0	0
Issuances and Settlements	0	0	0	0
Purchases, Sales, Issuances and Settlements, Net	0	0	0	0
Other bond securities | CLO
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Assets [Abstract]
Purchases	8	0	9	1
Sales	0	0	0	0
Issuances and Settlements	(16)	(47)	(16)	(47)
Purchases, Sales, Issuances and Settlements, Net	(8)	(47)	(7)	(46)
Other bond securities | ABS
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Assets [Abstract]
Purchases	228	81	257	113
Sales	0	0	0	0
Issuances and Settlements	(19)	43	(76)	25
Purchases, Sales, Issuances and Settlements, Net	209	124	181	138
Equity securities
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Assets [Abstract]
Purchases	7	1	7	25
Sales	(2)	0	(2)	0
Issuances and Settlements	0	0	0	0
Purchases, Sales, Issuances and Settlements, Net	5	1	5	25
Other invested assets
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Assets [Abstract]
Purchases	27	81	89	151
Sales	0	0	0	0
Issuances and Settlements	(39)	(2)	(131)	(13)
Purchases, Sales, Issuances and Settlements, Net	$ (12)	$ 79	$ (42)	$ 138

XML

Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Transfers into Level 3 at end of reporting period, net gains (losses) not included in realized and unrealized gains and losses related to Level 3 for the period	$ 3	$ 0	$ (5)	$ 7
Transfers out Level 3 at end of reporting period, net gains (losses) included in realized and unrealized gains and losses related to Level 3 for the period.	$ 9	$ (1)	$ 13	$ 10
Average original expected lives (in years)			10 years
Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Extension period (in years)			1 year
Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Extension period (in years)			2 years

XML

Fair Value Measurements - Quantitative Information about Level 3 Fair Value Measurements (Details) $ in Millions		Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jun. 30, 2023 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Bonds available-for-sale	[1]	$ 167,320	$ 166,527
Embedded derivatives within Policyholder contract deposits		11,100	10,200
Policyholder contract deposits		168,324	162,050	$ 159,644
Obligations of states, municipalities and political subdivisions
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Bonds available-for-sale		$ 5,035	$ 5,831
Obligations of states, municipalities and political subdivisions | Minimum | Yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input		0.0527	0.0497
Obligations of states, municipalities and political subdivisions | Maximum | Yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input		0.0570	0.0531
Obligations of states, municipalities and political subdivisions | Weighted-average | Yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input		0.0549	0.0514
Obligations of states, municipalities and political subdivisions | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Bonds available-for-sale		$ 773	$ 821
Corporate debt
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Bonds available-for-sale		$ 101,245	$ 106,082
Corporate debt | Minimum | Yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input		0.0563	0.0526
Corporate debt | Maximum | Yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input		0.0849	0.0816
Corporate debt | Weighted-average | Yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input		0.0706	0.0671
Corporate debt | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Bonds available-for-sale		$ 1,468	$ 1,471
RMBS
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Bonds available-for-sale		$ 16,255	$ 14,277
RMBS | Minimum | Yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input		0.0624	0.0611
RMBS | Minimum | Prepayment Speed
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input		0.0443	0.0431
RMBS | Minimum | Default Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input		0.0072	0.0073
RMBS | Minimum | Loss Severity
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input		0.4230	0.3064
RMBS | Maximum | Yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input		0.0749	0.0740
RMBS | Maximum | Prepayment Speed
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input		0.1026	0.0986
RMBS | Maximum | Default Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input		0.0251	0.0252
RMBS | Maximum | Loss Severity
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input		0.7837	0.9103
RMBS | Weighted-average | Yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input		0.0686	0.0675
RMBS | Weighted-average | Prepayment Speed
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input		0.0734	0.0709
RMBS | Weighted-average | Default Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input		0.0161	0.0163
RMBS | Weighted-average | Loss Severity
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input		0.6033	0.6083
RMBS | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Bonds available-for-sale		$ 3,156	$ 3,315
CLO | Minimum | Yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input		0.0661	0.0606
CLO | Maximum | Yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input		0.0775	0.0781
CLO | Weighted-average | Yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input		0.0718	0.0693
CLO | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Bonds available-for-sale		$ 1,705	$ 1,697
ABS | Minimum | Yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input		0.0567	0.0563
ABS | Maximum | Yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input		0.0768	0.0782
ABS | Weighted-average | Yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input		0.0668	0.0673
ABS | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Bonds available-for-sale		$ 14,401	$ 11,367
CMBS
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Bonds available-for-sale		$ 10,304	$ 9,981
CMBS | Minimum | Yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input		0.0538	0.0549
CMBS | Maximum | Yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input		0.1630	0.1784
CMBS | Weighted-average | Yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input		0.1083	0.1166
CMBS | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Bonds available-for-sale		$ 522	$ 565
Market risk benefit assets | Minimum | Equity Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input		0.0625	0.0625
Market risk benefit assets | Minimum | Base lapse rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input		0.0016	0.0016
Market risk benefit assets | Minimum | Dynamic lapse multiplier
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input		0.2000	0.2000
Market risk benefit assets | Minimum | Mortality multiplier
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input		0.3825	0.3825
Market risk benefit assets | Minimum | Utilization
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input		0.8000	0.8000
Market risk benefit assets | Minimum | Equity / interest-rate correlation
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input		0.0000	0.0000
Market risk benefit assets | Minimum | NPA
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input		0.0009	0.0000
Market risk benefit assets | Maximum | Equity Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input		0.4935	0.4975
Market risk benefit assets | Maximum | Base lapse rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input		0.2880	0.2880
Market risk benefit assets | Maximum | Dynamic lapse multiplier
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input		1.8618	1.8618
Market risk benefit assets | Maximum | Mortality multiplier
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input		1.6001	1.6001
Market risk benefit assets | Maximum | Utilization
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input		1.0000	1.0000
Market risk benefit assets | Maximum | Equity / interest-rate correlation
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input		0.3000	0.3000
Market risk benefit assets | Maximum | NPA
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input		0.0249	0.0229
Market risk benefit assets | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Bonds available-for-sale		$ 1,187	$ 912
GMWB only | Minimum | Equity Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input		0.0625	0.0625
GMWB only | Minimum | Base lapse rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input		0.0016	0.0016
GMWB only | Minimum | Dynamic lapse multiplier
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input		0.2000	0.2000
GMWB only | Minimum | Mortality multiplier
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input		0.3825	0.3825
GMWB only | Minimum | Utilization
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input		0.8000	0.8000
GMWB only | Minimum | Equity / interest-rate correlation
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input		0.0000	0.0000
GMWB only | Minimum | NPA
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input		0.0009	0.0000
GMWB only | Maximum | Equity Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input		0.4935	0.4975
GMWB only | Maximum | Base lapse rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input		0.2880	0.2880
GMWB only | Maximum | Dynamic lapse multiplier
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input		1.8618	1.8618
GMWB only | Maximum | Mortality multiplier
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input		1.6001	1.6001
GMWB only | Maximum | Utilization
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input		1.0000	1.0000
GMWB only | Maximum | Equity / interest-rate correlation
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input		0.3000	0.3000
GMWB only | Maximum | NPA
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input		0.0249	0.0229
GMWB only | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivatives within Policyholder contract deposits		$ 1,582	$ 2,174
Fixed annuities guaranteed benefits | Minimum | Base lapse rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input		0.0020	0.0020
Fixed annuities guaranteed benefits | Minimum | Dynamic lapse multiplier
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input		0.2000	0.2000
Fixed annuities guaranteed benefits | Minimum | Mortality multiplier
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input		0.4026	0.4026
Fixed annuities guaranteed benefits | Minimum | Utilization
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input		0.9000	0.9000
Fixed annuities guaranteed benefits | Minimum | NPA
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input		0.0009	0.0000
Fixed annuities guaranteed benefits | Maximum | Base lapse rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input		0.1575	0.1575
Fixed annuities guaranteed benefits | Maximum | Dynamic lapse multiplier
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input		1.8618	1.8618
Fixed annuities guaranteed benefits | Maximum | Mortality multiplier
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input		1.6843	1.6843
Fixed annuities guaranteed benefits | Maximum | Utilization
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input		0.9750	0.9750
Fixed annuities guaranteed benefits | Maximum | NPA
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input		0.0249	0.0229
Fixed annuities guaranteed benefits | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivatives within Policyholder contract deposits		$ 1,182	$ 1,111
Fixed index annuities guaranteed benefits | Minimum | Equity Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input		0.0625	0.0625
Fixed index annuities guaranteed benefits | Minimum | Base lapse rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input		0.0020	0.0020
Fixed index annuities guaranteed benefits | Minimum | Dynamic lapse multiplier
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input		0.2000	0.2000
Fixed index annuities guaranteed benefits | Minimum | Mortality multiplier
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input		0.2400	0.2400
Fixed index annuities guaranteed benefits | Minimum | Utilization
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input		0.6000	0.6000
Fixed index annuities guaranteed benefits | Minimum | Option budget
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input		0.0000	0.0000
Fixed index annuities guaranteed benefits | Minimum | Equity / interest-rate correlation
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input		0.0000	0.0000
Fixed index annuities guaranteed benefits | Minimum | NPA
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input		0.0009	0.0000
Fixed index annuities guaranteed benefits | Maximum | Equity Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input		0.4935	0.4975
Fixed index annuities guaranteed benefits | Maximum | Base lapse rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input		0.5000	0.5000
Fixed index annuities guaranteed benefits | Maximum | Dynamic lapse multiplier
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input		1.8618	1.8618
Fixed index annuities guaranteed benefits | Maximum | Mortality multiplier
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input		1.4600	1.4600
Fixed index annuities guaranteed benefits | Maximum | Utilization
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input		0.9750	0.9750
Fixed index annuities guaranteed benefits | Maximum | Option budget
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input		0.0600	0.0600
Fixed index annuities guaranteed benefits | Maximum | Equity / interest-rate correlation
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input		0.3000	0.3000
Fixed index annuities guaranteed benefits | Maximum | NPA
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input		0.0249	0.0229
Fixed index annuities guaranteed benefits | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivatives within Policyholder contract deposits		$ 2,360	$ 2,420
Index credits on fixed index annuities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Policyholder contract deposits		$ 1,800	$ 1,500
Index credits on fixed index annuities | Minimum | Equity Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input		0.0625	0.0625
Index credits on fixed index annuities | Minimum | Base lapse rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input		0.0020	0.0020
Index credits on fixed index annuities | Minimum | Dynamic lapse multiplier
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input		0.2000	0.2000
Index credits on fixed index annuities | Minimum | Mortality multiplier
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input		0.2400	0.2400
Index credits on fixed index annuities | Minimum | Utilization
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input		0.6000	0.6000
Index credits on fixed index annuities | Minimum | Option budget
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input		0.0000	0.0000
Index credits on fixed index annuities | Minimum | Equity / interest-rate correlation
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input		0.0000	0.0000
Index credits on fixed index annuities | Minimum | NPA
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input		0.0009	0.0000
Index credits on fixed index annuities | Maximum | Equity Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input		0.4935	0.4975
Index credits on fixed index annuities | Maximum | Base lapse rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input		0.5000	0.5000
Index credits on fixed index annuities | Maximum | Dynamic lapse multiplier
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input		1.8618	1.8618
Index credits on fixed index annuities | Maximum | Mortality multiplier
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input		1.4600	1.4600
Index credits on fixed index annuities | Maximum | Utilization
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input		0.9750	0.9750
Index credits on fixed index annuities | Maximum | Option budget
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input		0.0600	0.0600
Index credits on fixed index annuities | Maximum | Equity / interest-rate correlation
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input		0.3000	0.3000
Index credits on fixed index annuities | Maximum | NPA
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input		0.0249	0.0229
Index credits on fixed index annuities | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivatives within Policyholder contract deposits		$ 8,033	$ 6,953
Index universal life | Minimum | Equity Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input		0.0585	0.0585
Index universal life | Minimum | Base lapse rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input		0.0000	0.0000
Index universal life | Minimum | Mortality rates
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input		0.0000	0.0000
Index universal life | Minimum | NPA
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input		0.0009	0.0000
Index universal life | Maximum | Equity Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input		0.1969	0.2036
Index universal life | Maximum | Base lapse rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input		0.3797	0.3797
Index universal life | Maximum | Mortality rates
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input		1.0000	1.0000
Index universal life | Maximum | NPA
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input		0.0249	0.0229
Index universal life | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivatives within Policyholder contract deposits		$ 1,003	$ 989

[1] See Note 8 for details of balances associated with variable interest entities

XML

Fair Value Measurements - Investments in certain other invested assets (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING NET ASSET VALUE PER SHARE
Private equity funds/hedge funds	$ 7,532	$ 7,690
Private Equity Funds and Hedge Funds
INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING NET ASSET VALUE PER SHARE
Private equity funds/hedge funds	5,824	5,840
Unfunded Commitments	2,700	2,770
Private equity funds
INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING NET ASSET VALUE PER SHARE
Private equity funds/hedge funds	5,595	5,541
Unfunded Commitments	2,700	2,770
Leveraged buyout
INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING NET ASSET VALUE PER SHARE
Private equity funds/hedge funds	2,595	2,445
Unfunded Commitments	1,721	1,755
Real estate
INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING NET ASSET VALUE PER SHARE
Private equity funds/hedge funds	1,020	1,074
Unfunded Commitments	564	540
Venture capital
INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING NET ASSET VALUE PER SHARE
Private equity funds/hedge funds	199	203
Unfunded Commitments	82	91
Growth equity
INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING NET ASSET VALUE PER SHARE
Private equity funds/hedge funds	478	485
Unfunded Commitments	103	109
Mezzanine
INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING NET ASSET VALUE PER SHARE
Private equity funds/hedge funds	124	152
Unfunded Commitments	30	42
Other
INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING NET ASSET VALUE PER SHARE
Private equity funds/hedge funds	1,179	1,182
Unfunded Commitments	200	233
Hedge funds
INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING NET ASSET VALUE PER SHARE
Private equity funds/hedge funds	229	299
Unfunded Commitments	0	0
Event-driven
INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING NET ASSET VALUE PER SHARE
Private equity funds/hedge funds	5	4
Unfunded Commitments	0	0
Long-short
INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING NET ASSET VALUE PER SHARE
Private equity funds/hedge funds	176	161
Unfunded Commitments	0	0
Macro
INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING NET ASSET VALUE PER SHARE
Private equity funds/hedge funds	1	69
Unfunded Commitments	0	0
Other
INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING NET ASSET VALUE PER SHARE
Private equity funds/hedge funds	47	65
Unfunded Commitments	$ 0	$ 0

XML

Fair Value Measurements - Gains or losses recorded related to fair value option (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Fair Value, Option, Quantitative Disclosures
Total gain (loss)	$ 151	$ 97	$ 287	$ 212
Total liabilities
Fair Value, Option, Quantitative Disclosures
Total gain (loss)	2	3	3	2
Policyholder contract deposits
Fair Value, Option, Quantitative Disclosures
Total gain (loss)	2	3	3	2
Total assets
Fair Value, Option, Quantitative Disclosures
Total gain (loss)	149	94	284	210
Other bond securities
Fair Value, Option, Quantitative Disclosures
Total gain (loss)	91	14	175	129
Alternative investments
Fair Value, Option, Quantitative Disclosures
Total gain (loss)	$ 58	$ 80	$ 109	$ 81

XML

Fair Value Measurements - Assets measured at fair value on a non-recurring basis and related impairment charges (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	[1]	$ 9,957		$ 9,957		$ 10,257
Impairment Charges				48	$ 0
Non-Recurring Basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments		109		109		80
Total		109		109		80
Impairment Charges		21	$ 0	46	0
Non-Recurring Basis | Other investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment Charges		21	$ 0	46	$ 0
Non-Recurring Basis | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments		0		0		0
Total		0		0		0
Non-Recurring Basis | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments		0		0		0
Total		0		0		0
Non-Recurring Basis | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments		109		109		80
Total		$ 109		$ 109		$ 80

[1] See Note 8 for details of balances associated with variable interest entities

XML

Fair Value Measurements - Carrying values and estimated fair values of our financial instruments not measured at fair value (Details) - USD ($) $ in Millions		Jun. 30, 2024		Dec. 31, 2023		Jun. 30, 2023
Assets:
Mortgage and other loans receivable	[1]	$ 48,663		$ 46,867
Other investments	[1]	9,957		10,257
Short-term investments	[1]	4,998		4,336
Cash		637	[1]	612	[1]	$ 751
Other assets	[1]	2,340		2,294
Liabilities:
Short-term debt		250		250
Consolidated VIE
Assets:
Mortgage and other loans receivable		1,950		1,941
Short-term investments		189		130
Cash		58		61
Other assets		79		95
Liabilities:
Other liabilities		69		83
Estimated Fair Value
Assets:
Mortgage and other loans receivable		45,503		43,949
Other investments		273		268
Short-term investments		4,388		2,928
Cash		637		612
Other assets		13		13
Liabilities:
Policyholder contract deposits associated with investment-type contracts		137,846		130,184
Fortitude Re funds withheld payable		23,027		23,775
Other liabilities		1,567		2,467
Short-term debt		250		250
Long-term debt		8,599		8,722
Separate account liabilities - investment contracts		90,162		87,215
Estimated Fair Value | Consolidated VIE
Liabilities:
Long-term debt		2,085		2,273
Carrying Value
Assets:
Mortgage and other loans receivable		48,663		46,867
Other investments		273		268
Short-term investments		4,388		2,928
Cash		637		612
Other assets		13		13
Liabilities:
Policyholder contract deposits associated with investment-type contracts		145,933		140,652
Fortitude Re funds withheld payable		23,027		23,775
Other liabilities		1,567		2,467
Short-term debt		250		250
Long-term debt		9,121		9,118
Separate account liabilities - investment contracts		90,162		87,215
Carrying Value | Disposal Group, Held-for-Sale, Not Discontinued Operations
Assets:
Short-term investments				11
Cash				3
Carrying Value | Consolidated VIE
Liabilities:
Long-term debt		2,364		2,504
Level 1 | Estimated Fair Value
Assets:
Mortgage and other loans receivable		0		0
Other investments		0		0
Short-term investments		0		0
Cash		637		612
Other assets		13		13
Liabilities:
Policyholder contract deposits associated with investment-type contracts		0		0
Fortitude Re funds withheld payable		0		0
Other liabilities		0		0
Short-term debt		0		0
Long-term debt		0		0
Separate account liabilities - investment contracts		0		0
Level 1 | Estimated Fair Value | Consolidated VIE
Liabilities:
Long-term debt		0		0
Level 2 | Estimated Fair Value
Assets:
Mortgage and other loans receivable		28		30
Other investments		273		268
Short-term investments		4,388		2,928
Cash		0		0
Other assets		0		0
Liabilities:
Policyholder contract deposits associated with investment-type contracts		78		90
Fortitude Re funds withheld payable		0		0
Other liabilities		1,567		2,467
Short-term debt		250		250
Long-term debt		8,599		8,722
Separate account liabilities - investment contracts		90,162		87,215
Level 2 | Estimated Fair Value | Consolidated VIE
Liabilities:
Long-term debt		30		43
Level 3 | Estimated Fair Value
Assets:
Mortgage and other loans receivable		45,475		43,919
Other investments		0		0
Short-term investments		0		0
Cash		0		0
Other assets		0		0
Liabilities:
Policyholder contract deposits associated with investment-type contracts		137,768		130,094
Fortitude Re funds withheld payable		23,027		23,775
Other liabilities		0		0
Short-term debt		0		0
Long-term debt		0		0
Separate account liabilities - investment contracts		0		0
Level 3 | Estimated Fair Value | Consolidated VIE
Liabilities:
Long-term debt		$ 2,055		$ 2,230

[1] See Note 8 for details of balances associated with variable interest entities

XML

Investments - Amortized cost or cost and fair value of available for sale securities (Details) - USD ($) $ in Millions		Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Amortized Cost or Costs		$ 188,116		$ 184,946
Allowance for Credit Losses		(95)	$ (97)	(128)	$ (90)	$ (96)	$ (148)
Gross Unrealized Gains		1,815		2,186
Gross Unrealized Losses		(22,516)		(20,477)
Bonds available-for-sale	[1]	167,320		166,527
U.S. government and government sponsored entities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost or Costs		1,664		1,436
Allowance for Credit Losses		0		0
Gross Unrealized Gains		7		17
Gross Unrealized Losses		(300)		(233)
Bonds available-for-sale		1,371		1,220
Obligations of states, municipalities and political subdivisions
Debt Securities, Available-for-sale [Line Items]
Amortized Cost or Costs		5,809		6,466
Allowance for Credit Losses		0		0
Gross Unrealized Gains		26		58
Gross Unrealized Losses		(800)		(693)
Bonds available-for-sale		5,035		5,831
Non-U.S. governments
Debt Securities, Available-for-sale [Line Items]
Amortized Cost or Costs		4,530		4,695
Allowance for Credit Losses		0		(2)
Gross Unrealized Gains		26		43
Gross Unrealized Losses		(800)		(679)
Bonds available-for-sale		3,756		4,057
Corporate debt
Debt Securities, Available-for-sale [Line Items]
Amortized Cost or Costs		118,159		120,654
Allowance for Credit Losses		(57)		(71)
Gross Unrealized Gains		890		1,294
Gross Unrealized Losses		(17,747)		(15,795)
Bonds available-for-sale		101,245		106,082
Mortgage-backed, asset-backed and collateralized
Debt Securities, Available-for-sale [Line Items]
Amortized Cost or Costs		57,954		51,695
Allowance for Credit Losses		(38)		(55)
Gross Unrealized Gains		866		774
Gross Unrealized Losses		(2,869)		(3,077)
Bonds available-for-sale		55,913		49,337
RMBS
Debt Securities, Available-for-sale [Line Items]
Amortized Cost or Costs		16,616		14,491
Allowance for Credit Losses		(20)		(25)
Gross Unrealized Gains		568		599
Gross Unrealized Losses		(909)		(788)
Bonds available-for-sale		16,255		14,277
RMBS | Related Party
Debt Securities, Available-for-sale [Line Items]
Amortized Cost or Costs		4		45
Bonds available-for-sale		5		43
CMBS
Debt Securities, Available-for-sale [Line Items]
Amortized Cost or Costs		11,219		11,045
Allowance for Credit Losses		(18)		(30)
Gross Unrealized Gains		39		22
Gross Unrealized Losses		(936)		(1,056)
Bonds available-for-sale		10,304		9,981
CLO
Debt Securities, Available-for-sale [Line Items]
Amortized Cost or Costs		11,537		11,203
Allowance for Credit Losses		0		0
Gross Unrealized Gains		161		90
Gross Unrealized Losses		(72)		(149)
Bonds available-for-sale		11,626		11,144
ABS
Debt Securities, Available-for-sale [Line Items]
Amortized Cost or Costs		18,582		14,956
Allowance for Credit Losses		0		0
Gross Unrealized Gains		98		63
Gross Unrealized Losses		(952)		(1,084)
Bonds available-for-sale		$ 17,728		$ 13,935

[1] See Note 8 for details of balances associated with variable interest entities

XML

Investments - Securities available for sale in a loss position (Details) $ in Millions	Jun. 30, 2024 USD ($) security	Dec. 31, 2023 USD ($) security
Fair Value
Less Than 12 Months	$ 26,791	$ 23,061
12 Months or More	95,540	105,834
Total	122,331	128,895
Gross Unrealized Losses
Less Than 12 Months	3,056	2,458
12 Months or More	19,384	17,940
Total	$ 22,440	$ 20,398
Number of securities in an unrealized loss position | security	14,489	15,034
Number of individual securities in continuous unrealized loss position for longer than twelve months | security	11,979	12,787
U.S. government and government sponsored entities
Fair Value
Less Than 12 Months	$ 224	$ 22
12 Months or More	689	746
Total	913	768
Gross Unrealized Losses
Less Than 12 Months	12	3
12 Months or More	288	230
Total	300	233
Obligations of states, municipalities and political subdivisions
Fair Value
Less Than 12 Months	630	1,124
12 Months or More	3,803	3,676
Total	4,433	4,800
Gross Unrealized Losses
Less Than 12 Months	82	110
12 Months or More	718	583
Total	800	693
Non-U.S. governments
Fair Value
Less Than 12 Months	636	470
12 Months or More	2,700	2,981
Total	3,336	3,451
Gross Unrealized Losses
Less Than 12 Months	113	82
12 Months or More	687	592
Total	800	674
Corporate debt
Fair Value
Less Than 12 Months	16,144	11,338
12 Months or More	66,557	75,045
Total	82,701	86,383
Gross Unrealized Losses
Less Than 12 Months	2,531	1,760
12 Months or More	15,177	14,009
Total	17,708	15,769
RMBS
Fair Value
Less Than 12 Months	3,498	2,676
12 Months or More	5,471	4,855
Total	8,969	7,531
Gross Unrealized Losses
Less Than 12 Months	142	174
12 Months or More	738	577
Total	880	751
CMBS
Fair Value
Less Than 12 Months	1,209	1,840
12 Months or More	6,472	6,570
Total	7,681	8,410
Gross Unrealized Losses
Less Than 12 Months	50	159
12 Months or More	878	886
Total	928	1,045
CLO
Fair Value
Less Than 12 Months	1,442	2,992
12 Months or More	1,479	3,823
Total	2,921	6,815
Gross Unrealized Losses
Less Than 12 Months	31	60
12 Months or More	41	89
Total	72	149
ABS
Fair Value
Less Than 12 Months	3,008	2,599
12 Months or More	8,369	8,138
Total	11,377	10,737
Gross Unrealized Losses
Less Than 12 Months	95	110
12 Months or More	857	974
Total	$ 952	$ 1,084

XML

Investments - Amortized cost and fair value of fixed maturity securities available for sale by contractual maturity (Details) - USD ($) $ in Millions		Jun. 30, 2024	Dec. 31, 2023
Amortized Cost, Net of Allowance
Due in one year or less		$ 2,986
Due after one year through five years		22,942
Due after five years through ten years		23,038
Due after ten years		81,139
Mortgage-backed, asset-backed and collateralized		57,916
Total		188,021
Fair Value
Due in one year or less		2,948
Due after one year through five years		22,280
Due after five years through ten years		21,172
Due after ten years		65,007
Mortgage-backed, asset-backed and collateralized		55,913
Total	[1]	$ 167,320	$ 166,527

[1] See Note 8 for details of balances associated with variable interest entities

XML

Investments - Gross realized gains and gross realized losses from sales or maturities of available for sale securities (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Fixed maturity securities
Gross Realized Gains	$ 12	$ 38	$ 15	$ 84
Gross Realized Losses	(554)	(279)	(899)	(418)
Net Investment Income [Line Items]
Aggregate fair value of available for sale securities sold	2,500	3,000	5,000	5,700
Net realized gains (losses)	(542)	(241)	(884)	(334)
Fortitude RE Funds Withheld Assets
Net Investment Income [Line Items]
Net realized gains (losses)	$ (49)	$ (46)	$ (71)	$ (63)

XML

Investments - Value of other securities measured at fair value based on election of the fair value option (Details) - USD ($) $ in Millions		6 Months Ended	12 Months Ended
		Jun. 30, 2024	Dec. 31, 2023
Debt and Equity Securities, FV-NI [Line Items]
Total fixed maturity securities	[1]	$ 5,043	$ 4,578
Equity securities	[1]	73	63
Total
Debt and Equity Securities, FV-NI [Line Items]
Total		$ 5,116	$ 4,641
Total | Investment Concentration Risk | Investments
Debt and Equity Securities, FV-NI [Line Items]
Concentration risk (as a percent)		100.00%	100.00%
Fixed maturity securities
Debt and Equity Securities, FV-NI [Line Items]
Total fixed maturity securities		$ 5,043	$ 4,578
Fixed maturity securities | Investment Concentration Risk | Investments
Debt and Equity Securities, FV-NI [Line Items]
Concentration risk (as a percent)		99.00%	99.00%
Fixed maturity securities | Obligations of states, municipalities and political subdivisions
Debt and Equity Securities, FV-NI [Line Items]
Total fixed maturity securities		$ 39	$ 40
Fixed maturity securities | Obligations of states, municipalities and political subdivisions | Investment Concentration Risk | Investments
Debt and Equity Securities, FV-NI [Line Items]
Concentration risk (as a percent)		1.00%	1.00%
Fixed maturity securities | Non-U.S. governments
Debt and Equity Securities, FV-NI [Line Items]
Total fixed maturity securities		$ 27	$ 13
Fixed maturity securities | Non-U.S. governments | Investment Concentration Risk | Investments
Debt and Equity Securities, FV-NI [Line Items]
Concentration risk (as a percent)		1.00%	0.00%
Fixed maturity securities | Corporate debt
Debt and Equity Securities, FV-NI [Line Items]
Total fixed maturity securities		$ 2,833	$ 2,653
Fixed maturity securities | Corporate debt | Investment Concentration Risk | Investments
Debt and Equity Securities, FV-NI [Line Items]
Concentration risk (as a percent)		55.00%	57.00%
Fixed maturity securities | Mortgage-backed, asset-backed and collateralized
Debt and Equity Securities, FV-NI [Line Items]
Total fixed maturity securities		$ 2,144	$ 1,872
Fixed maturity securities | Mortgage-backed, asset-backed and collateralized | Investment Concentration Risk | Investments
Debt and Equity Securities, FV-NI [Line Items]
Concentration risk (as a percent)		42.00%	41.00%
Fixed maturity securities | RMBS
Debt and Equity Securities, FV-NI [Line Items]
Total fixed maturity securities		$ 163	$ 170
Fixed maturity securities | RMBS | Investment Concentration Risk | Investments
Debt and Equity Securities, FV-NI [Line Items]
Concentration risk (as a percent)		3.00%	4.00%
Fixed maturity securities | CMBS
Debt and Equity Securities, FV-NI [Line Items]
Total fixed maturity securities		$ 238	$ 228
Fixed maturity securities | CMBS | Investment Concentration Risk | Investments
Debt and Equity Securities, FV-NI [Line Items]
Concentration risk (as a percent)		5.00%	5.00%
Fixed maturity securities | CLO
Debt and Equity Securities, FV-NI [Line Items]
Total fixed maturity securities		$ 464	$ 423
Fixed maturity securities | CLO | Investment Concentration Risk | Investments
Debt and Equity Securities, FV-NI [Line Items]
Concentration risk (as a percent)		9.00%	9.00%
Fixed maturity securities | ABS
Debt and Equity Securities, FV-NI [Line Items]
Total fixed maturity securities		$ 1,279	$ 1,051
Fixed maturity securities | ABS | Investment Concentration Risk | Investments
Debt and Equity Securities, FV-NI [Line Items]
Concentration risk (as a percent)		25.00%	23.00%
Equity securities
Debt and Equity Securities, FV-NI [Line Items]
Equity securities		$ 73	$ 63
Equity securities | Investment Concentration Risk | Investments
Debt and Equity Securities, FV-NI [Line Items]
Concentration risk (as a percent)		1.00%	1.00%

[1] See Note 8 for details of balances associated with variable interest entities

XML

Investments - Carrying amounts of other invested assets (Details) - USD ($) $ in Millions		Jun. 30, 2024	Dec. 31, 2023
Investments [Line Items]
Alternative Investment		$ 7,532	$ 7,690
Investment real estate		1,830	1,932
All other investments		595	635
Total	[1]	9,957	10,257
Accumulated depreciation on investment in real estate		652	680
Fortitude Re Funds Withheld Assets
Investments [Line Items]
All other investments		156	156
Hedge Funds
Investments [Line Items]
Total		229	299
Private equity funds
Investments [Line Items]
Alternative Investment		5,595	5,541
Total		$ 7,300	$ 7,400

[1] See Note 8 for details of balances associated with variable interest entities

XML

Investments - Equity method investments (Details) - USD ($) $ in Billions	Jun. 30, 2024	Dec. 31, 2023
Equity Method Investments, Joint Ventures, Investments, Debt And Equity Securities [Abstract]
Carrying amount of equity method investments	$ 2.7	$ 2.9

XML

Investments - Components of net investment income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Net Investment Income [Line Items]
Total investment income	$ 3,183	$ 2,859	$ 6,282	$ 5,715
Investment expenses	195	145	370	306
Net investment income	2,988	2,714	5,912	5,409
Excluding Fortitude Re Funds Withheld Assets
Net Investment Income [Line Items]
Total investment income	2,849	2,583	5,608	5,036
Investment expenses	186	139	353	291
Net investment income	2,663	2,444	5,255	4,745
Fortitude Re Funds Withheld Assets
Net Investment Income [Line Items]
Total investment income	334	276	674	679
Investment expenses	9	6	17	15
Net investment income	325	270	657	664
Available-for-sale fixed maturity securities, including short-term investments
Net Investment Income [Line Items]
Total investment income	2,357	2,113	4,736	4,226
Available-for-sale fixed maturity securities, including short-term investments | Excluding Fortitude Re Funds Withheld Assets
Net Investment Income [Line Items]
Total investment income	2,174	1,905	4,358	3,801
Available-for-sale fixed maturity securities, including short-term investments | Fortitude Re Funds Withheld Assets
Net Investment Income [Line Items]
Total investment income	183	208	378	425
Other bond securities
Net Investment Income [Line Items]
Total investment income	91	14	175	129
Other bond securities | Excluding Fortitude Re Funds Withheld Assets
Net Investment Income [Line Items]
Total investment income	13	8	26	18
Other bond securities | Fortitude Re Funds Withheld Assets
Net Investment Income [Line Items]
Total investment income	78	6	149	111
Equity securities
Net Investment Income [Line Items]
Total investment income	(7)	3	3	32
Equity securities | Excluding Fortitude Re Funds Withheld Assets
Net Investment Income [Line Items]
Total investment income	(7)	3	3	32
Equity securities | Fortitude Re Funds Withheld Assets
Net Investment Income [Line Items]
Total investment income	0	0	0	0
Interest on mortgage and other loans
Net Investment Income [Line Items]
Total investment income	640	613	1,268	1,175
Interest on mortgage and other loans | Excluding Fortitude Re Funds Withheld Assets
Net Investment Income [Line Items]
Total investment income	592	564	1,172	1,076
Interest on mortgage and other loans | Fortitude Re Funds Withheld Assets
Net Investment Income [Line Items]
Total investment income	48	49	96	99
Alternative investments
Net Investment Income [Line Items]
Total investment income	78	93	59	123
Alternative investments | Excluding Fortitude Re Funds Withheld Assets
Net Investment Income [Line Items]
Total investment income	52	80	0	79
Alternative investments | Fortitude Re Funds Withheld Assets
Net Investment Income [Line Items]
Total investment income	26	13	59	44
Real estate
Net Investment Income [Line Items]
Total investment income	9	15	14	19
Real estate | Excluding Fortitude Re Funds Withheld Assets
Net Investment Income [Line Items]
Total investment income	10	15	22	19
Real estate | Fortitude Re Funds Withheld Assets
Net Investment Income [Line Items]
Total investment income	(1)	0	(8)	0
Other investments
Net Investment Income [Line Items]
Total investment income	15	8	27	11
Other investments | Excluding Fortitude Re Funds Withheld Assets
Net Investment Income [Line Items]
Total investment income	15	8	27	11
Other investments | Fortitude Re Funds Withheld Assets
Net Investment Income [Line Items]
Total investment income	$ 0	$ 0	$ 0	$ 0

XML

Investments - Components of net realized gains (losses) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Components of net realized capital gains (losses)
Sales of fixed maturity securities	$ (542)	$ (241)	$ (884)	$ (334)
Net realized gains (losses)	(747)	(320)	(1,067)	(1,778)
Excluding Fortitude Re Funds Withheld Assets
Components of net realized capital gains (losses)
Net realized gains (losses)	(690)	(312)	(868)	(765)
Fortitude Re Funds Withheld Assets
Components of net realized capital gains (losses)
Net realized gains (losses)	(57)	(8)	(199)	(1,013)
Excluding Modified Coinsurance And Funds Withheld Embedded Derivative
Components of net realized capital gains (losses)
Sales of fixed maturity securities	(542)	(241)	(884)	(334)
Intent to sell	0	0	(47)	0
Change in allowance for credit losses on fixed maturity securities	(51)	(28)	(119)	(45)
Foreign exchange transactions, net of related hedges	54	(113)	101	(95)
Index-Linked interest credited embedded derivatives, net of related hedges	(172)	(141)	(82)	(319)
All other derivatives and hedge accounting	(16)	181	(17)	65
Sales of alternative investments and real estate investments	8	2	27	8
Other	(25)	(46)	(53)	(46)
Net realized gains (losses)	(783)	(442)	(1,125)	(875)
Excluding Modified Coinsurance And Funds Withheld Embedded Derivative | Change in allowance for credit losses on loans
Components of net realized capital gains (losses)
Change in allowance for credit losses on loans	(39)	(56)	(51)	(109)
Excluding Modified Coinsurance And Funds Withheld Embedded Derivative | Excluding Fortitude Re Funds Withheld Assets
Components of net realized capital gains (losses)
Sales of fixed maturity securities	(493)	(195)	(813)	(271)
Intent to sell	0	0	(15)	0
Change in allowance for credit losses on fixed maturity securities	(50)	(26)	(112)	(43)
Foreign exchange transactions, net of related hedges	55	(115)	101	(104)
Index-Linked interest credited embedded derivatives, net of related hedges	(172)	(141)	(82)	(319)
All other derivatives and hedge accounting	18	258	123	94
Sales of alternative investments and real estate investments	11	3	31	8
Other	(25)	(48)	(53)	(48)
Net realized gains (losses)	(690)	(312)	(868)	(765)
Excluding Modified Coinsurance And Funds Withheld Embedded Derivative | Excluding Fortitude Re Funds Withheld Assets | Change in allowance for credit losses on loans
Components of net realized capital gains (losses)
Change in allowance for credit losses on loans	(34)	(48)	(48)	(82)
Excluding Modified Coinsurance And Funds Withheld Embedded Derivative | Fortitude Re Funds Withheld Assets
Components of net realized capital gains (losses)
Sales of fixed maturity securities	(49)	(46)	(71)	(63)
Intent to sell	0	0	(32)	0
Change in allowance for credit losses on fixed maturity securities	(1)	(2)	(7)	(2)
Foreign exchange transactions, net of related hedges	(1)	2	0	9
Index-Linked interest credited embedded derivatives, net of related hedges	0	0	0	0
All other derivatives and hedge accounting	(34)	(77)	(140)	(29)
Sales of alternative investments and real estate investments	(3)	(1)	(4)	0
Other	0	2	0	2
Net realized gains (losses)	(93)	(130)	(257)	(110)
Excluding Modified Coinsurance And Funds Withheld Embedded Derivative | Fortitude Re Funds Withheld Assets | Change in allowance for credit losses on loans
Components of net realized capital gains (losses)
Change in allowance for credit losses on loans	(5)	(8)	(3)	(27)
Fortitude Re funds withheld embedded derivative
Components of net realized capital gains (losses)
Net realized gains (losses)	36	122	58	(903)
Fortitude Re funds withheld embedded derivative | Excluding Fortitude Re Funds Withheld Assets
Components of net realized capital gains (losses)
Net realized gains (losses)	0	0	0	0
Fortitude Re funds withheld embedded derivative | Fortitude Re Funds Withheld Assets
Components of net realized capital gains (losses)
Net realized gains (losses)	$ 36	$ 122	$ 58	$ (903)

XML

Investments - Schedule of changes in unrealized appreciation (depreciation) of available for sale securities and other investments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Increase (decrease) in unrealized appreciation (depreciation) of investments:
Increase (decrease) in unrealized appreciation (depreciation) of investments		$ (1,772)	$ (2,237)	$ 2,248
Net gains (losses) recognized during the period on equity securities and other investments	$ 76	127	156	187
Less: Net gains (losses) recognized during the period on equity securities and other investments sold during the period	0	8	20	42
Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date	76	119	136	145
Continuing Operations, Excluding Held-For-Sale
Increase (decrease) in unrealized appreciation (depreciation) of investments:
Increase (decrease) in unrealized appreciation (depreciation) of investments	(1,219)	(1,772)	(2,306)	2,248
Fixed maturity securities
Increase (decrease) in unrealized appreciation (depreciation) of investments:
Increase (decrease) in unrealized appreciation (depreciation) of investments	(1,222)	(1,783)	(2,309)	2,236
Other investments
Increase (decrease) in unrealized appreciation (depreciation) of investments:
Increase (decrease) in unrealized appreciation (depreciation) of investments	3	11	3	12
Equities
Increase (decrease) in unrealized appreciation (depreciation) of investments:
Net gains (losses) recognized during the period on equity securities and other investments	(7)	4	3	33
Less: Net gains (losses) recognized during the period on equity securities and other investments sold during the period	(2)	0	16	33
Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date	(5)	4	(13)	0
Other invested assets
Increase (decrease) in unrealized appreciation (depreciation) of investments:
Net gains (losses) recognized during the period on equity securities and other investments	83	123	153	154
Less: Net gains (losses) recognized during the period on equity securities and other investments sold during the period	2	8	4	9
Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date	$ 81	$ 115	$ 149	$ 145

XML

Investments - Rollforward of changes in allowance for credit losses on available for sale fixed maturity securities by major investment category (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Balance, beginning of period	$ 97	$ 96	$ 128	$ 148
Additions:
Securities for which allowance for credit losses were not previously recorded	15	29	45	43
Reductions:
Securities sold during the period	(2)	(9)	(26)	(28)
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	36	(1)	74	2
Write-offs charged against the allowance	(52)	(25)	(128)	(75)
Other	1	0	2	0
Balance, end of period	95	90	95	90
Structured
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Balance, beginning of period	36	27	55	27
Additions:
Securities for which allowance for credit losses were not previously recorded	1	13	14	15
Reductions:
Securities sold during the period	0	(1)	(15)	(1)
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	24	(1)	46	(1)
Write-offs charged against the allowance	(24)	0	(63)	0
Other	1	0	1	0
Balance, end of period	38	40	38	40
Non-Structured
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Balance, beginning of period	61	69	73	121
Additions:
Securities for which allowance for credit losses were not previously recorded	14	16	31	28
Reductions:
Securities sold during the period	(2)	(10)	(11)	(27)
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	12	0	28	3
Write-offs charged against the allowance	(28)	(25)	(65)	(75)
Other	0	0	1	0
Balance, end of period	$ 57	$ 50	$ 57	$ 50

XML

Investments - Pledged investments (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023
Financial Instruments Owned and Pledged as Collateral [Line Items]
Available for sale debt securities	$ 1,590	$ 2,655
Securities collateral pledged to us	1,590	2,655
Amounts borrowed under repurchase and securities lending agreements	1,600	2,500
Securities pledged under repurchase agreements	1,590	2,655
Total carrying values of cash and securities deposited under requirements of regulatory authorities or other insurance-related arrangements	9,800	8,100
Federal Home Loan Bank stock	273	268
Loans	49,421	47,565
Policyholder contract deposits	168,324	162,050	$ 159,644
Guaranteed Investment Contract
Financial Instruments Owned and Pledged as Collateral [Line Items]
Policyholder contract deposits	49	53
Asset Pledged as Collateral | Federal Home Loan Bank Advances
Financial Instruments Owned and Pledged as Collateral [Line Items]
Available for sale debt securities	4,300	4,800
Loans	3,000	3,000
Asset Pledged as Collateral | Deposits
Financial Instruments Owned and Pledged as Collateral [Line Items]
Available for sale debt securities	46	63
Asset Pledged as Collateral | Collateralized Reinsurance Transactions
Financial Instruments Owned and Pledged as Collateral [Line Items]
Available for sale debt securities	577	490
Non-U.S. governments
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities pledged under repurchase agreements	50	209
Corporate debt
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities pledged under repurchase agreements	1,540	2,446
Overnight and Continuous
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities pledged under repurchase agreements	24	38
Overnight and Continuous | Non-U.S. governments
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities pledged under repurchase agreements	0	0
Overnight and Continuous | Corporate debt
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities pledged under repurchase agreements	24	38
Up to 30 Days
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities pledged under repurchase agreements	1,566	2,617
Up to 30 Days | Non-U.S. governments
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities pledged under repurchase agreements	50	209
Up to 30 Days | Corporate debt
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities pledged under repurchase agreements	1,516	2,408
31 - 90 Days
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities pledged under repurchase agreements	0	0
31 - 90 Days | Non-U.S. governments
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities pledged under repurchase agreements	0	0
31 - 90 Days | Corporate debt
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities pledged under repurchase agreements	0	0
91 - 364 Days
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities pledged under repurchase agreements	0	0
91 - 364 Days | Non-U.S. governments
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities pledged under repurchase agreements	0	0
91 - 364 Days | Corporate debt
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities pledged under repurchase agreements	0	0
365 Days or Greater
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities pledged under repurchase agreements	0	0
365 Days or Greater | Non-U.S. governments
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities pledged under repurchase agreements	0	0
365 Days or Greater | Corporate debt
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities pledged under repurchase agreements	$ 0	$ 0

XML

Lending Activities - Composition of mortgages and other loans receivable (Details) - USD ($) $ in Millions		6 Months Ended	12 Months Ended
		Jun. 30, 2024	Dec. 31, 2023	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Composition of Mortgages and other loans receivable
Commercial loans, other loans and notes receivable(b)		$ 49,421	$ 47,565
Allowance for credit losses		(758)	(698)	$ (714)	$ (689)	$ (659)	$ (600)
Mortgage and other loans receivable, net	[1]	48,663	46,867
Off-balance-sheet commitments		43	58
Commercial Mortgages
Composition of Mortgages and other loans receivable
Commercial loans, other loans and notes receivable(b)		34,686	34,172
Allowance for credit losses		$ (654)	$ (614)	$ (634)	(621)	$ (586)	$ (531)
Weighted average loan-to-value ratio (as a percent)		60.00%	59.00%
Weighted average debt service coverage ratio		1.9	1.9
Off-balance-sheet commitments		$ 43			$ 74
Loans on nonacrrual status		828	$ 419
Accrued interest receivable		$ 168	$ 162
Commercial Mortgages | New York
Composition of Mortgages and other loans receivable
Weighted average loan-to-value ratio (as a percent)		63.00%	61.00%
Weighted average debt service coverage ratio		1.8	1.9
Commercial Mortgages | New Jersey
Composition of Mortgages and other loans receivable
Weighted average loan-to-value ratio (as a percent)		60.00%	58.00%
Weighted average debt service coverage ratio		1.8	1.9
Commercial Mortgages | Geographic Concentration Risk | Interest on mortgage and other loans | New York
Composition of Mortgages and other loans receivable
Percentage of mortgage loans in geographic area		19.00%	19.00%
Commercial Mortgages | Geographic Concentration Risk | Interest on mortgage and other loans | New Jersey
Composition of Mortgages and other loans receivable
Percentage of mortgage loans in geographic area		11.00%	10.00%
Residential mortgages
Composition of Mortgages and other loans receivable
Commercial loans, other loans and notes receivable(b)		$ 9,670	$ 8,445
Loans on nonacrrual status		48	27
Accrued interest receivable		36	20
Life insurance policy loans
Composition of Mortgages and other loans receivable
Commercial loans, other loans and notes receivable(b)		1,747	1,746
Commercial loans, other loans and notes receivable(b)
Composition of Mortgages and other loans receivable
Commercial loans, other loans and notes receivable(b)		$ 3,318	$ 3,202

[1] See Note 8 for details of balances associated with variable interest entities

XML

Lending Activities - Credit quality of commercial mortgages (Details) $ in Millions	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Financing Receivable, Credit Quality Indicator [Line Items]
Total	$ 49,421	$ 47,565
Commercial Mortgages
Financing Receivable, Credit Quality Indicator [Line Items]
2024	1,146	2,447
2023	2,485	7,159
2022	7,374	3,275
2021	3,146	1,564
2020	1,582	4,969
Prior	18,953	14,758
Total	$ 34,686	$ 34,172
Weighted average debt service coverage ratio	1.9	1.9
Weighted average loan-to-value ratio (as a percent)	60.00%	59.00%
Less than 65% | Commercial Mortgages
Financing Receivable, Credit Quality Indicator [Line Items]
2024	$ 1,075	$ 2,088
2023	2,099	4,470
2022	4,878	2,249
2021	2,285	1,126
2020	1,140	2,676
Prior	12,132	10,186
Total	23,609	22,795
65% to 75% | Commercial Mortgages
Financing Receivable, Credit Quality Indicator [Line Items]
2024	71	280
2023	386	1,748
2022	1,915	658
2021	642	287
2020	285	1,916
Prior	4,357	2,853
Total	7,656	7,742
76% to 80% | Commercial Mortgages
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0	0
2023	0	343
2022	0	89
2021	47	0
2020	0	377
Prior	724	340
Total	771	1,149
Greater than 80% | Commercial Mortgages
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0	79
2023	0	598
2022	581	279
2021	172	151
2020	157	0
Prior	1,740	1,379
Total	2,650	2,486
Greater than 1.2X | Commercial Mortgages
Financing Receivable, Credit Quality Indicator [Line Items]
2024	916	2,156
2023	2,160	6,042
2022	6,236	1,955
2021	2,127	1,252
2020	1,270	4,813
Prior	15,711	11,675
Total	28,420	27,893
1.00 - 1.20X | Commercial Mortgages
Financing Receivable, Credit Quality Indicator [Line Items]
2024	230	291
2023	325	1,077
2022	1,099	1,320
2021	1,019	312
2020	312	156
Prior	2,411	2,334
Total	5,396	5,490
Less than 1.00X | Commercial Mortgages
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0	0
2023	0	40
2022	39	0
2021	0	0
2020	0	0
Prior	831	749
Total	$ 870	$ 789

XML

Lending Activities - Credit quality performance indicators for commercial mortgages (Details) $ in Millions	Jun. 30, 2024 USD ($) loan	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($) loan	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Financing Receivable, Credit Quality Indicator [Line Items]
Total	$ 49,421		$ 47,565
Allowance for credit losses	$ 758	$ 714	$ 698	$ 689	$ 659	$ 600
Commercial Mortgages
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	592		601
Total	$ 34,686		$ 34,172
Allowance for credit losses	$ 654	$ 634	$ 614	$ 621	$ 586	$ 531
Percent of Total	100.00%		100.00%
Percentage of total, allowance for credit losses	2.00%		2.00%
Commercial Mortgages | In good standing
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	588		600
Total	$ 34,315		$ 34,154
Percent of Total	99.00%		100.00%
Commercial Mortgages | 90 days or less delinquent
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	1		1
Total	$ 112		$ 18
Percent of Total	0.00%		0.00%
Commercial Mortgages | >90 days delinquent or in process of foreclosure
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	3		0
Total	$ 259		$ 0
Percent of Total	1.00%		0.00%
Commercial Mortgages | Apartments
Financing Receivable, Credit Quality Indicator [Line Items]
Total	$ 14,114		$ 13,861
Allowance for credit losses	68		85
Commercial Mortgages | Apartments | In good standing
Financing Receivable, Credit Quality Indicator [Line Items]
Total	14,114		13,861
Commercial Mortgages | Apartments | 90 days or less delinquent
Financing Receivable, Credit Quality Indicator [Line Items]
Total	0		0
Commercial Mortgages | Apartments | >90 days delinquent or in process of foreclosure
Financing Receivable, Credit Quality Indicator [Line Items]
Total	0		0
Commercial Mortgages | Offices
Financing Receivable, Credit Quality Indicator [Line Items]
Total	8,490		8,486
Allowance for credit losses	383		340
Commercial Mortgages | Offices | In good standing
Financing Receivable, Credit Quality Indicator [Line Items]
Total	8,299		8,468
Commercial Mortgages | Offices | 90 days or less delinquent
Financing Receivable, Credit Quality Indicator [Line Items]
Total	112		18
Commercial Mortgages | Offices | >90 days delinquent or in process of foreclosure
Financing Receivable, Credit Quality Indicator [Line Items]
Total	79		0
Commercial Mortgages | Offices | >90 days delinquent or in process of foreclosure | Fortitude RE Funds Withheld Assets
Financing Receivable, Credit Quality Indicator [Line Items]
Total	61
Commercial Mortgages | Retail
Financing Receivable, Credit Quality Indicator [Line Items]
Total	3,903		3,787
Allowance for credit losses	96		74
Commercial Mortgages | Retail | In good standing
Financing Receivable, Credit Quality Indicator [Line Items]
Total	3,723		3,787
Commercial Mortgages | Retail | 90 days or less delinquent
Financing Receivable, Credit Quality Indicator [Line Items]
Total	0		0
Commercial Mortgages | Retail | >90 days delinquent or in process of foreclosure
Financing Receivable, Credit Quality Indicator [Line Items]
Total	180		0
Commercial Mortgages | Retail | >90 days delinquent or in process of foreclosure | Fortitude RE Funds Withheld Assets
Financing Receivable, Credit Quality Indicator [Line Items]
Total	20
Commercial Mortgages | Industrial
Financing Receivable, Credit Quality Indicator [Line Items]
Total	5,963		5,908
Allowance for credit losses	71		83
Commercial Mortgages | Industrial | In good standing
Financing Receivable, Credit Quality Indicator [Line Items]
Total	5,963		5,908
Commercial Mortgages | Industrial | 90 days or less delinquent
Financing Receivable, Credit Quality Indicator [Line Items]
Total	0		0
Commercial Mortgages | Industrial | >90 days delinquent or in process of foreclosure
Financing Receivable, Credit Quality Indicator [Line Items]
Total	0		0
Commercial Mortgages | Hotel
Financing Receivable, Credit Quality Indicator [Line Items]
Total	1,785		1,805
Allowance for credit losses	31		27
Commercial Mortgages | Hotel | In good standing
Financing Receivable, Credit Quality Indicator [Line Items]
Total	1,785		1,805
Commercial Mortgages | Hotel | 90 days or less delinquent
Financing Receivable, Credit Quality Indicator [Line Items]
Total	0		0
Commercial Mortgages | Hotel | >90 days delinquent or in process of foreclosure
Financing Receivable, Credit Quality Indicator [Line Items]
Total	0		0
Commercial Mortgages | Others
Financing Receivable, Credit Quality Indicator [Line Items]
Total	431		325
Allowance for credit losses	5		5
Commercial Mortgages | Others | In good standing
Financing Receivable, Credit Quality Indicator [Line Items]
Total	431		325
Commercial Mortgages | Others | 90 days or less delinquent
Financing Receivable, Credit Quality Indicator [Line Items]
Total	0		0
Commercial Mortgages | Others | >90 days delinquent or in process of foreclosure
Financing Receivable, Credit Quality Indicator [Line Items]
Total	$ 0		$ 0

XML

Lending Activities - Credit quality of residential mortgages (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Financing Receivable, Credit Quality Indicator [Line Items]
Total	$ 49,421	$ 47,565
Residential mortgages
Financing Receivable, Credit Quality Indicator [Line Items]
2024	666	1,950
2023	2,084	1,412
2022	1,540	2,964
2021	3,017	837
2020	840	388
Prior	1,523	894
Total	9,670	8,445
Residential mortgages | Consumer Borrower
Financing Receivable, Credit Quality Indicator [Line Items]
Total	7,100	6,700
780 and greater | Residential mortgages
Financing Receivable, Credit Quality Indicator [Line Items]
2024	120	514
2023	624	528
2022	663	2,280
2021	2,276	619
2020	633	239
Prior	819	497
Total	5,135	4,677
720 - 779 | Residential mortgages
Financing Receivable, Credit Quality Indicator [Line Items]
2024	399	1,121
2023	1,092	608
2022	579	558
2021	563	168
2020	151	99
Prior	370	209
Total	3,154	2,763
660 - 719 | Residential mortgages
Financing Receivable, Credit Quality Indicator [Line Items]
2024	147	313
2023	354	256
2022	240	113
2021	144	40
2020	41	37
Prior	217	120
Total	1,143	879
600 - 659 | Residential mortgages
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0	2
2023	12	20
2022	37	11
2021	23	8
2020	11	9
Prior	83	51
Total	166	101
Less than 600 | Residential mortgages
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0	0
2023	2	0
2022	21	2
2021	11	2
2020	4	4
Prior	34	17
Total	$ 72	$ 25

XML

Lending Activities - Rollforward of the changes in the allowance for credit losses on Mortgage and other loans receivable (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Changes in the allowance for losses on Mortgage and other loans receivable
Allowance, beginning of period	$ 714	$ 659	$ 698	$ 600
Loans charged off			(6)	(4)
Net charge-offs	0	(4)	(6)	(4)
Addition to (release of) allowance for loan losses	44	34	66	93
Allowance, end of period	758	689	758	689
Off-balance-sheet commitments	43		43		$ 58
Commercial Mortgages
Changes in the allowance for losses on Mortgage and other loans receivable
Allowance, beginning of period	634	586	614	531
Loans charged off			0	(4)
Net charge-offs	0	(4)	0	(4)
Addition to (release of) allowance for loan losses	20	39	40	94
Allowance, end of period	654	621	654	621
Off-balance-sheet commitments	43	74	43	74
Other Loans
Changes in the allowance for losses on Mortgage and other loans receivable
Allowance, beginning of period	80	73	84	69
Loans charged off			(6)	0
Net charge-offs	0	0	(6)	0
Addition to (release of) allowance for loan losses	24	(5)	26	(1)
Allowance, end of period	$ 104	$ 68	$ 104	$ 68

XML

Lending Activities - Loan Modification (Details) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Composition of Mortgages and other loans receivable
Weighted average term increase from modification (less than)	1 year
Commercial Mortgages
Composition of Mortgages and other loans receivable
Financing receivable, modified loans to percent of two portfolio segments (as a percent) (less than)	1.00%
Other Loans
Composition of Mortgages and other loans receivable
Financing receivable, modified loans to percent of two portfolio segments (as a percent) (less than)	6.00%
Commercial Mortgage Loans | Extended Maturity
Composition of Mortgages and other loans receivable
Amortized cost of commercial mortgage loans	$ 11
Commercial loans, other loans and notes receivable | Extended Maturity
Composition of Mortgages and other loans receivable
Amortized cost of commercial mortgage loans	$ 168

XML

Reinsurance - Summary of the composition of pool of assets (Details) - USD ($) $ in Millions		Jun. 30, 2024	Dec. 31, 2023
Effects of Reinsurance [Line Items]
Bonds available-for-sale	[1]	$ 167,320	$ 166,527
Fixed maturity securities - fair value option	[1]	5,043	4,578
Loans		49,421	47,565
Investment real estate		1,830	1,932
Private equity funds/hedge funds		7,532	7,690
Short-term Investments	[1]	4,998	4,336
Derivative assets net, carrying value		491	393
Derivative assets net, fair value		8,154	5,925
Other assets	[1]	2,340	2,294
Total assets		382,492	379,270
Carrying Value
Effects of Reinsurance [Line Items]
Short-term Investments		4,388	2,928
Other assets		13	13
Commercial Mortgages
Effects of Reinsurance [Line Items]
Loans		34,686	34,172
Policy loans
Effects of Reinsurance [Line Items]
Loans		1,747	1,746
Fortitude Holdings
Effects of Reinsurance [Line Items]
Derivative asset, fair value of collateral		2	62
Derivative liability, Fair value of collateral		11	6
Fortitude Holdings | Carrying Value
Effects of Reinsurance [Line Items]
Bonds available-for-sale		13,896	15,204
Fixed maturity securities - fair value option		4,680	4,212
Investment real estate		171	184
Private equity funds/hedge funds		1,892	1,910
Short-term Investments		217	129
Funds withheld investment assets		24,456	25,347
Derivative assets net, carrying value		1	45
Other assets		605	641
Total assets		25,062	26,033
Fortitude Holdings | Fair Value
Effects of Reinsurance [Line Items]
Bonds available-for-sale		13,896	15,204
Fixed maturity securities - fair value option		4,680	4,212
Investment real estate		286	329
Private equity funds/hedge funds		1,892	1,910
Short-term Investments		217	129
Funds withheld investment assets		24,334	25,271
Derivative assets net, fair value		1	45
Other assets		605	641
Total		24,940	25,957
Fortitude Holdings | Commercial Mortgages | Carrying Value
Effects of Reinsurance [Line Items]
Loans		3,277	3,378
Fortitude Holdings | Commercial Mortgages | Fair Value
Effects of Reinsurance [Line Items]
Mortgage and other loans receivable		3,040	3,157
Fortitude Holdings | Policy loans | Carrying Value
Effects of Reinsurance [Line Items]
Loans		323	330
Fortitude Holdings | Policy loans | Fair Value
Effects of Reinsurance [Line Items]
Mortgage and other loans receivable		$ 323	$ 330

[1] See Note 8 for details of balances associated with variable interest entities

XML

Reinsurance - Summary of the impact of funds withheld (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Effects of Reinsurance [Line Items]
Net investment income - Fortitude Re funds withheld assets	$ 2,988	$ 2,714	$ 5,912	$ 5,409
Net realized losses on Fortitude Re funds withheld assets	(747)	(320)	(1,067)	(1,778)
Income (loss) before income tax expense (benefit)	456	911	1,472	242
Income tax expense (benefit)	115	160	304	(56)
Net income	341	751	1,168	298
Comprehensive income (loss)	(29)	(363)	154	1,989
Fortitude Re funds withheld assets
Effects of Reinsurance [Line Items]
Net investment income - Fortitude Re funds withheld assets	325	270	657	664
Fortitude Holdings
Effects of Reinsurance [Line Items]
Net investment income - Fortitude Re funds withheld assets	325	270	657	664
Net realized losses on Fortitude Re funds withheld assets	(57)	(8)	(199)	(1,013)
Income (loss) before income tax expense (benefit)	268	262	458	(349)
Income tax expense (benefit)	56	55	96	(73)
Net income	212	207	362	(276)
Comprehensive income (loss)	(4)	42	30	10
Fortitude Holdings | Fortitude Re funds withheld assets
Effects of Reinsurance [Line Items]
Net realized losses on Fortitude Re funds withheld assets	(93)	(130)	(257)	(110)
Fortitude Holdings | Fortitude Re funds withheld assets | Embedded derivatives
Effects of Reinsurance [Line Items]
Net realized losses on Fortitude Re funds withheld assets	36	122	58	(903)
Fortitude Holdings | Other investments
Effects of Reinsurance [Line Items]
Change in unrealized appreciation (depreciation) of the invested assets supporting the Fortitude Re modco arrangement classified as available-for-sale	$ (216)	$ (165)	$ (332)	$ 286

XML

Reinsurance - Narrative (Details) $ in Billions	Jun. 30, 2024 USD ($)
Insurance [Abstract]
Reinsurance recoverables	$ 27.0
Investment grade reinsurance recoverables (as a percent)	100.00%
Non-investment grade reinsurance recoverables (as a percent)	1.00%

XML

Reinsurance - Rollforward of the reinsurance recoverable allowance for credit losses (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward]
Balance, beginning of period	$ 18	$ 74	$ 30	$ 84
Current period provision for expected credit losses and disputes	6	8	8	18
Write-offs charged against the allowance for credit losses and disputes	0	0	(10)	0
Balance, end of period	$ 12	$ 66	$ 12	$ 66

XML

Variable Interest Entities - Consolidated VIEs (Details) - USD ($) $ in Millions		Jun. 30, 2024		Dec. 31, 2023		Jun. 30, 2023
Assets:
Bonds available-for-sale	[1]	$ 167,320		$ 166,527
Other bond securities	[1]	5,043		4,578
Equity securities	[1]	73		63
Mortgage and other loans receivable	[1]	48,663		46,867
Other invested assets	[1]	9,957		10,257
Short-term Investments	[1]	4,998		4,336
Cash		637	[1]	612	[1]	$ 751
Accrued investment income	[1]	2,092		2,008
Other assets	[1]	2,340		2,294
Total assets		382,492		379,270
Liabilities:
Total liabilities		370,680		366,635
Real Estate and Investment Entities
Liabilities:
Off-balance sheet exposure associated with VIEs		1,300		1,800
Real Estate and Investment Entities | External Entities
Liabilities:
Off-balance sheet exposure associated with VIEs		400		400
Consolidated VIE
Assets:
Bonds available-for-sale		40		112
Other bond securities		46		45
Equity securities		20		8
Mortgage and other loans receivable		1,950		1,941
Short-term Investments		189		130
Cash		58		61
Accrued investment income		7		7
Other assets		79		95
Total assets		6,164		6,582
Liabilities:
Debt of consolidated investment entities		2,039		2,266
Other liabilities		69		83
Total liabilities		2,108		2,349
Consolidated VIE | Alternative investments
Assets:
Other invested assets		2,487		2,695
Consolidated VIE | Investment real estate
Assets:
Other invested assets		1,288		1,488
Consolidated VIE | Real Estate and Investment Entities
Assets:
Bonds available-for-sale		38		36
Other bond securities		46		45
Equity securities		20		8
Mortgage and other loans receivable		0		0
Short-term Investments		188		125
Cash		58		61
Accrued investment income		2		2
Other assets		78		93
Total assets		4,205		4,553
Liabilities:
Debt of consolidated investment entities		903		1,117
Other liabilities		69		82
Total liabilities		972		1,199
Consolidated VIE | Real Estate and Investment Entities | Alternative investments
Assets:
Other invested assets		2,487		2,695
Consolidated VIE | Real Estate and Investment Entities | Investment real estate
Assets:
Other invested assets		1,288		1,488
Consolidated VIE | Securitization Vehicles
Assets:
Bonds available-for-sale		2		76
Other bond securities		0		0
Equity securities		0		0
Mortgage and other loans receivable		1,950		1,941
Short-term Investments		1		5
Cash		0		0
Accrued investment income		5		5
Other assets		1		2
Total assets		1,959		2,029
Liabilities:
Debt of consolidated investment entities		1,136		1,149
Other liabilities		0		1
Total liabilities		1,136		1,150
Consolidated VIE | Securitization Vehicles | Alternative investments
Assets:
Other invested assets		0		0
Consolidated VIE | Securitization Vehicles | Investment real estate
Assets:
Other invested assets		0		0
Corebridge Entities | Real Estate and Investment Entities
Liabilities:
Off-balance sheet exposure associated with VIEs		700		1,200
AIG Affiliates | Real Estate and Investment Entities
Liabilities:
Off-balance sheet exposure associated with VIEs		$ 600		$ 600

[1] See Note 8 for details of balances associated with variable interest entities

XML

Variable Interest Entities - Interests in Consolidated VIEs in the Consolidated Income Statements (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
VARIABLE INTEREST ENTITY
Total revenue	$ 3,710	$ 5,757	$ 9,546	$ 10,019
Net (loss) attributable to noncontrolling interests	(24)	(20)	(75)	(14)
Net income (loss) attributable to Corebridge	365	771	1,243	312
Consolidated VIE
VARIABLE INTEREST ENTITY
Total revenue	25	34	(22)	146
Net (loss) attributable to noncontrolling interests	(24)	(20)	(75)	(14)
Net income (loss) attributable to Corebridge	20	28	(3)	106
Consolidated VIE | Real Estate and Investment Entities
VARIABLE INTEREST ENTITY
Total revenue	6	16	(57)	69
Net (loss) attributable to noncontrolling interests	(24)	(20)	(75)	(14)
Net income (loss) attributable to Corebridge	11	19	(21)	52
Consolidated VIE | Securitization And Repackaging And Vehicles
VARIABLE INTEREST ENTITY
Total revenue	19	18	35	77
Net (loss) attributable to noncontrolling interests	0	0	0	0
Net income (loss) attributable to Corebridge	$ 9	$ 9	$ 18	$ 54

XML

Variable Interest Entities - Unconsolidated VIEs (Details) - USD ($) $ in Millions		Jun. 30, 2024	Dec. 31, 2023
VARIABLE INTEREST ENTITY
Maximum Exposure to Loss, On-Balance Sheet		$ 382,492	$ 379,270
Other investments	[1]	9,957	10,257
Unconsolidated VIE
VARIABLE INTEREST ENTITY
Total VIE Assets		410,042	398,978
Maximum Exposure to Loss, On-Balance Sheet		5,574	5,532
Maximum Exposure to Loss, Off-Balance Sheet		2,839	2,870
Total		8,413	8,402
Other investments		5,500	5,500
Unconsolidated VIE | Real Estate and Investment Entities
VARIABLE INTEREST ENTITY
Total VIE Assets		410,042	398,978
Maximum Exposure to Loss, On-Balance Sheet		5,574	5,532
Maximum Exposure to Loss, Off-Balance Sheet		2,839	2,870
Total		$ 8,413	$ 8,402

[1] See Note 8 for details of balances associated with variable interest entities

XML

Variable Interest Entities - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
VARIABLE INTEREST ENTITY
Total VIE Assets	$ 382,492	$ 379,270
Unconsolidated VIE
VARIABLE INTEREST ENTITY
Total VIE Assets	5,574	5,532
Unconsolidated VIE | RMBS, CMBS, Oher ABS, And CLOs
VARIABLE INTEREST ENTITY
Total VIE Assets	2,800	3,100
Off-balance sheet exposure associated with VIEs	$ 2,200	$ 2,200

XML

Derivatives and Hedge Accounting - Notional amounts and fair values of derivative instruments (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Gross Derivative Assets
Notional Amount	$ 197,329	$ 173,953
Fair Value	8,154	5,925
Counterparty Netting	(4,940)	(3,646)
Cash Collateral	(2,723)	(1,886)
Total derivative assets	491	393
Gross Derivative Liabilities
Notional Amount	70,271	68,961
Fair Value	5,429	4,588
Counterparty Netting	(4,940)	(3,646)
Cash Collateral	(305)	(801)
Total derivative liabilities on consolidated balance sheet	184	141
Bifurcated embedded derivatives assets, fair value	0	0
Bifurcated embedded derivative liabilities, fair value	11,100	10,200
Derivatives designated as hedging instruments | Interest rate contracts
Gross Derivative Assets
Notional Amount	1,560	2,213
Fair Value	217	238
Gross Derivative Liabilities
Notional Amount	4,977	833
Fair Value	85	18
Derivatives designated as hedging instruments | Foreign exchange contracts
Gross Derivative Assets
Notional Amount	5,607	2,918
Fair Value	447	354
Gross Derivative Liabilities
Notional Amount	1,957	4,829
Fair Value	55	164
Derivatives not designated as hedging instruments | Interest rate contracts
Gross Derivative Assets
Notional Amount	53,412	41,056
Fair Value	3,318	2,709
Gross Derivative Liabilities
Notional Amount	35,930	41,225
Fair Value	3,330	3,260
Derivatives not designated as hedging instruments | Foreign exchange contracts
Gross Derivative Assets
Notional Amount	9,509	6,260
Fair Value	585	586
Gross Derivative Liabilities
Notional Amount	5,108	7,878
Fair Value	280	399
Derivatives not designated as hedging instruments | Equity contracts
Gross Derivative Assets
Notional Amount	81,499	76,561
Fair Value	3,498	2,017
Gross Derivative Liabilities
Notional Amount	22,247	14,144
Fair Value	1,679	745
Derivatives not designated as hedging instruments | Credit contracts
Gross Derivative Assets
Notional Amount	2,005	305
Fair Value	76	8
Gross Derivative Liabilities
Notional Amount	5	5
Fair Value	0	0
Derivatives not designated as hedging instruments | Other contracts
Gross Derivative Assets
Notional Amount	43,737	44,640
Fair Value	13	13
Gross Derivative Liabilities
Notional Amount	47	47
Fair Value	$ 0	$ 2

XML

Derivatives and Hedge Accounting - Notional amounts of derivatives with related parties and third parties (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Gross Derivative Assets
Derivative asset, notional amount	$ 197,329	$ 173,953
Derivative assets net, fair value	8,154	5,925
Gross Derivative Liabilities
Notional Amount	70,271	68,961
Fair Value	5,429	4,588
Related Party
Gross Derivative Assets
Derivative asset, notional amount	3,362	53,163
Derivative assets net, fair value	65	622
Gross Derivative Liabilities
Notional Amount	1	5,720
Fair Value	0	232
Nonrelated Party
Gross Derivative Assets
Derivative asset, notional amount	193,967	120,790
Derivative assets net, fair value	8,089	5,303
Gross Derivative Liabilities
Notional Amount	70,270	63,241
Fair Value	$ 5,429	$ 4,356

XML

Derivatives and Hedge Accounting - Balance sheet location (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Fixed maturity securities
Derivative [Line Items]
Carrying amount of hedged assets	$ 6,662	$ 7,412
Commercial mortgage and other loans
Derivative [Line Items]
Carrying amount of hedged assets	0	0
Policyholder contract deposits
Derivative [Line Items]
Carrying amount of hedged liabilities	(7,422)	(4,756)
Cumulative Amount of Fair Value Hedging Adjustments Included In the Carrying Amount of the Hedged Assets Liabilities | Fixed maturity securities
Derivative [Line Items]
Carrying amount of hedged assets	0	0
Cumulative Amount of Fair Value Hedging Adjustments Included In the Carrying Amount of the Hedged Assets Liabilities | Commercial mortgage and other loans
Derivative [Line Items]
Carrying amount of hedged assets	(22)	(24)
Cumulative Amount of Fair Value Hedging Adjustments Included In the Carrying Amount of the Hedged Assets Liabilities | Policyholder contract deposits
Derivative [Line Items]
Carrying amount of hedged liabilities	$ (43)	$ 31

XML

Derivatives and Hedge Accounting - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Credit derivatives:
Reclassification into interest expense	$ 7,000,000	$ 7,000,000	$ 14,000,000	$ 14,000,000
Amounts to be reclassified in the next 30 years			$ 160,000,000
Maximum duration of hedging relationship			30 years
Amounts to be reclassified in the next twelve months			$ 28,000,000
Foreign currency translation gain (loss) adjustment related to net investment hedge relationships	5,000,000		(13,000,000)
Fair value of hybrid securities	0		0		$ 0
Par value of hybrid securities	25,000,000		25,000,000		25,000,000
Currency Swap
Credit derivatives:
Foreign currency translation gain (loss) adjustment related to net investment hedge relationships	1,000,000	$ (1,000,000)	3,000,000	$ (2,000,000)
Net Investment Income
Credit derivatives:
Foreign currency translation gain (loss) adjustment related to net investment hedge relationships	(4,000,000)		(7,000,000)
Nonrelated Party
Credit derivatives:
Collateral posted	1,100,000,000		1,100,000,000		1,400,000,000
Collateral obtained from third parties for derivative transactions	3,200,000,000		3,200,000,000		1,900,000,000
Related Party
Credit derivatives:
Collateral posted	0		0		0
Collateral obtained from third parties for derivative transactions	$ 66,000,000		$ 66,000,000		$ 377,000,000

XML

Derivatives and Hedge Accounting - Fair value hedging relationships (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Derivative instruments gain (loss):
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest credited to policyholder account balances	Interest credited to policyholder account balances	Interest credited to policyholder account balances	Interest credited to policyholder account balances
Derivatives designated as hedging instruments | Fair value hedging | Interest rate contracts
Derivative instruments gain (loss):
Gains/(losses) recognized in earnings on hedging derivatives	$ (10)	$ (43)	$ (69)		$ 43
Gains/(losses) recognized in earnings for excluded components	0	0	0		0
Gain (losses) recognized in earnings on hedged items	4	37	69		(51)
Net Impact	(6)	(6)	0		(8)
Derivatives designated as hedging instruments | Fair value hedging | Foreign exchange contracts
Derivative instruments gain (loss):
Gains/(losses) recognized in earnings on hedging derivatives	25	(79)	169		(162)
Gains/(losses) recognized in earnings for excluded components	53	30	42		109
Gain (losses) recognized in earnings on hedged items	(25)	79	(169)		162
Net Impact	$ 53	$ 30	$ 42		$ 109

XML

Derivatives and Hedge Accounting - Derivatives not designated as hedging instruments (Details) - Derivatives not designated as hedging instruments - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total	$ (264)	$ (563)	$ (719)	$ (2,051)
AIG
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total	49	(246)	36	(240)
Excluding Fortitude Re Funds Withheld Assets
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total	(129)	9	169	(405)
Excluding Fortitude Re Funds Withheld Assets | AIG Life | Discontinued Operations, Disposed of by Sale
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total			5
Fortitude Re funds withheld assets
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total	(37)	(85)	(132)	(42)
Fortitude Re funds withheld embedded derivative
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total	36	122	58	(903)
Policy fees
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total	14	16	29	32
Net Investment Income (Loss)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total	6	0	11	(2)
Policyholder benefits
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total	0	(3)	0	0
Change in the Fair Value of market risk benefits, net
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total	(154)	(622)	(854)	(731)
Interest rate contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total	3	(148)	(364)	(116)
Foreign exchange contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total	(60)	(123)	164	(190)
Equity contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total	14	(131)	203	(48)
Credit contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total	3	0	26	0
Other contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total	15	152	31	25
Embedded derivatives
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total	(275)	(435)	(837)	(819)
Embedded derivatives | Fortitude Re funds withheld embedded derivative
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total	$ 36	$ 122	$ 58	$ (903)

XML

Deferred Policy Acquisition Costs - Rollforward of LDTI and VOBA (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Deferred policy acquisition costs and value of business acquired	$ 10,133	$ 10,715	$ 10,011
Disposal Group, Held-for-Sale, Not Discontinued Operations | AIG Life U.K.
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Deferred policy acquisition costs held for sale			740
Value of business acquired held for sale			$ 74
Long-Duration Insurance Contracts
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Balance, beginning of year	9,994	10,472
Capitalization	684	626
Amortization expense	(526)	(508)
Other, including foreign exchange	(7)	33
Dispositions	(27)
Balance, end of year	10,118	10,623
Long-Duration Insurance Contracts | Individual Retirement
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Balance, beginning of year	4,777	4,643
Capitalization	395	358
Amortization expense	(301)	(274)
Other, including foreign exchange	0	0
Dispositions	0
Balance, end of year	4,871	4,727
Long-Duration Insurance Contracts | Group Retirement
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Balance, beginning of year	1,055	1,060
Capitalization	41	37
Amortization expense	(42)	(41)
Other, including foreign exchange	0	0
Dispositions	0
Balance, end of year	1,054	1,056
Long-Duration Insurance Contracts | Life Insurance
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Balance, beginning of year	4,092	4,718
Capitalization	226	221
Amortization expense	(177)	(189)
Other, including foreign exchange	(7)	33
Dispositions	(27)
Balance, end of year	4,107	4,783
Long-Duration Insurance Contracts | Institutional Markets
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Balance, beginning of year	70	51
Capitalization	22	10
Amortization expense	(6)	(4)
Other, including foreign exchange	0	0
Dispositions	0
Balance, end of year	86	57
Value Of Business Acquired
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Balance, beginning of year	17	91
Amortization expense	(1)	(6)
Other, including foreign exchange	(1)	7
Balance, end of year	15	92
Value Of Business Acquired | Individual Retirement
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Balance, beginning of year	2	3
Amortization expense	0	(1)
Other, including foreign exchange	0	0
Balance, end of year	2	2
Value Of Business Acquired | Group Retirement
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Balance, beginning of year	1	1
Amortization expense	0	0
Other, including foreign exchange	0	(1)
Balance, end of year	1	0
Value Of Business Acquired | Life Insurance
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Balance, beginning of year	14	87
Amortization expense	(1)	(5)
Other, including foreign exchange	(1)	8
Balance, end of year	12	90
Value Of Business Acquired | Institutional Markets
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Balance, beginning of year	0	0
Amortization expense	0	0
Other, including foreign exchange	0	0
Balance, end of year	$ 0	$ 0

XML

Deferred Policy Acquisition Costs - Rollforward of DSI (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Movement in Deferred Sales Inducements [Roll Forward]
Other assets, including restricted cash	$ 10,133	$ 10,715	$ 10,011
Deferred Sale Inducements
Movement in Deferred Sales Inducements [Roll Forward]
Balance, beginning of year	497	558
Capitalization	4	5
Amortization expense	(33)	(34)
Balance, end of period	468	529
Other reconciling items	1,872	2,151
Other assets, including restricted cash	2,340	2,680
Deferred Sale Inducements | Individual Retirement
Movement in Deferred Sales Inducements [Roll Forward]
Balance, beginning of year	333	381
Capitalization	3	4
Amortization expense	(26)	(27)
Balance, end of period	310	358
Deferred Sale Inducements | Group Retirement
Movement in Deferred Sales Inducements [Roll Forward]
Balance, beginning of year	164	177
Capitalization	1	1
Amortization expense	(7)	(7)
Balance, end of period	$ 158	$ 171

XML

Separate Account Assets and Liabilities - Separate account assets (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Separate Account Investment [Line Items]
Separate account assets, at fair value	$ 94,122	$ 91,005
Equity funds
Fair Value, Separate Account Investment [Line Items]
Separate account assets, at fair value	58,295	55,538
Bond funds
Fair Value, Separate Account Investment [Line Items]
Separate account assets, at fair value	8,590	8,676
Balanced funds
Fair Value, Separate Account Investment [Line Items]
Separate account assets, at fair value	25,546	25,166
Money market funds
Fair Value, Separate Account Investment [Line Items]
Separate account assets, at fair value	1,691	1,625
Individual Retirement
Fair Value, Separate Account Investment [Line Items]
Separate account assets, at fair value	49,208	47,893
Individual Retirement | Equity funds
Fair Value, Separate Account Investment [Line Items]
Separate account assets, at fair value	26,698	25,451
Individual Retirement | Bond funds
Fair Value, Separate Account Investment [Line Items]
Separate account assets, at fair value	4,059	4,037
Individual Retirement | Balanced funds
Fair Value, Separate Account Investment [Line Items]
Separate account assets, at fair value	17,753	17,711
Individual Retirement | Money market funds
Fair Value, Separate Account Investment [Line Items]
Separate account assets, at fair value	698	694
Group Retirement
Fair Value, Separate Account Investment [Line Items]
Separate account assets, at fair value	39,679	38,188
Group Retirement | Equity funds
Fair Value, Separate Account Investment [Line Items]
Separate account assets, at fair value	30,033	28,675
Group Retirement | Bond funds
Fair Value, Separate Account Investment [Line Items]
Separate account assets, at fair value	3,207	3,292
Group Retirement | Balanced funds
Fair Value, Separate Account Investment [Line Items]
Separate account assets, at fair value	5,635	5,479
Group Retirement | Money market funds
Fair Value, Separate Account Investment [Line Items]
Separate account assets, at fair value	804	742
Life Insurance
Fair Value, Separate Account Investment [Line Items]
Separate account assets, at fair value	1,031	932
Life Insurance | Equity funds
Fair Value, Separate Account Investment [Line Items]
Separate account assets, at fair value	914	819
Life Insurance | Bond funds
Fair Value, Separate Account Investment [Line Items]
Separate account assets, at fair value	45	44
Life Insurance | Balanced funds
Fair Value, Separate Account Investment [Line Items]
Separate account assets, at fair value	55	53
Life Insurance | Money market funds
Fair Value, Separate Account Investment [Line Items]
Separate account assets, at fair value	17	16
Institutional Markets
Fair Value, Separate Account Investment [Line Items]
Separate account assets, at fair value	4,204	3,992
Institutional Markets | Equity funds
Fair Value, Separate Account Investment [Line Items]
Separate account assets, at fair value	650	593
Institutional Markets | Bond funds
Fair Value, Separate Account Investment [Line Items]
Separate account assets, at fair value	1,279	1,303
Institutional Markets | Balanced funds
Fair Value, Separate Account Investment [Line Items]
Separate account assets, at fair value	2,103	1,923
Institutional Markets | Money market funds
Fair Value, Separate Account Investment [Line Items]
Separate account assets, at fair value	$ 172	$ 173

XML

Separate Account Assets and Liabilities - Separate account liabilities (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Separate Account, Liability [Roll Forward]
Separate accounts balance, beginning of year	$ 91,005	$ 84,853
Premiums and deposits	1,432	1,552
Policy charges	(874)	(955)
Surrenders and withdrawals	(4,717)	(3,600)
Benefit payments	(795)	(743)
Investment performance	8,157	8,600
Net transfers from (to) general account and other	(86)	11
Separate accounts balance, end of period	94,122	89,718
Cash surrender value	92,965	88,389
Individual Retirement
Separate Account, Liability [Roll Forward]
Separate accounts balance, beginning of year	47,893	45,178
Premiums and deposits	621	807
Policy charges	(570)	(662)
Surrenders and withdrawals	(2,502)	(1,776)
Benefit payments	(478)	(432)
Investment performance	4,208	4,172
Net transfers from (to) general account and other	36	122
Separate accounts balance, end of period	49,208	47,409
Cash surrender value	48,277	46,307
Group Retirement
Separate Account, Liability [Roll Forward]
Separate accounts balance, beginning of year	38,188	34,361
Premiums and deposits	712	697
Policy charges	(233)	(221)
Surrenders and withdrawals	(2,145)	(1,390)
Benefit payments	(302)	(250)
Investment performance	3,607	4,169
Net transfers from (to) general account and other	(148)	(121)
Separate accounts balance, end of period	39,679	37,245
Cash surrender value	39,478	37,050
Life Insurance
Separate Account, Liability [Roll Forward]
Separate accounts balance, beginning of year	932	799
Premiums and deposits	17	18
Policy charges	(24)	(25)
Surrenders and withdrawals	(17)	(12)
Benefit payments	(4)	(3)
Investment performance	128	113
Net transfers from (to) general account and other	(1)	(2)
Separate accounts balance, end of period	1,031	888
Cash surrender value	1,010	854
Institutional Markets
Separate Account, Liability [Roll Forward]
Separate accounts balance, beginning of year	3,992	4,515
Premiums and deposits	82	30
Policy charges	(47)	(47)
Surrenders and withdrawals	(53)	(422)
Benefit payments	(11)	(58)
Investment performance	214	146
Net transfers from (to) general account and other	27	12
Separate accounts balance, end of period	4,204	4,176
Cash surrender value	$ 4,200	$ 4,178

XML

Future Policy Benefits - Balances of changes in liability for future policy benefits (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Present value of expected net premiums
Balance, beginning of year	$ 9,352	$ 12,645
Effect of changes in discount rate assumptions (AOCI)	1,526	1,938
Reclassified to Liabilities held-for-sale			$ 4,287
Beginning balance at original discount rate	15,165	14,583
Effect of actual variances from expected experience			(18)	$ 16
Adjusted beginning of year balance	15,147	14,599
Issuances	572	666
Interest accrual	224	237
Net premium collected	(691)	(778)
Foreign exchange impact	(46)	206
Other	(4)	10
Dispositions	(5,108)
Ending balance at original discount rate	10,094	14,940
Effect of changes in discount rate assumptions (AOCI)	(911)	(1,965)
Balance, end of period	9,183	12,975
Present value of expected future policy benefits
Balance, beginning of year	58,237	55,506
Effect of changes in discount rate assumptions (AOCI)	5,217	7,310
Reclassified to Liabilities held-for-sale			5,119
Beginning balance at original discount rate	68,573	62,816
Effect of actual variances from expected experience			(61)	44
Adjusted beginning of year balance	68,512	62,860
Issuances	2,528	4,086
Interest accrual	1,415	1,294
Benefit payments	(2,218)	(2,281)
Foreign exchange impact	(136)	544
Other	(12)	(1)
Dispositions	(6,796)
Ending balance at original discount rate	63,293	66,502
Effect of changes in discount rate assumptions (AOCI)	(6,144)	(7,119)
Balance, end of period	57,149	59,383
Net liability for future policy benefits, end of period	47,966	46,408
Liability for future policy benefits for certain participating contracts	1,292	1,329
Liability for universal life policies with secondary guarantees and similar features	3,971	3,458
Deferred profit liability	2,547	2,450
Other reconciling items	579	643
Future policy benefits for life and accident and health insurance contracts	56,355	54,288	57,108
Less: Reinsurance recoverable:	21,535	23,011
Net liability for future policy benefits after reinsurance recoverable	34,820	31,277
Individual Retirement
Present value of expected net premiums
Balance, beginning of year	0	0
Effect of changes in discount rate assumptions (AOCI)	0	0
Reclassified to Liabilities held-for-sale			0
Beginning balance at original discount rate	0	0
Effect of actual variances from expected experience			0	0
Adjusted beginning of year balance	0	0
Issuances	0	0
Interest accrual	0	0
Net premium collected	0	0
Foreign exchange impact	0	0
Other	0	0
Dispositions	0
Ending balance at original discount rate	0	0
Effect of changes in discount rate assumptions (AOCI)	0	0
Balance, end of period	0	0
Present value of expected future policy benefits
Balance, beginning of year	1,353	1,223
Effect of changes in discount rate assumptions (AOCI)	132	167
Reclassified to Liabilities held-for-sale			0
Beginning balance at original discount rate	1,485	1,390
Effect of actual variances from expected experience			(21)	(1)
Adjusted beginning of year balance	1,464	1,389
Issuances	62	120
Interest accrual	32	25
Benefit payments	(67)	(65)
Foreign exchange impact	0	0
Other	0	0
Dispositions	0
Ending balance at original discount rate	1,491	1,469
Effect of changes in discount rate assumptions (AOCI)	(170)	(158)
Balance, end of period	1,321	1,311
Net liability for future policy benefits, end of period	1,321	1,311
Liability for future policy benefits for certain participating contracts	0	0
Liability for universal life policies with secondary guarantees and similar features	0	0
Deferred profit liability	78	86
Other reconciling items	30	35
Future policy benefits for life and accident and health insurance contracts	1,429	1,432
Less: Reinsurance recoverable:	4	4
Net liability for future policy benefits after reinsurance recoverable	$ 1,425	$ 1,428
Weighted average liability duration of the liability for future policy benefits (in years)	7 years 6 months	7 years 9 months 18 days
Group Retirement
Present value of expected net premiums
Balance, beginning of year	$ 0	$ 0
Effect of changes in discount rate assumptions (AOCI)	0	0
Reclassified to Liabilities held-for-sale			0
Beginning balance at original discount rate	0	0
Effect of actual variances from expected experience			0	0
Adjusted beginning of year balance	0	0
Issuances	0	0
Interest accrual	0	0
Net premium collected	0	0
Foreign exchange impact	0	0
Other	0	0
Dispositions	0
Ending balance at original discount rate	0	0
Effect of changes in discount rate assumptions (AOCI)	0	0
Balance, end of period	0	0
Present value of expected future policy benefits
Balance, beginning of year	217	211
Effect of changes in discount rate assumptions (AOCI)	(3)	2
Reclassified to Liabilities held-for-sale			0
Beginning balance at original discount rate	214	213
Effect of actual variances from expected experience			(2)	0
Adjusted beginning of year balance	212	213
Issuances	6	6
Interest accrual	6	5
Benefit payments	(12)	(13)
Foreign exchange impact	0	0
Other	(5)	0
Dispositions	0
Ending balance at original discount rate	207	211
Effect of changes in discount rate assumptions (AOCI)	(3)	(1)
Balance, end of period	204	210
Net liability for future policy benefits, end of period	204	210
Liability for future policy benefits for certain participating contracts	0	0
Liability for universal life policies with secondary guarantees and similar features	0	0
Deferred profit liability	9	10
Other reconciling items	0	3
Future policy benefits for life and accident and health insurance contracts	213	223
Less: Reinsurance recoverable:	0	0
Net liability for future policy benefits after reinsurance recoverable	$ 213	$ 223
Weighted average liability duration of the liability for future policy benefits (in years)	6 years 7 months 6 days	6 years 10 months 24 days
Life Insurance
Present value of expected net premiums
Balance, beginning of year	$ 8,379	$ 11,654
Effect of changes in discount rate assumptions (AOCI)	1,482	1,872
Reclassified to Liabilities held-for-sale			4,287
Beginning balance at original discount rate	14,148	13,526
Effect of actual variances from expected experience			(12)	10
Adjusted beginning of year balance	14,136	13,536
Issuances	572	666
Interest accrual	202	214
Net premium collected	(634)	(719)
Foreign exchange impact	(46)	206
Other	(4)	10
Dispositions	(5,108)
Ending balance at original discount rate	9,118	13,913
Effect of changes in discount rate assumptions (AOCI)	(845)	(1,904)
Balance, end of period	8,273	12,009
Present value of expected future policy benefits
Balance, beginning of year	17,531	21,179
Effect of changes in discount rate assumptions (AOCI)	2,745	3,424
Reclassified to Liabilities held-for-sale			5,119
Beginning balance at original discount rate	25,395	24,603
Effect of actual variances from expected experience			(10)	36
Adjusted beginning of year balance	25,385	24,639
Issuances	565	656
Interest accrual	435	450
Benefit payments	(814)	(943)
Foreign exchange impact	(61)	236
Other	(2)	5
Dispositions	(6,796)
Ending balance at original discount rate	18,712	25,043
Effect of changes in discount rate assumptions (AOCI)	(1,717)	(3,386)
Balance, end of period	16,995	21,657
Net liability for future policy benefits, end of period	8,722	9,648
Liability for future policy benefits for certain participating contracts	12	13
Liability for universal life policies with secondary guarantees and similar features	3,916	3,402
Deferred profit liability	21	17
Other reconciling items	457	513
Future policy benefits for life and accident and health insurance contracts	13,128	13,593
Less: Reinsurance recoverable:	699	1,148
Net liability for future policy benefits after reinsurance recoverable	$ 12,429	$ 12,445
Weighted average liability duration of the liability for future policy benefits (in years)	10 years 10 months 24 days	12 years 6 months
Institutional Markets
Present value of expected net premiums
Balance, beginning of year	$ 0	$ 0
Effect of changes in discount rate assumptions (AOCI)	0	0
Reclassified to Liabilities held-for-sale			0
Beginning balance at original discount rate	0	0
Effect of actual variances from expected experience			0	0
Adjusted beginning of year balance	0	0
Issuances	0	0
Interest accrual	0	0
Net premium collected	0	0
Foreign exchange impact	0	0
Other	0	0
Dispositions	0
Ending balance at original discount rate	0	0
Effect of changes in discount rate assumptions (AOCI)	0	0
Balance, end of period	0	0
Present value of expected future policy benefits
Balance, beginning of year	18,482	12,464
Effect of changes in discount rate assumptions (AOCI)	1,906	2,634
Reclassified to Liabilities held-for-sale			0
Beginning balance at original discount rate	20,388	15,098
Effect of actual variances from expected experience			(12)	17
Adjusted beginning of year balance	20,376	15,115
Issuances	1,892	3,301
Interest accrual	439	301
Benefit payments	(594)	(521)
Foreign exchange impact	(75)	308
Other	0	0
Dispositions	0
Ending balance at original discount rate	22,038	18,504
Effect of changes in discount rate assumptions (AOCI)	(2,848)	(2,752)
Balance, end of period	19,190	15,752
Net liability for future policy benefits, end of period	19,190	15,752
Liability for future policy benefits for certain participating contracts	0	0
Liability for universal life policies with secondary guarantees and similar features	0	0
Deferred profit liability	1,602	1,468
Other reconciling items	0	0
Future policy benefits for life and accident and health insurance contracts	20,792	17,220
Less: Reinsurance recoverable:	39	39
Net liability for future policy benefits after reinsurance recoverable	$ 20,753	$ 17,181
Weighted average liability duration of the liability for future policy benefits (in years)	11 years 9 months 18 days	11 years 7 months 6 days
Corporate and Other
Present value of expected net premiums
Balance, beginning of year	$ 973	$ 991
Effect of changes in discount rate assumptions (AOCI)	44	66
Reclassified to Liabilities held-for-sale			0
Beginning balance at original discount rate	1,017	1,057
Effect of actual variances from expected experience			(6)	6
Adjusted beginning of year balance	1,011	1,063
Issuances	0	0
Interest accrual	22	23
Net premium collected	(57)	(59)
Foreign exchange impact	0	0
Other	0	0
Dispositions	0
Ending balance at original discount rate	976	1,027
Effect of changes in discount rate assumptions (AOCI)	(66)	(61)
Balance, end of period	910	966
Present value of expected future policy benefits
Balance, beginning of year	20,654	20,429
Effect of changes in discount rate assumptions (AOCI)	437	1,083
Reclassified to Liabilities held-for-sale			0
Beginning balance at original discount rate	21,091	21,512
Effect of actual variances from expected experience			$ (16)	$ (8)
Adjusted beginning of year balance	21,075	21,504
Issuances	3	3
Interest accrual	503	513
Benefit payments	(731)	(739)
Foreign exchange impact	0	0
Other	(5)	(6)
Dispositions	0
Ending balance at original discount rate	20,845	21,275
Effect of changes in discount rate assumptions (AOCI)	(1,406)	(822)
Balance, end of period	19,439	20,453
Net liability for future policy benefits, end of period	18,529	19,487
Liability for future policy benefits for certain participating contracts	1,280	1,316
Liability for universal life policies with secondary guarantees and similar features	55	56
Deferred profit liability	837	869
Other reconciling items	92	92
Future policy benefits for life and accident and health insurance contracts	20,793	21,820
Less: Reinsurance recoverable:	20,793	21,820
Net liability for future policy benefits after reinsurance recoverable	$ 0	$ 0
Weighted average liability duration of the liability for future policy benefits (in years)	10 years 10 months 24 days	11 years 6 months

XML

Future Policy Benefits - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Term Life Insurance
Liabilities for Guarantees on Long-Duration Contracts [Line Items]
(Decrease) increase in reserves	$ 1	$ 32

XML

Future Policy Benefits - Expected future benefits, expenses, and gross premiums (Details) - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 2023
Individual Retirement
Liability for Future Policy Benefit, Activity [Line Items]
Undiscounted expected future benefits and expense	$ 2,139	$ 2,115
Undiscounted expected future gross premiums	0	0
Discounted expected future gross premiums (at current discount rate)	0	0
Group Retirement
Liability for Future Policy Benefit, Activity [Line Items]
Undiscounted expected future benefits and expense	306	316
Undiscounted expected future gross premiums	0	0
Discounted expected future gross premiums (at current discount rate)	0	0
Life Insurance
Liability for Future Policy Benefit, Activity [Line Items]
Undiscounted expected future benefits and expense	30,783	39,848
Undiscounted expected future gross premiums	21,815	29,792
Discounted expected future gross premiums (at current discount rate)	14,318	19,207
Institutional Markets
Liability for Future Policy Benefit, Activity [Line Items]
Undiscounted expected future benefits and expense	42,543	33,474
Undiscounted expected future gross premiums	0	0
Discounted expected future gross premiums (at current discount rate)	0	0
Corporate and Other
Liability for Future Policy Benefit, Activity [Line Items]
Undiscounted expected future benefits and expense	42,304	43,791
Undiscounted expected future gross premiums	2,060	2,179
Discounted expected future gross premiums (at current discount rate)	$ 1,356	$ 1,435

XML

Future Policy Benefits - Income statement information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Liability for Future Policy Benefit, Activity [Line Items]
Gross premiums	$ 3,229	$ 4,928
Interest accretion	1,191	1,057
Universal Life
Liability for Future Policy Benefit, Activity [Line Items]
Gross premiums	519	593
Interest accretion	79	62
Individual Retirement
Liability for Future Policy Benefit, Activity [Line Items]
Gross premiums	70	136
Interest accretion	32	25
Group Retirement
Liability for Future Policy Benefit, Activity [Line Items]
Gross premiums	5	10
Interest accretion	6	5
Life Insurance
Liability for Future Policy Benefit, Activity [Line Items]
Gross premiums	1,070	1,175
Interest accretion	233	236
Life Insurance | Universal Life
Liability for Future Policy Benefit, Activity [Line Items]
Gross premiums	500	573
Interest accretion	78	61
Institutional Markets
Liability for Future Policy Benefit, Activity [Line Items]
Gross premiums	1,981	3,500
Interest accretion	439	301
Corporate and Other
Liability for Future Policy Benefit, Activity [Line Items]
Gross premiums	103	107
Interest accretion	481	490
Corporate and Other | Universal Life
Liability for Future Policy Benefit, Activity [Line Items]
Gross premiums	19	20
Interest accretion	$ 1	$ 1

XML

Future Policy Benefits - Weighted-average interest rates (Details)	Jun. 30, 2024	Jun. 30, 2023
Individual Retirement
Liability for Future Policy Benefit, Activity [Line Items]
Weighted-average interest rate, original discount rate	3.79%	3.73%
Weighted-average interest rate, current discount rate	5.48%	5.27%
Group Retirement
Liability for Future Policy Benefit, Activity [Line Items]
Weighted-average interest rate, original discount rate	5.13%	5.14%
Weighted-average interest rate, current discount rate	5.44%	5.26%
Life Insurance
Liability for Future Policy Benefit, Activity [Line Items]
Weighted-average interest rate, original discount rate	4.68%	4.09%
Weighted-average interest rate, current discount rate	5.56%	5.27%
Life Insurance | Universal Life
Liability for Future Policy Benefit, Activity [Line Items]
Weighted-average interest rate, current discount rate	3.92%	3.77%
Institutional Markets
Liability for Future Policy Benefit, Activity [Line Items]
Weighted-average interest rate, original discount rate	4.27%	3.95%
Weighted-average interest rate, current discount rate	5.43%	5.34%
Corporate and Other
Liability for Future Policy Benefit, Activity [Line Items]
Weighted-average interest rate, original discount rate	4.86%	4.88%
Weighted-average interest rate, current discount rate	5.54%	5.25%
Corporate and Other | Universal Life
Liability for Future Policy Benefit, Activity [Line Items]
Weighted-average interest rate, current discount rate	4.20%	4.20%

XML

Future Policy Benefits - Schedule of liabilities by product (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Liability for Future Policy Benefit, Activity [Line Items]
Net liability for future policy benefits, beginning balance	$ 57,108
Effect of actual variances from expected experience			$ (18)	$ 16
Adjusted beginning of year balance			15,147	14,599
Interest accrual	224	$ 237
Other	(4)	10
Net liability for future policy benefits, end of period	56,355	54,288
Less: Reinsurance recoverable:	(21,535)	(23,011)
Net liability for future policy benefits after reinsurance recoverable	34,820	31,277
Universal Life
Liability for Future Policy Benefit, Activity [Line Items]
Net liability for future policy benefits, beginning balance	3,786	3,355
Effect of actual variances from expected experience			190	148
Adjusted beginning of year balance			3,976	3,503
Assessments	289	342
Excess benefits paid	(413)	(457)
Interest accrual	79	62
Other	0	(3)
Changes related to unrealized appreciation (depreciation) of investments	40	11
Net liability for future policy benefits, end of period	3,971	3,458
Less: Reinsurance recoverable:	(230)	(172)
Net liability for future policy benefits after reinsurance recoverable	3,741	3,286
Life Insurance
Liability for Future Policy Benefit, Activity [Line Items]
Effect of actual variances from expected experience			(12)	10
Adjusted beginning of year balance			14,136	13,536
Interest accrual	202	214
Other	(4)	10
Net liability for future policy benefits, end of period	13,128	13,593
Less: Reinsurance recoverable:	(699)	(1,148)
Net liability for future policy benefits after reinsurance recoverable	$ 12,429	$ 12,445
Weighted average liability duration of the liability for future policy benefits (in years)	10 years 10 months 24 days	12 years 6 months
Life Insurance | Universal Life
Liability for Future Policy Benefit, Activity [Line Items]
Net liability for future policy benefits, beginning balance	$ 3,731	$ 3,300
Effect of actual variances from expected experience			192	149
Adjusted beginning of year balance			3,923	3,449
Assessments	288	341
Excess benefits paid	(413)	(457)
Interest accrual	78	61
Other	0	(3)
Changes related to unrealized appreciation (depreciation) of investments	40	11
Net liability for future policy benefits, end of period	3,916	3,402
Less: Reinsurance recoverable:	(175)	(172)
Net liability for future policy benefits after reinsurance recoverable	$ 3,741	$ 3,230
Weighted average liability duration of the liability for future policy benefits (in years)	25 years 1 month 6 days	26 years 2 months 12 days
Corporate and Other
Liability for Future Policy Benefit, Activity [Line Items]
Effect of actual variances from expected experience			(6)	6
Adjusted beginning of year balance			1,011	1,063
Interest accrual	$ 22	$ 23
Other	0	0
Net liability for future policy benefits, end of period	20,793	21,820
Less: Reinsurance recoverable:	(20,793)	(21,820)
Net liability for future policy benefits after reinsurance recoverable	$ 0	$ 0
Weighted average liability duration of the liability for future policy benefits (in years)	10 years 10 months 24 days	11 years 6 months
Corporate and Other | Universal Life
Liability for Future Policy Benefit, Activity [Line Items]
Net liability for future policy benefits, beginning balance	$ 55	$ 55
Effect of actual variances from expected experience			(2)	(1)
Adjusted beginning of year balance			$ 53	$ 54
Assessments	1	1
Excess benefits paid	0	0
Interest accrual	1	1
Other	0	0
Changes related to unrealized appreciation (depreciation) of investments	0	0
Net liability for future policy benefits, end of period	55	56
Less: Reinsurance recoverable:	(55)	0
Net liability for future policy benefits after reinsurance recoverable	$ 0	$ 56
Weighted average liability duration of the liability for future policy benefits (in years)	9 years	9 years 2 months 12 days

XML

Future Policy Benefits - Summary of separate accounts (Details) - Universal Life - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Liabilities for Guarantees on Long-Duration Contracts [Line Items]
Account value	$ 3,846	$ 3,604
Net amount at risk	$ 74,076	$ 70,850
Average attained age of contract holders	54 years	53 years

XML

Policyholder Contract Deposits and Other Policyholder Funds - Rollforward of policyholder contract deposit (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Policyholder Account Balance [Roll Forward]
Policyholder contract deposits account balance, beginning of year	$ 163,408	$ 158,494
Deposits	17,852	13,934
Policy charges	(1,426)	(1,529)
Surrenders and withdrawals	(14,001)	(11,149)
Benefit payments	(3,739)	(3,646)
Net transfers from (to) separate account	4,605	3,331
Interest credited	2,924	1,908
Other	11	(24)
Policyholder contract deposits account balance, end of period	169,634	161,319
Other reconciling items	(1,310)	(1,675)
Policyholder contract deposits	168,324	159,644	$ 162,050
Cash surrender value	145,723	140,260
Individual Retirement
Policyholder Account Balance [Roll Forward]
Policyholder contract deposits account balance, beginning of year	94,896	89,554
Deposits	11,696	8,898
Policy charges	(360)	(462)
Surrenders and withdrawals	(8,902)	(6,585)
Benefit payments	(1,422)	(2,012)
Net transfers from (to) separate account	2,570	1,637
Interest credited	1,670	863
Other	1	(3)
Policyholder contract deposits account balance, end of period	100,149	91,890
Other reconciling items	(1,286)	(1,598)
Policyholder contract deposits	$ 98,863	$ 90,292
Weighted average crediting rate	2.84%	2.59%
Cash surrender value	$ 93,131	$ 85,417
Group Retirement
Policyholder Account Balance [Roll Forward]
Policyholder contract deposits account balance, beginning of year	41,299	43,395
Deposits	2,637	2,597
Policy charges	(250)	(238)
Surrenders and withdrawals	(4,859)	(3,979)
Benefit payments	(993)	(1,080)
Net transfers from (to) separate account	2,026	1,221
Interest credited	611	554
Other	(207)	4
Policyholder contract deposits account balance, end of period	40,264	42,474
Other reconciling items	(212)	(254)
Policyholder contract deposits	$ 40,052	$ 42,220
Weighted average crediting rate	3.08%	2.84%
Cash surrender value	$ 39,262	$ 41,550
Life Insurance
Policyholder Account Balance [Roll Forward]
Policyholder contract deposits account balance, beginning of year	10,231	10,224
Deposits	816	809
Policy charges	(753)	(764)
Surrenders and withdrawals	(148)	(122)
Benefit payments	(153)	(100)
Net transfers from (to) separate account	9	0
Interest credited	243	188
Other	17	(32)
Policyholder contract deposits account balance, end of period	10,262	10,203
Other reconciling items	161	135
Policyholder contract deposits	$ 10,423	$ 10,338
Weighted average crediting rate	4.43%	4.30%
Cash surrender value	$ 9,068	$ 8,976
Institutional Markets
Policyholder Account Balance [Roll Forward]
Policyholder contract deposits account balance, beginning of year	13,649	11,734
Deposits	2,682	1,608
Policy charges	(34)	(34)
Surrenders and withdrawals	(53)	(421)
Benefit payments	(1,028)	(283)
Net transfers from (to) separate account	0	473
Interest credited	320	218
Other	201	(1)
Policyholder contract deposits account balance, end of period	15,737	13,294
Other reconciling items	27	42
Policyholder contract deposits	$ 15,764	$ 13,336
Weighted average crediting rate	4.45%	3.54%
Cash surrender value	$ 2,596	$ 2,555
Corporate and Other
Policyholder Account Balance [Roll Forward]
Policyholder contract deposits account balance, beginning of year	3,333	3,587
Deposits	21	22
Policy charges	(29)	(31)
Surrenders and withdrawals	(39)	(42)
Benefit payments	(143)	(171)
Net transfers from (to) separate account	0	0
Interest credited	80	85
Other	(1)	8
Policyholder contract deposits account balance, end of period	3,222	3,458
Other reconciling items	0	0
Policyholder contract deposits	$ 3,222	$ 3,458
Weighted average crediting rate	4.98%	4.95%
Cash surrender value	$ 1,666	$ 1,762

XML

Policyholder Contract Deposits and Other Policyholder Funds - Account balances by guaranteed minimum interest rates (Details) - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 2023
Policyholder Account Balance [Line Items]
Policyholder Account Balance	$ 102,936	$ 101,902
Policyholder Account Balance, Percentage	100.00%	100.00%
At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Policyholder Account Balance	$ 51,566	$ 58,748
Policyholder Account Balance, Percentage	50.00%	58.00%
1 Basis Point - 50 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder Account Balance	$ 5,968	$ 8,075
Policyholder Account Balance, Percentage	6.00%	8.00%
More than 50 Basis Points Above Minimum Guarantee
Policyholder Account Balance [Line Items]
Policyholder Account Balance	$ 45,402	$ 35,079
Policyholder Account Balance, Percentage	44.00%	34.00%
Individual Retirement
Policyholder Account Balance [Line Items]
Policyholder Account Balance	$ 59,805	$ 56,699
Individual Retirement | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range Less Than 1%
Policyholder Account Balance [Line Items]
Minimum credit rating (as a percent)	1.00%	1.00%
Policyholder Account Balance	$ 39,253	$ 33,231
Individual Retirement | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 1% To 2%
Policyholder Account Balance [Line Items]
Policyholder Account Balance	$ 4,663	$ 6,241
Individual Retirement | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 1% To 2% | Minimum
Policyholder Account Balance [Line Items]
Minimum credit rating (as a percent)	1.00%	1.00%
Individual Retirement | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 1% To 2% | Maximum
Policyholder Account Balance [Line Items]
Minimum credit rating (as a percent)	2.00%	2.00%
Individual Retirement | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 2% To 3%
Policyholder Account Balance [Line Items]
Policyholder Account Balance	$ 9,277	$ 9,574
Individual Retirement | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 2% To 3% | Minimum
Policyholder Account Balance [Line Items]
Minimum credit rating (as a percent)	2.00%	2.00%
Individual Retirement | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 2% To 3% | Maximum
Policyholder Account Balance [Line Items]
Minimum credit rating (as a percent)	3.00%	3.00%
Individual Retirement | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 3% To 4%
Policyholder Account Balance [Line Items]
Policyholder Account Balance	$ 6,153	$ 7,167
Individual Retirement | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 3% To 4% | Minimum
Policyholder Account Balance [Line Items]
Minimum credit rating (as a percent)	3.00%	3.00%
Individual Retirement | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 3% To 4% | Maximum
Policyholder Account Balance [Line Items]
Minimum credit rating (as a percent)	4.00%	4.00%
Individual Retirement | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 4% To 5%
Policyholder Account Balance [Line Items]
Policyholder Account Balance	$ 422	$ 450
Individual Retirement | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 4% To 5% | Minimum
Policyholder Account Balance [Line Items]
Minimum credit rating (as a percent)	4.00%	4.00%
Individual Retirement | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 4% To 5% | Maximum
Policyholder Account Balance [Line Items]
Minimum credit rating (as a percent)	5.00%	5.00%
Individual Retirement | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 5% To 5.5%
Policyholder Account Balance [Line Items]
Minimum credit rating (as a percent)	5.00%	5.00%
Policyholder Account Balance	$ 37	$ 36
Individual Retirement | At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Policyholder Account Balance	23,321	27,626
Individual Retirement | At Guaranteed Minimum | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range Less Than 1%
Policyholder Account Balance [Line Items]
Policyholder Account Balance	6,010	7,044
Individual Retirement | At Guaranteed Minimum | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 1% To 2%
Policyholder Account Balance [Line Items]
Policyholder Account Balance	3,380	4,151
Individual Retirement | At Guaranteed Minimum | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 2% To 3%
Policyholder Account Balance [Line Items]
Policyholder Account Balance	7,367	8,831
Individual Retirement | At Guaranteed Minimum | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 3% To 4%
Policyholder Account Balance [Line Items]
Policyholder Account Balance	6,114	7,122
Individual Retirement | At Guaranteed Minimum | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 4% To 5%
Policyholder Account Balance [Line Items]
Policyholder Account Balance	418	446
Individual Retirement | At Guaranteed Minimum | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 5% To 5.5%
Policyholder Account Balance [Line Items]
Policyholder Account Balance	32	32
Individual Retirement | 1 Basis Point - 50 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder Account Balance	1,863	2,463
Individual Retirement | 1 Basis Point - 50 Basis Points Above | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range Less Than 1%
Policyholder Account Balance [Line Items]
Policyholder Account Balance	1,794	2,390
Individual Retirement | 1 Basis Point - 50 Basis Points Above | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 1% To 2%
Policyholder Account Balance [Line Items]
Policyholder Account Balance	21	23
Individual Retirement | 1 Basis Point - 50 Basis Points Above | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 2% To 3%
Policyholder Account Balance [Line Items]
Policyholder Account Balance	12	11
Individual Retirement | 1 Basis Point - 50 Basis Points Above | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 3% To 4%
Policyholder Account Balance [Line Items]
Policyholder Account Balance	34	39
Individual Retirement | 1 Basis Point - 50 Basis Points Above | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 4% To 5%
Policyholder Account Balance [Line Items]
Policyholder Account Balance	0	0
Individual Retirement | 1 Basis Point - 50 Basis Points Above | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 5% To 5.5%
Policyholder Account Balance [Line Items]
Policyholder Account Balance	2	0
Individual Retirement | More than 50 Basis Points Above Minimum Guarantee
Policyholder Account Balance [Line Items]
Policyholder Account Balance	34,621	26,610
Individual Retirement | More than 50 Basis Points Above Minimum Guarantee | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range Less Than 1%
Policyholder Account Balance [Line Items]
Policyholder Account Balance	31,449	23,797
Individual Retirement | More than 50 Basis Points Above Minimum Guarantee | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 1% To 2%
Policyholder Account Balance [Line Items]
Policyholder Account Balance	1,262	2,067
Individual Retirement | More than 50 Basis Points Above Minimum Guarantee | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 2% To 3%
Policyholder Account Balance [Line Items]
Policyholder Account Balance	1,898	732
Individual Retirement | More than 50 Basis Points Above Minimum Guarantee | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 3% To 4%
Policyholder Account Balance [Line Items]
Policyholder Account Balance	5	6
Individual Retirement | More than 50 Basis Points Above Minimum Guarantee | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 4% To 5%
Policyholder Account Balance [Line Items]
Policyholder Account Balance	4	4
Individual Retirement | More than 50 Basis Points Above Minimum Guarantee | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 5% To 5.5%
Policyholder Account Balance [Line Items]
Policyholder Account Balance	3	4
Group Retirement
Policyholder Account Balance [Line Items]
Policyholder Account Balance	$ 36,062	$ 37,914
Group Retirement | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range Less Than 1%
Policyholder Account Balance [Line Items]
Minimum credit rating (as a percent)	1.00%	1.00%
Policyholder Account Balance	$ 12,006	$ 10,974
Group Retirement | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 1% To 2%
Policyholder Account Balance [Line Items]
Policyholder Account Balance	$ 5,163	$ 6,065
Group Retirement | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 1% To 2% | Minimum
Policyholder Account Balance [Line Items]
Minimum credit rating (as a percent)	1.00%	1.00%
Group Retirement | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 1% To 2% | Maximum
Policyholder Account Balance [Line Items]
Minimum credit rating (as a percent)	2.00%	2.00%
Group Retirement | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 2% To 3%
Policyholder Account Balance [Line Items]
Policyholder Account Balance	$ 11,662	$ 13,274
Group Retirement | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 2% To 3% | Minimum
Policyholder Account Balance [Line Items]
Minimum credit rating (as a percent)	2.00%	2.00%
Group Retirement | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 2% To 3% | Maximum
Policyholder Account Balance [Line Items]
Minimum credit rating (as a percent)	3.00%	3.00%
Group Retirement | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 3% To 4%
Policyholder Account Balance [Line Items]
Policyholder Account Balance	$ 588	$ 651
Group Retirement | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 3% To 4% | Minimum
Policyholder Account Balance [Line Items]
Minimum credit rating (as a percent)	3.00%	3.00%
Group Retirement | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 3% To 4% | Maximum
Policyholder Account Balance [Line Items]
Minimum credit rating (as a percent)	4.00%	4.00%
Group Retirement | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 4% To 5%
Policyholder Account Balance [Line Items]
Policyholder Account Balance	$ 6,503	$ 6,799
Group Retirement | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 4% To 5% | Minimum
Policyholder Account Balance [Line Items]
Minimum credit rating (as a percent)	4.00%	4.00%
Group Retirement | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 4% To 5% | Maximum
Policyholder Account Balance [Line Items]
Minimum credit rating (as a percent)	5.00%	5.00%
Group Retirement | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 5% To 5.5%
Policyholder Account Balance [Line Items]
Minimum credit rating (as a percent)	5.00%	5.00%
Policyholder Account Balance	$ 140	$ 151
Group Retirement | At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Policyholder Account Balance	24,060	26,792
Group Retirement | At Guaranteed Minimum | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range Less Than 1%
Policyholder Account Balance [Line Items]
Policyholder Account Balance	2,103	2,018
Group Retirement | At Guaranteed Minimum | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 1% To 2%
Policyholder Account Balance [Line Items]
Policyholder Account Balance	3,449	4,050
Group Retirement | At Guaranteed Minimum | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 2% To 3%
Policyholder Account Balance [Line Items]
Policyholder Account Balance	11,277	13,123
Group Retirement | At Guaranteed Minimum | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 3% To 4%
Policyholder Account Balance [Line Items]
Policyholder Account Balance	588	651
Group Retirement | At Guaranteed Minimum | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 4% To 5%
Policyholder Account Balance [Line Items]
Policyholder Account Balance	6,503	6,799
Group Retirement | At Guaranteed Minimum | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 5% To 5.5%
Policyholder Account Balance [Line Items]
Policyholder Account Balance	140	151
Group Retirement | 1 Basis Point - 50 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder Account Balance	2,894	4,287
Group Retirement | 1 Basis Point - 50 Basis Points Above | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range Less Than 1%
Policyholder Account Balance [Line Items]
Policyholder Account Balance	1,841	2,574
Group Retirement | 1 Basis Point - 50 Basis Points Above | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 1% To 2%
Policyholder Account Balance [Line Items]
Policyholder Account Balance	781	1,624
Group Retirement | 1 Basis Point - 50 Basis Points Above | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 2% To 3%
Policyholder Account Balance [Line Items]
Policyholder Account Balance	272	89
Group Retirement | 1 Basis Point - 50 Basis Points Above | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 3% To 4%
Policyholder Account Balance [Line Items]
Policyholder Account Balance	0	0
Group Retirement | 1 Basis Point - 50 Basis Points Above | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 4% To 5%
Policyholder Account Balance [Line Items]
Policyholder Account Balance	0	0
Group Retirement | 1 Basis Point - 50 Basis Points Above | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 5% To 5.5%
Policyholder Account Balance [Line Items]
Policyholder Account Balance	0	0
Group Retirement | More than 50 Basis Points Above Minimum Guarantee
Policyholder Account Balance [Line Items]
Policyholder Account Balance	9,108	6,835
Group Retirement | More than 50 Basis Points Above Minimum Guarantee | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range Less Than 1%
Policyholder Account Balance [Line Items]
Policyholder Account Balance	8,062	6,382
Group Retirement | More than 50 Basis Points Above Minimum Guarantee | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 1% To 2%
Policyholder Account Balance [Line Items]
Policyholder Account Balance	933	391
Group Retirement | More than 50 Basis Points Above Minimum Guarantee | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 2% To 3%
Policyholder Account Balance [Line Items]
Policyholder Account Balance	113	62
Group Retirement | More than 50 Basis Points Above Minimum Guarantee | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 3% To 4%
Policyholder Account Balance [Line Items]
Policyholder Account Balance	0	0
Group Retirement | More than 50 Basis Points Above Minimum Guarantee | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 4% To 5%
Policyholder Account Balance [Line Items]
Policyholder Account Balance	0	0
Group Retirement | More than 50 Basis Points Above Minimum Guarantee | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 5% To 5.5%
Policyholder Account Balance [Line Items]
Policyholder Account Balance	0	0
Life Insurance
Policyholder Account Balance [Line Items]
Policyholder Account Balance	$ 7,069	$ 7,289
Life Insurance | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range Less Than 1%
Policyholder Account Balance [Line Items]
Minimum credit rating (as a percent)	1.00%	1.00%
Policyholder Account Balance	$ 0	$ 0
Life Insurance | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 1% To 2%
Policyholder Account Balance [Line Items]
Policyholder Account Balance	$ 476	$ 481
Life Insurance | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 1% To 2% | Minimum
Policyholder Account Balance [Line Items]
Minimum credit rating (as a percent)	1.00%	1.00%
Life Insurance | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 1% To 2% | Maximum
Policyholder Account Balance [Line Items]
Minimum credit rating (as a percent)	2.00%	2.00%
Life Insurance | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 2% To 3%
Policyholder Account Balance [Line Items]
Policyholder Account Balance	$ 1,931	$ 1,965
Life Insurance | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 2% To 3% | Minimum
Policyholder Account Balance [Line Items]
Minimum credit rating (as a percent)	2.00%	2.00%
Life Insurance | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 2% To 3% | Maximum
Policyholder Account Balance [Line Items]
Minimum credit rating (as a percent)	3.00%	3.00%
Life Insurance | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 3% To 4%
Policyholder Account Balance [Line Items]
Policyholder Account Balance	$ 1,665	$ 1,713
Life Insurance | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 3% To 4% | Minimum
Policyholder Account Balance [Line Items]
Minimum credit rating (as a percent)	3.00%	3.00%
Life Insurance | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 3% To 4% | Maximum
Policyholder Account Balance [Line Items]
Minimum credit rating (as a percent)	4.00%	4.00%
Life Insurance | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 4% To 5%
Policyholder Account Balance [Line Items]
Policyholder Account Balance	$ 2,785	$ 2,909
Life Insurance | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 4% To 5% | Minimum
Policyholder Account Balance [Line Items]
Minimum credit rating (as a percent)	4.00%	4.00%
Life Insurance | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 4% To 5% | Maximum
Policyholder Account Balance [Line Items]
Minimum credit rating (as a percent)	5.00%	5.00%
Life Insurance | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 5% To 5.5%
Policyholder Account Balance [Line Items]
Minimum credit rating (as a percent)	5.00%	5.00%
Policyholder Account Balance	$ 212	$ 221
Life Insurance | At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Policyholder Account Balance	4,185	4,330
Life Insurance | At Guaranteed Minimum | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range Less Than 1%
Policyholder Account Balance [Line Items]
Policyholder Account Balance	0	0
Life Insurance | At Guaranteed Minimum | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 1% To 2%
Policyholder Account Balance [Line Items]
Policyholder Account Balance	0	0
Life Insurance | At Guaranteed Minimum | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 2% To 3%
Policyholder Account Balance [Line Items]
Policyholder Account Balance	9	10
Life Insurance | At Guaranteed Minimum | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 3% To 4%
Policyholder Account Balance [Line Items]
Policyholder Account Balance	1,179	1,190
Life Insurance | At Guaranteed Minimum | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 4% To 5%
Policyholder Account Balance [Line Items]
Policyholder Account Balance	2,785	2,909
Life Insurance | At Guaranteed Minimum | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 5% To 5.5%
Policyholder Account Balance [Line Items]
Policyholder Account Balance	212	221
Life Insurance | 1 Basis Point - 50 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder Account Balance	1,211	1,325
Life Insurance | 1 Basis Point - 50 Basis Points Above | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range Less Than 1%
Policyholder Account Balance [Line Items]
Policyholder Account Balance	0	0
Life Insurance | 1 Basis Point - 50 Basis Points Above | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 1% To 2%
Policyholder Account Balance [Line Items]
Policyholder Account Balance	109	131
Life Insurance | 1 Basis Point - 50 Basis Points Above | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 2% To 3%
Policyholder Account Balance [Line Items]
Policyholder Account Balance	623	872
Life Insurance | 1 Basis Point - 50 Basis Points Above | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 3% To 4%
Policyholder Account Balance [Line Items]
Policyholder Account Balance	479	322
Life Insurance | 1 Basis Point - 50 Basis Points Above | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 4% To 5%
Policyholder Account Balance [Line Items]
Policyholder Account Balance	0	0
Life Insurance | 1 Basis Point - 50 Basis Points Above | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 5% To 5.5%
Policyholder Account Balance [Line Items]
Policyholder Account Balance	0	0
Life Insurance | More than 50 Basis Points Above Minimum Guarantee
Policyholder Account Balance [Line Items]
Policyholder Account Balance	1,673	1,634
Life Insurance | More than 50 Basis Points Above Minimum Guarantee | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range Less Than 1%
Policyholder Account Balance [Line Items]
Policyholder Account Balance	0	0
Life Insurance | More than 50 Basis Points Above Minimum Guarantee | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 1% To 2%
Policyholder Account Balance [Line Items]
Policyholder Account Balance	367	350
Life Insurance | More than 50 Basis Points Above Minimum Guarantee | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 2% To 3%
Policyholder Account Balance [Line Items]
Policyholder Account Balance	1,299	1,083
Life Insurance | More than 50 Basis Points Above Minimum Guarantee | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 3% To 4%
Policyholder Account Balance [Line Items]
Policyholder Account Balance	7	201
Life Insurance | More than 50 Basis Points Above Minimum Guarantee | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 4% To 5%
Policyholder Account Balance [Line Items]
Policyholder Account Balance	0	0
Life Insurance | More than 50 Basis Points Above Minimum Guarantee | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 5% To 5.5%
Policyholder Account Balance [Line Items]
Policyholder Account Balance	$ 0	$ 0

XML

Policyholder Contract Deposits and Other Policyholder Funds - Unearned revenue liability (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Other Policyholder Funds Rollforward [Roll Forward]
Balance, beginning of year	$ 1,865	$ 1,834
Revenue deferred	80	76
Amortization	(61)	(61)
Balance, end of period	1,884	1,849
Other reconciling items	969	1,042
Other policyholder funds	2,853	2,891	$ 2,862
Life Insurance
Other Policyholder Funds Rollforward [Roll Forward]
Balance, beginning of year	1,770	1,727
Revenue deferred	80	76
Amortization	(56)	(55)
Balance, end of period	1,794	1,748
Institutional Markets
Other Policyholder Funds Rollforward [Roll Forward]
Balance, beginning of year	1	2
Revenue deferred	0	0
Amortization	0	(1)
Balance, end of period	1	1
Corporate and Other
Other Policyholder Funds Rollforward [Roll Forward]
Balance, beginning of year	94	105
Revenue deferred	0	0
Amortization	(5)	(5)
Balance, end of period	$ 89	$ 100

XML

Market Risk Benefits - Rollforward of market risk benefits (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Market Risk Benefit [Roll Forward]
Balance, beginning of year	$ 4,870	$ 4,034
Effect of changes in our own credit risk	(987)	(611)	$ (1,160)	$ (465)
Balance, beginning of year, before effect of changes in our own credit risk	3,710	3,569
Issuances	327	398
Interest accrual	84	86
Attributed fees	368	475
Expected claims	(35)	(49)
Effect of changes in interest rates	(653)	37
Effect of changes in interest rate volatility	25	(88)
Effect of changes in equity markets	(732)	(921)
Effect of changes in equity index volatility	(39)	4
Actual outcome different from model expected outcome	(41)	105
Effect of changes in other future expected assumptions	(5)	(123)
Other, including foreign exchange	(2)	(2)
Balance, end of period before effect of changes in our own credit risk	3,007	3,491
Effect of changes in our own credit risk	987	611	1,160	465
Balance, end of period	3,994	4,102
Less: Reinsured MRB, end of period	(57)	(79)
Net	3,937	4,023
Combined
Net amount at risk
Net amount at risk	546	1,458
GMDB only
Net amount at risk
Net amount at risk	739	1,280
GMWB only
Net amount at risk
Net amount at risk	141	60
Individual Retirement
Market Risk Benefit [Roll Forward]
Balance, beginning of year	4,562	3,738
Effect of changes in our own credit risk	(914)	(564)	(1,072)	(441)
Balance, beginning of year, before effect of changes in our own credit risk	3,490	3,297
Issuances	303	379
Interest accrual	78	78
Attributed fees	338	442
Expected claims	(34)	(48)
Effect of changes in interest rates	(605)	34
Effect of changes in interest rate volatility	22	(84)
Effect of changes in equity markets	(670)	(843)
Effect of changes in equity index volatility	(37)	8
Actual outcome different from model expected outcome	(43)	93
Effect of changes in other future expected assumptions	(5)	(94)
Other, including foreign exchange	0	0
Balance, end of period before effect of changes in our own credit risk	2,837	3,262
Effect of changes in our own credit risk	914	564	1,072	441
Balance, end of period	3,751	3,826
Less: Reinsured MRB, end of period	(57)	(79)
Net	$ 3,694	$ 3,747
Net amount at risk
Average attained age of contract holders	71 years	70 years
Individual Retirement | Combined
Net amount at risk
Net amount at risk	$ 533	$ 1,435
Individual Retirement | GMDB only
Net amount at risk
Net amount at risk	609	1,068
Individual Retirement | GMWB only
Net amount at risk
Net amount at risk	130	56
Group Retirement
Market Risk Benefit [Roll Forward]
Balance, beginning of year	308	296
Effect of changes in our own credit risk	(73)	(47)	(88)	(24)
Balance, beginning of year, before effect of changes in our own credit risk	220	272
Issuances	24	19
Interest accrual	6	8
Attributed fees	30	33
Expected claims	(1)	(1)
Effect of changes in interest rates	(48)	3
Effect of changes in interest rate volatility	3	(4)
Effect of changes in equity markets	(62)	(78)
Effect of changes in equity index volatility	(2)	(4)
Actual outcome different from model expected outcome	2	12
Effect of changes in other future expected assumptions	0	(29)
Other, including foreign exchange	(2)	(2)
Balance, end of period before effect of changes in our own credit risk	170	229
Effect of changes in our own credit risk	73	47	$ 88	$ 24
Balance, end of period	243	276
Less: Reinsured MRB, end of period	0	0
Net	$ 243	$ 276
Net amount at risk
Average attained age of contract holders	64 years	64 years
Group Retirement | Combined
Net amount at risk
Net amount at risk	$ 13	$ 23
Group Retirement | GMDB only
Net amount at risk
Net amount at risk	130	212
Group Retirement | GMWB only
Net amount at risk
Net amount at risk	$ 11	$ 4

XML

Market Risk Benefits - Schedule of market risk benefits (Details) - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 2023
Market Risk Benefit [Line Items]
Asset	$ 1,187	$ 954
Liability	5,124	4,977
Net	3,937	4,023
Individual Retirement
Market Risk Benefit [Line Items]
Asset	984	787
Liability	4,678	4,534
Net	3,694	3,747
Group Retirement
Market Risk Benefit [Line Items]
Asset	203	167
Liability	446	443
Net	$ 243	$ 276

XML

Contingencies, Commitments and Guarantees - Other commitments (Details) $ in Billions	6 Months Ended
	Jun. 30, 2024 USD ($)
Other Commitments [Line Items]
Other commitments	$ 4.3
Promissory Notes
Other Commitments [Line Items]
Debt instrument term (in years)	5 years
Principal amount collateral (AS a percent)	100.00%
Net present value of interest payments (as a percent)	100.00%

XML

Equity - Rollforward of Common Stock (Details) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended
	Jul. 26, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Apr. 30, 2024	May 04, 2023
Common Stock Rollforward [Roll Forward]
Common Stock issued, beginning balance (in shares)	650,189,849			648,148,737
Treasury Stock, beginning balance (in shares)	(49,862,448)			(26,484,411)
Common Stock outstanding, beginning balance (in shares)	600,327,401			621,664,326
Shares issued under long-term incentive compensation plans (in shares)				3,270,140
Shares repurchased (in shares)				(24,607,065)
Common Stock issued, ending balance (in shares)		650,189,849		650,189,849
Treasury Stock, ending balance (in shares)		(49,862,448)		(49,862,448)
Common Stock outstanding, ending balance (in shares)		600,327,401		600,327,401
Purchase of common stock		$ 440,000,000	$ 202,000,000	$ 681,000,000	$ 202,000,000
April 2024 Share Repurchase Program
Common Stock Rollforward [Roll Forward]
Stock repurchase program, authorized amount		$ 3,000,000,000		$ 3,000,000,000		$ 2,000,000,000
May 2023 Share Repurchase Program
Common Stock Rollforward [Roll Forward]
Stock repurchase program, authorized amount							$ 1,000,000,000.0
Subsequent Event | May 2023 Share Repurchase Program
Common Stock Rollforward [Roll Forward]
Remaining share repurchase authorization	$ 1,600,000,000
Total common stock
Common Stock Rollforward [Roll Forward]
Common Stock issued, beginning balance (in shares)	650,189,849			648,148,737
Shares issued under long-term incentive compensation plans (in shares)				2,041,112
Common Stock issued, ending balance (in shares)		650,189,849		650,189,849
Treasury Stock
Common Stock Rollforward [Roll Forward]
Treasury Stock, beginning balance (in shares)	(49,862,448)			(26,484,411)
Shares issued under long-term incentive compensation plans (in shares)				1,229,028
Shares repurchased (in shares)				(24,607,065)
Treasury Stock, ending balance (in shares)		(49,862,448)		(49,862,448)
Purchase of common stock		$ 440,000,000	$ 202,000,000	$ 681,000,000	$ 202,000,000
Treasury Stock | Subsequent Event | May 2023 Share Repurchase Program
Common Stock Rollforward [Roll Forward]
Shares repurchased (in shares)	8,300,000
Purchase of common stock	$ 246,000,000

XML

Equity - Dividends (Details) - $ / shares	Jul. 30, 2024	Jun. 28, 2024	Mar. 29, 2024
Dividends [Line Items]
Common stock dividend (USD per share)		$ 0.23	$ 0.23
Subsequent Event
Dividends [Line Items]
Dividend declared (in USD per share)	$ 0.23

XML

Equity - Rollforward of accumulated other comprehensive income (loss) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance, beginning of period	$ 12,386	$ 12,465	$ 12,635	$ 10,319
Change in unrealized depreciation of investments		(1,772)	(2,237)	2,248
Change in fair value of market risk benefits attributable to changes in our own credit risk	202	(240)	173	(146)
Change in discount rates assumptions of certain liabilities	472	628	1,167	33
Change in future policy benefits and other	86	49	(41)	(67)
Change in cash flow hedges	(3)	(8)	(28)	(15)
Change in foreign currency translation adjustments	70	28	66	65
Change in net actuarial loss				3
Change in deferred tax asset (liability)	(35)	201	(114)	(430)
Other comprehensive income (loss)	(370)	(1,114)	(1,014)	1,691
Balance, end of period	11,812	11,468	11,812	11,468
Total
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance, beginning of period	(14,139)	(14,067)	(13,458)	(16,863)
Change in unrealized depreciation of investments	(1,162)
Other comprehensive income (loss)	(369)	(1,115)	(1,012)	1,681
Balance, end of period	(14,508)	(15,182)	(14,508)	(15,182)
Unrealized Appreciation (Depreciation) of Fixed Maturity Securities on Which allowance for credit losses was Taken
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance, beginning of period	(44)	(62)	(79)	(92)
Other comprehensive income (loss)	(9)	43	26	73
Balance, end of period	(53)	(19)	(53)	(19)
Unrealized Appreciation (Depreciation) of All Other Investments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance, beginning of period	(15,865)	(16,248)	(14,650)	(19,380)
Other comprehensive income (loss)	(967)	(1,484)	(2,143)	1,648
Other			(39)
Balance, end of period	(16,832)	(17,732)	(16,832)	(17,732)
Change in fair value of market risk benefits attributable to changes in our own credit risk
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance, beginning of period	(932)	(291)	(909)	(365)
Other comprehensive income (loss)	159	(189)	136	(115)
Balance, end of period	(773)	(480)	(773)	(480)
Change in unrealized depreciation of investments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Change in unrealized depreciation of investments	(1,150)	(1,827)
Change in future policy benefits and other	86	49
Change in deferred tax asset (liability)	97	294
Other comprehensive income (loss)	(967)	(1,484)	(2,143)	1,648
Change in the discount rates used to measure traditional and limited payment long-duration insurance contracts
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance, beginning of period	2,638	2,443	2,095	2,908
Other comprehensive income (loss)	379	486	922	21
Balance, end of period	3,017	2,929	3,017	2,929
Cash Flow Hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance, beginning of period	127	153	146	157
Other comprehensive income (loss)	(2)	(6)	(22)	(10)
Other			1
Balance, end of period	125	147	125	147
Foreign Currency Translation Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance, beginning of period	(65)	(73)	(63)	(100)
Other comprehensive income (loss)	70	36	67	72
Balance, end of period	6	(38)	6	(38)
Retirement Plan Liabilities Adjustment
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance, beginning of period	2	11	2	9
Other comprehensive income (loss)	0	0	0	2
Balance, end of period	2	11	2	11
Noncontrolling interests
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Other			(38)
Noncontrolling interests	(1)	1	(2)	10
Foreign Currency Translation Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Noncontrolling interests	(1)	1	(2)	10
Unrealized Appreciation (Depreciation) of Fixed Maturity Securities on Which allowance for credit losses was Taken
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Change in unrealized depreciation of investments	(12)	55	33	93
Change in future policy benefits and other			0
Change in deferred tax asset (liability)	3	(12)	(7)	(20)
Other comprehensive income (loss)	(9)	43	26	73
Change in fair value of market risk benefits attributable to changes in our own credit risk
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Change in fair value of market risk benefits attributable to changes in our own credit risk	202	(240)	173	(146)
Change in deferred tax asset (liability)	(43)	51	(37)	31
Other comprehensive income (loss)	159	(189)	136	(115)
Change in the discount rates used to measure traditional and limited payment long-duration insurance contracts
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Change in discount rates assumptions of certain liabilities	472	628	1,167	33
Change in deferred tax asset (liability)	(93)	(142)	(245)	(12)
Other comprehensive income (loss)	379	486	922	21
Cash Flow Hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Change in cash flow hedges	(3)	(8)	(28)	(15)
Change in deferred tax asset (liability)	1	2	6	5
Other comprehensive income (loss)	(2)	(6)	(22)	(10)
Foreign Currency Translation Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Change in foreign currency translation adjustments	70	28	66	65
Change in deferred tax asset (liability)	0	8	1	7
Other comprehensive income (loss)	70	36	67	72
Retirement Plan Liabilities Adjustment
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Change in net actuarial loss				3
Change in deferred tax asset (liability)	0	0	0	(1)
Other comprehensive income (loss)	$ 0	$ 0	0	2
Unrealized Appreciation (Depreciation) of All Other Investments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Change in unrealized depreciation of investments			(2,270)	2,155
Change in future policy benefits and other			(41)	(67)
Change in deferred tax asset (liability)			$ 168	$ (440)

XML

Equity - Schedule of OCI reclassification adjustments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Other Comprehensive Income (Loss) Reclassification Adjustments
Unrealized change arising during period	$ (759)	$ (1,549)	$ (1,666)	$ 1,786
Less: Reclassification adjustments included in net income	(424)	(234)	(766)	(335)
Total other comprehensive income (loss), before income tax expense (benefit)	(335)	(1,315)	(900)	2,121
Less: Income tax expense (benefit)	35	(201)	114	430
Other comprehensive income (loss)	(370)	(1,114)	(1,014)	1,691
Unrealized Appreciation (Depreciation) of Fixed Maturity Securities on Which allowance for credit losses was Taken
Other Comprehensive Income (Loss) Reclassification Adjustments
Unrealized change arising during period	(14)	52	25	76
Less: Reclassification adjustments included in net income	(2)	(3)	(8)	(17)
Total other comprehensive income (loss), before income tax expense (benefit)	(12)	55	33	93
Less: Income tax expense (benefit)	(3)	12	7	20
Other comprehensive income (loss)	(9)	43	26	73
Change in unrealized depreciation of investments
Other Comprehensive Income (Loss) Reclassification Adjustments
Unrealized change arising during period	(1,665)	(2,009)	(3,248)	1,770
Less: Reclassification adjustments included in net income	(601)	(231)	(937)	(318)
Total other comprehensive income (loss), before income tax expense (benefit)	(1,064)	(1,778)	(2,311)	2,088
Less: Income tax expense (benefit)	(97)	(294)	(168)	440
Other comprehensive income (loss)	(967)	(1,484)	(2,143)	1,648
Change in fair value of market risk benefits attributable to changes in our own credit risk
Other Comprehensive Income (Loss) Reclassification Adjustments
Unrealized change arising during period	202	(240)	173	(146)
Less: Reclassification adjustments included in net income	0	0	0	0
Total other comprehensive income (loss), before income tax expense (benefit)	202	(240)	173	(146)
Less: Income tax expense (benefit)	43	(51)	37	(31)
Other comprehensive income (loss)	159	(189)	136	(115)
Change in the discount rates used to measure traditional and limited payment long-duration insurance contracts
Other Comprehensive Income (Loss) Reclassification Adjustments
Unrealized change arising during period	718	628	1,413	33
Less: Reclassification adjustments included in net income	246	0	246	0
Total other comprehensive income (loss), before income tax expense (benefit)	472	628	1,167	33
Less: Income tax expense (benefit)	93	142	245	12
Other comprehensive income (loss)	379	486	922	21
Cash Flow Hedges
Other Comprehensive Income (Loss) Reclassification Adjustments
Unrealized change arising during period	(3)	(8)	(28)	(15)
Less: Reclassification adjustments included in net income	0	0	0	0
Total other comprehensive income (loss), before income tax expense (benefit)	(3)	(8)	(28)	(15)
Less: Income tax expense (benefit)	(1)	(2)	(6)	(5)
Other comprehensive income (loss)	(2)	(6)	(22)	(10)
Foreign Currency Translation Adjustments
Other Comprehensive Income (Loss) Reclassification Adjustments
Unrealized change arising during period	3	28	(1)	65
Less: Reclassification adjustments included in net income	(67)	0	(67)	0
Total other comprehensive income (loss), before income tax expense (benefit)	70	28	66	65
Less: Income tax expense (benefit)	0	(8)	(1)	(7)
Other comprehensive income (loss)	70	36	67	72
Retirement Plan Liabilities Adjustment
Other Comprehensive Income (Loss) Reclassification Adjustments
Unrealized change arising during period	0	0	0	3
Less: Reclassification adjustments included in net income	0	0	0	0
Total other comprehensive income (loss), before income tax expense (benefit)	0	0	0	3
Less: Income tax expense (benefit)	0	0	0	1
Other comprehensive income (loss)	$ 0	$ 0	$ 0	$ 2

XML

Equity - Reclassification of significant items out of accumulated other comprehensive income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Amount Reclassified from AOCI
Net realized gains (losses)	$ (747)	$ (320)	$ (1,067)	$ (1,778)
Net (gain) loss on divestitures	241	59	246	56
Total reclassifications for the period	341	751	1,168	298
Amount Reclassified from AOCI
Amount Reclassified from AOCI
Total reclassifications for the period	(424)	(234)	(766)	(335)
Unrealized Appreciation (Depreciation) of Fixed Maturity Securities on Which allowance for credit losses was Taken | Amount Reclassified from AOCI
Amount Reclassified from AOCI
Net realized gains (losses)	(2)	(3)	(8)	(17)
Total reclassifications for the period	(2)	(3)	(8)	(17)
Unrealized appreciation (depreciation) of all other investments | Amount Reclassified from AOCI
Amount Reclassified from AOCI
Net realized gains (losses)	(540)	(231)	(876)	(318)
Net (gain) loss on divestitures	(61)	0	(61)	0
Total reclassifications for the period	(601)	(231)	(937)	(318)
Effect of changes in the discount rates used to measure traditional and limited-payment long duration insurance contracts | Amount Reclassified from AOCI
Amount Reclassified from AOCI
Net (gain) loss on divestitures	246	0	246	0
Total reclassifications for the period	246	0	246	0
Foreign Currency Translation Adjustments | Amount Reclassified from AOCI
Amount Reclassified from AOCI
Net (gain) loss on divestitures	(67)	0	(67)	0
Total reclassifications for the period	$ (67)	$ 0	$ (67)	$ 0

XML

Equity - Non-redeemable and redeemable noncontrolling interest (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Beginning balance			$ 869
Distributions to noncontrolling interests	$ (2)	$ (3)	(31)	$ (53)
Ending balance	816		816
Non- Redeemable Noncontrolling Interests
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Distributions to noncontrolling interests	(2)	(3)	(31)	(53)
Non-Redeemable Noncontrolling Interest | Non- Redeemable Noncontrolling Interests
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Beginning balance	810	910	869	939
Net (loss) attributable to redeemable noncontrolling interest	(24)	(20)	(75)	(14)
Other comprehensive income (loss), net of tax	(1)	1	(2)	10
Changes in noncontrolling interests due to divestitures and acquisitions	0	0	1	(19)
Contributions from noncontrolling interests	32	18	53	43
Distributions to noncontrolling interests	(2)	(3)	(31)	(53)
Other	1	1	1	1
Ending balance	$ 816	$ 907	$ 816	$ 907

XML

Earnings Per Common Share - Schedule of EPS (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Numerator for EPS:
Net income (loss)	$ 341	$ 751	$ 1,168	$ 298
Net income (loss) attributable to noncontrolling interests	(24)	(20)	(75)	(14)
Net income (loss) attributable to Corebridge common shareholders	$ 365	$ 771	$ 1,243	$ 312
Denominator for EPS:
Weighted average common shares outstanding - basic (in shares)	611.6	650.7	617.8	650.8
Dilutive common shares (in shares)	1.0	1.5	0.9	1.7
Weighted average common shares outstanding - diluted (in shares)	612.6	652.2	618.7	652.5
Income per common share attributable to Corebridge common shareholders
Basic (in dollars per share)	$ 0.60	$ 1.18	$ 2.01	$ 0.48
Diluted (in dollars per share)	$ 0.59	$ 1.18	$ 2.01	$ 0.48
Number of shares excluded from diluted shares outstanding because the effect would have been anti-dilutive (in shares)	0.1	1.3	0.3	0.9

XML

Income Taxes - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Valuation Allowance [Line Items]
Effective income tax rate (as a percent)	25.20%	17.60%	20.70%	(23.10%)
U.S. federal income tax at statutory rate (as a percent)	21.00%	21.00%	21.00%	21.00%
Federal operating loss carryforward limitation	$ 648		$ 648
Increase in valuation allowance	30		45
Valuation allowance related to certain tax attribute carryforward	207		207
Foreign Tax Authority
Valuation Allowance [Line Items]
Increase in valuation allowance			2
U.S.. Life Insurance Companies
Valuation Allowance [Line Items]
Increase in valuation allowance	96		290
Valuation allowance	1,300		1,300
Insurance Companies
Valuation Allowance [Line Items]
Valuation allowance	$ 57		$ 57
Corebridge | Maximum | AIG
Valuation Allowance [Line Items]
Ownership percentage (as a percent)	80.00%		80.00%

XML

Related Parties - Advisory transactions (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Related Party Transaction [Line Items]
Other income	$ 77	$ 111	$ 176	$ 217
Related Party
Related Party Transaction [Line Items]
Other income	$ 6	$ 7	$ 13	$ 20

XML

Related Parties - Capital markets agreements (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Total net investment income	$ 2,988,000,000	$ 2,714,000,000	$ 5,912,000,000	$ 5,409,000,000
Derivative assets, net	491,000,000		491,000,000		$ 393,000,000
Derivative liabilities, net	184,000,000		184,000,000		141,000,000
Related Party
Related Party Transaction [Line Items]
Derivative assets, net	0		0		13,000,000
Derivative liabilities, net	0		0		0
Collateral posted	0		0		0
Collateral obtained from third parties for derivative transactions	66,000,000		66,000,000		$ 377,000,000
Related Party | AIG
Related Party Transaction [Line Items]
Total net investment income	$ 0	$ 0	$ 0	$ 0

XML

Related Parties - General services agreement (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
General operating expenses	$ 532	$ 604	$ 1,104	$ 1,186
Related Party | General Services Agreement
Related Party Transaction [Line Items]
Due to related party	19		19		$ 39
Due from related party	12		12		$ 38
General operating expenses	$ 12	$ 46	$ 25	$ 93

XML

Related Parties - Reinsurance transactions (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Reinsurance recoverables	$ 27,000		$ 27,000
Related Party | Reinsurance Transactions
Related Party Transaction [Line Items]
Reinsurance recoverables					$ 67
Reinsurance payable					$ 13
Ceded premiums	$ 0	$ 11	$ 9	$ 18

XML

Related Parties - Tax sharing arrangements (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Related Party | Tax Sharing Arrangements
Related Party Transaction [Line Items]
Receivables (payables) from tax sharing agreements	$ (381)	$ (371)

XML

Related Parties - Other transactions (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Employee Benefit Programs
Related Party Transaction [Line Items]
Due to related party	$ 18	$ 32

XML

Related Parties - Related party transactions with blackstone (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Related Party Transaction [Line Items]
Investment expenses	$ 195	$ 145	$ 370	$ 306
Related Party
Related Party Transaction [Line Items]
Investment expenses	$ 60	$ 37	$ 111	$ 72

XML

Related Parties - Related party transactions with VIEs (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Interest expense	$ 138	$ 134	$ 276	$ 306
Net income (loss) attributable to noncontrolling interests	(24)	(20)	(75)	(14)
Consolidated VIE
Related Party Transaction [Line Items]
Net income (loss) attributable to noncontrolling interests	(24)	(20)	(75)	(14)
Consolidated VIE | Related Party
Related Party Transaction [Line Items]
Long-term debt	136		136		$ 102
Interest expense	1	1	2	8
Noncontrolling interest	474		474		$ 518
Net income (loss) attributable to noncontrolling interests	$ (18)	$ (8)	$ (39)	$ 11