Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2022 | |
Cover [Abstract] | |
Document Type | DEF 14A |
Amendment Flag | false |
Entity Registrant Name | COREBRIDGE FINANCIAL, INC. |
Entity Central Index Key | 0001889539 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Pay vs Performance Disclosure [Table] | |
Pay vs Performance [Table Text Block] | Pay Versus Performance The following table provides information regarding “Compensation Actually Paid” to our NEOs as determined and defined under SEC rules and does not reflect compensation actually earned, realized or received by them. The Corebridge SPC did not consider this information in making its pay decisions for 2022. Year Summary Compensation Average Average 1 Value of Initial 2 Net Income 3 Normalized ROaE 4 CRBG Peer 2022 8,881,597 14,151,089 4,261,914 4,107,460 99.03 109.12 8,469 11.1% (1) This table presents pay versus performance information for 2022 for Kevin Hogan (“CEO”) and Elias Habayeb, Todd Solash, Terri Fiedler, Sabra Purtill, Geoff Cornell and Robert Scheinerman (the “Other NEOs”). 2022 Compensation Actually Paid reflects the following adjustments to the applicable amounts in the Summary Compensation Table (“SCT”): CEO ($) Average of Other 2022 Total Reported in SCT 8,881,597 4,261,914 Less value of stock and option awards reported in SCT (5,141,177) (1,410,505) Plus year-end value of awards granted in 2022 that were unvested and outstanding as of 12/31/2022 (a) 4,772,278 947,231 Plus change in fair value of prior year awards that were unvested and outstanding as of 12/31/2022 (b) 5,638,392 166,277 Plus change in fair value of prior year awards that vested in 2022 (c) — (143,572) Plus value of awards granted in 2022 that vested in 2022 — 286,116 Compensation Actually Paid for 2022 14,151,089 4,107,460 (a) December 31, 2022 fair value of Corebridge RSUs was calculated based on the closing Corebridge stock price on that date. December 31, 2022 fair value of AIG PSUs and AIG stock options was calculated based on the closing AIG stock price on that date. (b) December 31, 2021 fair value of all AIG RSUs, AIG PSUs and AIG stock options was calculated based on the closing AIG stock price on that date. (c) Change in fair value for awards that vested in 2022 was calculated based on the closing price on the vesting date. (2) The Peer Group TSR uses the S&P 500 Insurance Index, which we also use in the stock performance graph included in our Annual Report. The comparison assumes $100 was invested for the period starting September 15, 2022, the IPO date, through the end of 2022 (the “Measurement Period”) for purposes of calculating the cumulative TSR of the Company and the S&P 500 Insurance Index over the Measurement Period. Historical stock performance is not necessarily indicative of future stock performance. (3) Net Income is derived from our audited consolidated financial statements. (4) We determined Normalized ROaE to be the most important financial performance measure used to link Company performance to Compensation Actually Paid in 2022. We may determine a different financial performance measure to be the most important financial performance measure in future years. Normalized ROaE is a non-GAAP financial measure. For more information on this measure, see Appendix A. |
Company Selected Measure Name | Normalized ROaE |
Named Executive Officers, Footnote [Text Block] | (1) This table presents pay versus performance information for 2022 for Kevin Hogan (“CEO”) and Elias Habayeb, Todd Solash, Terri Fiedler, Sabra Purtill, Geoff Cornell and Robert Scheinerman (the “Other NEOs”). 2022 Compensation Actually Paid reflects the following adjustments to the applicable amounts in the Summary Compensation Table (“SCT”): |
Peer Group Issuers, Footnote [Text Block] | (2) The Peer Group TSR uses the S&P 500 Insurance Index, which we also use in the stock performance graph included in our Annual Report. The comparison assumes $100 was invested for the period starting September 15, 2022, the IPO date, through the end of 2022 (the “Measurement Period”) for purposes of calculating the cumulative TSR of the Company and the S&P 500 Insurance Index over the Measurement Period. Historical stock performance is not necessarily indicative of future stock performance. |
PEO Total Compensation Amount | $ 8,881,597 |
PEO Actually Paid Compensation Amount | $ 14,151,089 |
Adjustment To PEO Compensation, Footnote [Text Block] | (1) This table presents pay versus performance information for 2022 for Kevin Hogan (“CEO”) and Elias Habayeb, Todd Solash, Terri Fiedler, Sabra Purtill, Geoff Cornell and Robert Scheinerman (the “Other NEOs”). 2022 Compensation Actually Paid reflects the following adjustments to the applicable amounts in the Summary Compensation Table (“SCT”): CEO ($) Average of Other 2022 Total Reported in SCT 8,881,597 4,261,914 Less value of stock and option awards reported in SCT (5,141,177) (1,410,505) Plus year-end value of awards granted in 2022 that were unvested and outstanding as of 12/31/2022 (a) 4,772,278 947,231 Plus change in fair value of prior year awards that were unvested and outstanding as of 12/31/2022 (b) 5,638,392 166,277 Plus change in fair value of prior year awards that vested in 2022 (c) — (143,572) Plus value of awards granted in 2022 that vested in 2022 — 286,116 Compensation Actually Paid for 2022 14,151,089 4,107,460 (a) December 31, 2022 fair value of Corebridge RSUs was calculated based on the closing Corebridge stock price on that date. December 31, 2022 fair value of AIG PSUs and AIG stock options was calculated based on the closing AIG stock price on that date. (b) December 31, 2021 fair value of all AIG RSUs, AIG PSUs and AIG stock options was calculated based on the closing AIG stock price on that date. (c) Change in fair value for awards that vested in 2022 was calculated based on the closing price on the vesting date. |
Non-PEO NEO Average Total Compensation Amount | $ 4,261,914 |
Non-PEO NEO Average Compensation Actually Paid Amount | $ 4,107,460 |
Adjustment to Non-PEO NEO Compensation Footnote [Text Block] | (1) This table presents pay versus performance information for 2022 for Kevin Hogan (“CEO”) and Elias Habayeb, Todd Solash, Terri Fiedler, Sabra Purtill, Geoff Cornell and Robert Scheinerman (the “Other NEOs”). 2022 Compensation Actually Paid reflects the following adjustments to the applicable amounts in the Summary Compensation Table (“SCT”): CEO ($) Average of Other 2022 Total Reported in SCT 8,881,597 4,261,914 Less value of stock and option awards reported in SCT (5,141,177) (1,410,505) Plus year-end value of awards granted in 2022 that were unvested and outstanding as of 12/31/2022 (a) 4,772,278 947,231 Plus change in fair value of prior year awards that were unvested and outstanding as of 12/31/2022 (b) 5,638,392 166,277 Plus change in fair value of prior year awards that vested in 2022 (c) — (143,572) Plus value of awards granted in 2022 that vested in 2022 — 286,116 Compensation Actually Paid for 2022 14,151,089 4,107,460 (a) December 31, 2022 fair value of Corebridge RSUs was calculated based on the closing Corebridge stock price on that date. December 31, 2022 fair value of AIG PSUs and AIG stock options was calculated based on the closing AIG stock price on that date. (b) December 31, 2021 fair value of all AIG RSUs, AIG PSUs and AIG stock options was calculated based on the closing AIG stock price on that date. (c) Change in fair value for awards that vested in 2022 was calculated based on the closing price on the vesting date. |
Compensation Actually Paid vs. Total Shareholder Return [Text Block] | Relationship Between Compensation Actually Paid and TSR The following chart sets forth the relationship between: (i) 2022 Compensation Actually Paid to our CEO and the average of 2022 Compensation Actually Paid to the Other NEOs and (ii) the Company’s cumulative TSR over the Measurement Period. CEO and Average Other NEO Compensation Actually Paid |
Compensation Actually Paid vs. Net Income [Text Block] | Relationship Between Compensation Actually Paid and Net Income The following chart sets forth the relationship between: (i) 2022 Compensation Actually Paid to our CEO and the average of 2022 Compensation Actually Paid to the Other NEOs and (ii) our 2022 Net Income. CEO and Average Other NEO Compensation Actually Paid |
Compensation Actually Paid vs. Company Selected Measure [Text Block] | Relationship Between Compensation Actually Paid and Normalized ROaE The following chart sets forth the relationship between: (i) 2022 Compensation Actually Paid to our CEO and the average of 2022 Compensation Actually Paid to the Other NEOs and (ii) our 2022 Normalized ROaE. CEO and Average Other NEO Compensation Actually Paid |
Total Shareholder Return Vs Peer Group [Text Block] | Relationship Between Company TSR and Peer Group TSR The following chart compares our cumulative TSR for the Measurement Period to that of the S&P 500 Insurance Index over the same period. Comparison of Cumulative TSR of Corebridge Financial, Inc. and S&P 500 |
Tabular List [Table Text Block] | Most Important Financial Performance Measures The following table presents the financial performance measures that the Company considers to have been the most important in linking Compensation Actually Paid to our NEOs for 2022 to Company performance. The measures in these tables are not ranked. Certain of these measures are non-GAAP financial measures. For more information on non-GAAP measures, see Appendix A and Appendix B. CEO Other NEOs Measures used in determining 2022 Actual STI Award: • Normalized ROaE • Normalized GOE • Investment Performance vs. Benchmark Measures used in determining 2022 Actual STI Award: • Normalized ROaE • Normalized GOE • Investment Performance vs. Benchmark Measures used in determining performance for 2022 • AYCR, ex-CAT • Diluted normalized AATI Attributable to AIG Common Shareholders Per Share • AIG Relative TSR |
Total Shareholder Return Amount | $ 99.03 |
Peer Group Total Shareholder Return Amount | 109.12 |
Net Income (Loss) | $ 8,469,000,000 |
Company Selected Measure Amount | 0.111 |
PEO Name | Kevin Hogan |
Measure [Axis]: 1 | |
Pay vs Performance Disclosure [Table] | |
Non-GAAP Measure Description [Text Block] | (4) We determined Normalized ROaE to be the most important financial performance measure used to link Company performance to Compensation Actually Paid in 2022. We may determine a different financial performance measure to be the most important financial performance measure in future years. Normalized ROaE is a non-GAAP financial measure. For more information on this measure, see Appendix A. |
PEO [Member] | Measure [Axis]: 1 | |
Pay vs Performance Disclosure [Table] | |
Measure Name | Normalized ROaE |
PEO [Member] | Measure [Axis]: 2 | |
Pay vs Performance Disclosure [Table] | |
Measure Name | Normalized GOE |
PEO [Member] | Measure [Axis]: 3 | |
Pay vs Performance Disclosure [Table] | |
Measure Name | Investment Performance vs. Benchmark |
PEO [Member] | Measure [Axis]: 4 | |
Pay vs Performance Disclosure [Table] | |
Measure Name | AYCR, ex-CAT |
PEO [Member] | Measure [Axis]: 5 | |
Pay vs Performance Disclosure [Table] | |
Measure Name | Diluted normalized AATI Attributable to AIG Common Shareholders Per Share |
PEO [Member] | Measure [Axis]: 6 | |
Pay vs Performance Disclosure [Table] | |
Measure Name | AIG Relative TSR |
PEO [Member] | Value of Stock and Option Awards Reported in SCT [Member] | |
Pay vs Performance Disclosure [Table] | |
Adjustment to Compensation Amount | $ (5,141,177) |
PEO [Member] | Year-end Value of Awards Granted in 2022 That Were Unvested and Outstanding [Member] | |
Pay vs Performance Disclosure [Table] | |
Adjustment to Compensation Amount | 4,772,278 |
PEO [Member] | Change in Fair Value of Prior Year Awards That Were Unvested and Outstanding [Member] | |
Pay vs Performance Disclosure [Table] | |
Adjustment to Compensation Amount | 5,638,392 |
PEO [Member] | Change in Fair Value of Prior Year Awards That Vested in 2022 [Member] | |
Pay vs Performance Disclosure [Table] | |
Adjustment to Compensation Amount | 0 |
PEO [Member] | Value of Awards Granted in 2022 That Vested in 2022 [Member] | |
Pay vs Performance Disclosure [Table] | |
Adjustment to Compensation Amount | $ 0 |
Non-PEO NEO [Member] | Measure [Axis]: 1 | |
Pay vs Performance Disclosure [Table] | |
Measure Name | Normalized ROaE |
Non-PEO NEO [Member] | Measure [Axis]: 2 | |
Pay vs Performance Disclosure [Table] | |
Measure Name | Normalized GOE |
Non-PEO NEO [Member] | Measure [Axis]: 3 | |
Pay vs Performance Disclosure [Table] | |
Measure Name | Investment Performance vs. Benchmark |
Non-PEO NEO [Member] | Value of Stock and Option Awards Reported in SCT [Member] | |
Pay vs Performance Disclosure [Table] | |
Adjustment to Compensation Amount | $ (1,410,505) |
Non-PEO NEO [Member] | Year-end Value of Awards Granted in 2022 That Were Unvested and Outstanding [Member] | |
Pay vs Performance Disclosure [Table] | |
Adjustment to Compensation Amount | 947,231 |
Non-PEO NEO [Member] | Change in Fair Value of Prior Year Awards That Were Unvested and Outstanding [Member] | |
Pay vs Performance Disclosure [Table] | |
Adjustment to Compensation Amount | 166,277 |
Non-PEO NEO [Member] | Change in Fair Value of Prior Year Awards That Vested in 2022 [Member] | |
Pay vs Performance Disclosure [Table] | |
Adjustment to Compensation Amount | (143,572) |
Non-PEO NEO [Member] | Value of Awards Granted in 2022 That Vested in 2022 [Member] | |
Pay vs Performance Disclosure [Table] | |
Adjustment to Compensation Amount | $ 286,116 |