Held-For-Sale Classification

12 Months Ended

Dec. 31, 2023

Discontinued Operations and Disposal Groups [Abstract]

Held-For-Sale Classification

4. Held-For-Sale Classification

HELD-FOR-SALE CLASSIFICATION

We report and classify a business as held-for-sale (Held-For-Sale Business) when management has approved the sale or received approval to sell the business and is committed to a formal plan, the business is available for immediate sale, the business is being actively marketed, the sale is anticipated to occur during the next 12 months and certain other specified criteria are met. A Held-For-Sale Business is recorded at the lower of its carrying amount or estimated fair value less cost to sell. If the carrying amount of the business exceeds its estimated fair value, a loss is recognized.

Assets and liabilities related to a Held-For-Sale Business are reported in Assets held for sale and Liabilities held for sale, respectively, in our Consolidated Balance Sheets beginning in the period in which the business is classified as held-for-sale. At December 31, 2023, the following businesses and assets were reported and classified as held-for-sale:

AIG Life Limited

To further simplify Corebridge’s business model, on September 25, 2023, Corebridge announced that it entered into a definitive agreement to sell AIG Life to Aviva plc for £460 million in cash, subject to certain adjustments. The sale of AIG Life is expected to close in the first half of 2024, subject to regulatory approvals and other customary closing conditions. The results of AIG Life are reported in Life and Retirement.

Other

Other primarily consists of real estate.

The following table summarizes the components of assets and liabilities held-for-sale on the Consolidated Balance Sheets at December 31, 2023 after elimination of intercompany balances:

(in millions)		AIG Life		Other		Total
Assets:
Bonds available for sale	$	167	$	14	$	181
Other invested assets		—		67		67
Short-term investments, including restricted cash of $0		11		1		12
Cash		3		—		3
Accrued investment income		3		—		3
Premiums and other receivables, net of allowance for credit losses and disputes		116		9		125
Reinsurance assets - other, net of allowance for credit losses and disputes		899		3		902
Deferred income taxes		47		—		47
Deferred policy acquisition costs		814		—		814
Other assets, net of allowance for credit losses(a)		83		31		114
Total assets held for sale	$	2,143	$	125	$	2,268
Liabilities:
Liability for unpaid losses and loss adjustment expenses, including allowance for credit losses	$	—	$	19	$	19
Unearned premiums		54		7		61
Future policy benefits for life and accident and health insurance contracts		838		—		838
Other liabilities		854		3		857
Total liabilities held for sale	$	1,746	$	29	$	1,775

(a)Other assets, net of allowance for credit losses includes goodwill and other intangibles of $23 million and $3 million, respectively, for AIG Life.