Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Feb. 23, 2023 | Jun. 30, 2022 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2022 | ||
Current Fiscal Year End Date | --12-31 | ||
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 Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 647,564,138 | ||
Document Fiscal Year Focus | 2022 | ||
Entity Central Index Key | 0001889539 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Documents Incorporated by Reference | Document of the Registrant Form 10-K Reference Locations Portions of the registrant’s definitive proxy statement for the 2023 Annual Meeting of Shareholders Part III, Items 10, 11, 12, 13 and 14 | ||
Entity Public Float | $ 0 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2022 | |
Auditor Information [Abstract] | |
Auditor Firm ID | 238 |
Auditor Location | New York, New York |
Auditor Name | PricewaterhouseCoopers LLP |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | |
Fixed maturity securities: | |||
Bonds available for sale, at fair value, net of allowance for credit losses of $148 in 2022 and $78 in 2021 (amortized cost: 2022 - $181,274; 2021 - $182,593)* | [1] | $ 156,793 | $ 198,568 |
Other bond securities | [1] | 3,769 | 2,082 |
Equity securities, at fair value | [1] | 170 | 242 |
Mortgage and other loans receivable | [1] | 44,566 | 39,388 |
Other investments | [1] | 10,418 | 10,567 |
Short-term Investments | [1] | 4,400 | 5,471 |
Total investments | 220,116 | 256,318 | |
Cash | [1] | 552 | 537 |
Accrued investment income | [1] | 1,813 | 1,760 |
Premiums and other receivables, net of allowance for credit losses and disputes of $1 in 2022 and $1 in 2021 | 916 | 884 | |
Reinsurance assets, net of allowance for credit losses and disputes | 2,980 | 2,932 | |
Deferred income taxes | 9,162 | 4,837 | |
Deferred policy acquisition costs and value of business acquired | 13,179 | 8,058 | |
Other assets | [1] | 2,852 | 3,303 |
Separate account assets, at fair value | 84,853 | 109,111 | |
Total assets | 364,217 | 416,212 | |
Liabilities: | |||
Future policy benefits for life and accident and health insurance contracts | 57,266 | 57,751 | |
Policyholder contract deposits (portion measured at fair value: 2022 - $7,216; 2021 - $9,824) | 158,966 | 156,846 | |
Other policyholder funds | 3,331 | 2,849 | |
Short-term debt | 1,500 | 8,317 | |
Long-term debt | 7,868 | 427 | |
Separate account liabilities | 84,853 | 109,111 | |
Total liabilities | 355,068 | 387,284 | |
Contingencies, commitments and guarantees | |||
Redeemable noncontrolling interest | 0 | 83 | |
Corebridge Shareholders' equity: | |||
Common stock, value | 6 | ||
Additional paid-in capital | 8,030 | 8,054 | |
Retained earnings | 16,121 | 8,859 | |
Accumulated other comprehensive income (loss) | (15,947) | 10,167 | |
Total Corebridge Shareholders' equity | 8,210 | 27,086 | |
Non-redeemable noncontrolling interests | 939 | 1,759 | |
Total equity | 9,149 | 28,845 | |
Total liabilities, redeemable noncontrolling interest and equity | 364,217 | 416,212 | |
Common Stock Class A | |||
Corebridge Shareholders' equity: | |||
Common stock, value | 5 | ||
Common Stock Class B | |||
Corebridge Shareholders' equity: | |||
Common stock, value | 1 | ||
Fortitude RE | |||
Fixed maturity securities: | |||
Reinsurance assets, net of allowance for credit losses and disputes | 27,794 | 28,472 | |
Liabilities: | |||
Fortitude Re funds withheld payable (portion measured at fair value: 2022 - $1,262; 2021 - $7,974) | 26,551 | 35,144 | |
Excluding Fortitude | |||
Liabilities: | |||
Other liabilities (portion measured at fair value: 2022 - $97; 2021 - $191)* | [1] | 8,775 | 9,903 |
Consolidated Entities, Excluding Consolidated Investments | |||
Liabilities: | |||
Long-term debt | 7,868 | 427 | |
Debt of consolidated investment entities | |||
Liabilities: | |||
Long-term debt | [1] | $ 5,958 | $ 6,936 |
[1] See Note 9 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | |
Fixed maturity securities: | |||
Bonds available for sale, allowance for credit losses | $ (148) | $ (78) | |
Bonds available for sale, amortized cost | 181,274 | 182,593 | |
Allowance for credit losses | (600) | (496) | |
Other investments | [1] | 10,418 | 10,567 |
Short-term Investments | [1] | 4,400 | 5,471 |
Premiums and other receivables, allowance for credit losses and disputes | (1) | (1) | |
Other assets | [1] | 2,852 | 3,303 |
Liabilities: | |||
Policyholder contract deposits | $ 158,966 | $ 156,846 | |
Corebridge Shareholders' equity: | |||
Common stock, par value (in dollars per share) | $ 0.01 | ||
Common stock, shares authorized (in shares) | 2,500,000,000 | ||
Common stock, shares issued (in shares) | 645,000,000 | ||
Common Stock Class A | |||
Corebridge Shareholders' equity: | |||
Common stock, par value (in dollars per share) | $ 0.01 | ||
Common stock, shares authorized (in shares) | 2,252,500,000 | ||
Common stock, shares issued (in shares) | 581,145,000 | ||
Common Stock Class B | |||
Corebridge Shareholders' equity: | |||
Common stock, par value (in dollars per share) | $ 0.01 | ||
Common stock, shares authorized (in shares) | 247,500,000 | ||
Common stock, shares issued (in shares) | 63,855,000 | ||
Fortitude RE | |||
Fixed maturity securities: | |||
Reinsurance asset, allowance for credit loss | $ 0 | $ 0 | |
Liabilities: | |||
Fortitude Re funds withheld payable | 26,551 | 35,144 | |
Excluding Fortitude | |||
Fixed maturity securities: | |||
Reinsurance asset, allowance for credit loss | 84 | 101 | |
Short-term Investments | |||
Fixed maturity securities: | |||
Restricted cash | 69 | 57 | |
Other assets | |||
Fixed maturity securities: | |||
Restricted cash | 12 | 7 | |
Recurring Basis | |||
Fixed maturity securities: | |||
Other investments | 7,879 | 7,104 | |
Short-term Investments | 1,357 | 1,455 | |
Other assets | 299 | 684 | |
Liabilities: | |||
Policyholder contract deposits | 7,216 | 9,824 | |
Fortitude Re funds withheld payable | 1,262 | 7,974 | |
Other liabilities, portion measured at fair value | 97 | 191 | |
Long-term debt, portion measured at fair value | $ 6 | $ 5 | |
[1] See Note 9 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Loss) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues: | |||
Premiums | $ 5,093 | $ 5,637 | $ 4,341 |
Policy fees | 2,972 | 3,051 | 2,874 |
Total net investment income | 9,576 | 11,672 | 10,516 |
Total net realized gains (losses) | 8,013 | 1,855 | (3,741) |
Advisory fee income | 475 | 597 | 553 |
Other income | 550 | 578 | 519 |
Total revenues | 26,679 | 23,390 | 15,062 |
Benefits and expenses: | |||
Policyholder benefits | 7,332 | 8,050 | 6,602 |
Interest credited to policyholder account balances | 3,696 | 3,549 | 3,528 |
Amortization of deferred policy acquisition costs and value of business acquired | 1,431 | 1,057 | 543 |
Non-deferrable insurance commissions | 636 | 680 | 604 |
Advisory fee expenses | 266 | 322 | 316 |
General operating expenses | 2,323 | 2,104 | 2,027 |
Interest expense | 534 | 389 | 490 |
(Gain) loss on extinguishment of debt | 0 | 219 | 10 |
Net (gain) loss on divestitures | 1 | (3,081) | 0 |
Total benefits and expenses | 16,219 | 13,263 | 14,211 |
Income (loss) before income tax expense (benefit) | 10,460 | 10,127 | 851 |
Income tax expense (benefit): | |||
Current | 878 | 1,946 | 1,724 |
Deferred | 1,113 | (103) | (1,739) |
Income tax expense (benefit) | 1,991 | 1,843 | (15) |
Net income (loss) | 8,469 | 8,284 | 866 |
Less: | |||
Net income (loss) attributable to noncontrolling interests | 320 | 929 | 224 |
Net income (loss) attributable to Corebridge | $ 8,149 | $ 7,355 | $ 642 |
Income (loss) per common share attributable to Corebridge common shareholders: | |||
Basic (in dollars per share) | $ 12.61 | ||
Diluted (in dollars per share) | $ 12.59 | ||
Weighted averages shares outstanding: | |||
Basic (in shares) | 646,100,000 | ||
Diluted (in shares) | 647,400,000 | ||
Common Stock Class A | |||
Income (loss) per common share attributable to Corebridge common shareholders: | |||
Basic (in dollars per share) | $ 11.80 | $ 1 | |
Diluted (in dollars per share) | $ 11.80 | $ 1 | |
Weighted averages shares outstanding: | |||
Basic (in shares) | 581,100,000 | 581,100,000 | |
Diluted (in shares) | 581,100,000 | 581,100,000 | |
Common Stock Class B | |||
Income (loss) per common share attributable to Corebridge common shareholders: | |||
Basic (in dollars per share) | $ 7.77 | $ 1 | |
Diluted (in dollars per share) | $ 7.77 | $ 1 | |
Weighted averages shares outstanding: | |||
Basic (in shares) | 63,900,000 | 63,900,000 | |
Diluted (in shares) | 63,900,000 | 63,900,000 | |
Net investment income - excluding Fortitude Re funds withheld assets | |||
Revenues: | |||
Total net investment income | $ 8,685 | $ 9,897 | $ 9,089 |
Total net realized gains (losses) | 2,063 | 1,618 | (765) |
Fortitude Re funds withheld assets | |||
Revenues: | |||
Total net investment income | 891 | 1,775 | 1,427 |
Total net realized gains (losses) | (397) | 924 | 1,002 |
Benefits and expenses: | |||
Net (gain) loss on divestitures | 0 | (26) | 91 |
Fortitude Re funds withheld embedded derivative | |||
Revenues: | |||
Total net realized gains (losses) | $ 6,347 | $ (687) | $ (3,978) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 8,469 | $ 8,284 | $ 866 |
Other comprehensive income (loss), net of tax | |||
Change in unrealized appreciation (depreciation) of fixed maturity securities on which allowance for credit losses was taken | (54) | 22 | (62) |
Change in unrealized appreciation (depreciation) of all other investments | (26,128) | (4,509) | 5,337 |
Change in cash flow hedges | 157 | 0 | 0 |
Change in foreign currency translation adjustments | (101) | (20) | 57 |
Change in retirement plan liabilities | 2 | 1 | (2) |
Other comprehensive income (loss) | (26,124) | (4,506) | 5,330 |
Comprehensive income (loss) | (17,655) | 3,778 | 6,196 |
Less: | |||
Comprehensive income attributable to noncontrolling interests | 310 | 929 | 230 |
Comprehensive income (loss) attributable to Corebridge | $ (17,965) | $ 2,849 | $ 5,966 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Equity - USD ($) $ in Millions | Total | Cumulative effect of change in accounting principle | Common Stock Class B | Total Corebridge Shareholders' Equity | Total Corebridge Shareholders' Equity Cumulative effect of change in accounting principle | Total Corebridge Shareholders' Equity Common Stock Class B | Additional Paid-In Capital | Retained Earnings | Retained Earnings Common Stock Class B | Common Stock | Common Stock Common Stock Class A | Common Stock Common Stock Class B | Shareholders' Net Investment | Shareholders' Net Investment Cumulative effect of change in accounting principle | Accumulated Other Comprehensive Income (Loss) | Non- Redeemable Noncontrolling Interests |
Balance, beginning of period at Dec. 31, 2019 | $ 33,679 | $ (246) | $ 31,805 | $ (246) | $ 0 | $ 0 | $ 0 | $ 5 | $ 1 | $ 22,470 | $ (246) | $ 9,329 | $ 1,874 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Change in net investment | (296) | (296) | (296) | |||||||||||||
Net income attributable to Corebridge or noncontrolling interests | 866 | 642 | 642 | 224 | ||||||||||||
Other comprehensive income (loss), net of tax | 5,330 | 5,324 | 5,324 | 6 | ||||||||||||
Changes in noncontrolling interests due to divestitures and acquisitions | 633 | 633 | ||||||||||||||
Contributions from noncontrolling interests | 268 | 268 | ||||||||||||||
Distributions to noncontrolling interests | (454) | (454) | ||||||||||||||
Other | 1 | 3 | 3 | (2) | ||||||||||||
Balance, end of period at Dec. 31, 2020 | $ 39,781 | 37,232 | 0 | 0 | 0 | 5 | 1 | 22,573 | 14,653 | 2,549 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Accounting Standards Update [Extensible Enumeration] | Accounting Standards Update 2016-02 [Member] | |||||||||||||||
Change in net investment | $ (13,004) | (13,004) | (13,004) | |||||||||||||
Net income attributable to Corebridge or noncontrolling interests | 8,284 | 7,355 | 7,355 | 929 | ||||||||||||
Other comprehensive income (loss), net of tax | (4,506) | (4,506) | (4,506) | |||||||||||||
Changes in noncontrolling interests due to divestitures and acquisitions | (373) | (373) | ||||||||||||||
Contributions from noncontrolling interests | 264 | 264 | ||||||||||||||
Distributions to noncontrolling interests | (1,611) | (8,054) | (8,859) | 16,913 | (1,611) | |||||||||||
Other | 10 | 9 | (11) | (20) | 1 | |||||||||||
Balance, end of period at Dec. 31, 2021 | 28,845 | 27,086 | 8,054 | 8,859 | 0 | 5 | 1 | 0 | 10,167 | 1,759 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Net income attributable to Corebridge or noncontrolling interests | 8,469 | 8,149 | 8,149 | 320 | ||||||||||||
Other comprehensive income (loss), net of tax | (26,124) | (26,114) | (26,114) | (10) | ||||||||||||
Changes in noncontrolling interests due to divestitures and acquisitions | (104) | (104) | ||||||||||||||
Contributions from noncontrolling interests | 155 | 155 | ||||||||||||||
Distributions to noncontrolling interests | (1,181) | (1,181) | ||||||||||||||
Other | 35 | (35) | (24) | (11) | 6 | (5) | (1) | |||||||||
Dividends on common stock | $ (876) | $ (876) | $ (876) | |||||||||||||
Balance, end of period at Dec. 31, 2022 | $ 9,149 | $ 8,210 | $ 8,030 | $ 16,121 | $ 6 | $ 0 | $ 0 | $ 0 | $ (15,947) | $ 939 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |||
Cash flows from operating activities: | |||||
Net income | $ 8,469 | $ 8,284 | $ 866 | ||
Non-cash revenues, expenses, gains and losses included in income (loss): | |||||
Net (gains) losses on sales of securities available for sale and other assets | 377 | (1,737) | (747) | ||
Net (gain) loss on divestitures | 1 | (3,081) | 0 | ||
Loss on extinguishment of debt | 0 | 219 | 10 | ||
Unrealized gains in earnings - net | (1,621) | (1,573) | (343) | ||
Equity in (income) loss from equity method investments, net of dividends or distributions | (97) | 33 | 70 | ||
Depreciation and other amortization | 1,021 | 562 | 325 | ||
Impairments of assets | 25 | 32 | 80 | ||
General operating and other expenses | 0 | 122 | 82 | ||
Changes in operating assets and liabilities: | |||||
Insurance reserves | 2,064 | 2,161 | 1,972 | ||
Premiums and other receivables and payables - net | 68 | 226 | 575 | ||
Funds held relating to Fortitude Re Reinsurance contracts | (8,497) | (1,160) | 2,351 | ||
Reinsurance assets and funds held under reinsurance treaties | 409 | 155 | 271 | ||
Capitalization of deferred policy acquisition costs | (991) | (1,000) | (889) | ||
Current and deferred income taxes - net | 890 | (70) | (1,930) | ||
Other, net | 577 | (686) | 614 | ||
Total adjustments | (5,774) | (5,823) | 2,461 | ||
Net cash provided by operating activities | 2,695 | 2,461 | 3,327 | ||
sales or distributions of: | |||||
Available-for-sale securities | 10,566 | 10,762 | 11,929 | ||
Other securities | 2,181 | 318 | 405 | ||
Other invested assets | 1,888 | 4,615 | 1,787 | ||
Divestitures, net | 0 | 1,084 | 0 | ||
Maturities of fixed maturity securities available for sale | 9,621 | 20,420 | 15,507 | ||
Principal payments received on mortgage and other loans receivable | 7,814 | 6,646 | 5,961 | ||
Purchases of: | |||||
Available-for-sale securities | (19,499) | (36,641) | (35,635) | ||
Other securities | (3,694) | (1,591) | (117) | ||
Other invested assets | (1,662) | (2,498) | (1,962) | ||
Mortgage and other loans receivable | (14,203) | (7,930) | (5,486) | ||
Acquisition of businesses, net of cash and restricted cash acquired | (107) | 0 | 0 | ||
Net change in short-term investments | 883 | 3,439 | (1,237) | ||
Net change in derivative assets and liabilities | (754) | (507) | 1,234 | ||
Other, net | (287) | (84) | (295) | ||
Net cash used in investing activities | (7,253) | (1,967) | (7,909) | ||
Proceeds from (payments for): | |||||
Policyholder contract deposits | 26,508 | 25,387 | 22,438 | ||
Policyholder contract withdrawals | (20,722) | (22,481) | (17,845) | ||
Issuance of long term debt | 7,451 | 0 | 0 | ||
Issuance of short-term debt | 1,512 | 345 | 0 | ||
Repayments of long-term debt | 0 | (568) | (11) | ||
Repayments of short-term debt | (8,312) | (248) | 0 | ||
Dividends paid on common stock | (876) | 0 | 0 | ||
Distributions to Class B shareholder | 0 | (34) | 0 | ||
Distributions to AIG | 0 | (1,543) | (472) | ||
Distributions to noncontrolling interests | (477) | (1,611) | (454) | ||
Contributions from noncontrolling interests | 146 | 296 | 317 | ||
Net change in securities lending and repurchase agreements | (647) | 9 | 646 | ||
Other, net | 299 | 81 | 184 | ||
Net cash provided by (used in) financing activities | 4,600 | (809) | 4,666 | ||
Effect of exchange rate changes on cash and restricted cash | (10) | (2) | 7 | ||
Net increase (decrease) in cash and restricted cash | 32 | (317) | 91 | ||
Cash and restricted cash at beginning of year | 601 | 918 | 827 | ||
Change in cash of businesses held for sale | 0 | 0 | 0 | ||
Cash and restricted cash at end of year | 633 | 601 | 918 | ||
Cash Equivalents, Restricted Cash and Restricted Cash Equivalents: | |||||
Cash | 552 | [1] | 537 | [1] | 654 |
Total cash and restricted cash shown in the Consolidated Statements of Cash Flows | 633 | 601 | 918 | ||
Cash paid during the period for: | |||||
Interest | 472 | 364 | 279 | ||
Taxes | 1,101 | 1,913 | 1,915 | ||
Non-cash investing activities: | |||||
Fixed maturity securities, designated available for sale, received in connection with pension risk transfer transactions | (1,121) | (2,284) | (1,140) | ||
Fixed maturity securities, designated available for sale, received in connection with reinsurance transactions | (108) | (161) | (424) | ||
Fixed maturity securities, designated available for sale, transferred in connection with reinsurance transactions | 204 | 647 | 706 | ||
Corebridge distribution of AIG common stock to AIG | 0 | 38 | 0 | ||
Fixed maturity securities, designated as fair value option, transferred to repay debt of consolidated investment entities | 0 | 1,257 | 0 | ||
Fixed maturity securities, designated available for sale, transferred to repay debt of consolidated investment entities | 458 | 605 | 0 | ||
Investment assets transferred in conjunction with fund establishment | 19 | 85 | 0 | ||
Investment assets received in conjunction with fund establishment | 49 | 85 | 532 | ||
Real estate investments transferred in conjunction with fund establishment | 305 | 0 | 0 | ||
Equity securities distributed in lieu of cash to non-consolidated Corebridge affiliate | 94 | 0 | 0 | ||
Other invested assets securities distributed in lieu of cash to non-consolidated Corebridge affiliate | 694 | 0 | 0 | ||
Minority ownership acquired in Fortitude Holdings | 0 | (100) | 0 | ||
Divestiture of certain Cap Corp legal entities | 0 | 56 | 0 | ||
Consideration received from divested businesses | 0 | 3,740 | 0 | ||
Fixed maturity securities, designated available for sale, transferred to non-consolidated Corebridge affiliate | 0 | 423 | 0 | ||
Fixed maturity securities, designated available for sale, transferred from a non-consolidated Corebridge affiliate | 0 | (423) | 0 | ||
Non-cash financing activities: | |||||
Interest credited to policyholder contract deposits included in financing activities | 3,606 | 3,549 | 3,786 | ||
Fee income debited to policyholder contract deposits included in financing activities | (1,694) | (1,690) | (1,710) | ||
Equity interest in funds sold to Corebridge affiliates | 0 | 0 | 532 | ||
Repayments of debt of consolidated investment entities utilizing fixed maturity securities | (474) | (1,862) | 0 | ||
Issuance of short-term debt by AIG | 0 | 8,300 | 0 | ||
Short-term debt forgiven by AIG | 0 | (96) | 0 | ||
Non-cash capital contributions | 0 | 728 | 85 | ||
Non-cash capital distributions | 0 | (12,197) | (44) | ||
Distribution in lieu of cash, in equity securities, to non-consolidated Corebridge affiliate | (94) | 0 | 0 | ||
Distribution in lieu of cash, in Other invested assets securities, to non-consolidated Corebridge affiliate | (694) | 0 | 0 | ||
Extinguishment of debt in exchange for partnership interest | (172) | 0 | 0 | ||
Redemption of NCI in exchange for partnership interest | (104) | 0 | 0 | ||
Fortitude Re funds withheld assets | |||||
Non-cash revenues, expenses, gains and losses included in income (loss): | |||||
Net (gain) loss on Fortitude Re transactions | 0 | (26) | 20 | ||
Net (gain) loss on divestitures | 0 | (26) | 91 | ||
Consolidated VIE | |||||
Proceeds from (payments for): | |||||
Issuance of long term debt | 946 | 4,683 | 2,314 | ||
Repayments of long-term debt | (1,228) | (5,125) | (2,451) | ||
Cash Equivalents, Restricted Cash and Restricted Cash Equivalents: | |||||
Cash | 71 | 93 | |||
Short-term investments | |||||
Cash Equivalents, Restricted Cash and Restricted Cash Equivalents: | |||||
Restricted cash | 69 | [2] | 57 | [2] | 58 |
Other assets | |||||
Cash Equivalents, Restricted Cash and Restricted Cash Equivalents: | |||||
Restricted cash | $ 12 | [2] | $ 7 | [2] | $ 206 |
[1] See Note 9 |
Organization, Consolidation and
Organization, Consolidation and Presentation of Financial Statements | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Overview and Basis of Presentation | Overview and Basis of Presentation OVERVIEW 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 life and annuity products that include term life insurance, universal life insurance, variable universal life insurance and whole life insurance, accident and health insurance, single- and flexible-premium deferred fixed and variable annuities, fixed index deferred annuities, single-premium immediate and delayed-income annuities, group annuities, private placement variable annuities, structured settlements, corporate- and bank-owned life insurance, guaranteed investment contracts (‘‘GICs’’) funding agreements, stable value wrap products and pension risk transfer. Our institutional asset management business includes managing assets for non-consolidated affiliates. 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 or combined subsidiaries, unless the context refers to Corebridge Parent only. These financial statements present the consolidated and combined 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 American International Group, Inc. (“AIG Parent”) sold 80,000,000 shares of Corebridge Parent common stock to the public. As of December 31, 2022, AIG owns 77.7% of the outstanding common stock of Corebridge Parent. 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. Prior to the IPO, we underwent a reorganization (the “Reorganization”) to ensure that we held all of AIG’s life and retirement business and substantially all of its investment management operations. The Reorganization was completed on December 31, 2021. As of December 31, 2022, 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”), AIG Life of Bermuda, Ltd. (“AIG Bermuda”), AIG Life Ltd. (“AIG Life (United Kingdom)”) and its subsidiary, Laya Healthcare Ltd. (“Laya”), and SAFG Capital LLC and its subsidiaries. These 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. BASIS OF PRESENTATION The financial statements presented for periods on or after December 31, 2021, the date on which the Reorganization was completed, are presented on a consolidated basis, and include the financial position, results of operations and cash flows of the Company. The financial statements for the periods prior to December 31, 2021 are presented on a combined basis, and reflect the historical combined financial position, results of operations and cash flows of Corebridge, AIG Capital Corporation (“Cap Corp”), AIG Life (United Kingdom) and Laya, as the operations were under common control of AIG and reflect the historical combined financial position, results of operations and cash flows of those legal entities. The Reorganization, completed on December 31, 2021, included the contribution of various subsidiaries of AIG into Corebridge. AIG Life (UK) was contributed to Corebridge on May 1, 2021. Effective May 1, 2021, Corebridge subscribed for an ordinary share in Laya, and Laya redeemed the only other share then in issue which was held by AIG, resulting in Corebridge being the sole shareholder of Laya. The annual consolidated financial statements as of December 31, 2021 included the results of operations, financial condition and cash flows of Laya and AIG Life Ltd. Accordingly, the contribution of these entities to Corebridge did not result in the need to restate prior periods in accordance with the accounting treatment for common control transactions. On October 1, 2021, two Cap Corp subsidiaries were sold to a Corebridge affiliate. On October 29, 2021, a Cap Corp subsidiary was sold to a Corebridge affiliate. On December 31, 2021, certain direct and indirect subsidiaries of Cap Corp were transferred to a newly created holding company and subsidiary of Cap Corp, SAFG Capital LLC (‘‘SAFG Capital’’). On December 31, 2021, Cap Corp’s interest in SAFG Capital was distributed from Cap Corp to AIG and AIG subsequently contributed its interest to Corebridge. Cap Corp and certain of its subsidiaries remain consolidated subsidiaries of AIG. The contribution of SAFG Capital to the Company was treated as a common control transaction with the Company being the receiving entity, and the subsidiaries not contributed were treated as common control transactions with the Company being the transferring entity, both during the year ended December 31, 2021. In connection with the Reorganization, we and AIG entered into agreements under which we purchased AIG Technologies, Inc. (“AIGT”) and Eastgreen, Inc. (“Eastgreen”) from AIG on February 28, 2022 for total consideration of $107 million. AIGT provides data processing, technology and infrastructure services to Corebridge and AIG entities in the United States, including management of AIG hardware and networks. AIGT utilizes two data centers to provide its services. The real estate related to the two data centers is owned by Eastgreen. To the extent needed, AIGT will continue to provide services to AIG for a transition period. The accompanying 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 or combined entities have been eliminated. The balance sheet as of December 31, 2021 includes the attribution of certain assets and liabilities that have historically been held at AIG or certain of its subsidiaries not included in the historically combined Corebridge financial statements. Similarly, certain assets attributable to shared services managed at AIG have been excluded. The Company’s consolidated financial statements reflect certain corporate expenses allocated to the Company by AIG for certain corporate functions and for shared services provided by AIG. These expenses have been allocated to the Company based on direct usage or benefit where specifically identifiable, with the remainder allocated based upon other reasonable allocation measures. The Company considers the expense methodology and results to be reasonable for all periods presented. Our historical financial results included in the Company’s financial statements do not necessarily reflect the financial condition, results of operations or cash flows we would have achieved as a stand-alone company during the periods presented or those we will achieve in the future. The Company has recorded affiliated transactions with certain AIG subsidiaries that are not subsidiaries of Corebridge which have not been eliminated in the consolidated or combined financial statements of the Company. The accompanying 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. SIGNIFICANT TRANSACTIONS Strategic Partnership with Blackstone On November 2, 2021, Argon Holdco LLC (“Argon”), a wholly owned subsidiary of Blackstone, Inc. (“Blackstone”), acquired a 9.9% equity stake in Corebridge and Corebridge entered into a long-term asset management relationship with Blackstone. Pursuant to the partnership, we initially transferred management of $50 billion of our existing investment portfolio. Beginning in the fourth quarter of 2022, we transferred an additional $2.1 billion to Blackstone. The amount managed by Blackstone will increase to $92.5 billion by the third quarter of 2027. As of December 31, 2022, the book value of the assets managed by Blackstone was $48.9 billion. Pursuant to the Stockholders’ Agreement that we entered into with AIG Parent and Argon at the time of acquisition of Argon’s equity stake in Corebridge, Argon may not sell its ownership interest in Corebridge, subject to certain exceptions. These exceptions, among others, permit Argon to sell 25%, 67% and 75% of its shares after the first, second and third anniversaries, respectively, of the IPO, with the transfer restrictions terminating in full on the fifth anniversary of the IPO. Additionally, until Argon no longer owns at least 50% of its initial investment in Corebridge, it will have the right to designate for nomination for election one member of the Corebridge board of directors. On November 1, 2021, Corebridge Parent declared a dividend payable to AIG in the amount of $8.3 billion. In connection with that dividend, Corebridge Parent issued a promissory note to AIG Parent in the amount of $8.3 billion. The promissory note to AIG Parent was paid in full during 2022. On December 15, 2021, Corebridge and Blackstone Real Estate Income Trust (“BREIT”), a long-term, perpetual capital vehicle affiliated with Blackstone, completed the acquisition by BREIT of Corebridge’s interests in a U.S. affordable housing portfolio for $4.9 billion, in an all cash transaction, subject to certain adjustments, resulting in a pre-tax gain of $3.0 billion. Sale of Certain Assets of Our Retail Mutual Funds Business On February 8, 2021, we announced the execution of a definitive agreement with Touchstone Investments, Inc. (“Touchstone”), an indirect wholly owned subsidiary of Western & Southern Financial Group, to sell certain assets of our retail mutual funds business. This sale consisted of the reorganization of twelve of the retail mutual funds managed by our subsidiary SunAmerica Asset Management, LLC (“SAAMCo”) into certain Touchstone funds. The transaction closed on July 16, 2021, at which time we received initial proceeds and recognized a gain on the sale of $103 million. Concurrently, the twelve retail mutual funds managed by SAAMCo, with $6.8 billion in assets, were reorganized into Touchstone funds. Additional consideration has been and may be earned over a three-year period based on asset levels in certain reorganized funds. Six retail mutual funds managed by SAAMCo and not included in the transaction were liquidated. We continue to retain our fund management platform and capabilities dedicated to our variable annuity insurance products. FORTITUDE HOLDINGS Reinsurance agreements AIG established Fortitude Reinsurance Company, Ltd. (‘‘Fortitude Re’’), a wholly owned subsidiary of Fortitude Group Holdings, LLC (‘‘Fortitude Holdings’’), in 2018 in a series of reinsurance transactions related to certain of AIG’s legacy operations. In February 2018, AGL, VALIC, and USL entered into modified coinsurance (‘‘modco’’) agreements with Fortitude Re, a registered Class 4 and Class E reinsurer in Bermuda. As these reinsurance transactions are structured as modco, Corebridge continues to reflect the invested assets, which consist mostly of available for sale securities, supporting Fortitude Re’s obligations, in Corebridge’s financial statements. Additionally, AIG Bermuda novated its assumption of certain long-duration contracts from an affiliated entity to Fortitude Re. On July 1, 2020, AGL and USL amended the modco agreements. Under the terms of the amendment, certain business ceded to Fortitude Re was recaptured by the Company and certain additional business was ceded by the Company to Fortitude Re. We recorded an additional $91 million loss associated with this amendment. As our accounting policy is to include reinsurance balances when performing loss recognition testing and as there will be no future profits recognized on this business, we do not expect any future loss recognition events related to business ceded to Fortitude Re, absent any decisions by the Company to recapture the business. Sale of Fortitude Holdings by AIG In November 2018, AIG sold a 19.9% ownership interest in Fortitude Holdings to TC Group Cayman Investments Holdings, L.P. (‘‘TCG’’), an affiliate of Carlyle. On June 2, 2020, AIG completed the sale of a majority of the interests in Fortitude Holdings to Carlyle FRL, L.P. (‘‘Carlyle FRL’’), an investment fund advised by an affiliate of The Carlyle Group Inc. (‘‘Carlyle’’), and T&D United Capital Co., Ltd. (‘‘T&D’’), a subsidiary of T&D Holdings, Inc., under the terms of a membership interest purchase agreement entered into on November 25, 2019 by and among AIG, Fortitude Holdings, Carlyle FRL, Carlyle, T&D and T&D Holdings, Inc. (the ‘‘Majority Interest Fortitude Sale’’). As a result of completion of the Majority Interest Fortitude Sale, Carlyle FRL purchased from AIG a 51.6% ownership interest in Fortitude Holdings and T&D purchased from AIG a 25% ownership interest in Fortitude Holdings; AIG retained a 3.5% ownership interest in Fortitude Holdings and one seat on its Board of Managers. On October 1, 2021, AIG, Inc. contributed its remaining 3.5% ownership interest in Fortitude Group Holdings, LLC to Corebridge. As of December 31, 2022, and 2021, respectively, approximately $27.8 billion and $28.5 billion of reserves related to business written by Corebridge, had been ceded to Fortitude Re under these reinsurance transactions. As of closing of the Majority Interest Fortitude Sale, these reinsurance transactions are no longer considered affiliated transactions. Following closing of the Majority Interest Fortitude Sale in the second quarter of 2020, AIG contributed $135 million of its proceeds from the Majority Interest Fortitude Sale to USL. For further details on this transaction see Note 7. USE OF ESTIMATES The preparation of financial statements in accordance with U.S. 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 liabilities for guaranteed benefit features of variable annuity products, fixed annuity products and fixed index annuity products, including the valuation of embedded derivatives; • estimated gross profits (“EGPs”) to value deferred policy acquisition costs (“DAC”) and unearned revenue (“URR”) for investment-oriented products, such as universal life insurance, variable and fixed annuities and fixed index annuities; • valuation of future policy benefit liabilities and timing and extent of loss recognition; • valuation of embedded derivatives for fixed index annuity and life products; • reinsurance assets, including the allowance for credit losses; • allowance for credit losses primarily on loans and available-for-sale fixed maturity securities; • goodwill impairment; 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. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies The following identifies our significant accounting policies presented in other Notes to these Consolidated Financial Statements, with a reference to the Note where a detailed description can be found: Note 5. Investments • Fixed maturity and equity securities • Other invested assets • Short-term investments • Net investment income • Net realized gains (losses) • Allowance for credit losses/Other-than-temporary impairments Note 6. Lending Activities • Mortgage and other loans receivable – net of allowance Note 7. Reinsurance • Reinsurance assets – net of allowance Note 8. Deferred Policy Acquisition Costs • Deferred policy acquisition costs • Value of business acquired • Deferred sales inducements • Amortization of deferred policy acquisition costs • Non-deferrable insurance commissions Note 9. Variable Interest Entities Note 10. Derivatives and Hedge Accounting • Derivative assets and liabilities, at fair value Note 11. Goodwill and Other Intangible Assets Note 12. Insurance Liabilities • Future policy benefits • Policyholder contract deposits • Other policyholder funds • Variable annuities • Fixed annuity and fixed index annuities Note 13. Debt • Short-term and Long-term debt • Debt of consolidated investment entities Note 14. Contingencies, Commitments and Guarantees • Legal contingencies Note 16. Earnings Per Common Share Note 20. Income Taxes OTHER SIGNIFICANT ACCOUNTING POLICIES Insurance revenues include premiums and policy fees. All premiums and policy fees are presented net of reinsurance, as applicable. Premiums from long-duration life products, other than universal and variable life contracts, are recognized as revenues when due. Premiums from individual and group annuity contracts that are life contingent are recognized as revenues when due. For limited-payment contracts, premiums are due over a significantly shorter period than the period over which benefits are provided, and net premiums are recorded as revenue. The difference between the gross premium received and the net premium is deferred and recognized in premiums in a constant relationship to insurance in-force, or for annuities, the amount of expected future policy benefits. This unearned revenue liability is recorded in the Consolidated Balance Sheets in Other policyholder funds. Premiums on short-duration accident and health policies are earned primarily on a pro rata basis over the term of the related coverage. The reserve for unearned premiums includes the portion of premiums written relating to the unexpired terms of coverage. This unearned revenue liability is recorded in the Consolidated Balance Sheets in Other Policyholder Funds. Reinsurance premiums ceded under yearly renewable term (“YRT”) reinsurance agreements are recognized as a reduction in revenues over the period the reinsurance coverage is utilized in proportion to the risks to which the premiums relate, while premiums ceded under modco treaties are recognized when due. Reinsurance premiums for assumed business are estimated based on information received from ceding companies and reinsurers. Any subsequent differences that arise regarding such estimates are recorded in the periods in which they are determined. Amounts received as payment for investment-oriented contracts such as universal life, variable annuities, fixed annuities, and fixed index annuities, are reported as deposits to Policyholder contract deposits or Separate account liabilities, as applicable. Revenues from these contracts are recorded in Policy fees and consist of policy charges for the cost of insurance, policy administration charges, surrender charges and amortization of unearned revenue reserves. Policy fees are recognized as revenues in the period in which they are assessed against policyholders, unless the fees are designed to compensate Corebridge for services to be provided in the future. Fees deferred as unearned revenue are amortized in relation to the incidence of estimated gross profits to be realized over the estimated lives of the contracts. Advisory fee income includes fees from registered investment services. Other income includes 12b-1 fees (i.e. marketing and distribution fee income), other asset management fee income, and commission-based broker dealer services. Advisory fee expense includes primarily sub-advisory fee expenses. Cash represents cash on hand and demand deposits. Short-term investments include highly liquid securities and other investments with remaining maturities of one year or less, but greater than three months, at the time of purchase. Securities included within short-term investments are stated at estimated fair value, while other investments included within short-term investments are stated at amortized cost, which approximates estimated fair value. Premiums and other receivables – net of allowance include premium balances receivable, amounts due from agents and brokers and policyholders, and other receivables. Other assets consist of deferred sales inducement assets, prepaid expenses, deposits, other deferred charges, other fixed assets, capitalized software costs, goodwill, intangible assets other than goodwill, restricted cash and derivative assets. Capitalized software costs represent costs directly related to obtaining, developing or upgrading internal use software, are capitalized and amortized using the straight-line method over a period generally not exceeding ten years. Real estate includes the cost of buildings and furniture and fixtures which is depreciated principally using the straight-line basis over their estimated useful lives (maximum of 40 years for buildings, 10 years for furniture and fixtures and 5 years for office equipment). Expenditures for maintenance and repairs are charged to income as incurred and expenditures for improvements are capitalized and depreciated. We periodically assess the carrying amount of our real estate for purposes of determining any asset impairment. Separate accounts represent funds for which investment income and investment gains and losses accrue directly to the policyholders who bear the investment risk. Each account has specific investment objectives and the assets are carried at fair value. The assets of each account are legally segregated and are not subject to claims that arise from any of our other businesses. The liabilities for these accounts are equal to the account assets. Separate accounts may also include deposits for funds held under stable value wrap funding agreements, although the majority of stable value wrap sales are measured based on the notional amount included in assets under management and do not include the receipt of funds. For a more detailed discussion of separate accounts see Note 12 . Other liabilities consist of other funds on deposit, other payables, securities sold under agreements to repurchase, securities sold but not yet purchased and derivative liabilities. Securities sold but not yet purchased represent sales of securities not owned at the time of sale. The obligations arising from such transactions are recorded on a trade-date basis and carried at fair value. Fair values of securities sold but not yet purchased are based on current market prices. Foreign currency: Financial statement accounts expressed in foreign currencies are translated into U.S. dollars. Functional currency assets and liabilities are translated into U.S. dollars generally using rates of exchange prevailing at the balance sheet date of each respective subsidiary and the related translation adjustments are recorded as a separate component of Accumulated other comprehensive income, net of any related taxes, in Shareholders’ Equity. Income statement accounts expressed in functional currencies are translated using average exchange rates during the period. Functional currencies are generally the currencies of the local operating environment. Financial statement accounts expressed in currencies other than the functional currency of a consolidated entity are remeasured into that entity’s functional currency resulting in exchange gains or losses recorded in income, except for remeasurement gains or losses attributable to available-for-sale securities which are included in Accumulated other comprehensive income (“AOCI”). Non-redeemable noncontrolling interest is the portion of equity (net assets) and net income (loss) in a subsidiary not attributable, directly or indirectly, to Corebridge. Redeemable noncontrolling interest represents noncontrolling interest holders in certain consolidated investment entities where the noncontrolling interest holder has the ability to redeem its interest in the consolidated investment entity at its option. ACCOUNTING STANDARDS ADOPTED DURING 2022 Reference Rate Reform In March 2020, the Financial Accounting Standards Board (the “FASB”) issued an accounting standard that provides temporary optional guidance to ease the potential burden in accounting for reference rate reform. The standard allows us to account for certain contract modifications that result from the discontinuation of the London Interbank Offered Rate (“LIBOR”) or another reference rate as a continuation of the existing contract without additional analysis. This standard was set to expire on December 31, 2022, but was extended to December 31, 2024, after which application of the guidance will no longer be permitted. During this period, this standard may be elected and applied prospectively as reference reforms occur. Where permitted by the guidance, we have accounted for contract modifications stemming from the discontinuation of LIBOR or another reference rate as a continuation of the existing contract. As part of our implementation efforts, we have and will continue to assess our operational readiness and current and alternative reference rates’ merits, limitations, risks and suitability for our investment and insurance processes. The adoption of the standard has not had, and is not expected to have, a material impact on our reported consolidated financial condition, results of operations, cash flows and required disclosures. FUTURE APPLICATION OF ACCOUNTING STANDARDS Targeted Improvements to the Accounting for Long-Duration Contracts In August 2018, the FASB issued an accounting standard update with the objective of making targeted improvements to the existing recognition, measurement, presentation and disclosure requirements for long-duration contracts issued by an insurance entity. The Company adopted targeted improvements to the accounting for long-duration contracts (the “standard” or “LDTI”) on January 1, 2023, with a transition date of January 1, 2021 (as described in the additional detail below). The adoption of this standard will impact our financial condition, results of operations, statement of cash flows and disclosures, as well as systems, processes and controls. The Company adopted the standard using the modified retrospective transition method relating to liabilities for traditional and limited payment contracts and deferred policy acquisition costs associated therewith, while the Company adopted the standard in relation to market risk benefits (“MRBs”) on a retrospective basis. Based upon this transition method, as of the January 1, 2021 transition date (“Transition Date”) the impact from adoption is expected to result in a decrease of the Company’s after-tax equity between approximately $1.0 billion and $1.5 billion; consisting of a decrease in AOCI between approximately $1.8 billion and $2.3 billion, offset by an increase in Retained earnings between approximately $800 million and $1.3 billion. The net increase in Retained Earnings resulted from (1) the reclassification of the cumulative effect of non-performance adjustments related to our products in our Individual Retirement and Group Retirement segments that are currently measured at fair value (e.g., living benefit guarantees associated with variable annuities), partially offset by (2) a reduction from the difference between the fair value and carrying value of benefits not currently measured at fair value (e.g., death benefit guarantees associated with variable annuities). The net decrease in AOCI resulted from (1) the reclassification of the cumulative effect of non-performance adjustments discussed above and (2) changes to the discount rate which will most significantly impact our Life Insurance and Institutional Markets segments, partially offset by (3) the removal of balances recorded in AOCI related to changes in unrealized appreciation (depreciation) on investments. The Company estimates that the after-tax impact to equity from the adoption of LDTI as of September 30, 2022 is expected to result in an increase between approximately $800 million and $1.3 billion; consisting of an increase to Retained earnings between approximately $1.2 billion and $1.7 billion, and a decrease in AOCI between approximately $400 million and $900 million. This increase in the estimate since January 1, 2021 has been predominately driven by market movements. Market risk benefits: T he standard requires the measurement of all MRBs (e.g., living benefit and death benefit guarantees) associated with deposit (or account balance) contracts at fair value at each reporting period. Changes in fair value compared to prior periods will be recorded and presented separately within the income statement, except that instrument-specific credit risk changes (non-performance adjustments) will be recognized in other comprehensive income. MRBs will impact both retained earnings and AOCI upon transition. The transition adjustment for MRBs will primarily impact our Individual Retirement and Group Retirement segments. Discount rate assumption: The standard requires the discount rate assumption for the liability for future policy benefits to be updated at the end of each reporting period using an upper-medium grade (low credit risk) fixed income instrument yield that maximizes the use of observable market inputs. Upon transition, the Company currently estimates an adjustment to AOCI due to the fact that the market upper-medium grade (low credit risk) interest rates as of the Transition Date differ from reserve interest accretion rates. Lower interest rates result in a higher liability for future policy benefits and are anticipated to more significantly impact our Life Insurance segment, in particular non-universal life contracts and Institutional Markets segments. The standard does not impact the discount rate assumption for universal life contracts. Removal of balances related to changes in unrealized appreciation (depreciation) on investments: Curre ntly, DAC and reserves for universal life insurance and investment-oriented products are adjusted at each balance sheet date to reflect the change in DAC, unearned revenue and benefit reserves with an offset to Other comprehensive income (loss) as if securities available for sale had been sold at their stated aggregate fair value and the proceeds reinvested at current yields (changes related to unrealized appreciation (depreciation) of investments). Under the standard, the majority of balances recorded in AOCI related to changes in unrealized appreciation (depreciation) on investments will be eliminated. In addition to the above, the standard also: • Requires the review and, if necessary, update of future policy benefit assumptions at least annually for traditional and limited pay long duration contracts, with the recognition and separate presentation of any resulting re-measurement gain or loss (except for discount rate changes as noted above) in the income statement. The Company still anticipates completing its annual assumption update in the third quarter. • Simplifies the amortization of DAC to a constant level basis over the expected term of the related contracts with adjustments for unexpected terminations, but no longer requires an impairment test. Accordingly, we expect less variability in our DAC amortization as the DAC related to universal life insurance and investment-type products, for example variable, fixed and fixed index annuities will no longer be required to be amortized in relation to the incidence of estimated gross profits to be realized over the expected lives of the contract. As DAC will be amortized on a constant level basis, DAC amortization related to universal life insurance and investment-type products will be less impacted by the annual actuarial assumption update or changing economic conditions. • Increases disclosures of disaggregated roll forwards of several balances, including: liabilities for future policy benefits, deferred acquisition costs, account balances, market risk benefits, separate account liabilities and information about significant inputs, judgments and methods used in measurement and changes thereto and impact of those changes. We expect that the accounting for Fortitude Re will continue to remain largely unchanged. With respect to Fortitude Re, the reinsurance assets, including the discount rates, will continue to be calculated using the same methodology and assumptions as the direct policies. Accounting for modco remains unchanged. We have created a governance framework and a plan to support implementation of the updated standard. As part of our implementation plan, we have also advanced the modernization of our actuarial technology platform to enhance our modeling, data management, experience study and analytical capabilities, increase the end-to-end automation of key reporting and analytical processes and optimize our control framework. We have designed and implemented internal controls related to the new processes created as part of implementing the updated standard and are substantially complete with our testing of these internal controls. Troubled Debt Restructuring and Vintage Disclosures In March 2022, the FASB issued an accounting standard update that eliminates the accounting guidance for troubled debt restructurings for creditors and amends the guidance on ‘‘vintage disclosures’’ to require disclosure of current-period gross write-offs by year of origination. The standard also updates the requirements for accounting for credit losses by adding enhanced disclosures for creditors related to loan refinancings and restructurings for borrowers experiencing financial difficulty. Because the Company has already adopted the current expected credit loss (“CECL”) model, the amendments in this standard are effective for fiscal years beginning after December 15, 2022, including interim periods within those years. We do not expect the standard to have a material impact on our reported consolidated financial condition, results of operations, cash flows or required disclosures. Fair Value Measurement On June 30, 2022, the FASB issued an accounting standards update 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 guidance is effective for public companies for fiscal years beginning after December 15, 2023 and interim period within those years, with early adoption permitted. For entities other than investment companies, the accounting standards update applies prospectively, with any adjustments resulting from adoption recognized in earnings on the date of adoption. We are assessing the impact of this standard. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information We report our results of operations consistent with the manner in which our chief operating decision makers review 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, variable annuities and retail mutual funds. On February 8, 2021, we announced the execution of a definitive agreement with Touchstone to sell certain assets of our retail mutual funds business. This Touchstone transaction closed on July 16, 202 1. For further information on this sale, see Note 1 to our audited annual consolidated financial statements. • Group Retirement – consists of record-keeping, 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 issues individual life, whole life and group life insurance in the United Kingdom, and distributes private medical insurance in Ireland. • Institutional Markets – consists of stable value wrap (“SVW”) products, structured settlement and PRT annuities, guaranteed investment contracts (“GICs”) and Corporate Markets products that include corporate- and bank-owned life insurance, private placement variable universal life and private placement variable annuities 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-related adjustments: The 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. As a result of entering into the reinsurance agreements with Fortitude Re we recorded a loss which was primarily attributed to the write-off of DAC, VOBA and deferred cost of reinsurance assets. The total loss and 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),” including changes in the allowance for credit losses on available-for-sale securities and loans, as well as gains or losses from sales of securities, 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, also included in Net realized gains (losses) 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). Our investment-oriented contracts, such as universal life insurance, and fixed, fixed index and variable annuities, are also impacted by net realized gains (losses), and these secondary impacts are also excluded from APTOI. Specifically, the changes in benefit reserves and DAC, VOBA and DSI assets related to net realized gains (losses) are excluded from APTOI. Variable and fixed index annuities and index universal life insurance products adjustments: Certain of our variable annuity contracts contain guaranteed minimum withdrawal benefits (“GMWBs”) and are accounted for as embedded derivatives. Additionally, certain fixed index annuity contracts contain GMWB or indexed interest credits which are accounted for as embedded derivatives, and our index universal life insurance products also contain embedded derivatives. Changes in the fair value of these embedded derivatives, including rider fees attributed to the embedded derivatives, are recorded through “Net realized gains (losses)” and are excluded from APTOI. Changes in the fair value of securities used to hedge guaranteed living benefits 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; • losses from the impairment of goodwill; and • income and loss from divested or run-off business. 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 Year Ended December 31, 2022 Premiums $ 230 $ 19 $ 1,871 $ 2,913 $ 82 $ — $ 5,115 $ (22) $ 5,093 Policy fees 836 451 1,491 194 — — 2,972 — 2,972 Net investment income (a) 3,888 2,000 1,389 1,049 473 (41) 8,758 818 9,576 Net realized gains (losses) (a)(b) — — — — 170 — 170 7,843 8,013 Advisory fee and other income 451 305 121 2 121 — 1,000 25 1,025 Total adjusted revenues 5,405 2,775 4,872 4,158 846 (41) 18,015 8,664 26,679 Policyholder benefits 626 97 3,229 3,381 — — 7,333 (1) 7,332 Interest credited to policyholder account balances 1,877 1,142 342 320 — — 3,681 15 3,696 Amortization of deferred policy acquisition costs 761 96 265 6 — — 1,128 303 1,431 Non-deferrable insurance commissions 351 123 131 29 2 — 636 — 636 Advisory fee expenses 141 124 1 — — — 266 — 266 General operating expenses 426 447 656 73 384 (2) 1,984 339 2,323 Interest expense — — — — 535 (51) 484 50 534 Net (gain) loss on divestitures — — — — — — — 1 1 Total benefits and expenses 4,182 2,029 4,624 3,809 921 (53) 15,512 707 16,219 Noncontrolling interests — — — — (320) — (320) Adjusted pre-tax operating income (loss) $ 1,223 $ 746 $ 248 $ 349 $ (395) $ 12 $ 2,183 Adjustments to: Total revenue 8,664 Total expenses 707 Noncontrolling interests 320 Income before income tax (benefit) $ 10,460 $ 10,460 (in millions) Individual Retirement Group Retirement Life Insurance Institutional Markets Corporate & Other Eliminations Total Corebridge Adjustments Total Consolidated Year Ended December 31, 2021 Premiums $ 191 $ 22 $ 1,573 $ 3,774 $ 86 $ — $ 5,646 $ (9) $ 5,637 Policy fees 962 522 1,380 187 — — 3,051 — 3,051 Net investment income (a) 4,334 2,413 1,621 1,155 443 (49) 9,917 1,755 11,672 Net realized gains (losses) (a)(b) — — — — 701 — 701 1,154 1,855 Advisory fee and other income 592 337 110 2 134 — 1,175 — 1,175 Total adjusted revenues 6,079 3,294 4,684 5,118 1,364 (49) 20,490 2,900 23,390 Policyholder benefits 580 76 3,231 4,141 — — 8,028 22 8,050 Interest credited to policyholder account balances 1,791 1,150 354 274 — — 3,569 (20) 3,549 Amortization of deferred policy acquisition costs 744 61 164 6 — — 975 82 1,057 Non-deferrable insurance commissions 397 121 132 27 3 — 680 — 680 Advisory fee expenses 189 133 — — — — 322 — 322 General operating expenses 437 445 682 77 375 — 2,016 88 2,104 Interest expense 46 35 25 9 286 (47) 354 35 389 Loss on extinguishment of debt — — — — — — — 219 219 Net (gain) loss on divestitures — — — — — — — (3,081) (3,081) Net (gain) loss on Fortitude Re transactions — — — — — — — (26) (26) Total benefits and expenses 4,184 2,021 4,588 4,534 664 (47) 15,944 (2,681) 13,263 Noncontrolling interests — — — — (861) — (861) Adjusted pre-tax operating income (loss) $ 1,895 $ 1,273 $ 96 $ 584 $ (161) $ (2) $ 3,685 Adjustments to: Total revenue 2,900 Total expenses (2,681) Noncontrolling interests 861 Income before income tax (benefit) $ 10,127 $ 10,127 (in millions) Individual Retirement Group Retirement Life Insurance Institutional Markets Corporate & Other Eliminations Total Corebridge Adjustments Total Consolidated Year Ended December 31, 2020 Premiums $ 151 $ 19 $ 1,526 $ 2,564 $ 74 $ — $ 4,334 $ 7 $ 4,341 Policy fees 861 443 1,384 186 — — 2,874 — 2,874 Net investment income (a) 4,105 2,213 1,532 931 346 (43) 9,084 1,432 10,516 Net realized gains (losses) (a)(b) — — — — 54 — 54 (3,795) (3,741) Advisory fee and other income 571 272 94 1 122 — 1,060 12 1,072 Total adjusted revenues 5,688 2,947 4,536 3,682 596 (43) 17,406 (2,344) 15,062 Policyholder benefits 411 74 3,219 2,886 — — 6,590 12 6,602 Interest credited to policyholder account balances 1,751 1,125 373 303 — — 3,552 (24) 3,528 Amortization of deferred policy acquisition costs 556 15 25 5 — — 601 (58) 543 Non-deferrable insurance commissions 334 117 119 31 3 — 604 — 604 Advisory fee expenses 205 111 — — — — 316 — 316 General operating expenses 427 488 624 79 309 (7) 1,920 107 2,027 Interest expense 62 42 30 11 324 (34) 435 55 490 Loss on extinguishment of debt — — — — — — — 10 10 Net (gain) loss on Fortitude Re transactions — — — — — — — 91 91 Total benefits and expenses 3,746 1,972 4,390 3,315 636 (41) 14,018 193 14,211 Noncontrolling interests — — — — (194) — (194) Adjusted pre-tax operating income (loss) $ 1,942 $ 975 $ 146 $ 367 $ (234) $ (2) $ 3,194 Adjustments to: Total revenue (2,344) Total expenses 193 Noncontrolling interests 194 Income before income tax (benefit) $ 851 $ 851 (a) Adjustments include Fortitude Re activity of and $6,841 million, $2,012 million and $(1,549) million for the years ended December 31, 2022 ,2021 and 2020, respectively. (b) Net realized gains (losses) includes the gains (losses) related to the disposition of real estate investments. The following table presents Corebridge’s consolidated total revenues and real estate and other fixed assets, net of accumulated depreciation, by major geographic area: Total Revenues* Real Estate and Other Fixed Assets, (in millions) 2022 2021 2020 2022 2021 2020 North America $ 26,142 $ 22,866 $ 14,642 $ 404 $ 286 $ 364 International 537 524 420 36 37 39 Consolidated $ 26,679 $ 23,390 $ 15,062 $ 440 $ 323 $ 403 * Revenues are generally reported according to the geographic location of the legal entity. International revenues consist of revenues from Laya and AIG Life (United Kingdom). |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements FAIR VALUE MEASUREMENTS ON A RECURRING BASIS We carry certain of our financial instruments at fair value. We define the fair value of a financial instrument as the amount that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. We are responsible for the determination of the value of the investments carried at fair value and the supporting methodologies and assumptions. The degree of judgment used in measuring the fair value of financial instruments generally inversely correlates with the level of observable valuation inputs. We maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Financial instruments with quoted prices in active markets generally have more pricing observability and less judgment is used in measuring fair value. Conversely, financial instruments for which no quoted prices are available have less observability and are measured at fair value using valuation models or other pricing techniques that require more judgment. Pricing observability is affected by a number of factors, including the type of financial instrument, whether the financial instrument is new to the market and not yet established, the characteristics specific to the transaction, liquidity and general market conditions. Assets and liabilities recorded at fair value in the 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. The following is a description of the valuation methodologies used for instruments carried at fair value. These methodologies are applied to assets and liabilities across the levels discussed above, and it is the observability of the inputs used that determines the appropriate level in the fair value hierarchy for the respective asset or liability . VALUATION METHODOLOGIES OF FINANCIAL INSTRUMENTS MEASURED AT FAIR VALUE Incorporation of Credit Risk in Fair Value Measurements • Our Own Credit Risk. Fair value measurements for certain liabilities incorporate our own credit risk by determining the explicit cost for each counterparty to protect against its net credit exposure to us at the balance sheet date by reference to observable AIG credit default swaps (“CDS”) or cash bond spreads. We calculate the effect of credit spread changes using discounted cash flow techniques that incorporate current market interest rates. A derivative counterparty’s net credit exposure to us is determined based on master netting agreements, when applicable, which take into consideration all derivative positions with us, as well as collateral we post with the counterparty at the balance sheet date. We also incorporate our own risk of non-performance in the valuation of the embedded derivatives associated with variable annuity and fixed index annuity and life contracts. The non-performance risk adjustment (“NPA”) reflects a market participant’s view of our claims-paying ability by incorporating an additional spread to the swap curve used to discount projected benefit cash flows in the valuation of these embedded derivatives. The non-performance risk adjustment is calculated by constructing forward rates based on a weighted average of observable corporate credit indices to approximate the claims-paying ability rating of our insurance operations companies. • Counterparty Credit Risk. Fair value measurements for freestanding derivatives incorporate counterparty credit by determining the explicit cost for us to protect against our net credit exposure to each counterparty at the balance sheet date by reference to observable counterparty CDS spreads, when available. When not available, other directly or indirectly observable credit spreads will be used to derive the best estimates of the counterparty spreads. Our net credit exposure to a counterparty is determined based on master netting agreements, which take into consideration all derivative positions with the counterparty, as well as collateral posted by the counterparty at the balance sheet date. Fair values for fixed maturity securities based on observable market prices for identical or similar instruments implicitly incorporate counterparty credit risk. Fair values for fixed maturity securities based on internal models incorporate counterparty credit risk by using discount rates that take into consideration cash issuance spreads for similar instruments or other observable information. For fair values measured based on internal models, the cost of credit protection is determined under a discounted present value approach considering the market levels for single name CDS spreads for each specific counterparty, the mid-market value of the net exposure (reflecting the amount of protection required) and the weighted average life of the net exposure. CDS spreads are provided to us by an independent third party. We utilize an interest rate based on the benchmark London Interbank Offered Rate (“LIBOR”) curve to derive our discount rates. While this approach does not explicitly consider all potential future behavior of the derivative transactions or potential future changes in valuation inputs, we believe this approach provides a reasonable estimate of the fair value of the assets and liabilities, including consideration of the impact of non-performance risk. Fixed Maturity Securities Whenever available, we obtain quoted prices in active markets for identical assets at the balance sheet date to measure fixed maturity securities at fair value. Market price data is generally obtained from dealer markets. We employ independent third-party valuation service providers to gather, analyze, and interpret market information to derive fair value estimates for individual investments, based upon market-accepted methodologies and assumptions. The methodologies used by these independent third-party valuation service providers are reviewed and understood by management, through periodic discussion with and information provided by the independent third-party valuation service providers. In addition, as discussed further below, control processes are applied to the fair values received from independent third-party valuation service providers to ensure the accuracy of these values. Valuation service providers typically obtain data about market transactions and other key valuation model inputs from multiple sources and, through the use of market-accepted valuation methodologies, which may utilize matrix pricing, financial models, accompanying model inputs and various assumptions, provide a single fair value measurement for individual securities. The inputs used by the valuation service providers include, but are not limited to, market prices from completed transactions for identical securities and transactions for comparable securities, benchmark yields, interest rate yield curves, credit spreads, prepayment rates, default rates, recovery assumptions, currency rates, quoted prices for similar securities and other market-observable information, as applicable. If fair value is determined using financial models, these models generally take into account, among other things, market observable information as of the measurement date as well as the specific attributes of the security being valued, including its term, interest rate, credit rating, industry sector, and when applicable, collateral quality and other security or issuer-specific information. When market transactions or other market observable data is limited, the extent to which judgment is applied in determining fair value is greatly increased. We have control processes designed to ensure that the fair values received from independent third-party valuation service providers are accurately recorded, that their data inputs and valuation techniques are appropriate and consistently applied and that the assumptions used appear reasonable and consistent with the objective of determining fair value. We assess the reasonableness of individual security values received from independent third-party valuation service providers through various analytical techniques and have procedures to escalate related questions internally and to the independent third-party valuation service providers for resolution. To assess the degree of pricing consensus among various valuation service providers for specific asset types, we conduct comparisons of prices received from available sources. We use these comparisons to establish a hierarchy for the fair values received from independent third-party valuation service providers to be used for particular security classes. We also validate prices for selected securities through reviews by members of management who have relevant expertise and who are independent of those charged with executing investing transactions. When our independent third-party valuation service providers are unable to obtain sufficient market observable information upon which to estimate the fair value for a particular security, fair value is determined either by requesting brokers who are knowledgeable about these securities to provide a price quote, which is generally non-binding, or by employing market accepted valuation models internally or via our third party asset managers. Broker prices may be based on an income approach, which converts expected future cash flows to a single present value amount, with specific consideration of inputs relevant to particular security types. For structured securities, such inputs may include ratings, collateral types, geographic concentrations, underlying loan vintages, loan delinquencies and defaults, loss severity assumptions, prepayments, and weighted average coupons and maturities. When the volume or level of market activity for a security is limited, certain inputs used to determine fair value may not be observable in the market. Broker prices may also be based on a market approach that considers recent transactions involving identical or similar securities. Fair values provided by brokers are subject to similar control processes to those noted above for fair values from independent third-party valuation service providers, including management reviews. For those corporate debt instruments (for example, private placements) that are not traded in active markets or that are subject to transfer restrictions, valuations reflect illiquidity and non-transferability, based on available market evidence. When observable price quotations are not available, fair value is determined based on discounted cash flow models using discount rates based on credit spreads, yields or price levels of comparable securities, adjusted for illiquidity and structure. Fair values determined internally or via our third party asset managers are also subject to management review to ensure that valuation models and related inputs are reasonable. The methodology above is relevant for all fixed maturity securities including residential mortgage backed securities (“RMBS”), commercial mortgage backed securities (“CMBS”), collateralized loan obligations (“CLOs”), other asset-backed securities (“ABS”) and fixed maturity securities issued by government sponsored entities and corporate entities. Equity Securities Traded in Active Markets Whenever available, we obtain quoted prices in active markets for identical assets at the balance sheet date to measure equity securities at fair value. Market price data is generally obtained from exchange or dealer markets. Mortgage and Other Loans Receivable We estimate the fair value of mortgage and other loans receivable that are measured at fair value by using dealer quotations, discounted cash flow analyses and/or internal valuation models. The determination of fair value considers inputs such as interest rate, maturity, the borrower’s creditworthiness, collateral, subordination, guarantees, past-due status, yield curves, credit curves, prepayment rates, market pricing for comparable loans and other relevant factors. Other Invested Assets We initially estimate the fair value of investments in certain hedge funds, private equity funds and other investment partnerships by reference to the transaction price. Subsequently, we generally obtain the fair value of these investments from net asset value information provided by the general partner or manager of the investments, the financial statements of which are generally audited annually. We consider observable market data and perform certain control procedures to validate the appropriateness of using the net asset value as a fair value measurement. The fair values of other investments carried at fair value, such as direct private equity holdings, are initially determined based on transaction price and are subsequently estimated based on available evidence such as market transactions in similar instruments, other financing transactions of the issuer and other available financial information for the issuer, with adjustments made to reflect illiquidity as appropriate. Short-term Investments For short-term investments that are measured at amortized cost, the carrying amounts of these assets approximate fair values because of the relatively short period of time between origination and expected realization, and their limited exposure to credit risk. Securities purchased under agreements to resell (reverse repurchase agreements) are generally treated as collateralized receivables. We report certain receivables arising from securities purchased under agreements to resell as Short-term investments in the Consolidated Balance Sheets. When these receivables are measured at fair value, we use market-observable interest rates to determine fair value. Separate Account Assets Separate account assets are composed primarily of registered and unregistered open-end mutual funds that generally trade daily and are measured at fair value in the manner discussed above for equity securities traded in active markets. Freestanding Derivatives Derivative assets and liabilities can be exchange-traded or traded over-the-counter (“OTC”). We generally value exchange-traded derivatives such as futures and options using quoted prices in active markets for identical derivatives at the balance sheet date. We use these OTC derivatives as part of fair value hedges. OTC derivatives are valued using market transactions and other market evidence whenever possible, including market-based inputs to models, model calibration to market clearing transactions, broker or dealer quotations or alternative pricing sources with reasonable levels of price transparency. When models are used, the selection of a particular model to value an OTC derivative depends on the contractual terms of, and specific risks inherent in the instrument, as well as the availability of pricing information in the market. We generally use similar models to value similar instruments. Valuation models require a variety of inputs, including contractual terms, market prices and rates, yield curves, credit curves, measures of volatility, prepayment rates and correlations of such inputs. For OTC derivatives that trade in liquid markets, such as generic forwards, swaps and options, model inputs can generally be corroborated by observable market data by correlation or other means, and model selection does not involve significant management judgment. For certain OTC derivatives that trade in less liquid markets, where we generally do not have corroborating market evidence to support significant model inputs and cannot verify the model to market transactions, the transaction price may provide the best estimate of fair value. Accordingly, when a pricing model is used to value such an instrument, the model is adjusted so the model value at inception equals the transaction price. We will update valuation inputs in these models only when corroborated by evidence such as similar market transactions, independent third-party valuation service providers and/or broker or dealer quotations, or other empirical market data. When appropriate, valuations are adjusted for various factors such as liquidity, bid/offer spreads and credit considerations. Such adjustments are generally based on available market evidence. In the absence of such evidence, management’s best estimate is used. Embedded Derivatives within Policyholder Contract Deposits Certain variable annuity and fixed index annuity and life contracts contain embedded derivatives that we bifurcate from the host contracts and account for separately at fair value, with changes in fair value recognized in earnings. These embedded derivatives are recorded in Policyholder contract deposits. We have concluded these contracts contain either (i) a written option that guarantees a minimum accumulation value at maturity, (ii) a written option that guarantees annual withdrawals regardless of underlying market performance for a specific period or for life, or (iii) fixed index written options that meet the criteria of derivatives and must be bifurcated. The fair value of embedded derivatives contained in certain variable annuity and fixed index annuity and life contracts is measured based on policyholder behavior and capital market assumptions related to projected cash flows over the expected lives of the contracts. These discounted cash flow projections primarily include benefits and related fees assessed, when applicable. In some instances, the projected cash flows from fees may exceed projected cash flows related to benefit payments and therefore, at a point in time, the carrying value of the embedded derivative may be in a net asset position. 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 projected cash flows and policyholder behavior. Estimates of future policyholder behavior assumptions are subjective and based primarily on our historical experience. Because of the dynamic and complex nature of the projected cash flows with respect to embedded derivatives in our variable annuity and certain fixed annuity contracts, risk neutral valuations are used, which are calibrated to observable interest rate and equity option prices. Estimating the underlying cash flows for these products involves judgments regarding the capital market assumptions related to expected market rates of return, market volatility, credit spreads, correlations of certain market variables, fund performance and discount rates. Additionally, estimating the underlying cash flows for these products also involves judgments regarding policyholder behavior. The portion of fees attributable to the fair value of expected benefit payments are included within the fair value measurement of these embedded derivatives, and related fees are classified in net realized gain/loss as earned, consistent with other changes in the fair value of these embedded policy derivatives. Any portion of the fees not attributed to the embedded derivatives are excluded from the fair value measurement and classified in policy fees as earned. With respect to embedded derivatives in our fixed index annuity and life contracts, option pricing models are used to estimate fair value, taking into account the capital market assumptions for future equity index growth rates, volatility of the equity index, future interest rates, and our ability to adjust the participation rate and the cap on fixed index credited rates in light of market conditions and policyholder behavior assumptions. Projected cash flows are discounted using the interest rate swap curve (“swap curve”), which is commonly viewed as being consistent with the credit spreads for highly-rated financial institutions (S&P AA-rated or above). A swap curve shows the fixed-rate leg of a non-complex swap against the floating rate (for example, LIBOR) leg of a related tenor. We also incorporate our own risk of non-performance in the valuation of the embedded derivatives associated with variable annuity and fixed index annuity and life contracts. The non-performance risk adjustment (“NPA”) reflects a market participant’s view of our claims-paying ability by incorporating an additional spread to the swap curve used to discount projected benefit cash flows in the valuation of these embedded derivatives. The non-performance risk adjustment is calculated by constructing forward rates based on a weighted average of observable corporate credit indices to approximate the claims-paying ability rating of our insurance operations companies. Policyholder Contract Deposits at Fair Value Option We have elected fair value option on certain GICs recorded using discounted cash flow calculations based on interest rates currently being offered for similar contracts and our current market observable implicit credit spread rates with maturities consistent with those remaining for the contracts being valued. Obligations may be called at various times prior to maturity at the option of the counterparty. Interest rates on these borrowings are primarily fixed, vary by maturity and range up to 5.04%. Fortitude Re funds withheld payable The reinsurance transactions between AIG and Fortitude Re were structured as modco arrangements. Corebridge has established a funds withheld payable to Fortitude Re while simultaneously establishing a reinsurance asset representing reserves for the insurance coverage that Fortitude Re has assumed. The funds withheld payable contains an embedded derivative. 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. 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. Debt of Consolidated Investment Entities The fair value of debt of consolidated investment entities was determined using independent third-party valuation service providers that gather, analyze, and interpret market information to derive fair value estimates for individual securities, based upon market-accepted methodologies and assumptions. Previously, there were six consolidated investment entities which securitized portfolios of certain debt securities previously owned by Corebridge and its affiliates. These were valued using a discounted cash flow model. The discount rate considered current market spreads for U.S. Collateralized Loan Obligations, as well as instrument specific considerations including duration, credit risk , and liquidity. 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: December 31, 2022 Level 1 Level 2 Level 3 Counterparty Netting (a) Cash Total (in millions) Assets: Bonds available for sale: U.S. government and government sponsored entities $ — $ 1,198 $ — $ — $ — $ 1,198 Obligations of states, municipalities and political subdivisions — 5,121 805 — — 5,926 Non-U.S. governments — 4,392 — — — 4,392 Corporate debt — 102,724 1,968 — — 104,692 RMBS (b) — 6,274 5,670 — — 11,944 CMBS — 9,350 718 — — 10,068 CLO (c) — 6,516 1,670 — — 8,186 ABS — 792 9,595 — — 10,387 Total bonds available for sale — 136,367 20,426 — — 156,793 Other bond securities: Obligations of states, municipalities and political subdivisions — 37 — — — 37 Non-U.S. governments — 22 — — — 22 Corporate debt — 1,805 417 — — 2,222 RMBS (d) — 58 107 — — 165 CMBS — 204 28 — — 232 CLO — 268 11 — — 279 ABS — 71 741 — — 812 Total other bond securities — 2,465 1,304 — — 3,769 December 31, 2022 Level 1 Level 2 Level 3 Counterparty Netting (a) Cash Total (in millions) Equity securities 141 3 26 — — 170 Other invested assets (e) — — 1,832 — — 1,832 Derivative assets: Interest rate contracts 1 1,269 303 — — 1,573 Foreign exchange contracts — 1,247 — — — 1,247 Equity contracts 11 124 282 — — 417 Credit contracts — — — — — — Other contracts — 1 14 — — 15 Counterparty netting and cash collateral — — — (2,547) (406) (2,953) Total derivative assets 12 2,641 599 (2,547) (406) 299 Short-term investments 1 1,356 — — — 1,357 Separate account assets 81,655 3,198 — — — 84,853 Total $ 81,809 $ 146,030 $ 24,187 $ (2,547) $ (406) $ 249,073 Liabilities: Policyholder contract deposits (f) $ — $ 97 $ 7,119 $ — $ — $ 7,216 Derivative liabilities: Interest rate contracts — 2,676 — — — 2,676 Foreign exchange contracts — 632 — — — 632 Equity contracts 2 10 15 — — 27 Credit contracts — — — — — — Other contracts — — — — — — Counterparty netting and cash collateral — — — (2,547) (691) (3,238) Total derivative liabilities 2 3,318 15 (2,547) (691) 97 Fortitude Re funds withheld payable (g) — — 1,262 — — 1,262 Debt of consolidated investment entities — — 6 — — 6 Total $ 2 $ 3,415 $ 8,402 $ (2,547) $ (691) $ 8,581 December 31, 2021 Level 1 Level 2 Level 3 Counterparty Netting (a) Cash Total (in millions) Assets: Bonds available for sale: U.S. government and government sponsored entities $ — $ 1,712 $ — $ — $ — $ 1,712 Obligations of states, municipalities and political subdivisions — 7,281 1,395 — — 8,676 Non-U.S. governments 7 6,390 — — — 6,397 Corporate debt — 138,156 1,907 — — 140,063 RMBS (b) — 7,363 7,595 — — 14,958 CMBS — 10,228 1,072 — — 11,300 CLO (c) — 4,364 3,038 — — 7,402 ABS — 660 7,400 — — 8,060 Total bonds available for sale 7 176,154 22,407 — — 198,568 Other bond securities: Obligations of states, municipalities and political subdivisions — 50 — — — 50 Non-U.S. governments — 17 — — — 17 Corporate debt — 866 134 — — 1,000 RMBS (d) — 93 106 — — 199 CMBS — 201 33 — — 234 CLO — 134 149 — — 283 ABS — 94 205 — — 299 Total other bond securities — 1,455 627 — — 2,082 Equity securities 238 2 2 — — 242 Other invested assets (e) — — 1,892 — — 1,892 Derivative assets: Interest rate contracts — 1,911 — — — 1,911 Foreign exchange contracts — 672 — — — 672 Equity contracts 7 4,184 479 — — 4,670 Credit contracts — — 1 — — 1 Other contracts — 1 12 — — 13 Counterparty netting and cash collateral — — — (5,785) (798) (6,583) Total derivative assets 7 6,768 492 (5,785) (798) 684 Short-term investments 1 1,454 — — — 1,455 Separate account assets 105,221 3,890 — — — 109,111 Total $ 105,474 $ 189,723 $ 25,420 $ (5,785) $ (798) $ 314,034 Liabilities: Policyholder contract deposits (f) $ — $ 130 $ 9,694 $ — $ — $ 9,824 Derivative liabilities: Interest rate contracts 1 1,575 — — — 1,576 Foreign exchange contracts — 366 — — — 366 Equity contracts 1 4,048 22 — — 4,071 Credit contracts — — — — — — Other contracts — — — — — — Counterparty netting and cash collateral — — — (5,785) (37) (5,822) Total derivative liabilities 2 5,989 22 (5,785) (37) 191 Fortitude Re funds withheld payable (g) — — 7,974 — — 7,974 Debt of consolidated investment entities — — 5 — — 5 Total $ 2 $ 6,119 $ 17,695 $ (5,785) $ (37) $ 17,994 (a) Represents netting of derivative exposures covered by qualifying master netting agreements. (b) Includes investments in RMBS issued by related parties of $37 million and $2 million classified as Level 2 and Level 3, respectively, as of December 31, 2022. Additionally, includes investments in RMBS issued by related parties of $38 million and $9 million classified as Level 2 and Level 3, respectively, as of December 31, 2021. (c) Includes investments in collateralized debt obligations (“CDOs”) issued by related parties of $0 and $862 million as of December 31, 2022 and December 31, 2021, respectively. The $862 million of CDOs are classified as Level 3. (d) Includes less than $1 million of investments in RMBS issued by related parties classified as Level 2 as of December 31, 2022 and December 31, 2021. (e) Excludes investments that are measured at fair value using the net asset value (“NAV”) per share (or its equivalent), which totaled $6.0 billion and $5.2 billion as of December 31, 2022 and December 31, 2021, respectively. (f) Excludes basis adjustments for fair value hedges. (g) 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 balance sheet. 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. CHANGES IN LEVEL 3 RECURRING FAIR VALUE MEASUREMENTS The following tables present changes during the years ended December 31, 2022 and 2021 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 Consolidated Balance Sheets at December 31, 2022 and 2021: (in millions) Fair Value Net Other Purchases, Gross Gross Other (a) Fair Value Changes in Changes in December 31, 2022 Assets: Bonds available for sale: Obligations of states, $ 1,395 $ 1 $ (525) $ (95) $ 40 $ (11) $ — $ 805 $ — $ (221) Corporate debt 1,907 17 (192) (159) 911 (516) — 1,968 — (174) RMBS 7,595 322 (986) (834) 7 (434) — 5,670 — (610) CMBS 1,072 9 (140) 38 45 (306) — 718 — (115) CLO 3,038 (31) (163) (105) 1,305 (1,673) (701) 1,670 — (76) ABS 7,400 131 (1,417) 3,283 218 (20) — 9,595 — (1,369) Total bonds available for sale 22,407 449 (3,423) 2,128 2,526 (2,960) (701) 20,426 — (2,565) Other bond securities: Corporate debt 134 (5) — 158 335 (205) — 417 (2) — RMBS 106 (23) — 24 — — — 107 (22) — CMBS 33 (5) — — — — — 28 (4) — CLO 149 1 — (131) 70 (78) — 11 (5) — ABS 205 (117) — 653 — — — 741 (132) — Total other bond securities 627 (149) — 704 405 (283) — 1,304 (165) — Equity securities 2 (1) — 23 2 — — 26 (1) — Other invested assets 1,892 313 (22) (195) 24 (180) — 1,832 329 — Total $ 24,928 $ 612 $ (3,445) $ 2,660 $ 2,957 $ (3,423) $ (701) $ 23,588 $ 163 $ (2,565) (in millions) Fair Value Net Other Purchases, Gross Gross Other (a) Fair Value Changes in Changes in Liabilities: Policyholder contract deposits $ 9,694 $ (3,602) $ — $ 1,027 $ — $ — $ — $ 7,119 $ 3,857 $ — Derivative liabilities, net: Interest rate contracts — 1 — (304) — — — (303) (1) — Foreign exchange contracts — (1) — 1 — — — — — — Equity contracts (457) 494 — (304) — — — (267) (249) — Credit contracts (1) 1 — — — — — — — — Other contracts (12) (63) — 61 — — — (14) 63 — Total derivative liabilities, net (b) (470) 432 — (546) — — — (584) |
Investments
Investments | 12 Months Ended |
Dec. 31, 2022 | |
Equity Method Investments, Joint Ventures, Investments, Debt And Equity Securities [Abstract] | |
Investments | Investments FIXED MATURITY SECURITIES Bonds held to maturity are carried at amortized cost when we have the ability and positive intent to hold these securities until maturity. When we do not have the ability or positive intent to hold bonds until maturity, these securities are classified as available for sale or are measured at fair value at our election. None of our fixed maturity securities met the criteria for held to maturity classification at December 31, 2022 or 2021. Unrealized gains and losses from available for sale investments in fixed maturity securities carried at fair value were reported as a separate component of AOCI, net of policy related amounts and deferred income taxes, in Shareholders’ equity. Realized and unrealized gains and losses from fixed maturity securities measured at fair value at our election are reflected in Net investment income. Investments in fixed maturity securities are recorded on a trade-date basis. Interest income is recognized using the effective yield method and reflects amortization of premium and accretion of discount. Premiums and discounts arising from the purchase of bonds classified as available for sale are treated as yield adjustments over their estimated holding periods, until maturity, or call date, if applicable. For investments in certain structured securities, recognized yields are updated based on current information regarding the timing and amount of expected undiscounted future cash flows. For high credit quality structured securities, effective yields are recalculated based on actual payments received and updated prepayment expectations, and the amortized cost is adjusted to the amount that would have existed had the new effective yield been applied since acquisition with a corresponding charge or credit to net investment income. For structured securities that are not high credit quality, the structured securities yields are based on expected cash flows which take into account both expected credit losses and prepayments. An allowance for credit losses is not established upon initial recognition of the asset (unless the security is determined to be a purchased credit deteriorated (“PCD”) asset which is discussed in more detail below). Subsequently, differences between actual and expected cash flows and changes in expected cash flows are recognized as adjustments to the allowance for credit losses. Changes that cannot be reflected as adjustments to the allowance for credit losses are accounted for as prospective adjustments to yield. 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 Gross Fair Value (a) December 31, 2022 Bonds available for sale: U.S. government and government sponsored entities $ 1,405 $ — $ 17 $ (224) $ 1,198 Obligations of states, municipalities and political subdivisions 6,808 — 42 (924) 5,926 Non-U.S. governments 5,251 (5) 25 (879) 4,392 Corporate debt 124,068 (116) 729 (19,989) 104,692 Mortgage-backed, asset-backed and collateralized: RMBS 12,267 (27) 574 (870) 11,944 CMBS 11,176 — 7 (1,115) 10,068 CLO 8,547 — 15 (376) 8,186 ABS 11,752 — 15 (1,380) 10,387 Total mortgage-backed, asset-backed and collateralized 43,742 (27) 611 (3,741) 40,585 Total bonds available for sale (c) $ 181,274 $ (148) $ 1,424 $ (25,757) $ 156,793 (in millions) Amortized Cost or Costs (a) Allowance for Credit Losses (b) Gross Gross Fair Value (a) December 31, 2021 Bonds available for sale: U.S. government and government sponsored entities $ 1,406 $ — $ 306 $ — $ 1,712 Obligations of states, municipalities and political subdivisions 7,321 — 1,362 (7) 8,676 Non-U.S. governments 6,026 — 495 (124) 6,397 Corporate debt 128,417 (72) 12,674 (956) 140,063 Mortgage-backed, asset-backed and collateralized: RMBS 13,236 (6) 1,762 (34) 14,958 CMBS 10,903 — 451 (54) 11,300 CLO 7,382 — 73 (53) 7,402 ABS 7,902 — 205 (47) 8,060 Total mortgage-backed, asset-backed and collateralized 39,423 (6) 2,491 (188) 41,720 Total bonds available for sale (c) $ 182,593 $ (78) $ 17,328 $ (1,275) $ 198,568 (a) The table above includes available-for-sale securities issued by related parties. This includes RMBS which had a fair value of $39 million and $47 million, and an amortized cost of $43 million and $44 million as of December 31, 2022 and December 31, 2021, respectively. Additionally, this includes CDOs which had a fair value of $862 million and an amortized cost of $823 million as of December 31, 2021. There were no available-for-sale CDO securities issued by related parties as of December 31, 2022. (b) Represents the allowance for credit losses that have been recognized. Changes in the allowance for credit losses are recorded through Net realized gains (losses) and are not recognized in Other comprehensive income (loss). (c) At December 31, 2022 and December 31, 2021, the fair value of bonds available for sale held by us that were below investment grade or not rated totaled $16.7 billion and $20.4 billion, respectively. 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 December 31, 2022 Bonds available for sale: U.S. government and government sponsored entities $ 761 $ 224 $ — $ — $ 761 $ 224 Obligations of states, municipalities and political subdivisions 5,076 924 — — 5,076 924 Non-U.S. governments 3,932 868 — — 3,932 868 Corporate debt 82,971 16,866 11,143 3,070 94,114 19,936 RMBS 6,227 653 903 171 7,130 824 CMBS 7,902 797 1,708 318 9,610 1,115 CLO 5,573 234 2,007 142 7,580 376 ABS 6,998 854 2,271 526 9,269 1,380 Total bonds available for sale $ 119,440 $ 21,420 $ 18,032 $ 4,227 $ 137,472 $ 25,647 December 31, 2021 Bonds available for sale: U.S. government and government sponsored entities $ — $ — $ — $ — $ — $ — Obligations of states, municipalities and political subdivisions 201 4 48 3 249 7 Non-U.S. governments 1,198 58 376 66 1,574 124 Corporate debt 19,916 513 6,922 387 26,838 900 RMBS 1,235 30 27 2 1,262 32 CMBS 2,498 36 79 18 2,577 54 CLO 3,829 48 21 5 3,850 53 ABS 2,540 43 140 4 2,680 47 Total bonds available for sale $ 31,417 $ 732 $ 7,613 $ 485 $ 39,030 $ 1,217 At December 31, 2022, we held 16,516 individual fixed maturity securities that were in an unrealized loss position and for which no allowance for credit losses has been recorded (including 1,923 individual fixed maturity securities that were in a continuous unrealized loss position for 12 months or more). At December 31, 2021, we held 4,944 individual fixed maturity securities that were in an unrealized loss position (including 1,179 individual fixed maturity securities 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 December 31, 2022 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 (in millions) Amortized Cost, Fair Value December 31, 2022 Due in one year or less $ 2,334 $ 2,290 Due after one year through five years 22,500 21,650 Due after five years through ten years 28,376 25,452 Due after ten years 84,201 66,816 Mortgage-backed, asset-backed and collateralized 43,715 40,585 Total $ 181,126 $ 156,793 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: Years Ended December 31, 2022 2021 2020 (in millions) Gross Gross Gross Gross Gross Gross Fixed maturity securities $ 120 $ (677) $ 894 $ (144) $ 1,022 $ (440) For the years ended December 31, 2022, 2021, and 2020, the aggregate fair value of available for sale securities sold was $10.0 billion, $11.4 billion, and $12.0 billion respectively, which resulted in net realized gains (losses) of $(557) million, $750 million, and $582 million respectively. Included within the net realized gains (losses) are $(232) million, $647 million, and $660 million of realized gains (losses) for the years ended December 31, 2022, 2021, and 2020 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 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: December 31, 2022 December 31, 2021 (in millions) Fair Value* Percent Fair Value* Percent Fixed maturity securities: Obligations of states, municipalities and political subdivisions $ 37 1 % $ 50 2 % Non-U.S. governments 22 1 % 17 1 % Corporate debt 2,222 56 % 1,000 43 % Mortgage-backed, asset-backed and collateralized: RMBS 165 4 % 199 9 % CMBS 232 6 % 234 10 % CLO 279 7 % 283 12 % ABS 812 21 % 299 13 % Total mortgage-backed, asset-backed and collateralized 1,488 38 % 1,015 44 % Total fixed maturity securities 3,769 96 % 2,082 90 % Equity securities 170 4 % 242 10 % Total $ 3,939 100 % $ 2,324 100 % *The table above includes other securities measured at fair value issued by related parties, which are primarily Corebridge affiliates that are not consolidated. There were no equity securities with related parties as of December 31, 2022 or December 31, 2021. OTHER INVESTED ASSETS The following table summarizes the carrying amounts of other invested assets: (in millions) December 31, 2022 December 31, 2021 Alternative investments (a) (b) $ 8,014 $ 7,527 Investment real estate (c) 1,831 2,349 All other investments (d) 573 691 Total (e) $ 10,418 $ 10,567 (a) At December 31, 2022, included hedge funds of $884 million and private equity funds of $7.1 billion. At December 31, 2021, included hedge funds of $1.0 billion and private equity funds of $6.5 billion. (b) At December 31, 2022, approximately 77% of our hedge fund portfolio is available for redemption in 2023. The remaining 23% will be available for redemption between 2024 and 2028. At December 31, 2021, approximately 73% of our hedge fund portfolio is available for redemption in 2022. The remaining 27% will be available for redemption between 2023 and 2028. (c) Represents values net of accumulated depreciation of $616 million and $493 million as of December 31, 2022 and December 31, 2021, respectively. The accumulated depreciation related to the investment real estate held by legacy assets owned by us was $124 million and $123 million as of December 31, 2022 and December 31, 2021, respectively. (d) Includes Corebridge’s ownership interest in Fortitude Holdings, which is recorded using the measurement alternative for equity securities. Our investment in Fortitude Holdings totaled $156 million and $100 million at December 31, 2022 and December 31, 2021, respectively. (e) Includes investments in related parties, which totaled $6 million and $11 million as of December 31, 2022 and December 31, 2021, respectively. Other Invested Assets Carried at Fair Value Certain hedge funds, private equity funds, and other investment partnerships for which we have elected the fair value option are reported at fair value with changes in fair value recognized in Net investment income. Other Invested Assets – Equity Method Investments We account for hedge funds, private equity funds, certain affordable housing partnerships and other investment partnerships using the equity method of accounting unless our interest is so minor that we may have virtually no influence over partnership operating and financial policies, or we have elected the fair value option. Under the equity method of accounting, our carrying amount generally is our share of the net asset value of the funds or the partnerships, and changes in our share of the net asset values are recorded in Net investment income. In applying the equity method of accounting, we consistently use the most recently available financial information provided by the general partner or manager of each of these investments. Hedge funds are reported as of the balance sheet date. Private equity funds are generally reported on a one-quarter lag. The financial statements of these investees are generally audited annually. Summarized Financial Information of Equity Method Investees The following is the aggregated summarized financial information of our equity method investees, including those for which the fair value option has been elected: Years Ended December 31, (in millions) 2022 2021 2020 Operating results: Total revenues $ 6,316 $ 9,425 $ 2,375 Total expenses (579) (674) (778) Net income $ 5,737 $ 8,751 $ 1,597 December 31, (in millions) 2022 2021 Balance sheet: Total assets $ 39,181 $ 33,894 Total liabilities $ (3,551) $ (4,453) The following table presents the carrying amount and ownership percentage of equity method investments at December 31, 2022 and December 31, 2021: December 31, 2022 December 31, 2021 (in millions) Carrying Ownership Carrying Ownership Equity method investments $ 3,185 Various $ 2,797 Various NET INVESTMENT INCOME Net investment income represents income primarily from the following sources: • Interest income and related expenses, including amortization of premiums and accretion of discounts with changes in the timing and the amount of expected principal and interest cash flows reflected in yield, as applicable. • Dividend income from common and preferred stocks. • Realized and unrealized gains and losses from investments in other securities and investments for which we elected the fair value option. • Earnings from alternative investments. • Prepayment premiums. Years Ended December 31, 2022 2021 2020 (in millions) Excluding Fortitude Total Excluding Fortitude Total Excluding Fortitude Total Available-for-sale fixed maturity securities, including short-term investments $ 6,725 $ 954 $ 7,679 $ 6,837 $ 1,296 $ 8,133 $ 6,841 $ 1,279 $ 8,120 Other bond securities (30) (378) (408) 17 9 26 66 6 72 Equity securities (82) — (82) (290) — (290) 255 — 255 Interest on mortgage and other loans 1,703 176 1,879 1,479 184 1,663 1,489 166 1,655 Alternative investments* 675 170 845 1,851 318 2,169 584 12 596 Real estate 43 — 43 204 — 204 177 — 177 Other investments 100 — 100 115 — 115 13 — 13 Total investment income 9,134 922 10,056 10,213 1,807 12,020 9,425 1,463 10,888 Investment expenses 449 31 480 316 32 348 336 36 372 Net investment income $ 8,685 $ 891 $ 9,576 $ 9,897 $ 1,775 $ 11,672 $ 9,089 $ 1,427 $ 10,516 * Included income from hedge funds, private equity funds and affordable housing partnerships. 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 Net realized gains and losses are determined by specific identification. The net realized gains and losses are generated primarily from the following sources: • Sales or full redemptions of available for sale fixed maturity securities, real estate and other alternative investments. • Reductions to the amortized cost basis of available for sale fixed maturity securities that have been written down due to our intent to sell them or it being more likely than not that we will be required to sell them. • Changes in the allowance for credit losses on bonds available for sale, mortgage and other loans receivable, and loans commitments. • Changes in fair value of free standing and embedded derivatives, including changes in the non-performance adjustment, except for those instruments that are designated as hedging instruments when the change in the fair value of the hedged item is not reported in Net realized gains (losses). • Foreign exchange gains and losses resulting from foreign currency transactions. • Changes in fair value of the embedded derivative related to the Fortitude Re funds withheld assets. The following table presents the components of Net realized gains (losses): Years Ended December 31, 2022 2021 2020 (in millions) Excluding Fortitude Fortitude Total Excluding Fortitude Total Excluding Fortitude Total Sales of fixed maturity securities $ (325) $ (232) $ (557) $ 103 $ 647 $ 750 $ (78) $ 660 $ 582 Change in allowance for credit losses on fixed maturity securities (115) (31) (146) 8 3 11 (186) 17 (169) Change in allowance for credit losses on loans (76) (44) (120) 133 8 141 (61) 3 (58) Foreign exchange transactions, net of related hedges 695 61 756 305 20 325 89 (5) 84 Variable annuity embedded derivatives, net of related hedges 1,221 — 1,221 94 — 94 159 — 159 Fixed index annuity and indexed life embedded derivatives, net of related hedges 584 — 584 11 — 11 (766) — (766) All other derivatives and hedge accounting (43) (181) (224) (6) 9 3 (94) 423 329 Sales of alternative investments and real estate investments 179 43 222 794 237 1,031 158 (96) 62 Other (57) (13) (70) 176 — 176 14 — 14 Net realized gains (losses) – excluding Fortitude Re funds withheld embedded derivative 2,063 (397) 1,666 1,618 924 2,542 (765) 1,002 237 Net realized gains (losses) on Fortitude Re funds withheld embedded derivative — 6,347 6,347 — (687) (687) — (3,978) (3,978) Net realized gains (losses) $ 2,063 $ 5,950 $ 8,013 $ 1,618 $ 237 $ 1,855 $ (765) $ (2,976) $ (3,741) CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENTS The following table presents the increase (decrease) in unrealized appreciation (depreciation) of our available-for-sale securities: Years Ended December 31, (in millions) 2022 2021 Increase (decrease) in unrealized appreciation (depreciation) of investments: Fixed maturity securities $ (40,386) $ (7,457) Other investments (15) — Total increase (decrease) in unrealized appreciation (depreciation) of investments $ (40,401) $ (7,457) 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: Years Ended December 31, 2022 2021 (in millions) Equities Other Invested Assets Total Equities Other Invested Assets Total Net gains (losses) recognized during the period on equity securities and other investments $ (82) $ 353 $ 271 $ (290) $ 1,362 $ 1,072 Less: Net gains (losses) recognized during the period on equity securities and other investments sold during the period (46) (11) (57) (255) 30 (225) Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date $ (36) $ 364 $ 328 $ (35) $ 1,332 $ 1,297 EVALUATING INVESTMENTS FOR AN ALLOWANCE FOR CREDIT LOSSES Credit Impairments The following table presents a roll forward of the changes in allowance for credit losses on available-for-sale fixed maturity securities by major investment category: Years Ended December 31, 2022 2021 2020 (in millions) Structured Non-Structured Total Structured Non-Structured Total Structured Structured Non-Structured Total Balance, beginning of year $ 8 $ 70 $ 78 $ 14 $ 117 $ 131 $ 5 $ — $ 5 Additions: Securities for which allowance for credit losses were not previously recorded 36 139 175 3 46 49 28 211 239 Purchases of available for sale debt securities accounted for as purchased credit deteriorated assets — — — — — — 25 — 25 Accretion of available for sale debt securities accounted for as purchased credit deteriorated assets — — — — — — 1 — 1 Reductions: Securities sold during the period (3) (48) (51) (4) (19) (23) (3) (21) (24) 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 (14) (15) (29) (5) (55) (60) (42) (4) (46) Write-offs charged against the allowance — (25) (25) — (19) (19) — (69) (69) Balance, end of year $ 27 $ 121 $ 148 $ 8 $ 70 $ 78 $ 14 $ 117 $ 131 Other Invested Assets Our equity method investments in private equity funds, hedge funds and other entities are evaluated for impairment each reporting period. Such evaluation considers market conditions, events and volatility that may impact the recoverability of the underlying investments within these private equity funds and hedge funds and is based on the nature of the underlying investments and specific inherent risks. Such risks may evolve based on the nature of the underlying investments. Purchased Credit Deteriorated/Impaired Securities We purchase certain RMBS securities that have experienced more-than-insignificant deterioration in credit quality since origination. Subsequent to the adoption of the Financial Instruments Credit Losses Standard, these are referred to as PCD assets. At the time of purchase an allowance is recognized for these PCD 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 PCD 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 PCD 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 years ended December 31, 2022 and 2021. 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 and securities lending agreements: (in millions) December 31, 2022 December 31, 2021 Fixed maturity securities available for sale $ 2,968 $ 3,582 At December 31, 2022 and December 31, 2021, amounts borrowed under repurchase and securities lending agreements totaled $3.1 billion and $3.7 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 December 31, 2022 Bonds available for sale: Non-U.S. governments $ — $ 21 $ — $ — $ — $ 21 Corporate debt — 2,370 577 — — 2,947 Total $ — $ 2,391 $ 577 $ — $ — $ 2,968 December 31, 2021 Bonds available for sale: Non-U.S. governments $ 48 $ — $ — $ — $ — $ 48 Corporate debt 128 61 22 — — 211 Total $ 176 $ 61 $ 22 $ — $ — $ 259 The following table presents the fair value of securities pledged under our securities lending agreements by collateral type and by remaining contractual maturity: Remaining Contractual Maturity of the Securities Lending Agreements (in millions) Overnight and Continuous Up to 30 Days 31 - 90 Days 91 - 364 Days 365 Days or Greater Total December 31, 2021 Bonds available for sale: Obligations of states, municipalities and political subdivisions $ — $ — $ 106 $ — $ — $ 106 Non-U.S. government — — 43 — — 43 Corporate debt — 534 2,640 — — 3,174 Total $ — $ 534 $ 2,789 $ — $ — $ 3,323 There were no securities lending agreements at December 31, 2022. There were no reverse repurchase agreements at December 31, 2022 and December 31, 2021. 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 $3.5 billion and $3.9 billion at December 31, 2022 and December 31, 2021, respectively. Other Pledges and Restrictions Certain of our subsidiaries are members of Federal Home Loan Banks (“FHLBs”) and such membership requires the members to own stock in these FHLBs. We owned an aggregate of $222 million and $193 million of stock in FHLBs at December 31, 2022 and December 31, 2021, 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 $4.8 billion and $1.8 billion, respectively, at December 31, 2022 and $3.7 billion and $1.4 billion, respectively, at December 31, 2021. Certain GICs recorded in policyholder contract deposits with a carrying value of $56 million and $76 million at December 31, 2022 and December 31, 2021, respectively, have provisions that require collateral to be posted or payments to be made by us upon a downgrade of our Insurer Financial Strength 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 $63 million and $41 million at December 31, 2022 and December 31, 2021, 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. The fair value of securities pledged as excess collateral with respect to these obligations was approximately $144 million and $148 million at December 31, 2022 and December 31, 2021, respectively. Additionally, assets supporting these transactions are held solely for the benefit of the cedants and insulated from obligations owed to or policyholders and general creditors. Reinsurance transactions between Corebridge and Fortitude Re were structured as modco with funds withheld. For further discussion on the sale of Fortitude Holdings, see Note 7. |
Lending Activities
Lending Activities | 12 Months Ended |
Dec. 31, 2022 | |
Receivables [Abstract] | |
Lending Activities | Lending Activities Mortgage and other loans receivable include commercial mortgages, residential mortgages, policy loans on life and annuity contracts, commercial loans, and other loans and notes receivable. Commercial mortgages, residential mortgages, commercial loans, and other loans and notes receivable are carried at unpaid principal balances less allowance for credit losses and plus or minus adjustments for the accretion or amortization of discount or premium. Interest income on such loans is accrued as earned. Direct costs of originating commercial mortgages, commercial loans, and other loans and notes receivable, net of nonrefundable points and fees, are deferred and included in the carrying amount of the related receivables. The amount deferred is amortized to income as an adjustment to earnings using the interest method. Premiums and discounts on purchased residential mortgages are also amortized to income as an adjustment to earnings using the interest method. Policy loans on life and annuity contracts are carried at unpaid principal balances. There is no allowance for policy loans because these loans serve to reduce the death benefit paid when the death claim is made, and the balances are effectively collateralized by the cash surrender value of the policy or annuity. The following table presents the composition of Mortgage and other loans receivable, net: (in millions) December 31, 2022 December 31, 2021 Commercial mortgages (a) $ 32,993 $ 30,528 Residential mortgages 5,856 4,672 Life insurance policy loans 1,750 1,832 Commercial loans, other loans and notes receivable (b) 4,567 2,852 Total mortgage and other loans receivable 45,166 39,884 Allowance for credit losses (c) (600) (496) Mortgage and other loans receivable, net $ 44,566 $ 39,388 (a) Commercial mortgages primarily represent loans for apartments, offices and retail properties, with exposures in New York and California representing the largest geographic concentrations (aggregating approximately 20% and 11%, respectively, at December 31, 2022, and 22% and 10%, respectively, at December 31, 2021). The weighted average loan-to-value ratio for NY and CA was 59% and 53% at December 31, 2022, respectively, and 51% and 53% at December 31, 2021, respectively. The debt service coverage ratio for NY and CA was 2.0X and 2.1X at December 31, 2022, respectively, and 2.0X and 1.9X at December 31, 2021, respectively. (b) Includes loans held for sale which are carried at lower cost or market, determined on an individual loan basis, and are collateralized primarily by apartments. As of December 31, 2022 and December 31, 2021, the net carrying value of these loans was $170 million and $15 million, respectively. (c) Does not include allowance for credit losses of $60 million and $57 million at December 31, 2022 and December 31, 2021, 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 December 31, 2022, $3 million and $623 million of residential mortgage loans and commercial mortgage loans, respectively, were placed on nonaccrual status. As of December 31, 2021, $7 million and $118 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 Consolidated Balance Sheets. As of December 31, 2022, accrued interest receivable was $15 million and $130 million associated with residential mortgage loans and commercial mortgage loans, respectively. As of December 31, 2021, accrued interest receivable was $11 million and $109 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 mortgages were not significant for all periods presented. CREDIT QUALITY OF COMMERCIAL MORTGAGES The following table presents debt service coverage ratios (a) for commercial mortgages by year of vintage: December 31, 2022 (in millions) 2022 2021 2020 2019 2018 Prior Total >1.2X $ 5,382 $ 2,043 $ 1,521 $ 4,832 $ 3,505 $ 9,948 $ 27,231 1.00 - 1.20X 859 734 388 343 470 1,088 3,882 <1.00X 37 — 23 52 707 1,061 1,880 Total commercial mortgages $ 6,278 $ 2,777 $ 1,932 $ 5,227 $ 4,682 $ 12,097 $ 32,993 December 31, 2021 (in millions) 2021 2020 2019 2018 2017 Prior Total >1.2X $ 1,861 $ 1,520 $ 4,915 $ 3,300 $ 2,997 $ 9,005 $ 23,598 1.00 - 1.20X 463 810 598 1,030 88 1,684 4,673 <1.00X — 27 71 826 — 1,333 2,257 Total commercial mortgages $ 2,324 $ 2,357 $ 5,584 $ 5,156 $ 3,085 $ 12,022 $ 30,528 The following table presents loan-to-value ratios (b) for commercial mortgages by year of vintage: December 31, 2022 (in millions) 2022 2021 2020 2019 2018 Prior Total Less than 65% $ 5,270 $ 2,061 $ 1,515 $ 3,752 $ 2,666 $ 9,205 $ 24,469 65% to 75% 973 435 391 1,425 1,356 1,184 5,764 76% to 80% 35 43 — — 70 218 366 Greater than 80% — 238 26 50 590 1,490 2,394 Total commercial mortgages $ 6,278 $ 2,777 $ 1,932 $ 5,227 $ 4,682 $ 12,097 $ 32,993 December 31, 2021 (in millions) 2021 2020 2019 2018 2017 Prior Total Less than 65% $ 1,859 $ 1,935 $ 3,912 $ 4,072 $ 2,384 $ 8,264 $ 22,426 65% to 75% 304 396 1,672 1,084 340 2,814 6,610 76% to 80% — — — — 188 259 447 Greater than 80% 161 26 — — 173 685 1,045 Total commercial mortgages $ 2,324 $ 2,357 $ 5,584 $ 5,156 $ 3,085 $ 12,022 $ 30,528 (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 December 31, 2022 and 1.9X at December 31, 2021. The debt service coverage ratios have been updated within the last three months. The debt service coverage ratios are updated when additional 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 59% at December 31, 2022, and 57% at December 31, 2021. The loan-to-value ratios have been updated within the last three to nine months. The following table presents the credit quality performance indicators for commercial mortgages: (dollars in millions) Number Class Percent Apartments Offices Retail Industrial Hotel Others Total (c) December 31, 2022 Credit Quality Performance Indicator: In good standing 599 $ 13,226 $ 8,470 $ 3,192 $ 5,417 $ 1,749 $ 290 $ 32,344 98% Restructured (a) 9 — 329 94 — 59 — 482 1% 90 days or less delinquent — — — — — — — — —% >90 days delinquent or in process of foreclosure 3 — 167 — — — — 167 1% Total (b) 611 $ 13,226 $ 8,966 $ 3,286 $ 5,417 $ 1,808 $ 290 $ 32,993 100% Allowance for credit losses $ 89 $ 294 $ 54 $ 65 $ 23 $ 6 $ 531 2 % December 31, 2021 Credit Quality Performance Indicator: In good standing 613 $ 12,394 $ 8,370 $ 4,026 $ 3,262 $ 1,726 $ 301 $ 30,079 99% Restructured (a) 7 — 269 17 — 104 — 390 1% 90 days or less delinquent — — — — — — — — —% >90 days delinquent or in process of foreclosure 4 — 59 — — — — 59 —% Total (b) 624 $ 12,394 $ 8,698 $ 4,043 $ 3,262 $ 1,830 $ 301 $ 30,528 100% Allowance for credit losses $ 93 $ 193 $ 69 $ 39 $ 23 $ 6 $ 423 1 % (a) Loans that have been modified in troubled debt restructurings and are performing according to their restructured terms. For additional discussion of troubled debt restructurings, see the paragraphs below. (b) Does not reflect allowance for credit losses. (c) Our commercial mortgage loan portfolio is current as to payments of principal and interest, for both periods presented. There were no significant amounts of nonperforming commercial mortgages (defined as those loans where payment of contractual principal or interest is more than 90 days past due) during any of the periods presented. The following table presents credit quality performance indicators for residential mortgages by year of vintage: December 31, 2022 (in millions) 2022 2021 2020 2019 2018 Prior Total FICO*: 780 and greater $ 294 $ 2,141 $ 652 $ 229 $ 76 $ 437 $ 3,829 720 - 779 536 711 167 75 32 134 1,655 660 - 719 163 79 28 16 9 47 342 600 - 659 2 4 2 1 2 13 24 Less than 600 — — — 1 — 5 6 Total residential mortgages $ 995 $ 2,935 $ 849 $ 322 $ 119 $ 636 $ 5,856 December 31, 2021 (in millions) 2021 2020 2019 2018 2017 Prior Total FICO*: 780 and greater $ 1,398 $ 678 $ 284 $ 100 $ 107 $ 325 $ 2,892 720 - 779 1,118 225 83 41 36 94 1,597 660 - 719 44 39 20 11 13 33 160 600 - 659 1 1 2 3 2 6 15 Less than 600 — — — 1 1 6 8 Total residential mortgages $ 2,561 $ 943 $ 389 $ 156 $ 159 $ 464 $ 4,672 *Fair Isaac Corporation (“FICO”) is the credit quality indicator used to evaluate consumer credit risk for residential mortgage loan borrowers and has been updated within the last three months. METHODOLOGY USED TO ESTIMATE THE ALLOWANCE FOR CREDIT LOSSES At the time of origination or purchase, an allowance for credit losses is established for mortgage and other loan receivables and is updated each reporting period. Changes in the allowance for credit losses are recorded in net realized gains (losses). This allowance reflects the risk of loss, even when that risk is remote, and reflects losses expected over the remaining contractual life of the loan. The allowance for credit losses considers available relevant information about the collectability of cash flows, including information about past events, current conditions, and reasonable and supportable forecasts of future economic conditions. We revert to historical information when we determine that we can no longer reliably forecast future economic assumptions. The allowances for the commercial mortgage loans and residential mortgage loans are estimated utilizing a probability of default and loss given default model. Loss rate factors are determined based on historical data and adjusted for current and forecasted information. The loss rates are applied based on individual loan attributes and considering such data points as loan-to-value ratios, FICO scores, and debt service coverage. The estimate of credit losses also reflects management’s assumptions on certain macroeconomic factors that include, but are not limited to, gross domestic product growth, employment, inflation, housing price index, interest rates and credit spreads. Accrued interest is excluded from the measurement of the allowance for credit losses and accrued interest is reversed through interest income once a loan is placed on non-accrual. When all or a portion of a loan is deemed uncollectible, the uncollectible portion of the carrying amount of the loan is charged off against the allowance. We also have off-balance sheet commitments related to our commercial mortgage loans. The liability for expected credit losses related to these commercial mortgage loan commitments is reported in Other liabilities in the Consolidated Balance Sheets. When a commitment is funded, we record a loan receivable and reclassify the liability for expected credit losses related to the commitment into loan allowance for expected credit losses. Other changes in the liability for expected credit losses on loan commitments are recorded in Net realized gains (losses) in the Consolidated Statements of Income (Loss). The following table presents a roll forward of the changes in the allowance for credit losses on Mortgage and other loans receivable:* Years Ended December 31, 2022 2021 2020 (in millions) Commercial Mortgages Other Loans Total Commercial Mortgages Other Loans Total Commercial Mortgages Other Loans Total Allowance, beginning of year $ 423 $ 73 $ 496 $ 546 $ 111 $ 657 $ 266 $ 91 $ 357 Initial allowance upon CECL adoption — — — — — — 272 2 274 Loans charged off (13) — (13) (1) — (1) (12) (5) (17) Net charge-offs (13) — (13) (1) — (1) (12) (5) (17) Addition to (release of) allowance for loan losses 121 (4) 117 (122) (19) (141) 20 23 43 Divestitures — — — — (19) (19) — — — Allowance, end of year $ 531 $ 69 $ 600 $ 423 $ 73 $ 496 $ 546 $ 111 $ 657 * Does not include allowance for credit losses of $60 million, $57 million and $57 million, respectively, at December 31, 2022, 2021 and 2020 in relation to the off-balance-sheet commitments to fund commercial mortgage loans, which is recorded in Other liabilities in the Consolidated Balance Sheets. As a result of the COVID-19 pandemic, including the significant global economic slowdown and general market decline, our expectations and models used to estimate the allowance for losses on commercial and residential mortgage loans have been updated to reflect the economic environment. The full impact of COVID-19 on real estate valuations remains uncertain and we will continue to review our valuations as further information becomes available. TROUBLED DEBT RESTRUCTURINGS We modify loans to optimize their returns and improve their collectability, among other things. When we undertake such a modification with a borrower that is experiencing financial difficulty and the modification involves us granting a concession to the troubled debtor, the modification is a troubled debt restructuring (“TDR”). 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. Concessions granted may include extended maturity dates, interest rate changes, principal or interest forgiveness, payment deferrals and easing of loan covenants. During the years ended December 31, 2022 and 2021, loans with a carrying value of $143 million and $280 million, respectively, were modified in TDRs. |
Reinsurance
Reinsurance | 12 Months Ended |
Dec. 31, 2022 | |
Insurance [Abstract] | |
Reinsurance | 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 a former affiliate, Fortitude Re. The premiums with respect to YRT treaties are earned over the exposure period in proportion to the protection provided, while ceded premiums related to modco treaties are recognized when due. Amounts recoverable from reinsurers related to coinsurance or modco contracts are estimated in a manner consistent with the assumptions used for the underlying policy benefits while amounts recoverable on YRT treaties are recognized when claims are incurred on the reinsured policies. 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 obligation 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, and 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). The following table presents the impacts of reinsurance ceded and the corresponding gross liabilities on the Consolidated Balance Sheets: December 31, (in millions) 2022 2021 Assets Reinsurance assets, net of allowance $ 2,980 $ 2,932 Reinsurance assets - Fortitude Re, net of allowance 27,794 28,472 Total Assets $ 30,774 $ 31,404 Liabilities Future policy benefits for life and accident and health insurance contracts $ 57,266 $ 57,751 Policyholder contract deposits 158,966 156,846 Other policyholder funds 3,331 2,849 Total Liabilities $ 219,563 $ 217,446 The following table presents premiums earned, policy fees, and policyholder benefits for our long-duration life insurance and annuity operations: Years Ended December 31, (in millions) 2022 2021 2020 Premiums Direct $ 4,739 $ 4,604 $ 4,384 Assumed * 1,318 2,265 1,073 Ceded (964) (1,232) (1,116) Net $ 5,093 $ 5,637 $ 4,341 Policy Fees Direct $ 3,048 $ 3,131 $ 2,957 Assumed — — — Ceded (76) (80) (83) Net $ 2,972 $ 3,051 $ 2,874 Policyholder benefits Direct $ 9,388 $ 10,583 $ 9,092 Assumed 92 78 32 Ceded (2,148) (2,611) (2,522) Net $ 7,332 $ 8,050 $ 6,602 * Assumed premiums includes premium from pension risk transfer agreements o f $1.3 billion, $2.3 billion, and $1.1 billion for the years ended December 31, 2022, 2021 and 2020, respectively. FORTITUDE RE In February 2018, AGL, VALIC and USL entered into a modco agreement with Fortitude Re, a wholly owned AIG subsidiary and registered Class 4 and Class E reinsurer in Bermuda. Fortitude Holdings was formed by AIG to act as a holding company for Fortitude Re. These reinsurance transactions between Corebridge and Fortitude Re were structured as modco arrangements. In the modco, the investments supporting the reinsurance agreements, 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 other comprehensive income (loss)). Corebridge has established a funds withheld payable to Fortitude Re while simultaneously establishing a reinsurance asset representing reserves 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. As our accounting policy is to include reinsurance balances when performing loss recognition testing and as there will be no future profits recognized on this business, we will not incur any future loss recognition events related to business ceded to Fortitude Re. On July 1, 2020, the Company amended the modco agreements. Under the terms of the amendment, certain business ceded to Fortitude Re was recaptured by the Company and certain additional business was ceded by the Company to Fortitude Re. We recorded an additional $91 million loss associated with this amendment. As of December 31, 2022, and 2021, respectively, approximately $27.8 billion and $28.5 billion of reserves related to business written by Corebridge, had been ceded to Fortitude Re under these reinsurance transactions. As of closing of the Majority Interest Fortitude Sale, these reinsurance transactions are no longer considered affiliated transactions. 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: December 31, 2022 December 31, 2021 (in millions) Carrying Value Fair Value Carrying Value Fair Value Corresponding Accounting Policy Fixed maturity securities - available for sale $ 16,339 $ 16,339 $ 27,180 $ 27,180 Fair value through other comprehensive income Fixed maturity securities - fair value option 3,485 3,485 1,593 1,593 Fair value through net investment income Commercial mortgage loans 3,490 3,241 3,179 3,383 Amortized cost Real estate investments 133 348 201 395 Amortized cost Private equity funds/hedge funds 1,893 1,893 1,606 1,606 Fair value through net investment income Policy loans 355 355 380 380 Amortized cost Short-term Investments 69 69 50 50 Fair value through net investment income Funds withheld investment assets 25,764 25,730 34,189 34,587 Derivative assets, net (a) 90 90 81 81 Fair value through realized gains (losses) Other (b) 731 731 476 476 Amortized cost Total $ 26,585 $ 26,551 $ 34,746 $ 35,144 (a) The derivative assets and liabilities have been presented net of cash collateral. The derivative assets supporting the Fortitude Re funds withheld arrangements had a fair market value of $189 million a nd $387 million as of December 31, 2022 and December 31, 2021, respectively. 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: Years Ended December 31, (in millions) 2022 2021 2020 Net investment income - Fortitude Re funds withheld assets $ 891 $ 1,775 $ 1,427 Net realized gains (losses) on Fortitude Re funds withheld assets: Net realized gains (losses) Fortitude Re funds withheld assets (397) 924 1,002 Net realized losses Fortitude Re funds withheld embedded derivatives 6,347 (687) (3,978) Net realized gains (losses) on Fortitude Re funds withheld assets 5,950 237 (2,976) Income (loss) before income tax benefit (expense) 6,841 2,012 (1,549) Income tax benefit (expense)* (1,437) (423) 325 Net income (loss) 5,404 1,589 (1,224) Change in unrealized appreciation (depreciation) of the invested assets supporting the Fortitude Re modco arrangement classified as available for sale* (5,064) (1,488) 1,165 Comprehensive income (loss) $ 340 $ 101 $ (59) * The income tax expense (benefit) and the tax impact in accumulated other comprehensive income was computed using Corebridge’s 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 SECURITY Our third-party reinsurance arrangements do not relieve us from our direct obligations to our beneficiaries. Thus, a credit exposure exists to the extent that any reinsurer fails to meet the obligations assumed under any reinsurance agreement. We hold substantial collateral as security under related reinsurance agreements in the form of funds, securities, and/or letters of credit, as well as funds withheld reinsurance structures. A provision has been recorded for estimated unrecoverable reinsurance. Fortitude Re is our only reinsurer where the amount due from the reinsurer is in excess of 5% of our total reinsurance assets. Our reinsurance asset with Fortitude Re was $27.8 billion and $28.5 billion as of December 31, 2022 and 2021, respectively. Assets held by Corebridge with a fair value of $26.6 billion and $35.1 billion as of December 31, 2022 and 2021, respectively, provide collateral supporting funds withheld balances due to Fortitude Re in excess of the respective reinsurance recoverable assets. We believe that no exposure to a single reinsurer represents an inappropriate concentration of credit risk to Corebridge. STATUTORY REINSURANCE In addition to contracts which qualify for reinsurance accounting under U.S. GAAP, the Company also manages its risks through contracts which follow deposit accounting. Expenses associated with these contracts are recorded in General operating and other expenses within the Combined Statements of Income (Loss). For example, certain of our insurance companies manage the capital impact of their statutory reserve requirements, including those resulting from the NAIC Model Regulation “Valuation of Life Insurance Policies” (“Regulation XXX”) and NAIC Actuarial Guideline 38 (“Guideline AXXX”), through reinsurance transactions which do not qualify for reinsurance accounting under U.S. GAAP. Effective July 1, 2016, AGL entered into an agreement to cede approximately $5 billion of statutory reserves for certain whole life and universal life policies to an unaffiliated reinsurer. Effective December 31, 2016, AGL recaptured term and universal life reserves of $16 billion from AGC, subject to Regulation XXX and Guideline AXXX, and ceded approximately $14 billion of such statutory reserves to an unaffiliated reinsurer under an amendment to the July 1, 2016 agreement. Under one affiliated reinsurance arrangement, USL obtains letters of credit to support statutory recognition of the ceded reinsurance. As of December 31, 2022 USL had one bilateral letter of credit currently in the amount of $175 million, which was issued on May 9, 2022 and expires on February 7, 2026. As of May 12, 2022, this letter of credit is subject to reimbursement by Corebridge Parent in the event of a drawdown. For additional information on the use of affiliated reinsurance for Regulation XXX and Guideline AXXX reserves see Note 17. 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 reserves. 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 uncollectable reinsurance that reduces the carrying amount of reinsurance and other assets on the 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 December 31, 2022 were $30.8 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 roll forward of the reinsurance recoverable allowance: Years Ended December 31, (in millions) 2022 2021 Balance, beginning of year $ 101 $ 83 Current period provision for expected credit losses and disputes 8 18 Write-offs charged against the allowance for credit losses and disputes — — Other changes (25) Balance, end of year $ 84 $ 101 There were no material recoveries of credit losses previously written off for the years ended December 31, 2022 or 2021. 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. Certain reinsurers with whom we have disputes have initiated arbitration proceedings against us, and others may initiate them in the future. |
Deferred Policy Acquisition Cos
Deferred Policy Acquisition Costs | 12 Months Ended |
Dec. 31, 2022 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Deferred Policy Acquisition Costs | 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 deferred policy acquisition costs 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 Consolidated Statements of Income. 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. Long-duration insurance contracts: P olicy acquisition costs for participating life, traditional life and accident and health insurance products are generally deferred and amortized, with interest, over the premium paying period. The assumptions used to calculate the benefit liabilities and DAC for these traditional products are set when a policy is issued and do not change with changes in actual experience, unless a loss recognition event occurs. These “locked-in” assumptions include mortality, morbidity, persistency, maintenance expenses and investment returns, and include margins for adverse deviation to reflect uncertainty given that actual experience might deviate from these assumptions. A loss recognition event occurs when there is a shortfall between the carrying amount of future policy benefit liabilities, net of DAC, and what the future policy benefit liabilities, net of DAC, would be when applying updated current assumptions. When we determine a loss recognition event has occurred, we first reduce any DAC related to that block of business through amortization of acquisition expense, and after DAC is depleted, we record additional liabilities through a charge to Policyholder benefits. Groupings for loss recognition testing are consistent with our manner of acquiring, servicing and measuring the profitability of the business and applied by product groupings. We perform separate loss recognition tests for traditional life products, payout annuities and long-term care products. Our policy is to perform loss recognition testing net of reinsurance. Once loss recognition has been recorded for a block of business, the old assumption set is replaced, and the assumption set used for the loss recognition would then be subject to the lock-in principle . Investment-oriented contracts: C ertain policy acquisition costs and policy issuance costs related to investment-oriented contracts, for example universal life, variable and fixed annuities, and fixed index annuities, are deferred and amortized, with interest, in relation to the incidence of estimated gross profits to be realized over the estimated lives of the contracts. DAC on investment-oriented contracts was approximately $11.0 billion and $5.8 billion at December 31, 2022 and 2021, respectively. Estimated gross profits are affected by a number of factors, including levels of current and expected interest rates, net investment income and spreads, net realized gains and losses, fees, surrender rates, mortality experience, policyholder behavior experience and equity market returns and volatility. In each reporting period, current period amortization expense is adjusted to reflect actual gross profits. If the assumptions used for estimating gross profit change significantly, DAC is recalculated using the new assumptions, including actuarial assumptions such as mortality, lapse, benefit utilization, and premium persistency, and any resulting adjustment is included in income. If the new assumptions indicate that future estimated gross profits are higher than previously estimated, DAC will be increased resulting in a decrease in amortization expense and increase in income in the current period; if future estimated gross profits are lower than previously estimated, DAC will be decreased resulting in an increase in amortization expense and decrease in income in the current period. Updating such assumptions may result in acceleration of amortization in some products and deceleration of amortization in other products. DAC is grouped consistent with the manner in which the insurance contracts are acquired, serviced and measured for profitability and is reviewed for recoverability based on the current and projected future profitability of the underlying insurance contracts. To estimate future estimated gross profits for variable life and annuity products, a long-term annual asset growth assumption is applied to determine the future growth in assets and related asset-based fees. In determining the asset growth rate, the effect of short-term fluctuations in the equity markets is partially mitigated through the use of a “reversion to the mean” methodology for variable annuities, whereby short-term asset growth above or below long-term annual rate assumptions impacts the growth assumption applied to the five-year period subsequent to the current balance sheet date. The reversion to the mean methodology allows us to maintain our long-term growth assumptions, while also giving consideration to the effect of actual investment performance. When actual performance significantly deviates from the annual long-term growth assumption, as evidenced by growth assumptions in the five-year reversion to the mean period falling below a certain rate (floor) or rising above a certain rate (cap) for a sustained period, judgment may be applied to revise or “unlock” the growth rate assumptions to be used for both the five-year reversion to the mean period as well as the long-term annual growth assumption applied to subsequent periods. Unrealized Appreciation (Depreciation) of Investments: DAC related to investment-oriented contracts is also adjusted to reflect the effect of unrealized gains or losses on fixed maturity securities available for sale on estimated gross profits, with related changes recognized through Other comprehensive income. The adjustment is made at each balance sheet date, as if the securities had been sold at their stated aggregate fair value and the proceeds reinvested at current yields. Similarly, for long-duration traditional insurance contracts, if the assets supporting the liabilities are in a net unrealized gain position at the balance sheet date, loss recognition testing assumptions are updated to exclude such gains from future cash flows by reflecting the impact of reinvestment rates on future yields. If a future loss is anticipated under this basis, any additional shortfall indicated by loss recognition tests is recognized as a reduction in accumulated other comprehensive income. Similar to other loss recognition on long-duration insurance contracts, such shortfall is first reflected as a reduction in DAC and secondly as an increase in liabilities for future policy benefits. The change in these adjustments, net of tax, is included with the change in net unrealized appreciation of investments that is credited or charged directly to Other comprehensive income. Internal Replacements of Long-duration and Investment-oriented Products: For some products, policyholders can elect to modify product benefits, features, rights or coverages by exchanging a contract for a new contract or by amendment, endorsement, or rider to a contract, or by the election of a feature or coverage within a contract. These transactions are known as internal replacements. If the modification does not substantially change the contract, we do not change the accounting and amortization of existing DAC and related actuarial balances. If an internal replacement represents a substantial change, the original contract is considered to be extinguished and any related DAC or other policy balances are charged or credited to income, and any new deferrable costs associated with the replacement contract are deferred. Value of Business Acquired (“VOBA”): VOBA is determined at the time of acquisition and is reported in the 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. For participating life, traditional life and accident and health insurance products, VOBA is amortized over the life of the business in a manner similar to that for DAC based on the assumptions at purchase. For investment-oriented products, VOBA is amortized in relation to estimated gross profits and adjusted for the effect of unrealized gains or losses on fixed maturity securities available for sale in a manner similar to DAC. The following table presents a roll forward of DAC: Years Ended December 31, (in millions) 2022 2021 2020 Balance, beginning of year $ 7,949 $ 7,241 $ 7,939 Impact of CECL adoption — — 15 Capitalizations 991 1,000 889 Amortization expense (1,420) (1,046) (532) Change related to unrealized (appreciation) depreciation of investments 5,631 760 (1,085) Other, including foreign exchange (64) (6) 15 Balance, end of year $ 13,087 $ 7,949 $ 7,241 The following table presents a roll forward of VOBA: Years Ended December 31, (in millions) 2022 2021 2020 Balance, beginning of year $ 109 $ 122 $ 130 Acquisitions — — — Amortization expense (11) (11) (11) Change related to unrealized (appreciation) depreciation of investments 4 (1) 2 Other, including foreign exchange (10) (1) 1 Balance, end of year $ 92 $ 109 $ 122 The amount of the unamortized balance of VOBA at December 31, 2022 expected to be amortized in 2023 through 2027 by year is: $12 million, $10 million, $10 million, $8 million and $6 million, respectively, with $46 million being amortized after five years. 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. Such amounts are deferred and amortized over the life of the contract using the same methodology and assumptions used to amortize DAC. To qualify for such accounting treatment, 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 contract’s expected ongoing crediting rates for periods after the bonus period. Amortization related to DSI is recorded in interest credited to policyholder account balances. The following table presents a roll forward of DSI: Years Ended December 31, (in millions) 2022 2021 2020 Balance, beginning of year $ 307 $ 285 $ 437 Capitalizations 8 11 11 Amortization expense (95) (116) (64) Change related to unrealized (appreciation) depreciation of investments 669 127 (99) Balance, end of year $ 889 $ 307 $ 285 DAC, VOBA and DSI for insurance-oriented and investment-oriented products are reviewed for recoverability, which involves estimating the future profitability of current business. This review involves significant management judgment. If actual profitability is substantially lower than estimated, Corebridge’s DAC, VOBA and DSI may be subject to an impairment charge and Corebridge’s results of operations could be significantly affected in future periods. DSI is reported in Other Assets, while VOBA is reported in the DAC balance in the Consolidated Balance Sheets. |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | Variable Interest Entities A variable interest entity (“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 Consolidated Balance Sheets: (in millions) Real Estate and Investment Entities (c) Securitization Total December 31, 2022 Assets: Bonds available for sale $ — $ 3,571 $ 3,571 Other bond securities — — — Equity securities 51 — 51 Mortgage and other loans receivable — 2,088 2,088 Other invested assets Alternative investments (a) 2,842 — 2,842 Investment real estate 1,731 — 1,731 Short-term investments 191 265 456 Cash 71 — 71 Accrued investment income — 7 7 Other assets 102 68 170 Total assets (b) $ 4,988 $ 5,999 $ 10,987 Liabilities: Debt of consolidated investment entities $ 1,382 $ 4,576 $ 5,958 Other liabilities 85 47 132 Total liabilities $ 1,467 $ 4,623 $ 6,090 December 31, 2021 Assets: Bonds available for sale $ — $ 5,393 $ 5,393 Other bond securities — — — Equity securities 223 — 223 Mortgage and other loans receivable — 2,359 2,359 Other invested assets Alternative investments (a) 3,017 — 3,017 Investment real estate 2,257 — 2,257 Short-term investments 467 151 618 Cash 93 — 93 Accrued investment income — 15 15 Other assets 188 557 745 Total assets (b) $ 6,245 $ 8,475 $ 14,720 Liabilities: Debt of consolidated investment entities $ 1,743 $ 5,193 $ 6,936 Other liabilities 112 723 835 Total liabilities $ 1,855 $ 5,916 $ 7,771 (a) Composed primarily of investments in real estate joint ventures at December 31, 2022 and December 31, 2021. (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 December 31, 2022 and December 31, 2021, together the Company and AIG affiliates have commitments to internal parties of $2.1 billion and $2.4 billion and commitments to external parties of $0.6 billion and $0.6 billion, respectively. At December 31, 2022, $1.4 billion out of the internal commitments was from subsidiaries of Corebridge entities and $0.7 billion was from other AIG affiliates. At December 31, 2021, $1.5 billion out of the internal commitments was from subsidiaries of Corebridge entities, and $0.9 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 Consolidated Income Statements: Real Estate and Securitization Affordable Investment and Repackaging Housing (in millions) Entities Vehicles Partnerships Total December 31, 2022 Total revenue $ 681 $ 229 $ — $ 910 Net income attributable to noncontrolling interests 318 3 — 321 Net income (loss) attributable to Corebridge 314 47 — 361 December 31, 2021 Total revenue $ 1,639 $ 247 $ 450 $ 2,336 Net income attributable to noncontrolling interests 858 3 68 929 Net income (loss) attributable to Corebridge 525 (33) 304 796 December 31, 2020 Total revenue $ 477 $ 386 $ 275 $ 1,138 Net income attributable to noncontrolling interests 173 4 31 208 Net income (loss) attributable to Corebridge 229 137 131 497 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 On-Balance Sheet (b) Off-Balance Sheet (c) Total December 31, 2022 Real estate and investment entities (a) $ 376,055 $ 5,575 $ 2,784 $ 8,359 Total $ 376,055 $ 5,575 $ 2,784 $ 8,359 December 31, 2021 Real estate and investment entities (a) $ 309,866 $ 4,459 $ 2,452 $ 6,911 Total $ 309,866 $ 4,459 $ 2,452 $ 6,911 (a) Composed primarily of hedge funds and private equity funds. (b) At December 31, 2022 and December 31, 2021, $5.6 billion and $4.5 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. Through our insurance operations and AIG Global Real Estate Investment Corp., we are an investor in various real estate investment entities, some of which are VIEs. These investments are typically with unaffiliated third-party developers via a partnership or limited liability company structure. The VIEs’ activities consist of the development or redevelopment of commercial, industrial and residential real estate. Our involvement varies from being a passive equity investor or finance provider to actively managing the activities of the VIEs. Our insurance operations participate as passive investors in the equity interests issued by certain third party-managed hedge and private equity funds that are VIEs. Our insurance operations typically are not involved in the design or establishment of these VIEs, nor do they actively participate in the management of the VIEs. SECURITIZATION AND REPACKAGING VEHICLES We created certain VIEs that hold investments, primarily in investment-grade debt securities and loans, and issued beneficial interests in these investments. Some of these VIEs were created to facilitate our purchase of asset-backed securities. In these situations, all of the beneficial interests are owned by Corebridge and affiliated entities and are consolidated by Corebridge. In other instances, we have created VIEs that are securitizations of residential mortgage loans or other forms of collateralized loan obligations or we repackage loans and other assets into pass-through securities. Corebridge subsidiaries or affiliated entities own some of the beneficial interests of these VIEs, and we maintain the power to direct the activities of the VIEs that most significantly impact their economic performance. Accordingly, we consolidate these entities and those beneficial interests issued to third parties are reported as debt of consolidated investment entities. This debt is non-recourse to Corebridge. AFFORDABLE HOUSING PARTNERSHIPS Affordable Housing organized and invested in limited partnerships that develop and operate affordable housing qualifying for federal, state, and historic tax credits, in addition to a few market rate properties across the United States. The operating partnerships are VIEs, whose debt is generally non-recourse in nature, and the general partners of which are mostly unaffiliated third-party developers. We account for our investments in operating partnerships using the equity method of accounting, unless they are required to be consolidated. We consolidate an operating partnership if the general partner is an affiliated entity, or we otherwise have the power to direct activities that most significantly impact the entities’ economic performance. In December 2021, Corebridge completed the sale of affordable housing portfolio to Blackstone Real Estate Income Trust. For additional information on the sale of Corebridge’s interests in a U.S. affordable housing portfolio, see Note 1. RMBS, CMBS, OTHER ABS AND CLOs Primarily through our insurance operations, we are a passive investor in RMBS, CMBS, other ABS and CLOs, the majority of which are issued by domestic special purpose entities. We generally do not sponsor or transfer assets to, or act as the servicer to these asset-backed structures and were not involved in the design of these entities. Our maximum exposure in these types of structures is limited to our investment in securities issued by these entities and, where applicable, any unfunded commitments to these entities. Conditional unfunded commitments for these unconsolidated entities are $399 million at December 31, 2022. Based on the nature of our investments and our passive involvement in these types of structures, we have determined that we are not the primary beneficiary of these entities. We have not included these entities in the above tables; however, the fair values of our investments in these structures are reported in Notes 4 and 5. 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 and RMLs. 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 |
Derivatives and Hedge Accountin
Derivatives and Hedge Accounting | 12 Months Ended |
Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedge Accounting | 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 embedded derivatives 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, CDSs 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 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 Consolidated Balance Sheets in Other assets and Other liabilities. Embedded derivatives are generally presented with the host contract in the 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, see Notes 4 and 12. The following table presents the notional amounts of our derivatives and the fair value of derivative assets and liabilities in the Consolidated Balance Sheets: December 31, 2022 December 31, 2021 Gross Derivative Gross Derivative Liabilities Gross Derivative Gross Derivative Liabilities (in millions) Notional Fair Notional Fair Notional Fair Notional Fair Derivatives designated as hedging instruments: (a) Interest rate contracts $ 155 $ 202 $ 1,798 $ 77 $ 352 $ 274 $ 980 $ 14 Foreign exchange contracts 3,535 575 3,354 176 4,058 262 2,861 55 Derivatives not designated as hedging instruments: (a) Interest rate contracts 27,656 1,371 21,553 2,599 28,056 1,637 23,219 1,562 Foreign exchange contracts 4,630 672 6,673 456 4,047 410 5,413 311 Equity contracts 26,041 417 9,962 27 60,192 4,670 38,932 4,071 Credit contracts — — — — 1,840 1 — — Other contracts (b) 47,128 15 48 — 43,839 13 133 — Total derivatives, gross $ 109,145 $ 3,252 $ 43,388 $ 3,335 $ 142,384 $ 7,267 $ 71,538 $ 6,013 Counterparty netting (c) (2,547) (2,547) (5,785) (5,785) Cash collateral (d) (406) (691) (798) (37) Total derivatives on Consolidated Balance Sheets (e) $ 299 $ 97 $ 684 $ 191 (a) Fair value amounts are shown before the effects of counterparty netting adjustments and offsetting cash collateral. (b) Consists primarily of stable value wraps 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 $9 million and zero, respectively, at December 31, 2022 and December 31, 2021. Fair value of liabilities related to bifurcated embedded derivatives was $8.4 billion and $17.7 billion, respectively, at December 31, 2022 and December 31, 2021. A bifurcated embedded derivative is generally presented with the host contract in the Consolidated Balance Sheets. Embedded derivatives are primarily related to guarantee features in variable annuity products, 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: December 31, 2022 December 31, 2021 Gross Derivative Gross Derivative Gross Derivative Gross Derivative (in millions) Notional Fair Notional Fair Notional Fair Notional Fair Total derivatives with related parties $ 60,633 $ 3,177 $ 42,109 $ 3,154 $ 96,862 $ 7,182 $ 68,623 $ 5,778 Total derivatives with third parties 48,512 75 1,279 181 45,522 85 2,915 235 Total derivatives, gross $ 109,145 $ 3,252 $ 43,388 $ 3,335 $ 142,384 $ 7,267 $ 71,538 $ 6,013 As of December 31, 2022 and December 31, 2021, the following amounts were recorded on the 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: December 31, 2022 December 31, 2021 (in millions) Carrying Cumulative Amount of Carrying Cumulative Amount of Balance sheet line item in which hedged item is recorded: Fixed maturities, available for sale, at fair value $ 6,520 $ — $ 7,478 $ — Commercial mortgage and other loans (a) — (25) — (6) Policyholder contract deposits (b) (2,218) 68 (1,500) (79) (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 at various 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 $255 million and $317 million at December 31, 2022 and December 31, 2021, respectively. Collateral posted by us to related parties for derivative transactions was $1.5 billion and $803 million at December 31, 2022 and December 31, 2021, 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 $40 million and $53 million at December 31, 2022 and December 31, 2021, respectively. Collateral provided to us from related parties for derivative transactions was $380 million and $770 million at December 31, 2022 and December 31, 2021, 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 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. During 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 year ended December 31, 2022, we recognized derivative gains of $223 million in accumulated other comprehensive income, of which, $21 million has been reclassified into Interest expense. The remaining amount in accumulated other comprehensive income, of $202 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 13. 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. For the years ended December 31, 2022, 2021 and 2020, we recognized gains (losses) of $9 million, $8 million and $(5) million, respectively, included in Change in foreign currency translation adjustment in Other comprehensive income (loss) 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 Consolidated Statements of Income: Gains/(Losses) Recognized in Earnings for: (in millions) Hedging Derivatives (a)(c) Excluded Components (b)(c) Hedged Net Impact Year Ended December 31, 2022 Interest rate contracts: Realized gains (losses) $ — $ — $ — $ — Interest credited to policyholder account balances (156) — 151 (5) Net investment income 11 — (12) (1) Foreign exchange contracts: Realized gains (losses) 459 171 (459) 171 Year Ended December 31, 2021 Interest rate contracts: Realized gains (losses) $ — $ — $ — $ — Interest credited to policyholder account balances (62) 18 54 10 Net investment income 9 — (11) (2) Foreign exchange contracts: Realized gains (losses) 260 31 (260) 31 Year Ended December 31, 2020 Interest rate contracts: Realized gains (losses) $ — $ — $ — $ — Interest credited to policyholder account balances 47 1 (53) (5) Net investment income (6) — 5 (1) Foreign exchange contracts: Realized gains (losses) (298) 98 298 98 (a) Gains and losses on derivative instruments designated and qualifying in fair value hedges that are included in the assessment of hedge effectiveness. (b) 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. (c) Primarily consists of gains and losses with related parties. DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS The following table presents the effect of derivative instruments not designated as hedging instruments in the Consolidated Statements of Income: Years Ended December 31, Gains (Losses) Recognized in Earnings (in millions) 2022 2021 2020 By Derivative Type: Interest rate contracts $ (2,386) $ (585) $ 1,643 Foreign exchange contracts 1,028 476 (239) Equity contracts (483) (742) 206 Credit contracts (1) (11) 42 Other contracts 64 64 60 Embedded derivatives within policyholder contract deposits 4,427 1,450 (2,154) Fortitude Re funds withheld embedded derivative 6,347 (687) (3,978) Total (a) $ 8,996 $ (35) $ (4,420) By Classification: Policy fees $ 61 $ 62 $ 62 Net investment income (10) 6 2 Net realized gains - excluding Fortitude Re funds withheld assets 2,738 555 (916) Net realized gains (losses) on Fortitude Re funds withheld assets (121) 33 398 Net realized gains (losses) on Fortitude Re funds withheld embedded derivatives 6,347 (687) (3,978) Policyholder benefits (19) (4) 12 Total (a) $ 8,996 $ (35) $ (4,420) (a) Includes gains (losses) with related parties of $(2.5) billion, $(363) million and $2.4 billion for the years ended December 31, 2022, 2021, and 2020 , respectively. 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 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 and Other income. Our investments in these hybrid securities are reported as Other bond securities in the Consolidated Balance Sheets. The fair values of these hybrid securities were zero and $121 million at December 31, 2022 and December 31, 2021, respectively. These securities have par amounts of $25 million and $884 million at December 31, 2022 and December 31, 2021, respectively, and have remaining stated maturity dates that extend to 2052. The majority of these securities were sold in the fourth quarter of 2022 resulting in the decrease in fair value and par value. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill represents the future economic benefits arising from assets acquired in a business combination that are not individually identified and separately recognized. Goodwill is tested for impairment at the reporting unit level, which is defined as an operating segment or one level below, and the test is performed annually, or more frequently if circumstances indicate an impairment may have occurred. The impairment assessment involves an option to first assess qualitative factors to determine whether events or circumstances exist that lead to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the qualitative assessment is not performed, or after assessing the totality of the events or circumstances, we determine it is more likely than not that the fair value of a reporting unit is less than its carrying amount, a quantitative assessment for potential impairment is performed. If the qualitative test is not performed or if the test indicates a potential impairment is present, we estimate the fair value of each reporting unit and compare the estimated fair value with the carrying amount of the reporting unit, including allocated goodwill. The estimate of a reporting unit’s fair value involves management judgment and is based on one or a combination of approaches including discounted expected future cash flows, market-based earnings multiples of the unit’s peer companies, external appraisals or, in the case of reporting units being considered for sale, third-party indications of fair value, if available. We consider one or more of these estimates when determining the fair value of a reporting unit to be used in the impairment test. If the estimated fair value of a reporting unit exceeds its carrying amount, goodwill is not impaired. If the carrying value of a reporting unit exceeds its estimated fair value, goodwill associated with that reporting unit potentially is impaired. The amount of impairment, if any, is measured as the excess of a reporting unit’s carrying amount over its fair value not to exceed the total amount of goodwill allocated to that reporting unit and recognized in income. The date of our annual goodwill impairment testing is July 1. We performed our annual goodwill impairment tests of all reporting units and concluded that our goodwill was not impaired. The following table presents the changes in goodwill by operating segment: (in millions) Life Corporate Total Balance at January 1, 2020 Goodwill - gross $ 231 $ 54 $ 285 Accumulated impairments (67) (10) (77) Net goodwill 164 44 208 Increase (decrease) due to: Dispositions — — — Other * 10 — 10 Balance at December 31, 2020: Goodwill - gross 241 54 295 Accumulated impairments (67) (10) (77) Net goodwill 174 44 218 Increase (decrease) due to: Dispositions — (21) (21) Other * (5) — (5) Balance at December 31, 2021: Goodwill - gross 236 33 269 Accumulated impairments (67) (10) (77) Net goodwill 169 23 192 Increase (decrease) due to: Dispositions — — — Other * (16) (1) (17) Balance at December 31, 2022: Goodwill - gross 220 32 252 Accumulated impairments (67) (10) (77) Net goodwill $ 153 $ 22 $ 175 * Other primarily relates to changes in foreign currencies. Indefinite lived intangible assets are not subject to amortization. Finite lived intangible assets are amortized over their useful lives. Finite lived intangible assets primarily include distribution networks and are recorded net of accumulated amortization. The Company tests intangible assets for impairment on an annual basis or whenever events or circumstances suggest that the carrying value of an intangible asset may exceed the sum of the undiscounted cash flows expected to result from its use and eventual disposition. If this condition exists and the carrying value of an intangible asset exceeds its fair value, the excess is recognized as an impairment and is recorded as a charge against net income (loss). The following table presents the changes in other intangible assets by operating segment: (in millions) Life Corporate Total Other intangible assets Balance at January 1, 2020 $ 24 $ 11 $ 35 Increase (decrease) due to: Dispositions — — — Amortization (4) (2) (6) Other 3 (1) 2 Balance at December 31, 2020 $ 23 $ 8 $ 31 Increase (decrease) due to: Dispositions $ — $ (5) $ (5) Amortization (4) (3) (7) Other (1) — (1) Balance at December 31, 2021 $ 18 $ — $ 18 Increase (decrease) due to: Dispositions $ — $ — $ — Amortization (4) — (4) Other (2) — (2) Balance at December 31, 2022 $ 12 $ — $ 12 The percentage of the unamortized balance of Other intangible assets at December 31, 2022 expected to be amortized in 2023 through 2026 by year is 32.9%,30.5%, 29.3%, and 7.3%, respectively, wit h none being amortized thereafter. |
Insurance Liabilities
Insurance Liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Insurance [Abstract] | |
Insurance Liabilities | Insurance Liabilities 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 settlements whereby a claimant receives life contingent payments over their lifetime or guaranteed payments over a defined period. 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. Also included in Future policy benefits, are reserves for contracts in loss recognition, including the adjustment to reflect the effect of unrealized gains on fixed maturity securities available for sale with related changes recognized through Other comprehensive income (loss). Future policy benefits also include certain guaranteed benefits of annuity products that are not considered embedded derivatives. For universal life policies with secondary guarantees, we recognize certain liabilities in addition to 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. Universal life account balances are reported in Policyholder contract deposits, while these additional liabilities related to universal life products are reported within Future Policy Benefits in the 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 (loss). The primary policyholder behavior assumptions for these liabilities include mortality, lapses and premium persistency. The primary capital market assumptions used for the liability for universal life secondary guarantees include discount rates and net earned rates. The following table presents the liability for universal life policies with secondary guarantees and similar features (excluding account balances and embedded derivatives): Years Ended December 31, (in millions) 2022 2021 2020 Balance, beginning of year $ 4,505 $ 4,751 $ 3,794 Incurred guaranteed benefits* 740 603 1,034 Paid guaranteed benefits (588) (489) (470) Changes related to unrealized appreciation (depreciation) of investments (1,832) (360) 393 Balance, end of year $ 2,825 $ 4,505 $ 4,751 * Incurred guaranteed benefits include the portion of assessments established as additions to reserves as well as changes in estimates (assumption unlockings) affecting these reserves. The following table presents details concerning our universal life policies with secondary guarantees and similar features: December 31, December 31, (dollars in millions) 2022 2021 Account value $ 3,514 $ 3,313 Net amount at risk $ 69,335 $ 65,801 Average attained age of contract holders 53 53 The liability for future policy benefits has been established including assumptions for interest rates which vary by year of issuance and product and range from approximately 0.2% to 14.6%. Mortality and surrender rate assumptions are generally based on actual experience when the liability is established. In addition, the Company offers other guarantees such as maturity extension riders to UL policyholders. The following table presents Future policy benefits by contract type*: December 31, 2022 2021 (in millions) Traditional Interest-Sensitive Total Traditional Interest-Sensitive Total Future policy benefits: Individual Retirement $ 1,493 $ 828 $ 2,321 $ 1,374 $ 1,530 $ 2,904 Group Retirement 221 130 351 226 245 471 Life Insurance 12,338 3,177 15,515 12,037 4,928 16,965 Institutional Markets 16,307 — 16,307 14,194 — 14,194 Fortitude Re 22,716 56 22,772 23,217 — 23,217 Total Future policy benefits $ 53,075 $ 4,191 $ 57,266 $ 51,048 $ 6,703 $ 57,751 * Traditional benefits represent future policy benefits for traditional long-duration insurance contracts such as life contingent payout annuities, participating life, traditional life and accident and health insurance. Interest-sensitive benefits represent future policy benefits for investment-oriented contracts such as universal life, variable and fixed annuities, and fixed index annuities. 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 at rates ranging from 0.0% to 9.0% at December 31, 2022, less withdrawals and assessed fees). Deposits collected on investment-oriented products are not reflected as revenues, because they are recorded directly to Policyholder contract deposits upon receipt. Amounts assessed against the policyholders for mortality, administrative, and other services are included 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 (a) indexed and variable features accounted for as embedded derivatives at fair value, and (b) annuities issued in a structured settlement arrangement with no life contingency. For additional information on guaranteed benefits accounted for as embedded derivatives see Note 10. The following table presents Policyholder contract deposits by segment: December 31, (in millions) 2022 2021 Policyholder contract deposits (a)(b) : Individual Retirement $ 90,069 $ 87,664 Group Retirement 43,332 44,087 Life Insurance 10,258 10,299 Institutional Markets 11,718 10,970 Fortitude Re (c) 3,589 3,826 Total Policyholder contract deposits $ 158,966 $ 156,846 (a) As of December 31, 2022, reserves related to Embedded Derivatives as part of Policyholder contract deposit include $5.8 billion in Individual Retirement, $653 million in Group Retirement, $710 million in Life Insurance and $41 million in Institutional Markets. As of December 31, 2021, reserves related to Embedded Derivatives as part of Policyholder contract deposit include $8.0 billion in Individual Retirement, $891 million in Group Retirement, $765 million in Life Insurance and $54 million in Institutional Markets. (b) As of December 31, 2022, FHLB funding agreements included in Policyholder contract deposits include $1.1 billion in Individual Retirement, $209 million in Group Retirement and $3.2 billion in Institutional Markets. As of December 31, 2021, FHLB funding agreements included in Policyholder contract deposits include $1.1 billion in Individual Retirement, $209 million in Group Retirement and $2.2 billion in Institutional Markets. (c) Balances related to Fortitude Re are a component of Corporate and Other. Funding Agreements 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 Life and Retirement companies. USL is a member of the FHLB of New York, while VALIC and AGL are members of the FHLB of Dallas. Membership with both FHLBs provides us with collateralized borrowing opportunities, primarily as an additional source of liquidity or for other uses deemed appropriate by management. Our ownership in the FHLB stock is reported in Other invested assets within the Consolidated Balance Sheets. Pursuant to the membership terms, we elected to pledge such stock to the FHLB as collateral for our obligations under agreements entered into with the FHLB. Our net borrowing capacity under such facilities with FHLB of Dallas and FHLB of New York as of December 31, 2022 is $4.4 billion. As of December 31, 2022, we pledged $7.4 billion as collateral to the FHLB, including assets backing funding agreements. Corebridge issued the following funding agreements to the FHLB of Dallas and FHLB of New York; these obligations are reported in Policyholder contract deposits in the Consolidated Balance Sheets: The following table presents details concerning our funding agreements as of December 31, 2022: December 31, 2022 Payments due by period (in millions) Gross Amounts 2023 2024-2025 2026-2027 Thereafter Stated Interest rates FHLB Facility FHLB of Dallas $ 3,357 $ — $ 52 $ 378 $ 2,927 DNU Auction* + 22 to 30 bps FHLB of Dallas 1,000 — — 1,000 — 3.53 % FHLB of New York 241 — 241 — — 1.52% to 2.70% $ 4,598 $ — $ 293 $ 1,378 $ 2,927 * Discount Note Advance (“DNA”) Auction is based on either a 4-Week or 3-Month tenor, depending on contractual terms of each borrowing. OTHER POLICYHOLDER FUNDS Other policyholder funds include unearned revenue reserves (“URR”), which were approximately $2.3 billion and $1.8 billion as of December 31, 2022 and December 31, 2021, respectively. URR consist 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. URR for investment-oriented contracts are generally deferred and amortized, with interest, in relation to the incidence of EGPs to be realized over the estimated lives of the contracts and are subject to the same adjustments due to changes in the assumptions underlying EGPs as DAC. Amortization of URR is recorded in Policy fees. Similar to unrealized appreciation (depreciation) of investments for DAC, URR related to investment-oriented products is also adjusted to reflect the effect of unrealized gains or losses on fixed maturity securities available for sale on EGPs, with related changes recognized through Other comprehensive income. Other policyholder funds also include provisions for future dividends to participating policyholders, accrued in accordance with all applicable regulatory or contractual provisions. Participating life business represented approximately 0.7% and 1.2% of gross insurance in force at December 31, 2022 and December 31, 2021, respectively and 1.3% a nd 1.7% of gross domestic premiums and other considerations in 2022 and 2021, respectively. Our gross participating reserves are approximately $2.4 billion at December 31, 2022, of which all but $3 million has been ceded. The majority of the participating business has been ceded to Fortitude Re. The amount of annual dividends to be paid is approved by the boards of directors of the insurance operations companies. Provisions for future dividend payments are computed by jurisdiction, reflecting local regulations. The portions of current and prior net income and of current unrealized appreciation of investments that can inure to our benefit are restricted in some cases by the insurance contracts and by the insurance regulations of the jurisdictions in which the policies are in force. Certain products are subject to experience adjustments. These include group life and group medical products, credit life contracts, accident and health insurance contracts/riders attached to life policies and, to a limited extent, reinsurance agreements with other direct insurers. Ultimate premiums from these contracts are estimated and recognized as revenue with the unearned portions of the premiums recorded as liabilities in Other policyholder funds. Experience adjustments vary according to the type of contract and the territory in which the policy is in force and are subject to local regulatory guidance. 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 reported as separate account assets, with an equivalent summary total reported as Separate account liabilities. 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 guaranteed minimum death benefits (“GMDB”) or guaranteed living benefits included in Future policy benefits or Policyholder contract deposits, respectively. 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 Consolidated Statements of Income. Variable annuity contracts may include certain contractually guaranteed benefits to the contract holder. These guaranteed features include GMDB that are payable in the event of death, and living benefits that are payable in the event of annuitization, or, in other instances, at specified dates during the accumulation period. Living benefits primarily include GMWB. A variable annuity contract may include more than one type of guaranteed benefit feature; for example, it may have both a GMDB and a GMWB. However, a policyholder can only receive payout from one guaranteed feature on a contract containing a death benefit and a living benefit, i.e., the features are mutually exclusive (except a surviving spouse who has a rider to potentially collect both a GMDB upon their spouse’s death and a GMWB during their lifetime). A policyholder cannot purchase more than one living benefit on one contract. The net amount at risk for each feature is calculated irrespective of the existence of other features; as a result, the net amount at risk for each feature is not additive to that of other features. Account balances of variable annuity contracts with guarantees were invested in separate account investment options as follows: December 31, December 31, 2022 2021 (in millions) Individual Group Individual Group Equity funds $ 22,473 $ 24,491 $ 28,524 $ 33,718 Bond funds 3,722 3,966 4,651 4,364 Balanced funds 17,311 5,082 23,018 6,293 Money market funds 702 552 546 459 Total $ 44,208 $ 34,091 $ 56,739 $ 44,834 GMDB Depending on the contract, 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. GMDB is our most widely offered benefit. The liability for GMDB, which is recorded in Future policy benefits, represents the expected value of benefits in excess of the projected account value, with the excess recognized ratably over the accumulation period based on total expected assessments, through Policyholder benefits. The net amount at risk for the GMDB feature represents the amount of guaranteed benefits in excess of account value if death claims were filed on all contracts on the balance sheet date. The following table presents details concerning our GMDB exposures by benefit type for Individual Retirement: December 31, 2022 ( dollars in millions ) Return of Account Return of Rollups Highest Contract Account values: General account $ 443 $ 3,925 $ 421 $ 1,310 Separate accounts 3,288 27,251 1,703 11,966 Total account values $ 3,731 $ 31,176 $ 2,124 $ 13,276 Net amount at risk - gross $ — $ 755 $ 420 $ 2,313 Net amount at risk - net $ — $ 749 $ 383 $ 2,077 Average attained age of contract holders by product 67 70 75 72 Percentage of policyholders age 70 and over 30.3 % 50.3 % 68.2 % 60.2 % Range of guaranteed minimum return rates 0.0% - 4.5% December 31, 2021 Account values: General account $ 382 $ 4,055 $ 447 $ 1,366 Separate accounts 3,543 34,811 2,453 15,932 Total account values $ 3,925 $ 38,866 $ 2,900 $ 17,298 Net amount at risk - gross $ — $ 22 $ 363 $ 341 Net amount at risk - net $ — $ 21 $ 327 $ 257 Average attained age of contract holders by product 66 70 75 71 Percentage of policyholders age 70 and over 27.8 % 47.0 % 66.9 % 58.1 % Range of guaranteed minimum return rates 0.0% - 4.5% The following table presents details concerning our GMDB exposures by benefit type for Group Retirement: December 31, 2022 ( dollars in millions ) Return of Return of Premium Rollups * Highest Contract Account values: General account $ 37 $ 5,301 $ 17,980 $ 3 Separate accounts 257 4,600 29,177 57 Total Account Values $ 294 $ 9,901 $ 47,157 $ 60 Net amount at risk - gross $ — $ 32 $ 349 $ 12 Net amount at risk - net $ — $ 32 $ 349 $ 12 Average attained age of contract holders by product 65 65 63 68 Percentage of policyholders age 70 and over 18.7 % 19.4 % 15.4 % 32.6 % Range of guaranteed minimum return rates 0.0% - 4.5% December 31, 2021 Account values: General account $ 35 $ 5,511 $ 18,863 $ 4 Separate accounts 290 6,056 38,419 69 Total Account Values $ 325 $ 11,567 $ 57,282 $ 73 Net amount at risk - gross $ — $ 9 $ 152 $ — Net amount at risk - net $ — $ 9 $ 152 $ — Average attained age of contract holders by product 64 64 63 68 Percentage of policyholders age 70 and over 14.9 % 17.9 % 14.2 % 31.1 % Range of guaranteed minimum return rates 0.0%-4.5% * Group Retirement guaranteed rollup benefits generally revert to the return of premium at age 70. As of December 31, 2022, this includes 202,994 contracts for policyholders age 70 and over, with associated account values of $8.5 billion held in the general account and $6.9 billion held in separate accounts; as of December 31, 2021, this includes 192,606 contracts for policyholders age 70 and over, with associated account values of $8.3 billion held in the general account and $8.5 billion held in separate accounts. These contracts which have reverted to return of premium benefits due to the attained age of the policyholder represent a net amount at risk of $64 million and $19 million at December 31, 2022 and December 31, 2021, respectively. The following summarizes the Individual Retirement GMDB liability related to variable annuity contracts: Years Ended December 31, (in millions) 2022 2021 2020 Balance, beginning of year $ 445 $ 382 $ 371 Reserve increase (decrease) 109 103 36 Benefits paid (67) (33) (41) Changes related to unrealized appreciation (depreciation) of investments (53) (7) 16 Balance, end of year $ 434 $ 445 $ 382 The following summarizes the Group Retirement GMDB liability related to variable annuity contracts, excluding assumed reinsurance * : Years Ended December 31, (in millions) 2022 2021 2020 Balance, beginning of year $ 35 $ 40 $ 21 Reserve increase (decrease) 12 3 2 Benefits paid (2) (2) (2) Changes related to unrealized appreciation (depreciation) of investments (29) (6) 19 Balance, end of year $ 16 $ 35 $ 40 * The assumed reinsurance reserves for GMDB liability related to variable annuity contract is $14 million, $16 million and $16.7 million as of December 31, 2022, 2021 and 2020, respectively. Assumptions used to determine the GMDB liability include interest credited that varies by year of issuance and products; mortality rates that are based upon actual experience modified to allow for variations in policy form; withdrawal and lapse rates that are based upon actual experience modified to allow for variations in policy features; investment returns, based on stochastically generated scenarios; and asset yields that include a reversion to the mean methodology, similar to that applied for DAC. We regularly evaluate estimates used to determine the GMDB liability and adjust the additional liability balance, with a related charge or credit to Policyholder benefits, if actual experience or other evidence suggests that earlier assumptions should be revised. GMWB Certain of our variable annuity contracts contain optional GMWB benefits. GMWB benefits related to variable annuity contracts are recorded in Policyholder contract deposits and are accounted for as embedded derivatives measured at fair value, with changes in the fair value recorded in Net realized gains (losses). The net fair value of these GMWB embedded derivatives for Individual Retirement was $0.7 billion and $2.4 billion as of December 31, 2022 and December 31, 2021, respectively. The net fair value of these GMWB embedded derivatives for Group Retirement was $(9) million and $74 million as of December 31, 2022 and December 31, 2021, respectively. For a discussion of the fair value measurement of guaranteed benefits that are accounted for as embedded derivatives, see Note 4. Account values covered by the variable annuity GMWB for Individual Retirement totaled $39.2 billion and $48.4 billion as of December 31, 2022 and 2021, respectively. Account values covered by the variable annuity GMWB for Group Retirement totaled $2.1 billion and $2.8 billion as of December 31, 2022 and 2021, respectively. The variable annuity GMWB liability exposure is the present value of minimum guaranteed withdrawal payments that are, in excess of account value, assuming no lapses, or $198 million and $471 million as of December 31, 2022 and 2021 for Individual Retirement, respectively, and $8 million and $24 million as of December 31, 2022 and 2021 for Group Retirement, respectively. We use investment derivatives and other financial instruments to mitigate a portion of this exposure. We offer fixed annuity products, which include immediate, fixed deferred, and indexed deferred income annuities. Certain deferred annuity products offer optional income protection features. The fixed annuities product line maintains an industry-leading position in the U.S. bank distribution channel by designing products collaboratively with banks and offering an efficient and flexible administration program. We have recently started offering fixed annuities with an optional living guaranteed feature that provides lifetime income protection. Our fixed index annuity products provide growth potential based in part on the performance of a market index as well as optional living guaranteed features that provide lifetime income protection. Fixed index annuities are distributed primarily through banks, broker-dealers, independent marketing organizations and independent insurance agents. With a GMWB, the contract holder can monetize the excess of the guaranteed amount over the account value of the contract through a series of withdrawals that do not exceed a specific percentage per year of the guaranteed amount. Once the account value is exhausted, the contract holder will receive a series of annuity payments equal to the remaining guaranteed amount; for lifetime GMWB products, the annuity payments continue as long as the covered person(s) is living. The liability for these GMWB benefits, which are primarily recorded in Future policy benefits, represents the expected value of benefits in excess of the projected account value, with the excess recognized ratably over the accumulation period based on total expected assessments, through Policyholder benefits. Certain of our fixed index annuity contracts, which are not offered through separate accounts, offer both optional GMWB and GMDB benefits. Our fixed annuity contracts only offer optional GMWB. The liability for the majority of our GMWB and GMDB benefits in fixed index annuity contracts and all of the GMWB benefits in fixed annuity contracts are not accounted for as embedded derivatives. GMWB Certain of our fixed annuity and fixed index annuity contracts, which are not offered through separate accounts, contain optional GMWB benefits. With a GMWB, the contract holder can monetize the excess of the guaranteed amount over the account value of the contract through a series of withdrawals that do not exceed a specific percentage per year of the guaranteed amount. Once the account value is exhausted, the contract holder will receive a series of annuity payments equal to the remaining guaranteed amount; for lifetime GMWB products, the annuity payments continue as long as the covered person(s) is/are living. The liability for GMWB benefits in fixed annuity and fixed index annuity contracts, which are primarily recorded in Future policy benefits, represents the expected value of benefits in excess of the projected account value, with the excess recognized ratably over the accumulation period based on total expected assessments, through Policyholder benefits. The liability for the majority of our GMWB benefits in fixed annuity and fixed index annuity contracts are not accounted for as embedded derivatives. The following summarizes the Individual Retirement GMWB liability related to Fixed Annuities: Years Ended December 31, Years Ended December 31, (in millions) 2022 2021 2020 Balance, beginning of year $ 457 $ 353 $ 38 Reserve increase (decrease) 119 132 100 Benefits paid — — — Changes related to unrealized appreciation (depreciation) of investments (485) (28) 215 Balance, end of year $ 91 $ 457 $ 353 The following summarizes the Individual Retirement GMWB and GMDB liability related to Fixed Index Annuities: Years Ended December 31, Years Ended December 31, (in millions) 2022 2021 2020 Balance, beginning of year $ 628 $ 637 $ 439 Reserve increase (decrease) 143 94 74 Benefits paid — — — Changes related to unrealized appreciation (depreciation) of investments (469) (103) 124 Balance, end of year $ 302 $ 628 $ 637 The following summarizes the Group Retirement GMWB and GMDB liability related to Fixed Annuities: Years Ended December 31, Years Ended December 31, (in millions) 2022 2021 2020 Balance, beginning of year $ 47 $ 32 $ 5 Reserve increase (decrease) 19 18 19 Benefits paid — — — Changes related to unrealized appreciation (depreciation) of investments (16) (3) 8 Balance, end of year $ 50 $ 47 $ 32 The following summarizes the Group Retirement GMWB and GMDB liability related to Fixed Index Annuities: Years Ended December 31, Years Ended December 31, (in millions) 2022 2021 2020 Balance, beginning of year $ 147 $ 133 $ 103 Reserve increase (decrease) 32 30 12 Benefits paid — — — Changes related to unrealized appreciation (depreciation) of investments (128) (16) 18 Balance, end of year $ 51 $ 147 $ 133 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Debt | Debt Short-term and long-term debt is carried at the principal amount borrowed, including unamortized discounts, and fair value adjustments, when applicable. The following table lists our total debt outstanding at December 31, 2022 and December 31, 2021. The interest rates presented in the following table are the range of contractual rates in effect at December 31, 2022, including fixed and variable rates: (in millions) Range of Maturity December 31, 2022 December 31, 2021 Short-term debt issued or borrowed by Corebridge: Affiliated senior promissory note with AIG LIBOR+100bps 2022 $ — $ 8,317 Three 5.80 % 2023 1,500 — Total short-term debt 1,500 8,317 Long-term debt issued by Corebridge: Senior unsecured notes * 3.50% - 4.40% 2025 - 2052 6,500 — Hybrid junior subordinated notes 6.875% 2052 1,000 — Long-term debt issued by Corebridge subsidiaries: AIGLH notes 6.63% - 7.50% 2025 - 2029 200 200 AIGLH junior subordinated debentures 7.57% - 8.50% 2030 - 2046 227 227 Total long-term debt 7,927 427 Debt issuance costs (59) — Total long-term debt, net of debt issuance costs 7,868 427 Debt of consolidated investment entities - not guaranteed by Corebridge 0.00% -12.27% 2023 - 2051 5,958 6,936 Total debt, net of issuance costs $ 15,326 $ 15,680 * Interest rates reflect contractual amounts and do not reflect the effective borrowing rate after giving effect to the cash flow hedges. The following table presents maturities of short-term and long-term debt (including unamortized original issue discount when applicable). December 31, 2022 Year Ending (in millions) Total 2023 2024 2025 2026 2027 Thereafter Short-term and Long-term debt issued by Corebridge: Three $ 1,500 $ 1,500 $ — $ — $ — $ — $ — Senior unsecured notes 6,500 — — 1,000 — 1,250 4,250 Hybrid junior subordinated notes 1,000 — — — — — 1,000 AIGLH notes 200 — — 101 — — 99 AIGLH junior subordinated debentures 227 — — — — — 227 Total short-term and long-term debt issued by Corebridge $ 9,427 $ 1,500 $ — $ 1,101 $ — $ 1,250 $ 5,576 * On September 15, 2022, Corebridge Parent borrowed an aggregate principal amount of $1.5 billion under the Three-Year DDTL Facility through October 20, 2022. We continued this borrowing through June 21, 2023. We have the ability to further continue this borrowing through February 25, 2025. SENIOR UNSECURED NOTES AND DELAYED DRAW TERM LOAN On February 25, 2022, Corebridge Parent entered into an 18-Month Delayed Draw Term Loan Agreement (the “18-Month DDTL Facility”) among Corebridge Parent, as borrower, the lenders party thereto and the administrative agent thereto, and a Three Delayed Draw Term Loan Agreement (the “ Three The 18-Month DDTL Facility and Three On April 6, 2022, in connection with the issuance of the senior unsecured notes of Corebridge Parent, (i) the commitments under the 18-Month DDTL Facility were terminated in full and (ii) the commitments under the Three Three On September 15, 2022, Corebridge Parent borrowed an aggregate principal amount of $1.5 billion under the Three Three Three Three Three Three HYBRID JUNIOR SUBORDINATED NOTES On August 23, 2022, Corebridge Parent issued $1.0 billion of 6.875% fixed-to-fixed reset rate hybrid junior subordinated notes due 2052. Subject to certain redemption provisions and other terms of the hybrid junior subordinated notes, the interest rate and interest payment date reset every five years based on the average of the yields on five-year U.S. Treasury securities, as of the most recent interest rate determination on a reset plus a spread, payable semi-annually. AFFILIATED NOTES In November 2021, Corebridge issued an $8.3 billion senior promissory note to AIG. We used the net proceeds from the senior unsecured notes, the net proceeds from the hybrid junior subordinated notes and a portion of the borrowing of the Three In 2019, AGREIC issued a note to Lexington in the amount of $250 million. Interest expense incurred specific to this note was $0.4 million and $4 million for the years ended December 31, 2021 and 2020, respectively. On February 12, 2021, AGREIC repaid the loan and interest in the amount of $254 million. On June 23, 2022, AIG Life (United Kingdom) borrowed GBP £10 million from AIG Transaction Execution Limited, which was repaid on July 7, 2022. In 2013, AIG Property Company Limited issued an affiliated note to AIG Europe S.A. (Netherlands Branch) of $17 million for the purpose of purchasing a building. The carrying amount of the note was $9 million as of December 31, 2020. Interest expense incurred specific to this note was $0.3 million, $0.5 million and $0.6 million for the years ended December 31, 2021, 2020 and 2019, respectively. On October 1, 2021, AIG Property Company Limited repaid the loan and interest of $9 million to AIG Europe S.A. AIGLH NOTES AND JUNIOR SUBORDINATED DEBENTURES As of December 31, 2022, AIGLH had outstanding $427 million aggregate principal amount, consisting of $227 million of junior subordinated debt due between 2030 and 2046 and $200 million of notes due between 2025 and 2029. At December 31, 2022 and 2021, the junior subordinated debentures outstanding consisted of $54 million of 8.5% junior subordinated debentures due July 2030, $142 million of 8.125% junior subordinated debentures due March 2046 and $31 million of 7.57% junior subordinated debentures due December 2045, each guaranteed by AIG. For details regarding guarantees provided by AIG related to these notes and debentures, see Note 14. DEBT CASH TENDER OFFERS During the twelve-month period ended December 31, 2021, $216 million of aggregate principal amount of AIGLH notes and AIGLH junior subordinated debentures were repurchased through cash tender offers for an aggregate purchase price of $312 million. REVOLVING CREDIT AGREEMENT On May 12, 2022, Corebridge Parent entered into the Revolving Credit Agreement (the “Credit Agreement”). The 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 Credit Agreement, the aggregate commitments may be increased by up to $500 million, for a total commitment under the Credit Agreement of $3.0 billion. Loans under the Credit Agreement will mature on May 12, 2027. Under the 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, SONIA 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%. The Credit Agreement requires Corebridge Parent to maintain a specified minimum consolidated net worth and subjects Corebridge to a specified limit on consolidated total debt to consolidated total capitalization, subject to certain limitations and exceptions. In addition, the Credit Agreement contains certain customary affirmative and negative covenants, including limitations with respect to the incurrence of certain types of liens and certain fundamental changes. Amounts due under the Credit Agreement may be accelerated upon an “event of default,” as defined in the Credit Agreement, such as failure to pay amounts owed thereunder when due, breach of a covenant, material inaccuracy of a representation, or occurrence of bankruptcy or insolvency, subject in some cases to cure periods. LETTERS OF CREDIT Effective July 28, 2022, Corebridge Parent replaced AIG as applicant and guarantor on two letters of credit totaling £80 million, for the benefit of AIG Life (United Kingdom). Effective January 1, 2023, Corebridge Parent replaced this letter of credit with a single letter of credit of £80 million. The letter of credit supports AIG Life (United Kingdom)’s capital position and will be counted as Tier 2 capital under EU Solvency II regulations as approved by the Prudential Regulation Authority. We have an intercompany reinsurance arrangement with AIG Bermuda whereby certain Regulation XXX and Guideline AXXX reserves related to a closed block of in-force business are ceded to AIG Bermuda. AIG Bermuda had a $250 million letter of credit guaranteed by AIG that is used to support the credit for reinsurance provided by AIG Bermuda. Effective May 9, 2022, the letter of credit was reduced from $250 million to $175 million, and effective May 12, 2022, Corebridge Parent has replaced AIG as the guarantor. AFFILIATED CREDIT FACILITIES In 2015 and 2018, we entered into three revolving loan facilities with AIG pursuant to which our participating subsidiaries could, on a several basis, borrow monies from AIG subject to the terms and conditions stated therein. Principal amounts borrowed under each of these facilities could be repaid and re-borrowed, in whole or in part, from time to time, without penalty. As of December 31, 2021, there were no amounts owed under these facilities. On September 19, 2022, these credit facilities were terminated. CONSOLIDATED INVESTMENT ENTITIES CREDIT FACILITIES We also maintain revolving credit facilities that can be utilized exclusively by certain consolidated investment entities to acquire assets related to securitizations. Draws under those credit facilities cannot be utilized for general corporate purposes. Prior to the pricing of the related securitizations, these credit facilities have combined limits of up to $556 million. Subsequent to pricing of the related securitizations, the combined limits are expected to increase to up to approximately $1.4 billion. As of December 31, 2022 and December 31, 2021, we have drawn $177 million and $57 million, respectively, under the credit facilities. These credit facilities have maturity dates ranging from two years to nine years. |
Contingencies, Commitments and
Contingencies, Commitments and Guarantees | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies, Commitments and Guarantees | 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 coverage under insurance and reinsurance 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 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. We estimate that our range of reasonably possible loss in excess of the aggregate amount we have accrued for probable losses is not material. 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 yearly renewable term agreements. We are disputing the requested rate increases under these agreements. Certain reinsurers with whom we have disputes have initiated arbitration proceedings against us, and others 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 Effective January 1, 2013, the California legislature enacted AB 1747 (the “Act”), which amended the Insurance Code to mandate that life insurance policies issued and delivered in California contain a 60-day grace period during which time the policies must remain in force after a premium payment is missed, and that life insurers provide both a 30-day minimum notification of lapse and the right of policy owners to designate a secondary recipient for lapse and termination notices. Following guidance from the California Department of Insurance and certain industry trade groups, American General Life Insurance Company (AGL) interpreted the Act to be prospective in nature, applying only to policies issued and delivered on or after the Act’s January 1, 2013 effective date. On July 18, 2017, AGL was sued in a putative class action captioned Moriarty v. American General Life Insurance Company, No. 17-cv-1709 (S.D. Cal.), challenging AGL’s prospective application of the Act. Plaintiff’s complaint, which is similar to complaints filed against other insurers, argues that policies issued and delivered prior to January 1, 2013, like the $1 million policy issued to Plaintiff’s husband do not lapse—despite nonpayment of premiums—if the insurer has not complied with the Act’s terms. On August 30, 2021, the California Supreme Court issued an opinion in McHugh v. Protective Life Insurance, 12 Cal. 5th 213 (2021), ruling that the Act applies to all policies in force on January 1, 2013, regardless of when the policies were issued. On February 7, 2022, Plaintiff filed motions for summary judgment and class certification; AGL opposed both motions and filed its own motion for partial summary judgment. On July 26, 2022, the District Court granted in part and denied in part AGL’s motion for partial summary judgment, and on September 7, 2022, the District Court denied Plaintiff's motion for summary judgment. In the summary judgment decisions, the District Court declined to LEASE COMMITMENTS We lease office space and equipment in various locations across jurisdictions in which the Company operates. The majority of the resulting obligation arising from these contracts is generated by our real estate portfolio, which only includes contracts classified as operating leases. As of December 31, 2022, the lease liability right of use asset Other liabilities Other assets $43 million and $36 million, respectively, and we made cash payments of $20 million in 2022 in connection with these leases. As of December 31, 2021, the lease liability right of use asset Other liabilities Other assets The weighted average discount rate and lease term assumptions used in determining the liability are 3.6% and 4.71 years, respectively. The primary assumption used to determine the discount rate is the cost of funding for the Company, which is based on the secured borrowing rate for terms similar to the lease term, and for the major financial markets in which Corebridge operates. Rent expense was $33 million, $21 million and $21 million for the years ended December 31, 2022, 2021 and 2020, respec tively. The following table presents the future undiscounted cash flows under operating leases at December 31, 2022: (in millions) 2023 $ 16 2024 9 2025 7 2026 6 2027 2 Remaining years after 2027 6 Total undiscounted lease payments 46 Less: Present value adjustment 3 Net lease liabilities $ 43 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 $4.6 billion at December 31, 2022. 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 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 entered into with AIG dated September 14, 2022 (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 AHAC or 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 years ended December 31, 2022 or 2021. AGC is a party to a Capital Maintenance Agreement (“CMA”) with AIG. Among other things, the CMA provides that AIG will maintain the total adjusted capital of AGC at or above a specified minimum percentage of AGC’s projected Company Action Level Risk Based Capital. AIG did not make any capital contributions to AGC under the CMA during the year ended December 31, 2022. As of December 31, 2022 and 2021, the specified minimum capital percentage in the CMA was 250%. AIG provides a full and unconditional guarantee of all outstanding notes and junior subordinated debentures of AIGLH. This includes: • a guarantee (the “AIGLH External Debt Guarantee”) in connection with AIGLH junior subordinated debentures and certain AIG notes (the “AIGLH External Debt”); and • a guarantee in connection with a sale-leaseback transaction in 2020. Pursuant to this transaction, AIGLH issued promissory notes to AGL with maturity dates of up to five years. These promissory notes are guaranteed by AIG for the benefit of AGL. We paid no fees for these guarantees for the years ended December 31, 2022, or 2021 In addition to the Separation Agreement, we have entered into a guarantee reimbursement agreement with AIG which provides that we will reimburse AIG for the full amount of any payment made by or on behalf of AIG pursuant to the AIGLH External Debt Guarantee. We have also entered into a collateral agreement with AIG which provides that in the event of: (i) a ratings downgrade of Corebridge Parent or AIGLH long-term unsecured indebtedness below specified levels or (ii) the failure by AIGLH to pay principal and interest on the External Debt when due, we must collateralize an amount equal to the sum of: (i) 100% of the principal amount outstanding, (ii) accrued and unpaid interest and (iii) 100% of the net present value of scheduled interest payments through the maturity dates of the AIGLH External Debt. • For additional discussion on commitments and guarantees associated with VIEs, see Note 9. • For additional disclosures about derivatives, see Note 10. • For additional disclosures about debt, see Note 13. |
Equity and Redeemable Noncontro
Equity and Redeemable Noncontrolling Interest | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Equity and Redeemable Noncontrolling Interest | Equity and Redeemable Noncontrolling Interest COREBRIDGE SHAREHOLDERS’ EQUITY Retained Earnings Dividends Declaration Date Record Date Payment Date Dividend Paid Per Common Share November 8, 2022 December 16, 2022 December 30, 2022 $ 0.23 September 30, 2022 October 10, 2022 October 20, 2022 $ 0.23 For the year ended December 31, 2022, Corebridge paid cash dividends of $876 million. The following sections summarize certain transactions that occurred prior to and including the Reorganization that affected shareholders’ equity. As discussed in Note 1, the separate legal entities that made up the company’s business were not historically held by a single legal entity, and Shareholders’ net investment was shown in lieu of Shareholders’ equity in these financial statements prior to December 31, 2021, representing our shareholders’ interest in the recorded assets of the Company and their cumulative investment through December 31, 2021, inclusive of operating results. As part of the internal reorganization, Cap Corp and certain of its subsidiaries were transferred as common control transactions. Dividends Declared On February 16, 2023, the Company declared a cash dividend on Corebridge Common Stock of $0.23 per share, payable on March 31, 2023 to shareholders of record at close of business on March 17, 2023. Prior to completion of the Reorganization on December 31, 2021, the follo wing significant transactions were recorded in Shareholder’s net investment. Distributions For the years ended December 31, 2021 , and 2020 Corebridge distributed dividends to AIG in the amount of $13.1 billion and $450 million, respectively. For the year ended December 31, 2021, Cap Corp returned capital to AIG in the amount of $536 million. There was no return of capital for the year ended December 31, 2020. AIG Bermuda Tax Payment Allocation Agreement Under an Amended and Restated Tax Payment Allocation Agreement dated June 6, 2011 between AIG and AIG Bermuda, AIG agreed to indemnify AIG Bermuda for any tax liability (including interest and penalties) resulting from adjustments made by the IRS or other appropriate authorities to taxable income, special deductions or credits in connection with investments made by AIG Bermuda in certain affiliated entities. At both December 31, 2022 and 2021, the Company had no remaining indemnification asset. Changes in the indemnification asset were recorded through Shareholders’ Equity. For the years ended December 31, 2021 and 2020, the change in indemnification asset was $353 million and $203 million, respectively, with an equal and offsetting change to unrecognized tax benefits. Fortitude Re Sale Following closing of the Majority Interest Fortitude Sale in the second quarter of 2020, AIG contributed $135 million to Corebridge. In 2021, AIG, Inc. contributed its 3.5% ownership interest in Fortitude Group Holdings, LLC to Corebridge. The carrying value of this investment was $156 million and $100 million at December 31, 2022 and 2021, respectively. Refer to Notes 1 and 7 for additional information regarding the Fortitude Re sale. AIG Federal Tax Sharing Agreement Prior to the IPO, Certain Corebridge entities were included in the consolidated federal income tax return of AIG as well as certain state tax returns where AIG files on a consolidated or unitary basis. Under our pre-existing federal tax sharing agreements with AIG related to those filings, we settle our current tax liability as if the Corebridge entities are each a separate standalone taxpayer. Further, AIG credits us to the extent our net operating losses, tax credits and other tax benefits are used in AIG's consolidated tax return and charges us to the extent of our tax liability (calculated on a separate return basis). Refer to Note 20 for additional information related to the AIG Federal Tax Sharing Agreement. Accumulated Other Comprehensive Income (Loss) The following table presents a roll forward of Accumulated other comprehensive income (loss): (in millions) Unrealized Appreciation (Depreciation) of Fixed Maturity Securities on Which allowance Unrealized Appreciation (Depreciation) of All Other Investments Cash Flow Hedges Foreign Currency Translation Adjustments Retirement Plan Liabilities Adjustment Total Balance at December 31, 2019, net of tax $ — $ 9,361 $ — $ (40) $ 8 $ 9,329 Change in unrealized depreciation of investments (89) 8,984 — — — 8,895 Change in deferred policy acquisition costs adjustment and other 11 (1,194) — — — (1,183) Change in future policy benefits — (870) — — — (870) Change in cash value hedges — — — — — — Change in foreign currency translation adjustments — — — 61 — 61 Change in net actuarial loss — — — — (2) (2) Change in prior service credit — — — — — — Change in deferred tax asset (liability) 16 (1,583) — (4) — (1,571) Total other comprehensive income (62) 5,337 — 57 (2) 5,330 Less: Noncontrolling interests — — — 6 — 6 Balance at December 31, 2020, net of tax $ (62) $ 14,698 $ — $ 11 $ 6 $ 14,653 Change in unrealized depreciation of investments 39 (7,496) — — — (7,457) Change in deferred policy acquisition costs adjustment and other (11) 973 — — — 962 Change in future policy benefits — 915 — — — 915 Change in foreign currency translation adjustments — — — (22) — (22) Change in net actuarial loss — — — — 1 1 Change in prior service credit — — — — — — Change in deferred tax asset (liability) (6) 1,099 — 2 — 1,095 Total other comprehensive income 22 (4,509) — (20) 1 (4,506) Other — 20 — — — 20 Less: Noncontrolling interests — — — — — — Balance at December 31, 2021, net of tax $ (40) $ 10,209 $ — $ (9) $ 7 $ 10,167 Change in unrealized depreciation of investments (78) (40,323) — — — (40,401) Change in deferred policy acquisition costs adjustment and other 9 6,296 — — — 6,305 Change in future policy benefits — 2,612 — — — 2,612 Change in cash flow hedges — — 203 — — 203 Change in foreign currency translation adjustments — — — (109) — (109) Change in net actuarial loss — — — — 2 2 Change in deferred tax asset (liability) 15 5,287 (46) 8 — 5,264 Total other comprehensive income (loss) (54) (26,128) 157 (101) 2 (26,124) Less: Noncontrolling interests — — — (10) — (10) Balance, December 31, 2022, net of tax $ (94) $ (15,919) $ 157 $ (100) $ 9 $ (15,947) The following table presents the other comprehensive income (loss) reclassification adjustments for the years ended December 31, 2022, 2021, and 2020 respectively: (in millions) Unrealized Appreciation (Depreciation) of Fixed Maturity Securities on Which Allowance Unrealized Appreciation (Depreciation) of All Other Investments Cash Flow Hedges Foreign Currency Translation Adjustments Retirement Plan Liabilities Adjustment Total Year Ended December 31, 2022 Unrealized change arising during period $ (80) $ (31,963) $ 203 $ (109) $ 2 $ (31,947) Less: Reclassification adjustments included in net income (11) (548) — — — (559) Total other comprehensive income (loss), (69) (31,415) 203 (109) 2 (31,388) Less: Income tax expense (benefit) (15) (5,287) 46 (8) — (5,264) Total other comprehensive income (loss), $ (54) $ (26,128) $ 157 $ (101) $ 2 $ (26,124) Year Ended December 31, 2021 Unrealized change arising during period $ 28 $ (4,860) $ — $ (21) $ 1 $ (4,852) Less: Reclassification adjustments included in net income — 748 — — — 748 Total other comprehensive income (loss), 28 (5,608) — (21) 1 (5,600) Less: Income tax expense (benefit) 6 (1,099) — (1) — (1,094) Total other comprehensive income (loss), $ 22 $ (4,509) $ — $ (20) $ 1 $ (4,506) Year Ended December 31, 2020 Unrealized change arising during period $ (107) $ 7,558 $ — $ 60 $ (2) $ 7,509 Less: Reclassification adjustments included in net income (29) 636 — — — 607 Total other comprehensive income (loss), (78) 6,922 — 60 (2) 6,902 Less: Income tax expense (benefit) (16) 1,585 — 3 — 1,572 Total other comprehensive income (loss), $ (62) $ 5,337 $ — $ 57 $ (2) $ 5,330 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 Consolidated Statements of Income: Amount Reclassified from AOCI Affected Line Item in the Consolidated Statements of Income (Loss) Years Ended December 31, (in millions) 2022 2021 2020 Unrealized appreciation (depreciation) of fixed maturity securities on which allowance for credit losses was taken Investments $ (11) $ — $ (29) Net realized gains (losses) Total (11) — (29) Unrealized appreciation (depreciation) of all other investments Investments (548) 748 636 Net realized gains (losses) Total (548) 748 636 Total reclassifications for the period $ (559) $ 748 $ 607 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. Non-Redeemable Noncontrolling Interest Years Ended December 31, (in millions) 2022 2021 2020 Beginning balance $ 1,759 $ 2,549 $ 1,874 Net income attributable to redeemable noncontrolling interest 320 929 224 Other comprehensive loss, net of tax (10) — 6 Changes in noncontrolling interests due to divestitures and acquisitions (104) (373) 633 Contributions from noncontrolling interests 155 264 268 Distributions to noncontrolling interests (1,181) (1,611) (454) Other — 1 (2) Ending balance $ 939 $ 1,759 $ 2,549 Refer to Note 9 for additional information related to Variable Interest Entities. REDEEMABLE NONCONTROLLING INTEREST The Company has launched certain investment funds which non-consolidated Corebridge affiliates participate in. Certain of these funds are redeemable at the option of the holder and thus are accounted for as mezzanine equity. The following table presents a roll forward of redeemable noncontrolling interest: Redeemable Noncontrolling Interest Years Ended December 31, (in millions) 2022 2021 2020 Beginning balance $ 83 $ 51 $ — Distributions to noncontrolling interests (83) — — Contributions from noncontrolling interests — 32 50 Net income attributable to redeemable noncontrolling interest — — 1 Ending balance $ — $ 83 $ 51 |
Earnings Per Common Share
Earnings Per Common Share | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | 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. On September 6, 2022, Corebridge Parent effectuated a stock split and recapitalization of its 100,000 shares of common stock, of which 90,100 shares were Class A Common Stock and 9,900 shares were Class B Common Stock. Subsequent to September 6, 2022, there is a single class of Common Stock. Accordingly, the two-class method for allocating net income will no longer be applicable. Corebridge Parent split its 100,000 shares of Class A shares and Class B shares in a 6,450 to 1 stock split for a total of 645,000,000 shares of a single class of Common Stock. The results of the stock split have been applied retroactively to the weighted average common shares outstanding for all periods prior to September 6, 2022. After closing the sale of a 9.9% equity stake in Corebridge to Blackstone on November 2, 2021, Blackstone owned 63,855,000 shares of Class B Common Stock. Prior to the sale of the Class B shares to Blackstone on November 2, 2021, Class B shares did not exist. The Class B Common Stock was pari passu to the Class A Common Stock except for distributions associated with the sale of the affordable housing portfolio. Prior to September 6, 2022, we used the two-class method for allocating net income to each class of our common stock. Prior to November 1, 2021, the EPS calculation allocates all net income ratably to Class A and Class B shares. After November 2, 2021, income was allocated ratably to the Class A and B shares, except for distributions associated with the sale of the affordable housing portfolio in 2021 in which the Class B shareholder did not participate. The following table presents the computation of basic and diluted EPS for the years ended December 31, 2022, 2021 and 2020: Years Ended December 31, (in millions, except per common share data) 2022 2021 2020 Numerator for EPS: Net income (loss) $ 8,469 N/A N/A Less: Net income (loss) attributable to noncontrolling interests 320 N/A N/A Net income (loss) attributable to Corebridge common shareholders $ 8,149 N/A N/A Net income attributable to Class A shareholders N/A $ 6,859 $ 578 Net income attributable to Class B shareholders N/A $ 496 $ 64 Denominator for EPS (a) : Weighted average common shares outstanding - basic 646.1 N/A N/A Dilutive common shares (b) 1.3 N/A N/A Weighted average common shares outstanding - diluted 647.4 N/A N/A Common stock Class A - basic and diluted N/A 581.1 581.1 Common stock Class B - basic and diluted N/A 63.9 63.9 Income per common share attributable to Corebridge common shareholders (a) Basic: Common stock $ 12.61 N/A N/A Common stock Class A N/A $ 11.80 $ 1.00 Common stock Class B N/A $ 7.77 $ 1.00 Diluted: Common stock $ 12.59 N/A N/A Common stock Class A N/A $ 11.80 $ 1.00 Common stock Class B N/A $ 7.77 $ 1.00 (a) The results of the September 6, 2022 stock split have been applied retroactively for all periods prior to September 6, 2022. (b) Potential dilutive common shares include our share-based employee compensation plans. The number of common shares excluded from dilutive shares outstanding was approximately 41 thousand |
Statutory Financial Data and Re
Statutory Financial Data and Restrictions | 12 Months Ended |
Dec. 31, 2022 | |
Insurance [Abstract] | |
Statutory Financial Data and Restrictions | Statutory Financial Data and Restrictions The following table presents statutory net income (loss) and capital and surplus for our insurance operations companies in accordance with statutory accounting practices: (in millions) 2022 2021 2020 Years Ended December 31, Statutory net income (loss) * : Insurance Operations companies: Domestic $ 3,091 $ 2,588 $ 482 Foreign 4 (4) 6 Total Insurance Operations companies $ 3,095 $ 2,584 $ 488 December 31, Statutory capital and surplus * : Insurance Operations companies: Domestic $ 12,229 $ 12,471 Foreign 476 612 Total Insurance Operations companies $ 12,705 $ 13,083 Aggregate minimum required statutory capital and surplus: Insurance Operations companies: Domestic $ 4,057 $ 3,903 Foreign 189 208 Total Insurance Operations companies $ 4,246 $ 4,111 * The 2022 amounts reflect our best estimate of the statutory net income, capital and surplus as of the dates these financial statements were issued. Our insurance subsidiaries file financial statements prepared in accordance with statutory accounting practices prescribed or permitted by domestic and foreign insurance regulatory authorities. The principal differences between statutory financial statements and financial statements prepared in accordance with U.S. GAAP for domestic companies are that statutory financial statements do not reflect DAC, most bond portfolios may be carried at amortized cost, investment impairments are determined in accordance with statutory accounting practices, assets and liabilities are presented net of reinsurance, policyholder liabilities are generally valued using more conservative assumptions and certain assets are non-admitted. For domestic insurance subsidiaries, aggregate minimum required statutory capital and surplus is based on the greater of the RBC level that would trigger regulatory action or minimum requirements per state insurance regulation. Capital and surplus requirements of our foreign subsidiaries differ from those prescribed in the United States and can vary significantly by jurisdiction. At both December 31, 2022 and 2021, all domestic and foreign insurance subsidiaries individually exceeded the minimum required statutory capital and surplus requirements and all domestic insurance subsidiaries individually exceeded RBC minimum required levels. For foreign insurance companies, financial statements are prepared in accordance with local regulatory requirements. These accounting practices differ from U.S. GAAP primarily by different rules on deferral of policy acquisition costs, amortization of deferred acquisition costs, and establishing future policy benefit liabilities using different actuarial assumptions, as well as valuing for deferred taxes on a different basis. Regulation XXX requires U.S. life insurers to establish additional statutory reserves for term life insurance policies with long-term premium guarantees and universal life policies with secondary guarantees (“ULSGs”). In addition, Guideline AXXX clarifies the application of Regulation XXX as to these guarantees, including certain ULSGs. Domestic life insurance subsidiaries manage the capital impact of statutory reserve requirements under Regulation XXX and Guideline AXXX through unaffiliated and affiliated reinsurance transactions. The domestic affiliated life insurer providing reinsurance capacity for such transactions is a fully licensed insurance company and is not formed under captive insurance laws. We have an intercompany reinsurance arrangement with AIG Bermuda whereby certain Regulation XXX and Guideline AXXX reserves related to a closed block of in-force business are ceded to AIG Bermuda. AIG Bermuda had a $250 million letter of credit guaranteed by AIG that is used to support the credit for reinsurance provided by AIG Bermuda. Effective May 9, 2022, the letter of credit was reduced from $250 million to $175 million, and effective May 12, 2022, Corebridge Parent has replaced AIG as the guarantor. STATUTORY PERMITTED ACCOUNTING PRACTICE At December 31, 2022 and 2021, AGL used the following permitted practice that resulted in reported statutory surplus or risk-based capital that is significantly different from the statutory surplus or risk based capital that would have been reported had NAIC statutory accounting practices or the prescribed regulatory accounting practices of their respective state regulator been followed in all respects: • Effective December 31, 2019 and periods through September 30, 2020, AGL, a life insurance subsidiary domiciled in Texas, implemented a permitted statutory accounting practice to recognize an admitted asset related to the notional value of coverage defined in an excess of loss reinsurance agreement. This reinsurance agreement has a 20-year term and provides coverage to AGL for aggregate claims incurred during the agreement term associated with guaranteed living benefits on certain fixed index annuities generally issued prior to April 2019 (“Block 1”) exceeding an attachment point as defined in the agreement. • Effective October 1, 2020 and periods through September 30, 2023, this permitted practice was expanded to similarly recognize an additional admitted asset related to the net notional value of coverage as defined in a separate excess of loss reinsurance agreement. This additional reinsurance agreement has a 25-year term and provides coverage to the subsidiary for aggregate excess of loss claims associated with guaranteed living benefits on a block of fixed index annuities generally issued in April 2019 or later, including new business issued after the effective date (“Block 2”). • Effective December 31, 2020, this expanded permitted practice also extended the term of the permitted practice for Block 1 from September 30, 2020 to September 30, 2023. The reinsurance agreement covering contracts in Block 1 was also amended to conform certain provisions with the Block 2 reinsurance agreement. Additionally, effective December 31, 2022, the reinsurance agreement for Block 2 was amended to update certain definitions contained in the agreement related to new business. • Effective October 1, 2022 and periods through September 30, 2023, this permitted practice was expanded to similarly recognize an additional admitted asset related to the net notional value of coverage as defined in a separate excess of loss reinsurance agreement. This additional reinsurance agreement has a 25-year term and provides coverage to the subsidiary for aggregate excess of loss claims associated with the base contract along with the guaranteed living benefits rider on a block of fixed annuities inforce on the treaty effective date, including new business issued after the effective date (“Block 3”). The permitted practice allows AGL to manage its reserves in a manner more in line with anticipated principle-based reserving requirements once they have been developed. This permitted practice resulted in an increase in the statutory surplus of AGL of approximately $1.0 billion and $584 million at December 31, 2022 and 2021, respectively. AGL may seek continuation of the permitted practice beyond September 30, 2023, subject to the approval of its domiciliary regulator. SUBSIDIARY DIVIDEND RESTRICTIONS Payments of dividends to us by our insurance subsidiaries are subject to certain restrictions imposed by laws and regulations of their respective domiciliary jurisdictions. With respect to our domestic insurance subsidiaries, the payment of any dividend requires formal notice to the insurance department in which the particular insurance subsidiary is domiciled. Additionally, prior approval from such insurance regulator is required when the amount of the dividend is above certain regulatory thresholds. For example, under the insurance law of the State of Texas, where two of our four domestic insurance subsidiaries are incorporated, our Texas-domiciled insurance companies (AGL and VALIC) are each permitted, without prior insurance regulatory approval, to pay a dividend to its shareholder as long as the amount of the dividend when aggregated with all other dividends made in the preceding 12 months does not exceed the greater of: (i) 10% of its policyholder surplus as of the end of the immediately preceding calendar year; or (ii) its net gain from operations for the immediately preceding calendar year (excluding realized gains), not including pro rata distributions of such insurance company’s own securities. AGL and VALIC, as the case may be, will be permitted to pay a dividend to its shareholder in excess of the greater of such two amounts (i.e., an extraordinary dividend) only if it files notice of the declaration of such an extraordinary dividend and the amount thereof with the Texas Commissioner of Insurance and the Texas Commissioner either approves the distribution of the extraordinary dividend or does not disapprove the distribution within 30 days of its filing. In addition, any dividend that exceeds earned surplus (generally defined as “unassigned funds (surplus)”) calculated as of the most recent financial information available requires insurance regulatory approval. Under the Texas insurance law, the Texas Commissioner has broad discretion in determining whether the financial condition of a stock life insurance company would support the payment of such dividends to its shareholder(s). Substantially similar provisions exist under Missouri law governing payment of dividends by our Missouri-domiciled insurance holding company (AGC Life), and more restrictive provisions exist under New York insurance laws governing payment of dividends by our New York-domiciled insurance company (USL). As our operating insurance subsidiaries (AGL, VALIC and USL) are wholly owned by AGC Life, all dividends from these subsidiaries must be distributed through AGC Life to us and are, thus, subject to notice and/or prior approval or non-disapproval of the Missouri Department of Insurance. Based on the foregoing, the maximum amount that would qualify as an ordinary dividend, which would consequently be free from restriction and available for payment of dividends to AGC Life (as immediate parent company), by AGL, VALIC and USL in 2023, based upon financial information as of December 31, 2022, is estimated to be $2.0 billion. Specific to AGC Life, the maximum amount that would qualify as an ordinary dividend, which would consequently be free from restriction and available for payment of dividends to Corebridge in 2023, based upon financial information as of December 31, 2022 is estimated to be $3.5 billion , subject to availability of earned surplus as required under Missouri insurance law. The estimated ordinary dividend capacities of our insurance companies in Texas and Missouri are further limited by the fact that dividend tests under Texas and Missouri insurance laws are based on dividends previously paid over rolling twelve-month periods. Consequently, depending on the actual payment dates during 2023, some or all of the dividends estimated to be ordinary in 2023 may require regulatory approval or non-disapproval. Similar to our domestic insurance companies, our international insurance subsidiaries’ ability to pay dividends to us is also subject to regulatory requirements imposed by the jurisdictions in which they are domiciled. These requirements include, for example, prior notification of intent to pay a dividend, satisfying certain earnings, reserve or solvency thresholds in order to pay a dividend, and obtaining regulatory approval for payment of any dividend in excess of stated limits. To our knowledge, no Corebridge insurance company is currently on any regulatory or similar “watch list” with regard to solvency. COREBRIDGE DIVIDEND RESTRICTIONS |
Share-Based Compensation Plans
Share-Based Compensation Plans | 12 Months Ended |
Dec. 31, 2020 | |
Share-Based Payment Arrangement [Abstract] | |
Share-Based Compensation Plans | Share-Based Compensation Plans AIG Equity Awards Prior to the IPO, certain of our employees received grants of equity awards under the AIG Long Term Incentive Plan (as amended) and its predecessor plan, the AIG 2013 Long Term Incentive Plan (each as applicable, the “LTIP”), which are governed by the AIG 2013 Omnibus Incentive Plan (“Omnibus Plan”). The value of AIG equity awards are linked to the performance of AIG’s common stock. AIG granted equity awards to our employees primarily in the form of AIG restricted stock units (“RSUs”) but also granted AIG performance share units (“PSUs”) and AIG stock options to certain executives. AIG RSUs and AIG stock options granted to our employees by AIG will be earned based solely on continued service by the participant while AIG PSUs will be earned based on both continued service and AIG achieving specified performance goals at the end of a three-year performance period. These performance goals were pre-established by AIG’s Compensation and Management Resources Committee (“CMRC”) for each annual grant. The actual number of PSUs earned can vary from zero to 200% of the amount granted. Vesting occurs on January 1 of the year immediately following the end of the three-year performance period. Prior to 2021, LTI awards accrued dividend equivalent units (“DEUs”) in the form of additional PSUs and/or RSUs whenever a cash dividend is declared on shares of AIG Common Stock; the DEUs were subject to the same vesting terms and conditions as the underlying unit. Beginning in 2021, PSUs and RSUs granted via the annual 2021 LTI award (as of the date of grant), and those existing from the 2020 LTI awards (as of the third quarter) accrue dividend equivalent rights (DERs) as AIG’s dividends are declared. These DERs will be settled in cash only if the underlying units’ vesting conditions are met; previously accrued DEUs were not impacted by this change. The fair value of AIG RSUs and AIG PSUs that are earned solely based on certain AIG-specific metrics was based on the closing price of AIG Common Stock on the grant date; while the fair value of AIG PSUs that are earned based on AIG’s relative total shareholder return (“TSR”) was determined on the grant date using a Monte Carlo simulation. The fair value of AIG stock options was estimated on the grant date using the Black-Scholes model. Corebridge Equity Awards On September 6, 2022, Corebridge Parent adopted the Corebridge Financial, Inc. 2022 Omnibus Incentive Plan (the “2022 Plan”) and the Corebridge Financial, Inc. Long-term Incentive Plan (the “LTIP,” together with the 2022 Plan, the “Corebridge Plans”). Following the IPO, equity awards may be granted under the Corebridge Plans to current employees or directors of the Company or, solely with respect to their final year of service, former employees. Equity awards under the Corebridge Plans are linked to Corebridge Parent’s common stock (“CRBG Stock”). A total of 40,000,000 shares of CRBG Stock are authorized for delivery pursuant to awards granted or assumed under the Plans. Delivered shares may be newly-issued shares or shares held in treasury. RSU Conversion All AIG RSUs that were held by our active employees on September 14, 2022 (the pricing date for the IPO) were converted into RSUs linked to the performance of CRBG Stock (“Corebridge RSUs”), on terms and conditions that are substantially the same as the corresponding AIG RSUs, with the number of AIG RSUs adjusted in a manner intended to preserve their intrinsic value as of immediately before and immediately following the conversion (subject to rounding). Specifically, the AIG RSUs were converted to Corebridge RSUs based on a conversion factor of 2.580952. The conversion factor was determined by the AIG closing stock price on September 14 ($54.20) divided by the public offering price for CRBG Stock in the IPO ($21.00). The following table presents our total direct share-based compensation expense which is settled as part of our quarterly intercompany process. This table reflects both AIG equity awards and Corebridge RSUs: Years Ended December 31, (in millions) 2022 2021 2020 Share-based compensation expense - pre-tax $ 75 $ 88 $ 74 Share-based compensation expense - after tax 59 70 58 The following table presents the Corebridge RSUs that were converted from AIG RSUs on September 14, 2022: As of or for the Year Ended December 31, 2022 Number of Units Weighted Average Unvested, beginning of year $ — $ — Granted 10,328,220 21.00 Vested (3,674,973) 21.00 Forfeited (116,092) 21.00 Unvested, end of year $ 6,537,155 $ 21.00 At December 31, 2022, the total unrecognized compensation cost for outstanding RSUs was $40 million and the weighted-average and expected period of years over which that cost is expected to be recognized are 1.0 year and 2.25 years, respectively. |
Employee Benefits
Employee Benefits | 12 Months Ended |
Dec. 31, 2022 | |
Retirement Benefits [Abstract] | |
Employee Benefits | Employee Benefits PENSION PLANS Certain employees and retirees participate in U.S. defined benefit pension plans sponsored by AIG that include participants from other affiliates of AIG (the “Pension Plans”). These plans are closed to new participants and current participants no longer earn benefits (i.e., the plans are frozen). As sponsor of these plans, AIG is ultimately responsible for maintenance of these plans in compliance with applicable laws. Following the IPO, we have ceased to be a participating affiliate in, and do not have any liability with respect to, the Pension Plans. Prior to the IPO, we accounted for the Pension Plans as multiemployer benefit plans. Accordingly, we did not record an asset or liability to recognize the funded status of the Pension Plans. We recognized a liability only for any required contributions to the Pension Plans that were accrued and unpaid at the balance sheet date. The Company’s allocated share of AIG’s net pension credits recorded in the Consolidated Statements of Income (Loss) was $27 million, $52 million and $31 million for the years ended December 31, 2022, 2021 and 2020, respectively. In addition, certain employees in Ireland participate in a defined benefit pension plan sponsored by the Company (the “Irish Plan”), registered with the Irish Pensions Board under the Pensions Act of 1990 in Ireland. The Irish Plan does not include participants from other affiliates of AIG and was closed to new participants after December 2005, and to future service accrual for active members after July 2017. Members with benefits under the Irish Plan are not required to contribute to it. The obligations and related net periodic benefit expense associated with the Irish Plan is included in the Consolidated Financial Statements. The projected benefit obligation recorded in the Consolidated Balance Sheets was $15 million and $25 million as of December 31, 2022 and 2021, respectively. The fair value of plan assets recorded in the Consolidated Balance Sheets was $22 million and $28 million as of December 31, 2022 and 2021, respectively. POSTRETIREMENT PLANS Prior to August 22, 2022, AIG provided postemployment medical and life benefits for certain retired employees (the “Benefits”). The Company’s share of other postretirement benefit expense recorded in the Consolidated Statements of Income (Loss) was $1 million, $3 million and $3 million for the years ended December 31, 2022, 2021 and 2020 respectively. Since August 22, 2022, the Benefits are provided by Corebridge Parent with certain limited exceptions. The related projected benefit obligation recorded in the Consolidated Balance Sheet was $37 million as of December 31, 2022 . The Benefits are based upon the employee attaining the age of 55 and having a minimum of ten years of service, which was reduced to 5 years in 2019 for medical coverage only. Eligible employees who have medical coverage can enroll in retiree medical upon termination of employment. Medical benefits are contributory, while the life insurance benefits, which are closed to new employees, are generally non-contributory. Retiree medical contributions vary from none for pre-1989 retirees to actual premium payments reduced by certain subsidies for post-1992 retirees. These retiree contributions are subject to annual adjustments. Other cost sharing features of the medical plan include deductibles, coinsurance, Medicare coordination, and an employer subsidy for grandfathered employees only. DEFINED CONTRIBUTION PLANS Prior to August 22, 2022, employees participated in AIG’s qualified defined contribution plan that provided for contributions by employees, as well as an employer contribution. On August 22, 2022, participants’ accounts in the AIG plan were transferred to the Corebridge Financial Inc. Retirement Savings 401(k) Plan. The Company’s contributions relating to these plans were $76 million, $74 million and $72 million for the years ended December 31, 2022, 2021 and 2020, respectively. In addition, the Company sponsors defined contribution plans for certain non-U.S. employees which also provide for contributions by employees, as well as an employer contribution. The Company’s contributions relating to these plans were $8 million, $8 million and $7 million for the years ended December 31, 2022, 2021 and 2020, respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes 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. Our provision for income taxes is calculated on a separate return basis. Following the IPO, AIG owns a less than 80% interest in Corebridge, resulting in tax deconsolidation of Corebridge from the AIG Consolidated Tax Group and in a small minority of state jurisdictions which follow federal consolidation rules, the most significant being Florida. In addition, under applicable 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 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. As discussed in Note 1, Cap Corp and certain of its subsidiaries were not transferred to Corebridge parent as part of the internal reorganization executed during the fourth quarter of 2021 and have therefore been adjusted through Shareholders’ equity in the Company’s Consolidated Financial Statements. This adjustment includes historical reserves for uncertain tax positions and deferred tax assets related to the tax attribute carryforwards of Cap Corp and certain of its affiliates which were part of the prior period balance sheet. Under our pre-existing federal tax sharing agreements with AIG, we settle our current tax liability as if the Corebridge entities are each a separate stand-alone taxpayer. Further, AIG credits us to the extent our net operating losses, tax credits, and other tax benefits are used in AIG’s consolidated tax return and charges us to the extent of our tax liability (calculated on a separate return basis). Accordingly, our net operating loss and tax credit carryforwards disclosed currently represent the estimated separate company tax attribute carryforwards that have not been utilized on a consolidated AIG basis. Under the U.S. tax rules, these tax attribute carryforwards remain with the relevant Corebridge entities and will be available for utilization by the respective Corebridge U.S. federal tax filing groups following tax deconsolidation from AIG. Our tax attribute carryforwards will continue to be adjusted based on the short-period 2022 Corebridge tax return included as part of the AIG consolidated federal income tax return as well as certain IRS and other adjustments identified in AIG’s consolidated prior year tax returns. The balance sheet classification of U.S. federal current and deferred tax assets/liabilities is based on the respective separate U.S. Federal tax filing groups. Our provision for state income taxes includes jurisdictions in which we continue to file combined tax returns with AIG and certain other states in which we file separate tax returns. State and local net operating loss carryforwards represent separate company tax attribute carryforwards not utilized on a combined basis, as applicable. We calculate our provision for income taxes using the asset and liability method. This method considers the future tax consequences of temporary differences between the financial reporting and the tax basis of assets and liabilities measured using currently enacted tax rates. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. RECENT U.S. TAX LAW CHANGES On August 16, 2022, President Biden signed the Inflation Reduction Act of 2022 (H.R. 5376), (the “Inflation Reduction Act”), which finances climate and energy provisions and an extension of enhanced subsidies under the Affordable Care Act with 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, a 1% stock buyback tax, increased IRS enforcement funding, and Medicare's new ability to negotiate prescription drug prices. CAMT and the stock buyback tax are effective for tax years beginning after December 31, 2022. The tax provisions of Inflation Reduction Act are not expected to have a material impact on Corebridge’s financial results. However, the CAMT may impact our U.S. cash tax liabilities. RECLASSIFICATION OF CERTAIN TAX EFFECTS FROM ACCUMULATED OTHER COMPREHENSIVE INCOME Corebridge uses 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. EFFECTIVE TAX RATE The following table presents income (loss) before income tax expense (benefit) by U.S. and foreign location in which such pre-tax income (loss) was earned or incurred: Years Ended December 31, (in millions) 2022 2021 2020 U.S. $ 10,436 $ 9,518 $ 827 Foreign 24 609 24 Total $ 10,460 $ 10,127 $ 851 The following table presents the income tax expense (benefit) attributable to pre-tax income (loss): Years Ended December 31, (in millions) 2022 2021 2020 U.S. and Foreign components of actual income tax expense: U.S.: Current $ 868 $ 1,943 $ 1,714 Deferred 1,133 (81) (1,726) Foreign: Current 10 3 10 Deferred (20) (22) (13) Total $ 1,991 $ 1,843 $ (15) Our actual income tax (benefit) expense differs from the statutory U.S. federal amount computed by applying the federal income tax rate due to the following: Years Ended December 31, 2022 2021 2020 (dollars in millions) Pre-Tax Tax Percent of Pre-Tax Tax Percent of Pre-Tax Tax Percent of U.S. federal income tax at statutory rate $ 10,460 $ 2,197 21.0 % $ 10,127 $ 2,127 21.0 % $ 851 $ 178 21.0 % Adjustments: Uncertain tax positions — 2 — — (69) (0.7) — 17 2.0 Reclassifications from accumulated other comprehensive income — (84) (0.8) — (108) (1.1) — (100) (11.8) Noncontrolling interest — (67) (0.6) — (197) (1.9) — (47) (5.5) Dividends received deduction — (36) (0.3) — (37) (0.4) — (39) (4.6) Tax deconsolidation and separation costs — (104) (1.0) — — — — — — State and local income taxes — 9 0.1 — 105 1.0 — (4) (0.5) Other — (29) (0.3) — (5) — — 1 0.1 Adjustments to prior year tax returns — (48) (0.5) — (3) — — (27) (3.2) Share based compensation payments excess tax deduction — (6) (0.1) — 4 — — 10 1.2 Valuation allowance — 157 1.5 — 26 0.3 — (4) (0.5) Consolidated total amounts $ 10,460 $ 1,991 19.0 % $ 10,127 $ 1,843 18.2 % $ 851 $ (15) (1.8) % For the year ended December 31, 2022, there was a tax expense on income from operations, resulting in an effective tax rate on income from operations of 19.0%. The effective tax rate on income from operations differs from the statutory tax rate of 21.0% primarily due to tax benefits of $104 million of associated with the tax deconsolidation from AIG, $84 million reclassifications from accumulated other comprehensive income to income from operations related to the disposal of available for sale securities, $67 million associated with noncontrolling interest, and $36 million dividends received deduction. These tax benefits were partially offset by a tax charge of $157 million due primarily as a result of the tax deconsolidation. For the year ended December 31, 2021, there was a tax benefit on income from operations, resulting in an effective tax rate on income from operations of 18.2%. The effective tax rate on income from operations differs from the statutory tax rate of 21% primarily due to tax benefits of $108 million of reclassifications from accumulated other comprehensive income to income from operations related to the disposal of available for sale securities, $197 million associated with noncontrolling interest, $37 million dividends received deduction, and $69 million primarily associated with the release of reserves for uncertain tax positions, penalties and interest related to the recent completion of audit activity by the IRS. These tax benefits were partially offset by a tax charge of $105 million related to state and local income taxes and $18 million associated with the establishment of U.S. federal valuation allowance related to certain tax attribute carryforwards. For the year ended December 31, 2020, there was a tax benefit on income from operations, resulting in an effective tax rate on loss from operations of (1.8)%. The effective tax rate on loss from operations differs from the statutory tax rate of 21% primarily due to tax benefits of $100 million of reclassifications from accumulated other comprehensive income to income from operations related to the disposal of available for sale securities, $47 million associated with noncontrolling interest, $39 million dividends received deduction and $27 million associated with tax adjustments related to prior year returns. These tax benefits are partially offset by a tax charge of $17 million related to changes in uncertain tax positions, including the accrual of IRS interest. For the year ended December 31, 2022, we consider our foreign earnings with respect to certain operations in Europe to be indefinitely reinvested. These earnings relate to ongoing operations and have been reinvested in active business operations. A deferred tax liability has not been recorded for those foreign subsidiaries whose earnings are considered to be indefinitely reinvested. If recorded, such deferred tax liability would not be material to our consolidated financial condition. Deferred taxes, if necessary, have been provided on earnings of non-U.S. affiliates whose earnings are not indefinitely reinvested. The following table presents the components of the net deferred tax assets (liabilities): December 31, (in millions) 2022 2021 Deferred tax assets: Losses and tax credit carryforwards $ 572 $ 214 Basis differences on investments 2,989 3,044 Fortitude Re funds withheld embedded derivative — 541 Life policy reserves 3,616 3,809 Accruals not currently deductible, and other 60 4 Investments in foreign subsidiaries — 1 Loss reserve discount — — Fixed assets and intangible assets 885 1,160 Other 449 237 Employee benefits 81 — Unrealized losses related to available for sale debt securities 4,036 — Unearned premium reserve reduction 144 — Total deferred tax assets 12,832 9,010 Deferred tax liabilities: Employee benefits — (32) Fortitude Re funds withheld embedded derivative (863) — Deferred policy acquisition costs (1,517) (1,646) Unrealized gains related to available for sale debt securities — (2,561) Total deferred tax liabilities (2,380) (4,239) Net deferred tax assets before valuation allowance 10,452 4,771 Valuation allowance (1,752) (169) Net deferred tax assets (liabilities) $ 8,700 $ 4,602 As of December 31, 2022, on a U.S. GAAP basis, we have U.S. federal net operating loss carryforwards of $459 million. Our net operating loss carryforwards of the AGC group have unlimited carryforward periods while net operating loss carryforwards of the Non-Life Group have carryforward periods expiring after 2028. A valuation allowance has been recorded on net operating loss carryforwards of the Non-Life Group, as discussed below. 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. Our framework for assessing the recoverability of the deferred tax asset requires us to consider all available evidence, including: • the nature, frequency, and amount of cumulative financial reporting income and losses in recent years; • the sustainability of recent operating profitability of our subsidiaries; • the predictability of future operating profitability of the character necessary to realize the net deferred tax asset, including forecasts of future income for each of our businesses and actual and planned business and operational changes; • the carryforward periods for the net operating loss, capital loss and foreign tax credit carryforwards, including the effect of reversing taxable temporary differences; and • prudent and feasible actions and tax planning strategies that would be implemented, if necessary, to protect against the loss of the deferred tax asset. Recent events, including the IPO, multiple 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. The completion of the IPO resulted in the tax deconsolidation from the AIG Consolidated Tax Group. As discussed above, under applicable 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. 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. Taking into account the IPO and subsequent tax deconsolidation and their impact on projections of income and our analysis of their potential impact on utilization of our deferred tax assets for our U.S. federal tax filing groups, during 2022 we recorded an additional $133 million valuation allowance 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. As of December 31, 2022, the balance sheet reflects a valuation allowance of $151 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 year ended December 31, 2022, 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 December 31, 2022, 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 year ended December 31, 2022, we established $1.4 billion of valuation allowance associated with the unrealized tax capital losses in the U.S. Life Insurance Companies’ available-for-sale securities portfolio. All of the valuation allowance established was allocated to other comprehensive income. For the year ended December 31, 2022, we recognized a net increase of $24 million in deferred tax asset valuation allowance associated with certain state and foreign jurisdictions, primarily attributable to current year activity. 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 U.S. 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. The IRS challenged certain foreign tax credits claimed by Corebridge and certain U.S. subsidiaries related to the cross border financing transactions entered into in the years 2002-2004 while Corebridge and such subsidiaries were not part of the AIG Consolidated Tax Group. During the fourth quarter of 2020, Corebridge and the IRS executed a binding settlement agreement with respect to the underlying issues in those tax years. Review of the related interest calculations based on the settlement agreement concluded in the first quarter of 2022. ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES The following table presents a reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits: Years Ended December 31, (in millions) 2022 2021 2020 Gross unrecognized tax benefits, beginning of year $ 18 $ 917 $ 1,173 Increases in tax positions for prior years 3 — 1 Decreases in tax positions for prior years (1) (899) (5) Increases in tax positions for current year — — — Settlements — — (252) Gross unrecognized tax benefits, end of year $ 20 $ 18 $ 917 At December 31, 2022, 2021 and 2020, Corebridge subsidiaries had unrecognized tax benefits, excluding interest and penalties, which were $20 million, $18 million and $917 million, respectively. The activity for the years ended December 31, 2021 and 2020 is primarily attributable to the recent completion of audit activity by the IRS. Additionally, the activity for the year ended December 31, 2021 includes decreases of $846 million related to amounts for Cap Corp and certain of its affiliates that were adjusted through Shareholders’ equity in the Company’s Consolidated Financial Statements. For December 31, 2020, our unrecognized tax benefit related to tax positions that, if recognized, would not affect the effective tax rate because they relate to such factors as the timing, rather than the permissibility, of the deduction were $10 million. Accordingly, at December 31, 2022, 2021 and 2020, the amounts of unrecognized tax benefits that, if recognized, would favorably affect the effective tax rate were $20 million, $18 million, and $907 million, respectively. Interest and penalties related to unrecognized tax benefits are recognized in income tax expense. At December 31, 2022 and 2021, we had no accrued liabilities, and at December 31, 2020, we had accrued liabilities of $52 million. There was no interest activity related to unrecognized tax benefits for the year ended December 31, 2022. For the years ended December 31, 2021 and 2020, we accrued (benefit) expense of $(26) million and $2 million, respectively, for the payment of interest and penalties. Additionally, the activity for the year ended December 31, 2021 includes decreases of $26 million related to amounts for Cap Corp and certain of its affiliates that were adjusted through Shareholders’ equity in the Company’s Consolidated Financial Statements. Although it is reasonably possible that a change in the balance of unrecognized tax benefits may occur within the next 12 months, based on the information currently available, we do not expect any change to be material to our consolidated financial condition. Listed below are the tax years that remain subject to examination by major tax jurisdictions: December 31, 2022 Open Tax Years Major Tax Jurisdiction United States 2007-2021 United Kingdom 2021 |
Related Parties
Related Parties | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Related Parties | 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. The table below summarizes the material revenues and expenses of Corebridge, in connection with agreements with affiliated companies described below for the years ended December 31, 2022, 2021 and 2020: Years Ended December 31, (in millions) 2022 2021 2020 Revenues: Other income $ 95 $ 85 $ 88 Net investment income - excluding Fortitude Re funds withheld assets (1) (14) (12) Total revenues $ 94 $ 71 $ 76 Expenses: General operating and other expenses $ 131 $ 349 $ 317 Interest expense 79 82 146 Loss on extinguishment of debt — 145 — Total expenses $ 210 $ 576 $ 463 Related Party Transactions with AIG We have historically entered into various transactions with AIG, some of which are continuing. These transactions are described below. In addition, on September 14, 2022, we entered into a separation agreement with AIG (the “Separation Agreement”). The Separation Agreement 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. Reorganization Transactions Transfer of Investment Management Operations In connection with the IPO, we and AIG entered into agreements to effectuate the transfer of substantially all of the entities that conducted AIG Group’s investment management operations from AIG to us. Specifically, AIG formed a new investment management holding company, SAFG Capital LLC, to which it transferred subsidiaries which conducted its investment management operations, subject to certain limited exceptions. SAFG Capital LLC was contributed to us, effective December 31, 2021. Transfer of Fortitude Re Interest On October 1, 2021, AIG contributed to us its entire 3.5% ownership interest in Fortitude Re Bermuda. Currently, we hold a less than 3% interest in Fortitude Re Bermuda. Transfer of AIG Technologies, Inc. and Eastgreen, Inc. We purchased AIGT and Eastgreen from AIG on February 28, 2022 for total consideration of $107 million. AIGT provides data processing, technology and infrastructure services to AIG entities in the United States, including management of AIG hardware and networks. AIGT utilizes two data centers to provide its services. The real estate related to the two data centers is owned by Eastgreen. To the extent needed, AIGT will continue to provide services to AIG for a transition period. European Insurance Entities In 2021, AIG transferred AIG Life (United Kingdom) and Laya to us. Advisory Transactions Certain of our investment management subsidiaries, including AMG, AMG Europe and AIG Credit Management (“AIGCM”), LLC, 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 PC 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 Consolidated Statements of Income (Loss) was $95 million, $85 million and $88 million for the years ended December 31, 2022, 2021 and 2020, respectively. Capital Markets Agreements We receive a suite of capital markets services from AIG, including securities lending, collateral management, repurchase transactions, derivatives execution and support, and operational support services, for which we pay a fee. AIGM provides these services through various services agreements. In addition, in the ordinary course of business, we enter into OTC derivative transactions with AIGM under standard ISDA Master Agreements. The total expenses incurred for services provided by AIGM reflected in Net investment income - excluding Fortitude Re funds withheld assets on the Consolidated Statements of Income (Loss) were $15 million, $17 million and $19 million for the years ended December 31, 2022, 2021 and 2020, respectively. The derivative assets, net of gross assets and gross liabilities after collateral were $12 million and $256 million as of December 31, 2022 and December 31, 2021, respectively. The derivative liabilities, net of gross assets and gross liabilities after collateral were $— million and $2 million as of December 31, 2022 and December 31, 2021, respectively. The collateral posted to AIGM was $1,518 million and $803 million as of December 31, 2022 and December 31, 2021, respectively. The collateral held by us was $380 million and $770 million as of December 31, 2022 and December 31, 2021, respectively. In addition, we entered into certain unsecured derivative transactions with AIG. The derivative assets, net of gross assets and gross liabilities after collateral were $253 million and $406 million as of December 31, 2022 and December 31, 2021, respectively. There were no derivative net liabilities as of December 31, 2022 and December 31, 2021, respectively. In relation to these derivatives, there was no collateral posted to AIG or collateral held by us as of December 31, 2022 and December 31, 2021, respectively. For further details regarding derivatives, see Note 10. 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 Transitional 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 $311 million and $262 million as of December 31, 2022 and December 31, 2021, respectively. Amounts due from AIG were $54 million and $43 million as of December 31, 2022 and December 31, 2021, respectively. The total service expenses incurred specific to these agreements reflected in General operating and other expenses on the Consolidated Statements of Income (Loss) were $114 million, $229 million and $204 million for the years ended December 31, 2022, 2021 and 2020, respectively. Reinsurance Transactions From time to time, AIG Life (United Kingdom) has entered into various coinsurance agreements with AIRCO as follows: • In 2018, AIG Life (United Kingdom) 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 (United Kingdom) 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 $70 million and $167 million as of December 31, 2022 and December 31, 2021, respectively. Amounts payable to AIRCO were $32 million and $7 million as of December 31, 2022 and December 31, 2021, respectively. Ceded premiums related to these agreements were $41 million, $42 million and $33 million for the years ended December 31, 2022, 2021 and 2020, respectively. For further details of reinsurance transactions, see Note 7. Guarantees 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 AHAC or 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 years ended December 31, 2022 and 2021. AGC is a party to a CMA with AIG. Among other things, the CMA provides that AIG will maintain the total adjusted capital of AGC at or above a specified minimum percentage of AGC’s projected Company Action Level Risk Based Capital. AIG did not make any capital contributions to AGC under the CMA during the year ended December 31, 2022. As of December 31, 2022, 2021 and 2020, the specified minimum capital percentage in the CMA was 250%. AIG provides a full and unconditional guarantee of all outstanding notes and junior subordinated debentures of AIGLH. This includes: • the AIGLH External Debt Guarantee and • a guarantee in connection with a sale-leaseback transaction in 2020. Pursuant to this transaction, AIGLH issued promissory notes to AGL with maturity dates of up to five years. These promissory notes are guaranteed by AIG for the benefit of AGL. We paid no fees for these guarantees for the years ended December 31, 2022 and 2021. In addition to the Separation Agreement, we have entered into a guarantee reimbursement agreement with AIG which provides that we will reimburse AIG for the full amount of any payment made by or on behalf of AIG pursuant to the AIGLH External Debt Guarantee. We have also entered into a collateral agreement with AIG which provides that in the event of: (i) a ratings downgrade of Corebridge Parent or AIGLH long-term unsecured indebtedness below specified levels or (ii) the failure by AIGLH to pay principal and interest on the External Debt when due, we must collateralize an amount equal to the sum of: (i) 100% of the principal amount outstanding, (ii) accrued and unpaid interest and (iii) 100% of the net present value of scheduled interest payments through the maturity dates of the AIGLH External Debt. We were the guarantor on two letters of credit which were further guaranteed by AIG in support of two affordable housing properties. On June 1, 2021, the loan associated with one of the properties was fully repaid and the letter of credit was subsequently released. On March 22, 2022, the remaining letter of credit was cancelled and replaced by April Housing, a subsidiary of Blackstone. In addition to the guarantees above, we may provide to or receive from AIG, or to or from third-parties on behalf of AIG, customary guarantees in relation to certain lending and real estate transactions. These guarantees of certain amounts in connection with borrowings or environmental indemnifications and non-recourse carve-outs are limited to situations in which the borrower commits certain “bad acts” as defined in each applicable transaction document, including fraud or intentional misrepresentation, intentional waste or willful misconduct. As of December 31, 2022, none of these guarantees became payable. For further details regarding guarantees provided by AIG, see Note 14 Credit Facilities and Funding Arrangements We were party to certain revolving credit facilities with AIG which terminated on September 19, 2022. Also, prior to September 19, 2022, we participated in funding arrangements whereby each participating subsidiary placed funds on deposit with AIG in exchange for a stated rate of interest. These funding arrangements terminated on September 19, 2022. Our receivables under these arrangements of $0.4 billion and $1.0 billion as of December 31, 2022 and December 31, 2021, respectively, were recorded in Short-term investments on the Consolidated Balance Sheets. Interest earned on these deposits, reflected in Net investment income - excluding Fortitude Re funds withheld assets on the Consolidated Statements of Income (Loss), was $14 million, $3 million and $7 million for the years ended December 31, 2022, 2021 and 2020, respectively. Promissory Notes In 2019, AIG Global Real Estate Investment Corp. issued a note to Lexington Insurance Company of $250 million. This note was repaid on February 12, 2021. In November 2021, we issued a promissory note to AIG in the amount of $8.3 billion. Interest expense incurred specific to this note reflected in Interest expense on the Consolidated Statements of Income (Loss) was $46 million for the year ended December 31, 2022. We repaid the principal and accrued interest of this note during the year ended December 31, 2022. For further details on debt, see Note 13. Purchase of Securitized Notes from AIG On September 9, 2022, certain of our insurance companies purchased from AIG senior debt issued by, as well as 100% of the ownership interests in, special purpose entities that held collateralized debt obligations for a total value of approximately $800 million. As a result of these transactions, we owned all the interests related to these investments and consolidate them in our financial statements. As of December 31, 2022, we sold the underlying collateralized debt obligations. Purchase of Residential Mortgage Loans On December 23, 2022, certain Corebridge subsidiaries executed four Sale Transfer and Assignment agreements with certain AIG subsidiaries to purchase certain participation interests in residential mortgage loans. Tax Sharing Agreements 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. The table below summarizes payments to or refunds from AIG in connection with the tax sharing agreements for the years ended December 31, 2022, 2021 and 2020. For further details on tax impact of the IPO, see Note 20. Years Ended December 31, (in millions) 2022 2021 2020 Payment or (refund): Corebridge $ 1,018 $ 1,537 $ 1,716 SAFG Capital LLC 14 (5) (9) Total $ 1,032 $ 1,532 $ 1,707 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. Employee Compensation and Benefits Our employees participate in certain of AIG’s employee benefit programs. We had a payable of $59 million and $66 million as of December 31, 2022 and December 31, 2021, 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 We entered into a long-term asset management relationship with Blackstone to manage a portion of our investment portfolio beginning in the fourth quarter of 2021 and the investment expense incurred was $147 million and $18 million for the years ended December 31, 2022 and 2021, respectively. For further details of our strategic partnership with Blackstone, see Note 1. 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 $308 million and $760 million as of December 31, 2022 and December 31, 2021, respectively. The interest expense incurred on the debt reflected in Interest expense on the Consolidated Statements of Income (Loss) was $33 million, $64 million and $141 million for the years ended December 31, 2022, 2021 and 2020, respectively. Additionally, during 2021, we terminated six VIEs and recorded a loss on extinguishment of debt of $145 million. There was no VIE terminated during 2022. The noncontrolling interest included in the Consolidated Balance Sheets related to the VIEs held by affiliates was $537 million and $1.5 billion as of December 31, 2022 and December 31, 2021, respectively. The gain/(loss) attributable to noncontrolling interest of consolidated VIEs held by affiliates was $52 million, $499 million and $169 million for the years ended December 31, 2022, 2021 and 2020, 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 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 9. |
Schedule I
Schedule I | 12 Months Ended |
Dec. 31, 2022 | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Abstract] | |
Schedule I | Summary of Investments – Other than Investments in Related Parties Schedule I December 31, 2022 Amount at (in millions) Cost (a)(b) Fair Value (b) Fixed maturities: U.S. government and government sponsored entities $ 1,405 $ 1,198 $ 1,198 Obligations of states, municipalities and political subdivisions 6,845 5,963 5,963 Non-U.S. governments 5,273 4,414 4,414 Public utilities 20,187 16,611 16,611 All other corporate debt securities 106,103 90,303 90,303 Mortgage-backed, asset-backed and collateralized 45,230 42,073 42,073 Total fixed maturity securities 185,043 160,562 160,562 Equity securities and mutual funds: Common stock: Public utilities — — — Banks, trust and insurance companies 2 2 2 Industrial, miscellaneous and all other 64 64 64 Total common stock 66 66 66 Preferred stock 27 27 27 Mutual funds 77 77 77 Total equity securities and mutual funds 170 170 170 Mortgage and other loans receivable, net of allowance Commercial mortgages 32,993 29,998 32,993 Residential mortgages 5,856 4,950 5,856 Life insurance policy loans 1,750 1,752 1,750 Commercial loans, other loans and notes receivable 4,567 4,430 4,567 Total mortgage and other loans receivable 45,166 41,130 45,166 Allowance for credit losses (600) — (600) Total mortgage and other loans receivable, net of allowance 44,566 41,130 44,566 Other invested assets (c) 11,034 10,418 10,418 Short-term investments, at cost (approximates fair value) 4,400 4,400 4,400 Derivative assets (d) (e) 299 299 299 Total investments $ 245,512 $ 216,979 $ 220,415 (a) Original cost of fixed maturities is reduced by repayments and adjusted for amortization of premiums or accretion of discounts. (b) The table above includes available for sale securities issued by related parties. This includes RMBS securities which had a fair value of $39 million and an amortized cost of $43 million. (c) Includes $6 million of investments in related parties. (d) Includes $265 million of derivative assets with related parties. (e) Excludes $97 million of derivative liabilities. |
Schedule II
Schedule II | 12 Months Ended |
Dec. 31, 2022 | |
Condensed Financial Information Disclosure [Abstract] | |
Schedule II | Condensed Financial Information of Registrant Balance Sheets - Parent Company Only Schedule II December 31, (in millions, except per common share data) 2022 2021 Assets: Short-term investments $ 1,499 $ 465 Other investments 198 142 Total investments 1,697 607 Cash 9 2 Due from affiliates - net* 42 1 Current tax receivable 292 25 Deferred income taxes 108 141 Investment in consolidated subsidiaries* 15,373 34,840 Other assets 83 43 Total assets $ 17,604 $ 35,659 Liabilities: Due to affiliate* $ 271 $ 58 Deferred tax liabilities 10 — Short term debt 1,500 8,317 Long term debt 7,441 — Other liabilities 172 198 Total liabilities 9,394 8,573 Corebridge Shareholders’ equity: Common stock, $0.01 par value; 2,500,000,000 shares authorized; 645,000,000 shares issued 6 — Common stock class A, $0.01 par value; 2,252,500,000 shares authorized; 581,145,000 shares issued — 5 Common stock class B, $0.01 par value; 247,500,000 shares authorized; 63,855,000 shares issued — 1 Additional paid-in capital 8,030 8,054 Retained earnings 16,121 8,859 Accumulated other comprehensive income (15,947) 10,167 Total Corebridge Shareholders’ equity 8,210 27,086 Total liabilities and equity $ 17,604 $ 35,659 * Eliminated for the consolidated Corebridge financial statements. See accompanying Notes to Condensed Financial Information of Registrant. Condensed Financial Information of Registrant (Continued) Statements of Income (Loss) and Comprehensive Income (Loss) - Parent Company Only Schedule II Years Ended December 31, (in millions) 2022 2021 2020 Revenues: Equity in undistributed net income (loss) of consolidated subsidiaries * $ 6,887 $ 3,504 $ 113 Dividend income from consolidated subsidiaries * 1,781 1,893 422 Interest income 79 365 235 Net realized gains (losses) 4 62 (3) Total revenues 8,751 5,824 767 Expenses: Interest expense 266 18 2 Net (gain) loss on sale of divested businesses — (2,438) — Other expenses 507 191 130 Total expenses 773 (2,229) 132 Income from continuing operations before income tax expense (benefit) 7,978 8,053 635 Income tax expense (benefit) (171) 698 (7) Net income attributable to Corebridge Parent 8,149 7,355 642 Other comprehensive income (loss) (26,114) (4,506) 5,324 Total comprehensive income (loss) attributable to Corebridge Parent $ (17,965) $ 2,849 $ 5,966 * Eliminated for the consolidated Corebridge financial statements. See accompanying Notes to Condensed Financial Information of Registrant. Condensed Financial Information of Registrant (Continued) Statements of Cash Flows - Parent Company Only Schedule II Years Ended December 31, (in millions) 2022 2021 2020 Net cash provided by (used in) operating activities $ 1,149 $ 519 $ 405 Cash flows from investing activities: Contributions to subsidiaries — — (135) Sales or distributions of: Available for sale securities 1 132 2 Other invested assets — 232 187 Maturities of fixed maturity securities available for sale — 86 13 Principal payments received on mortgage and other loans receivable — 61 59 Purchase of: Other invested assets — (23) (7) Mortgage and other loans receivable issued — (26) (17) Acquisition of businesses, net of cash and restricted cash acquired (107) — — Net change in short-term investments (1,034) 54 (191) Net change in derivative assets and liabilities 223 — — Net cash provided by (used in) investing activities (917) 516 (89) Cash flows from financing activities: Dividends paid on common stock (876) — — Issuance of long-term debt 7,451 — — Issuance of short-term debt 1,500 — — Repayments of short-term debt (8,300) — — Distributions to AIG — (1,008) (450) Distributions to Class B shareholder — (34) — Contributions from AIG — — 135 Net cash used in financing activities (225) (1,042) (315) Net increase (decrease) in cash and restricted cash 7 (7) 1 Cash and restricted cash at beginning of year 2 9 8 Cash and restricted cash at end of year $ 9 $ 2 $ 9 Supplementary disclosure of cash flow information: Years ended December 31, (in millions) 2022 2021 2020 Cash $ 9 $ 2 $ — Restricted cash included in Other assets — — 9 Total cash and restricted cash shown in Statements of Cash Flows – Corebridge Parent Company Only $ 9 $ 2 $ 9 Cash (paid) received during the period for: Taxes: Income tax authorities $ 116 $ 32 $ 39 Intercompany non-cash financing and investing activities: Capital distributions $ — $ 12,144 $ — Capital contributions $ — $ 403 $ 126 — See accompanying Notes to Condensed Financial Information of Registrant. NOTES TO CONDENSED FINANCIAL INFORMATION OF REGISTRANT 1. Basis of Presentation Corebridge’s investments in consolidated subsidiaries are stated at cost plus equity in undistributed income of consolidated subsidiaries. The condensed financial statements of Corebridge Parent (the “Registrant”) should be read in conjunction with the consolidated financial statements of Corebridge and the notes thereto (the “Consolidated Financial Statements”). The accounting policies of the Registrant are consistent with the accounting policies disclosed on the consolidated financial statements as applicable. The Registrant includes in its Statement of Income dividends from its subsidiaries and equity in undistributed income (loss) of consolidated subsidiaries, which represents the net income (loss) of each of its wholly owned subsidiaries. Financial information presented for prior years were retrospectively adjusted to reflect the internal reorganization discussed in Note 1 of the consolidated financial statements of Corebridge. We identified a misclassification related to the balance sheet presentation of the deferred tax assets which resulted in an overstatement of Deferred tax assets and an overstatement of deferred tax liabilities. These balance sheet-only items had no impact to total equity, the statements of income (loss) and comprehensive income (loss)and statement of cash flows. Accordingly, the deferred tax assets and deferred tax liabilities were decreased by $3.9 billion as of December 31, 2021. 2. Debt Short-term and long-term debt is carried at the principal amount borrowed, including unamortized discounts, and fair value adjustments, when applicable. The following table lists our total debt outstanding at December 31, 2022 and December 31, 2021. The interest rates presented in the following table are the range of contractual rates in effect at December 31, 2022, including fixed and variable rates: (in millions) Range of Maturity December 31, 2022 December 31, 2021 Short-term debt issued or borrowed by Corebridge: Affiliated senior promissory note with AIG LIBOR+100bps 2022 $ — $ 8,317 Three 5.80 % 2023 1,500 — Total short-term debt $ 1,500 $ 8,317 Long-term debt issued by Corebridge: Senior unsecured notes (a) 3.50% - 4.40% 2025 - 2052 $ 6,500 $ — Hybrid junior subordinated notes 6.875% 2052 1,000 — Total long-term debt 7,500 — Debt issuance costs (59) — Total long-term debt, net of debt issuance costs $ 7,441 $ — (a) Interest rates reflect contractual amounts and do not reflect the effective borrowing rate after giving effect to the cash flow hedges. SENIOR UNSECURED NOTES AND DELAYED DRAW TERM LOAN For further details regarding the Senior unsecured notes and Three HYBRID JUNIOR SUBORDINATED NOTES For further details regarding the Hybrid junior subordinated notes, see Note 13 to our audited annual consolidated financial statements. AFFILIATED NOTE In November 2021, Corebridge Parent issued an $8.3 billion senior promissory note to AIG. We used the net proceeds from the senior unsecured notes, the net proceeds from the hybrid junior subordinated notes and a portion of the borrowing of the Three Note 13 to our audited annual consolidated financial statements , to repay the principal balance and accrued interest of this note to AIG. The interest rate per annum was equal to LIBOR plus 100 basis points and accrued semi-annually in arrears on March 1 and September 1 of each year, beginning on March 1, 2022. AFFILIATED CREDIT FACILITIES Corebridge Parent has entered into two revolving loan facilities where our participating subsidiaries can, on a several basis, borrow monies from Corebridge Parent subject to the terms and conditions stated therein. Principal amounts borrowed under each of these facilities could be repaid and re-borrowed, in whole or in part, from time to time, without penalty. As of December 31, 2022, there were no amounts owed under these facilities. INTERCOMPANY LENDING FACILITIES Corebridge Parent maintains two uncommitted intercompany lending facilities for its life insurance companies and certain other affiliates for short-term financing needs. REVOLVING CREDIT AGREEMENT On May 12, 2022, Corebridge Parent entered into the Revolving Credit Agreement (the “Credit Agreement”). For further details regarding the Revolving credit agreement, see Note 13 to our audited annual consolidated financial statements. LETTERS OF CREDIT Effective July 28, 2022, Corebridge Parent replaced AIG as applicant and guarantor on two letters of credit totaling £80 million, for the benefit of AIG Life (United Kingdom). Effective January 1, 2023, Corebridge Parent replaced this letter of credit with a single letter of credit of £80 million. The letter of credit supports AIG Life (United Kingdom)’s capital position and will be counted as Tier 2 capital under EU Solvency II regulations as approved by the Prudential Regulation Authority. AIG Bermuda had a $250 million letter of credit guaranteed by AIG that is used to support the credit for reinsurance provided by AIG Bermuda. Effective May 9, 2022, the letter of credit was reduced from $250 million to $175 million, and effective May 12, 2022, Corebridge Parent has replaced AIG as the guarantor. For further details regarding the letters of credits, see Note 13 to our audited annual consolidated financial statements. 3. Guarantees Corebridge Parent is the guarantor of a promissory note between between AGL and SAFG Capital LLC to fund warehousing the origination of GRE transactions and CLO transactions. Corebridge Parent entered into a general guarantee in favor of each holder of any monetary obligation or liability of Corebridge Markets, LLC, which transacts in various capital markets instruments. Corebridge Parent entered into a Capital and Liquidity Support Agreement with VALIC Trust Company Inc. for regulatory reasons. |
Schedule III
Schedule III | 12 Months Ended |
Dec. 31, 2022 | |
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Abstract] | |
Schedule III | Supplementary Insurance Information At December 31, 2022 and 2021 Schedule III Segment (in millions) Deferred Policy Future Policy Policy and Unearned 2022 Individual Retirement $ 6,015 $ 2,321 $ 42 $ — Group Retirement 1,657 351 1 — Life Insurance 5,468 15,515 1,229 54 Institutional Markets 39 16,307 40 — Corporate and Other — 22,772 122 6 Total Corebridge $ 13,179 $ 57,266 $ 1,434 $ 60 2021 Individual Retirement $ 2,660 $ 2,904 $ 30 $ — Group Retirement 727 471 1 — Life Insurance 4,644 16,965 1,369 62 Institutional Markets 27 14,194 59 — Corporate and Other — 23,217 70 6 Total Corebridge $ 8,058 $ 57,751 $ 1,529 $ 68 For the years ended December 31, 2022, 2021 and 2020 Segment (in millions) Premiums Net Other Income (a) Benefits (b) Amortization of Other 2022 Individual Retirement $ 1,066 $ 3,872 $ 463 $ 2,541 $ 1,057 $ 936 Group Retirement 470 1,976 312 1,242 102 705 Life Insurance 3,362 1,386 126 3,562 266 799 Institutional Markets 3,085 1,017 3 3,683 6 105 Corporate and Other 82 1,325 121 — — 680 Total Corebridge $ 8,065 $ 9,576 $ 1,025 $ 11,028 $ 1,431 $ 3,225 2021 Individual Retirement $ 1,152 $ 4,356 $ 592 $ 2,381 $ 806 $ 1,049 Group Retirement 544 2,396 337 1,227 67 722 Life Insurance 2,953 1,614 110 3,597 178 842 Institutional Markets 3,953 1,134 2 4,394 6 108 Corporate and Other 86 2,172 134 — — 385 Total Corebridge $ 8,688 $ 11,672 $ 1,175 $ 11,599 $ 1,057 $ 3,106 2020 Individual Retirement $ 1,013 $ 4,154 $ 577 $ 2,170 $ 523 $ 1,011 Group Retirement 462 2,193 275 1,200 7 741 Life Insurance 2,909 1,520 96 3,593 8 764 Institutional Markets 2,757 917 2 3,167 5 117 Corporate and Other 74 1,732 122 — — 314 Total Corebridge $ 7,215 $ 10,516 $ 1,072 $ 10,130 $ 543 $ 2,947 (a) Other income represents advisory fee income and other income balances. (b) Benefits represents policyholder benefits and interest credited to policyholder account balances. |
Schedule IV
Schedule IV | 12 Months Ended |
Dec. 31, 2022 | |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract] | |
Schedule IV | Reinsurance At December 31, 2022, 2021 and 2020 and for the years then ended Schedule IV (in millions) Gross Ceded to Assumed Net Amount Percent of 2022 Life insurance in force $ 1,280,831 $ 346,879 $ 188 $ 934,140 —% Premiums Earned: Life Insurance and Annuities $ 4,651 932 1,318 5,037 26.2% Accident and Health 88 32 — 56 — Total $ 4,739 964 1,318 5,093 25.9% 2021 Life insurance in force $ 1,280,090 $ 363,008 $ 192 $ 917,274 — Premiums Earned: Life Insurance and Annuities $ 4,504 1,196 2,265 5,573 40.6% Accident and Health 100 36 — 64 — Total $ 4,604 1,232 2,265 5,637 40.2% 2020 Life insurance in force $ 1,243,389 $ 349,453 $ 225 $ 894,161 — Premiums Earned: Life Insurance and Annuities $ 4,273 1,072 1,073 4,274 25.1% Accident and Health 111 44 — 67 — Total $ 4,384 $ 1,116 $ 1,073 $ 4,341 24.7% |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Use of Estimates | USE OF ESTIMATES The preparation of financial statements in accordance with U.S. 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 liabilities for guaranteed benefit features of variable annuity products, fixed annuity products and fixed index annuity products, including the valuation of embedded derivatives; • estimated gross profits (“EGPs”) to value deferred policy acquisition costs (“DAC”) and unearned revenue (“URR”) for investment-oriented products, such as universal life insurance, variable and fixed annuities and fixed index annuities; • valuation of future policy benefit liabilities and timing and extent of loss recognition; • valuation of embedded derivatives for fixed index annuity and life products; • reinsurance assets, including the allowance for credit losses; • allowance for credit losses primarily on loans and available-for-sale fixed maturity securities; • goodwill impairment; 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. |
Insurance Revenues | Insurance revenues include premiums and policy fees. All premiums and policy fees are presented net of reinsurance, as applicable. Premiums from long-duration life products, other than universal and variable life contracts, are recognized as revenues when due. Premiums from individual and group annuity contracts that are life contingent are recognized as revenues when due. For limited-payment contracts, premiums are due over a significantly shorter period than the period over which benefits are provided, and net premiums are recorded as revenue. The difference between the gross premium received and the net premium is deferred and recognized in premiums in a constant relationship to insurance in-force, or for annuities, the amount of expected future policy benefits. This unearned revenue liability is recorded in the Consolidated Balance Sheets in Other policyholder funds. Premiums on short-duration accident and health policies are earned primarily on a pro rata basis over the term of the related coverage. The reserve for unearned premiums includes the portion of premiums written relating to the unexpired terms of coverage. This unearned revenue liability is recorded in the Consolidated Balance Sheets in Other Policyholder Funds. Reinsurance premiums ceded under yearly renewable term (“YRT”) reinsurance agreements are recognized as a reduction in revenues over the period the reinsurance coverage is utilized in proportion to the risks to which the premiums relate, while premiums ceded under modco treaties are recognized when due. Reinsurance premiums for assumed business are estimated based on information received from ceding companies and reinsurers. Any subsequent differences that arise regarding such estimates are recorded in the periods in which they are determined. Amounts received as payment for investment-oriented contracts such as universal life, variable annuities, fixed annuities, and fixed index annuities, are reported as deposits to Policyholder contract deposits or Separate account liabilities, as applicable. Revenues from these contracts are recorded in Policy fees and consist of policy charges for the cost of insurance, policy administration charges, surrender charges and amortization of unearned revenue reserves. Policy fees are recognized as revenues in the period in which they are assessed against policyholders, unless the fees are designed to compensate Corebridge for services to be provided in the future. Fees deferred as unearned revenue are amortized in relation to the incidence of estimated gross profits to be realized over the estimated lives of the contracts. |
Cash | Cash represents cash on hand and demand deposits. |
Short-term investments | Short-term investments include highly liquid securities and other investments with remaining maturities of one year or less, but greater than three months, at the time of purchase. Securities included within short-term investments are stated at estimated fair value, while other investments included within short-term investments are stated at amortized cost, which approximates estimated fair value. We purchase certain RMBS securities that have experienced more-than-insignificant deterioration in credit quality since origination. Subsequent to the adoption of the Financial Instruments Credit Losses Standard, these are referred to as PCD assets. At the time of purchase an allowance is recognized for these PCD 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 PCD 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 PCD assets follow the same accounting as other structured securities that are not of high credit quality. |
Premiums and other receivables – net of allowance | Premiums and other receivables – net of allowance |
Other assets and Real estate | Other assets consist of deferred sales inducement assets, prepaid expenses, deposits, other deferred charges, other fixed assets, capitalized software costs, goodwill, intangible assets other than goodwill, restricted cash and derivative assets. Capitalized software costs represent costs directly related to obtaining, developing or upgrading internal use software, are capitalized and amortized using the straight-line method over a period generally not exceeding ten years. Real estate includes the cost of buildings and furniture and fixtures which is depreciated principally using the straight-line basis over their estimated useful lives (maximum of 40 years for buildings, 10 |
Other liabilities | Other liabilities |
Foreign currency | Foreign currency: Financial statement accounts expressed in foreign currencies are translated into U.S. dollars. Functional currency assets and liabilities are translated into U.S. dollars generally using rates of exchange prevailing at the balance sheet date of each respective subsidiary and the related translation adjustments are recorded as a separate component of Accumulated other comprehensive income, net of any related taxes, in Shareholders’ Equity. Income statement accounts expressed in functional currencies are translated using average exchange rates during the period. Functional currencies are generally the currencies of the local operating environment. Financial statement accounts expressed in currencies other than the functional currency of a consolidated entity are remeasured into that entity’s functional currency resulting in exchange gains or losses recorded in income, except for remeasurement gains or losses attributable to available-for-sale securities which are included in Accumulated other comprehensive income (“AOCI”). |
Non-redeemable noncontrolling interest and Redeemable noncontrolling interest | Non-redeemable noncontrolling interest is the portion of equity (net assets) and net income (loss) in a subsidiary not attributable, directly or indirectly, to Corebridge. Redeemable noncontrolling interest represents noncontrolling interest holders in certain consolidated investment entities where the noncontrolling interest holder has the ability to redeem its interest in the consolidated investment entity at its option. |
Accounting Standards Adopted During 2022 and Future Application of Accounting Standards | ACCOUNTING STANDARDS ADOPTED DURING 2022 Reference Rate Reform In March 2020, the Financial Accounting Standards Board (the “FASB”) issued an accounting standard that provides temporary optional guidance to ease the potential burden in accounting for reference rate reform. The standard allows us to account for certain contract modifications that result from the discontinuation of the London Interbank Offered Rate (“LIBOR”) or another reference rate as a continuation of the existing contract without additional analysis. This standard was set to expire on December 31, 2022, but was extended to December 31, 2024, after which application of the guidance will no longer be permitted. During this period, this standard may be elected and applied prospectively as reference reforms occur. Where permitted by the guidance, we have accounted for contract modifications stemming from the discontinuation of LIBOR or another reference rate as a continuation of the existing contract. As part of our implementation efforts, we have and will continue to assess our operational readiness and current and alternative reference rates’ merits, limitations, risks and suitability for our investment and insurance processes. The adoption of the standard has not had, and is not expected to have, a material impact on our reported consolidated financial condition, results of operations, cash flows and required disclosures. FUTURE APPLICATION OF ACCOUNTING STANDARDS Targeted Improvements to the Accounting for Long-Duration Contracts In August 2018, the FASB issued an accounting standard update with the objective of making targeted improvements to the existing recognition, measurement, presentation and disclosure requirements for long-duration contracts issued by an insurance entity. The Company adopted targeted improvements to the accounting for long-duration contracts (the “standard” or “LDTI”) on January 1, 2023, with a transition date of January 1, 2021 (as described in the additional detail below). The adoption of this standard will impact our financial condition, results of operations, statement of cash flows and disclosures, as well as systems, processes and controls. The Company adopted the standard using the modified retrospective transition method relating to liabilities for traditional and limited payment contracts and deferred policy acquisition costs associated therewith, while the Company adopted the standard in relation to market risk benefits (“MRBs”) on a retrospective basis. Based upon this transition method, as of the January 1, 2021 transition date (“Transition Date”) the impact from adoption is expected to result in a decrease of the Company’s after-tax equity between approximately $1.0 billion and $1.5 billion; consisting of a decrease in AOCI between approximately $1.8 billion and $2.3 billion, offset by an increase in Retained earnings between approximately $800 million and $1.3 billion. The net increase in Retained Earnings resulted from (1) the reclassification of the cumulative effect of non-performance adjustments related to our products in our Individual Retirement and Group Retirement segments that are currently measured at fair value (e.g., living benefit guarantees associated with variable annuities), partially offset by (2) a reduction from the difference between the fair value and carrying value of benefits not currently measured at fair value (e.g., death benefit guarantees associated with variable annuities). The net decrease in AOCI resulted from (1) the reclassification of the cumulative effect of non-performance adjustments discussed above and (2) changes to the discount rate which will most significantly impact our Life Insurance and Institutional Markets segments, partially offset by (3) the removal of balances recorded in AOCI related to changes in unrealized appreciation (depreciation) on investments. The Company estimates that the after-tax impact to equity from the adoption of LDTI as of September 30, 2022 is expected to result in an increase between approximately $800 million and $1.3 billion; consisting of an increase to Retained earnings between approximately $1.2 billion and $1.7 billion, and a decrease in AOCI between approximately $400 million and $900 million. This increase in the estimate since January 1, 2021 has been predominately driven by market movements. Market risk benefits: T he standard requires the measurement of all MRBs (e.g., living benefit and death benefit guarantees) associated with deposit (or account balance) contracts at fair value at each reporting period. Changes in fair value compared to prior periods will be recorded and presented separately within the income statement, except that instrument-specific credit risk changes (non-performance adjustments) will be recognized in other comprehensive income. MRBs will impact both retained earnings and AOCI upon transition. The transition adjustment for MRBs will primarily impact our Individual Retirement and Group Retirement segments. Discount rate assumption: The standard requires the discount rate assumption for the liability for future policy benefits to be updated at the end of each reporting period using an upper-medium grade (low credit risk) fixed income instrument yield that maximizes the use of observable market inputs. Upon transition, the Company currently estimates an adjustment to AOCI due to the fact that the market upper-medium grade (low credit risk) interest rates as of the Transition Date differ from reserve interest accretion rates. Lower interest rates result in a higher liability for future policy benefits and are anticipated to more significantly impact our Life Insurance segment, in particular non-universal life contracts and Institutional Markets segments. The standard does not impact the discount rate assumption for universal life contracts. Removal of balances related to changes in unrealized appreciation (depreciation) on investments: Curre ntly, DAC and reserves for universal life insurance and investment-oriented products are adjusted at each balance sheet date to reflect the change in DAC, unearned revenue and benefit reserves with an offset to Other comprehensive income (loss) as if securities available for sale had been sold at their stated aggregate fair value and the proceeds reinvested at current yields (changes related to unrealized appreciation (depreciation) of investments). Under the standard, the majority of balances recorded in AOCI related to changes in unrealized appreciation (depreciation) on investments will be eliminated. In addition to the above, the standard also: • Requires the review and, if necessary, update of future policy benefit assumptions at least annually for traditional and limited pay long duration contracts, with the recognition and separate presentation of any resulting re-measurement gain or loss (except for discount rate changes as noted above) in the income statement. The Company still anticipates completing its annual assumption update in the third quarter. • Simplifies the amortization of DAC to a constant level basis over the expected term of the related contracts with adjustments for unexpected terminations, but no longer requires an impairment test. Accordingly, we expect less variability in our DAC amortization as the DAC related to universal life insurance and investment-type products, for example variable, fixed and fixed index annuities will no longer be required to be amortized in relation to the incidence of estimated gross profits to be realized over the expected lives of the contract. As DAC will be amortized on a constant level basis, DAC amortization related to universal life insurance and investment-type products will be less impacted by the annual actuarial assumption update or changing economic conditions. • Increases disclosures of disaggregated roll forwards of several balances, including: liabilities for future policy benefits, deferred acquisition costs, account balances, market risk benefits, separate account liabilities and information about significant inputs, judgments and methods used in measurement and changes thereto and impact of those changes. We expect that the accounting for Fortitude Re will continue to remain largely unchanged. With respect to Fortitude Re, the reinsurance assets, including the discount rates, will continue to be calculated using the same methodology and assumptions as the direct policies. Accounting for modco remains unchanged. We have created a governance framework and a plan to support implementation of the updated standard. As part of our implementation plan, we have also advanced the modernization of our actuarial technology platform to enhance our modeling, data management, experience study and analytical capabilities, increase the end-to-end automation of key reporting and analytical processes and optimize our control framework. We have designed and implemented internal controls related to the new processes created as part of implementing the updated standard and are substantially complete with our testing of these internal controls. Troubled Debt Restructuring and Vintage Disclosures In March 2022, the FASB issued an accounting standard update that eliminates the accounting guidance for troubled debt restructurings for creditors and amends the guidance on ‘‘vintage disclosures’’ to require disclosure of current-period gross write-offs by year of origination. The standard also updates the requirements for accounting for credit losses by adding enhanced disclosures for creditors related to loan refinancings and restructurings for borrowers experiencing financial difficulty. Because the Company has already adopted the current expected credit loss (“CECL”) model, the amendments in this standard are effective for fiscal years beginning after December 15, 2022, including interim periods within those years. We do not expect the standard to have a material impact on our reported consolidated financial condition, results of operations, cash flows or required disclosures. Fair Value Measurement On June 30, 2022, the FASB issued an accounting standards update 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 guidance is effective for public companies for fiscal years beginning after December 15, 2023 and interim period within those years, with early adoption permitted. For entities other than investment companies, the accounting standards update applies prospectively, with any adjustments resulting from adoption recognized in earnings on the date of adoption. We are assessing the impact of this standard. |
Fair Value Measurement | Assets and liabilities recorded at fair value in the 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. 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. Embedded derivatives within Policyholder contract deposits Embedded derivatives reported within Policyholder contract deposits include interest crediting rates based on market indices within fixed index annuities, indexed life and GICs as well as GMWB within variable annuity and certain fixed index annuity products. For any given contract, assumptions for unobservable inputs vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative. The following unobservable inputs are used for valuing embedded derivatives measured at fair value: • 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/interest rate correlation estimates the relationship between changes in equity returns and interest rates in the economic scenario generator used to value our GMWB embedded derivatives. 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. • 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 withdrawal 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 liability, while lower mortality rate assumptions will generally increase the fair value of the liability because guaranteed payments will be made for a longer period of time. • 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 and other factors, which includes partial withdrawal behavior. Increases in assumed utilization rates will generally increase the fair value of the liability. • Option budget estimates the expected long-term cost of options used to hedge exposures associated with equity 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. • Non-performance or “own credit” risk adjustment used in the valuation of 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 embedded derivative liabilities, resulting in a gain, and when corporate credit spreads narrow or tighten, the change in the NPA spread generally increases the fair value of the embedded derivative liabilities, resulting in a loss. 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 offered by variable and certain fixed index annuities. • 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 projected cash flows and policyholder behavior. Estimates of future policyholder behavior assumptions are subjective and based primarily on our historical experience. 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. Information regarding the estimation of fair value for financial instruments not carried at fair value (excluding insurance contracts and lease contracts) is discussed below: • Mortgage and other loans receivable: Fair values of loans on commercial real estate and other loans receivable are estimated for disclosure purposes using discounted cash flow calculations based on discount rates that we believe market participants would use in determining the price that they would pay for such assets. For certain loans, our current incremental lending rates for similar types of loans are used as the discount rates, because we believe this rate approximates the rates market participants would use. Fair values of residential mortgage loans are generally determined based on market prices, using market-based adjustments for credit and servicing as appropriate. The fair values of policy loans are generally estimated based on unpaid principal amount as of each reporting date. No consideration is given to credit risk because policy loans are effectively collateralized by the cash surrender value of the policies. • Other invested assets: Certain of our subsidiaries are members of Federal Home Loan Banks (FHLBs) and such membership requires the members to own stock in these FHLBs. The carrying amounts of these stocks approximate fair values. • Cash and short-term investments: The carrying amounts of these assets approximate fair values because of the relatively short period of time between origination and expected realization, and their limited exposure to credit risk. • Policyholder contract deposits associated with investment-type contracts: Fair values for policyholder contract deposits associated with investment-type contracts not accounted for at fair value are estimated using discounted cash flow calculations based on interest rates currently being offered for similar contracts with maturities consistent with those of the contracts being valued. When no similar contracts are being offered, the discount rate is the appropriate swap rate (if available) or current risk-free interest rate consistent with the currency in which the cash flows are denominated. To determine fair value, other factors include current policyholder account values and related surrender charges and other assumptions include expectations about policyholder behavior and an appropriate risk margin. • Other liabilities: The majority of the Other liabilities that are financial instruments not measured at fair value represent secured financing arrangements, including repurchase agreements. The carrying amounts of these liabilities approximate fair value because the financing arrangements are short-term and are secured by cash or other liquid collateral. • Fortitude Re funds withheld payable: The funds withheld payable contains an embedded derivative and the changes in its fair value are recognized in earnings each period. The difference between the total Fortitude Re funds withheld payable and the embedded derivative represents the host contract. • Short-term and long-term debt and debt of consolidated investment entities: Fair values of these obligations were determined by reference to quoted market prices, when available and appropriate, or discounted cash flow calculations based upon our current market observable implicit credit spread rates for similar types of borrowings with maturities consistent with those remaining for the debt being valued. • Separate Account Liabilities—Investment Contracts: |
Reinsurance | 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: December 31, 2022 December 31, 2021 (in millions) Carrying Value Fair Value Carrying Value Fair Value Corresponding Accounting Policy Fixed maturity securities - available for sale $ 16,339 $ 16,339 $ 27,180 $ 27,180 Fair value through other comprehensive income Fixed maturity securities - fair value option 3,485 3,485 1,593 1,593 Fair value through net investment income Commercial mortgage loans 3,490 3,241 3,179 3,383 Amortized cost Real estate investments 133 348 201 395 Amortized cost Private equity funds/hedge funds 1,893 1,893 1,606 1,606 Fair value through net investment income Policy loans 355 355 380 380 Amortized cost Short-term Investments 69 69 50 50 Fair value through net investment income Funds withheld investment assets 25,764 25,730 34,189 34,587 Derivative assets, net (a) 90 90 81 81 Fair value through realized gains (losses) Other (b) 731 731 476 476 Amortized cost Total $ 26,585 $ 26,551 $ 34,746 $ 35,144 (a) The derivative assets and liabilities have been presented net of cash collateral. The derivative assets supporting the Fortitude Re funds withheld arrangements had a fair market value of $189 million a nd $387 million as of December 31, 2022 and December 31, 2021, respectively. These derivative assets and liabilities are fully collateralized either by cash or securities. (b) Primarily comprised of Cash and Accrued investment income. |
Segment Information | We report our results of operations consistent with the manner in which our chief operating decision makers review 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, variable annuities and retail mutual funds. On February 8, 2021, we announced the execution of a definitive agreement with Touchstone to sell certain assets of our retail mutual funds business. This Touchstone transaction closed on July 16, 202 1. For further information on this sale, see Note 1 to our audited annual consolidated financial statements. • Group Retirement – consists of record-keeping, 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 issues individual life, whole life and group life insurance in the United Kingdom, and distributes private medical insurance in Ireland. • Institutional Markets – consists of stable value wrap (“SVW”) products, structured settlement and PRT annuities, guaranteed investment contracts (“GICs”) and Corporate Markets products that include corporate- and bank-owned life insurance, private placement variable universal life and private placement variable annuities 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-related adjustments: The 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. As a result of entering into the reinsurance agreements with Fortitude Re we recorded a loss which was primarily attributed to the write-off of DAC, VOBA and deferred cost of reinsurance assets. The total loss and 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),” including changes in the allowance for credit losses on available-for-sale securities and loans, as well as gains or losses from sales of securities, 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, also included in Net realized gains (losses) 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). Our investment-oriented contracts, such as universal life insurance, and fixed, fixed index and variable annuities, are also impacted by net realized gains (losses), and these secondary impacts are also excluded from APTOI. Specifically, the changes in benefit reserves and DAC, VOBA and DSI assets related to net realized gains (losses) are excluded from APTOI. Variable and fixed index annuities and index universal life insurance products adjustments: Certain of our variable annuity contracts contain guaranteed minimum withdrawal benefits (“GMWBs”) and are accounted for as embedded derivatives. Additionally, certain fixed index annuity contracts contain GMWB or indexed interest credits which are accounted for as embedded derivatives, and our index universal life insurance products also contain embedded derivatives. Changes in the fair value of these embedded derivatives, including rider fees attributed to the embedded derivatives, are recorded through “Net realized gains (losses)” and are excluded from APTOI. Changes in the fair value of securities used to hedge guaranteed living benefits 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; • losses from the impairment of goodwill; and • income and loss from divested or run-off business. |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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 Year Ended December 31, 2022 Premiums $ 230 $ 19 $ 1,871 $ 2,913 $ 82 $ — $ 5,115 $ (22) $ 5,093 Policy fees 836 451 1,491 194 — — 2,972 — 2,972 Net investment income (a) 3,888 2,000 1,389 1,049 473 (41) 8,758 818 9,576 Net realized gains (losses) (a)(b) — — — — 170 — 170 7,843 8,013 Advisory fee and other income 451 305 121 2 121 — 1,000 25 1,025 Total adjusted revenues 5,405 2,775 4,872 4,158 846 (41) 18,015 8,664 26,679 Policyholder benefits 626 97 3,229 3,381 — — 7,333 (1) 7,332 Interest credited to policyholder account balances 1,877 1,142 342 320 — — 3,681 15 3,696 Amortization of deferred policy acquisition costs 761 96 265 6 — — 1,128 303 1,431 Non-deferrable insurance commissions 351 123 131 29 2 — 636 — 636 Advisory fee expenses 141 124 1 — — — 266 — 266 General operating expenses 426 447 656 73 384 (2) 1,984 339 2,323 Interest expense — — — — 535 (51) 484 50 534 Net (gain) loss on divestitures — — — — — — — 1 1 Total benefits and expenses 4,182 2,029 4,624 3,809 921 (53) 15,512 707 16,219 Noncontrolling interests — — — — (320) — (320) Adjusted pre-tax operating income (loss) $ 1,223 $ 746 $ 248 $ 349 $ (395) $ 12 $ 2,183 Adjustments to: Total revenue 8,664 Total expenses 707 Noncontrolling interests 320 Income before income tax (benefit) $ 10,460 $ 10,460 (in millions) Individual Retirement Group Retirement Life Insurance Institutional Markets Corporate & Other Eliminations Total Corebridge Adjustments Total Consolidated Year Ended December 31, 2021 Premiums $ 191 $ 22 $ 1,573 $ 3,774 $ 86 $ — $ 5,646 $ (9) $ 5,637 Policy fees 962 522 1,380 187 — — 3,051 — 3,051 Net investment income (a) 4,334 2,413 1,621 1,155 443 (49) 9,917 1,755 11,672 Net realized gains (losses) (a)(b) — — — — 701 — 701 1,154 1,855 Advisory fee and other income 592 337 110 2 134 — 1,175 — 1,175 Total adjusted revenues 6,079 3,294 4,684 5,118 1,364 (49) 20,490 2,900 23,390 Policyholder benefits 580 76 3,231 4,141 — — 8,028 22 8,050 Interest credited to policyholder account balances 1,791 1,150 354 274 — — 3,569 (20) 3,549 Amortization of deferred policy acquisition costs 744 61 164 6 — — 975 82 1,057 Non-deferrable insurance commissions 397 121 132 27 3 — 680 — 680 Advisory fee expenses 189 133 — — — — 322 — 322 General operating expenses 437 445 682 77 375 — 2,016 88 2,104 Interest expense 46 35 25 9 286 (47) 354 35 389 Loss on extinguishment of debt — — — — — — — 219 219 Net (gain) loss on divestitures — — — — — — — (3,081) (3,081) Net (gain) loss on Fortitude Re transactions — — — — — — — (26) (26) Total benefits and expenses 4,184 2,021 4,588 4,534 664 (47) 15,944 (2,681) 13,263 Noncontrolling interests — — — — (861) — (861) Adjusted pre-tax operating income (loss) $ 1,895 $ 1,273 $ 96 $ 584 $ (161) $ (2) $ 3,685 Adjustments to: Total revenue 2,900 Total expenses (2,681) Noncontrolling interests 861 Income before income tax (benefit) $ 10,127 $ 10,127 (in millions) Individual Retirement Group Retirement Life Insurance Institutional Markets Corporate & Other Eliminations Total Corebridge Adjustments Total Consolidated Year Ended December 31, 2020 Premiums $ 151 $ 19 $ 1,526 $ 2,564 $ 74 $ — $ 4,334 $ 7 $ 4,341 Policy fees 861 443 1,384 186 — — 2,874 — 2,874 Net investment income (a) 4,105 2,213 1,532 931 346 (43) 9,084 1,432 10,516 Net realized gains (losses) (a)(b) — — — — 54 — 54 (3,795) (3,741) Advisory fee and other income 571 272 94 1 122 — 1,060 12 1,072 Total adjusted revenues 5,688 2,947 4,536 3,682 596 (43) 17,406 (2,344) 15,062 Policyholder benefits 411 74 3,219 2,886 — — 6,590 12 6,602 Interest credited to policyholder account balances 1,751 1,125 373 303 — — 3,552 (24) 3,528 Amortization of deferred policy acquisition costs 556 15 25 5 — — 601 (58) 543 Non-deferrable insurance commissions 334 117 119 31 3 — 604 — 604 Advisory fee expenses 205 111 — — — — 316 — 316 General operating expenses 427 488 624 79 309 (7) 1,920 107 2,027 Interest expense 62 42 30 11 324 (34) 435 55 490 Loss on extinguishment of debt — — — — — — — 10 10 Net (gain) loss on Fortitude Re transactions — — — — — — — 91 91 Total benefits and expenses 3,746 1,972 4,390 3,315 636 (41) 14,018 193 14,211 Noncontrolling interests — — — — (194) — (194) Adjusted pre-tax operating income (loss) $ 1,942 $ 975 $ 146 $ 367 $ (234) $ (2) $ 3,194 Adjustments to: Total revenue (2,344) Total expenses 193 Noncontrolling interests 194 Income before income tax (benefit) $ 851 $ 851 (a) Adjustments include Fortitude Re activity of and $6,841 million, $2,012 million and $(1,549) million for the years ended December 31, 2022 ,2021 and 2020, respectively. (b) Net realized gains (losses) includes the gains (losses) related to the disposition of real estate investments. |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | The following table presents Corebridge’s consolidated total revenues and real estate and other fixed assets, net of accumulated depreciation, by major geographic area: Total Revenues* Real Estate and Other Fixed Assets, (in millions) 2022 2021 2020 2022 2021 2020 North America $ 26,142 $ 22,866 $ 14,642 $ 404 $ 286 $ 364 International 537 524 420 36 37 39 Consolidated $ 26,679 $ 23,390 $ 15,062 $ 440 $ 323 $ 403 * Revenues are generally reported according to the geographic location of the legal entity. International revenues consist of revenues from Laya and AIG Life (United Kingdom). |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on 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: December 31, 2022 Level 1 Level 2 Level 3 Counterparty Netting (a) Cash Total (in millions) Assets: Bonds available for sale: U.S. government and government sponsored entities $ — $ 1,198 $ — $ — $ — $ 1,198 Obligations of states, municipalities and political subdivisions — 5,121 805 — — 5,926 Non-U.S. governments — 4,392 — — — 4,392 Corporate debt — 102,724 1,968 — — 104,692 RMBS (b) — 6,274 5,670 — — 11,944 CMBS — 9,350 718 — — 10,068 CLO (c) — 6,516 1,670 — — 8,186 ABS — 792 9,595 — — 10,387 Total bonds available for sale — 136,367 20,426 — — 156,793 Other bond securities: Obligations of states, municipalities and political subdivisions — 37 — — — 37 Non-U.S. governments — 22 — — — 22 Corporate debt — 1,805 417 — — 2,222 RMBS (d) — 58 107 — — 165 CMBS — 204 28 — — 232 CLO — 268 11 — — 279 ABS — 71 741 — — 812 Total other bond securities — 2,465 1,304 — — 3,769 December 31, 2022 Level 1 Level 2 Level 3 Counterparty Netting (a) Cash Total (in millions) Equity securities 141 3 26 — — 170 Other invested assets (e) — — 1,832 — — 1,832 Derivative assets: Interest rate contracts 1 1,269 303 — — 1,573 Foreign exchange contracts — 1,247 — — — 1,247 Equity contracts 11 124 282 — — 417 Credit contracts — — — — — — Other contracts — 1 14 — — 15 Counterparty netting and cash collateral — — — (2,547) (406) (2,953) Total derivative assets 12 2,641 599 (2,547) (406) 299 Short-term investments 1 1,356 — — — 1,357 Separate account assets 81,655 3,198 — — — 84,853 Total $ 81,809 $ 146,030 $ 24,187 $ (2,547) $ (406) $ 249,073 Liabilities: Policyholder contract deposits (f) $ — $ 97 $ 7,119 $ — $ — $ 7,216 Derivative liabilities: Interest rate contracts — 2,676 — — — 2,676 Foreign exchange contracts — 632 — — — 632 Equity contracts 2 10 15 — — 27 Credit contracts — — — — — — Other contracts — — — — — — Counterparty netting and cash collateral — — — (2,547) (691) (3,238) Total derivative liabilities 2 3,318 15 (2,547) (691) 97 Fortitude Re funds withheld payable (g) — — 1,262 — — 1,262 Debt of consolidated investment entities — — 6 — — 6 Total $ 2 $ 3,415 $ 8,402 $ (2,547) $ (691) $ 8,581 December 31, 2021 Level 1 Level 2 Level 3 Counterparty Netting (a) Cash Total (in millions) Assets: Bonds available for sale: U.S. government and government sponsored entities $ — $ 1,712 $ — $ — $ — $ 1,712 Obligations of states, municipalities and political subdivisions — 7,281 1,395 — — 8,676 Non-U.S. governments 7 6,390 — — — 6,397 Corporate debt — 138,156 1,907 — — 140,063 RMBS (b) — 7,363 7,595 — — 14,958 CMBS — 10,228 1,072 — — 11,300 CLO (c) — 4,364 3,038 — — 7,402 ABS — 660 7,400 — — 8,060 Total bonds available for sale 7 176,154 22,407 — — 198,568 Other bond securities: Obligations of states, municipalities and political subdivisions — 50 — — — 50 Non-U.S. governments — 17 — — — 17 Corporate debt — 866 134 — — 1,000 RMBS (d) — 93 106 — — 199 CMBS — 201 33 — — 234 CLO — 134 149 — — 283 ABS — 94 205 — — 299 Total other bond securities — 1,455 627 — — 2,082 Equity securities 238 2 2 — — 242 Other invested assets (e) — — 1,892 — — 1,892 Derivative assets: Interest rate contracts — 1,911 — — — 1,911 Foreign exchange contracts — 672 — — — 672 Equity contracts 7 4,184 479 — — 4,670 Credit contracts — — 1 — — 1 Other contracts — 1 12 — — 13 Counterparty netting and cash collateral — — — (5,785) (798) (6,583) Total derivative assets 7 6,768 492 (5,785) (798) 684 Short-term investments 1 1,454 — — — 1,455 Separate account assets 105,221 3,890 — — — 109,111 Total $ 105,474 $ 189,723 $ 25,420 $ (5,785) $ (798) $ 314,034 Liabilities: Policyholder contract deposits (f) $ — $ 130 $ 9,694 $ — $ — $ 9,824 Derivative liabilities: Interest rate contracts 1 1,575 — — — 1,576 Foreign exchange contracts — 366 — — — 366 Equity contracts 1 4,048 22 — — 4,071 Credit contracts — — — — — — Other contracts — — — — — — Counterparty netting and cash collateral — — — (5,785) (37) (5,822) Total derivative liabilities 2 5,989 22 (5,785) (37) 191 Fortitude Re funds withheld payable (g) — — 7,974 — — 7,974 Debt of consolidated investment entities — — 5 — — 5 Total $ 2 $ 6,119 $ 17,695 $ (5,785) $ (37) $ 17,994 (a) Represents netting of derivative exposures covered by qualifying master netting agreements. (b) Includes investments in RMBS issued by related parties of $37 million and $2 million classified as Level 2 and Level 3, respectively, as of December 31, 2022. Additionally, includes investments in RMBS issued by related parties of $38 million and $9 million classified as Level 2 and Level 3, respectively, as of December 31, 2021. (c) Includes investments in collateralized debt obligations (“CDOs”) issued by related parties of $0 and $862 million as of December 31, 2022 and December 31, 2021, respectively. The $862 million of CDOs are classified as Level 3. (d) Includes less than $1 million of investments in RMBS issued by related parties classified as Level 2 as of December 31, 2022 and December 31, 2021. (e) Excludes investments that are measured at fair value using the net asset value (“NAV”) per share (or its equivalent), which totaled $6.0 billion and $5.2 billion as of December 31, 2022 and December 31, 2021, respectively. (f) Excludes basis adjustments for fair value hedges. (g) 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 balance sheet. 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. |
Schedule of Assets Measured on a Recurring Basis | The following tables present changes during the years ended December 31, 2022 and 2021 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 Consolidated Balance Sheets at December 31, 2022 and 2021: (in millions) Fair Value Net Other Purchases, Gross Gross Other (a) Fair Value Changes in Changes in December 31, 2022 Assets: Bonds available for sale: Obligations of states, $ 1,395 $ 1 $ (525) $ (95) $ 40 $ (11) $ — $ 805 $ — $ (221) Corporate debt 1,907 17 (192) (159) 911 (516) — 1,968 — (174) RMBS 7,595 322 (986) (834) 7 (434) — 5,670 — (610) CMBS 1,072 9 (140) 38 45 (306) — 718 — (115) CLO 3,038 (31) (163) (105) 1,305 (1,673) (701) 1,670 — (76) ABS 7,400 131 (1,417) 3,283 218 (20) — 9,595 — (1,369) Total bonds available for sale 22,407 449 (3,423) 2,128 2,526 (2,960) (701) 20,426 — (2,565) Other bond securities: Corporate debt 134 (5) — 158 335 (205) — 417 (2) — RMBS 106 (23) — 24 — — — 107 (22) — CMBS 33 (5) — — — — — 28 (4) — CLO 149 1 — (131) 70 (78) — 11 (5) — ABS 205 (117) — 653 — — — 741 (132) — Total other bond securities 627 (149) — 704 405 (283) — 1,304 (165) — Equity securities 2 (1) — 23 2 — — 26 (1) — Other invested assets 1,892 313 (22) (195) 24 (180) — 1,832 329 — Total $ 24,928 $ 612 $ (3,445) $ 2,660 $ 2,957 $ (3,423) $ (701) $ 23,588 $ 163 $ (2,565) (in millions) Fair Value Net Other Purchases, Gross Gross Other (a) Fair Value Changes in Changes in Liabilities: Policyholder contract deposits $ 9,694 $ (3,602) $ — $ 1,027 $ — $ — $ — $ 7,119 $ 3,857 $ — Derivative liabilities, net: Interest rate contracts — 1 — (304) — — — (303) (1) — Foreign exchange contracts — (1) — 1 — — — — — — Equity contracts (457) 494 — (304) — — — (267) (249) — Credit contracts (1) 1 — — — — — — — — Other contracts (12) (63) — 61 — — — (14) 63 — Total derivative liabilities, net (b) (470) 432 — (546) — — — (584) (187) — Fortitude Re funds withheld payable 7,974 (6,348) — (364) — — — 1,262 6,689 — Debt of consolidated investment entities 5 — — 1 — — — 6 (1) — Total $ 17,203 $ (9,518) $ — $ 118 $ — $ — $ — $ 7,803 $ 10,358 $ — (in millions) Fair Value Net Other Purchases, Gross Gross Other Fair Value Changes in Changes in December 31, 2021 Assets: Bonds available for sale: Obligations of states, $ 2,057 $ 7 $ (5) $ (342) $ — $ (260) $ (62) $ 1,395 $ — $ 36 Corporate debt 1,709 (10) (25) 109 373 (249) — 1,907 — 31 RMBS 8,104 415 (104) (782) 8 (46) — 7,595 — 787 CMBS 886 25 (45) 253 53 (100) — 1,072 — 21 CLO 3,362 (5) (173) 48 655 (849) — 3,038 — (164) ABS 5,526 29 (97) 1,942 — — — 7,400 — 80 Total bonds available for sale 21,644 461 (449) 1,228 1,089 (1,504) (62) 22,407 — 791 Other bond securities: Corporate debt — (1) — 135 — — — 134 (1) — RMBS 96 2 — 8 — — — 106 — — CMBS 45 — — (17) 5 — — 33 (2) — CLO 193 (4) — (40) — — — 149 15 — ABS — — — 205 — — — 205 (1) — Total other bond securities 334 (3) — 291 5 — — 627 11 — Equity securities 42 11 — (120) 70 (1) — 2 — — Other invested assets 1,771 641 (15) (569) 64 — — 1,892 612 — Total $ 23,791 $ 1,110 $ (464) $ 830 $ 1,228 $ (1,505) $ (62) $ 24,928 $ 623 $ 791 (in millions) Fair Value Net Other Purchases, Gross Gross Other Fair Value Changes in Changes in Liabilities: Policyholder contract deposits $ 10,038 $ (769) $ — $ 479 $ — $ (54) $ — $ 9,694 $ 1,860 $ — Derivative liabilities, net: Interest rate contracts — — — — — — — — — — Foreign exchange contracts — — — — — — — — — — Equity contracts (146) (22) — (271) (71) 53 — (457) 19 — Credit contracts (2) 11 — (10) — — — (1) (2) — Other contracts (7) (62) — 57 — — — (12) 63 — Total derivative liabilities, net (b) (155) (73) — (224) (71) 53 — (470) 80 — Fortitude Re funds withheld payable 7,749 687 — (462) — — — 7,974 1,766 — Debt of consolidated investment entities 951 179 — (1,125) — — — 5 4 — Total $ 18,583 $ 24 $ — $ (1,332) $ (71) $ (1) $ — $ 17,203 $ 3,710 $ — (a) On September 9, 2022, certain of our insurance companies purchased from AIG senior debt issued by, as well as 100% of the ownership interests in, special purpose entities that held CDOs. As a result of these transactions, we own all of the interests related to these investments and consolidate them in our financial statements. (b) Total Level 3 derivative exposures 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 years ended December 31, 2022 and 2021 related to Level 3 assets and liabilities in the Consolidated Balance Sheets: (in millions) Purchases Sales Issuances Purchases, Sales, December 31, 2022 Assets: Bonds available for sale: Obligations of states, municipalities and political subdivisions $ — $ (60) $ (35) $ (95) Corporate debt 85 (39) (205) (159) RMBS 377 — (1,211) (834) CMBS 118 (9) (71) 38 CLO 514 (27) (592) (105) ABS 3,110 — 173 3,283 Total bonds available for sale 4,204 (135) (1,941) 2,128 Other bond securities: Corporate debt 29 (3) 132 158 RMBS 38 — (14) 24 CMBS — — — — CLO 16 (123) (24) (131) ABS 675 — (22) 653 Total other bond securities 758 (126) 72 704 Equity securities 22 — 1 23 Other invested assets 652 — (847) (195) Total assets $ 5,636 $ (261) $ (2,715) $ 2,660 Liabilities: Policyholder contract deposits $ — $ 1,107 $ (80) $ 1,027 Derivative liabilities, net (421) — (125) (546) Fortitude Re funds withheld payable — — (364) (364) Debt of consolidated investment entities — — 1 1 Total liabilities $ (421) $ 1,107 $ (568) $ 118 (in millions) Purchases Sales Issuances Purchases, Sales, December 31, 2021 Assets: Bonds available for sale: Obligations of states, municipalities and political subdivisions $ 36 $ (212) $ (166) $ (342) Corporate debt 424 (36) (279) 109 RMBS 637 (1) (1,418) (782) CMBS 334 (15) (66) 253 CLO 923 — (875) 48 ABS 3,202 (21) (1,239) 1,942 Total bonds available for sale 5,556 (285) (4,043) 1,228 Other bond securities: Corporate debt 86 — 49 135 RMBS 28 — (20) 8 CMBS — (17) — (17) CLO 7 — (47) (40) ABS 207 — (2) 205 Total other bond securities 328 (17) (20) 291 Equity securities 2 — (122) (120) Other invested assets 578 — (1,147) (569) Total assets $ 6,464 $ (302) $ (5,332) $ 830 Liabilities: Policyholder contract deposits $ — $ 812 $ (333) $ 479 Derivative liabilities, net (272) — 48 (224) Fortitude Re funds withheld payable — — (462) (462) Debt of consolidated investment entities — — (1,125) (1,125) Total liabilities $ (272) $ 812 $ (1,872) $ (1,332) * There were no issuances during the years ended December 31, 2022 and 2021. |
Schedule of Liabilities Measured on a Recurring Basis | The following tables present changes during the years ended December 31, 2022 and 2021 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 Consolidated Balance Sheets at December 31, 2022 and 2021: (in millions) Fair Value Net Other Purchases, Gross Gross Other (a) Fair Value Changes in Changes in December 31, 2022 Assets: Bonds available for sale: Obligations of states, $ 1,395 $ 1 $ (525) $ (95) $ 40 $ (11) $ — $ 805 $ — $ (221) Corporate debt 1,907 17 (192) (159) 911 (516) — 1,968 — (174) RMBS 7,595 322 (986) (834) 7 (434) — 5,670 — (610) CMBS 1,072 9 (140) 38 45 (306) — 718 — (115) CLO 3,038 (31) (163) (105) 1,305 (1,673) (701) 1,670 — (76) ABS 7,400 131 (1,417) 3,283 218 (20) — 9,595 — (1,369) Total bonds available for sale 22,407 449 (3,423) 2,128 2,526 (2,960) (701) 20,426 — (2,565) Other bond securities: Corporate debt 134 (5) — 158 335 (205) — 417 (2) — RMBS 106 (23) — 24 — — — 107 (22) — CMBS 33 (5) — — — — — 28 (4) — CLO 149 1 — (131) 70 (78) — 11 (5) — ABS 205 (117) — 653 — — — 741 (132) — Total other bond securities 627 (149) — 704 405 (283) — 1,304 (165) — Equity securities 2 (1) — 23 2 — — 26 (1) — Other invested assets 1,892 313 (22) (195) 24 (180) — 1,832 329 — Total $ 24,928 $ 612 $ (3,445) $ 2,660 $ 2,957 $ (3,423) $ (701) $ 23,588 $ 163 $ (2,565) (in millions) Fair Value Net Other Purchases, Gross Gross Other (a) Fair Value Changes in Changes in Liabilities: Policyholder contract deposits $ 9,694 $ (3,602) $ — $ 1,027 $ — $ — $ — $ 7,119 $ 3,857 $ — Derivative liabilities, net: Interest rate contracts — 1 — (304) — — — (303) (1) — Foreign exchange contracts — (1) — 1 — — — — — — Equity contracts (457) 494 — (304) — — — (267) (249) — Credit contracts (1) 1 — — — — — — — — Other contracts (12) (63) — 61 — — — (14) 63 — Total derivative liabilities, net (b) (470) 432 — (546) — — — (584) (187) — Fortitude Re funds withheld payable 7,974 (6,348) — (364) — — — 1,262 6,689 — Debt of consolidated investment entities 5 — — 1 — — — 6 (1) — Total $ 17,203 $ (9,518) $ — $ 118 $ — $ — $ — $ 7,803 $ 10,358 $ — (in millions) Fair Value Net Other Purchases, Gross Gross Other Fair Value Changes in Changes in December 31, 2021 Assets: Bonds available for sale: Obligations of states, $ 2,057 $ 7 $ (5) $ (342) $ — $ (260) $ (62) $ 1,395 $ — $ 36 Corporate debt 1,709 (10) (25) 109 373 (249) — 1,907 — 31 RMBS 8,104 415 (104) (782) 8 (46) — 7,595 — 787 CMBS 886 25 (45) 253 53 (100) — 1,072 — 21 CLO 3,362 (5) (173) 48 655 (849) — 3,038 — (164) ABS 5,526 29 (97) 1,942 — — — 7,400 — 80 Total bonds available for sale 21,644 461 (449) 1,228 1,089 (1,504) (62) 22,407 — 791 Other bond securities: Corporate debt — (1) — 135 — — — 134 (1) — RMBS 96 2 — 8 — — — 106 — — CMBS 45 — — (17) 5 — — 33 (2) — CLO 193 (4) — (40) — — — 149 15 — ABS — — — 205 — — — 205 (1) — Total other bond securities 334 (3) — 291 5 — — 627 11 — Equity securities 42 11 — (120) 70 (1) — 2 — — Other invested assets 1,771 641 (15) (569) 64 — — 1,892 612 — Total $ 23,791 $ 1,110 $ (464) $ 830 $ 1,228 $ (1,505) $ (62) $ 24,928 $ 623 $ 791 (in millions) Fair Value Net Other Purchases, Gross Gross Other Fair Value Changes in Changes in Liabilities: Policyholder contract deposits $ 10,038 $ (769) $ — $ 479 $ — $ (54) $ — $ 9,694 $ 1,860 $ — Derivative liabilities, net: Interest rate contracts — — — — — — — — — — Foreign exchange contracts — — — — — — — — — — Equity contracts (146) (22) — (271) (71) 53 — (457) 19 — Credit contracts (2) 11 — (10) — — — (1) (2) — Other contracts (7) (62) — 57 — — — (12) 63 — Total derivative liabilities, net (b) (155) (73) — (224) (71) 53 — (470) 80 — Fortitude Re funds withheld payable 7,749 687 — (462) — — — 7,974 1,766 — Debt of consolidated investment entities 951 179 — (1,125) — — — 5 4 — Total $ 18,583 $ 24 $ — $ (1,332) $ (71) $ (1) $ — $ 17,203 $ 3,710 $ — (a) On September 9, 2022, certain of our insurance companies purchased from AIG senior debt issued by, as well as 100% of the ownership interests in, special purpose entities that held CDOs. As a result of these transactions, we own all of the interests related to these investments and consolidate them in our financial statements. (b) Total Level 3 derivative exposures 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 years ended December 31, 2022 and 2021 related to Level 3 assets and liabilities in the Consolidated Balance Sheets: (in millions) Purchases Sales Issuances Purchases, Sales, December 31, 2022 Assets: Bonds available for sale: Obligations of states, municipalities and political subdivisions $ — $ (60) $ (35) $ (95) Corporate debt 85 (39) (205) (159) RMBS 377 — (1,211) (834) CMBS 118 (9) (71) 38 CLO 514 (27) (592) (105) ABS 3,110 — 173 3,283 Total bonds available for sale 4,204 (135) (1,941) 2,128 Other bond securities: Corporate debt 29 (3) 132 158 RMBS 38 — (14) 24 CMBS — — — — CLO 16 (123) (24) (131) ABS 675 — (22) 653 Total other bond securities 758 (126) 72 704 Equity securities 22 — 1 23 Other invested assets 652 — (847) (195) Total assets $ 5,636 $ (261) $ (2,715) $ 2,660 Liabilities: Policyholder contract deposits $ — $ 1,107 $ (80) $ 1,027 Derivative liabilities, net (421) — (125) (546) Fortitude Re funds withheld payable — — (364) (364) Debt of consolidated investment entities — — 1 1 Total liabilities $ (421) $ 1,107 $ (568) $ 118 (in millions) Purchases Sales Issuances Purchases, Sales, December 31, 2021 Assets: Bonds available for sale: Obligations of states, municipalities and political subdivisions $ 36 $ (212) $ (166) $ (342) Corporate debt 424 (36) (279) 109 RMBS 637 (1) (1,418) (782) CMBS 334 (15) (66) 253 CLO 923 — (875) 48 ABS 3,202 (21) (1,239) 1,942 Total bonds available for sale 5,556 (285) (4,043) 1,228 Other bond securities: Corporate debt 86 — 49 135 RMBS 28 — (20) 8 CMBS — (17) — (17) CLO 7 — (47) (40) ABS 207 — (2) 205 Total other bond securities 328 (17) (20) 291 Equity securities 2 — (122) (120) Other invested assets 578 — (1,147) (569) Total assets $ 6,464 $ (302) $ (5,332) $ 830 Liabilities: Policyholder contract deposits $ — $ 812 $ (333) $ 479 Derivative liabilities, net (272) — 48 (224) Fortitude Re funds withheld payable — — (462) (462) Debt of consolidated investment entities — — (1,125) (1,125) Total liabilities $ (272) $ 812 $ (1,872) $ (1,332) * There were no issuances during the years ended December 31, 2022 and 2021. |
Net Realized and Unrealized Gains and Losses Included in Income Related to Level 3 Assets and Liabilities | Net realized and unrealized gains and losses included in income related to Level 3 assets and liabilities shown above are reported in the Consolidated Statements of Income (Loss) as follows: (in millions) Policy Net Investment Income Net Realized and Unrealized Gains Interest Expense Total December 31, 2022 Assets: Bonds available for sale $ — $ 516 $ (67) $ — $ 449 Other bond securities — (149) — — (149) Equity securities — (1) — — (1) Other invested assets — 321 (8) — 313 December 31, 2021 Assets: Bonds available for sale $ — $ 472 $ (11) $ — $ 461 Other bond securities — (3) — — (3) Equity securities — 11 — — 11 Other invested assets — 630 11 — 641 December 31, 2022 Liabilities: Policyholder contract deposits $ — $ — $ 3,602 $ — $ 3,602 Derivative liabilities, net 61 — (493) — (432) Fortitude Re funds withheld payable — — 6,348 — 6,348 Debt of consolidated investment entities — — — — — December 31, 2021 Liabilities: Policyholder contract deposits $ — $ — $ 769 $ — $ 769 Derivative liabilities, net 59 — 14 — 73 Fortitude Re funds withheld payable — — (687) — (687) Debt of consolidated investment entities* — — — 179 179 * For the year ended December 31, 2021, includes $145 million of loss on extinguishment of debt, and $34 million of interest expense. |
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 December 31, 2022 Valuation Unobservable Input (a) Range (Weighted Average) (b) Assets: Obligations of states, municipalities and political subdivisions $ 780 Discounted cash flow Yield 5.33%-5.92% (5.63%) Corporate debt 1,988 Discounted cash flow Yield 4.90% - 9.54% (7.22%) RMBS (c) 3,725 Discounted cash flow Constant prepayment rate 4.84% - 10.35% (7.60%) Loss severity 45.01% - 77.28% (61.14%) Constant default rate 0.79% - 2.67% (1.73%) Yield 5.95% - 7.72% (6.84%) CLO (c) 1,547 Discounted cash flow Yield 7.13% - 7.59% (7.36%) ABS (c) 6,591 Discounted cash flow Yield 6.01% - 7.96% (6.98%) CMBS 663 Discounted cash flow Yield 4.72% - 10.21% (7.46%) Liabilities (d) : Embedded derivatives within Policyholder contract deposits: Variable annuity guaranteed minimum withdrawal benefits (GMWB) 677 Discounted cash flow Equity volatility 6.45%- 50.75% Base lapse rate 0.16%- 12.60% Dynamic lapse multiplier (e) 20.00%- 186.00% Mortality multiplier (e)(f) 38.00%- 147.00% Utilization 90.00%- 100.00% Equity/interest-rate correlation 10.00%- 30.00% NPA (g) 0.00% - 2.03% Fixed index annuities including certain GMWBs 5,718 Discounted cash flow Lapse rate 0.50% - 50.00% Dynamic lapse multiplier 20.00% - 186.00% Mortality multiplier (f) 24.00% - 180.00% Utilization (h) 60.00% - 95.00% Option budget 0.00% - 5.00% Equity volatility 6.45%- 50.75% NPA (g) 0.00% - 2.03% Index Life 710 Discounted cash flow Base lapse rate 0.00% - 37.97% Mortality rate 0.00% - 100.00% Equity volatility 5.75%- 23.63% NPA (g) 0.00% - 2.03% (in millions) Fair Value at December 31, 2021 Valuation Unobservable Input (a) Range (Weighted Average) (b) Assets: Obligations of states, municipalities and political subdivisions $ 1,364 Discounted cash flow Yield 2.92% - 3.27% (3.10%) Corporate debt 1,789 Discounted cash flow Yield 1.75% - 7.05% (4.40%) RMBS (c) 7,141 Discounted cash flow Constant prepayment 5.18% - 18.41% (11.79%) Loss severity 24.87% - 72.64% (48.75%) Constant default rate 1.01% - 5.74% (3.37%) Yield 1.72% - 4.08% (2.90%) CLO (c) 3,174 Discounted cash flow Yield 2.94% - 4.93% (3.94%) ABS (c) 5,077 Discounted cash flow Yield 1.89% - 3.36% (2.63%) CMBS 887 Discounted cash flow Yield 1.54% - 4.49% (3.02%) Liabilities (d) : Embedded derivatives within Policyholder contract deposits: Variable annuity GMWB 2,472 Discounted cash flow Equity volatility 5.95% - 46.65% Base lapse rate 0.16% - 12.60% Dynamic lapse multiplier (e) 20.00% - 186.00% Mortality multiplier (e)(f) 38.00% - 147.00% Utilization 90.00% – 100.00% Equity/interest-rate correlation 20.00% - 40.00% NPA (g) 0.01% - 1.40% Fixed index annuities including certain GMWBs 6,445 Discounted cash flow Lapse rate 0.50% - 50.00% Dynamic lapse 20.00% - 186.00% Mortality multiplier (f) 24.00% - 180.00% Utilization (h) 60.00% - 95.00% Option budget 0.00% - 4.00% Equity volatility 5.95% - 46.65% NPA (g) 0.01% - 1.40% Index Life 765 Discounted cash flow Base lapse rate 0.00% - 37.97% Mortality rate 0.00% - 100.00% Equity volatility 7.65% - 20.70% NPA (g) 0.01% - 1.40% (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 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. Information received from third-party valuation service providers. (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 balance sheet. 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 balance sheet. (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 non-performance risk adjustment (“NPA”) applied as a spread over risk-free curve for discounting. (h) The partial withdrawal utilization unobservable input range shown applies only to policies with GMWB riders that are accounted for as an embedded derivative. The total embedded derivative liability at December 31, 2022 is approximately $1.0 billion. The remaining GMWB riders on the fixed index annuities are valued under the accounting guidance for certain nontraditional long-duration contracts. |
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. December 31, 2022 December 31, 2021 (in millions) Investment Category Includes Fair Value Unfunded Fair Value Unfunded 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 $ 2,014 $ 1,719 $ 1,762 $ 1,229 Real estate Investments in real estate properties and infrastructure positions, including power plants and other energy generating facilities 1,082 549 490 365 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 212 118 194 135 Growth equity Funds that make investments in established companies for the purpose of growing their businesses 510 40 637 37 Mezzanine Funds that make investments in the junior debt and equity securities of leveraged companies 443 78 306 268 Other Includes distressed funds that invest in securities of 902 284 921 324 Total private equity funds 5,163 2,788 4,310 2,358 December 31, 2022 December 31, 2021 (in millions) Investment Category Includes Fair Value Unfunded Fair Value Unfunded Hedge funds: Event-driven Securities of companies undergoing material structural changes, including mergers, acquisitions and other reorganizations 5 — 18 — Long-short Securities that the manager believes are undervalued, with corresponding short positions to hedge market risk 335 — 404 — Macro Investments that take long and short positions in financial instruments based on a top-down view of certain economic and capital market conditions 366 — 370 — 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 178 — 110 — Total hedge funds 884 — 902 — Total $ 6,047 $ 2,788 $ 5,212 $ 2,358 |
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: Years Ended December 31, Gain (Loss) (in millions) 2022 2021 2020 Assets: Other bond securities (a) $ (408) $ 26 $ 72 Alternative investments (b) 191 1,083 290 Total assets (217) 1,109 362 Liabilities: Policyholder contract deposits (c) 20 7 (9) Debt of consolidated investment entities (d) — (179) (102) Total liabilities 20 (172) (111) Total gain (loss) $ (197) $ 937 $ 251 (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. (d) Primarily related to six transactions securitizing certain debt portfolios previously owned by Corebridge and its affiliates and were terminated during 2021. For additional information, see Note 9. |
Fair Value Measurements, Nonrecurring | The following table presents assets measured at fair value on a non-recurring basis at the time of impairment and the related impairment charges recorded during the periods presented: Assets at Fair Value Impairment Charges Non-Recurring Basis December 31, (in millions) Level 1 Level 2 Level 3 Total 2022 2021 2020 December 31, 2022 Other investments $ — $ — $ 12 $ 12 $ 25 $ 6 $ 77 Other assets — — — — — 1 5 Total $ — $ — $ 12 $ 12 $ 25 $ 7 $ 82 December 31, 2021 Other investments $ — $ — $ 89 $ 89 Mortgage and other loans receivable* — — 15 15 Other assets — 14 — 14 Total $ — $ 14 $ 104 $ 118 |
Fair Value, by Balance Sheet Grouping | The following table presents the carrying amounts and estimated fair values of our financial instruments not measured at fair value and indicates the level in the fair value hierarchy of the estimated fair value measurement based on the observability of the inputs used: Estimated Fair Value (in millions) Level 1 Level 2 Level 3 Total Carrying December 31, 2022 Assets: Mortgage and other loans receivable $ — $ 31 $ 40,936 $ 40,967 $ 44,403 Other invested assets — 222 — 222 222 Short-term investments — 3,043 — 3,043 3,043 Cash 552 — — 552 552 Other assets 4 8 — 12 12 Liabilities: Policyholder contract deposits associated with investment-type contracts — 119 131,844 131,963 138,243 Fortitude Re funds withheld payable — — 25,289 25,289 25,289 Other liabilities — 3,056 — 3,056 3,056 Short-term debt 1,500 — 1,500 1,500 Long-term debt — 7,172 — 7,172 7,868 Debt of consolidated investment entities — 3,055 2,488 5,543 5,952 Separate account liabilities - investment contracts — 80,649 — 80,649 80,649 December 31, 2021 Assets: Mortgage and other loans receivable $ — $ 52 $ 41,077 $ 41,129 $ 39,373 Other invested assets — 193 — 193 193 Short-term investments — 4,016 — 4,016 4,016 Cash 537 — — 537 537 Other assets 7 — — 7 7 Liabilities: Policyholder contract deposits associated with investment-type contracts — 169 142,974 143,143 133,043 Fortitude Re funds withheld payable — — 27,170 27,170 27,170 Other liabilities — 3,704 — 3,704 3,704 Short-term debt — — 8,317 8,317 8,317 Long-term debt — 586 — 586 427 Debt of consolidated investment entities — 3,077 3,810 6,887 6,931 Separate account liabilities - investment contracts — 104,126 — 104,126 104,126 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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 Gross Fair Value (a) December 31, 2022 Bonds available for sale: U.S. government and government sponsored entities $ 1,405 $ — $ 17 $ (224) $ 1,198 Obligations of states, municipalities and political subdivisions 6,808 — 42 (924) 5,926 Non-U.S. governments 5,251 (5) 25 (879) 4,392 Corporate debt 124,068 (116) 729 (19,989) 104,692 Mortgage-backed, asset-backed and collateralized: RMBS 12,267 (27) 574 (870) 11,944 CMBS 11,176 — 7 (1,115) 10,068 CLO 8,547 — 15 (376) 8,186 ABS 11,752 — 15 (1,380) 10,387 Total mortgage-backed, asset-backed and collateralized 43,742 (27) 611 (3,741) 40,585 Total bonds available for sale (c) $ 181,274 $ (148) $ 1,424 $ (25,757) $ 156,793 (in millions) Amortized Cost or Costs (a) Allowance for Credit Losses (b) Gross Gross Fair Value (a) December 31, 2021 Bonds available for sale: U.S. government and government sponsored entities $ 1,406 $ — $ 306 $ — $ 1,712 Obligations of states, municipalities and political subdivisions 7,321 — 1,362 (7) 8,676 Non-U.S. governments 6,026 — 495 (124) 6,397 Corporate debt 128,417 (72) 12,674 (956) 140,063 Mortgage-backed, asset-backed and collateralized: RMBS 13,236 (6) 1,762 (34) 14,958 CMBS 10,903 — 451 (54) 11,300 CLO 7,382 — 73 (53) 7,402 ABS 7,902 — 205 (47) 8,060 Total mortgage-backed, asset-backed and collateralized 39,423 (6) 2,491 (188) 41,720 Total bonds available for sale (c) $ 182,593 $ (78) $ 17,328 $ (1,275) $ 198,568 (a) The table above includes available-for-sale securities issued by related parties. This includes RMBS which had a fair value of $39 million and $47 million, and an amortized cost of $43 million and $44 million as of December 31, 2022 and December 31, 2021, respectively. Additionally, this includes CDOs which had a fair value of $862 million and an amortized cost of $823 million as of December 31, 2021. There were no available-for-sale CDO securities issued by related parties as of December 31, 2022. (b) Represents the allowance for credit losses that have been recognized. Changes in the allowance for credit losses are recorded through Net realized gains (losses) and are not recognized in Other comprehensive income (loss). (c) At December 31, 2022 and December 31, 2021, the fair value of bonds available for sale held by us that were below investment grade or not rated totaled $16.7 billion and $20.4 billion, respectively. |
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 December 31, 2022 Bonds available for sale: U.S. government and government sponsored entities $ 761 $ 224 $ — $ — $ 761 $ 224 Obligations of states, municipalities and political subdivisions 5,076 924 — — 5,076 924 Non-U.S. governments 3,932 868 — — 3,932 868 Corporate debt 82,971 16,866 11,143 3,070 94,114 19,936 RMBS 6,227 653 903 171 7,130 824 CMBS 7,902 797 1,708 318 9,610 1,115 CLO 5,573 234 2,007 142 7,580 376 ABS 6,998 854 2,271 526 9,269 1,380 Total bonds available for sale $ 119,440 $ 21,420 $ 18,032 $ 4,227 $ 137,472 $ 25,647 December 31, 2021 Bonds available for sale: U.S. government and government sponsored entities $ — $ — $ — $ — $ — $ — Obligations of states, municipalities and political subdivisions 201 4 48 3 249 7 Non-U.S. governments 1,198 58 376 66 1,574 124 Corporate debt 19,916 513 6,922 387 26,838 900 RMBS 1,235 30 27 2 1,262 32 CMBS 2,498 36 79 18 2,577 54 CLO 3,829 48 21 5 3,850 53 ABS 2,540 43 140 4 2,680 47 Total bonds available for sale $ 31,417 $ 732 $ 7,613 $ 485 $ 39,030 $ 1,217 |
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 (in millions) Amortized Cost, Fair Value December 31, 2022 Due in one year or less $ 2,334 $ 2,290 Due after one year through five years 22,500 21,650 Due after five years through ten years 28,376 25,452 Due after ten years 84,201 66,816 Mortgage-backed, asset-backed and collateralized 43,715 40,585 Total $ 181,126 $ 156,793 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. |
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: Years Ended December 31, 2022 2021 2020 (in millions) Gross Gross Gross Gross Gross Gross Fixed maturity securities $ 120 $ (677) $ 894 $ (144) $ 1,022 $ (440) |
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: December 31, 2022 December 31, 2021 (in millions) Fair Value* Percent Fair Value* Percent Fixed maturity securities: Obligations of states, municipalities and political subdivisions $ 37 1 % $ 50 2 % Non-U.S. governments 22 1 % 17 1 % Corporate debt 2,222 56 % 1,000 43 % Mortgage-backed, asset-backed and collateralized: RMBS 165 4 % 199 9 % CMBS 232 6 % 234 10 % CLO 279 7 % 283 12 % ABS 812 21 % 299 13 % Total mortgage-backed, asset-backed and collateralized 1,488 38 % 1,015 44 % Total fixed maturity securities 3,769 96 % 2,082 90 % Equity securities 170 4 % 242 10 % Total $ 3,939 100 % $ 2,324 100 % *The table above includes other securities measured at fair value issued by related parties, which are primarily Corebridge affiliates that are not consolidated. There were no equity securities with related parties as of December 31, 2022 or December 31, 2021. |
Schedule Of Other Invested Assets | The following table summarizes the carrying amounts of other invested assets: (in millions) December 31, 2022 December 31, 2021 Alternative investments (a) (b) $ 8,014 $ 7,527 Investment real estate (c) 1,831 2,349 All other investments (d) 573 691 Total (e) $ 10,418 $ 10,567 (a) At December 31, 2022, included hedge funds of $884 million and private equity funds of $7.1 billion. At December 31, 2021, included hedge funds of $1.0 billion and private equity funds of $6.5 billion. (b) At December 31, 2022, approximately 77% of our hedge fund portfolio is available for redemption in 2023. The remaining 23% will be available for redemption between 2024 and 2028. At December 31, 2021, approximately 73% of our hedge fund portfolio is available for redemption in 2022. The remaining 27% will be available for redemption between 2023 and 2028. (c) Represents values net of accumulated depreciation of $616 million and $493 million as of December 31, 2022 and December 31, 2021, respectively. The accumulated depreciation related to the investment real estate held by legacy assets owned by us was $124 million and $123 million as of December 31, 2022 and December 31, 2021, respectively. (d) Includes Corebridge’s ownership interest in Fortitude Holdings, which is recorded using the measurement alternative for equity securities. Our investment in Fortitude Holdings totaled $156 million and $100 million at December 31, 2022 and December 31, 2021, respectively. (e) Includes investments in related parties, which totaled $6 million and $11 million as of December 31, 2022 and December 31, 2021, respectively. |
Equity Method Investments Summarized Financial Information | The following is the aggregated summarized financial information of our equity method investees, including those for which the fair value option has been elected: Years Ended December 31, (in millions) 2022 2021 2020 Operating results: Total revenues $ 6,316 $ 9,425 $ 2,375 Total expenses (579) (674) (778) Net income $ 5,737 $ 8,751 $ 1,597 December 31, (in millions) 2022 2021 Balance sheet: Total assets $ 39,181 $ 33,894 Total liabilities $ (3,551) $ (4,453) |
Carrying Amount and Ownership Percentage of Equity Method Investments | The following table presents the carrying amount and ownership percentage of equity method investments at December 31, 2022 and December 31, 2021: December 31, 2022 December 31, 2021 (in millions) Carrying Ownership Carrying Ownership Equity method investments $ 3,185 Various $ 2,797 Various |
Components of Net Investment Income | Years Ended December 31, 2022 2021 2020 (in millions) Excluding Fortitude Total Excluding Fortitude Total Excluding Fortitude Total Available-for-sale fixed maturity securities, including short-term investments $ 6,725 $ 954 $ 7,679 $ 6,837 $ 1,296 $ 8,133 $ 6,841 $ 1,279 $ 8,120 Other bond securities (30) (378) (408) 17 9 26 66 6 72 Equity securities (82) — (82) (290) — (290) 255 — 255 Interest on mortgage and other loans 1,703 176 1,879 1,479 184 1,663 1,489 166 1,655 Alternative investments* 675 170 845 1,851 318 2,169 584 12 596 Real estate 43 — 43 204 — 204 177 — 177 Other investments 100 — 100 115 — 115 13 — 13 Total investment income 9,134 922 10,056 10,213 1,807 12,020 9,425 1,463 10,888 Investment expenses 449 31 480 316 32 348 336 36 372 Net investment income $ 8,685 $ 891 $ 9,576 $ 9,897 $ 1,775 $ 11,672 $ 9,089 $ 1,427 $ 10,516 * Included income from hedge funds, private equity funds and affordable housing partnerships. 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 components of Net realized gains (losses): Years Ended December 31, 2022 2021 2020 (in millions) Excluding Fortitude Fortitude Total Excluding Fortitude Total Excluding Fortitude Total Sales of fixed maturity securities $ (325) $ (232) $ (557) $ 103 $ 647 $ 750 $ (78) $ 660 $ 582 Change in allowance for credit losses on fixed maturity securities (115) (31) (146) 8 3 11 (186) 17 (169) Change in allowance for credit losses on loans (76) (44) (120) 133 8 141 (61) 3 (58) Foreign exchange transactions, net of related hedges 695 61 756 305 20 325 89 (5) 84 Variable annuity embedded derivatives, net of related hedges 1,221 — 1,221 94 — 94 159 — 159 Fixed index annuity and indexed life embedded derivatives, net of related hedges 584 — 584 11 — 11 (766) — (766) All other derivatives and hedge accounting (43) (181) (224) (6) 9 3 (94) 423 329 Sales of alternative investments and real estate investments 179 43 222 794 237 1,031 158 (96) 62 Other (57) (13) (70) 176 — 176 14 — 14 Net realized gains (losses) – excluding Fortitude Re funds withheld embedded derivative 2,063 (397) 1,666 1,618 924 2,542 (765) 1,002 237 Net realized gains (losses) on Fortitude Re funds withheld embedded derivative — 6,347 6,347 — (687) (687) — (3,978) (3,978) Net realized gains (losses) $ 2,063 $ 5,950 $ 8,013 $ 1,618 $ 237 $ 1,855 $ (765) $ (2,976) $ (3,741) The following table presents the increase (decrease) in unrealized appreciation (depreciation) of our available-for-sale securities: Years Ended December 31, (in millions) 2022 2021 Increase (decrease) in unrealized appreciation (depreciation) of investments: Fixed maturity securities $ (40,386) $ (7,457) Other investments (15) — Total increase (decrease) in unrealized appreciation (depreciation) of investments $ (40,401) $ (7,457) 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: Years Ended December 31, 2022 2021 (in millions) Equities Other Invested Assets Total Equities Other Invested Assets Total Net gains (losses) recognized during the period on equity securities and other investments $ (82) $ 353 $ 271 $ (290) $ 1,362 $ 1,072 Less: Net gains (losses) recognized during the period on equity securities and other investments sold during the period (46) (11) (57) (255) 30 (225) Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date $ (36) $ 364 $ 328 $ (35) $ 1,332 $ 1,297 |
Rollforward of the Changes In Allowance for Credit Losses | Years Ended December 31, 2022 2021 2020 (in millions) Structured Non-Structured Total Structured Non-Structured Total Structured Structured Non-Structured Total Balance, beginning of year $ 8 $ 70 $ 78 $ 14 $ 117 $ 131 $ 5 $ — $ 5 Additions: Securities for which allowance for credit losses were not previously recorded 36 139 175 3 46 49 28 211 239 Purchases of available for sale debt securities accounted for as purchased credit deteriorated assets — — — — — — 25 — 25 Accretion of available for sale debt securities accounted for as purchased credit deteriorated assets — — — — — — 1 — 1 Reductions: Securities sold during the period (3) (48) (51) (4) (19) (23) (3) (21) (24) 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 (14) (15) (29) (5) (55) (60) (42) (4) (46) Write-offs charged against the allowance — (25) (25) — (19) (19) — (69) (69) Balance, end of year $ 27 $ 121 $ 148 $ 8 $ 70 $ 78 $ 14 $ 117 $ 131 |
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 and securities lending agreements: (in millions) December 31, 2022 December 31, 2021 Fixed maturity securities available for sale $ 2,968 $ 3,582 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 December 31, 2022 Bonds available for sale: Non-U.S. governments $ — $ 21 $ — $ — $ — $ 21 Corporate debt — 2,370 577 — — 2,947 Total $ — $ 2,391 $ 577 $ — $ — $ 2,968 December 31, 2021 Bonds available for sale: Non-U.S. governments $ 48 $ — $ — $ — $ — $ 48 Corporate debt 128 61 22 — — 211 Total $ 176 $ 61 $ 22 $ — $ — $ 259 The following table presents the fair value of securities pledged under our securities lending agreements by collateral type and by remaining contractual maturity: Remaining Contractual Maturity of the Securities Lending Agreements (in millions) Overnight and Continuous Up to 30 Days 31 - 90 Days 91 - 364 Days 365 Days or Greater Total December 31, 2021 Bonds available for sale: Obligations of states, municipalities and political subdivisions $ — $ — $ 106 $ — $ — $ 106 Non-U.S. government — — 43 — — 43 Corporate debt — 534 2,640 — — 3,174 Total $ — $ 534 $ 2,789 $ — $ — $ 3,323 |
Lending Activities (Tables)
Lending Activities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Receivables [Abstract] | |
Composition of Mortgages and Other Loans Receivable | The following table presents the composition of Mortgage and other loans receivable, net: (in millions) December 31, 2022 December 31, 2021 Commercial mortgages (a) $ 32,993 $ 30,528 Residential mortgages 5,856 4,672 Life insurance policy loans 1,750 1,832 Commercial loans, other loans and notes receivable (b) 4,567 2,852 Total mortgage and other loans receivable 45,166 39,884 Allowance for credit losses (c) (600) (496) Mortgage and other loans receivable, net $ 44,566 $ 39,388 (a) Commercial mortgages primarily represent loans for apartments, offices and retail properties, with exposures in New York and California representing the largest geographic concentrations (aggregating approximately 20% and 11%, respectively, at December 31, 2022, and 22% and 10%, respectively, at December 31, 2021). The weighted average loan-to-value ratio for NY and CA was 59% and 53% at December 31, 2022, respectively, and 51% and 53% at December 31, 2021, respectively. The debt service coverage ratio for NY and CA was 2.0X and 2.1X at December 31, 2022, respectively, and 2.0X and 1.9X at December 31, 2021, respectively. (b) Includes loans held for sale which are carried at lower cost or market, determined on an individual loan basis, and are collateralized primarily by apartments. As of December 31, 2022 and December 31, 2021, the net carrying value of these loans was $170 million and $15 million, respectively. (c) Does not include allowance for credit losses of $60 million and $57 million at December 31, 2022 and December 31, 2021, 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 (a) for commercial mortgages by year of vintage: December 31, 2022 (in millions) 2022 2021 2020 2019 2018 Prior Total >1.2X $ 5,382 $ 2,043 $ 1,521 $ 4,832 $ 3,505 $ 9,948 $ 27,231 1.00 - 1.20X 859 734 388 343 470 1,088 3,882 <1.00X 37 — 23 52 707 1,061 1,880 Total commercial mortgages $ 6,278 $ 2,777 $ 1,932 $ 5,227 $ 4,682 $ 12,097 $ 32,993 December 31, 2021 (in millions) 2021 2020 2019 2018 2017 Prior Total >1.2X $ 1,861 $ 1,520 $ 4,915 $ 3,300 $ 2,997 $ 9,005 $ 23,598 1.00 - 1.20X 463 810 598 1,030 88 1,684 4,673 <1.00X — 27 71 826 — 1,333 2,257 Total commercial mortgages $ 2,324 $ 2,357 $ 5,584 $ 5,156 $ 3,085 $ 12,022 $ 30,528 The following table presents loan-to-value ratios (b) for commercial mortgages by year of vintage: December 31, 2022 (in millions) 2022 2021 2020 2019 2018 Prior Total Less than 65% $ 5,270 $ 2,061 $ 1,515 $ 3,752 $ 2,666 $ 9,205 $ 24,469 65% to 75% 973 435 391 1,425 1,356 1,184 5,764 76% to 80% 35 43 — — 70 218 366 Greater than 80% — 238 26 50 590 1,490 2,394 Total commercial mortgages $ 6,278 $ 2,777 $ 1,932 $ 5,227 $ 4,682 $ 12,097 $ 32,993 December 31, 2021 (in millions) 2021 2020 2019 2018 2017 Prior Total Less than 65% $ 1,859 $ 1,935 $ 3,912 $ 4,072 $ 2,384 $ 8,264 $ 22,426 65% to 75% 304 396 1,672 1,084 340 2,814 6,610 76% to 80% — — — — 188 259 447 Greater than 80% 161 26 — — 173 685 1,045 Total commercial mortgages $ 2,324 $ 2,357 $ 5,584 $ 5,156 $ 3,085 $ 12,022 $ 30,528 (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 December 31, 2022 and 1.9X at December 31, 2021. The debt service coverage ratios have been updated within the last three months. The debt service coverage ratios are updated when additional 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 59% at December 31, 2022, and 57% at December 31, 2021. The loan-to-value ratios have been updated within the last three to nine months. The following table presents the credit quality performance indicators for commercial mortgages: (dollars in millions) Number Class Percent Apartments Offices Retail Industrial Hotel Others Total (c) December 31, 2022 Credit Quality Performance Indicator: In good standing 599 $ 13,226 $ 8,470 $ 3,192 $ 5,417 $ 1,749 $ 290 $ 32,344 98% Restructured (a) 9 — 329 94 — 59 — 482 1% 90 days or less delinquent — — — — — — — — —% >90 days delinquent or in process of foreclosure 3 — 167 — — — — 167 1% Total (b) 611 $ 13,226 $ 8,966 $ 3,286 $ 5,417 $ 1,808 $ 290 $ 32,993 100% Allowance for credit losses $ 89 $ 294 $ 54 $ 65 $ 23 $ 6 $ 531 2 % December 31, 2021 Credit Quality Performance Indicator: In good standing 613 $ 12,394 $ 8,370 $ 4,026 $ 3,262 $ 1,726 $ 301 $ 30,079 99% Restructured (a) 7 — 269 17 — 104 — 390 1% 90 days or less delinquent — — — — — — — — —% >90 days delinquent or in process of foreclosure 4 — 59 — — — — 59 —% Total (b) 624 $ 12,394 $ 8,698 $ 4,043 $ 3,262 $ 1,830 $ 301 $ 30,528 100% Allowance for credit losses $ 93 $ 193 $ 69 $ 39 $ 23 $ 6 $ 423 1 % (a) Loans that have been modified in troubled debt restructurings and are performing according to their restructured terms. For additional discussion of troubled debt restructurings, see the paragraphs below. (b) Does not reflect allowance for credit losses. (c) Our commercial mortgage loan portfolio is current as to payments of principal and interest, for both periods presented. There were no significant amounts of nonperforming commercial mortgages (defined as those loans where payment of contractual principal or interest is more than 90 days past due) during any of the periods presented. The following table presents credit quality performance indicators for residential mortgages by year of vintage: December 31, 2022 (in millions) 2022 2021 2020 2019 2018 Prior Total FICO*: 780 and greater $ 294 $ 2,141 $ 652 $ 229 $ 76 $ 437 $ 3,829 720 - 779 536 711 167 75 32 134 1,655 660 - 719 163 79 28 16 9 47 342 600 - 659 2 4 2 1 2 13 24 Less than 600 — — — 1 — 5 6 Total residential mortgages $ 995 $ 2,935 $ 849 $ 322 $ 119 $ 636 $ 5,856 December 31, 2021 (in millions) 2021 2020 2019 2018 2017 Prior Total FICO*: 780 and greater $ 1,398 $ 678 $ 284 $ 100 $ 107 $ 325 $ 2,892 720 - 779 1,118 225 83 41 36 94 1,597 660 - 719 44 39 20 11 13 33 160 600 - 659 1 1 2 3 2 6 15 Less than 600 — — — 1 1 6 8 Total residential mortgages $ 2,561 $ 943 $ 389 $ 156 $ 159 $ 464 $ 4,672 *Fair Isaac Corporation (“FICO”) is the credit quality indicator used to evaluate consumer credit risk for residential mortgage loan borrowers and has been updated within the last three months. |
Allowance for Credit Loss | The following table presents a roll forward of the changes in the allowance for credit losses on Mortgage and other loans receivable:* Years Ended December 31, 2022 2021 2020 (in millions) Commercial Mortgages Other Loans Total Commercial Mortgages Other Loans Total Commercial Mortgages Other Loans Total Allowance, beginning of year $ 423 $ 73 $ 496 $ 546 $ 111 $ 657 $ 266 $ 91 $ 357 Initial allowance upon CECL adoption — — — — — — 272 2 274 Loans charged off (13) — (13) (1) — (1) (12) (5) (17) Net charge-offs (13) — (13) (1) — (1) (12) (5) (17) Addition to (release of) allowance for loan losses 121 (4) 117 (122) (19) (141) 20 23 43 Divestitures — — — — (19) (19) — — — Allowance, end of year $ 531 $ 69 $ 600 $ 423 $ 73 $ 496 $ 546 $ 111 $ 657 * Does not include allowance for credit losses of $60 million, $57 million and $57 million, respectively, at December 31, 2022, 2021 and 2020 in relation to the off-balance-sheet commitments to fund commercial mortgage loans, which is recorded in Other liabilities in the Consolidated Balance Sheets. |
Reinsurance (Tables)
Reinsurance (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Insurance [Abstract] | |
Effects of Reinsurance | The following table presents the impacts of reinsurance ceded and the corresponding gross liabilities on the Consolidated Balance Sheets: December 31, (in millions) 2022 2021 Assets Reinsurance assets, net of allowance $ 2,980 $ 2,932 Reinsurance assets - Fortitude Re, net of allowance 27,794 28,472 Total Assets $ 30,774 $ 31,404 Liabilities Future policy benefits for life and accident and health insurance contracts $ 57,266 $ 57,751 Policyholder contract deposits 158,966 156,846 Other policyholder funds 3,331 2,849 Total Liabilities $ 219,563 $ 217,446 The following table presents premiums earned, policy fees, and policyholder benefits for our long-duration life insurance and annuity operations: Years Ended December 31, (in millions) 2022 2021 2020 Premiums Direct $ 4,739 $ 4,604 $ 4,384 Assumed * 1,318 2,265 1,073 Ceded (964) (1,232) (1,116) Net $ 5,093 $ 5,637 $ 4,341 Policy Fees Direct $ 3,048 $ 3,131 $ 2,957 Assumed — — — Ceded (76) (80) (83) Net $ 2,972 $ 3,051 $ 2,874 Policyholder benefits Direct $ 9,388 $ 10,583 $ 9,092 Assumed 92 78 32 Ceded (2,148) (2,611) (2,522) Net $ 7,332 $ 8,050 $ 6,602 * Assumed premiums includes premium from pension risk transfer agreements o f $1.3 billion, $2.3 billion, and $1.1 billion for the years ended December 31, 2022, 2021 and 2020, respectively. |
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: December 31, 2022 December 31, 2021 (in millions) Carrying Value Fair Value Carrying Value Fair Value Corresponding Accounting Policy Fixed maturity securities - available for sale $ 16,339 $ 16,339 $ 27,180 $ 27,180 Fair value through other comprehensive income Fixed maturity securities - fair value option 3,485 3,485 1,593 1,593 Fair value through net investment income Commercial mortgage loans 3,490 3,241 3,179 3,383 Amortized cost Real estate investments 133 348 201 395 Amortized cost Private equity funds/hedge funds 1,893 1,893 1,606 1,606 Fair value through net investment income Policy loans 355 355 380 380 Amortized cost Short-term Investments 69 69 50 50 Fair value through net investment income Funds withheld investment assets 25,764 25,730 34,189 34,587 Derivative assets, net (a) 90 90 81 81 Fair value through realized gains (losses) Other (b) 731 731 476 476 Amortized cost Total $ 26,585 $ 26,551 $ 34,746 $ 35,144 (a) The derivative assets and liabilities have been presented net of cash collateral. The derivative assets supporting the Fortitude Re funds withheld arrangements had a fair market value of $189 million a nd $387 million as of December 31, 2022 and December 31, 2021, respectively. These derivative assets and liabilities are fully collateralized either by cash or securities. (b) Primarily comprised of Cash and Accrued investment income. |
Summary of The Impact of Funds Withheld Arrangements | The impact of the funds withheld arrangements with Fortitude Re was as follows: Years Ended December 31, (in millions) 2022 2021 2020 Net investment income - Fortitude Re funds withheld assets $ 891 $ 1,775 $ 1,427 Net realized gains (losses) on Fortitude Re funds withheld assets: Net realized gains (losses) Fortitude Re funds withheld assets (397) 924 1,002 Net realized losses Fortitude Re funds withheld embedded derivatives 6,347 (687) (3,978) Net realized gains (losses) on Fortitude Re funds withheld assets 5,950 237 (2,976) Income (loss) before income tax benefit (expense) 6,841 2,012 (1,549) Income tax benefit (expense)* (1,437) (423) 325 Net income (loss) 5,404 1,589 (1,224) Change in unrealized appreciation (depreciation) of the invested assets supporting the Fortitude Re modco arrangement classified as available for sale* (5,064) (1,488) 1,165 Comprehensive income (loss) $ 340 $ 101 $ (59) * The income tax expense (benefit) and the tax impact in accumulated other comprehensive income was computed using Corebridge’s U.S. statutory tax rate of 21%. |
Reinsurance Recoverable, Allowance for Credit Loss | The following table presents a roll forward of the reinsurance recoverable allowance: Years Ended December 31, (in millions) 2022 2021 Balance, beginning of year $ 101 $ 83 Current period provision for expected credit losses and disputes 8 18 Write-offs charged against the allowance for credit losses and disputes — — Other changes (25) Balance, end of year $ 84 $ 101 |
Deferred Policy Acquisition C_2
Deferred Policy Acquisition Costs (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Deferred Policy Acquisition Costs | The following table presents a roll forward of DAC: Years Ended December 31, (in millions) 2022 2021 2020 Balance, beginning of year $ 7,949 $ 7,241 $ 7,939 Impact of CECL adoption — — 15 Capitalizations 991 1,000 889 Amortization expense (1,420) (1,046) (532) Change related to unrealized (appreciation) depreciation of investments 5,631 760 (1,085) Other, including foreign exchange (64) (6) 15 Balance, end of year $ 13,087 $ 7,949 $ 7,241 The following table presents a roll forward of VOBA: Years Ended December 31, (in millions) 2022 2021 2020 Balance, beginning of year $ 109 $ 122 $ 130 Acquisitions — — — Amortization expense (11) (11) (11) Change related to unrealized (appreciation) depreciation of investments 4 (1) 2 Other, including foreign exchange (10) (1) 1 Balance, end of year $ 92 $ 109 $ 122 The following table presents a roll forward of DSI: Years Ended December 31, (in millions) 2022 2021 2020 Balance, beginning of year $ 307 $ 285 $ 437 Capitalizations 8 11 11 Amortization expense (95) (116) (64) Change related to unrealized (appreciation) depreciation of investments 669 127 (99) Balance, end of year $ 889 $ 307 $ 285 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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 Consolidated Balance Sheets: (in millions) Real Estate and Investment Entities (c) Securitization Total December 31, 2022 Assets: Bonds available for sale $ — $ 3,571 $ 3,571 Other bond securities — — — Equity securities 51 — 51 Mortgage and other loans receivable — 2,088 2,088 Other invested assets Alternative investments (a) 2,842 — 2,842 Investment real estate 1,731 — 1,731 Short-term investments 191 265 456 Cash 71 — 71 Accrued investment income — 7 7 Other assets 102 68 170 Total assets (b) $ 4,988 $ 5,999 $ 10,987 Liabilities: Debt of consolidated investment entities $ 1,382 $ 4,576 $ 5,958 Other liabilities 85 47 132 Total liabilities $ 1,467 $ 4,623 $ 6,090 December 31, 2021 Assets: Bonds available for sale $ — $ 5,393 $ 5,393 Other bond securities — — — Equity securities 223 — 223 Mortgage and other loans receivable — 2,359 2,359 Other invested assets Alternative investments (a) 3,017 — 3,017 Investment real estate 2,257 — 2,257 Short-term investments 467 151 618 Cash 93 — 93 Accrued investment income — 15 15 Other assets 188 557 745 Total assets (b) $ 6,245 $ 8,475 $ 14,720 Liabilities: Debt of consolidated investment entities $ 1,743 $ 5,193 $ 6,936 Other liabilities 112 723 835 Total liabilities $ 1,855 $ 5,916 $ 7,771 (a) Composed primarily of investments in real estate joint ventures at December 31, 2022 and December 31, 2021. (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 December 31, 2022 and December 31, 2021, together the Company and AIG affiliates have commitments to internal parties of $2.1 billion and $2.4 billion and commitments to external parties of $0.6 billion and $0.6 billion, respectively. At December 31, 2022, $1.4 billion out of the internal commitments was from subsidiaries of Corebridge entities and $0.7 billion was from other AIG affiliates. At December 31, 2021, $1.5 billion out of the internal commitments was from subsidiaries of Corebridge entities, and $0.9 billion was from other AIG affiliates. 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 On-Balance Sheet (b) Off-Balance Sheet (c) Total December 31, 2022 Real estate and investment entities (a) $ 376,055 $ 5,575 $ 2,784 $ 8,359 Total $ 376,055 $ 5,575 $ 2,784 $ 8,359 December 31, 2021 Real estate and investment entities (a) $ 309,866 $ 4,459 $ 2,452 $ 6,911 Total $ 309,866 $ 4,459 $ 2,452 $ 6,911 (a) Composed primarily of hedge funds and private equity funds. (b) At December 31, 2022 and December 31, 2021, $5.6 billion and $4.5 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. |
Derivatives and Hedge Account_2
Derivatives and Hedge Accounting (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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 Consolidated Balance Sheets: December 31, 2022 December 31, 2021 Gross Derivative Gross Derivative Liabilities Gross Derivative Gross Derivative Liabilities (in millions) Notional Fair Notional Fair Notional Fair Notional Fair Derivatives designated as hedging instruments: (a) Interest rate contracts $ 155 $ 202 $ 1,798 $ 77 $ 352 $ 274 $ 980 $ 14 Foreign exchange contracts 3,535 575 3,354 176 4,058 262 2,861 55 Derivatives not designated as hedging instruments: (a) Interest rate contracts 27,656 1,371 21,553 2,599 28,056 1,637 23,219 1,562 Foreign exchange contracts 4,630 672 6,673 456 4,047 410 5,413 311 Equity contracts 26,041 417 9,962 27 60,192 4,670 38,932 4,071 Credit contracts — — — — 1,840 1 — — Other contracts (b) 47,128 15 48 — 43,839 13 133 — Total derivatives, gross $ 109,145 $ 3,252 $ 43,388 $ 3,335 $ 142,384 $ 7,267 $ 71,538 $ 6,013 Counterparty netting (c) (2,547) (2,547) (5,785) (5,785) Cash collateral (d) (406) (691) (798) (37) Total derivatives on Consolidated Balance Sheets (e) $ 299 $ 97 $ 684 $ 191 (a) Fair value amounts are shown before the effects of counterparty netting adjustments and offsetting cash collateral. (b) Consists primarily of stable value wraps 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 $9 million and zero, respectively, at December 31, 2022 and December 31, 2021. Fair value of liabilities related to bifurcated embedded derivatives was $8.4 billion and $17.7 billion, respectively, at December 31, 2022 and December 31, 2021. A bifurcated embedded derivative is generally presented with the host contract in the Consolidated Balance Sheets. Embedded derivatives are primarily related to guarantee features in variable annuity products, 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: December 31, 2022 December 31, 2021 Gross Derivative Gross Derivative Gross Derivative Gross Derivative (in millions) Notional Fair Notional Fair Notional Fair Notional Fair Total derivatives with related parties $ 60,633 $ 3,177 $ 42,109 $ 3,154 $ 96,862 $ 7,182 $ 68,623 $ 5,778 Total derivatives with third parties 48,512 75 1,279 181 45,522 85 2,915 235 Total derivatives, gross $ 109,145 $ 3,252 $ 43,388 $ 3,335 $ 142,384 $ 7,267 $ 71,538 $ 6,013 As of December 31, 2022 and December 31, 2021, the following amounts were recorded on the 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: December 31, 2022 December 31, 2021 (in millions) Carrying Cumulative Amount of Carrying Cumulative Amount of Balance sheet line item in which hedged item is recorded: Fixed maturities, available for sale, at fair value $ 6,520 $ — $ 7,478 $ — Commercial mortgage and other loans (a) — (25) — (6) Policyholder contract deposits (b) (2,218) 68 (1,500) (79) (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 Consolidated Statements of Income: Gains/(Losses) Recognized in Earnings for: (in millions) Hedging Derivatives (a)(c) Excluded Components (b)(c) Hedged Net Impact Year Ended December 31, 2022 Interest rate contracts: Realized gains (losses) $ — $ — $ — $ — Interest credited to policyholder account balances (156) — 151 (5) Net investment income 11 — (12) (1) Foreign exchange contracts: Realized gains (losses) 459 171 (459) 171 Year Ended December 31, 2021 Interest rate contracts: Realized gains (losses) $ — $ — $ — $ — Interest credited to policyholder account balances (62) 18 54 10 Net investment income 9 — (11) (2) Foreign exchange contracts: Realized gains (losses) 260 31 (260) 31 Year Ended December 31, 2020 Interest rate contracts: Realized gains (losses) $ — $ — $ — $ — Interest credited to policyholder account balances 47 1 (53) (5) Net investment income (6) — 5 (1) Foreign exchange contracts: Realized gains (losses) (298) 98 298 98 (a) Gains and losses on derivative instruments designated and qualifying in fair value hedges that are included in the assessment of hedge effectiveness. (b) 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. (c) Primarily consists of gains and losses with related parties. DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS The following table presents the effect of derivative instruments not designated as hedging instruments in the Consolidated Statements of Income: Years Ended December 31, Gains (Losses) Recognized in Earnings (in millions) 2022 2021 2020 By Derivative Type: Interest rate contracts $ (2,386) $ (585) $ 1,643 Foreign exchange contracts 1,028 476 (239) Equity contracts (483) (742) 206 Credit contracts (1) (11) 42 Other contracts 64 64 60 Embedded derivatives within policyholder contract deposits 4,427 1,450 (2,154) Fortitude Re funds withheld embedded derivative 6,347 (687) (3,978) Total (a) $ 8,996 $ (35) $ (4,420) By Classification: Policy fees $ 61 $ 62 $ 62 Net investment income (10) 6 2 Net realized gains - excluding Fortitude Re funds withheld assets 2,738 555 (916) Net realized gains (losses) on Fortitude Re funds withheld assets (121) 33 398 Net realized gains (losses) on Fortitude Re funds withheld embedded derivatives 6,347 (687) (3,978) Policyholder benefits (19) (4) 12 Total (a) $ 8,996 $ (35) $ (4,420) (a) Includes gains (losses) with related parties of $(2.5) billion, $(363) million and $2.4 billion for the years ended December 31, 2022, 2021, and 2020 , respectively. HYBRID SECURITIES WITH EMBEDDED CREDIT DERIVATIVES |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The following table presents the changes in goodwill by operating segment: (in millions) Life Corporate Total Balance at January 1, 2020 Goodwill - gross $ 231 $ 54 $ 285 Accumulated impairments (67) (10) (77) Net goodwill 164 44 208 Increase (decrease) due to: Dispositions — — — Other * 10 — 10 Balance at December 31, 2020: Goodwill - gross 241 54 295 Accumulated impairments (67) (10) (77) Net goodwill 174 44 218 Increase (decrease) due to: Dispositions — (21) (21) Other * (5) — (5) Balance at December 31, 2021: Goodwill - gross 236 33 269 Accumulated impairments (67) (10) (77) Net goodwill 169 23 192 Increase (decrease) due to: Dispositions — — — Other * (16) (1) (17) Balance at December 31, 2022: Goodwill - gross 220 32 252 Accumulated impairments (67) (10) (77) Net goodwill $ 153 $ 22 $ 175 * Other primarily relates to changes in foreign currencies. |
Schedule of Finite-Lived Intangible Assets | The following table presents the changes in other intangible assets by operating segment: (in millions) Life Corporate Total Other intangible assets Balance at January 1, 2020 $ 24 $ 11 $ 35 Increase (decrease) due to: Dispositions — — — Amortization (4) (2) (6) Other 3 (1) 2 Balance at December 31, 2020 $ 23 $ 8 $ 31 Increase (decrease) due to: Dispositions $ — $ (5) $ (5) Amortization (4) (3) (7) Other (1) — (1) Balance at December 31, 2021 $ 18 $ — $ 18 Increase (decrease) due to: Dispositions $ — $ — $ — Amortization (4) — (4) Other (2) — (2) Balance at December 31, 2022 $ 12 $ — $ 12 |
Insurance Liabilities (Tables)
Insurance Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Insurance [Abstract] | |
Changes in GMBD Liability Related to Variable Annuity Contracts | The following table presents the liability for universal life policies with secondary guarantees and similar features (excluding account balances and embedded derivatives): Years Ended December 31, (in millions) 2022 2021 2020 Balance, beginning of year $ 4,505 $ 4,751 $ 3,794 Incurred guaranteed benefits* 740 603 1,034 Paid guaranteed benefits (588) (489) (470) Changes related to unrealized appreciation (depreciation) of investments (1,832) (360) 393 Balance, end of year $ 2,825 $ 4,505 $ 4,751 * Incurred guaranteed benefits include the portion of assessments established as additions to reserves as well as changes in estimates (assumption unlockings) affecting these reserves. The following table presents details concerning our universal life policies with secondary guarantees and similar features: December 31, December 31, (dollars in millions) 2022 2021 Account value $ 3,514 $ 3,313 Net amount at risk $ 69,335 $ 65,801 Average attained age of contract holders 53 53 Account balances of variable annuity contracts with guarantees were invested in separate account investment options as follows: December 31, December 31, 2022 2021 (in millions) Individual Group Individual Group Equity funds $ 22,473 $ 24,491 $ 28,524 $ 33,718 Bond funds 3,722 3,966 4,651 4,364 Balanced funds 17,311 5,082 23,018 6,293 Money market funds 702 552 546 459 Total $ 44,208 $ 34,091 $ 56,739 $ 44,834 The following table presents details concerning our GMDB exposures by benefit type for Individual Retirement: December 31, 2022 ( dollars in millions ) Return of Account Return of Rollups Highest Contract Account values: General account $ 443 $ 3,925 $ 421 $ 1,310 Separate accounts 3,288 27,251 1,703 11,966 Total account values $ 3,731 $ 31,176 $ 2,124 $ 13,276 Net amount at risk - gross $ — $ 755 $ 420 $ 2,313 Net amount at risk - net $ — $ 749 $ 383 $ 2,077 Average attained age of contract holders by product 67 70 75 72 Percentage of policyholders age 70 and over 30.3 % 50.3 % 68.2 % 60.2 % Range of guaranteed minimum return rates 0.0% - 4.5% December 31, 2021 Account values: General account $ 382 $ 4,055 $ 447 $ 1,366 Separate accounts 3,543 34,811 2,453 15,932 Total account values $ 3,925 $ 38,866 $ 2,900 $ 17,298 Net amount at risk - gross $ — $ 22 $ 363 $ 341 Net amount at risk - net $ — $ 21 $ 327 $ 257 Average attained age of contract holders by product 66 70 75 71 Percentage of policyholders age 70 and over 27.8 % 47.0 % 66.9 % 58.1 % Range of guaranteed minimum return rates 0.0% - 4.5% The following table presents details concerning our GMDB exposures by benefit type for Group Retirement: December 31, 2022 ( dollars in millions ) Return of Return of Premium Rollups * Highest Contract Account values: General account $ 37 $ 5,301 $ 17,980 $ 3 Separate accounts 257 4,600 29,177 57 Total Account Values $ 294 $ 9,901 $ 47,157 $ 60 Net amount at risk - gross $ — $ 32 $ 349 $ 12 Net amount at risk - net $ — $ 32 $ 349 $ 12 Average attained age of contract holders by product 65 65 63 68 Percentage of policyholders age 70 and over 18.7 % 19.4 % 15.4 % 32.6 % Range of guaranteed minimum return rates 0.0% - 4.5% December 31, 2021 Account values: General account $ 35 $ 5,511 $ 18,863 $ 4 Separate accounts 290 6,056 38,419 69 Total Account Values $ 325 $ 11,567 $ 57,282 $ 73 Net amount at risk - gross $ — $ 9 $ 152 $ — Net amount at risk - net $ — $ 9 $ 152 $ — Average attained age of contract holders by product 64 64 63 68 Percentage of policyholders age 70 and over 14.9 % 17.9 % 14.2 % 31.1 % Range of guaranteed minimum return rates 0.0%-4.5% * Group Retirement guaranteed rollup benefits generally revert to the return of premium at age 70. As of December 31, 2022, this includes 202,994 contracts for policyholders age 70 and over, with associated account values of $8.5 billion held in the general account and $6.9 billion held in separate accounts; as of December 31, 2021, this includes 192,606 contracts for policyholders age 70 and over, with associated account values of $8.3 billion held in the general account and $8.5 billion held in separate accounts. These contracts which have reverted to return of premium benefits due to the attained age of the policyholder represent a net amount at risk of $64 million and $19 million at December 31, 2022 and December 31, 2021, respectively. The following summarizes the Individual Retirement GMDB liability related to variable annuity contracts: Years Ended December 31, (in millions) 2022 2021 2020 Balance, beginning of year $ 445 $ 382 $ 371 Reserve increase (decrease) 109 103 36 Benefits paid (67) (33) (41) Changes related to unrealized appreciation (depreciation) of investments (53) (7) 16 Balance, end of year $ 434 $ 445 $ 382 The following summarizes the Group Retirement GMDB liability related to variable annuity contracts, excluding assumed reinsurance * : Years Ended December 31, (in millions) 2022 2021 2020 Balance, beginning of year $ 35 $ 40 $ 21 Reserve increase (decrease) 12 3 2 Benefits paid (2) (2) (2) Changes related to unrealized appreciation (depreciation) of investments (29) (6) 19 Balance, end of year $ 16 $ 35 $ 40 * The assumed reinsurance reserves for GMDB liability related to variable annuity contract is $14 million, $16 million and $16.7 million as of December 31, 2022, 2021 and 2020, respectively. The following table presents the Individual Retirement details concerning our fixed annuities and fixed index annuities GMWB and GMDB exposures that are not accounted for as derivatives, by benefit type: December 31, 2022 (dollars in millions) Fixed Annuities Fixed Index Annuities Total Account value*: Fixed accounts $ 3,990 $ 508 $ 4,498 Indexed accounts — 6,653 6,653 Total account values $ 3,990 $ 7,161 $ 11,151 GMWB and GMDB reserve: Base reserve $ 389 $ 610 $ 999 Reserves related to unrealized appreciation of investments (298) (308) (606) Total GMWB and GMDB reserve $ 91 $ 302 $ 393 Average attained age of contract holders by product 68 68 — December 31, 2021 Account values * : Fixed accounts $ 3,541 $ 487 $ 4,028 Indexed accounts — 6,361 6,361 Total account values $ 3,541 $ 6,848 $ 10,389 GMWB and GMDB reserve: Base reserve $ 270 $ 467 $ 737 Reserves related to unrealized appreciation of investments 187 161 348 Total GMWB and GMDB reserve $ 457 $ 628 $ 1,085 Average attained age of contract holders by product 68 67 — * Fixed annuities and fixed index annuities that offer GMWB and GMDB exposures are offered through the general account. The following table presents the Group Retirement details concerning our fixed annuities and fixed index annuities GMWB exposures that are not accounted for as derivatives, by benefit type: December 31, 2022 (dollars in millions) Fixed Annuities Fixed Index Annuities Total Account values * : Fixed account $ 647 $ 134 $ 781 Indexed accounts — 1,365 1,365 Total account values $ 647 $ 1,499 $ 2,146 GMWB reserves: Base reserve $ 61 $ 133 $ 194 Reserves related to unrealized appreciation of investments (11) (82) (93) Total GMWB reserves $ 50 $ 51 $ 101 Average attained age of contract holders by product 70 69 — December 31, 2021 Fixed Annuities Fixed Index Annuities Total Account values * : Fixed account $ 603 $ 129 $ 732 Indexed accounts — 1,409 1,409 Total account values $ 603 $ 1,538 $ 2,141 GMWB reserves: Base reserve $ 42 $ 101 $ 143 Reserves related to unrealized appreciation of investments 5 46 51 Total GMWB reserves $ 47 $ 147 $ 194 Average attained age of contract holders by product 69 68 — * Fixed annuities and fixed index annuities that offer GMWB exposures are offered through the general account. The following summarizes the Individual Retirement GMWB liability related to Fixed Annuities: Years Ended December 31, Years Ended December 31, (in millions) 2022 2021 2020 Balance, beginning of year $ 457 $ 353 $ 38 Reserve increase (decrease) 119 132 100 Benefits paid — — — Changes related to unrealized appreciation (depreciation) of investments (485) (28) 215 Balance, end of year $ 91 $ 457 $ 353 The following summarizes the Individual Retirement GMWB and GMDB liability related to Fixed Index Annuities: Years Ended December 31, Years Ended December 31, (in millions) 2022 2021 2020 Balance, beginning of year $ 628 $ 637 $ 439 Reserve increase (decrease) 143 94 74 Benefits paid — — — Changes related to unrealized appreciation (depreciation) of investments (469) (103) 124 Balance, end of year $ 302 $ 628 $ 637 The following summarizes the Group Retirement GMWB and GMDB liability related to Fixed Annuities: Years Ended December 31, Years Ended December 31, (in millions) 2022 2021 2020 Balance, beginning of year $ 47 $ 32 $ 5 Reserve increase (decrease) 19 18 19 Benefits paid — — — Changes related to unrealized appreciation (depreciation) of investments (16) (3) 8 Balance, end of year $ 50 $ 47 $ 32 The following summarizes the Group Retirement GMWB and GMDB liability related to Fixed Index Annuities: Years Ended December 31, Years Ended December 31, (in millions) 2022 2021 2020 Balance, beginning of year $ 147 $ 133 $ 103 Reserve increase (decrease) 32 30 12 Benefits paid — — — Changes related to unrealized appreciation (depreciation) of investments (128) (16) 18 Balance, end of year $ 51 $ 147 $ 133 |
Liability for Future Policy Benefit, Activity | The following table presents Future policy benefits by contract type*: December 31, 2022 2021 (in millions) Traditional Interest-Sensitive Total Traditional Interest-Sensitive Total Future policy benefits: Individual Retirement $ 1,493 $ 828 $ 2,321 $ 1,374 $ 1,530 $ 2,904 Group Retirement 221 130 351 226 245 471 Life Insurance 12,338 3,177 15,515 12,037 4,928 16,965 Institutional Markets 16,307 — 16,307 14,194 — 14,194 Fortitude Re 22,716 56 22,772 23,217 — 23,217 Total Future policy benefits $ 53,075 $ 4,191 $ 57,266 $ 51,048 $ 6,703 $ 57,751 * Traditional benefits represent future policy benefits for traditional long-duration insurance contracts such as life contingent payout annuities, participating life, traditional life and accident and health insurance. Interest-sensitive benefits represent future policy benefits for investment-oriented contracts such as universal life, variable and fixed annuities, and fixed index annuities. |
Policyholder Account Balance | The following table presents Policyholder contract deposits by segment: December 31, (in millions) 2022 2021 Policyholder contract deposits (a)(b) : Individual Retirement $ 90,069 $ 87,664 Group Retirement 43,332 44,087 Life Insurance 10,258 10,299 Institutional Markets 11,718 10,970 Fortitude Re (c) 3,589 3,826 Total Policyholder contract deposits $ 158,966 $ 156,846 (a) As of December 31, 2022, reserves related to Embedded Derivatives as part of Policyholder contract deposit include $5.8 billion in Individual Retirement, $653 million in Group Retirement, $710 million in Life Insurance and $41 million in Institutional Markets. As of December 31, 2021, reserves related to Embedded Derivatives as part of Policyholder contract deposit include $8.0 billion in Individual Retirement, $891 million in Group Retirement, $765 million in Life Insurance and $54 million in Institutional Markets. (b) As of December 31, 2022, FHLB funding agreements included in Policyholder contract deposits include $1.1 billion in Individual Retirement, $209 million in Group Retirement and $3.2 billion in Institutional Markets. As of December 31, 2021, FHLB funding agreements included in Policyholder contract deposits include $1.1 billion in Individual Retirement, $209 million in Group Retirement and $2.2 billion in Institutional Markets. (c) Balances related to Fortitude Re are a component of Corporate and Other. |
Insurance Activity, Funding Arrangements | The following table presents details concerning our funding agreements as of December 31, 2022: December 31, 2022 Payments due by period (in millions) Gross Amounts 2023 2024-2025 2026-2027 Thereafter Stated Interest rates FHLB Facility FHLB of Dallas $ 3,357 $ — $ 52 $ 378 $ 2,927 DNU Auction* + 22 to 30 bps FHLB of Dallas 1,000 — — 1,000 — 3.53 % FHLB of New York 241 — 241 — — 1.52% to 2.70% $ 4,598 $ — $ 293 $ 1,378 $ 2,927 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Summary of Debt | The following table lists our total debt outstanding at December 31, 2022 and December 31, 2021. The interest rates presented in the following table are the range of contractual rates in effect at December 31, 2022, including fixed and variable rates: (in millions) Range of Maturity December 31, 2022 December 31, 2021 Short-term debt issued or borrowed by Corebridge: Affiliated senior promissory note with AIG LIBOR+100bps 2022 $ — $ 8,317 Three 5.80 % 2023 1,500 — Total short-term debt 1,500 8,317 Long-term debt issued by Corebridge: Senior unsecured notes * 3.50% - 4.40% 2025 - 2052 6,500 — Hybrid junior subordinated notes 6.875% 2052 1,000 — Long-term debt issued by Corebridge subsidiaries: AIGLH notes 6.63% - 7.50% 2025 - 2029 200 200 AIGLH junior subordinated debentures 7.57% - 8.50% 2030 - 2046 227 227 Total long-term debt 7,927 427 Debt issuance costs (59) — Total long-term debt, net of debt issuance costs 7,868 427 Debt of consolidated investment entities - not guaranteed by Corebridge 0.00% -12.27% 2023 - 2051 5,958 6,936 Total debt, net of issuance costs $ 15,326 $ 15,680 * Interest rates reflect contractual amounts and do not reflect the effective borrowing rate after giving effect to the cash flow hedges. |
Schedule of Maturities of Long-Term Debt | The following table presents maturities of short-term and long-term debt (including unamortized original issue discount when applicable). December 31, 2022 Year Ending (in millions) Total 2023 2024 2025 2026 2027 Thereafter Short-term and Long-term debt issued by Corebridge: Three $ 1,500 $ 1,500 $ — $ — $ — $ — $ — Senior unsecured notes 6,500 — — 1,000 — 1,250 4,250 Hybrid junior subordinated notes 1,000 — — — — — 1,000 AIGLH notes 200 — — 101 — — 99 AIGLH junior subordinated debentures 227 — — — — — 227 Total short-term and long-term debt issued by Corebridge $ 9,427 $ 1,500 $ — $ 1,101 $ — $ 1,250 $ 5,576 * On September 15, 2022, Corebridge Parent borrowed an aggregate principal amount of $1.5 billion under the Three-Year DDTL Facility through October 20, 2022. We continued this borrowing through June 21, 2023. We have the ability to further continue this borrowing through February 25, 2025. |
Contingencies, Commitments an_2
Contingencies, Commitments and Guarantees (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Lessee, Operating Lease, Liability, Maturity | The following table presents the future undiscounted cash flows under operating leases at December 31, 2022: (in millions) 2023 $ 16 2024 9 2025 7 2026 6 2027 2 Remaining years after 2027 6 Total undiscounted lease payments 46 Less: Present value adjustment 3 Net lease liabilities $ 43 |
Equity and Redeemable Noncont_2
Equity and Redeemable Noncontrolling Interest (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Dividends Declared | Declaration Date Record Date Payment Date Dividend Paid Per Common Share November 8, 2022 December 16, 2022 December 30, 2022 $ 0.23 September 30, 2022 October 10, 2022 October 20, 2022 $ 0.23 |
Rollforward of Accumulated Other Comprehensive Income (Loss) | The following table presents a roll forward of Accumulated other comprehensive income (loss): (in millions) Unrealized Appreciation (Depreciation) of Fixed Maturity Securities on Which allowance Unrealized Appreciation (Depreciation) of All Other Investments Cash Flow Hedges Foreign Currency Translation Adjustments Retirement Plan Liabilities Adjustment Total Balance at December 31, 2019, net of tax $ — $ 9,361 $ — $ (40) $ 8 $ 9,329 Change in unrealized depreciation of investments (89) 8,984 — — — 8,895 Change in deferred policy acquisition costs adjustment and other 11 (1,194) — — — (1,183) Change in future policy benefits — (870) — — — (870) Change in cash value hedges — — — — — — Change in foreign currency translation adjustments — — — 61 — 61 Change in net actuarial loss — — — — (2) (2) Change in prior service credit — — — — — — Change in deferred tax asset (liability) 16 (1,583) — (4) — (1,571) Total other comprehensive income (62) 5,337 — 57 (2) 5,330 Less: Noncontrolling interests — — — 6 — 6 Balance at December 31, 2020, net of tax $ (62) $ 14,698 $ — $ 11 $ 6 $ 14,653 Change in unrealized depreciation of investments 39 (7,496) — — — (7,457) Change in deferred policy acquisition costs adjustment and other (11) 973 — — — 962 Change in future policy benefits — 915 — — — 915 Change in foreign currency translation adjustments — — — (22) — (22) Change in net actuarial loss — — — — 1 1 Change in prior service credit — — — — — — Change in deferred tax asset (liability) (6) 1,099 — 2 — 1,095 Total other comprehensive income 22 (4,509) — (20) 1 (4,506) Other — 20 — — — 20 Less: Noncontrolling interests — — — — — — Balance at December 31, 2021, net of tax $ (40) $ 10,209 $ — $ (9) $ 7 $ 10,167 Change in unrealized depreciation of investments (78) (40,323) — — — (40,401) Change in deferred policy acquisition costs adjustment and other 9 6,296 — — — 6,305 Change in future policy benefits — 2,612 — — — 2,612 Change in cash flow hedges — — 203 — — 203 Change in foreign currency translation adjustments — — — (109) — (109) Change in net actuarial loss — — — — 2 2 Change in deferred tax asset (liability) 15 5,287 (46) 8 — 5,264 Total other comprehensive income (loss) (54) (26,128) 157 (101) 2 (26,124) Less: Noncontrolling interests — — — (10) — (10) Balance, December 31, 2022, net of tax $ (94) $ (15,919) $ 157 $ (100) $ 9 $ (15,947) |
Reclassification out of Accumulated Other Comprehensive Income | The following table presents the other comprehensive income (loss) reclassification adjustments for the years ended December 31, 2022, 2021, and 2020 respectively: (in millions) Unrealized Appreciation (Depreciation) of Fixed Maturity Securities on Which Allowance Unrealized Appreciation (Depreciation) of All Other Investments Cash Flow Hedges Foreign Currency Translation Adjustments Retirement Plan Liabilities Adjustment Total Year Ended December 31, 2022 Unrealized change arising during period $ (80) $ (31,963) $ 203 $ (109) $ 2 $ (31,947) Less: Reclassification adjustments included in net income (11) (548) — — — (559) Total other comprehensive income (loss), (69) (31,415) 203 (109) 2 (31,388) Less: Income tax expense (benefit) (15) (5,287) 46 (8) — (5,264) Total other comprehensive income (loss), $ (54) $ (26,128) $ 157 $ (101) $ 2 $ (26,124) Year Ended December 31, 2021 Unrealized change arising during period $ 28 $ (4,860) $ — $ (21) $ 1 $ (4,852) Less: Reclassification adjustments included in net income — 748 — — — 748 Total other comprehensive income (loss), 28 (5,608) — (21) 1 (5,600) Less: Income tax expense (benefit) 6 (1,099) — (1) — (1,094) Total other comprehensive income (loss), $ 22 $ (4,509) $ — $ (20) $ 1 $ (4,506) Year Ended December 31, 2020 Unrealized change arising during period $ (107) $ 7,558 $ — $ 60 $ (2) $ 7,509 Less: Reclassification adjustments included in net income (29) 636 — — — 607 Total other comprehensive income (loss), (78) 6,922 — 60 (2) 6,902 Less: Income tax expense (benefit) (16) 1,585 — 3 — 1,572 Total other comprehensive income (loss), $ (62) $ 5,337 $ — $ 57 $ (2) $ 5,330 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 Consolidated Statements of Income: Amount Reclassified from AOCI Affected Line Item in the Consolidated Statements of Income (Loss) Years Ended December 31, (in millions) 2022 2021 2020 Unrealized appreciation (depreciation) of fixed maturity securities on which allowance for credit losses was taken Investments $ (11) $ — $ (29) Net realized gains (losses) Total (11) — (29) Unrealized appreciation (depreciation) of all other investments Investments (548) 748 636 Net realized gains (losses) Total (548) 748 636 Total reclassifications for the period $ (559) $ 748 $ 607 |
Rollforward of Redeemable Noncontrolling Interest | The following table presents a roll forward of redeemable noncontrolling interest: Redeemable Noncontrolling Interest Years Ended December 31, (in millions) 2022 2021 2020 Beginning balance $ 83 $ 51 $ — Distributions to noncontrolling interests (83) — — Contributions from noncontrolling interests — 32 50 Net income attributable to redeemable noncontrolling interest — — 1 Ending balance $ — $ 83 $ 51 |
Non-Redeemable Noncontrolling Interest | Non-Redeemable Noncontrolling Interest Years Ended December 31, (in millions) 2022 2021 2020 Beginning balance $ 1,759 $ 2,549 $ 1,874 Net income attributable to redeemable noncontrolling interest 320 929 224 Other comprehensive loss, net of tax (10) — 6 Changes in noncontrolling interests due to divestitures and acquisitions (104) (373) 633 Contributions from noncontrolling interests 155 264 268 Distributions to noncontrolling interests (1,181) (1,611) (454) Other — 1 (2) Ending balance $ 939 $ 1,759 $ 2,549 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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 years ended December 31, 2022, 2021 and 2020: Years Ended December 31, (in millions, except per common share data) 2022 2021 2020 Numerator for EPS: Net income (loss) $ 8,469 N/A N/A Less: Net income (loss) attributable to noncontrolling interests 320 N/A N/A Net income (loss) attributable to Corebridge common shareholders $ 8,149 N/A N/A Net income attributable to Class A shareholders N/A $ 6,859 $ 578 Net income attributable to Class B shareholders N/A $ 496 $ 64 Denominator for EPS (a) : Weighted average common shares outstanding - basic 646.1 N/A N/A Dilutive common shares (b) 1.3 N/A N/A Weighted average common shares outstanding - diluted 647.4 N/A N/A Common stock Class A - basic and diluted N/A 581.1 581.1 Common stock Class B - basic and diluted N/A 63.9 63.9 Income per common share attributable to Corebridge common shareholders (a) Basic: Common stock $ 12.61 N/A N/A Common stock Class A N/A $ 11.80 $ 1.00 Common stock Class B N/A $ 7.77 $ 1.00 Diluted: Common stock $ 12.59 N/A N/A Common stock Class A N/A $ 11.80 $ 1.00 Common stock Class B N/A $ 7.77 $ 1.00 (a) The results of the September 6, 2022 stock split have been applied retroactively for all periods prior to September 6, 2022. (b) Potential dilutive common shares include our share-based employee compensation plans. The number of common shares excluded from dilutive shares outstanding was approximately 41 thousand |
Statutory Financial Data and _2
Statutory Financial Data and Restrictions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Insurance [Abstract] | |
Statutory Accounting Practices Disclosure | The following table presents statutory net income (loss) and capital and surplus for our insurance operations companies in accordance with statutory accounting practices: (in millions) 2022 2021 2020 Years Ended December 31, Statutory net income (loss) * : Insurance Operations companies: Domestic $ 3,091 $ 2,588 $ 482 Foreign 4 (4) 6 Total Insurance Operations companies $ 3,095 $ 2,584 $ 488 December 31, Statutory capital and surplus * : Insurance Operations companies: Domestic $ 12,229 $ 12,471 Foreign 476 612 Total Insurance Operations companies $ 12,705 $ 13,083 Aggregate minimum required statutory capital and surplus: Insurance Operations companies: Domestic $ 4,057 $ 3,903 Foreign 189 208 Total Insurance Operations companies $ 4,246 $ 4,111 * The 2022 amounts reflect our best estimate of the statutory net income, capital and surplus as of the dates these financial statements were issued. |
Share-Based Compensation Plans
Share-Based Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of share-based compensation expense recognized in Consolidated Statements of Income | The following table presents our total direct share-based compensation expense which is settled as part of our quarterly intercompany process. This table reflects both AIG equity awards and Corebridge RSUs: Years Ended December 31, (in millions) 2022 2021 2020 Share-based compensation expense - pre-tax $ 75 $ 88 $ 74 Share-based compensation expense - after tax 59 70 58 |
Summary of outstanding share-settled RSU grants | The following table presents the Corebridge RSUs that were converted from AIG RSUs on September 14, 2022: As of or for the Year Ended December 31, 2022 Number of Units Weighted Average Unvested, beginning of year $ — $ — Granted 10,328,220 21.00 Vested (3,674,973) 21.00 Forfeited (116,092) 21.00 Unvested, end of year $ 6,537,155 $ 21.00 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign | The following table presents income (loss) before income tax expense (benefit) by U.S. and foreign location in which such pre-tax income (loss) was earned or incurred: Years Ended December 31, (in millions) 2022 2021 2020 U.S. $ 10,436 $ 9,518 $ 827 Foreign 24 609 24 Total $ 10,460 $ 10,127 $ 851 |
Schedule of Components of Income Tax Expense (Benefit) | The following table presents the income tax expense (benefit) attributable to pre-tax income (loss): Years Ended December 31, (in millions) 2022 2021 2020 U.S. and Foreign components of actual income tax expense: U.S.: Current $ 868 $ 1,943 $ 1,714 Deferred 1,133 (81) (1,726) Foreign: Current 10 3 10 Deferred (20) (22) (13) Total $ 1,991 $ 1,843 $ (15) |
Schedule of Effective Income Tax Rate Reconciliation | Our actual income tax (benefit) expense differs from the statutory U.S. federal amount computed by applying the federal income tax rate due to the following: Years Ended December 31, 2022 2021 2020 (dollars in millions) Pre-Tax Tax Percent of Pre-Tax Tax Percent of Pre-Tax Tax Percent of U.S. federal income tax at statutory rate $ 10,460 $ 2,197 21.0 % $ 10,127 $ 2,127 21.0 % $ 851 $ 178 21.0 % Adjustments: Uncertain tax positions — 2 — — (69) (0.7) — 17 2.0 Reclassifications from accumulated other comprehensive income — (84) (0.8) — (108) (1.1) — (100) (11.8) Noncontrolling interest — (67) (0.6) — (197) (1.9) — (47) (5.5) Dividends received deduction — (36) (0.3) — (37) (0.4) — (39) (4.6) Tax deconsolidation and separation costs — (104) (1.0) — — — — — — State and local income taxes — 9 0.1 — 105 1.0 — (4) (0.5) Other — (29) (0.3) — (5) — — 1 0.1 Adjustments to prior year tax returns — (48) (0.5) — (3) — — (27) (3.2) Share based compensation payments excess tax deduction — (6) (0.1) — 4 — — 10 1.2 Valuation allowance — 157 1.5 — 26 0.3 — (4) (0.5) Consolidated total amounts $ 10,460 $ 1,991 19.0 % $ 10,127 $ 1,843 18.2 % $ 851 $ (15) (1.8) % |
Schedule of Deferred Tax Assets and Liabilities | The following table presents the components of the net deferred tax assets (liabilities): December 31, (in millions) 2022 2021 Deferred tax assets: Losses and tax credit carryforwards $ 572 $ 214 Basis differences on investments 2,989 3,044 Fortitude Re funds withheld embedded derivative — 541 Life policy reserves 3,616 3,809 Accruals not currently deductible, and other 60 4 Investments in foreign subsidiaries — 1 Loss reserve discount — — Fixed assets and intangible assets 885 1,160 Other 449 237 Employee benefits 81 — Unrealized losses related to available for sale debt securities 4,036 — Unearned premium reserve reduction 144 — Total deferred tax assets 12,832 9,010 Deferred tax liabilities: Employee benefits — (32) Fortitude Re funds withheld embedded derivative (863) — Deferred policy acquisition costs (1,517) (1,646) Unrealized gains related to available for sale debt securities — (2,561) Total deferred tax liabilities (2,380) (4,239) Net deferred tax assets before valuation allowance 10,452 4,771 Valuation allowance (1,752) (169) Net deferred tax assets (liabilities) $ 8,700 $ 4,602 |
Schedule of Unrecognized Tax Benefits Roll Forward | The following table presents a reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits: Years Ended December 31, (in millions) 2022 2021 2020 Gross unrecognized tax benefits, beginning of year $ 18 $ 917 $ 1,173 Increases in tax positions for prior years 3 — 1 Decreases in tax positions for prior years (1) (899) (5) Increases in tax positions for current year — — — Settlements — — (252) Gross unrecognized tax benefits, end of year $ 20 $ 18 $ 917 |
Summary of Income Tax Examinations | Listed below are the tax years that remain subject to examination by major tax jurisdictions: December 31, 2022 Open Tax Years Major Tax Jurisdiction United States 2007-2021 United Kingdom 2021 |
Related Parties (Tables)
Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | The table below summarizes the material revenues and expenses of Corebridge, in connection with agreements with affiliated companies described below for the years ended December 31, 2022, 2021 and 2020: Years Ended December 31, (in millions) 2022 2021 2020 Revenues: Other income $ 95 $ 85 $ 88 Net investment income - excluding Fortitude Re funds withheld assets (1) (14) (12) Total revenues $ 94 $ 71 $ 76 Expenses: General operating and other expenses $ 131 $ 349 $ 317 Interest expense 79 82 146 Loss on extinguishment of debt — 145 — Total expenses $ 210 $ 576 $ 463 For further details on tax impact of the IPO, see Note 20. Years Ended December 31, (in millions) 2022 2021 2020 Payment or (refund): Corebridge $ 1,018 $ 1,537 $ 1,716 SAFG Capital LLC 14 (5) (9) Total $ 1,032 $ 1,532 $ 1,707 |
Overview and Basis of Presentat
Overview and Basis of Presentation (Details) | 3 Months Ended | 12 Months Ended | ||||||||||||
Sep. 19, 2022 USD ($) | Feb. 28, 2022 USD ($) | Dec. 15, 2021 USD ($) | Nov. 02, 2021 USD ($) | Jul. 16, 2021 USD ($) mutualFund | Jul. 01, 2020 USD ($) | Jun. 30, 2020 USD ($) | Dec. 31, 2022 USD ($) $ / shares | Dec. 31, 2021 USD ($) | Sep. 30, 2027 USD ($) | Nov. 01, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2019 USD ($) | Nov. 30, 2018 | |
Other Ownership Interests [Line Items] | ||||||||||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | |||||||||||||
Promissory note | $ 8,300,000,000 | |||||||||||||
Consideration received on sale of real estate | $ 4,900,000,000 | |||||||||||||
Pre-tax gain on real estate | $ 3,000,000,000 | |||||||||||||
Number of funds reorganized | mutualFund | 12 | |||||||||||||
Loss on amendment | $ 0 | $ 0 | ||||||||||||
Stockholders' equity | 9,149,000,000 | 28,845,000,000 | $ 39,781,000,000 | $ 33,679,000,000 | ||||||||||
Accumulated Other Comprehensive Income (Loss) | ||||||||||||||
Other Ownership Interests [Line Items] | ||||||||||||||
Stockholders' equity | (15,947,000,000) | $ 10,167,000,000 | $ 14,653,000,000 | $ 9,329,000,000 | ||||||||||
Fortitude | ||||||||||||||
Other Ownership Interests [Line Items] | ||||||||||||||
Loss on amendment | $ 91,000,000 | |||||||||||||
Life And retirement Subsidiaries | Fortitude | ||||||||||||||
Other Ownership Interests [Line Items] | ||||||||||||||
Contribution to subsidiaries | $ 135,000,000 | |||||||||||||
Total derivatives with related parties | AIGT And Eastgreen | ||||||||||||||
Other Ownership Interests [Line Items] | ||||||||||||||
Consideration transferred | $ 107,000,000 | |||||||||||||
AIG | ||||||||||||||
Other Ownership Interests [Line Items] | ||||||||||||||
Dividends payable | $ 8,300,000,000 | |||||||||||||
SAAMCo | ||||||||||||||
Other Ownership Interests [Line Items] | ||||||||||||||
Assets under management | $ 6,800,000,000 | |||||||||||||
Gain on sale of assets | $ 103,000,000 | |||||||||||||
Earning period (in years) | 3 years | |||||||||||||
Number of funds liquidated | mutualFund | 6,000,000,000 | |||||||||||||
TC Group Cayman | Fortitude | ||||||||||||||
Other Ownership Interests [Line Items] | ||||||||||||||
Percentage of ownership sold (as a percent) | 19.90% | |||||||||||||
Carlyle FRL | Fortitude | ||||||||||||||
Other Ownership Interests [Line Items] | ||||||||||||||
Percentage of ownership sold (as a percent) | 51.60% | |||||||||||||
T&D | Fortitude | ||||||||||||||
Other Ownership Interests [Line Items] | ||||||||||||||
Percentage of ownership sold (as a percent) | 25% | |||||||||||||
Corebridge Financial | ||||||||||||||
Other Ownership Interests [Line Items] | ||||||||||||||
Stock issued in IPO (in shares) | $ 80,000,000 | |||||||||||||
Assets under management | $ 50,000,000,000 | 48,900,000,000 | ||||||||||||
Annual increase of assets in portfolio | $ 2,100,000,000 | |||||||||||||
Corebridge Financial | Blackstone | ||||||||||||||
Other Ownership Interests [Line Items] | ||||||||||||||
Ownership percentage | 9.90% | |||||||||||||
Corebridge Financial | Forecast | ||||||||||||||
Other Ownership Interests [Line Items] | ||||||||||||||
Assets under management | $ 92,500,000,000 | |||||||||||||
Corebridge Financial | Blackstone | ||||||||||||||
Other Ownership Interests [Line Items] | ||||||||||||||
Percent of ownership interest permitted to be sold after first anniversary (as a percent) | 25% | |||||||||||||
Percent of ownership interest permitted to be sold after second anniversary (as a percent) | 67% | |||||||||||||
Percent of ownership interest permitted to be sold after third anniversary (as a percent) | 75% | |||||||||||||
Corebridge Financial Inc | ||||||||||||||
Other Ownership Interests [Line Items] | ||||||||||||||
Noncontrolling interest ownership percentage | 77.70% | |||||||||||||
Corebridge Financial Inc | Blackstone | ||||||||||||||
Other Ownership Interests [Line Items] | ||||||||||||||
Ownership (as a percent) | 9.90% | |||||||||||||
Fortitude Holdings | AIG | Fortitude | ||||||||||||||
Other Ownership Interests [Line Items] | ||||||||||||||
Noncontrolling interest ownership percentage | 3.50% | |||||||||||||
Fortitude Holdings | Corebridge | Fortitude | ||||||||||||||
Other Ownership Interests [Line Items] | ||||||||||||||
Noncontrolling interest ownership percentage | 3.50% |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2022 | Jan. 01, 2023 | Sep. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Summary of Significant Accounting Policies [Line Items] | ||||||
Stockholders' equity | $ 9,149 | $ 28,845 | $ 39,781 | $ 33,679 | ||
Accumulated Other Comprehensive Income (Loss) | ||||||
Summary of Significant Accounting Policies [Line Items] | ||||||
Stockholders' equity | (15,947) | 10,167 | 14,653 | 9,329 | ||
Retained Earnings | ||||||
Summary of Significant Accounting Policies [Line Items] | ||||||
Stockholders' equity | $ 16,121 | $ 8,859 | $ 0 | 0 | ||
Cumulative effect of change in accounting principle | ||||||
Summary of Significant Accounting Policies [Line Items] | ||||||
Stockholders' equity | $ (246) | |||||
ASU 2018-12 | Cumulative effect of change in accounting principle | Minimum | ||||||
Summary of Significant Accounting Policies [Line Items] | ||||||
Stockholders' equity | $ 800 | |||||
ASU 2018-12 | Cumulative effect of change in accounting principle | Minimum | Accumulated Other Comprehensive Income (Loss) | ||||||
Summary of Significant Accounting Policies [Line Items] | ||||||
Stockholders' equity | (400) | |||||
ASU 2018-12 | Cumulative effect of change in accounting principle | Minimum | Retained Earnings | ||||||
Summary of Significant Accounting Policies [Line Items] | ||||||
Stockholders' equity | 1,200 | |||||
ASU 2018-12 | Cumulative effect of change in accounting principle | Minimum | Subsequent Event | ||||||
Summary of Significant Accounting Policies [Line Items] | ||||||
Stockholders' equity | $ (1,000) | |||||
ASU 2018-12 | Cumulative effect of change in accounting principle | Minimum | Subsequent Event | Accumulated Other Comprehensive Income (Loss) | ||||||
Summary of Significant Accounting Policies [Line Items] | ||||||
Stockholders' equity | (1,800) | |||||
ASU 2018-12 | Cumulative effect of change in accounting principle | Minimum | Subsequent Event | Retained Earnings | ||||||
Summary of Significant Accounting Policies [Line Items] | ||||||
Stockholders' equity | 800 | |||||
ASU 2018-12 | Cumulative effect of change in accounting principle | Maximum | ||||||
Summary of Significant Accounting Policies [Line Items] | ||||||
Stockholders' equity | 1,300 | |||||
ASU 2018-12 | Cumulative effect of change in accounting principle | Maximum | Accumulated Other Comprehensive Income (Loss) | ||||||
Summary of Significant Accounting Policies [Line Items] | ||||||
Stockholders' equity | (900) | |||||
ASU 2018-12 | Cumulative effect of change in accounting principle | Maximum | Retained Earnings | ||||||
Summary of Significant Accounting Policies [Line Items] | ||||||
Stockholders' equity | $ 1,700 | |||||
ASU 2018-12 | Cumulative effect of change in accounting principle | Maximum | Subsequent Event | ||||||
Summary of Significant Accounting Policies [Line Items] | ||||||
Stockholders' equity | (1,500) | |||||
ASU 2018-12 | Cumulative effect of change in accounting principle | Maximum | Subsequent Event | Accumulated Other Comprehensive Income (Loss) | ||||||
Summary of Significant Accounting Policies [Line Items] | ||||||
Stockholders' equity | (2,300) | |||||
ASU 2018-12 | Cumulative effect of change in accounting principle | Maximum | Subsequent Event | Retained Earnings | ||||||
Summary of Significant Accounting Policies [Line Items] | ||||||
Stockholders' equity | $ 1,300 | |||||
Building | ||||||
Summary of Significant Accounting Policies [Line Items] | ||||||
Useful life (in years) | 40 years | |||||
Furniture and Fixtures | ||||||
Summary of Significant Accounting Policies [Line Items] | ||||||
Useful life (in years) | 10 years | |||||
Office Equipment | ||||||
Summary of Significant Accounting Policies [Line Items] | ||||||
Useful life (in years) | 5 years | |||||
Capitalized Software Costs | ||||||
Summary of Significant Accounting Policies [Line Items] | ||||||
Useful life (in years) | 10 years |
Segment Information - Schedule
Segment Information - Schedule of continuing operations by operating segment (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 USD ($) segment | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Segment Reporting [Abstract] | |||
Number of Reportable Segments | segment | 5 | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Premiums | $ 5,093 | $ 5,637 | $ 4,341 |
Policy fees | 2,972 | 3,051 | 2,874 |
Total net investment income | 9,576 | 11,672 | 10,516 |
Total net realized gains (losses) | 8,013 | 1,855 | (3,741) |
Advisory fee and other income | 1,025 | 1,175 | 1,072 |
Total revenues | 26,679 | 23,390 | 15,062 |
Policyholder benefits | 7,332 | 8,050 | 6,602 |
Interest credited to policyholder account balances | 3,696 | 3,549 | 3,528 |
Amortization of deferred policy acquisition costs and value of business acquired | 1,431 | 1,057 | 543 |
Non-deferrable insurance commissions | 636 | 680 | 604 |
Advisory fee expenses | 266 | 322 | 316 |
General operating expenses | 2,323 | 2,104 | 2,027 |
Interest expense | 534 | 389 | 490 |
Net (gain) loss on divestitures | 1 | (3,081) | 0 |
Total benefits and expenses | 16,219 | 13,263 | 14,211 |
Net income (loss) attributable to noncontrolling interests | (320) | (929) | (224) |
Income before income tax (benefit) | 10,460 | 10,127 | 851 |
(Gain) loss on extinguishment of debt | 0 | 219 | 10 |
Fortitude Holdings | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Net (gain) loss on divestitures | (26) | 91 | |
Fortitude Holdings | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Total net investment income | 891 | 1,775 | 1,427 |
Income before income tax (benefit) | 6,841 | 2,012 | (1,549) |
Operating Segments | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Premiums | 5,093 | 5,637 | 4,341 |
Operating Segments | Individual Retirement | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Premiums | 230 | 191 | 151 |
Policy fees | 836 | 962 | 861 |
Total net investment income | 3,888 | 4,334 | 4,105 |
Total net realized gains (losses) | 0 | 0 | 0 |
Advisory fee and other income | 451 | 592 | 571 |
Total revenues | 5,405 | 6,079 | 5,688 |
Policyholder benefits | 626 | 580 | 411 |
Interest credited to policyholder account balances | 1,877 | 1,791 | 1,751 |
Amortization of deferred policy acquisition costs and value of business acquired | 761 | 744 | 556 |
Non-deferrable insurance commissions | 351 | 397 | 334 |
Advisory fee expenses | 141 | 189 | 205 |
General operating expenses | 426 | 437 | 427 |
Interest expense | 0 | 46 | 62 |
Net (gain) loss on divestitures | 0 | 0 | |
Total benefits and expenses | 4,182 | 4,184 | 3,746 |
Net income (loss) attributable to noncontrolling interests | 0 | 0 | 0 |
Adjusted pre-tax operating income (loss) | 1,223 | 1,895 | 1,942 |
(Gain) loss on extinguishment of debt | 0 | 0 | |
Operating Segments | Individual Retirement | Fortitude Holdings | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Net (gain) loss on divestitures | 0 | 0 | |
Operating Segments | Group Retirement | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Premiums | 19 | 22 | 19 |
Policy fees | 451 | 522 | 443 |
Total net investment income | 2,000 | 2,413 | 2,213 |
Total net realized gains (losses) | 0 | 0 | 0 |
Advisory fee and other income | 305 | 337 | 272 |
Total revenues | 2,775 | 3,294 | 2,947 |
Policyholder benefits | 97 | 76 | 74 |
Interest credited to policyholder account balances | 1,142 | 1,150 | 1,125 |
Amortization of deferred policy acquisition costs and value of business acquired | 96 | 61 | 15 |
Non-deferrable insurance commissions | 123 | 121 | 117 |
Advisory fee expenses | 124 | 133 | 111 |
General operating expenses | 447 | 445 | 488 |
Interest expense | 0 | 35 | 42 |
Net (gain) loss on divestitures | 0 | 0 | |
Total benefits and expenses | 2,029 | 2,021 | 1,972 |
Net income (loss) attributable to noncontrolling interests | 0 | 0 | 0 |
Adjusted pre-tax operating income (loss) | 746 | 1,273 | 975 |
(Gain) loss on extinguishment of debt | 0 | 0 | |
Operating Segments | Group Retirement | Fortitude Holdings | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Net (gain) loss on divestitures | 0 | 0 | |
Operating Segments | Life Insurance | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Premiums | 1,871 | 1,573 | 1,526 |
Policy fees | 1,491 | 1,380 | 1,384 |
Total net investment income | 1,389 | 1,621 | 1,532 |
Total net realized gains (losses) | 0 | 0 | 0 |
Advisory fee and other income | 121 | 110 | 94 |
Total revenues | 4,872 | 4,684 | 4,536 |
Policyholder benefits | 3,229 | 3,231 | 3,219 |
Interest credited to policyholder account balances | 342 | 354 | 373 |
Amortization of deferred policy acquisition costs and value of business acquired | 265 | 164 | 25 |
Non-deferrable insurance commissions | 131 | 132 | 119 |
Advisory fee expenses | 1 | 0 | 0 |
General operating expenses | 656 | 682 | 624 |
Interest expense | 0 | 25 | 30 |
Net (gain) loss on divestitures | 0 | 0 | |
Total benefits and expenses | 4,624 | 4,588 | 4,390 |
Net income (loss) attributable to noncontrolling interests | 0 | 0 | 0 |
Adjusted pre-tax operating income (loss) | 248 | 96 | 146 |
(Gain) loss on extinguishment of debt | 0 | 0 | |
Operating Segments | Life Insurance | Fortitude Holdings | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Net (gain) loss on divestitures | 0 | 0 | |
Operating Segments | Institutional Markets | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Premiums | 2,913 | 3,774 | 2,564 |
Policy fees | 194 | 187 | 186 |
Total net investment income | 1,049 | 1,155 | 931 |
Total net realized gains (losses) | 0 | 0 | 0 |
Advisory fee and other income | 2 | 2 | 1 |
Total revenues | 4,158 | 5,118 | 3,682 |
Policyholder benefits | 3,381 | 4,141 | 2,886 |
Interest credited to policyholder account balances | 320 | 274 | 303 |
Amortization of deferred policy acquisition costs and value of business acquired | 6 | 6 | 5 |
Non-deferrable insurance commissions | 29 | 27 | 31 |
Advisory fee expenses | 0 | 0 | 0 |
General operating expenses | 73 | 77 | 79 |
Interest expense | 0 | 9 | 11 |
Net (gain) loss on divestitures | 0 | 0 | |
Total benefits and expenses | 3,809 | 4,534 | 3,315 |
Net income (loss) attributable to noncontrolling interests | 0 | 0 | 0 |
Adjusted pre-tax operating income (loss) | 349 | 584 | 367 |
(Gain) loss on extinguishment of debt | 0 | 0 | |
Operating Segments | Institutional Markets | Fortitude Holdings | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Net (gain) loss on divestitures | 0 | 0 | |
Operating Segments | Corporate & Other | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Premiums | 82 | 86 | 74 |
Policy fees | 0 | 0 | 0 |
Total net investment income | 473 | 443 | 346 |
Total net realized gains (losses) | 170 | 701 | 54 |
Advisory fee and other income | 121 | 134 | 122 |
Total revenues | 846 | 1,364 | 596 |
Policyholder benefits | 0 | 0 | 0 |
Interest credited to policyholder account balances | 0 | 0 | 0 |
Amortization of deferred policy acquisition costs and value of business acquired | 0 | 0 | 0 |
Non-deferrable insurance commissions | 2 | 3 | 3 |
Advisory fee expenses | 0 | 0 | 0 |
General operating expenses | 384 | 375 | 309 |
Interest expense | 535 | 286 | 324 |
Net (gain) loss on divestitures | 0 | 0 | |
Total benefits and expenses | 921 | 664 | 636 |
Net income (loss) attributable to noncontrolling interests | (320) | (861) | (194) |
Adjusted pre-tax operating income (loss) | (395) | (161) | (234) |
(Gain) loss on extinguishment of debt | 0 | 0 | |
Operating Segments | Corporate & Other | Fortitude Holdings | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Net (gain) loss on divestitures | 0 | 0 | |
Eliminations | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Premiums | 0 | 0 | 0 |
Policy fees | 0 | 0 | 0 |
Total net investment income | (41) | (49) | (43) |
Total net realized gains (losses) | 0 | 0 | 0 |
Advisory fee and other income | 0 | 0 | 0 |
Total revenues | (41) | (49) | (43) |
Policyholder benefits | 0 | 0 | 0 |
Interest credited to policyholder account balances | 0 | 0 | 0 |
Amortization of deferred policy acquisition costs and value of business acquired | 0 | 0 | 0 |
Non-deferrable insurance commissions | 0 | 0 | 0 |
Advisory fee expenses | 0 | 0 | 0 |
General operating expenses | (2) | 0 | (7) |
Interest expense | (51) | (47) | (34) |
Net (gain) loss on divestitures | 0 | 0 | |
Total benefits and expenses | (53) | (47) | (41) |
Net income (loss) attributable to noncontrolling interests | 0 | 0 | 0 |
Adjusted pre-tax operating income (loss) | 12 | (2) | (2) |
(Gain) loss on extinguishment of debt | 0 | 0 | |
Eliminations | Fortitude Holdings | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Net (gain) loss on divestitures | 0 | 0 | |
Adjustments | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Premiums | (22) | (9) | 7 |
Policy fees | 0 | 0 | 0 |
Total net investment income | 818 | 1,755 | 1,432 |
Total net realized gains (losses) | 7,843 | 1,154 | (3,795) |
Advisory fee and other income | 25 | 0 | 12 |
Total revenues | 8,664 | 2,900 | (2,344) |
Policyholder benefits | (1) | 22 | 12 |
Interest credited to policyholder account balances | 15 | (20) | (24) |
Amortization of deferred policy acquisition costs and value of business acquired | 303 | 82 | (58) |
Non-deferrable insurance commissions | 0 | 0 | 0 |
Advisory fee expenses | 0 | 0 | 0 |
General operating expenses | 339 | 88 | 107 |
Interest expense | 50 | 35 | 55 |
Net (gain) loss on divestitures | 1 | (3,081) | |
Total benefits and expenses | 707 | (2,681) | 193 |
Net income (loss) attributable to noncontrolling interests | 320 | 861 | 194 |
(Gain) loss on extinguishment of debt | 219 | 10 | |
Adjustments | Fortitude Holdings | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Net (gain) loss on divestitures | (26) | 91 | |
Total Corebridge | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Premiums | 5,115 | 5,646 | 4,334 |
Policy fees | 2,972 | 3,051 | 2,874 |
Total net investment income | 8,758 | 9,917 | 9,084 |
Total net realized gains (losses) | 170 | 701 | 54 |
Advisory fee and other income | 1,000 | 1,175 | 1,060 |
Total revenues | 18,015 | 20,490 | 17,406 |
Policyholder benefits | 7,333 | 8,028 | 6,590 |
Interest credited to policyholder account balances | 3,681 | 3,569 | 3,552 |
Amortization of deferred policy acquisition costs and value of business acquired | 1,128 | 975 | 601 |
Non-deferrable insurance commissions | 636 | 680 | 604 |
Advisory fee expenses | 266 | 322 | 316 |
General operating expenses | 1,984 | 2,016 | 1,920 |
Interest expense | 484 | 354 | 435 |
Net (gain) loss on divestitures | 0 | 0 | |
Total benefits and expenses | 15,512 | 15,944 | 14,018 |
Net income (loss) attributable to noncontrolling interests | (320) | (861) | (194) |
Adjusted pre-tax operating income (loss) | $ 2,183 | 3,685 | 3,194 |
(Gain) loss on extinguishment of debt | 0 | 0 | |
Total Corebridge | Fortitude Holdings | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Net (gain) loss on divestitures | $ 0 | $ 0 |
Segment Information - Schedul_2
Segment Information - Schedule of revenues and other assets by geographic area (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||
Total revenue | $ 26,679 | $ 23,390 | $ 15,062 |
Real Estate and Other Fixed Assets, Net of Accumulated Depreciation | 440 | 323 | 403 |
North America | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 26,142 | 22,866 | 14,642 |
Real Estate and Other Fixed Assets, Net of Accumulated Depreciation | 404 | 286 | 364 |
International | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 537 | 524 | 420 |
Real Estate and Other Fixed Assets, Net of Accumulated Depreciation | $ 36 | $ 37 | $ 39 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and liabilities measured at fair value on a recurring basis (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 | |
Assets: | |||
Bonds available for sale | [1] | $ 156,793,000,000 | $ 198,568,000,000 |
Other bond securities | [1] | 3,769,000,000 | 2,082,000,000 |
Equity securities | [1] | 170,000,000 | 242,000,000 |
Derivative assets | 3,252,000,000 | 7,267,000,000 | |
Counterparty netting | (2,547,000,000) | (5,785,000,000) | |
Cash Collateral | (406,000,000) | (798,000,000) | |
Total derivative assets | 299,000,000 | 684,000,000 | |
Short-term investments | [1] | 4,400,000,000 | 5,471,000,000 |
Separate account assets | 84,853,000,000 | 109,111,000,000 | |
Liabilities: | |||
Policyholder contract deposits | 158,966,000,000 | 156,846,000,000 | |
Derivative liabilities | 3,335,000,000 | 6,013,000,000 | |
Counterparty netting | (2,547,000,000) | (5,785,000,000) | |
Cash Collateral | (691,000,000) | (37,000,000) | |
Total derivative liabilities | 97,000,000 | 191,000,000 | |
Related Parties | |||
Assets: | |||
Derivative assets | 3,177,000,000 | 7,182,000,000 | |
Total derivative assets | 12,000,000 | 256,000,000 | |
Liabilities: | |||
Derivative liabilities | 3,154,000,000 | 5,778,000,000 | |
Total derivative liabilities | 0 | 2,000,000 | |
Fair Value Measured at Net Asset Value Per Share | |||
Liabilities: | |||
Private equity funds/hedge funds | 6,000,000,000 | 5,200,000,000 | |
U.S. government and government sponsored entities | |||
Assets: | |||
Bonds available for sale | 1,198,000,000 | 1,712,000,000 | |
Obligations of states, municipalities and political subdivisions | |||
Assets: | |||
Bonds available for sale | 5,926,000,000 | 8,676,000,000 | |
Obligations of states, municipalities and political subdivisions | Level 3 | |||
Assets: | |||
Bonds available for sale | 780,000,000 | 1,364,000,000 | |
Non-U.S. governments | |||
Assets: | |||
Bonds available for sale | 4,392,000,000 | 6,397,000,000 | |
Corporate debt | |||
Assets: | |||
Bonds available for sale | 104,692,000,000 | 140,063,000,000 | |
Corporate debt | Level 3 | |||
Assets: | |||
Bonds available for sale | 1,988,000,000 | 1,789,000,000 | |
RMBS | |||
Assets: | |||
Bonds available for sale | 11,944,000,000 | 14,958,000,000 | |
RMBS | Related Parties | |||
Assets: | |||
Bonds available for sale | 39,000,000 | 47,000,000 | |
RMBS | Level 3 | |||
Assets: | |||
Bonds available for sale | 3,725,000,000 | 7,141,000,000 | |
CMBS | |||
Assets: | |||
Bonds available for sale | 10,068,000,000 | 11,300,000,000 | |
CMBS | Level 3 | |||
Assets: | |||
Bonds available for sale | 663,000,000 | 887,000,000 | |
CLO | |||
Assets: | |||
Bonds available for sale | 8,186,000,000 | 7,402,000,000 | |
CLO | Related Parties | |||
Assets: | |||
Bonds available for sale | 862,000,000 | ||
ABS | |||
Assets: | |||
Bonds available for sale | 10,387,000,000 | 8,060,000,000 | |
Recurring Basis | |||
Assets: | |||
Bonds available for sale | 156,793,000,000 | 198,568,000,000 | |
Other bond securities | 3,769,000,000 | 2,082,000,000 | |
Equity securities | 170,000,000 | 242,000,000 | |
Other invested assets | 1,832,000,000 | 1,892,000,000 | |
Counterparty netting | (2,547,000,000) | (5,785,000,000) | |
Cash Collateral | (406,000,000) | (798,000,000) | |
Counterparty netting and cash collateral | (2,953,000,000) | (6,583,000,000) | |
Total derivative assets | 299,000,000 | 684,000,000 | |
Short-term investments | 1,357,000,000 | 1,455,000,000 | |
Separate account assets | 84,853,000,000 | 109,111,000,000 | |
Total | 249,073,000,000 | 314,034,000,000 | |
Liabilities: | |||
Policyholder contract deposits | 7,216,000,000 | 9,824,000,000 | |
Counterparty netting | (2,547,000,000) | (5,785,000,000) | |
Cash Collateral | (691,000,000) | (37,000,000) | |
Counterparty netting and cash collateral | (3,238,000,000) | (5,822,000,000) | |
Total derivative liabilities | 97,000,000 | 191,000,000 | |
Fortitude Re funds withheld payable | 1,262,000,000 | 7,974,000,000 | |
Debt of consolidated investment entities | 6,000,000 | 5,000,000 | |
Total | 8,581,000,000 | 17,994,000,000 | |
Recurring Basis | Debt of consolidated investment entities | |||
Liabilities: | |||
Debt of consolidated investment entities | 6,000,000 | ||
Recurring Basis | Level 1 | |||
Assets: | |||
Bonds available for sale | 0 | 7,000,000 | |
Other bond securities | 0 | 0 | |
Equity securities | 141,000,000 | 238,000,000 | |
Other invested assets | 0 | 0 | |
Derivative assets | 12,000,000 | 7,000,000 | |
Short-term investments | 1,000,000 | 1,000,000 | |
Separate account assets | 81,655,000,000 | 105,221,000,000 | |
Total | 81,809,000,000 | 105,474,000,000 | |
Liabilities: | |||
Policyholder contract deposits | 0 | 0 | |
Derivative liabilities | 2,000,000 | 2,000,000 | |
Fortitude Re funds withheld payable | 0 | 0 | |
Debt of consolidated investment entities | 0 | ||
Total | 2,000,000 | 2,000,000 | |
Recurring Basis | Level 1 | Debt of consolidated investment entities | |||
Liabilities: | |||
Debt of consolidated investment entities | 0 | ||
Recurring Basis | Level 2 | |||
Assets: | |||
Bonds available for sale | 136,367,000,000 | 176,154,000,000 | |
Other bond securities | 2,465,000,000 | 1,455,000,000 | |
Equity securities | 3,000,000 | 2,000,000 | |
Other invested assets | 0 | 0 | |
Derivative assets | 2,641,000,000 | 6,768,000,000 | |
Short-term investments | 1,356,000,000 | 1,454,000,000 | |
Separate account assets | 3,198,000,000 | 3,890,000,000 | |
Total | 146,030,000,000 | 189,723,000,000 | |
Liabilities: | |||
Policyholder contract deposits | 97,000,000 | 130,000,000 | |
Derivative liabilities | 3,318,000,000 | 5,989,000,000 | |
Fortitude Re funds withheld payable | 0 | 0 | |
Debt of consolidated investment entities | 0 | ||
Total | 3,415,000,000 | 6,119,000,000 | |
Recurring Basis | Level 2 | Debt of consolidated investment entities | |||
Liabilities: | |||
Debt of consolidated investment entities | 0 | ||
Recurring Basis | Level 3 | |||
Assets: | |||
Bonds available for sale | 20,426,000,000 | 22,407,000,000 | |
Other bond securities | 1,304,000,000 | 627,000,000 | |
Equity securities | 26,000,000 | 2,000,000 | |
Other invested assets | 1,832,000,000 | 1,892,000,000 | |
Derivative assets | 599,000,000 | 492,000,000 | |
Short-term investments | 0 | 0 | |
Separate account assets | 0 | 0 | |
Total | 24,187,000,000 | 25,420,000,000 | |
Liabilities: | |||
Policyholder contract deposits | 7,119,000,000 | 9,694,000,000 | |
Derivative liabilities | 15,000,000 | 22,000,000 | |
Fortitude Re funds withheld payable | 1,262,000,000 | 7,974,000,000 | |
Debt of consolidated investment entities | 5,000,000 | ||
Total | 8,402,000,000 | 17,695,000,000 | |
Recurring Basis | Level 3 | Debt of consolidated investment entities | |||
Liabilities: | |||
Debt of consolidated investment entities | 6,000,000 | ||
Recurring Basis | Interest rate contracts | |||
Assets: | |||
Derivative assets | 1,573,000,000 | 1,911,000,000 | |
Liabilities: | |||
Derivative liabilities | 2,676,000,000 | 1,576,000,000 | |
Recurring Basis | Interest rate contracts | Level 1 | |||
Assets: | |||
Derivative assets | 1,000,000 | 0 | |
Liabilities: | |||
Derivative liabilities | 0 | 1,000,000 | |
Recurring Basis | Interest rate contracts | Level 2 | |||
Assets: | |||
Derivative assets | 1,269,000,000 | 1,911,000,000 | |
Liabilities: | |||
Derivative liabilities | 2,676,000,000 | 1,575,000,000 | |
Recurring Basis | Interest rate contracts | Level 3 | |||
Assets: | |||
Derivative assets | 303,000,000 | 0 | |
Liabilities: | |||
Derivative liabilities | 0 | 0 | |
Recurring Basis | Foreign exchange contracts | |||
Assets: | |||
Derivative assets | 1,247,000,000 | 672,000,000 | |
Liabilities: | |||
Derivative liabilities | 632,000,000 | 366,000,000 | |
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 | 1,247,000,000 | 672,000,000 | |
Liabilities: | |||
Derivative liabilities | 632,000,000 | 366,000,000 | |
Recurring Basis | Foreign exchange contracts | Level 3 | |||
Assets: | |||
Derivative assets | 0 | 0 | |
Liabilities: | |||
Derivative liabilities | 0 | 0 | |
Recurring Basis | Equity contracts | |||
Assets: | |||
Derivative assets | 417,000,000 | 4,670,000,000 | |
Liabilities: | |||
Derivative liabilities | 27,000,000 | 4,071,000,000 | |
Recurring Basis | Equity contracts | Level 1 | |||
Assets: | |||
Derivative assets | 11,000,000 | 7,000,000 | |
Liabilities: | |||
Derivative liabilities | 2,000,000 | 1,000,000 | |
Recurring Basis | Equity contracts | Level 2 | |||
Assets: | |||
Derivative assets | 124,000,000 | 4,184,000,000 | |
Liabilities: | |||
Derivative liabilities | 10,000,000 | 4,048,000,000 | |
Recurring Basis | Equity contracts | Level 3 | |||
Assets: | |||
Derivative assets | 282,000,000 | 479,000,000 | |
Liabilities: | |||
Derivative liabilities | 15,000,000 | 22,000,000 | |
Recurring Basis | Credit contracts | |||
Assets: | |||
Derivative assets | 0 | 1,000,000 | |
Liabilities: | |||
Derivative liabilities | 0 | 0 | |
Recurring Basis | Credit contracts | Level 1 | |||
Assets: | |||
Derivative assets | 0 | 0 | |
Liabilities: | |||
Derivative liabilities | 0 | 0 | |
Recurring Basis | Credit contracts | Level 2 | |||
Assets: | |||
Derivative assets | 0 | 0 | |
Liabilities: | |||
Derivative liabilities | 0 | 0 | |
Recurring Basis | Credit contracts | Level 3 | |||
Assets: | |||
Derivative assets | 0 | 1,000,000 | |
Liabilities: | |||
Derivative liabilities | 0 | 0 | |
Recurring Basis | Other contracts | |||
Assets: | |||
Derivative assets | 15,000,000 | 13,000,000 | |
Liabilities: | |||
Derivative liabilities | 0 | 0 | |
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 | 1,000,000 | 1,000,000 | |
Liabilities: | |||
Derivative liabilities | 0 | 0 | |
Recurring Basis | Other contracts | Level 3 | |||
Assets: | |||
Derivative assets | 14,000,000 | 12,000,000 | |
Liabilities: | |||
Derivative liabilities | 0 | 0 | |
Recurring Basis | U.S. government and government sponsored entities | |||
Assets: | |||
Bonds available for sale | 1,198,000,000 | 1,712,000,000 | |
Recurring Basis | U.S. government and government sponsored entities | Level 1 | |||
Assets: | |||
Bonds available for sale | 0 | 0 | |
Recurring Basis | U.S. government and government sponsored entities | Level 2 | |||
Assets: | |||
Bonds available for sale | 1,198,000,000 | 1,712,000,000 | |
Recurring Basis | U.S. government and government sponsored entities | Level 3 | |||
Assets: | |||
Bonds available for sale | 0 | 0 | |
Recurring Basis | Obligations of states, municipalities and political subdivisions | |||
Assets: | |||
Bonds available for sale | 5,926,000,000 | 8,676,000,000 | |
Other bond securities | 37,000,000 | 50,000,000 | |
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 | 5,121,000,000 | 7,281,000,000 | |
Other bond securities | 37,000,000 | 50,000,000 | |
Recurring Basis | Obligations of states, municipalities and political subdivisions | Level 3 | |||
Assets: | |||
Bonds available for sale | 805,000,000 | 1,395,000,000 | |
Other bond securities | 0 | 0 | |
Recurring Basis | Non-U.S. governments | |||
Assets: | |||
Bonds available for sale | 4,392,000,000 | 6,397,000,000 | |
Other bond securities | 22,000,000 | 17,000,000 | |
Recurring Basis | Non-U.S. governments | Level 1 | |||
Assets: | |||
Bonds available for sale | 0 | 7,000,000 | |
Other bond securities | 0 | 0 | |
Recurring Basis | Non-U.S. governments | Level 2 | |||
Assets: | |||
Bonds available for sale | 4,392,000,000 | 6,390,000,000 | |
Other bond securities | 22,000,000 | 17,000,000 | |
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 | 104,692,000,000 | 140,063,000,000 | |
Other bond securities | 2,222,000,000 | 1,000,000,000 | |
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 | 102,724,000,000 | 138,156,000,000 | |
Other bond securities | 1,805,000,000 | 866,000,000 | |
Recurring Basis | Corporate debt | Level 3 | |||
Assets: | |||
Bonds available for sale | 1,968,000,000 | 1,907,000,000 | |
Other bond securities | 417,000,000 | 134,000,000 | |
Recurring Basis | RMBS | |||
Assets: | |||
Bonds available for sale | 11,944,000,000 | 14,958,000,000 | |
Other bond securities | 165,000,000 | 199,000,000 | |
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 | 6,274,000,000 | 7,363,000,000 | |
Other bond securities | 58,000,000 | 93,000,000 | |
Recurring Basis | RMBS | Level 2 | Related Parties | |||
Assets: | |||
Bonds available for sale | 37,000,000 | 38,000,000 | |
Recurring Basis | RMBS | Level 2 | Related Parties | Maximum | |||
Assets: | |||
Other bond securities | 1,000,000 | 1,000,000 | |
Recurring Basis | RMBS | Level 3 | |||
Assets: | |||
Bonds available for sale | 5,670,000,000 | 7,595,000,000 | |
Other bond securities | 107,000,000 | 106,000,000 | |
Recurring Basis | RMBS | Level 3 | Related Parties | |||
Assets: | |||
Bonds available for sale | 2,000,000 | 9,000,000 | |
Recurring Basis | CMBS | |||
Assets: | |||
Bonds available for sale | 10,068,000,000 | 11,300,000,000 | |
Other bond securities | 232,000,000 | 234,000,000 | |
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 | 9,350,000,000 | 10,228,000,000 | |
Other bond securities | 204,000,000 | 201,000,000 | |
Recurring Basis | CMBS | Level 3 | |||
Assets: | |||
Bonds available for sale | 718,000,000 | 1,072,000,000 | |
Other bond securities | 28,000,000 | 33,000,000 | |
Recurring Basis | CLO | |||
Assets: | |||
Bonds available for sale | 8,186,000,000 | 7,402,000,000 | |
Other bond securities | 279,000,000 | 283,000,000 | |
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 | 6,516,000,000 | 4,364,000,000 | |
Other bond securities | 268,000,000 | 134,000,000 | |
Recurring Basis | CLO | Level 3 | |||
Assets: | |||
Bonds available for sale | 1,670,000,000 | 3,038,000,000 | |
Other bond securities | 11,000,000 | 149,000,000 | |
Recurring Basis | CLO | Level 3 | Related Parties | |||
Assets: | |||
Bonds available for sale | 0 | 862,000,000 | |
Recurring Basis | ABS | |||
Assets: | |||
Bonds available for sale | 10,387,000,000 | 8,060,000,000 | |
Other bond securities | 812,000,000 | 299,000,000 | |
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 | 792,000,000 | 660,000,000 | |
Other bond securities | 71,000,000 | 94,000,000 | |
Recurring Basis | ABS | Level 3 | |||
Assets: | |||
Bonds available for sale | 9,595,000,000 | 7,400,000,000 | |
Other bond securities | $ 741,000,000 | $ 205,000,000 | |
[1] See Note 9 |
Fair Value Measurements - Chang
Fair Value Measurements - Changes in level 3 recurring fair value measurements, assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value Beginning of Period | $ 24,928 | $ 23,791 | |
Net Realized and Unrealized Gains (Losses) Included in Income | 612 | 1,110 | |
Other Comprehensive Income (Loss) | (3,445) | (464) | |
Purchases, Sales, Issuances and Settlements, Net | 2,660 | 830 | |
Gross Transfers In | 2,957 | 1,228 | |
Gross Transfers Out | (3,423) | (1,505) | |
Other | 701 | 62 | |
Fair Value End of Period | $ 23,588 | $ 24,928 | $ 23,791 |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Total net realized gains (losses) | Total net realized gains (losses) | Total net realized gains (losses) |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Total net realized gains (losses) | Total net realized gains (losses) | Total net realized gains (losses) |
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | $ 163 | $ 623 | |
Changes in Unrealized Gain (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period | $ (2,565) | 791 | |
Gross Transfers Out | (1) | ||
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Asset, Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration] | Other comprehensive income (loss), net of tax | ||
Interest rate contracts | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Gross Transfers Out | $ 0 | 0 | |
Foreign exchange contracts | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Gross Transfers Out | 0 | 0 | |
Equity contracts | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Gross Transfers Out | 0 | 53 | |
Credit contracts | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Gross Transfers Out | 0 | 0 | |
Other contracts | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Gross Transfers Out | 0 | 0 | |
Derivative liabilities, net | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Gross Transfers Out | 0 | 53 | |
Policyholder contract deposits | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Gross Transfers Out | 0 | (54) | |
Fortitude Re funds withheld payable | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Gross Transfers Out | 0 | 0 | |
Debt of consolidated investment entities | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Gross Transfers Out | 0 | 0 | |
Bonds available for sale | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value Beginning of Period | 22,407 | 21,644 | |
Net Realized and Unrealized Gains (Losses) Included in Income | 449 | 461 | |
Other Comprehensive Income (Loss) | (3,423) | (449) | |
Purchases, Sales, Issuances and Settlements, Net | 2,128 | 1,228 | |
Gross Transfers In | 2,526 | 1,089 | |
Gross Transfers Out | (2,960) | (1,504) | |
Other | 701 | 62 | |
Fair Value End of Period | 20,426 | 22,407 | $ 21,644 |
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | 0 | 0 | |
Changes in Unrealized Gain (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period | (2,565) | 791 | |
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 Period | 1,395 | 2,057 | |
Net Realized and Unrealized Gains (Losses) Included in Income | 1 | 7 | |
Other Comprehensive Income (Loss) | (525) | (5) | |
Purchases, Sales, Issuances and Settlements, Net | (95) | (342) | |
Gross Transfers In | 40 | 0 | |
Gross Transfers Out | (11) | (260) | |
Other | 0 | 62 | |
Fair Value End of Period | 805 | 1,395 | 2,057 |
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | 0 | 0 | |
Changes in Unrealized Gain (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period | (221) | 36 | |
Bonds available for sale | Corporate debt | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value Beginning of Period | 1,907 | 1,709 | |
Net Realized and Unrealized Gains (Losses) Included in Income | 17 | (10) | |
Other Comprehensive Income (Loss) | (192) | (25) | |
Purchases, Sales, Issuances and Settlements, Net | (159) | 109 | |
Gross Transfers In | 911 | 373 | |
Gross Transfers Out | (516) | (249) | |
Other | 0 | 0 | |
Fair Value End of Period | 1,968 | 1,907 | 1,709 |
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | 0 | 0 | |
Changes in Unrealized Gain (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period | (174) | 31 | |
Bonds available for sale | RMBS | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value Beginning of Period | 7,595 | 8,104 | |
Net Realized and Unrealized Gains (Losses) Included in Income | 322 | 415 | |
Other Comprehensive Income (Loss) | (986) | (104) | |
Purchases, Sales, Issuances and Settlements, Net | (834) | (782) | |
Gross Transfers In | 7 | 8 | |
Gross Transfers Out | (434) | (46) | |
Other | 0 | 0 | |
Fair Value End of Period | 5,670 | 7,595 | 8,104 |
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | 0 | 0 | |
Changes in Unrealized Gain (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period | (610) | 787 | |
Bonds available for sale | CMBS | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value Beginning of Period | 1,072 | 886 | |
Net Realized and Unrealized Gains (Losses) Included in Income | 9 | 25 | |
Other Comprehensive Income (Loss) | (140) | (45) | |
Purchases, Sales, Issuances and Settlements, Net | 38 | 253 | |
Gross Transfers In | 45 | 53 | |
Gross Transfers Out | (306) | (100) | |
Other | 0 | 0 | |
Fair Value End of Period | 718 | 1,072 | 886 |
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | 0 | 0 | |
Changes in Unrealized Gain (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period | (115) | 21 | |
Bonds available for sale | CLO | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value Beginning of Period | 3,038 | 3,362 | |
Net Realized and Unrealized Gains (Losses) Included in Income | (31) | (5) | |
Other Comprehensive Income (Loss) | (163) | (173) | |
Purchases, Sales, Issuances and Settlements, Net | (105) | 48 | |
Gross Transfers In | 1,305 | 655 | |
Gross Transfers Out | (1,673) | (849) | |
Other | 0 | 0 | |
Fair Value End of Period | 1,670 | 3,038 | 3,362 |
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | 0 | 0 | |
Changes in Unrealized Gain (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period | (76) | (164) | |
Bonds available for sale | ABS | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value Beginning of Period | 7,400 | 5,526 | |
Net Realized and Unrealized Gains (Losses) Included in Income | 131 | 29 | |
Other Comprehensive Income (Loss) | (1,417) | (97) | |
Purchases, Sales, Issuances and Settlements, Net | 3,283 | 1,942 | |
Gross Transfers In | 218 | 0 | |
Gross Transfers Out | (20) | 0 | |
Other | 701 | 0 | |
Fair Value End of Period | 9,595 | 7,400 | 5,526 |
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | 0 | 0 | |
Changes in Unrealized Gain (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period | (1,369) | 80 | |
Other bond securities | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value Beginning of Period | 627 | 334 | |
Net Realized and Unrealized Gains (Losses) Included in Income | (149) | (3) | |
Other Comprehensive Income (Loss) | 0 | 0 | |
Purchases, Sales, Issuances and Settlements, Net | 704 | 291 | |
Gross Transfers In | 405 | 5 | |
Gross Transfers Out | (283) | 0 | |
Other | 0 | 0 | |
Fair Value End of Period | 1,304 | 627 | 334 |
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | (165) | 11 | |
Changes in Unrealized Gain (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period | 0 | 0 | |
Other bond securities | Corporate debt | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value Beginning of Period | 134 | 0 | |
Net Realized and Unrealized Gains (Losses) Included in Income | (5) | (1) | |
Other Comprehensive Income (Loss) | 0 | 0 | |
Purchases, Sales, Issuances and Settlements, Net | 158 | 135 | |
Gross Transfers In | 335 | 0 | |
Gross Transfers Out | (205) | 0 | |
Other | 0 | 0 | |
Fair Value End of Period | 417 | 134 | 0 |
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | (2) | (1) | |
Changes in Unrealized Gain (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period | 0 | 0 | |
Other bond securities | RMBS | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value Beginning of Period | 106 | 96 | |
Net Realized and Unrealized Gains (Losses) Included in Income | (23) | 2 | |
Other Comprehensive Income (Loss) | 0 | 0 | |
Purchases, Sales, Issuances and Settlements, Net | 24 | 8 | |
Gross Transfers In | 0 | 0 | |
Gross Transfers Out | 0 | 0 | |
Other | 0 | 0 | |
Fair Value End of Period | 107 | 106 | 96 |
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | (22) | 0 | |
Changes in Unrealized Gain (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period | 0 | 0 | |
Other bond securities | CMBS | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value Beginning of Period | 33 | 45 | |
Net Realized and Unrealized Gains (Losses) Included in Income | (5) | 0 | |
Other Comprehensive Income (Loss) | 0 | 0 | |
Purchases, Sales, Issuances and Settlements, Net | 0 | (17) | |
Gross Transfers In | 0 | 5 | |
Gross Transfers Out | 0 | 0 | |
Other | 0 | 0 | |
Fair Value End of Period | 28 | 33 | 45 |
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | (4) | (2) | |
Changes in Unrealized Gain (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period | 0 | 0 | |
Other bond securities | CLO | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value Beginning of Period | 149 | 193 | |
Net Realized and Unrealized Gains (Losses) Included in Income | 1 | (4) | |
Other Comprehensive Income (Loss) | 0 | 0 | |
Purchases, Sales, Issuances and Settlements, Net | (131) | (40) | |
Gross Transfers In | 70 | 0 | |
Gross Transfers Out | (78) | 0 | |
Other | 0 | 0 | |
Fair Value End of Period | 11 | 149 | 193 |
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | (5) | 15 | |
Changes in Unrealized Gain (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period | 0 | 0 | |
Other bond securities | ABS | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value Beginning of Period | 205 | 0 | |
Net Realized and Unrealized Gains (Losses) Included in Income | (117) | 0 | |
Other Comprehensive Income (Loss) | 0 | 0 | |
Purchases, Sales, Issuances and Settlements, Net | 653 | 205 | |
Gross Transfers In | 0 | 0 | |
Gross Transfers Out | 0 | 0 | |
Other | 0 | 0 | |
Fair Value End of Period | 741 | 205 | 0 |
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | (132) | (1) | |
Changes in Unrealized Gain (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period | 0 | 0 | |
Equity securities | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value Beginning of Period | 2 | 42 | |
Net Realized and Unrealized Gains (Losses) Included in Income | (1) | 11 | |
Other Comprehensive Income (Loss) | 0 | 0 | |
Purchases, Sales, Issuances and Settlements, Net | 23 | (120) | |
Gross Transfers In | 2 | 70 | |
Gross Transfers Out | 0 | (1) | |
Other | 0 | 0 | |
Fair Value End of Period | 26 | 2 | 42 |
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | (1) | 0 | |
Changes in Unrealized Gain (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period | 0 | 0 | |
Other Invested Assets | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value Beginning of Period | 1,892 | 1,771 | |
Net Realized and Unrealized Gains (Losses) Included in Income | 313 | 641 | |
Other Comprehensive Income (Loss) | (22) | (15) | |
Purchases, Sales, Issuances and Settlements, Net | (195) | (569) | |
Gross Transfers In | 24 | 64 | |
Gross Transfers Out | (180) | 0 | |
Other | 0 | 0 | |
Fair Value End of Period | 1,832 | 1,892 | $ 1,771 |
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | 329 | 612 | |
Changes in Unrealized Gain (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period | $ 0 | $ 0 |
Fair Value Measurements - Cha_2
Fair Value Measurements - Changes in level 3 recurring fair value measurements, liabilities (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Sep. 09, 2022 | Dec. 31, 2020 | |
Liabilities: | ||||
Fair Value Beginning of Period | $ 7,803 | $ 17,203 | $ 18,583 | |
Net Realized and Unrealized (Gains) Losses Included in Income | (9,518) | 24 | ||
Other Comprehensive (Income) Loss | 0 | 0 | ||
Purchases, Sales, Issuances and Settlements, Net | 118 | (1,332) | ||
Fair Value End of Period | 7,803 | 17,203 | ||
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | 10,358 | 3,710 | ||
Changes in Unrealized Gain (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period | 0 | 0 | ||
Derivative liabilities, net: | ||||
Gross Transfers Out | (1) | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | (3,423) | (1,505) | ||
Collateralized Debt Obligations | AIG Special Purposes Entities | Total derivatives with related parties | Corebridge | ||||
Derivative liabilities, net: | ||||
Noncontrolling interest ownership percentage | 100% | |||
Bonds available for sale | ||||
Derivative liabilities, net: | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | (2,960) | (1,504) | ||
Bonds available for sale | Obligations of states, municipalities and political subdivisions | ||||
Derivative liabilities, net: | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | (11) | (260) | ||
Bonds available for sale | Corporate debt | ||||
Derivative liabilities, net: | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | (516) | (249) | ||
Bonds available for sale | RMBS | ||||
Derivative liabilities, net: | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | (434) | (46) | ||
Bonds available for sale | CMBS | ||||
Derivative liabilities, net: | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | (306) | (100) | ||
Bonds available for sale | CLO | ||||
Derivative liabilities, net: | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | (1,673) | (849) | ||
Bonds available for sale | ABS | ||||
Derivative liabilities, net: | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | (20) | 0 | ||
Other bond securities | ||||
Derivative liabilities, net: | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | (283) | 0 | ||
Other bond securities | Corporate debt | ||||
Derivative liabilities, net: | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | (205) | 0 | ||
Other bond securities | RMBS | ||||
Derivative liabilities, net: | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | 0 | ||
Other bond securities | CMBS | ||||
Derivative liabilities, net: | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | 0 | ||
Other bond securities | CLO | ||||
Derivative liabilities, net: | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | (78) | 0 | ||
Other bond securities | ABS | ||||
Derivative liabilities, net: | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | 0 | ||
Equity securities | ||||
Derivative liabilities, net: | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | (1) | ||
Other Invested Assets | ||||
Derivative liabilities, net: | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | (180) | 0 | ||
Policyholder contract deposits | ||||
Liabilities: | ||||
Fair Value Beginning of Period | 7,119 | 9,694 | 10,038 | |
Net Realized and Unrealized (Gains) Losses Included in Income | (3,602) | (769) | ||
Other Comprehensive (Income) Loss | 0 | 0 | ||
Purchases, Sales, Issuances and Settlements, Net | 1,027 | 479 | ||
Gross Transfers In | 0 | 0 | ||
Gross Transfers Out | 0 | (54) | ||
Other | 0 | 0 | ||
Fair Value End of Period | 7,119 | 9,694 | ||
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | 3,857 | 1,860 | ||
Changes in Unrealized Gain (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period | 0 | 0 | ||
Derivative liabilities, net | ||||
Liabilities: | ||||
Net Realized and Unrealized (Gains) Losses Included in Income | 432 | (73) | ||
Purchases, Sales, Issuances and Settlements, Net | (546) | (224) | ||
Derivative liabilities, net: | ||||
Fair Value Beginning of Period | (470) | (155) | ||
Net Realized and Unrealized (Gains) Losses Included in Income | 432 | (73) | ||
Other Comprehensive (Income) Loss | 0 | 0 | ||
Purchases, Sales, Issuances and Settlements, Net | (546) | (224) | ||
Gross Transfers In | 0 | (71) | ||
Gross Transfers Out | 0 | 53 | ||
Other | 0 | 0 | ||
Fair Value End of Period | (584) | (470) | ||
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | (187) | 80 | ||
Changes in Unrealized Gain (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period | 0 | 0 | ||
Interest rate contracts | ||||
Derivative liabilities, net: | ||||
Fair Value Beginning of Period | 0 | 0 | ||
Net Realized and Unrealized (Gains) Losses Included in Income | 1 | 0 | ||
Other Comprehensive (Income) Loss | 0 | 0 | ||
Purchases, Sales, Issuances and Settlements, Net | (304) | 0 | ||
Gross Transfers In | 0 | 0 | ||
Gross Transfers Out | 0 | 0 | ||
Other | 0 | 0 | ||
Fair Value End of Period | (303) | 0 | ||
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | (1) | 0 | ||
Changes in Unrealized Gain (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period | 0 | 0 | ||
Foreign exchange contracts | ||||
Derivative liabilities, net: | ||||
Fair Value Beginning of Period | 0 | 0 | ||
Net Realized and Unrealized (Gains) Losses Included in Income | (1) | 0 | ||
Other Comprehensive (Income) Loss | 0 | 0 | ||
Purchases, Sales, Issuances and Settlements, Net | 1 | 0 | ||
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 Gain (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period | 0 | 0 | ||
Equity contracts | ||||
Derivative liabilities, net: | ||||
Fair Value Beginning of Period | (457) | (146) | ||
Net Realized and Unrealized (Gains) Losses Included in Income | 494 | (22) | ||
Other Comprehensive (Income) Loss | 0 | 0 | ||
Purchases, Sales, Issuances and Settlements, Net | (304) | (271) | ||
Gross Transfers In | 0 | (71) | ||
Gross Transfers Out | 0 | 53 | ||
Other | 0 | 0 | ||
Fair Value End of Period | (267) | (457) | ||
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | (249) | 19 | ||
Changes in Unrealized Gain (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period | 0 | 0 | ||
Credit contracts | ||||
Derivative liabilities, net: | ||||
Fair Value Beginning of Period | (1) | (2) | ||
Net Realized and Unrealized (Gains) Losses Included in Income | 1 | 11 | ||
Other Comprehensive (Income) Loss | 0 | 0 | ||
Purchases, Sales, Issuances and Settlements, Net | 0 | (10) | ||
Gross Transfers In | 0 | 0 | ||
Gross Transfers Out | 0 | 0 | ||
Other | 0 | 0 | ||
Fair Value End of Period | 0 | (1) | ||
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | 0 | (2) | ||
Changes in Unrealized Gain (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period | 0 | 0 | ||
Other contracts | ||||
Derivative liabilities, net: | ||||
Fair Value Beginning of Period | (12) | (7) | ||
Net Realized and Unrealized (Gains) Losses Included in Income | (63) | (62) | ||
Other Comprehensive (Income) Loss | 0 | 0 | ||
Purchases, Sales, Issuances and Settlements, Net | 61 | 57 | ||
Gross Transfers In | 0 | 0 | ||
Gross Transfers Out | 0 | 0 | ||
Other | 0 | 0 | ||
Fair Value End of Period | (14) | (12) | ||
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | 63 | 63 | ||
Changes in Unrealized Gain (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period | 0 | 0 | ||
Fortitude Re funds withheld payable | ||||
Liabilities: | ||||
Fair Value Beginning of Period | 1,262 | 7,974 | 7,749 | |
Net Realized and Unrealized (Gains) Losses Included in Income | (6,348) | 687 | ||
Other Comprehensive (Income) Loss | 0 | 0 | ||
Purchases, Sales, Issuances and Settlements, Net | (364) | (462) | ||
Gross Transfers In | 0 | 0 | ||
Gross Transfers Out | 0 | 0 | ||
Other | 0 | 0 | ||
Fair Value End of Period | 1,262 | 7,974 | ||
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | 6,689 | 1,766 | ||
Changes in Unrealized Gain (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period | 0 | 0 | ||
Debt of consolidated investment entities | ||||
Liabilities: | ||||
Fair Value Beginning of Period | 6 | 5 | $ 951 | |
Net Realized and Unrealized (Gains) Losses Included in Income | 0 | (179) | ||
Other Comprehensive (Income) Loss | 0 | 0 | ||
Purchases, Sales, Issuances and Settlements, Net | 1 | (1,125) | ||
Gross Transfers In | 0 | 0 | ||
Gross Transfers Out | 0 | 0 | ||
Other | 0 | 0 | ||
Fair Value End of Period | 6 | 5 | ||
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | (1) | 4 | ||
Changes in Unrealized Gain (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period | $ 0 | $ 0 |
Fair Value Measurements - Net r
Fair Value Measurements - Net realized and unrealized gains and losses included in income related to Level 3 assets and liabilities (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Net realized gains (losses), assets | $ 612 | $ 1,110 | |
Net realized gains (losses), liabilities | 9,518 | (24) | |
Loss on extinguishment of debt | 0 | 219 | $ 10 |
Interest expense on debt | 34 | ||
Policyholder contract deposits | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Net realized gains (losses), liabilities | 3,602 | 769 | |
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 | |
Policyholder contract deposits | Net Investment Income | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Net realized gains (losses), liabilities | 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 | 3,602 | 769 | |
Policyholder contract deposits | Interest Expense | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Net realized gains (losses), liabilities | 0 | 0 | |
Derivative liabilities, net | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Net realized gains (losses), liabilities | (432) | 73 | |
Derivative liabilities, net | Policy Fees | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Net realized gains (losses), liabilities | 61 | 59 | |
Derivative liabilities, net | Net Investment Income | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Net realized gains (losses), liabilities | 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 | (493) | 14 | |
Derivative liabilities, net | Interest Expense | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Net realized gains (losses), liabilities | 0 | 0 | |
Fortitude Re funds withheld payable | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Net realized gains (losses), liabilities | 6,348 | (687) | |
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 | |
Fortitude Re funds withheld payable | Net Investment Income | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Net realized gains (losses), liabilities | 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 | 6,348 | (687) | |
Fortitude Re funds withheld payable | Interest Expense | |||
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 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Net realized gains (losses), liabilities | 0 | 179 | |
Loss on extinguishment of debt | 145 | ||
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 | |||
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 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 | Interest Expense | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Net realized gains (losses), liabilities | 0 | 179 | |
Bonds available for sale | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Net realized gains (losses), assets | 449 | 461 | |
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 | |
Bonds available for sale | Net Investment Income | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Net realized gains (losses), assets | 516 | 472 | |
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 | (67) | (11) | |
Bonds available for sale | Interest Expense | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Net realized gains (losses), assets | 0 | 0 | |
Other bond securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Net realized gains (losses), assets | (149) | (3) | |
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 | |
Other bond securities | Net Investment Income | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Net realized gains (losses), assets | (149) | (3) | |
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 | |
Other bond securities | Interest Expense | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Net realized gains (losses), assets | 0 | 0 | |
Equity securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Net realized gains (losses), assets | (1) | 11 | |
Equity securities | Policy Fees | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Net realized gains (losses), assets | 0 | 0 | |
Equity securities | Net Investment Income | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Net realized gains (losses), assets | (1) | 11 | |
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 | |
Equity securities | Interest Expense | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Net realized gains (losses), assets | 0 | 0 | |
Other Invested Assets | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Net realized gains (losses), assets | 313 | 641 | |
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 | |
Other Invested Assets | Net Investment Income | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Net realized gains (losses), assets | 321 | 630 | |
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 | (8) | 11 | |
Other Invested Assets | Interest Expense | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Net realized gains (losses), assets | $ 0 | $ 0 |
Fair Value Measurements - Gross
Fair Value Measurements - Gross components of purchases, sales, issuances and settlements (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Assets [Abstract] | |||||
Purchases | $ 5,636,000,000 | $ 6,464,000,000 | |||
Sales | (261,000,000) | (302,000,000) | |||
Issuances and Settlements | (2,715,000,000) | (5,332,000,000) | |||
Purchases, Sales, Issuances and Settlements, Net | 2,660,000,000 | 830,000,000 | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Liabilities [Abstract] | |||||
Purchases | (421,000,000) | (272,000,000) | |||
Sales | 1,107,000,000 | 812,000,000 | |||
Issuances and Settlements | (568,000,000) | (1,872,000,000) | |||
Purchases, Sales, Issuances and Settlements, Net | 118,000,000 | (1,332,000,000) | |||
Issuances, assets | $ 0 | $ 0 | 0 | 0 | |
Issuances, liabilities | $ 0 | $ 0 | 0 | 0 | |
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 | (92,000,000) | 17,000,000 | |||
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. | $ (142,000,000) | $ (19,000,000) | |||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Total net realized gains (losses) | Total net realized gains (losses) | Total net realized gains (losses) | ||
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Total net realized gains (losses) | ||||
Policyholder contract deposits | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Liabilities [Abstract] | |||||
Purchases | $ 0 | $ 0 | |||
Sales | 1,107,000,000 | 812,000,000 | |||
Issuances and Settlements | (80,000,000) | (333,000,000) | |||
Purchases, Sales, Issuances and Settlements, Net | 1,027,000,000 | 479,000,000 | |||
Derivative liabilities, net | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Liabilities [Abstract] | |||||
Purchases | (421,000,000) | (272,000,000) | |||
Sales | 0 | 0 | |||
Issuances and Settlements | (125,000,000) | 48,000,000 | |||
Purchases, Sales, Issuances and Settlements, Net | (546,000,000) | (224,000,000) | |||
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | (187,000,000) | 80,000,000 | |||
Fortitude Re funds withheld payable | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Liabilities [Abstract] | |||||
Purchases | 0 | 0 | |||
Sales | 0 | 0 | |||
Issuances and Settlements | (364,000,000) | (462,000,000) | |||
Purchases, Sales, Issuances and Settlements, Net | (364,000,000) | (462,000,000) | |||
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 | 1,000,000 | (1,125,000,000) | |||
Purchases, Sales, Issuances and Settlements, Net | 1,000,000 | (1,125,000,000) | |||
Bonds available for sale | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Assets [Abstract] | |||||
Purchases | 4,204,000,000 | 5,556,000,000 | |||
Sales | (135,000,000) | (285,000,000) | |||
Issuances and Settlements | (1,941,000,000) | (4,043,000,000) | |||
Purchases, Sales, Issuances and Settlements, Net | 2,128,000,000 | 1,228,000,000 | |||
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 | 36,000,000 | |||
Sales | (60,000,000) | (212,000,000) | |||
Issuances and Settlements | (35,000,000) | (166,000,000) | |||
Purchases, Sales, Issuances and Settlements, Net | (95,000,000) | (342,000,000) | |||
Bonds available for sale | Corporate debt | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Assets [Abstract] | |||||
Purchases | 85,000,000 | 424,000,000 | |||
Sales | (39,000,000) | (36,000,000) | |||
Issuances and Settlements | (205,000,000) | (279,000,000) | |||
Purchases, Sales, Issuances and Settlements, Net | (159,000,000) | 109,000,000 | |||
Bonds available for sale | RMBS | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Assets [Abstract] | |||||
Purchases | 377,000,000 | 637,000,000 | |||
Sales | 0 | (1,000,000) | |||
Issuances and Settlements | (1,211,000,000) | (1,418,000,000) | |||
Purchases, Sales, Issuances and Settlements, Net | (834,000,000) | (782,000,000) | |||
Bonds available for sale | CMBS | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Assets [Abstract] | |||||
Purchases | 118,000,000 | 334,000,000 | |||
Sales | (9,000,000) | (15,000,000) | |||
Issuances and Settlements | (71,000,000) | (66,000,000) | |||
Purchases, Sales, Issuances and Settlements, Net | 38,000,000 | 253,000,000 | |||
Bonds available for sale | CLO | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Assets [Abstract] | |||||
Purchases | 514,000,000 | 923,000,000 | |||
Sales | (27,000,000) | 0 | |||
Issuances and Settlements | (592,000,000) | (875,000,000) | |||
Purchases, Sales, Issuances and Settlements, Net | (105,000,000) | 48,000,000 | |||
Bonds available for sale | ABS | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Assets [Abstract] | |||||
Purchases | 3,110,000,000 | 3,202,000,000 | |||
Sales | 0 | (21,000,000) | |||
Issuances and Settlements | 173,000,000 | (1,239,000,000) | |||
Purchases, Sales, Issuances and Settlements, Net | 3,283,000,000 | 1,942,000,000 | |||
Other bond securities | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Assets [Abstract] | |||||
Purchases | 758,000,000 | 328,000,000 | |||
Sales | (126,000,000) | (17,000,000) | |||
Issuances and Settlements | 72,000,000 | (20,000,000) | |||
Purchases, Sales, Issuances and Settlements, Net | 704,000,000 | 291,000,000 | |||
Other bond securities | Corporate debt | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Assets [Abstract] | |||||
Purchases | 29,000,000 | 86,000,000 | |||
Sales | (3,000,000) | 0 | |||
Issuances and Settlements | 132,000,000 | 49,000,000 | |||
Purchases, Sales, Issuances and Settlements, Net | 158,000,000 | 135,000,000 | |||
Other bond securities | RMBS | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Assets [Abstract] | |||||
Purchases | 38,000,000 | 28,000,000 | |||
Sales | 0 | 0 | |||
Issuances and Settlements | (14,000,000) | (20,000,000) | |||
Purchases, Sales, Issuances and Settlements, Net | 24,000,000 | 8,000,000 | |||
Other bond securities | CMBS | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Assets [Abstract] | |||||
Purchases | 0 | 0 | |||
Sales | 0 | (17,000,000) | |||
Issuances and Settlements | 0 | 0 | |||
Purchases, Sales, Issuances and Settlements, Net | 0 | (17,000,000) | |||
Other bond securities | CLO | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Assets [Abstract] | |||||
Purchases | 16,000,000 | 7,000,000 | |||
Sales | (123,000,000) | 0 | |||
Issuances and Settlements | (24,000,000) | (47,000,000) | |||
Purchases, Sales, Issuances and Settlements, Net | (131,000,000) | (40,000,000) | |||
Other bond securities | ABS | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Assets [Abstract] | |||||
Purchases | 675,000,000 | 207,000,000 | |||
Sales | 0 | 0 | |||
Issuances and Settlements | (22,000,000) | (2,000,000) | |||
Purchases, Sales, Issuances and Settlements, Net | 653,000,000 | 205,000,000 | |||
Equity securities | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Assets [Abstract] | |||||
Purchases | 22,000,000 | 2,000,000 | |||
Sales | 0 | 0 | |||
Issuances and Settlements | 1,000,000 | (122,000,000) | |||
Purchases, Sales, Issuances and Settlements, Net | 23,000,000 | (120,000,000) | |||
Other Invested Assets | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Assets [Abstract] | |||||
Purchases | 652,000,000 | 578,000,000 | |||
Sales | 0 | 0 | |||
Issuances and Settlements | (847,000,000) | (1,147,000,000) | |||
Purchases, Sales, Issuances and Settlements, Net | $ (195,000,000) | $ (569,000,000) |
Fair Value Measurements - Quant
Fair Value Measurements - Quantitative Information about Level 3 Fair Value Measurements (Details) $ in Millions | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Bonds available for sale | [1] | $ 156,793 | $ 198,568 |
Embedded derivatives within Policyholder contract deposits | 8,400 | 17,700 | |
Level 3 | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Embedded derivatives within Policyholder contract deposits | 1,000 | ||
Obligations of states, municipalities and political subdivisions | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Bonds available for sale | $ 5,926 | $ 8,676 | |
Obligations of states, municipalities and political subdivisions | Minimum | Yield | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Derivative asset, measurement input | 0.0533 | 0.0292 | |
Obligations of states, municipalities and political subdivisions | Maximum | Yield | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Derivative asset, measurement input | 0.0592 | 0.0327 | |
Obligations of states, municipalities and political subdivisions | Weighted-average | Yield | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Derivative asset, measurement input | 0.0563 | 0.0310 | |
Obligations of states, municipalities and political subdivisions | Level 3 | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Bonds available for sale | $ 780 | $ 1,364 | |
Corporate debt | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Bonds available for sale | $ 104,692 | $ 140,063 | |
Corporate debt | Minimum | Yield | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Derivative asset, measurement input | 0.0490 | 0.0175 | |
Corporate debt | Maximum | Yield | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Derivative asset, measurement input | 0.0954 | 0.0705 | |
Corporate debt | Weighted-average | Yield | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Derivative asset, measurement input | 0.0722 | 0.0440 | |
Corporate debt | Level 3 | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Bonds available for sale | $ 1,988 | $ 1,789 | |
RMBS | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Bonds available for sale | $ 11,944 | $ 14,958 | |
RMBS | Minimum | Yield | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Derivative asset, measurement input | 0.0595 | 0.0172 | |
RMBS | Minimum | Constant prepayment rate | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Derivative asset, measurement input | 0.0484 | 0.0518 | |
RMBS | Minimum | Loss severity | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Derivative asset, measurement input | 0.4501 | 0.2487 | |
RMBS | Minimum | Constant default rate | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Derivative asset, measurement input | 0.0079 | 0.0101 | |
RMBS | Maximum | Yield | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Derivative asset, measurement input | 0.0772 | 0.0408 | |
RMBS | Maximum | Constant prepayment rate | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Derivative asset, measurement input | 0.1035 | 0.1841 | |
RMBS | Maximum | Loss severity | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Derivative asset, measurement input | 0.7728 | 0.7264 | |
RMBS | Maximum | Constant default rate | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Derivative asset, measurement input | 0.0267 | 0.0574 | |
RMBS | Weighted-average | Yield | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Derivative asset, measurement input | 0.0684 | 0.0290 | |
RMBS | Weighted-average | Constant prepayment rate | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Derivative asset, measurement input | 0.0760 | 0.1179 | |
RMBS | Weighted-average | Loss severity | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Derivative asset, measurement input | 0.6114 | 0.4875 | |
RMBS | Weighted-average | Constant default rate | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Derivative asset, measurement input | 0.0173 | 0.0337 | |
RMBS | Level 3 | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Bonds available for sale | $ 3,725 | $ 7,141 | |
CLO | Minimum | Yield | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Derivative asset, measurement input | 0.0713 | 0.0294 | |
CLO | Maximum | Yield | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Derivative asset, measurement input | 0.0759 | 0.0493 | |
CLO | Weighted-average | Yield | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Derivative asset, measurement input | 0.0736 | 0.0394 | |
CLO | Level 3 | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Bonds available for sale | $ 1,547 | $ 3,174 | |
ABS | Minimum | Yield | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Derivative asset, measurement input | 0.0601 | 0.0189 | |
ABS | Maximum | Yield | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Derivative asset, measurement input | 0.0796 | 0.0336 | |
ABS | Weighted-average | Yield | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Derivative asset, measurement input | 0.0698 | 0.0263 | |
ABS | Level 3 | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Bonds available for sale | $ 6,591 | $ 5,077 | |
CMBS | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Bonds available for sale | $ 10,068 | $ 11,300 | |
CMBS | Minimum | Yield | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Derivative asset, measurement input | 0.0472 | 0.0154 | |
CMBS | Maximum | Yield | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Derivative asset, measurement input | 0.1021 | 0.0449 | |
CMBS | Weighted-average | Yield | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Derivative asset, measurement input | 0.0746 | 0.0302 | |
CMBS | Level 3 | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Bonds available for sale | $ 663 | $ 887 | |
Variable annuity guaranteed minimum withdrawal benefits (GMWB) | Minimum | Equity volatility | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Embedded derivative liability, measurement input | 0.0645 | 0.0595 | |
Variable annuity guaranteed minimum withdrawal benefits (GMWB) | Minimum | Base lapse rate | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Embedded derivative liability, measurement input | 0.0016 | 0.0016 | |
Variable annuity guaranteed minimum withdrawal benefits (GMWB) | Minimum | Dynamic lapse multiplier | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Embedded derivative liability, measurement input | 0.2000 | 0.2000 | |
Variable annuity guaranteed minimum withdrawal benefits (GMWB) | Minimum | Mortality multiplier | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Embedded derivative liability, measurement input | 0.3800 | 0.3800 | |
Variable annuity guaranteed minimum withdrawal benefits (GMWB) | Minimum | Utilization | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Embedded derivative liability, measurement input | 0.9000 | 0.9000 | |
Variable annuity guaranteed minimum withdrawal benefits (GMWB) | Minimum | Equity/interest-rate correlation | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Embedded derivative liability, measurement input | 0.1000 | 0.2000 | |
Variable annuity guaranteed minimum withdrawal benefits (GMWB) | Minimum | NPA | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Embedded derivative liability, measurement input | 0 | 0.0001 | |
Variable annuity guaranteed minimum withdrawal benefits (GMWB) | Maximum | Equity volatility | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Embedded derivative liability, measurement input | 0.5075 | 0.4665 | |
Variable annuity guaranteed minimum withdrawal benefits (GMWB) | Maximum | Base lapse rate | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Embedded derivative liability, measurement input | 0.1260 | 0.1260 | |
Variable annuity guaranteed minimum withdrawal benefits (GMWB) | Maximum | Dynamic lapse multiplier | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Embedded derivative liability, measurement input | 1.8600 | 1.8600 | |
Variable annuity guaranteed minimum withdrawal benefits (GMWB) | Maximum | Mortality multiplier | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Embedded derivative liability, measurement input | 1.4700 | 1.4700 | |
Variable annuity guaranteed minimum withdrawal benefits (GMWB) | Maximum | Utilization | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Embedded derivative liability, measurement input | 1 | 1 | |
Variable annuity guaranteed minimum withdrawal benefits (GMWB) | Maximum | Equity/interest-rate correlation | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Embedded derivative liability, measurement input | 0.3000 | 0.4000 | |
Variable annuity guaranteed minimum withdrawal benefits (GMWB) | Maximum | NPA | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Embedded derivative liability, measurement input | 0.0203 | 0.0140 | |
Variable annuity guaranteed minimum withdrawal benefits (GMWB) | Level 3 | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Embedded derivatives within Policyholder contract deposits | $ 677 | $ 2,472 | |
Fixed index annuities including certain GMWBs | Minimum | Equity volatility | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Embedded derivative liability, measurement input | 0.0645 | 5.95 | |
Fixed index annuities including certain GMWBs | Minimum | Base lapse rate | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Embedded derivative liability, measurement input | 0.0050 | 0.0050 | |
Fixed index annuities including certain GMWBs | 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 including certain GMWBs | Minimum | Mortality multiplier | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Embedded derivative liability, measurement input | 0.2400 | 0.2400 | |
Fixed index annuities including certain GMWBs | Minimum | Utilization | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Embedded derivative liability, measurement input | 0.6000 | 0.6000 | |
Fixed index annuities including certain GMWBs | Minimum | NPA | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Embedded derivative liability, measurement input | 0 | 0.0001 | |
Fixed index annuities including certain GMWBs | Minimum | Option budget | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Embedded derivative liability, measurement input | 0 | 0 | |
Fixed index annuities including certain GMWBs | Maximum | Equity volatility | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Embedded derivative liability, measurement input | 0.5075 | 46.65 | |
Fixed index annuities including certain GMWBs | 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 including certain GMWBs | Maximum | Dynamic lapse multiplier | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Embedded derivative liability, measurement input | 1.8600 | 1.8600 | |
Fixed index annuities including certain GMWBs | Maximum | Mortality multiplier | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Embedded derivative liability, measurement input | 1.8000 | 1.8000 | |
Fixed index annuities including certain GMWBs | Maximum | Utilization | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Embedded derivative liability, measurement input | 0.9500 | 0.9500 | |
Fixed index annuities including certain GMWBs | Maximum | NPA | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Embedded derivative liability, measurement input | 0.0203 | 0.0140 | |
Fixed index annuities including certain GMWBs | Maximum | Option budget | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Embedded derivative liability, measurement input | 0.0500 | 0.0400 | |
Fixed index annuities including certain GMWBs | Level 3 | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Embedded derivatives within Policyholder contract deposits | $ 5,718 | $ 6,445 | |
Index Life | Minimum | Equity volatility | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Embedded derivative liability, measurement input | 0.0575 | 7.65 | |
Index Life | Minimum | Base lapse rate | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Embedded derivative liability, measurement input | 0 | 0 | |
Index Life | Minimum | Mortality rate | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Embedded derivative liability, measurement input | 0 | 0 | |
Index Life | Minimum | NPA | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Embedded derivative liability, measurement input | 0 | 0.0001 | |
Index Life | Maximum | Equity volatility | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Embedded derivative liability, measurement input | 0.2363 | 20.7 | |
Index Life | Maximum | Base lapse rate | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Embedded derivative liability, measurement input | 0.3797 | 0.3797 | |
Index Life | Maximum | Mortality rate | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Embedded derivative liability, measurement input | 1 | 1 | |
Index Life | Maximum | NPA | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Embedded derivative liability, measurement input | 0.0203 | 0.0140 | |
Index Life | Level 3 | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Embedded derivatives within Policyholder contract deposits | $ 710 | $ 765 | |
[1] See Note 9 |
Fair Value Measurements - Inves
Fair Value Measurements - Investments in certain other invested assets (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
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 | $ 6,047 | $ 5,212 |
Unfunded Commitments | 2,788 | 2,358 |
Private equity funds | ||
INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING NET ASSET VALUE PER SHARE | ||
Private equity funds/hedge funds | 5,163 | 4,310 |
Unfunded Commitments | $ 2,788 | 2,358 |
Average original expected lives (in years) | 10 years | |
Private equity funds | Minimum | ||
INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING NET ASSET VALUE PER SHARE | ||
Extension period (in years) | 1 year | |
Private equity funds | Maximum | ||
INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING NET ASSET VALUE PER SHARE | ||
Extension period (in years) | 2 years | |
Leveraged buyout | ||
INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING NET ASSET VALUE PER SHARE | ||
Private equity funds/hedge funds | $ 2,014 | 1,762 |
Unfunded Commitments | 1,719 | 1,229 |
Real estate | ||
INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING NET ASSET VALUE PER SHARE | ||
Private equity funds/hedge funds | 1,082 | 490 |
Unfunded Commitments | 549 | 365 |
Venture capital | ||
INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING NET ASSET VALUE PER SHARE | ||
Private equity funds/hedge funds | 212 | 194 |
Unfunded Commitments | 118 | 135 |
Growth equity | ||
INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING NET ASSET VALUE PER SHARE | ||
Private equity funds/hedge funds | 510 | 637 |
Unfunded Commitments | 40 | 37 |
Mezzanine | ||
INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING NET ASSET VALUE PER SHARE | ||
Private equity funds/hedge funds | 443 | 306 |
Unfunded Commitments | 78 | 268 |
Other | ||
INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING NET ASSET VALUE PER SHARE | ||
Private equity funds/hedge funds | 902 | 921 |
Unfunded Commitments | 284 | 324 |
Hedge funds | ||
INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING NET ASSET VALUE PER SHARE | ||
Private equity funds/hedge funds | 884 | 902 |
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 | 18 |
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 | 335 | 404 |
Unfunded Commitments | 0 | 0 |
Macro | ||
INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING NET ASSET VALUE PER SHARE | ||
Private equity funds/hedge funds | 366 | 370 |
Unfunded Commitments | 0 | 0 |
Other | ||
INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING NET ASSET VALUE PER SHARE | ||
Private equity funds/hedge funds | 178 | 110 |
Unfunded Commitments | $ 0 | $ 0 |
Fair Value Measurements - Gains
Fair Value Measurements - Gains or losses recorded related to fair value option (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Fair Value, Option, Quantitative Disclosures | |||
Total gain (loss) | $ (197) | $ 937 | $ 251 |
Total liabilities | |||
Fair Value, Option, Quantitative Disclosures | |||
Total gain (loss) | 20 | (172) | (111) |
Policyholder contract deposits | |||
Fair Value, Option, Quantitative Disclosures | |||
Total gain (loss) | 20 | 7 | (9) |
Debt of consolidated investment entities | |||
Fair Value, Option, Quantitative Disclosures | |||
Total gain (loss) | 0 | (179) | (102) |
Total assets | |||
Fair Value, Option, Quantitative Disclosures | |||
Total gain (loss) | (217) | 1,109 | 362 |
Other bond securities | |||
Fair Value, Option, Quantitative Disclosures | |||
Total gain (loss) | (408) | 26 | 72 |
Alternative investments | |||
Fair Value, Option, Quantitative Disclosures | |||
Total gain (loss) | 191 | 1,083 | $ 290 |
Fair value option carrying amount | 6 | 5 | |
Fair value option, aforementioned principal amount | $ 655 | $ 779 |
Fair Value Measurements - Ass_2
Fair Value Measurements - Assets measured at fair value on a non-recurring basis and related impairment charges (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other investments | [1] | $ 10,418 | $ 10,567 | |
Impairment Charges | 25 | 32 | $ 80 | |
Non-Recurring Basis | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other investments | 12 | 89 | ||
Mortgage and other loans receivable | 15 | |||
Other assets | 0 | 14 | ||
Total | 12 | 118 | ||
Impairment Charges | 25 | 7 | 82 | |
Non-Recurring Basis | Other investments | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impairment Charges | 25 | 6 | 77 | |
Non-Recurring Basis | Other Invested Assets | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impairment Charges | 0 | 1 | $ 5 | |
Non-Recurring Basis | Asset Class to Loans Held For Sale | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total | 163 | |||
Non-Recurring Basis | Level 1 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other investments | 0 | 0 | ||
Mortgage and other loans receivable | 0 | |||
Other assets | 0 | 0 | ||
Total | 0 | 0 | ||
Non-Recurring Basis | Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other investments | 0 | 0 | ||
Mortgage and other loans receivable | 0 | |||
Other assets | 0 | 14 | ||
Total | 0 | 14 | ||
Non-Recurring Basis | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other investments | 12 | 89 | ||
Mortgage and other loans receivable | 15 | |||
Other assets | 0 | 0 | ||
Total | $ 12 | $ 104 | ||
[1] See Note 9 |
Fair Value Measurements - Carry
Fair Value Measurements - Carrying values and estimated fair values of our financial instruments not measured at fair value (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |||
Assets: | ||||||
Mortgage and other loans receivable | [1] | $ 44,566 | $ 39,388 | |||
Other investments | [1] | 10,418 | 10,567 | |||
Short-term investments | [1] | 4,400 | 5,471 | |||
Cash | 552 | [1] | 537 | [1] | $ 654 | |
Other assets | [1] | 2,852 | 3,303 | |||
Liabilities: | ||||||
Short-term debt | 1,500 | 8,317 | ||||
Long-term debt | 7,868 | 427 | ||||
Consolidated VIE | ||||||
Assets: | ||||||
Mortgage and other loans receivable | 2,088 | 2,359 | ||||
Short-term investments | 456 | 618 | ||||
Cash | 71 | 93 | ||||
Other assets | 170 | 745 | ||||
Liabilities: | ||||||
Other liabilities | 132 | 835 | ||||
Long-term debt | 5,958 | 6,936 | ||||
Estimated Fair Value | ||||||
Assets: | ||||||
Mortgage and other loans receivable | 40,967 | 41,129 | ||||
Other investments | 222 | 193 | ||||
Short-term investments | 3,043 | 4,016 | ||||
Cash | 552 | 537 | ||||
Other assets | 12 | 7 | ||||
Liabilities: | ||||||
Policyholder contract deposits associated with investment-type contracts | 131,963 | 143,143 | ||||
Fortitude Re funds withheld payable | 25,289 | 27,170 | ||||
Other liabilities | 3,056 | 3,704 | ||||
Short-term debt | 1,500 | 8,317 | ||||
Long-term debt | 7,172 | 586 | ||||
Separate account liabilities - investment contracts | 80,649 | 104,126 | ||||
Estimated Fair Value | Consolidated VIE | ||||||
Liabilities: | ||||||
Long-term debt | 5,543 | 6,887 | ||||
Carrying Value | ||||||
Assets: | ||||||
Mortgage and other loans receivable | 44,403 | 39,373 | ||||
Other investments | 222 | 193 | ||||
Short-term investments | 3,043 | 4,016 | ||||
Cash | 552 | 537 | ||||
Other assets | 12 | 7 | ||||
Liabilities: | ||||||
Policyholder contract deposits associated with investment-type contracts | 138,243 | 133,043 | ||||
Fortitude Re funds withheld payable | 25,289 | 27,170 | ||||
Other liabilities | 3,056 | 3,704 | ||||
Short-term debt | 1,500 | 8,317 | ||||
Long-term debt | 7,868 | 427 | ||||
Separate account liabilities - investment contracts | 80,649 | 104,126 | ||||
Carrying Value | Consolidated VIE | ||||||
Liabilities: | ||||||
Long-term debt | 5,952 | 6,931 | ||||
Level 1 | Estimated Fair Value | ||||||
Assets: | ||||||
Mortgage and other loans receivable | 0 | 0 | ||||
Other investments | 0 | 0 | ||||
Short-term investments | 0 | 0 | ||||
Cash | 552 | 537 | ||||
Other assets | 4 | 7 | ||||
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 | |||||
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 | 31 | 52 | ||||
Other investments | 222 | 193 | ||||
Short-term investments | 3,043 | 4,016 | ||||
Cash | 0 | 0 | ||||
Other assets | 8 | 0 | ||||
Liabilities: | ||||||
Policyholder contract deposits associated with investment-type contracts | 119 | 169 | ||||
Fortitude Re funds withheld payable | 0 | 0 | ||||
Other liabilities | 3,056 | 3,704 | ||||
Short-term debt | 1,500 | 0 | ||||
Long-term debt | 7,172 | 586 | ||||
Separate account liabilities - investment contracts | 80,649 | 104,126 | ||||
Level 2 | Estimated Fair Value | Consolidated VIE | ||||||
Liabilities: | ||||||
Long-term debt | 3,055 | 3,077 | ||||
Level 3 | Estimated Fair Value | ||||||
Assets: | ||||||
Mortgage and other loans receivable | 40,936 | 41,077 | ||||
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 | 131,844 | 142,974 | ||||
Fortitude Re funds withheld payable | 25,289 | 27,170 | ||||
Other liabilities | 0 | 0 | ||||
Short-term debt | 0 | 8,317 | ||||
Long-term debt | 0 | 0 | ||||
Separate account liabilities - investment contracts | 0 | 0 | ||||
Level 3 | Estimated Fair Value | Consolidated VIE | ||||||
Liabilities: | ||||||
Long-term debt | $ 2,488 | $ 3,810 | ||||
[1] See Note 9 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) | Dec. 31, 2022 |
Interest Rate Swap | |
Fair Value, Option, Quantitative Disclosures | |
Liability for policyholder contract deposits, interest rate (as a percent) | 5.04% |
Investments - Amortized cost or
Investments - Amortized cost or cost and fair value of available for sale securities (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Debt Securities, Available-for-sale [Line Items] | |||||
Amortized Cost or Costs | $ 181,274 | $ 182,593 | |||
Allowance for Credit Losses | (148) | (78) | $ (131) | $ (5) | |
Gross Unrealized Gains | 1,424 | 17,328 | |||
Gross Unrealized Losses | (25,757) | (1,275) | |||
Bonds available for sale | [1] | 156,793 | 198,568 | ||
Non-Investment Grade | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Bonds available for sale | 16,700 | 20,400 | |||
U.S. government and government sponsored entities | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Amortized Cost or Costs | 1,405 | 1,406 | |||
Allowance for Credit Losses | 0 | 0 | |||
Gross Unrealized Gains | 17 | 306 | |||
Gross Unrealized Losses | (224) | 0 | |||
Bonds available for sale | 1,198 | 1,712 | |||
Obligations of states, municipalities and political subdivisions | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Amortized Cost or Costs | 6,808 | 7,321 | |||
Allowance for Credit Losses | 0 | 0 | |||
Gross Unrealized Gains | 42 | 1,362 | |||
Gross Unrealized Losses | (924) | (7) | |||
Bonds available for sale | 5,926 | 8,676 | |||
Non-U.S. governments | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Amortized Cost or Costs | 5,251 | 6,026 | |||
Allowance for Credit Losses | (5) | 0 | |||
Gross Unrealized Gains | 25 | 495 | |||
Gross Unrealized Losses | (879) | (124) | |||
Bonds available for sale | 4,392 | 6,397 | |||
Corporate debt | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Amortized Cost or Costs | 124,068 | 128,417 | |||
Allowance for Credit Losses | (116) | (72) | |||
Gross Unrealized Gains | 729 | 12,674 | |||
Gross Unrealized Losses | (19,989) | (956) | |||
Bonds available for sale | 104,692 | 140,063 | |||
Mortgage-backed, asset-backed and collateralized | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Amortized Cost or Costs | 43,742 | 39,423 | |||
Allowance for Credit Losses | (27) | (6) | |||
Gross Unrealized Gains | 611 | 2,491 | |||
Gross Unrealized Losses | (3,741) | (188) | |||
Bonds available for sale | 40,585 | 41,720 | |||
RMBS | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Amortized Cost or Costs | 12,267 | 13,236 | |||
Allowance for Credit Losses | (27) | (6) | |||
Gross Unrealized Gains | 574 | 1,762 | |||
Gross Unrealized Losses | (870) | (34) | |||
Bonds available for sale | 11,944 | 14,958 | |||
RMBS | Total derivatives with related parties | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Amortized Cost or Costs | 43 | 44 | |||
Bonds available for sale | 39 | 47 | |||
CMBS | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Amortized Cost or Costs | 11,176 | 10,903 | |||
Allowance for Credit Losses | 0 | 0 | |||
Gross Unrealized Gains | 7 | 451 | |||
Gross Unrealized Losses | (1,115) | (54) | |||
Bonds available for sale | 10,068 | 11,300 | |||
CLO | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Amortized Cost or Costs | 8,547 | 7,382 | |||
Allowance for Credit Losses | 0 | 0 | |||
Gross Unrealized Gains | 15 | 73 | |||
Gross Unrealized Losses | (376) | (53) | |||
Bonds available for sale | 8,186 | 7,402 | |||
CLO | Total derivatives with related parties | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Amortized Cost or Costs | 823 | ||||
Bonds available for sale | 862 | ||||
ABS | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Amortized Cost or Costs | 11,752 | 7,902 | |||
Allowance for Credit Losses | 0 | 0 | |||
Gross Unrealized Gains | 15 | 205 | |||
Gross Unrealized Losses | (1,380) | (47) | |||
Bonds available for sale | $ 10,387 | $ 8,060 | |||
[1] See Note 9 |
Investments - Securities availa
Investments - Securities available for sale in a loss position (Details) $ in Millions | Dec. 31, 2022 USD ($) security | Dec. 31, 2021 USD ($) security |
Fair Value | ||
Less Than 12 Months | $ 119,440 | $ 31,417 |
12 Months or More | 18,032 | 7,613 |
Total | 137,472 | 39,030 |
Gross Unrealized Losses | ||
Less Than 12 Months | 21,420 | 732 |
12 Months or More | 4,227 | 485 |
Total | $ 25,647 | $ 1,217 |
Number of securities in an unrealized loss position | security | 16,516 | 4,944 |
Number of individual securities in continuous unrealized loss position for longer than twelve months | security | 1,923 | 1,179 |
U.S. government and government sponsored entities | ||
Fair Value | ||
Less Than 12 Months | $ 761 | $ 0 |
12 Months or More | 0 | 0 |
Total | 761 | 0 |
Gross Unrealized Losses | ||
Less Than 12 Months | 224 | 0 |
12 Months or More | 0 | 0 |
Total | 224 | 0 |
Obligations of states, municipalities and political subdivisions | ||
Fair Value | ||
Less Than 12 Months | 5,076 | 201 |
12 Months or More | 0 | 48 |
Total | 5,076 | 249 |
Gross Unrealized Losses | ||
Less Than 12 Months | 924 | 4 |
12 Months or More | 0 | 3 |
Total | 924 | 7 |
Non-U.S. governments | ||
Fair Value | ||
Less Than 12 Months | 3,932 | 1,198 |
12 Months or More | 0 | 376 |
Total | 3,932 | 1,574 |
Gross Unrealized Losses | ||
Less Than 12 Months | 868 | 58 |
12 Months or More | 0 | 66 |
Total | 868 | 124 |
Corporate debt | ||
Fair Value | ||
Less Than 12 Months | 82,971 | 19,916 |
12 Months or More | 11,143 | 6,922 |
Total | 94,114 | 26,838 |
Gross Unrealized Losses | ||
Less Than 12 Months | 16,866 | 513 |
12 Months or More | 3,070 | 387 |
Total | 19,936 | 900 |
RMBS | ||
Fair Value | ||
Less Than 12 Months | 6,227 | 1,235 |
12 Months or More | 903 | 27 |
Total | 7,130 | 1,262 |
Gross Unrealized Losses | ||
Less Than 12 Months | 653 | 30 |
12 Months or More | 171 | 2 |
Total | 824 | 32 |
CMBS | ||
Fair Value | ||
Less Than 12 Months | 7,902 | 2,498 |
12 Months or More | 1,708 | 79 |
Total | 9,610 | 2,577 |
Gross Unrealized Losses | ||
Less Than 12 Months | 797 | 36 |
12 Months or More | 318 | 18 |
Total | 1,115 | 54 |
CLO | ||
Fair Value | ||
Less Than 12 Months | 5,573 | 3,829 |
12 Months or More | 2,007 | 21 |
Total | 7,580 | 3,850 |
Gross Unrealized Losses | ||
Less Than 12 Months | 234 | 48 |
12 Months or More | 142 | 5 |
Total | 376 | 53 |
ABS | ||
Fair Value | ||
Less Than 12 Months | 6,998 | 2,540 |
12 Months or More | 2,271 | 140 |
Total | 9,269 | 2,680 |
Gross Unrealized Losses | ||
Less Than 12 Months | 854 | 43 |
12 Months or More | 526 | 4 |
Total | $ 1,380 | $ 47 |
Investments - Amortized cost an
Investments - Amortized cost and fair value of fixed maturity securities available for sale by contractual maturity (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | |
Amortized Cost, Net of Allowance | |||
Due in one year or less | $ 2,334 | ||
Due after one year through five years | 22,500 | ||
Due after five years through ten years | 28,376 | ||
Due after ten years | 84,201 | ||
Mortgage-backed, asset-backed and collateralized | 43,715 | ||
Total | 181,126 | ||
Fair Value | |||
Due in one year or less | 2,290 | ||
Due after one year through five years | 21,650 | ||
Due after five years through ten years | 25,452 | ||
Due after ten years | 66,816 | ||
Mortgage-backed, asset-backed and collateralized | 40,585 | ||
Total | [1] | $ 156,793 | $ 198,568 |
[1] See Note 9 |
Investments - Gross realized ga
Investments - Gross realized gains and gross realized losses from sales or maturities of available for sale securities (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Fixed maturity securities | |||
Gross Realized Gains | $ 120 | $ 894 | $ 1,022 |
Gross Realized Losses | 677 | 144 | 440 |
Net Investment Income [Line Items] | |||
Aggregate fair value of available for sale securities sold | 10,000 | 11,400 | 12,000 |
Net realized gains (losses) | (557) | 750 | 582 |
Fortitude RE Funds Withheld Assets | |||
Net Investment Income [Line Items] | |||
Net realized gains (losses) | $ (232) | $ 647 | $ 660 |
Investments - Value of other se
Investments - Value of other securities measured at fair value based on election of the fair value option (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Debt and Equity Securities, FV-NI [Line Items] | |||
Total fixed maturity securities | [1] | $ 3,769 | $ 2,082 |
Equity securities | [1] | 170 | 242 |
Total | $ 3,939 | $ 2,324 | |
Investment Concentration Risk | Investments | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Concentration risk, percentage | 100% | 100% | |
Fixed maturity securities | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Total fixed maturity securities | $ 3,769 | $ 2,082 | |
Fixed maturity securities | Investment Concentration Risk | Investments | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Concentration risk, percentage | 96% | 90% | |
Fixed maturity securities | Obligations of states, municipalities and political subdivisions | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Total fixed maturity securities | $ 37 | $ 50 | |
Fixed maturity securities | Obligations of states, municipalities and political subdivisions | Investment Concentration Risk | Investments | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Concentration risk, percentage | 1% | 2% | |
Fixed maturity securities | Non-U.S. governments | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Total fixed maturity securities | $ 22 | $ 17 | |
Fixed maturity securities | Non-U.S. governments | Investment Concentration Risk | Investments | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Concentration risk, percentage | 1% | 1% | |
Fixed maturity securities | Corporate debt | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Total fixed maturity securities | $ 2,222 | $ 1,000 | |
Fixed maturity securities | Corporate debt | Investment Concentration Risk | Investments | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Concentration risk, percentage | 56% | 43% | |
Fixed maturity securities | Mortgage-backed, asset-backed and collateralized | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Total fixed maturity securities | $ 1,488 | $ 1,015 | |
Fixed maturity securities | Mortgage-backed, asset-backed and collateralized | Investment Concentration Risk | Investments | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Concentration risk, percentage | 38% | 44% | |
Fixed maturity securities | RMBS | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Total fixed maturity securities | $ 165 | $ 199 | |
Fixed maturity securities | RMBS | Investment Concentration Risk | Investments | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Concentration risk, percentage | 4% | 9% | |
Fixed maturity securities | CMBS | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Total fixed maturity securities | $ 232 | $ 234 | |
Fixed maturity securities | CMBS | Investment Concentration Risk | Investments | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Concentration risk, percentage | 6% | 10% | |
Fixed maturity securities | CLO | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Total fixed maturity securities | $ 279 | $ 283 | |
Fixed maturity securities | CLO | Investment Concentration Risk | Investments | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Concentration risk, percentage | 7% | 12% | |
Fixed maturity securities | ABS | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Total fixed maturity securities | $ 812 | $ 299 | |
Fixed maturity securities | ABS | Investment Concentration Risk | Investments | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Concentration risk, percentage | 21% | 13% | |
Equity securities | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Equity securities | $ 170 | $ 242 | |
Equity securities | Investment Concentration Risk | Investments | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Concentration risk, percentage | 4% | 10% | |
[1] See Note 9 |
Investments - Carrying amounts
Investments - Carrying amounts of other invested assets (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | |
Investments [Line Items] | |||
Investment real estate | $ 1,831 | $ 2,349 | |
All other investments | 573 | 691 | |
Total | [1] | 10,418 | 10,567 |
Accumulated depreciation on investment in real estate | 616 | 493 | |
Total derivatives with related parties | |||
Investments [Line Items] | |||
Total | 6 | 11 | |
Fortitude | |||
Investments [Line Items] | |||
All other investments | 156 | 100 | |
Private equity funds/hedge funds | |||
Investments [Line Items] | |||
Alternative investments | 8,014 | 7,527 | |
Hedge Funds | |||
Investments [Line Items] | |||
Total | $ 884 | $ 1,000 | |
Percentage available for redemption in current fiscal year | 77% | 73% | |
Percentage available for redemption in the six years following the current fiscal year | 23% | 27% | |
Private equity funds | |||
Investments [Line Items] | |||
Alternative investments | $ 5,163 | $ 4,310 | |
Total | 7,100 | 6,500 | |
Affordable Housing Partnerships | |||
Investments [Line Items] | |||
Accumulated depreciation on investment in real estate | $ 124 | $ 123 | |
[1] See Note 9 |
Investments - other invested as
Investments - other invested assets – equity method investments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Investments [Line Items] | |||
Total revenues | $ 26,679 | $ 23,390 | $ 15,062 |
Total expenses | (773) | 2,229 | (132) |
Net income | 8,149 | 7,355 | 642 |
Total VIE Assets | 364,217 | 416,212 | |
Total liabilities | (355,068) | (387,284) | |
Equity Method Investee | |||
Investments [Line Items] | |||
Total revenues | 6,316 | 9,425 | 2,375 |
Total expenses | (579) | (674) | (778) |
Net income | 5,737 | 8,751 | $ 1,597 |
Total VIE Assets | 39,181 | 33,894 | |
Total liabilities | $ (3,551) | $ (4,453) |
Investments - Equity method inv
Investments - Equity method investments (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Equity Method Investments, Joint Ventures, Investments, Debt And Equity Securities [Abstract] | ||
Equity method investments | $ 3,185 | $ 2,797 |
Investments - Components of net
Investments - Components of net investment income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net Investment Income [Line Items] | |||
Total investment income | $ 10,056 | $ 12,020 | $ 10,888 |
Investment expenses | 480 | 348 | 372 |
Net investment income | 9,576 | 11,672 | 10,516 |
Net investment income - excluding Fortitude Re funds withheld assets | |||
Net Investment Income [Line Items] | |||
Total investment income | 9,134 | 10,213 | 9,425 |
Investment expenses | 449 | 316 | 336 |
Net investment income | 8,685 | 9,897 | 9,089 |
Fortitude | |||
Net Investment Income [Line Items] | |||
Total investment income | 922 | 1,807 | 1,463 |
Investment expenses | 31 | 32 | 36 |
Net investment income | 891 | 1,775 | 1,427 |
Available-for-sale fixed maturity securities, including short-term investments | |||
Net Investment Income [Line Items] | |||
Total investment income | 7,679 | 8,133 | 8,120 |
Available-for-sale fixed maturity securities, including short-term investments | Net investment income - excluding Fortitude Re funds withheld assets | |||
Net Investment Income [Line Items] | |||
Total investment income | 6,725 | 6,837 | 6,841 |
Available-for-sale fixed maturity securities, including short-term investments | Fortitude | |||
Net Investment Income [Line Items] | |||
Total investment income | 954 | 1,296 | 1,279 |
Other bond securities | |||
Net Investment Income [Line Items] | |||
Total investment income | (408) | 26 | 72 |
Other bond securities | Net investment income - excluding Fortitude Re funds withheld assets | |||
Net Investment Income [Line Items] | |||
Total investment income | (30) | 17 | 66 |
Other bond securities | Fortitude | |||
Net Investment Income [Line Items] | |||
Total investment income | (378) | 9 | 6 |
Equity securities | |||
Net Investment Income [Line Items] | |||
Total investment income | (82) | (290) | 255 |
Equity securities | Net investment income - excluding Fortitude Re funds withheld assets | |||
Net Investment Income [Line Items] | |||
Total investment income | (82) | (290) | 255 |
Equity securities | Fortitude | |||
Net Investment Income [Line Items] | |||
Total investment income | 0 | 0 | 0 |
Interest on mortgage and other loans | |||
Net Investment Income [Line Items] | |||
Total investment income | 1,879 | 1,663 | 1,655 |
Interest on mortgage and other loans | Net investment income - excluding Fortitude Re funds withheld assets | |||
Net Investment Income [Line Items] | |||
Total investment income | 1,703 | 1,479 | 1,489 |
Interest on mortgage and other loans | Fortitude | |||
Net Investment Income [Line Items] | |||
Total investment income | 176 | 184 | 166 |
Alternative investments | |||
Net Investment Income [Line Items] | |||
Total investment income | 845 | 2,169 | 596 |
Alternative investments | Net investment income - excluding Fortitude Re funds withheld assets | |||
Net Investment Income [Line Items] | |||
Total investment income | 675 | 1,851 | 584 |
Alternative investments | Fortitude | |||
Net Investment Income [Line Items] | |||
Total investment income | 170 | 318 | 12 |
Real estate | |||
Net Investment Income [Line Items] | |||
Total investment income | 43 | 204 | 177 |
Real estate | Net investment income - excluding Fortitude Re funds withheld assets | |||
Net Investment Income [Line Items] | |||
Total investment income | 43 | 204 | 177 |
Real estate | Fortitude | |||
Net Investment Income [Line Items] | |||
Total investment income | 0 | 0 | 0 |
Other investments | |||
Net Investment Income [Line Items] | |||
Total investment income | 100 | 115 | 13 |
Other investments | Net investment income - excluding Fortitude Re funds withheld assets | |||
Net Investment Income [Line Items] | |||
Total investment income | 100 | 115 | 13 |
Other investments | Fortitude | |||
Net Investment Income [Line Items] | |||
Total investment income | $ 0 | $ 0 | $ 0 |
Investments - Components of n_2
Investments - Components of net realized gains (losses) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Components of net realized capital gains (losses) | |||
Sales of fixed maturity securities | $ (557) | $ 750 | $ 582 |
Net realized gains (losses) | 8,013 | 1,855 | (3,741) |
Fortitude | |||
Components of net realized capital gains (losses) | |||
Net realized gains (losses) | 5,950 | 237 | (2,976) |
Excluding Fortitude Re Funds Withheld Assets | |||
Components of net realized capital gains (losses) | |||
Net realized gains (losses) | 2,063 | 1,618 | (765) |
Fortitude Re funds withheld embedded derivative | |||
Components of net realized capital gains (losses) | |||
Net realized gains (losses) | 6,347 | (687) | (3,978) |
Fortitude Re funds withheld embedded derivative | Fortitude | |||
Components of net realized capital gains (losses) | |||
Net realized gains (losses) | 6,347 | (687) | (3,978) |
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 |
Excluding Modified Coinsurance And Funds Withheld Embedded Derivative | |||
Components of net realized capital gains (losses) | |||
Sales of fixed maturity securities | (557) | 750 | 582 |
Change in allowance for credit losses on fixed maturity securities | (146) | 11 | (169) |
Foreign exchange transactions, net of related hedges | 756 | 325 | 84 |
All other derivatives and hedge accounting | (224) | 3 | 329 |
Sales of alternative investments and real estate investments | 222 | 1,031 | 62 |
Other | (70) | 176 | 14 |
Net realized gains (losses) | 1,666 | 2,542 | 237 |
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 | (120) | 141 | (58) |
Excluding Modified Coinsurance And Funds Withheld Embedded Derivative | Variable annuity embedded derivatives, net of related hedges | |||
Components of net realized capital gains (losses) | |||
Variable annuity embedded derivatives, net of related hedges | 1,221 | 94 | 159 |
Excluding Modified Coinsurance And Funds Withheld Embedded Derivative | Fixed index annuity and indexed life embedded derivatives, net of related hedges | |||
Components of net realized capital gains (losses) | |||
Variable annuity embedded derivatives, net of related hedges | 584 | 11 | (766) |
Excluding Modified Coinsurance And Funds Withheld Embedded Derivative | Fortitude | |||
Components of net realized capital gains (losses) | |||
Sales of fixed maturity securities | (232) | 647 | 660 |
Change in allowance for credit losses on fixed maturity securities | (31) | 3 | 17 |
Foreign exchange transactions, net of related hedges | 61 | 20 | (5) |
All other derivatives and hedge accounting | (181) | 9 | 423 |
Sales of alternative investments and real estate investments | 43 | 237 | (96) |
Other | (13) | 0 | 0 |
Net realized gains (losses) | (397) | 924 | 1,002 |
Excluding Modified Coinsurance And Funds Withheld Embedded Derivative | Fortitude | Change in allowance for credit losses on loans | |||
Components of net realized capital gains (losses) | |||
Change in allowance for credit losses on loans | (44) | 8 | 3 |
Excluding Modified Coinsurance And Funds Withheld Embedded Derivative | Fortitude | Variable annuity embedded derivatives, net of related hedges | |||
Components of net realized capital gains (losses) | |||
Variable annuity embedded derivatives, net of related hedges | 0 | 0 | 0 |
Excluding Modified Coinsurance And Funds Withheld Embedded Derivative | Fortitude | Fixed index annuity and indexed life embedded derivatives, net of related hedges | |||
Components of net realized capital gains (losses) | |||
Variable annuity embedded derivatives, net of related hedges | 0 | 0 | 0 |
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 | (325) | 103 | (78) |
Change in allowance for credit losses on fixed maturity securities | (115) | 8 | (186) |
Foreign exchange transactions, net of related hedges | 695 | 305 | 89 |
All other derivatives and hedge accounting | (43) | (6) | (94) |
Sales of alternative investments and real estate investments | 179 | 794 | 158 |
Other | (57) | 176 | 14 |
Net realized gains (losses) | 2,063 | 1,618 | (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 | (76) | 133 | (61) |
Excluding Modified Coinsurance And Funds Withheld Embedded Derivative | Excluding Fortitude Re Funds Withheld Assets | Variable annuity embedded derivatives, net of related hedges | |||
Components of net realized capital gains (losses) | |||
Variable annuity embedded derivatives, net of related hedges | 1,221 | 94 | 159 |
Excluding Modified Coinsurance And Funds Withheld Embedded Derivative | Excluding Fortitude Re Funds Withheld Assets | Fixed index annuity and indexed life embedded derivatives, net of related hedges | |||
Components of net realized capital gains (losses) | |||
Variable annuity embedded derivatives, net of related hedges | $ 584 | $ 11 | $ (766) |
Investments - Schedule of chang
Investments - Schedule of changes in unrealized appreciation (depreciation) of available for sale securities and other investments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Increase (decrease) in unrealized appreciation (depreciation) of investments: | |||
Increase (decrease) in unrealized appreciation (depreciation) of investments | $ (40,401) | $ (7,457) | $ 8,895 |
Net gains (losses) recognized during the period on equity securities and other investments | 271 | 1,072 | |
Less: Net gains (losses) recognized during the period on equity securities and other investments sold during the period | (57) | (225) | |
Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date | 328 | 1,297 | |
Fixed maturity securities | |||
Increase (decrease) in unrealized appreciation (depreciation) of investments: | |||
Increase (decrease) in unrealized appreciation (depreciation) of investments | (40,386) | (7,457) | |
Equities | |||
Increase (decrease) in unrealized appreciation (depreciation) of investments: | |||
Net gains (losses) recognized during the period on equity securities and other investments | (82) | (290) | |
Less: Net gains (losses) recognized during the period on equity securities and other investments sold during the period | (46) | (255) | |
Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date | (36) | (35) | |
Other Invested Assets | |||
Increase (decrease) in unrealized appreciation (depreciation) of investments: | |||
Net gains (losses) recognized during the period on equity securities and other investments | 353 | 1,362 | |
Less: Net gains (losses) recognized during the period on equity securities and other investments sold during the period | (11) | 30 | |
Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date | 364 | 1,332 | |
Other investments | |||
Increase (decrease) in unrealized appreciation (depreciation) of investments: | |||
Increase (decrease) in unrealized appreciation (depreciation) of investments | $ (15) | $ 0 |
Investments - Rollforward of ch
Investments - Rollforward of changes in allowance for credit losses on available for sale fixed maturity securities by major investment category (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Balance, beginning of period | $ 78 | $ 131 | $ 5 |
Additions: | |||
Securities for which allowance for credit losses were not previously recorded | 175 | 49 | 239 |
Purchases of available for sale debt securities accounted for as purchased credit deteriorated assets | 0 | 0 | 25 |
Accretion of available for sale debt securities accounted for as purchased credit deteriorated assets | 0 | 0 | 1 |
Reductions: | |||
Securities sold during the period | (51) | (23) | (24) |
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 | (29) | (60) | (46) |
Write-offs charged against the allowance | (25) | (19) | (69) |
Balance, end of period | 148 | 78 | 131 |
Structured | |||
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Balance, beginning of period | 8 | 14 | 5 |
Additions: | |||
Securities for which allowance for credit losses were not previously recorded | 36 | 3 | 28 |
Purchases of available for sale debt securities accounted for as purchased credit deteriorated assets | 0 | 0 | 25 |
Accretion of available for sale debt securities accounted for as purchased credit deteriorated assets | 0 | 0 | 1 |
Reductions: | |||
Securities sold during the period | (3) | (4) | (3) |
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 | (14) | (5) | (42) |
Write-offs charged against the allowance | 0 | 0 | 0 |
Balance, end of period | 27 | 8 | 14 |
Non-Structured | |||
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Balance, beginning of period | 70 | 117 | 0 |
Additions: | |||
Securities for which allowance for credit losses were not previously recorded | 139 | 46 | 211 |
Purchases of available for sale debt securities accounted for as purchased credit deteriorated assets | 0 | 0 | 0 |
Accretion of available for sale debt securities accounted for as purchased credit deteriorated assets | 0 | 0 | 0 |
Reductions: | |||
Securities sold during the period | (48) | (19) | (21) |
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 | (15) | (55) | (4) |
Write-offs charged against the allowance | (25) | (19) | (69) |
Balance, end of period | $ 121 | $ 70 | $ 117 |
Investments - Pledged investmen
Investments - Pledged investments (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Amounts borrowed under repurchase and securities lending agreements | $ 3,100 | $ 3,700 |
Securities pledged under repurchase agreements | 2,968 | 259 |
Securities pledged under securities lending agreements | 3,323 | |
Total carrying values of cash and securities deposited under requirements of regulatory authorities or other insurance-related arrangements | 3,500 | 3,900 |
Loans | 45,166 | 39,884 |
Policyholder contract deposits | 158,966 | 156,846 |
Less Than 12 Months | 119,440 | 31,417 |
Guaranteed Investment Contract | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Policyholder contract deposits | 56 | 76 |
Asset Pledged as Collateral | Federal Home Loan Bank Advances | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Available for sale debt securities | 4,800 | 3,700 |
Loans | 1,800 | 1,400 |
Asset Pledged as Collateral | Deposits | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Available for sale debt securities | 63 | 41 |
Asset Pledged as Collateral | Collateralized Reinsurance Transactions | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Available for sale debt securities | 144 | 148 |
Obligations of states, municipalities and political subdivisions | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Less Than 12 Months | 5,076 | 201 |
Non-U.S. governments | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Less Than 12 Months | 3,932 | 1,198 |
Corporate debt | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Less Than 12 Months | 82,971 | 19,916 |
U.S. government and government sponsored entities | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Less Than 12 Months | 761 | 0 |
Overnight and Continuous | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged under repurchase agreements | 0 | 176 |
Securities pledged under securities lending agreements | 0 | |
Up to 30 Days | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged under repurchase agreements | 2,391 | 61 |
Securities pledged under securities lending agreements | 534 | |
31 - 90 Days | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged under repurchase agreements | 577 | 22 |
Securities pledged under securities lending agreements | 2,789 | |
91 - 364 Days | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged under repurchase agreements | 0 | 0 |
Securities pledged under securities lending agreements | 0 | |
365 Days or Greater | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged under repurchase agreements | 0 | 0 |
Securities pledged under securities lending agreements | 0 | |
Fixed maturity securities | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Available for sale debt securities | 2,968 | 3,582 |
Securities collateral pledged to us | 2,968 | 3,582 |
Bonds available for sale | Obligations of states, municipalities and political subdivisions | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged under securities lending agreements | 106 | |
Bonds available for sale | Non-U.S. governments | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged under repurchase agreements | 21 | 48 |
Securities pledged under securities lending agreements | 43 | |
Bonds available for sale | Corporate debt | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged under repurchase agreements | 2,947 | 211 |
Securities pledged under securities lending agreements | 3,174 | |
Bonds available for sale | Overnight and Continuous | Obligations of states, municipalities and political subdivisions | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged under securities lending agreements | 0 | |
Bonds available for sale | Overnight and Continuous | Non-U.S. governments | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged under repurchase agreements | 0 | 48 |
Securities pledged under securities lending agreements | 0 | |
Bonds available for sale | Overnight and Continuous | Corporate debt | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged under repurchase agreements | 0 | 128 |
Securities pledged under securities lending agreements | 0 | |
Bonds available for sale | Up to 30 Days | Obligations of states, municipalities and political subdivisions | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged under securities lending agreements | 0 | |
Bonds available for sale | Up to 30 Days | Non-U.S. governments | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged under repurchase agreements | 21 | 0 |
Securities pledged under securities lending agreements | 0 | |
Bonds available for sale | Up to 30 Days | Corporate debt | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged under repurchase agreements | 2,370 | 61 |
Securities pledged under securities lending agreements | 534 | |
Bonds available for sale | 31 - 90 Days | Obligations of states, municipalities and political subdivisions | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged under securities lending agreements | 106 | |
Bonds available for sale | 31 - 90 Days | Non-U.S. governments | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged under repurchase agreements | 0 | 0 |
Securities pledged under securities lending agreements | 43 | |
Bonds available for sale | 31 - 90 Days | Corporate debt | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged under repurchase agreements | 577 | 22 |
Securities pledged under securities lending agreements | 2,640 | |
Bonds available for sale | 91 - 364 Days | Obligations of states, municipalities and political subdivisions | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged under securities lending agreements | 0 | |
Bonds available for sale | 91 - 364 Days | Non-U.S. governments | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged under repurchase agreements | 0 | 0 |
Securities pledged under securities lending agreements | 0 | |
Bonds available for sale | 91 - 364 Days | Corporate debt | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged under repurchase agreements | 0 | 0 |
Securities pledged under securities lending agreements | 0 | |
Bonds available for sale | 365 Days or Greater | Obligations of states, municipalities and political subdivisions | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged under securities lending agreements | 0 | |
Bonds available for sale | 365 Days or Greater | Non-U.S. governments | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged under repurchase agreements | 0 | 0 |
Securities pledged under securities lending agreements | 0 | |
Bonds available for sale | 365 Days or Greater | Corporate debt | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged under repurchase agreements | 0 | 0 |
Securities pledged under securities lending agreements | 0 | |
FHLBs | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Federal Home Loan Bank stock | $ 222 | $ 193 |
Lending Activities - Compositio
Lending Activities - Composition of mortgages and other loans receivable (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Composition of Mortgages and other loans receivable | |||||
Total mortgage and other loans receivable | $ 45,166 | $ 39,884 | |||
Allowance for credit losses | (600) | (496) | $ (657) | $ (357) | |
Mortgage and other loans receivable, net | [1] | 44,566 | 39,388 | ||
Off-balance-sheet commitments | 60 | 57 | |||
Commercial Mortgages | |||||
Composition of Mortgages and other loans receivable | |||||
Total mortgage and other loans receivable | 32,993 | 30,528 | |||
Allowance for credit losses | $ (531) | $ (423) | (546) | $ (266) | |
Weighted average loan-to-value ratio (as a percent) | 59% | 57% | |||
Weighted average debt service coverage ratio | 1.9 | 1.9 | |||
Off-balance-sheet commitments | $ 60 | $ 57 | $ 57 | ||
Loans on nonacrrual status | 623 | 118 | |||
Accrued interest receivable | $ 130 | $ 109 | |||
Commercial Mortgages | New York | |||||
Composition of Mortgages and other loans receivable | |||||
Weighted average loan-to-value ratio (as a percent) | 59% | 51% | |||
Weighted average debt service coverage ratio | 2 | 2 | |||
Commercial Mortgages | California | |||||
Composition of Mortgages and other loans receivable | |||||
Weighted average loan-to-value ratio (as a percent) | 53% | 53% | |||
Weighted average debt service coverage ratio | 2.1 | 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 | 20% | 22% | |||
Commercial Mortgages | Geographic Concentration Risk | Interest on mortgage and other loans | California | |||||
Composition of Mortgages and other loans receivable | |||||
Percentage of mortgage loans in geographic area | 11% | 10% | |||
Residential mortgages | |||||
Composition of Mortgages and other loans receivable | |||||
Total mortgage and other loans receivable | $ 5,856 | $ 4,672 | |||
Loans on nonacrrual status | 3 | 7 | |||
Accrued interest receivable | 15 | 11 | |||
Life insurance policy loans | |||||
Composition of Mortgages and other loans receivable | |||||
Total mortgage and other loans receivable | 1,750 | 1,832 | |||
Commercial loans, other loans and notes receivable | |||||
Composition of Mortgages and other loans receivable | |||||
Total mortgage and other loans receivable | 4,567 | 2,852 | |||
Loans held for sale | $ 170 | $ 15 | |||
[1] See Note 9 |
Lending Activities - Credit qua
Lending Activities - Credit quality of commercial mortgages (Details) $ in Millions | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | $ 45,166 | $ 39,884 |
Commercial Mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 6,278 | 2,324 |
2021 | 2,777 | 2,357 |
2020 | 1,932 | 5,584 |
2019 | 5,227 | 5,156 |
2018 | 4,682 | 3,085 |
Prior | 12,097 | 12,022 |
Total | $ 32,993 | $ 30,528 |
Weighted average debt service coverage ratio | 1.9 | 1.9 |
Weighted average loan-to-value ratio (as a percent) | 59% | 57% |
Less than 65% | Commercial Mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | $ 5,270 | $ 1,859 |
2021 | 2,061 | 1,935 |
2020 | 1,515 | 3,912 |
2019 | 3,752 | 4,072 |
2018 | 2,666 | 2,384 |
Prior | 9,205 | 8,264 |
Total | 24,469 | 22,426 |
65% to 75% | Commercial Mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 973 | 304 |
2021 | 435 | 396 |
2020 | 391 | 1,672 |
2019 | 1,425 | 1,084 |
2018 | 1,356 | 340 |
Prior | 1,184 | 2,814 |
Total | 5,764 | 6,610 |
76% to 80% | Commercial Mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 35 | 0 |
2021 | 43 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 70 | 188 |
Prior | 218 | 259 |
Total | 366 | 447 |
Greater than 80% | Commercial Mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 161 |
2021 | 238 | 26 |
2020 | 26 | 0 |
2019 | 50 | 0 |
2018 | 590 | 173 |
Prior | 1,490 | 685 |
Total | 2,394 | 1,045 |
Greater than 1.2X | Commercial Mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 5,382 | 1,861 |
2021 | 2,043 | 1,520 |
2020 | 1,521 | 4,915 |
2019 | 4,832 | 3,300 |
2018 | 3,505 | 2,997 |
Prior | 9,948 | 9,005 |
Total | 27,231 | 23,598 |
1.00 - 1.20X | Commercial Mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 859 | 463 |
2021 | 734 | 810 |
2020 | 388 | 598 |
2019 | 343 | 1,030 |
2018 | 470 | 88 |
Prior | 1,088 | 1,684 |
Total | 3,882 | 4,673 |
Less than 1.00X | Commercial Mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 37 | 0 |
2021 | 0 | 27 |
2020 | 23 | 71 |
2019 | 52 | 826 |
2018 | 707 | 0 |
Prior | 1,061 | 1,333 |
Total | $ 1,880 | $ 2,257 |
Lending Activities - Credit q_2
Lending Activities - Credit quality performance indicators for commercial mortgages (Details) $ in Millions | Dec. 31, 2022 USD ($) loan | Dec. 31, 2021 USD ($) loan | Dec. 31, 2020 USD ($) | Dec. 31, 2019 USD ($) |
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | $ 45,166 | $ 39,884 | ||
Allowance for credit losses | $ 600 | $ 496 | $ 657 | $ 357 |
Commercial Mortgages | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Number of Loans | loan | 611 | 624 | ||
Total | $ 32,993 | $ 30,528 | ||
Allowance for credit losses | $ 531 | $ 423 | $ 546 | $ 266 |
Percent of Total | 100% | 100% | ||
Percentage of total, allowance for credit losses | 2% | 1% | ||
Commercial Mortgages | In good standing | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Number of Loans | loan | 599 | 613 | ||
Total | $ 32,344 | $ 30,079 | ||
Percent of Total | 98% | 99% | ||
Commercial Mortgages | Restructured | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Number of Loans | loan | 9 | 7 | ||
Total | $ 482 | $ 390 | ||
Percent of Total | 1% | 1% | ||
Commercial Mortgages | 90 days or less delinquent | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Number of Loans | loan | 0 | 0 | ||
Total | $ 0 | $ 0 | ||
Percent of Total | 0% | 0% | ||
Commercial Mortgages | >90 days delinquent or in process of foreclosure | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Number of Loans | loan | 3 | 4 | ||
Total | $ 167 | $ 59 | ||
Percent of Total | 1% | 0% | ||
Commercial Mortgages | Apartments | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | $ 13,226 | $ 12,394 | ||
Allowance for credit losses | 89 | 93 | ||
Commercial Mortgages | Apartments | In good standing | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 13,226 | 12,394 | ||
Commercial Mortgages | Apartments | Restructured | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 0 | 0 | ||
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 | 8,966 | 8,698 | ||
Allowance for credit losses | 294 | 193 | ||
Commercial Mortgages | Offices | In good standing | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 8,470 | 8,370 | ||
Commercial Mortgages | Offices | Restructured | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 329 | 269 | ||
Commercial Mortgages | Offices | 90 days or less delinquent | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 0 | 0 | ||
Commercial Mortgages | Offices | >90 days delinquent or in process of foreclosure | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 167 | 59 | ||
Commercial Mortgages | Retail | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 3,286 | 4,043 | ||
Allowance for credit losses | 54 | 69 | ||
Commercial Mortgages | Retail | In good standing | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 3,192 | 4,026 | ||
Commercial Mortgages | Retail | Restructured | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 94 | 17 | ||
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 | 0 | 0 | ||
Commercial Mortgages | Industrial | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 5,417 | 3,262 | ||
Allowance for credit losses | 65 | 39 | ||
Commercial Mortgages | Industrial | In good standing | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 5,417 | 3,262 | ||
Commercial Mortgages | Industrial | Restructured | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 0 | 0 | ||
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 | 1,808 | 1,830 | ||
Allowance for credit losses | 23 | 23 | ||
Commercial Mortgages | Hotel | In good standing | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 1,749 | 1,726 | ||
Commercial Mortgages | Hotel | Restructured | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 59 | 104 | ||
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 | 290 | 301 | ||
Allowance for credit losses | 6 | 6 | ||
Commercial Mortgages | Others | In good standing | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 290 | 301 | ||
Commercial Mortgages | Others | Restructured | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 0 | 0 | ||
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 |
Lending Activities - Credit q_3
Lending Activities - Credit quality of residential mortgages (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | $ 45,166 | $ 39,884 |
Residential mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 995 | 2,561 |
2021 | 2,935 | 943 |
2020 | 849 | 389 |
2019 | 322 | 156 |
2018 | 119 | 159 |
Prior | 636 | 464 |
Total | 5,856 | 4,672 |
780 and greater | Residential mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 294 | 1,398 |
2021 | 2,141 | 678 |
2020 | 652 | 284 |
2019 | 229 | 100 |
2018 | 76 | 107 |
Prior | 437 | 325 |
Total | 3,829 | 2,892 |
720 - 779 | Residential mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 536 | 1,118 |
2021 | 711 | 225 |
2020 | 167 | 83 |
2019 | 75 | 41 |
2018 | 32 | 36 |
Prior | 134 | 94 |
Total | 1,655 | 1,597 |
660 - 719 | Residential mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 163 | 44 |
2021 | 79 | 39 |
2020 | 28 | 20 |
2019 | 16 | 11 |
2018 | 9 | 13 |
Prior | 47 | 33 |
Total | 342 | 160 |
600 - 659 | Residential mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 2 | 1 |
2021 | 4 | 1 |
2020 | 2 | 2 |
2019 | 1 | 3 |
2018 | 2 | 2 |
Prior | 13 | 6 |
Total | 24 | 15 |
Less than 600 | Residential mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 1 | 1 |
2018 | 0 | 1 |
Prior | 5 | 6 |
Total | $ 6 | $ 8 |
Lending Activities - Rollforwar
Lending Activities - Rollforward of the changes in the allowance for credit losses on Mortgage and other loans receivable (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Receivables [Abstract] | |||
Loans modified in a troubled debt restructuring | $ 143 | $ 280 | |
Changes in the allowance for losses on Mortgage and other loans receivable | |||
Allowance, beginning of period | 496 | 657 | $ 357 |
Loans charged off | (13) | (1) | (17) |
Net charge-offs | 13 | 1 | 17 |
Addition to (release of) allowance for loan losses | 117 | (141) | 43 |
Divestitures | 0 | (19) | 0 |
Allowance, end of period | 600 | 496 | 657 |
Off-balance-sheet commitments | 60 | 57 | |
Cumulative effect of change in accounting principle | |||
Changes in the allowance for losses on Mortgage and other loans receivable | |||
Allowance, beginning of period | 0 | 0 | 274 |
Allowance, end of period | 0 | 0 | |
Commercial Mortgages | |||
Changes in the allowance for losses on Mortgage and other loans receivable | |||
Allowance, beginning of period | 423 | 546 | 266 |
Loans charged off | (13) | (1) | (12) |
Net charge-offs | 13 | 1 | 12 |
Addition to (release of) allowance for loan losses | 121 | (122) | 20 |
Divestitures | 0 | 0 | 0 |
Allowance, end of period | 531 | 423 | 546 |
Off-balance-sheet commitments | 60 | 57 | 57 |
Commercial Mortgages | Cumulative effect of change in accounting principle | |||
Changes in the allowance for losses on Mortgage and other loans receivable | |||
Allowance, beginning of period | 0 | 0 | 272 |
Allowance, end of period | 0 | 0 | |
Other Loans | |||
Changes in the allowance for losses on Mortgage and other loans receivable | |||
Allowance, beginning of period | 73 | 111 | 91 |
Loans charged off | 0 | 0 | (5) |
Net charge-offs | 0 | 0 | 5 |
Addition to (release of) allowance for loan losses | (4) | (19) | 23 |
Divestitures | 0 | (19) | 0 |
Allowance, end of period | 69 | 73 | 111 |
Other Loans | Cumulative effect of change in accounting principle | |||
Changes in the allowance for losses on Mortgage and other loans receivable | |||
Allowance, beginning of period | $ 0 | 0 | 2 |
Allowance, end of period | $ 0 | $ 0 |
Reinsurance - Schedule of reins
Reinsurance - Schedule of reinsurance assets and liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Assets: | ||
Reinsurance assets, net of allowance for credit losses and disputes | $ 2,980 | $ 2,932 |
Total Assets | 30,774 | 31,404 |
Liabilities: | ||
Future policy benefits for life and accident and health insurance contracts | 57,266 | 57,751 |
Policyholder contract deposits | 158,966 | 156,846 |
Other policyholder funds | 3,331 | 2,849 |
Total Liabilities | 219,563 | 217,446 |
Fortitude RE | ||
Assets: | ||
Reinsurance assets, net of allowance for credit losses and disputes | $ 27,794 | $ 28,472 |
Reinsurance - Schedule of premi
Reinsurance - Schedule of premiums written and earned (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Policy Fees | |||
Net Amount | $ 5,093 | $ 5,637 | $ 4,341 |
Policyholder benefits | |||
Policyholder benefits | 7,332 | 8,050 | 6,602 |
Long-Duration Insurance | |||
Premiums | |||
Direct | 4,739 | 4,604 | 4,384 |
Assumed | 1,318 | 2,265 | 1,073 |
Ceded | (964) | (1,232) | (1,116) |
Net | 5,093 | 5,637 | 4,341 |
Policy Fees | |||
Direct | 3,048 | 3,131 | 2,957 |
Assumed | 0 | 0 | 0 |
Ceded | (76) | (80) | (83) |
Net Amount | 2,972 | 3,051 | 2,874 |
Policyholder benefits | |||
Direct | 9,388 | 10,583 | 9,092 |
Assumed | 92 | 78 | 32 |
Ceded | (2,148) | (2,611) | (2,522) |
Policyholder benefits | $ 7,332 | $ 8,050 | $ 6,602 |
Reinsurance - Summary of the co
Reinsurance - Summary of the composition of pool of assets (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | |
Effects of Reinsurance [Line Items] | |||
Bonds available for sale | [1] | $ 156,793 | $ 198,568 |
Fixed maturity securities - fair value option | [1] | 3,769 | 2,082 |
Loans | 45,166 | 39,884 | |
Investment real estate | 1,831 | 2,349 | |
Short-term Investments | [1] | 4,400 | 5,471 |
Derivative assets net, carrying value | 299 | 684 | |
Fair Value | 3,252 | 7,267 | |
Other assets | [1] | 2,852 | 3,303 |
Total assets | 364,217 | 416,212 | |
Carrying Value | |||
Effects of Reinsurance [Line Items] | |||
Short-term Investments | 3,043 | 4,016 | |
Other assets | 12 | 7 | |
Private equity funds/hedge funds | |||
Effects of Reinsurance [Line Items] | |||
Private equity funds/hedge funds | 8,014 | 7,527 | |
Commercial Mortgages | |||
Effects of Reinsurance [Line Items] | |||
Loans | 32,993 | 30,528 | |
Policy loans | |||
Effects of Reinsurance [Line Items] | |||
Loans | 1,750 | 1,832 | |
Fortitude Holdings | |||
Effects of Reinsurance [Line Items] | |||
Derivative asset, fair value of collateral | 189 | 387 | |
Fortitude Holdings | Carrying Value | |||
Effects of Reinsurance [Line Items] | |||
Bonds available for sale | 16,339 | 27,180 | |
Fixed maturity securities - fair value option | 3,485 | 1,593 | |
Investment real estate | 133 | 201 | |
Short-term Investments | 69 | 50 | |
Funds withheld investment assets | 25,764 | 34,189 | |
Derivative assets net, carrying value | 90 | 81 | |
Other assets | 731 | 476 | |
Total assets | 26,585 | 34,746 | |
Fortitude Holdings | Fair Value | |||
Effects of Reinsurance [Line Items] | |||
Bonds available for sale | 16,339 | 27,180 | |
Fixed maturity securities - fair value option | 3,485 | 1,593 | |
Investment real estate | 348 | 395 | |
Short-term Investments | 69 | 50 | |
Funds withheld investment assets | 25,730 | 34,587 | |
Fair Value | 90 | 81 | |
Other assets | 731 | 476 | |
Total | 26,551 | 35,144 | |
Fortitude Holdings | Private equity funds/hedge funds | Carrying Value | |||
Effects of Reinsurance [Line Items] | |||
Private equity funds/hedge funds | 1,893 | 1,606 | |
Fortitude Holdings | Private equity funds/hedge funds | Fair Value | |||
Effects of Reinsurance [Line Items] | |||
Private equity funds/hedge funds | 1,893 | 1,606 | |
Fortitude Holdings | Commercial Mortgages | Carrying Value | |||
Effects of Reinsurance [Line Items] | |||
Loans | 3,490 | 3,179 | |
Fortitude Holdings | Commercial Mortgages | Fair Value | |||
Effects of Reinsurance [Line Items] | |||
Mortgage and other loans receivable | 3,241 | 3,383 | |
Fortitude Holdings | Policy loans | Carrying Value | |||
Effects of Reinsurance [Line Items] | |||
Loans | 355 | 380 | |
Fortitude Holdings | Policy loans | Fair Value | |||
Effects of Reinsurance [Line Items] | |||
Mortgage and other loans receivable | $ 355 | $ 380 | |
[1] See Note 9 |
Reinsurance - Summary of the im
Reinsurance - Summary of the impact of funds withheld (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Effects of Reinsurance [Line Items] | |||
Net investment income - Fortitude Re funds withheld assets | $ 9,576 | $ 11,672 | $ 10,516 |
Net realized gains (losses) on Fortitude Re funds withheld assets | 8,013 | 1,855 | (3,741) |
Income (loss) before income tax expense (benefit) | 10,460 | 10,127 | 851 |
Income tax expense (benefit) | (1,991) | (1,843) | 15 |
Net income | 8,469 | 8,284 | 866 |
Comprehensive income (loss) | (17,655) | 3,778 | 6,196 |
Fortitude Re funds withheld assets | |||
Effects of Reinsurance [Line Items] | |||
Net investment income - Fortitude Re funds withheld assets | 891 | 1,775 | 1,427 |
Fortitude Holdings | |||
Effects of Reinsurance [Line Items] | |||
Net investment income - Fortitude Re funds withheld assets | 891 | 1,775 | 1,427 |
Net realized gains (losses) on Fortitude Re funds withheld assets | 5,950 | 237 | (2,976) |
Income (loss) before income tax expense (benefit) | 6,841 | 2,012 | (1,549) |
Income tax expense (benefit) | (1,437) | (423) | 325 |
Net income | 5,404 | 1,589 | (1,224) |
Comprehensive income (loss) | 340 | 101 | (59) |
Fortitude Holdings | Fortitude Re funds withheld assets | |||
Effects of Reinsurance [Line Items] | |||
Net realized gains (losses) on Fortitude Re funds withheld assets | (397) | 924 | 1,002 |
Fortitude Holdings | Fortitude Re funds withheld assets | Embedded derivatives | |||
Effects of Reinsurance [Line Items] | |||
Net realized gains (losses) on Fortitude Re funds withheld assets | 6,347 | (687) | (3,978) |
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* | $ (5,064) | $ (1,488) | $ 1,165 |
Reinsurance - Narrative (Detail
Reinsurance - Narrative (Details) | 12 Months Ended | ||
Jul. 01, 2020 USD ($) | Dec. 31, 2022 USD ($) Agreement | Dec. 31, 2021 USD ($) | |
Effects of Reinsurance [Line Items] | |||
Reinsurance assets due from reinsurers (as a percent) | 5% | ||
Loss on amendment | $ 0 | $ 0 | |
Reinsurance recoverables | $ 30,800,000,000 | ||
Number of affiliated reinsurance agreement | Agreement | 1 | ||
Number of bilateral letter of credit | Agreement | 1 | ||
Fortitude | |||
Effects of Reinsurance [Line Items] | |||
Loss on amendment | $ 91,000,000 | ||
Corebridge | |||
Effects of Reinsurance [Line Items] | |||
Reserves ceded | $ 14,000,000,000 | ||
Letter of credit | 175,000,000 | ||
Legacy Life And Retirement Run Off Lines Segment Member | |||
Effects of Reinsurance [Line Items] | |||
Reserves ceded | 27,800,000,000 | ||
Reinsurance assets | 27,800,000,000 | 28,500,000,000 | |
Legacy Life And Retirement Run Off Lines Segment Member | Corebridge | |||
Effects of Reinsurance [Line Items] | |||
Reinsurance assets | 26,600,000,000 | $ 35,100,000,000 | |
Life And Universal Segment | Corebridge | |||
Effects of Reinsurance [Line Items] | |||
Reserves ceded | 5,000,000,000 | ||
Reserves recaptured | $ 16,000,000,000 |
Reinsurance - Rollforward of th
Reinsurance - Rollforward of the reinsurance recoverable allowance for credit losses (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward] | ||
Balance, beginning of year | $ 101 | $ 83 |
Current period provision for expected credit losses and disputes | 8 | 18 |
Write-offs charged against the allowance for credit losses and disputes | 0 | 0 |
Other changes | 25 | |
Balance, end of year | $ 84 | $ 101 |
Deferred Policy Acquisition C_3
Deferred Policy Acquisition Costs - Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Summary of Significant Accounting Policies [Line Items] | ||||
Deferred acquisition cost | $ 13,087 | $ 7,949 | $ 7,241 | $ 7,939 |
2023 | 12 | |||
2024 | 10 | |||
2025 | 10 | |||
2026 | 8 | |||
2027 | 6 | |||
Thereafter | 46 | |||
Investment Oriented Contracts | ||||
Summary of Significant Accounting Policies [Line Items] | ||||
Deferred acquisition cost | $ 11,000 | $ 5,800 |
Deferred Policy Acquisition C_4
Deferred Policy Acquisition Costs - Rollforward of DAC (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | |||
Balance, beginning of year | $ 7,949 | $ 7,241 | $ 7,939 |
Impact of CECL adoption | 0 | 0 | 15 |
Capitalizations | 991 | 1,000 | 889 |
Amortization expense | (1,420) | (1,046) | (532) |
Change related to unrealized appreciation (depreciation) of investments | (5,631) | (760) | 1,085 |
Other, including foreign exchange | (64) | (6) | 15 |
Balance, end of year | $ 13,087 | $ 7,949 | $ 7,241 |
Deferred Policy Acquisition C_5
Deferred Policy Acquisition Costs - Rollforward of VOBA (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | |||
Balance, beginning of year | $ 7,949 | $ 7,241 | $ 7,939 |
Balance, end of year | 13,087 | 7,949 | 7,241 |
Value Of Business Acquired | |||
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | |||
Balance, beginning of year | 109 | 122 | 130 |
Acquisitions | 0 | 0 | 0 |
Amortization expense | (11) | (11) | (11) |
Change related to unrealized (appreciation) depreciation of investments | 4 | (1) | 2 |
Other, including foreign exchange | (10) | (1) | 1 |
Balance, end of year | $ 92 | $ 109 | $ 122 |
Deferred Policy Acquisition C_6
Deferred Policy Acquisition Costs - Rollforward of DSI (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Summary of Significant Accounting Policies [Line Items] | |||
Balance, beginning of year | $ 7,949 | $ 7,241 | $ 7,939 |
Capitalizations | 991 | 1,000 | 889 |
Amortization expense | (1,420) | (1,046) | (532) |
Change related to unrealized (appreciation) depreciation of investments | 5,631 | 760 | (1,085) |
Balance, end of year | 13,087 | 7,949 | 7,241 |
Value Of Business Acquired | |||
Summary of Significant Accounting Policies [Line Items] | |||
Balance, beginning of year | 109 | 122 | 130 |
Balance, end of year | 92 | 109 | 122 |
Deferred Sale Inducements | |||
Summary of Significant Accounting Policies [Line Items] | |||
Balance, beginning of year | 307 | 285 | 437 |
Capitalizations | 8 | 11 | 11 |
Amortization expense | (95) | (116) | (64) |
Change related to unrealized (appreciation) depreciation of investments | 669 | 127 | (99) |
Balance, end of year | $ 889 | $ 307 | $ 285 |
Variable Interest Entities - Co
Variable Interest Entities - Consolidated VIEs (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |||
Assets: | ||||||
Bonds available for sale | [1] | $ 156,793 | $ 198,568 | |||
Other bond securities | [1] | 3,769 | 2,082 | |||
Equity securities | [1] | 170 | 242 | |||
Mortgage and other loans receivable | [1] | 44,566 | 39,388 | |||
Investment real estate | 1,831 | 2,349 | ||||
Short-term Investments | [1] | 4,400 | 5,471 | |||
Cash | 552 | [1] | 537 | [1] | $ 654 | |
Accrued investment income | [1] | 1,813 | 1,760 | |||
Other assets | [1] | 2,852 | 3,303 | |||
Total assets | 364,217 | 416,212 | ||||
Liabilities: | ||||||
Long-term debt | 7,868 | 427 | ||||
Total liabilities | 355,068 | 387,284 | ||||
Real Estate and Investment Entities | Internal Parties | ||||||
Liabilities: | ||||||
Off-balance sheet exposure associated with VIEs | 2,100 | 2,400 | ||||
Real Estate and Investment Entities | Securitization and Repackaging Vehicles | ||||||
Liabilities: | ||||||
Off-balance sheet exposure associated with VIEs | 600 | 600 | ||||
Consolidated VIE | ||||||
Assets: | ||||||
Bonds available for sale | 3,571 | 5,393 | ||||
Other bond securities | 0 | 0 | ||||
Equity securities | 51 | 223 | ||||
Mortgage and other loans receivable | 2,088 | 2,359 | ||||
Alternative investments | 2,842 | 3,017 | ||||
Investment real estate | 1,731 | 2,257 | ||||
Short-term Investments | 456 | 618 | ||||
Cash | 71 | 93 | ||||
Accrued investment income | 7 | 15 | ||||
Other assets | 170 | 745 | ||||
Total assets | 10,987 | 14,720 | ||||
Liabilities: | ||||||
Long-term debt | 5,958 | 6,936 | ||||
Other liabilities | 132 | 835 | ||||
Total liabilities | 6,090 | 7,771 | ||||
Consolidated VIE | Real Estate and Investment Entities | ||||||
Assets: | ||||||
Bonds available for sale | 0 | 0 | ||||
Other bond securities | 0 | 0 | ||||
Equity securities | 51 | 223 | ||||
Mortgage and other loans receivable | 0 | 0 | ||||
Alternative investments | 2,842 | 3,017 | ||||
Investment real estate | 1,731 | 2,257 | ||||
Short-term Investments | 191 | 467 | ||||
Cash | 71 | 93 | ||||
Accrued investment income | 0 | 0 | ||||
Other assets | 102 | 188 | ||||
Total assets | 4,988 | 6,245 | ||||
Liabilities: | ||||||
Long-term debt | 1,382 | 1,743 | ||||
Other liabilities | 85 | 112 | ||||
Total liabilities | 1,467 | 1,855 | ||||
Consolidated VIE | Securitization Vehicles | ||||||
Assets: | ||||||
Bonds available for sale | 3,571 | 5,393 | ||||
Other bond securities | 0 | 0 | ||||
Equity securities | 0 | 0 | ||||
Mortgage and other loans receivable | 2,088 | 2,359 | ||||
Alternative investments | 0 | 0 | ||||
Investment real estate | 0 | 0 | ||||
Short-term Investments | 265 | 151 | ||||
Cash | 0 | 0 | ||||
Accrued investment income | 7 | 15 | ||||
Other assets | 68 | 557 | ||||
Total assets | 5,999 | 8,475 | ||||
Liabilities: | ||||||
Long-term debt | 4,576 | 5,193 | ||||
Other liabilities | 47 | 723 | ||||
Total liabilities | 4,623 | 5,916 | ||||
Corebridge Entities | Real Estate and Investment Entities | Internal Parties | ||||||
Liabilities: | ||||||
Off-balance sheet exposure associated with VIEs | 1,400 | 1,500 | ||||
AIG Affiliates | Real Estate and Investment Entities | Internal Parties | ||||||
Liabilities: | ||||||
Off-balance sheet exposure associated with VIEs | $ 700 | $ 900 | ||||
[1] See Note 9 |
Variable Interest Entities - In
Variable Interest Entities - Interests in Consolidated VIEs in the Consolidated Income Statements (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
VARIABLE INTEREST ENTITY | |||
Total revenue | $ 26,679 | $ 23,390 | $ 15,062 |
Net income (loss) attributable to noncontrolling interests | 320 | 929 | 224 |
Net income (loss) attributable to Corebridge | 8,149 | 7,355 | 642 |
Consolidated VIE | |||
VARIABLE INTEREST ENTITY | |||
Total revenue | 910 | 2,336 | 1,138 |
Net income (loss) attributable to noncontrolling interests | 321 | 929 | 208 |
Net income (loss) attributable to Corebridge | 361 | 796 | 497 |
Consolidated VIE | Real Estate and Investment Entities | |||
VARIABLE INTEREST ENTITY | |||
Total revenue | 681 | 1,639 | 477 |
Net income (loss) attributable to noncontrolling interests | 318 | 858 | 173 |
Net income (loss) attributable to Corebridge | 314 | 525 | 229 |
Consolidated VIE | Securitization And Repackaging And Vehicles | |||
VARIABLE INTEREST ENTITY | |||
Total revenue | 229 | 247 | 386 |
Net income (loss) attributable to noncontrolling interests | 3 | 3 | 4 |
Net income (loss) attributable to Corebridge | 47 | (33) | 137 |
Consolidated VIE | Affordable Housing Partnerships | |||
VARIABLE INTEREST ENTITY | |||
Total revenue | 0 | 450 | 275 |
Net income (loss) attributable to noncontrolling interests | 0 | 68 | 31 |
Net income (loss) attributable to Corebridge | $ 0 | $ 304 | $ 131 |
Variable Interest Entities - Un
Variable Interest Entities - Unconsolidated VIEs (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | |
VARIABLE INTEREST ENTITY | |||
Total VIE Assets | $ 364,217 | $ 416,212 | |
Other investments | [1] | 10,418 | 10,567 |
Unconsolidated VIE | |||
VARIABLE INTEREST ENTITY | |||
Total VIE Assets | 376,055 | 309,866 | |
Maximum Exposure to Loss, On-Balance Sheet | 5,575 | 4,459 | |
Maximum Exposure to Loss, Off-Balance Sheet | 2,784 | 2,452 | |
Total | 8,359 | 6,911 | |
Other investments | 5,600 | 4,500 | |
Unconsolidated VIE | Real Estate and Investment Entities | |||
VARIABLE INTEREST ENTITY | |||
Total VIE Assets | 376,055 | 309,866 | |
Maximum Exposure to Loss, On-Balance Sheet | 5,575 | 4,459 | |
Maximum Exposure to Loss, Off-Balance Sheet | 2,784 | 2,452 | |
Total | $ 8,359 | $ 6,911 | |
[1] See Note 9 |
Variable Interest Entities - Na
Variable Interest Entities - Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
VARIABLE INTEREST ENTITY | ||
Total VIE Assets | $ 364,217 | $ 416,212 |
Unconsolidated VIE | ||
VARIABLE INTEREST ENTITY | ||
Total VIE Assets | 376,055 | 309,866 |
Off-balance sheet exposure associated with VIEs | 2,784 | 2,452 |
Unconsolidated VIE | Other Investment Companies | ||
VARIABLE INTEREST ENTITY | ||
Total VIE Assets | 3,200 | 2,000 |
Off-balance sheet exposure associated with VIEs | 1,500 | $ 1,200 |
Unfunded Commitments | $ 399 |
Derivatives and Hedge Account_3
Derivatives and Hedge Accounting - Notional amounts and fair values of derivative instruments (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Gross Derivative Assets | ||
Notional Amount | $ 109,145 | $ 142,384 |
Fair Value | 3,252 | 7,267 |
Counterparty netting | (2,547) | (5,785) |
Cash Collateral | (406) | (798) |
Total derivative assets | 299 | 684 |
Gross Derivative Liabilities | ||
Notional Amount | 43,388 | 71,538 |
Fair Value | 3,335 | 6,013 |
Counterparty netting | (2,547) | (5,785) |
Cash Collateral | (691) | (37) |
Total derivative liabilities on consolidated balance sheet | 97 | 191 |
Bifurcated embedded derivatives assets, fair value | 9 | 0 |
Bifurcated embedded derivative liabilities, fair value | $ 8,400 | $ 17,700 |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Other liabilities | Other liabilities |
Derivatives designated as hedging instruments | Interest rate contracts | ||
Gross Derivative Assets | ||
Notional Amount | $ 155 | $ 352 |
Fair Value | 202 | 274 |
Gross Derivative Liabilities | ||
Notional Amount | 1,798 | 980 |
Fair Value | 77 | 14 |
Derivatives designated as hedging instruments | Foreign exchange contracts | ||
Gross Derivative Assets | ||
Notional Amount | 3,535 | 4,058 |
Fair Value | 575 | 262 |
Gross Derivative Liabilities | ||
Notional Amount | 3,354 | 2,861 |
Fair Value | 176 | 55 |
Derivatives not designated as hedging instruments | Interest rate contracts | ||
Gross Derivative Assets | ||
Notional Amount | 27,656 | 28,056 |
Fair Value | 1,371 | 1,637 |
Gross Derivative Liabilities | ||
Notional Amount | 21,553 | 23,219 |
Fair Value | 2,599 | 1,562 |
Derivatives not designated as hedging instruments | Foreign exchange contracts | ||
Gross Derivative Assets | ||
Notional Amount | 4,630 | 4,047 |
Fair Value | 672 | 410 |
Gross Derivative Liabilities | ||
Notional Amount | 6,673 | 5,413 |
Fair Value | 456 | 311 |
Derivatives not designated as hedging instruments | Equity contracts | ||
Gross Derivative Assets | ||
Notional Amount | 26,041 | 60,192 |
Fair Value | 417 | 4,670 |
Gross Derivative Liabilities | ||
Notional Amount | 9,962 | 38,932 |
Fair Value | 27 | 4,071 |
Derivatives not designated as hedging instruments | Credit contracts | ||
Gross Derivative Assets | ||
Notional Amount | 0 | 1,840 |
Fair Value | 0 | 1 |
Gross Derivative Liabilities | ||
Notional Amount | 0 | 0 |
Fair Value | 0 | 0 |
Derivatives not designated as hedging instruments | Other contracts | ||
Gross Derivative Assets | ||
Notional Amount | 47,128 | 43,839 |
Fair Value | 15 | 13 |
Gross Derivative Liabilities | ||
Notional Amount | 48 | 133 |
Fair Value | $ 0 | $ 0 |
Derivatives and Hedge Account_4
Derivatives and Hedge Accounting - Notional Amounts of Derivatives with Related Parties and Third Parties (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Gross Derivative Assets | ||
Notional Amount | $ 109,145 | $ 142,384 |
Fair Value | 3,252 | 7,267 |
Gross Derivative Liabilities | ||
Notional Amount | 43,388 | 71,538 |
Fair Value | 3,335 | 6,013 |
Total derivatives with related parties | ||
Gross Derivative Assets | ||
Notional Amount | 60,633 | 96,862 |
Fair Value | 3,177 | 7,182 |
Gross Derivative Liabilities | ||
Notional Amount | 42,109 | 68,623 |
Fair Value | 3,154 | 5,778 |
Total derivatives with third parties | ||
Gross Derivative Assets | ||
Notional Amount | 48,512 | 45,522 |
Fair Value | 75 | 85 |
Gross Derivative Liabilities | ||
Notional Amount | 1,279 | 2,915 |
Fair Value | $ 181 | $ 235 |
Derivatives and Hedge Account_5
Derivatives and Hedge Accounting - Balance sheet location (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Fixed maturity securities | ||
Derivative [Line Items] | ||
Carrying amount of hedged assets | $ 6,520 | $ 7,478 |
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 | (2,218) | (1,500) |
Cumulative effect of change in accounting principle | Fixed maturity securities | ||
Derivative [Line Items] | ||
Carrying amount of hedged assets | 0 | 0 |
Cumulative effect of change in accounting principle | Commercial mortgage and other loans | ||
Derivative [Line Items] | ||
Carrying amount of hedged assets | (25) | (6) |
Cumulative effect of change in accounting principle | Policyholder contract deposits | ||
Derivative [Line Items] | ||
Carrying amount of hedged liabilities | $ (68) | $ 79 |
Derivatives and Hedge Account_6
Derivatives and Hedge Accounting - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Credit derivatives: | |||
Foreign currency translation gain (loss) adjustment related to net investment hedge relationships | $ 223 | ||
Reclassification into interest expense | 21 | ||
Amounts to be reclassified in the next 30 years | 202 | ||
Amounts to be reclassified in the next twelve months | 28 | ||
Fair value of hybrid securities | 0 | $ 121 | |
Par value of hybrid securities | 25 | 884 | |
Currency Swap | |||
Credit derivatives: | |||
Foreign currency translation gain (loss) adjustment related to net investment hedge relationships | 9 | 8 | $ (5) |
Third Parties | |||
Credit derivatives: | |||
Collateral posted | 255 | 317 | |
Collateral obtained from third parties for derivative transactions | 40 | 53 | |
Total derivatives with related parties | |||
Credit derivatives: | |||
Collateral posted | 1,518 | 803 | |
Collateral obtained from third parties for derivative transactions | $ 380 | $ 770 |
Derivatives and Hedge Account_7
Derivatives and Hedge Accounting - Fair value hedging relationships (Details) - Derivatives designated as hedging instruments - Fair value hedging - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Interest rate contracts | Net Realized and Unrealized Gains (Losses) | |||
Derivative instruments gain (loss): | |||
Gains/(losses) recognized in earnings on hedging derivatives | $ 0 | $ 0 | $ 0 |
Gains/(losses) recognized in earnings for excluded components | 0 | 0 | 0 |
Gain (losses) recognized in earnings on hedged items | 0 | 0 | 0 |
Net Impact | 0 | 0 | 0 |
Interest rate contracts | Interest credited to policyholder account balances | |||
Derivative instruments gain (loss): | |||
Gains/(losses) recognized in earnings on hedging derivatives | (156) | (62) | 47 |
Gains/(losses) recognized in earnings for excluded components | 0 | 18 | 1 |
Gain (losses) recognized in earnings on hedged items | 151 | 54 | (53) |
Net Impact | (5) | 10 | (5) |
Interest rate contracts | Net investment income | |||
Derivative instruments gain (loss): | |||
Gains/(losses) recognized in earnings on hedging derivatives | 11 | 9 | (6) |
Gains/(losses) recognized in earnings for excluded components | 0 | 0 | 0 |
Gain (losses) recognized in earnings on hedged items | (12) | (11) | 5 |
Net Impact | (1) | (2) | (1) |
Foreign exchange contracts | |||
Derivative instruments gain (loss): | |||
Gains/(losses) recognized in earnings on hedging derivatives | 459 | 260 | (298) |
Gains/(losses) recognized in earnings for excluded components | 171 | 31 | 98 |
Gain (losses) recognized in earnings on hedged items | (459) | (260) | 298 |
Net Impact | $ 171 | $ 31 | $ 98 |
Derivatives and Hedge Account_8
Derivatives and Hedge Accounting - Derivatives not designated as hedging instruments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Total net realized gains (losses) | Total net realized gains (losses) | Total net realized gains (losses) |
Fortitude Re funds withheld assets | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Total | $ (121) | $ 33 | $ 398 |
Excluding Fortitude Re funds withheld embedded derivative | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Total | 6,347 | (687) | (3,978) |
Derivatives not designated as hedging instruments | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Total | 8,996 | (35) | (4,420) |
Derivatives not designated as hedging instruments | AIG | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Total | (2,500) | (363) | 2,400 |
Derivatives not designated as hedging instruments | Excluding Fortitude Re Funds Withheld Assets | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Total | 2,738 | 555 | (916) |
Derivatives not designated as hedging instruments | Policy fees | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Total | 61 | 62 | 62 |
Derivatives not designated as hedging instruments | Net Investment Income | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Total | (10) | 6 | 2 |
Derivatives not designated as hedging instruments | Policyholder benefits and claims incurred | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Total | (19) | (4) | 12 |
Derivatives not designated as hedging instruments | Interest rate contracts | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Total | (2,386) | (585) | 1,643 |
Derivatives not designated as hedging instruments | Foreign exchange contracts | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Total | 1,028 | 476 | (239) |
Derivatives not designated as hedging instruments | Equity contracts | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Total | (483) | (742) | 206 |
Derivatives not designated as hedging instruments | Credit contracts | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Total | (1) | (11) | 42 |
Derivatives not designated as hedging instruments | Other contracts | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Total | 64 | 64 | 60 |
Derivatives not designated as hedging instruments | Embedded derivatives | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Total | 4,427 | 1,450 | (2,154) |
Derivatives not designated as hedging instruments | Embedded derivatives | Excluding Fortitude Re funds withheld embedded derivative | Fortitude RE | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Total | $ 6,347 | $ (687) | $ (3,978) |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Schedule of goodwill (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill [Line Items] | ||||
Goodwill - gross | $ 252 | $ 269 | $ 295 | $ 285 |
Accumulated impairments | (77) | (77) | (77) | (77) |
Net goodwill | 175 | 192 | 218 | 208 |
Increase (decrease) due to: | ||||
Dispositions | 0 | (21) | 0 | |
Other | (17) | (5) | 10 | |
Life Insurance | ||||
Goodwill [Line Items] | ||||
Goodwill - gross | 220 | 236 | 241 | 231 |
Accumulated impairments | (67) | (67) | (67) | (67) |
Net goodwill | 153 | 169 | 174 | 164 |
Increase (decrease) due to: | ||||
Dispositions | 0 | 0 | 0 | |
Other | (16) | (5) | 10 | |
Corporate & Other | ||||
Goodwill [Line Items] | ||||
Goodwill - gross | 32 | 33 | 54 | 54 |
Accumulated impairments | (10) | (10) | (10) | (10) |
Net goodwill | 22 | 23 | 44 | $ 44 |
Increase (decrease) due to: | ||||
Dispositions | 0 | (21) | 0 | |
Other | $ (1) | $ 0 | $ 0 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Schedule of intangible assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Indefinite-Lived Intangible Assets [Roll Forward] | |||
Beginning balance | $ 18 | $ 31 | $ 35 |
Dispositions | 0 | (5) | 0 |
Amortization | (4) | (7) | (6) |
Other | (2) | (1) | 2 |
Ending balance | 12 | 18 | 31 |
Life Insurance | |||
Indefinite-Lived Intangible Assets [Roll Forward] | |||
Beginning balance | 18 | 23 | 24 |
Dispositions | 0 | 0 | 0 |
Amortization | (4) | (4) | (4) |
Other | (2) | (1) | 3 |
Ending balance | 12 | 18 | 23 |
Corporate & Other | |||
Indefinite-Lived Intangible Assets [Roll Forward] | |||
Beginning balance | 0 | 8 | 11 |
Dispositions | 0 | (5) | 0 |
Amortization | 0 | (3) | (2) |
Other | 0 | 0 | (1) |
Ending balance | $ 0 | $ 0 | $ 8 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Narrative (Details) | Dec. 31, 2022 |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2023 | 32.90% |
2024 | 30.50% |
2025 | 29.30% |
2026 | 7.30% |
Insurance Liabilities - Rollfor
Insurance Liabilities - Rollforward of universal life policies (Details) - Universal Life - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Movement in Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross [Roll Forward] | |||
Balance, beginning of year | $ 4,505 | $ 4,751 | $ 3,794 |
Incurred guaranteed benefits | 740 | 603 | 1,034 |
Paid guaranteed benefits | (588) | (489) | (470) |
Changes related to unrealized appreciation (depreciation) of investments | (1,832) | (360) | 393 |
Balance, end of year | $ 2,825 | $ 4,505 | $ 4,751 |
Insurance Liabilities - Univers
Insurance Liabilities - Universal life policies (Details) - Universal Life - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||
Account value | $ 3,514 | $ 3,313 |
Net amount at risk | $ 69,335 | $ 65,801 |
Average attained age of contract holders by product | 53 years | 53 years |
Insurance Liabilities - Narrati
Insurance Liabilities - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||
Participating insurance in force (as a percent) | 0.70% | 1.20% |
Life premiums as percentage of gross premiums (as a percent) | 1.30% | 1.70% |
Participating revenue reserves | $ 2,400 | $ 2,400 |
Participating revenue reserves not ceded | $ 3 | 3 |
Minimum | ||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||
Future policy benefits, interest rate (as a percent) | 0.20% | |
Liability for policyholder contract deposits, interest rate (as a percent) | 0% | |
Maximum | ||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||
Future policy benefits, interest rate (as a percent) | 14.60% | |
Liability for policyholder contract deposits, interest rate (as a percent) | 9% | |
Other Policyholder Funds | ||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||
Unearned revenue reserves | $ 2,300 | 1,800 |
Individual Retirement | Variable annuity guaranteed minimum withdrawal benefits (GMWB) | Total | ||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||
Total account values | 700 | 2,400 |
Group Retirement | Variable annuity guaranteed minimum withdrawal benefits (GMWB) | Total | ||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||
Total account values | $ (9) | $ 74 |
Insurance Liabilities - Liabili
Insurance Liabilities - Liability for future policy benefit (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Liability for Future Policy Benefit, Activity [Line Items] | ||
Individual Retirement | $ 2,321 | $ 2,904 |
Group Retirement | 351 | 471 |
Life Insurance | 15,515 | 16,965 |
Institutional Markets | 16,307 | 14,194 |
Fortitude Re | 22,772 | 23,217 |
Future policy benefits for life and accident and health insurance contracts | 57,266 | 57,751 |
Traditional Benefits | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Individual Retirement | 1,493 | 1,374 |
Group Retirement | 221 | 226 |
Life Insurance | 12,338 | 12,037 |
Institutional Markets | 16,307 | 14,194 |
Fortitude Re | 22,716 | 23,217 |
Future policy benefits for life and accident and health insurance contracts | 53,075 | 51,048 |
Interest-Sensitive Benefits | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Individual Retirement | 828 | 1,530 |
Group Retirement | 130 | 245 |
Life Insurance | 3,177 | 4,928 |
Institutional Markets | 0 | 0 |
Fortitude Re | 56 | 0 |
Future policy benefits for life and accident and health insurance contracts | $ 4,191 | $ 6,703 |
Insurance Liabilities - Schedul
Insurance Liabilities - Schedule of policyholder contract deposit (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Policyholder Account Balance [Line Items] | ||
Policyholder contract deposits | $ 158,966 | $ 156,846 |
Individual Retirement | ||
Policyholder Account Balance [Line Items] | ||
Policyholder contract deposits | 90,069 | 87,664 |
Individual Retirement | Embedded derivatives | ||
Policyholder Account Balance [Line Items] | ||
Policyholder contract deposits | 5,800 | 8,000 |
Individual Retirement | FHLBs | ||
Policyholder Account Balance [Line Items] | ||
Policyholder contract deposits | 1,100 | 1,100 |
Group Retirement | ||
Policyholder Account Balance [Line Items] | ||
Policyholder contract deposits | 43,332 | 44,087 |
Group Retirement | Embedded derivatives | ||
Policyholder Account Balance [Line Items] | ||
Policyholder contract deposits | 653 | 891 |
Group Retirement | FHLBs | ||
Policyholder Account Balance [Line Items] | ||
Policyholder contract deposits | 209 | 209 |
Life Insurance | ||
Policyholder Account Balance [Line Items] | ||
Policyholder contract deposits | 10,258 | 10,299 |
Life Insurance | Embedded derivatives | ||
Policyholder Account Balance [Line Items] | ||
Policyholder contract deposits | 710 | 765 |
Institutional Markets | ||
Policyholder Account Balance [Line Items] | ||
Policyholder contract deposits | 11,718 | 10,970 |
Institutional Markets | Embedded derivatives | ||
Policyholder Account Balance [Line Items] | ||
Policyholder contract deposits | 41 | 54 |
Institutional Markets | FHLBs | ||
Policyholder Account Balance [Line Items] | ||
Policyholder contract deposits | 3,200 | 2,200 |
Fortitude RE | ||
Policyholder Account Balance [Line Items] | ||
Policyholder contract deposits | $ 3,589 | $ 3,826 |
Insurance Liabilities - Funding
Insurance Liabilities - Funding arrangements (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Federal Home Loan Bank, Advances [Line Items] | |
Gross Amounts | $ 4,598 |
2023 | 0 |
2024-2025 | 293 |
2026-2027 | 1,378 |
Thereafter | 2,927 |
Federal Home Loan Bank Of Dallas And New York | |
Federal Home Loan Bank, Advances [Line Items] | |
Gross Amounts | 4,400 |
Pledged as collateral | 7,400 |
Federal Home Loan Bank of Dallas | DNA Auction + 22 to 30 bps | |
Federal Home Loan Bank, Advances [Line Items] | |
Gross Amounts | 3,357 |
2023 | 0 |
2024-2025 | 52 |
2026-2027 | 378 |
Thereafter | 2,927 |
Federal Home Loan Bank of Dallas | FHLB Dallas 3.53% | |
Federal Home Loan Bank, Advances [Line Items] | |
Gross Amounts | 1,000 |
2023 | 0 |
2024-2025 | 0 |
2026-2027 | 1,000 |
Thereafter | $ 0 |
Interest rate (as a percent) | 3.53% |
Federal Home Loan Bank of Dallas | FHLB Dallas 3.53% | Maximum | |
Federal Home Loan Bank, Advances [Line Items] | |
Interest rate (as a percent) | 2.70% |
Federal Home Loan Bank of Dallas | FHLB Dallas 3.53% | Minimum | |
Federal Home Loan Bank, Advances [Line Items] | |
Interest rate (as a percent) | 1.52% |
Federal Home Loan Bank of New York | |
Federal Home Loan Bank, Advances [Line Items] | |
Gross Amounts | $ 241 |
2023 | 0 |
2024-2025 | 241 |
2026-2027 | 0 |
Thereafter | $ 0 |
Insurance Liabilities - Summary
Insurance Liabilities - Summary of separate accounts (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Individual Retirement | ||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||
Total | $ 44,208 | $ 56,739 |
Individual Retirement | Equity funds | ||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||
Total | 22,473 | 28,524 |
Individual Retirement | Bond funds | ||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||
Total | 3,722 | 4,651 |
Individual Retirement | Balanced funds | ||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||
Total | 17,311 | 23,018 |
Individual Retirement | Money market funds | ||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||
Total | 702 | 546 |
Group Retirement | ||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||
Total | 34,091 | 44,834 |
Group Retirement | Equity funds | ||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||
Total | 24,491 | 33,718 |
Group Retirement | Bond funds | ||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||
Total | 3,966 | 4,364 |
Group Retirement | Balanced funds | ||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||
Total | 5,082 | 6,293 |
Group Retirement | Money market funds | ||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||
Total | $ 552 | $ 459 |
Insurance Liabilities - GMDB ex
Insurance Liabilities - GMDB exposure at contract issuance (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 USD ($) contract | Dec. 31, 2021 USD ($) contract | |
Individual Retirement | ||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||
Separate accounts | $ 44,208 | $ 56,739 |
Individual Retirement | Guaranteed Minimum Death Benefit | Minimum | ||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||
Range of guaranteed minimum return rates | 0% | 0% |
Individual Retirement | Guaranteed Minimum Death Benefit | Maximum | ||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||
Range of guaranteed minimum return rates | 450% | 450% |
Individual Retirement | Return of Account Value | Guaranteed Minimum Death Benefit | ||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||
General account | $ 443 | $ 382 |
Separate accounts | 3,288 | 3,543 |
Total account values | 3,731 | 3,925 |
Net amount at risk - gross | 0 | 0 |
Net amount at risk - net | $ 0 | $ 0 |
Average attained age of contract holders by product | 67 years | 66 years |
Percentage of policyholders age 70 and over | 30.30% | 27.80% |
Individual Retirement | Return of Premium | Guaranteed Minimum Death Benefit | ||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||
General account | $ 3,925 | $ 4,055 |
Separate accounts | 27,251 | 34,811 |
Total account values | 31,176 | 38,866 |
Net amount at risk - gross | 755 | 22 |
Net amount at risk - net | $ 749 | $ 21 |
Average attained age of contract holders by product | 70 years | 70 years |
Percentage of policyholders age 70 and over | 50.30% | 47% |
Individual Retirement | Rollups | Guaranteed Minimum Death Benefit | ||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||
General account | $ 421 | $ 447 |
Separate accounts | 1,703 | 2,453 |
Total account values | 2,124 | 2,900 |
Net amount at risk - gross | 420 | 363 |
Net amount at risk - net | $ 383 | $ 327 |
Average attained age of contract holders by product | 75 years | 75 years |
Percentage of policyholders age 70 and over | 68.20% | 66.90% |
Individual Retirement | Highest Contract Value Attained | Guaranteed Minimum Death Benefit | ||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||
General account | $ 1,310 | $ 1,366 |
Separate accounts | 11,966 | 15,932 |
Total account values | 13,276 | 17,298 |
Net amount at risk - gross | 2,313 | 341 |
Net amount at risk - net | $ 2,077 | $ 257 |
Average attained age of contract holders by product | 72 years | 71 years |
Percentage of policyholders age 70 and over | 60.20% | 58.10% |
Group Retirement | ||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||
Separate accounts | $ 34,091 | $ 44,834 |
Group Retirement | Return of Account Value | Guaranteed Minimum Death Benefit | ||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||
General account | 37 | 35 |
Separate accounts | 257 | 290 |
Total account values | 294 | 325 |
Net amount at risk - gross | 0 | 0 |
Net amount at risk - net | $ 0 | $ 0 |
Average attained age of contract holders by product | 65 years | 64 years |
Percentage of policyholders age 70 and over | 18.70% | 14.90% |
Group Retirement | Return of Premium | Guaranteed Minimum Death Benefit | ||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||
General account | $ 5,301 | $ 5,511 |
Separate accounts | 4,600 | 6,056 |
Total account values | 9,901 | 11,567 |
Net amount at risk - gross | 32 | 9 |
Net amount at risk - net | $ 32 | $ 9 |
Average attained age of contract holders by product | 65 years | 64 years |
Percentage of policyholders age 70 and over | 19.40% | 17.90% |
Group Retirement | Rollups | Guaranteed Minimum Death Benefit | ||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||
General account | $ 17,980 | $ 18,863 |
Separate accounts | 29,177 | 38,419 |
Total account values | 47,157 | 57,282 |
Net amount at risk - gross | 349 | 152 |
Net amount at risk - net | $ 349 | $ 152 |
Average attained age of contract holders by product | 63 years | 63 years |
Percentage of policyholders age 70 and over | 15.40% | 14.20% |
Number of contracts | contract | 202,994,000,000 | 192,606,000,000 |
General account value for policyholder's 70 or older | $ 8,500 | $ 8,300 |
Separate account value for policyholder's 70 or older | 6,900 | 8,500 |
Net amount at risk | 64 | 19 |
Group Retirement | Highest Contract Value Attained | Guaranteed Minimum Death Benefit | ||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||
General account | 3 | 4 |
Separate accounts | 57 | 69 |
Total account values | 60 | 73 |
Net amount at risk - gross | 12 | 0 |
Net amount at risk - net | $ 12 | $ 0 |
Average attained age of contract holders by product | 68 years | 68 years |
Percentage of policyholders age 70 and over | 32.60% | 31.10% |
Group Retirement | Guaranteed Minimum Death Benefit | Minimum | ||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||
Range of guaranteed minimum return rates | 0% | |
Group Retirement | Guaranteed Minimum Death Benefit | Maximum | ||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||
Range of guaranteed minimum return rates | 450% |
Insurance Liabilities - Changes
Insurance Liabilities - Changes in GMBD liability (Details) - Guaranteed Minimum Death Benefit - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Variable Annuity | |||
Movement in Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross [Roll Forward] | |||
Balance, beginning of year | $ 445 | $ 382 | $ 371 |
Reserve increase (decrease) | 109 | 103 | 36 |
Paid guaranteed benefits | (67) | (33) | (41) |
Changes related to unrealized appreciation (depreciation) of investments | (53) | (7) | 16 |
Balance, end of year | 434 | 445 | 382 |
Assumed reinsurance reserves | 14 | 16 | 16.7 |
Variable Annuity, Excluding Assumed Reinsurance | |||
Movement in Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross [Roll Forward] | |||
Balance, beginning of year | 35 | 40 | 21 |
Reserve increase (decrease) | 12 | 3 | 2 |
Paid guaranteed benefits | (2) | (2) | (2) |
Changes related to unrealized appreciation (depreciation) of investments | (29) | (6) | 19 |
Balance, end of year | $ 16 | $ 35 | $ 40 |
Insurance Liabilities - Individ
Insurance Liabilities - Individual and group retirement GMWB and GMDB (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Individual Retirement | Total | GMWB & GMDB | |||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | |||
Fixed accounts | $ 4,498 | $ 4,028 | |
Indexed accounts | 6,653 | 6,361 | |
Total account values | 11,151 | 10,389 | |
Base reserve | 999 | 737 | |
Reserves related to unrealized appreciation of investments | (606) | 348 | |
Total GMWB and GMDB reserve | 393 | 1,085 | |
Individual Retirement | Total | Variable annuity guaranteed minimum withdrawal benefits (GMWB) | |||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | |||
Total account values | 700 | 2,400 | |
Individual Retirement | Fixed Annuities | GMWB & GMDB | |||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | |||
Fixed accounts | 3,990 | 3,541 | |
Indexed accounts | 0 | 0 | |
Total account values | 3,990 | 3,541 | |
Base reserve | 389 | 270 | |
Reserves related to unrealized appreciation of investments | (298) | 187 | |
Total GMWB and GMDB reserve | $ 91 | 457 | |
Average attained age of contract holders by product | 68 years | 68 years | |
Individual Retirement | Fixed Index Annuities | GMWB & GMDB | |||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | |||
Fixed accounts | $ 508 | 487 | |
Indexed accounts | 6,653 | 6,361 | |
Total account values | 7,161 | 6,848 | |
Base reserve | 610 | 467 | |
Reserves related to unrealized appreciation of investments | (308) | 161 | |
Total GMWB and GMDB reserve | $ 302 | 628 | |
Average attained age of contract holders by product | 67 years | 68 years | |
Individual Retirement | Variable Annuity | Variable annuity guaranteed minimum withdrawal benefits (GMWB) | |||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | |||
Total account values | $ 39,200 | 48,400 | |
Individual Retirement | Excess Of Account Value | Variable annuity guaranteed minimum withdrawal benefits (GMWB) | |||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | |||
Total account values | 198 | 471 | |
Group Retirement | Total | GMWB & GMDB | |||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | |||
Fixed accounts | 781 | 732 | |
Indexed accounts | 1,365 | 1,409 | |
Total account values | 2,146 | 2,141 | |
Base reserve | 194 | 143 | |
Reserves related to unrealized appreciation of investments | (93) | 51 | |
Total GMWB and GMDB reserve | 101 | 194 | |
Group Retirement | Total | Variable annuity guaranteed minimum withdrawal benefits (GMWB) | |||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | |||
Total account values | (9) | 74 | |
Group Retirement | Fixed Annuities | GMWB & GMDB | |||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | |||
Fixed accounts | 647 | 603 | |
Indexed accounts | 0 | 0 | |
Total account values | 647 | 603 | |
Base reserve | 61 | 42 | |
Reserves related to unrealized appreciation of investments | (11) | 5 | |
Total GMWB and GMDB reserve | $ 50 | 47 | |
Average attained age of contract holders by product | 69 years | 70 years | |
Group Retirement | Fixed Index Annuities | GMWB & GMDB | |||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | |||
Fixed accounts | $ 134 | 129 | |
Indexed accounts | 1,365 | 1,409 | |
Total account values | 1,499 | 1,538 | |
Base reserve | 133 | 101 | |
Reserves related to unrealized appreciation of investments | (82) | 46 | |
Total GMWB and GMDB reserve | $ 51 | 147 | |
Average attained age of contract holders by product | 68 years | 69 years | |
Group Retirement | Variable Annuity | Variable annuity guaranteed minimum withdrawal benefits (GMWB) | |||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | |||
Total account values | $ 2,100 | 2,800 | |
Group Retirement | Excess Of Account Value | Variable annuity guaranteed minimum withdrawal benefits (GMWB) | |||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | |||
Total account values | $ 8 | $ 24 |
Insurance Liabilities - Rollf_2
Insurance Liabilities - Rollforward of GMWB and GMDB exposure (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Individual Retirement | Variable annuity guaranteed minimum withdrawal benefits (GMWB) | Fixed Annuities | |||
Movement in Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross [Roll Forward] | |||
Balance, beginning of year | $ 457 | $ 353 | $ 38 |
Reserve increase (decrease) | 119 | 132 | 100 |
Benefits paid | 0 | 0 | 0 |
Changes related to unrealized appreciation (depreciation) of investments | (485) | (28) | 215 |
Balance, end of year | 91 | 457 | 353 |
Individual Retirement | GMWB & GMDB | Fixed Index Annuities | |||
Movement in Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross [Roll Forward] | |||
Balance, beginning of year | 628 | 637 | 439 |
Reserve increase (decrease) | 143 | 94 | 74 |
Benefits paid | 0 | 0 | 0 |
Changes related to unrealized appreciation (depreciation) of investments | (469) | (103) | 124 |
Balance, end of year | 302 | 628 | 637 |
Group Retirement | GMWB & GMDB | Fixed Annuities | |||
Movement in Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross [Roll Forward] | |||
Balance, beginning of year | 47 | 32 | 5 |
Reserve increase (decrease) | 19 | 18 | 19 |
Benefits paid | 0 | 0 | 0 |
Changes related to unrealized appreciation (depreciation) of investments | (16) | (3) | 8 |
Balance, end of year | 50 | 47 | 32 |
Group Retirement | GMWB & GMDB | Fixed Index Annuities | |||
Movement in Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross [Roll Forward] | |||
Balance, beginning of year | 147 | 133 | 103 |
Reserve increase (decrease) | 32 | 30 | 12 |
Benefits paid | 0 | 0 | 0 |
Changes related to unrealized appreciation (depreciation) of investments | (128) | (16) | 18 |
Balance, end of year | $ 51 | $ 147 | $ 133 |
Debt - Schedule of Debt (Detail
Debt - Schedule of Debt (Details) - USD ($) $ in Millions | Aug. 23, 2022 | Dec. 31, 2022 | Apr. 05, 2022 | Dec. 31, 2021 | |
Schedule of Long Term and Short Term Debt Instruments [Line Items] | |||||
Short-term debt | $ 1,500 | $ 8,317 | |||
Total long-term debt | 7,927 | 427 | |||
Debt issuance costs | (59) | 0 | |||
Long-term debt | 7,868 | 427 | |||
Total debt, net of issuance costs | 15,326 | 15,680 | |||
Debt of consolidated investment entities | |||||
Schedule of Long Term and Short Term Debt Instruments [Line Items] | |||||
Long-term debt | [1] | $ 5,958 | 6,936 | ||
Debt of consolidated investment entities | Minimum | |||||
Schedule of Long Term and Short Term Debt Instruments [Line Items] | |||||
Interest rate (as a percent) | 0% | ||||
Debt of consolidated investment entities | Maximum | |||||
Schedule of Long Term and Short Term Debt Instruments [Line Items] | |||||
Interest rate (as a percent) | 12.27% | ||||
Senior unsecured notes | Line of Credit | |||||
Schedule of Long Term and Short Term Debt Instruments [Line Items] | |||||
Long-term debt | $ 6,500 | ||||
Senior unsecured notes | Line of Credit | Line of Credit | Senior unsecured notes | |||||
Schedule of Long Term and Short Term Debt Instruments [Line Items] | |||||
Total long-term debt | $ 6,500 | ||||
Hybrid junior subordinated notes | AIGLH notes | |||||
Schedule of Long Term and Short Term Debt Instruments [Line Items] | |||||
Interest rate (as a percent) | 6.875% | ||||
Debt instrument term (in years) | 5 years | ||||
Long-term debt | 1,000 | ||||
AIGLH notes | AIGLH notes | |||||
Schedule of Long Term and Short Term Debt Instruments [Line Items] | |||||
Total long-term debt | 200 | 200 | |||
Long-term debt | $ 200 | ||||
AIGLH notes | AIGLH notes | Minimum | |||||
Schedule of Long Term and Short Term Debt Instruments [Line Items] | |||||
Interest rate (as a percent) | 6.63% | ||||
AIGLH notes | AIGLH notes | Maximum | |||||
Schedule of Long Term and Short Term Debt Instruments [Line Items] | |||||
Interest rate (as a percent) | 7.50% | ||||
AIGLH junior subordinated debentures | AIGLH junior subordinated debentures | |||||
Schedule of Long Term and Short Term Debt Instruments [Line Items] | |||||
Total long-term debt | $ 227 | $ 227 | |||
Long-term debt | $ 227 | ||||
AIGLH junior subordinated debentures | AIGLH junior subordinated debentures | Minimum | |||||
Schedule of Long Term and Short Term Debt Instruments [Line Items] | |||||
Interest rate (as a percent) | 7.57% | ||||
AIGLH junior subordinated debentures | AIGLH junior subordinated debentures | Maximum | |||||
Schedule of Long Term and Short Term Debt Instruments [Line Items] | |||||
Interest rate (as a percent) | 8.50% | ||||
Three Year DDTL Facility | Line of Credit | Senior unsecured notes | |||||
Schedule of Long Term and Short Term Debt Instruments [Line Items] | |||||
Short-term debt | $ 1,500 | ||||
[1] See Note 9 |
Debt - Schedule of maturities o
Debt - Schedule of maturities of debt (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Short-Term Debt Maturities | ||
Short-term debt | $ 1,500 | $ 8,317 |
Long-Term Debt Maturities | ||
Long-term debt | 7,868 | 427 |
Long-Term And Short Term Debt Maturities | ||
Total debt, net of issuance costs | 15,326 | $ 15,680 |
Corebridge Debt | ||
Long-Term And Short Term Debt Maturities | ||
Total debt, net of issuance costs | 9,427 | |
2023 | 1,500 | |
2024 | 0 | |
2025 | 1,101 | |
2026 | 0 | |
2027 | 1,250 | |
Thereafter | 5,576 | |
Three Year DDTL Facility | Senior unsecured notes | Line of Credit | ||
Short-Term Debt Maturities | ||
2023 | 1,500 | |
Short-term debt | 1,500 | |
Senior unsecured notes | Line of Credit | ||
Long-Term Debt Maturities | ||
Long-term debt | 6,500 | |
2023 | 0 | |
2024 | 0 | |
2025 | 1,000 | |
2026 | 0 | |
2027 | 1,250 | |
Thereafter | 4,250 | |
Hybrid junior subordinated notes | AIGLH notes | ||
Long-Term Debt Maturities | ||
Long-term debt | 1,000 | |
2023 | 0 | |
2024 | 0 | |
2025 | 0 | |
2026 | 0 | |
2027 | 0 | |
Thereafter | 1,000 | |
AIGLH notes | AIGLH notes | ||
Long-Term Debt Maturities | ||
Long-term debt | 200 | |
2023 | 0 | |
2024 | 0 | |
2025 | 101 | |
2026 | 0 | |
2027 | 0 | |
Thereafter | 99 | |
AIGLH junior subordinated debentures | AIGLH junior subordinated debentures | ||
Long-Term Debt Maturities | ||
Long-term debt | 227 | |
2023 | 0 | |
2024 | 0 | |
2025 | 0 | |
2026 | 0 | |
2027 | 0 | |
Thereafter | $ 227 |
Debt - Senior and Unsecured Not
Debt - Senior and Unsecured Notes and Delayed Draw Term Loan (Details) - USD ($) | 3 Months Ended | ||||||
Feb. 25, 2022 | Mar. 31, 2022 | Dec. 31, 2022 | Sep. 15, 2022 | Apr. 06, 2022 | Apr. 05, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | |||||||
Total long-term debt | $ 7,927,000,000 | $ 427,000,000 | |||||
Short-term debt | 1,500,000,000 | 8,317,000,000 | |||||
Parent Company | |||||||
Debt Instrument [Line Items] | |||||||
Total long-term debt | 7,500,000,000 | 0 | |||||
Short-term debt | 1,500,000,000 | 8,317,000,000 | |||||
CoreBridge 18-Month DDTL Facility | Line of Credit | Senior unsecured notes | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument term (in years) | 18 months | ||||||
Maximum borrowing capacity | $ 6,000,000,000 | ||||||
CoreBridge 3-Year DDTL Facility | Line of Credit | Senior unsecured notes | |||||||
Debt Instrument [Line Items] | |||||||
Maximum borrowing capacity | $ 3,000,000,000 | $ 2,500,000,000 | |||||
CoreBridge 3-Year DDTL Facility | Parent Company | Line of Credit | Senior unsecured notes | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument term (in years) | 3 years | ||||||
Interest rate (as a percent) | 1% | ||||||
Senior Notes Due 2025 | Hybrid junior subordinated notes | Line of Credit | Senior unsecured notes | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate (as a percent) | 3.50% | ||||||
Senior Notes Due 2027 | Hybrid junior subordinated notes | Line of Credit | Senior unsecured notes | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate (as a percent) | 3.65% | ||||||
Senior Notes Due 2029 | Hybrid junior subordinated notes | Line of Credit | Senior unsecured notes | |||||||
Debt Instrument [Line Items] | |||||||
Amount of debt issued | $ 1,000,000,000 | ||||||
Interest rate (as a percent) | 3.85% | ||||||
Senior Notes Due 2032 | Hybrid junior subordinated notes | Line of Credit | Senior unsecured notes | |||||||
Debt Instrument [Line Items] | |||||||
Amount of debt issued | $ 1,500,000,000 | ||||||
Interest rate (as a percent) | 3.90% | ||||||
Senior Notes Due 2042 | Hybrid junior subordinated notes | Line of Credit | Senior unsecured notes | |||||||
Debt Instrument [Line Items] | |||||||
Amount of debt issued | $ 500,000,000 | ||||||
Interest rate (as a percent) | 4.35% | ||||||
Senior Notes Due 2052 | Hybrid junior subordinated notes | Line of Credit | Senior unsecured notes | |||||||
Debt Instrument [Line Items] | |||||||
Amount of debt issued | $ 1,250,000,000 | ||||||
Interest rate (as a percent) | 4.40% | ||||||
Three Year DDTL Facility | Line of Credit | Senior unsecured notes | |||||||
Debt Instrument [Line Items] | |||||||
Short-term debt | $ 1,500,000,000 | ||||||
Three Year DDTL Facility | Parent Company | Line of Credit | Senior unsecured notes | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate (as a percent) | 5.80% | ||||||
Short-term debt | $ 1,500,000,000 | 0 | |||||
Senior unsecured notes | Line of Credit | Line of Credit | Senior unsecured notes | |||||||
Debt Instrument [Line Items] | |||||||
Total long-term debt | $ 6,500,000,000 | ||||||
Senior unsecured notes | Parent Company | Line of Credit | |||||||
Debt Instrument [Line Items] | |||||||
Total long-term debt | $ 6,500,000,000 | $ 0 |
Debt - Hybrid Junior Subordinat
Debt - Hybrid Junior Subordinated Notes (Details) - Hybrid junior subordinated notes - AIGLH notes | Aug. 23, 2022 USD ($) |
Debt Instrument [Line Items] | |
Amount of debt issued | $ 1,000,000,000 |
Interest rate (as a percent) | 6.875% |
Interest rate and payment reset period (in years) | 5 years |
Debt instrument term (in years) | 5 years |
Debt - Affiliated Notes (Detail
Debt - Affiliated Notes (Details) | 12 Months Ended | ||||||||
Jun. 23, 2022 GIP (£) | Oct. 01, 2021 USD ($) | Feb. 12, 2021 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2019 USD ($) | Nov. 30, 2021 USD ($) | Dec. 31, 2013 USD ($) | |
Debt Instrument [Line Items] | |||||||||
Short-term debt | $ 1,500,000,000 | $ 8,317,000,000 | |||||||
Repayments of long term debt | $ 0 | 568,000,000 | $ 11,000,000 | ||||||
Interest expense on debt | 34,000,000 | ||||||||
Affiliated senior promissory note with AIG | Hybrid junior subordinated notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Short-term debt | $ 8,300,000,000 | ||||||||
Lexington Note | AIGLH notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Amount of debt issued | $ 250,000,000 | ||||||||
Repayments of long term debt | $ 254,000,000 | ||||||||
Interest expense on debt | 400,000 | 4,000,000 | |||||||
AIG Life Note | |||||||||
Debt Instrument [Line Items] | |||||||||
Proceeds from issuance of note | £ | £ 10,000,000 | ||||||||
AIG Europe SA Note | AIGLH notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Amount of debt issued | 9,000,000 | $ 17,000,000 | |||||||
Repayments of long term debt | $ 9,000,000 | ||||||||
Interest expense on debt | $ 300,000 | $ 500,000 | $ 600,000 |
Debt - AIGLH Notes and Junior S
Debt - AIGLH Notes and Junior Subordinated Debentures (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Total long-term debt | $ 7,927 | $ 427 |
AIGLH junior subordinated debentures | AIGLH junior subordinated debentures | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 227 | 227 |
AIGLH notes | AIGLH notes | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 200 | $ 200 |
AIGLH Junior Subordinated Debt, Due July 2030 | AIGLH notes | ||
Debt Instrument [Line Items] | ||
Total long-term debt | $ 54 | |
Interest rate (as a percent) | 8.50% | |
AIGLH Junior Subordinated Debt, Due March 2046 | AIGLH notes | ||
Debt Instrument [Line Items] | ||
Total long-term debt | $ 142 | |
Interest rate (as a percent) | 8.125% | |
AIGLH Junior Subordinated Debt, Due December 2045 | AIGLH notes | ||
Debt Instrument [Line Items] | ||
Total long-term debt | $ 31 | |
Interest rate (as a percent) | 7.57% | |
Consolidated Entities, Excluding Consolidated Investments | AIGLH notes | ||
Debt Instrument [Line Items] | ||
Total long-term debt | $ 427 |
Debt - Debt Cash Tender Offers
Debt - Debt Cash Tender Offers (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | |||
Repayments of long term debt | $ 0 | $ 568 | $ 11 |
AIGLH junior subordinated debentures | |||
Debt Instrument [Line Items] | |||
Extinguishment of debt | 216 | ||
Repayments of long term debt | $ 312 |
Debt - Revolving Credit Agreeme
Debt - Revolving Credit Agreement (Details) - Line of Credit - Credit Agreement - Revolving Credit Facility | May 12, 2022 USD ($) |
Debt Instrument [Line Items] | |
Debt instrument term (in years) | 5 years |
Current borrowing capacity | $ 2,500,000,000 |
Increase in borrowing capacity | $ 500,000,000 |
NYFRB | |
Debt Instrument [Line Items] | |
Basis spread on variable rate (as a percent) | 0.50% |
Maximum | |
Debt Instrument [Line Items] | |
Maximum borrowing capacity | $ 3,000,000,000 |
Maximum | Prime Rate | |
Debt Instrument [Line Items] | |
Basis spread on variable rate (as a percent) | 1% |
Minimum | Prime Rate | |
Debt Instrument [Line Items] | |
Basis spread on variable rate (as a percent) | 0.10% |
Debt - Letter of Credits (Detai
Debt - Letter of Credits (Details) | Dec. 31, 2022 USD ($) | Jul. 28, 2022 USD ($) lineOfCredit | Jul. 28, 2022 GIP (£) lineOfCredit | May 12, 2022 USD ($) | May 09, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Line of Credit Facility [Line Items] | ||||||
Long-term debt | $ 7,868,000,000 | $ 427,000,000 | ||||
Letter of Credit | Line of Credit | AIG Life Letter Of Credit | ||||||
Line of Credit Facility [Line Items] | ||||||
Number of letters of credit | lineOfCredit | 2 | 2 | ||||
Letter of credit | £ | £ 80,000,000 | |||||
Letter of Credit | Line of Credit | AIG Bermuda | ||||||
Line of Credit Facility [Line Items] | ||||||
Letter of credit | $ 175,000,000 | $ 250,000,000 | ||||
Long-term debt | $ 250,000,000 |
Debt - Consolidated Investment
Debt - Consolidated Investment Entities Credit Facilities (Details) - Line of Credit - Revolving Credit Facility - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Consolidated Investment Entities Credit Facilities | ||
Line of Credit Facility [Line Items] | ||
Current borrowing capacity | $ 556,000,000 | |
Maximum borrowing capacity | 1,400,000,000 | |
Line of credit | $ 177,000,000 | $ 57,000,000 |
Consolidated Investment Entities Credit Facilities | Maximum | ||
Line of Credit Facility [Line Items] | ||
Debt instrument term (in years) | 9 years | |
Consolidated Investment Entities Credit Facilities | Minimum | ||
Line of Credit Facility [Line Items] | ||
Debt instrument term (in years) | 2 years | |
Consolidated Investment Entities Credit Facilities Real Estate Assets | ||
Line of Credit Facility [Line Items] | ||
Maximum borrowing capacity | $ 420,000,000 | |
Line of credit | $ 326,000,000 | $ 403,000,000 |
Consolidated Investment Entities Credit Facilities Real Estate Assets | Minimum | ||
Line of Credit Facility [Line Items] | ||
Debt instrument term (in years) | 3 years |
Contingencies, Commitments an_3
Contingencies, Commitments and Guarantees - Legal contingencies (Details) | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
Amount of policy issued to plaintiff's | $ 1,000,000 |
Contingencies, Commitments an_4
Contingencies, Commitments and Guarantees - Lease commitments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Lease liability, balance sheet location | Other liabilities | Other liabilities | |
Right of use asset, balance sheet location | Other assets | Other assets | |
Net lease liabilities | $ 43 | $ 66 | |
Right of use asset | 36 | 51 | |
Operating Lease, Lease Income, Lease Payments | $ 20 | 23 | |
Leases, weighted average discount rate | 3.60% | ||
Leases, weighted average lease term | 4 years 8 months 15 days | ||
Rent expense | $ 33 | $ 21 | $ 21 |
Contingencies, Commitments an_5
Contingencies, Commitments and Guarantees - Schedule of future undiscounted cash flows (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Commitments and Contingencies Disclosure [Abstract] | ||
2023 | $ 16 | |
2024 | 9 | |
2025 | 7 | |
2026 | 6 | |
2027 | 2 | |
Remaining years after 2027 | 6 | |
Total undiscounted lease payments | 46 | |
Less: Present value adjustment | 3 | |
Net lease liabilities | $ 43 | $ 66 |
Contingencies, Commitments an_6
Contingencies, Commitments and Guarantees - Other commitments (Details) - USD ($) $ in Billions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Other Commitments [Line Items] | ||
Other commitments | $ 4.6 | |
Minimum capital contributed (as a percent) | 250% | 250% |
Promissory Notes | ||
Other Commitments [Line Items] | ||
Principal amount percentage | 100% | |
Net present value of interest payments (as a percent) | 100% |
Equity and Redeemable Noncont_3
Equity and Redeemable Noncontrolling Interest - Dividends (Details) - $ / shares | Feb. 16, 2023 | Dec. 30, 2022 | Oct. 20, 2022 |
Dividends [Line Items] | |||
Dividend declared (in USD per share) | $ 0.23 | $ 0.23 | |
Subsequent Event | |||
Dividends [Line Items] | |||
Dividend declared (in USD per share) | $ 0.23 |
Equity and Redeemable Noncont_4
Equity and Redeemable Noncontrolling Interest - AIG Bermuda tax payment allocation agreement (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Equity [Abstract] | ||
Unrecognized Tax Benefits, Increase (Decrease) From Tax Payment Agreement | $ 353 | $ 203 |
Equity and Redeemable Noncont_5
Equity and Redeemable Noncontrolling Interest - Fortitude RE sale (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Nonredeemable Controlling Interest [Line Items] | ||
Redeemable noncontrolling interest | $ 0 | $ 83 |
Fortitude Holdings | Corebridge | ||
Nonredeemable Controlling Interest [Line Items] | ||
Ownership (as a percent) | 3.50% | |
Redeemable noncontrolling interest | 156 | $ 100 |
Contributions from noncontrolling interests | $ 135 |
Equity and Redeemable Noncont_6
Equity and Redeemable Noncontrolling Interest - Retained earnings (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||||
Dec. 30, 2022 | Oct. 20, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Dividends [Line Items] | |||||
Dividend declared (in USD per share) | $ 0.23 | $ 0.23 | |||
Distributed dividends | $ 876 | ||||
AIG Shareholders | |||||
Dividends [Line Items] | |||||
Distributed dividends to AIG | $ 13,100 | $ 450 | |||
AIG Shareholders | Cap Corp | |||||
Dividends [Line Items] | |||||
Distributed dividends to AIG | $ 536 | $ 0 |
Equity and Redeemable Noncont_7
Equity and Redeemable Noncontrolling Interest - Rollforward of Accumulated other comprehensive income (loss) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance, beginning of period | $ 28,845 | $ 39,781 | $ 33,679 |
Change in unrealized depreciation of investments | (40,401) | (7,457) | 8,895 |
Change in deferred policy acquisition costs adjustment and other | 6,305 | 962 | (1,183) |
Change in future policy benefits | 2,612 | 915 | (870) |
Change in cash flow hedges | 203 | ||
Change in foreign currency translation adjustments | (109) | (22) | 61 |
Change in net actuarial loss | 2 | 1 | (2) |
Change in deferred tax asset (liability) | 5,264 | 1,095 | (1,571) |
Other comprehensive income (loss) | (26,124) | (4,506) | 5,330 |
Other | 20 | ||
Balance, end of period | 9,149 | 28,845 | 39,781 |
Cumulative effect of change in accounting principle | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance, beginning of period | (246) | ||
Total | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance, beginning of period | 10,167 | 14,653 | 9,329 |
Other comprehensive income (loss) | (26,114) | (4,506) | 5,324 |
Balance, end of period | (15,947) | 10,167 | 14,653 |
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 | (40) | (62) | 0 |
Other comprehensive income (loss) | (54) | 22 | (62) |
Balance, end of period | (94) | (40) | (62) |
Unrealized Appreciation (Depreciation) of All Other Investments | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance, beginning of period | 10,209 | 14,698 | 9,361 |
Other comprehensive income (loss) | (26,128) | (4,509) | 5,337 |
Other | 20 | ||
Balance, end of period | (15,919) | 10,209 | 14,698 |
Cash Flow Hedges | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Other comprehensive income (loss) | 157 | ||
Balance, end of period | 157 | ||
Foreign Currency Translation Adjustments | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance, beginning of period | (9) | 11 | (40) |
Other comprehensive income (loss) | (101) | (20) | 57 |
Balance, end of period | (100) | (9) | 11 |
Retirement Plan Liabilities Adjustment | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance, beginning of period | 7 | 6 | 8 |
Other comprehensive income (loss) | 2 | 1 | (2) |
Balance, end of period | 9 | 7 | 6 |
Noncontrolling interests | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Noncontrolling interests | (10) | 0 | 6 |
Foreign Currency Translation Adjustments | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Noncontrolling interests | (10) | 0 | 6 |
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 | (78) | 39 | (89) |
Change in deferred policy acquisition costs adjustment and other | 9 | (11) | 11 |
Change in deferred tax asset (liability) | 15 | (6) | 16 |
Other comprehensive income (loss) | (54) | 22 | (62) |
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 | (40,323) | (7,496) | 8,984 |
Change in deferred policy acquisition costs adjustment and other | 6,296 | 973 | (1,194) |
Change in future policy benefits | 2,612 | 915 | (870) |
Change in deferred tax asset (liability) | 5,287 | 1,099 | (1,583) |
Other comprehensive income (loss) | (26,128) | (4,509) | 5,337 |
Cash Flow Hedges | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Change in cash flow hedges | 203 | ||
Change in deferred tax asset (liability) | (46) | ||
Foreign Currency Translation Adjustments | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Change in foreign currency translation adjustments | (109) | (22) | 61 |
Change in deferred tax asset (liability) | 8 | 2 | (4) |
Other comprehensive income (loss) | (101) | (20) | 57 |
Retirement Plan Liabilities Adjustment | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Change in net actuarial loss | 2 | 1 | (2) |
Other comprehensive income (loss) | $ 2 | $ 1 | $ (2) |
Equity and Redeemable Noncont_8
Equity and Redeemable Noncontrolling Interest - Other comprehensive income reclassification adjustments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Other Comprehensive Income (Loss) Reclassification Adjustments | |||
Amounts to be reclassified in the next twelve months | $ 202 | ||
Other comprehensive income (loss) | (26,124) | $ (4,506) | $ 5,330 |
Unrealized Appreciation (Depreciation) of Fixed Maturity Securities on Which allowance for credit losses was Taken | |||
Other Comprehensive Income (Loss) Reclassification Adjustments | |||
Amounts to be reclassified in the next twelve months | (80) | 28 | (107) |
Less: Reclassification adjustments included in net income | (11) | 0 | (29) |
Total other comprehensive income (loss), before income tax expense (benefit) | (69) | 28 | (78) |
Less: Income tax expense (benefit) | (15) | 6 | (16) |
Other comprehensive income (loss) | (54) | 22 | (62) |
Unrealized Appreciation (Depreciation) of All Other Investments | |||
Other Comprehensive Income (Loss) Reclassification Adjustments | |||
Amounts to be reclassified in the next twelve months | (31,963) | (4,860) | 7,558 |
Less: Reclassification adjustments included in net income | (548) | 748 | 636 |
Total other comprehensive income (loss), before income tax expense (benefit) | (31,415) | (5,608) | 6,922 |
Less: Income tax expense (benefit) | (5,287) | (1,099) | 1,585 |
Other comprehensive income (loss) | (26,128) | (4,509) | 5,337 |
Cash Flow Hedges | |||
Other Comprehensive Income (Loss) Reclassification Adjustments | |||
Amounts to be reclassified in the next twelve months | 203 | 0 | 0 |
Less: Reclassification adjustments included in net income | 0 | 0 | 0 |
Total other comprehensive income (loss), before income tax expense (benefit) | 203 | 0 | 0 |
Less: Income tax expense (benefit) | 46 | 0 | 0 |
Other comprehensive income (loss) | 157 | 0 | 0 |
Foreign Currency Translation Adjustments | |||
Other Comprehensive Income (Loss) Reclassification Adjustments | |||
Amounts to be reclassified in the next twelve months | (109) | (21) | 60 |
Less: Reclassification adjustments included in net income | 0 | 0 | 0 |
Total other comprehensive income (loss), before income tax expense (benefit) | (109) | (21) | 60 |
Less: Income tax expense (benefit) | (8) | (1) | 3 |
Other comprehensive income (loss) | (101) | (20) | 57 |
Retirement Plan Liabilities Adjustment | |||
Other Comprehensive Income (Loss) Reclassification Adjustments | |||
Amounts to be reclassified in the next twelve months | 2 | 1 | (2) |
Less: Reclassification adjustments included in net income | 0 | 0 | 0 |
Total other comprehensive income (loss), before income tax expense (benefit) | 2 | 1 | (2) |
Less: Income tax expense (benefit) | 0 | 0 | 0 |
Other comprehensive income (loss) | 2 | 1 | (2) |
Total Corebridge Shareholders' Equity | |||
Other Comprehensive Income (Loss) Reclassification Adjustments | |||
Amounts to be reclassified in the next twelve months | (31,947) | (4,852) | 7,509 |
Less: Reclassification adjustments included in net income | (559) | 748 | 607 |
Total other comprehensive income (loss), before income tax expense (benefit) | (31,388) | (5,600) | 6,902 |
Less: Income tax expense (benefit) | (5,264) | (1,094) | 1,572 |
Other comprehensive income (loss) | $ (26,114) | $ (4,506) | $ 5,324 |
Equity and Redeemable Noncont_9
Equity and Redeemable Noncontrolling Interest - Reclassification of significant items out of accumulated other comprehensive income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Reclassification of significant items out of Accumulated Other Comprehensive Income | |||
Total net realized gains (losses) | $ 8,013 | $ 1,855 | $ (3,741) |
Net income (loss) attributable to Corebridge | 8,149 | 7,355 | 642 |
Amount Reclassified from AOCI | |||
Reclassification of significant items out of Accumulated Other Comprehensive Income | |||
Net income (loss) attributable to Corebridge | (559) | 748 | 607 |
Unrealized appreciation (depreciation) of fixed maturity securities on which allowance for credit losses was taken | Amount Reclassified from AOCI | |||
Reclassification of significant items out of Accumulated Other Comprehensive Income | |||
Total net realized gains (losses) | (11) | 0 | (29) |
Unrealized appreciation (depreciation) of all other investments | Amount Reclassified from AOCI | |||
Reclassification of significant items out of Accumulated Other Comprehensive Income | |||
Total net realized gains (losses) | $ (548) | $ 748 | $ 636 |
Equity and Redeemable Noncon_10
Equity and Redeemable Noncontrolling Interest - Nonredeemable Noncontrolling Interest (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Nonredeemable Controlling Interest [Line Items] | |||
Changes in noncontrolling interests due to divestitures and acquisitions | $ (104) | $ (373) | $ 633 |
Contributions from noncontrolling interests | 155 | 264 | 268 |
Distributions to noncontrolling interests | 1,181 | 1,611 | 454 |
Non- Redeemable Noncontrolling Interests | |||
Nonredeemable Controlling Interest [Line Items] | |||
Changes in noncontrolling interests due to divestitures and acquisitions | (104) | (373) | 633 |
Contributions from noncontrolling interests | 155 | 264 | 268 |
Distributions to noncontrolling interests | $ 1,181 | $ 1,611 | $ 454 |
Equity and Redeemable Noncon_11
Equity and Redeemable Noncontrolling Interest - Non-redeemable and redeemable noncontrolling interest (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |||
Beginning balance | $ 83 | ||
Beginning balance | 1,759 | ||
Distributions to noncontrolling interests | (1,181) | $ (1,611) | $ (454) |
Ending balance | 0 | 83 | |
Ending balance | 939 | 1,759 | |
Non- Redeemable Noncontrolling Interests | |||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |||
Distributions to noncontrolling interests | (1,181) | (1,611) | (454) |
Non-Redeemable Noncontrolling Interest | Non- Redeemable Noncontrolling Interests | |||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |||
Beginning balance | 1,759 | 2,549 | 1,874 |
Net income attributable to redeemable noncontrolling interest | 320 | 929 | 224 |
Other comprehensive loss, net of tax | (10) | 0 | 6 |
Changes in noncontrolling interests due to divestitures and acquisitions | (104) | (373) | (633) |
Contributions from noncontrolling interests | 155 | 264 | 268 |
Distributions to noncontrolling interests | (1,181) | (1,611) | (454) |
Other | 0 | 1 | (2) |
Ending balance | 939 | 1,759 | 2,549 |
Redeemable Noncontrolling Interest | |||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |||
Beginning balance | 83 | 51 | 0 |
Net income attributable to redeemable noncontrolling interest | 0 | 0 | 1 |
Contributions from noncontrolling interests | 0 | (32) | (50) |
Distributions to noncontrolling interests | (83) | 0 | 0 |
Ending balance | $ 0 | $ 83 | $ 51 |
Earnings Per Common Share - Nar
Earnings Per Common Share - Narrative (Details) | 1 Months Ended | ||
Sep. 06, 2022 shares | Sep. 30, 2022 shares | Nov. 02, 2021 shares | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Stock split ratio | 6,450 | ||
Stock issued during stock split (in shares) | 100,000 | 645,000,000 | |
Corebridge Financial | Blackstone | |||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Ownership percentage | 9.90% | ||
Common Stock Class A | |||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Stock issued during stock split (in shares) | 90,100 | ||
Common Stock Class B | |||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Stock issued during stock split (in shares) | 9,900 | ||
Common Stock Class B | Corebridge Financial | Blackstone | |||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Common stock outstanding (in shares) | 63,855,000 |
Earnings Per Common Share - Sch
Earnings Per Common Share - Schedule of EPS (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Numerator for EPS: | |||
Net income | $ 8,469 | $ 8,284 | $ 866 |
Less: Net income (loss) attributable to noncontrolling interests | 320 | 929 | 224 |
Net income (loss) attributable to Corebridge common shareholders | $ 8,149 | ||
Denominator for EPS: | |||
Weighted average common shares outstanding - basic (in shares) | 646,100,000 | ||
Dilutive common shares (in shares) | 1,300,000 | ||
Weighted average common shares outstanding - diluted (in shares) | 647,400,000 | ||
Basic: | |||
Basic (in dollars per share) | $ 12.61 | ||
Diluted: | |||
Diluted (in dollars per share) | $ 12.59 | ||
Number of shares excluded from diluted shares outstanding because the effect would have been anti-dilutive (in shares) | 41,000 | ||
Common Stock Class A | |||
Numerator for EPS: | |||
Net income (loss) attributable to Corebridge common shareholders | $ 6,859 | $ 578 | |
Denominator for EPS: | |||
Weighted average common shares outstanding - basic (in shares) | 581,100,000 | 581,100,000 | |
Weighted average common shares outstanding - diluted (in shares) | 581,100,000 | 581,100,000 | |
Basic: | |||
Basic (in dollars per share) | $ 11.80 | $ 1 | |
Diluted: | |||
Diluted (in dollars per share) | $ 11.80 | $ 1 | |
Common Stock Class B | |||
Numerator for EPS: | |||
Net income (loss) attributable to Corebridge common shareholders | $ 496 | $ 64 | |
Denominator for EPS: | |||
Weighted average common shares outstanding - basic (in shares) | 63,900,000 | 63,900,000 | |
Weighted average common shares outstanding - diluted (in shares) | 63,900,000 | 63,900,000 | |
Basic: | |||
Basic (in dollars per share) | $ 7.77 | $ 1 | |
Diluted: | |||
Diluted (in dollars per share) | $ 7.77 | $ 1 |
Statutory Financial Data and _3
Statutory Financial Data and Restrictions - Schedule of Statutory Financial Data and Restrictions (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statutory Accounting Practices [Line Items] | |||
Statutory net income (loss) | $ 3,095 | $ 2,584 | $ 488 |
Statutory capital and surplus | 12,705 | 13,083 | |
Aggregate minimum required statutory capital and surplus | 4,246 | 4,111 | |
Domestic | |||
Statutory Accounting Practices [Line Items] | |||
Statutory net income (loss) | 3,091 | 2,588 | 482 |
Statutory capital and surplus | 12,229 | 12,471 | |
Aggregate minimum required statutory capital and surplus | 4,057 | 3,903 | |
Foreign | |||
Statutory Accounting Practices [Line Items] | |||
Statutory net income (loss) | 4 | (4) | $ 6 |
Statutory capital and surplus | 476 | 612 | |
Aggregate minimum required statutory capital and surplus | $ 189 | $ 208 |
Statutory Financial Data and _4
Statutory Financial Data and Restrictions - Narrative (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Jul. 28, 2022 | May 12, 2022 | May 09, 2022 | |
Statutory Accounting Practices [Line Items] | |||||
Long-term debt | $ 7,868,000,000 | $ 427,000,000 | |||
Distributed dividends | 876,000,000 | ||||
AGL | |||||
Statutory Accounting Practices [Line Items] | |||||
Distributed dividends | 2,000,000,000 | ||||
Corebridge | |||||
Statutory Accounting Practices [Line Items] | |||||
Distributed dividends | 3,500,000,000 | ||||
Letter of Credit | AIG Bermuda | Line of Credit | |||||
Statutory Accounting Practices [Line Items] | |||||
Long-term debt | $ 250,000,000 | ||||
Letter of credit | $ 175,000,000 | $ 250,000,000 | |||
Life Insurance Companies | |||||
Statutory Accounting Practices [Line Items] | |||||
Increase in statutory surplus due to permitted practice | $ 1,000,000,000 | $ 584,000,000 |
Share-Based Compensation Plan_2
Share-Based Compensation Plans - Schedule of share-based compensation expense recognized in Consolidated Statements of Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-Based Payment Arrangement [Abstract] | |||
Share-based compensation expense - pre-tax | $ 75 | $ 88 | $ 74 |
Share-based compensation expense - after tax | $ 59 | $ 70 | $ 58 |
Share-Based Compensation Plan_3
Share-Based Compensation Plans - Summary of outstanding share-settled RSU grants (Details) - Restricted Stock Units (RSUs) | 12 Months Ended |
Dec. 31, 2022 $ / shares shares | |
Number of Units | |
Unvested, beginning of year (in shares) | shares | 0 |
Granted (in shares) | shares | 10,328,220 |
Vested (in shares) | shares | (3,674,973) |
Forfeited (in shares) | shares | (116,092) |
Unvested, end of year (in shares) | shares | 6,537,155 |
Weighted Average Grant Date Fair Value | |
Unvested, beginning of year (in dollars per share) | $ / shares | $ 0 |
Granted (in dollars per share) | $ / shares | 21 |
Vested (in dollars per share) | $ / shares | 21 |
Forfeited (in dollars per share) | $ / shares | 21 |
Unvested, end of year (in dollars per share) | $ / shares | $ 21 |
Share-Based Compensation Plan_4
Share-Based Compensation Plans - Narrative (Details) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 | Dec. 31, 2020 | Sep. 14, 2022 $ / shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Share price (in USD per share) | $ 54.20 | |||
Number of shares authorized (in shares) | shares | 40,000,000 | |||
Conversion ratio | 2.580952 | |||
Restricted Stock Units (RSUs) | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Unrecognized compensation cost related to grants | $ | $ 40 | |||
Initial Public Offering | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Share price (in USD per share) | $ 21 | |||
Minimum | Restricted Stock Units (RSUs) | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Weighted average period (in years) | 1 year | |||
Maximum | Restricted Stock Units (RSUs) | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Weighted average period (in years) | 2 years 3 months | |||
AIG 2013 Long Term Incentive Plan | Awarded 2018 to 2020 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Performance period (in years) | 3 years | |||
AIG 2013 Long Term Incentive Plan | Minimum | Awarded 2018 to 2020 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Percentage of performance period depending on which actual number of awards can be earned | 0% | 0% | 0% | |
AIG 2013 Long Term Incentive Plan | Maximum | Awarded 2018 to 2020 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Percentage of performance period depending on which actual number of awards can be earned | 200% | 200% | 200% |
Employee Benefits - Narrative (
Employee Benefits - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net periodic benefit cost (credit) | $ 27,000,000 | $ 52,000,000 | $ 31,000,000 |
Projected benefit obligation | 15,000,000 | 25,000,000 | |
Assets | 22,000,000 | 28,000,000 | |
Postretirement benefit plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Contribution expense | 1,000,000 | 3,000,000 | 3,000,000 |
Projected benefit obligation | $ 37,000,000 | ||
Postretirement benefit plans | United States | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan eligibility age | 55 years | ||
Defined benefit plan requisite service period (in years) | 10 years | ||
Postretirement Health Coverage | United States | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Contribution expense | $ 76,000,000 | 74,000,000 | 72,000,000 |
Defined benefit plan requisite service period (in years) | 5 years | ||
Postretirement Health Coverage | Non-US | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Contribution expense | $ 8,000,000 | $ 8,000,000 | $ 7,000,000 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Valuation Allowance [Line Items] | ||||
Effective income tax rate | 19% | 18.20% | (1.80%) | |
U.S. federal income tax at statutory rate (as a percent) | 21% | 21% | 21% | |
Tax deconsolidation and separation costs | $ (104,000,000) | $ 0 | $ 0 | |
Reclassifications from accumulated other comprehensive income | 84,000,000 | 108,000,000 | 100,000,000 | |
Noncontrolling interest | (67,000,000) | (197,000,000) | (47,000,000) | |
Dividends received deduction | 36,000,000 | 37,000,000 | 39,000,000 | |
Uncertain tax positions | 2,000,000 | (69,000,000) | 17,000,000 | |
Federal operating loss carryforward | 459,000,000 | |||
State and local income taxes | 9,000,000 | 105,000,000 | (4,000,000) | |
Valuation allowance | 157,000,000 | 26,000,000 | (4,000,000) | |
Deferred tax asset valuation allowance recognized | (24,000,000) | |||
Valuation allowance related to certain tax attribute carryforward | 151,000,000 | |||
Unrecognized tax benefits, excluding interest and penalties | 20,000,000 | 18,000,000 | 917,000,000 | $ 1,173,000,000 |
Unrecognized tax benefits, period decrease | 846,000,000 | |||
Unrecognized tax benefits that would not impact effective tax rate | 10,000,000 | |||
Unrecognized tax benefits that would impact effective tax rate | 20,000,000 | 18,000,000 | 907,000,000 | |
Accrued liabilities | 0 | 0 | 52,000,000 | |
Unrecognized tax benefits, interest net of the federal (benefit) expense and penalties | $ 0 | (26,000,000) | $ 2,000,000 | |
Corebridge | ||||
Valuation Allowance [Line Items] | ||||
Unrecognized tax benefits, period decrease | 26,000,000 | |||
Corebridge Financial Inc | ||||
Valuation Allowance [Line Items] | ||||
Noncontrolling interest ownership percentage | 77.70% | |||
Corebridge Financial Inc | Maximum | ||||
Valuation Allowance [Line Items] | ||||
Noncontrolling interest ownership percentage | 80% | |||
Initial Public Offering | ||||
Valuation Allowance [Line Items] | ||||
Deferred tax asset valuation allowance recognized | $ 133,000,000 | |||
U.S.. Life Insurance Companies | ||||
Valuation Allowance [Line Items] | ||||
Deferred tax asset valuation allowance recognized | 1,400,000,000 | |||
Tax Credit Carryforward | ||||
Valuation Allowance [Line Items] | ||||
Valuation allowance | $ 18,000,000 | |||
Tax Deconsolidation | ||||
Valuation Allowance [Line Items] | ||||
Valuation allowance | $ 157,000,000 |
Income Taxes - Schedule of inco
Income Taxes - Schedule of income (loss) from continuing operations before income tax expense (benefit) by U.S. and foreign location (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
U.S. | $ 10,436 | $ 9,518 | $ 827 |
Foreign | 24 | 609 | 24 |
Income before income tax (benefit) | $ 10,460 | $ 10,127 | $ 851 |
Income Taxes - Schedule of in_2
Income Taxes - Schedule of income tax expense (benefit) attributable to pre-tax income (loss) from continuing operations (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Current federal tax expense (benefit) | $ 868 | $ 1,943 | $ 1,714 |
Deferred federal income tax expense (benefit) | 1,133 | (81) | (1,726) |
Current foreign tax expense (benefit) | 10 | 3 | 10 |
Deferred foreign income tax expense (benefit) | (20) | (22) | (13) |
Income tax expense (benefit) | $ 1,991 | $ 1,843 | $ (15) |
Income Taxes - Schedule of reco
Income Taxes - Schedule of reconciliation between actual income tax (benefit) expense and statutory U.S. federal amount computed by applying the federal income tax rate (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Consolidated total amount, pre-tax income (loss) | $ 10,460 | $ 10,127 | $ 851 |
U.S. federal income tax at statutory rate | $ 2,197 | $ 2,127 | $ 178 |
U.S. federal income tax at statutory rate (as a percent) | 21% | 21% | 21% |
Uncertain tax positions | $ 2 | $ (69) | $ 17 |
Uncertain tax positions (as a percent) | 0% | (0.70%) | 2% |
Reclassifications from accumulated other comprehensive income | $ (84) | $ (108) | $ (100) |
Reclassifications from accumulated other comprehensive income (as a percent) | (0.80%) | (1.10%) | (11.80%) |
Noncontrolling interest | $ (67) | $ (197) | $ (47) |
Non-controlling interest ( as a percent) | (0.60%) | (1.90%) | (5.50%) |
Dividends received deduction | $ (36) | $ (37) | $ (39) |
Dividends received deduction (as a percent) | (0.30%) | (0.40%) | (4.60%) |
Tax deconsolidation and separation costs | $ (104) | $ 0 | $ 0 |
Tax deconsolidation and separation costs (as a percent) | (1.00%) | 0% | 0% |
State and local income taxes | $ 9 | $ 105 | $ (4) |
State and local income taxes (as a percent) | 0.10% | 1% | (0.50%) |
Other | $ (29) | $ (5) | $ 1 |
Other (as a percent) | (0.30%) | 0% | 0.10% |
Adjustments to prior year tax returns | $ 48 | $ 3 | $ 27 |
Adjustments to prior year tax returns (as a percent) | (0.50%) | 0% | (3.20%) |
Share based compensation payments excess tax deduction | $ (6) | $ 4 | $ 10 |
Share based compensation payments excess tax deduction (as a percent) | (0.10%) | 0% | 1.20% |
Valuation allowance | $ 157 | $ 26 | $ (4) |
Valuation allowance (as a percent) | 1.50% | 0.30% | (0.50%) |
Consolidated total amount, tax expense (benefit) | $ 1,991 | $ 1,843 | $ (15) |
Consolidated total amount (as a percent) | 19% | 18.20% | (1.80%) |
Income Taxes - Schedule of comp
Income Taxes - Schedule of components of the net deferred tax asset (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Deferred tax assets: | ||
Losses and tax credit carryforwards | $ 572 | $ 214 |
Basis differences on investments | 2,989 | 3,044 |
Fortitude Re funds withheld embedded derivative | 0 | 541 |
Life policy reserves | 3,616 | 3,809 |
Accruals not currently deductible, and other | 60 | 4 |
Investments in foreign subsidiaries | 0 | 1 |
Loss reserve discount | 0 | 0 |
Fixed assets and intangible assets | 885 | 1,160 |
Other | 449 | 237 |
Employee benefits | 81 | 0 |
Unrealized losses related to available for sale debt securities | 4,036 | 0 |
Unearned premium reserve reduction | 144 | 0 |
Total deferred tax assets | 12,832 | 9,010 |
Deferred tax liabilities: | ||
Employee benefits | 0 | (32) |
Fortitude Re funds withheld embedded derivative | (863) | 0 |
Deferred policy acquisition costs | (1,517) | (1,646) |
Unrealized gains related to available for sale debt securities | 0 | (2,561) |
Total deferred tax liabilities | (2,380) | (4,239) |
Net deferred tax assets before valuation allowance | 10,452 | 4,771 |
Valuation allowance | (1,752) | (169) |
Net deferred tax assets (liabilities) | $ 8,700 | $ 4,602 |
Income Taxes - Schedule of re_2
Income Taxes - Schedule of reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Gross unrecognized tax benefits, beginning of year | $ 18 | $ 917 | $ 1,173 |
Increases in tax positions for prior years | 3 | 0 | 1 |
Decreases in tax positions for prior years | (1) | (899) | (5) |
Increases in tax positions for current year | 0 | 0 | 0 |
Settlements | 0 | 0 | (252) |
Gross unrecognized tax benefits, end of year | $ 20 | $ 18 | $ 917 |
Related Parties - Schedule of M
Related Parties - Schedule of Material Revenues and Expenses (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues: | |||
Other income | $ 550 | $ 578 | $ 519 |
Total net investment income | 9,576 | 11,672 | 10,516 |
Total revenues | 26,679 | 23,390 | 15,062 |
Expenses: | |||
General operating and other expenses | 2,323 | 2,104 | 2,027 |
Interest expense | 534 | 389 | 490 |
Loss on extinguishment of debt | 0 | (219) | (10) |
Total benefits and expenses | 16,219 | 13,263 | 14,211 |
Net investment income - excluding Fortitude Re funds withheld assets | |||
Revenues: | |||
Total net investment income | 8,685 | 9,897 | 9,089 |
Related Parties | |||
Revenues: | |||
Other income | 95 | 85 | 88 |
Total revenues | 94 | 71 | 76 |
Expenses: | |||
General operating and other expenses | 131 | 349 | 317 |
Interest expense | 79 | 82 | 146 |
Loss on extinguishment of debt | 0 | 145 | 0 |
Total benefits and expenses | 210 | 576 | 463 |
Related Parties | Net investment income - excluding Fortitude Re funds withheld assets | |||
Revenues: | |||
Total net investment income | $ (1) | $ (14) | $ (12) |
Related Parties - Reorganizatio
Related Parties - Reorganization Transactions (Details) - Related Parties - USD ($) $ in Millions | Feb. 28, 2022 | Oct. 01, 2021 |
AIGT And Eastgreen | ||
Related Party Transaction [Line Items] | ||
Consideration transferred | $ 107 | |
AIG Bermuda | AIG | ||
Related Party Transaction [Line Items] | ||
Noncontrolling interest ownership percentage | 3.50% | |
AIG Bermuda | Corebridge Entities | ||
Related Party Transaction [Line Items] | ||
Noncontrolling interest ownership percentage | 3% |
Related Parties - Advisory Tran
Related Parties - Advisory Transactions (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Related Party Transaction [Line Items] | |||
Other income | $ 550 | $ 578 | $ 519 |
Related Parties | |||
Related Party Transaction [Line Items] | |||
Other income | $ 95 | $ 85 | $ 88 |
Related Parties - Capital Marke
Related Parties - Capital Markets Agreements (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Related Party Transaction [Line Items] | |||
Total net investment income | $ 9,576 | $ 11,672 | $ 10,516 |
Derivative assets, net | 299 | 684 | |
Derivative liabilities, net | 97 | 191 | |
Related Parties | |||
Related Party Transaction [Line Items] | |||
Derivative assets, net | 12 | 256 | |
Derivative liabilities, net | 0 | 2 | |
Collateral posted | 1,518 | 803 | |
Collateral obtained from third parties for derivative transactions | 380 | 770 | |
Related Parties | Unsecured Derivative Transactions | |||
Related Party Transaction [Line Items] | |||
Derivative assets, net | 253 | 406 | |
Derivative liabilities, net | 0 | 0 | |
Collateral posted | 0 | 0 | |
Net investment income - excluding Fortitude Re funds withheld assets | |||
Related Party Transaction [Line Items] | |||
Total net investment income | 8,685 | 9,897 | 9,089 |
Net investment income - excluding Fortitude Re funds withheld assets | Related Parties | |||
Related Party Transaction [Line Items] | |||
Total net investment income | (1) | (14) | (12) |
Net investment income - excluding Fortitude Re funds withheld assets | Related Parties | AIG | |||
Related Party Transaction [Line Items] | |||
Total net investment income | $ 15 | $ 17 | $ 19 |
Related Parties - General Servi
Related Parties - General Services Agreement (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Related Party Transaction [Line Items] | |||
General operating expenses | $ 2,323 | $ 2,104 | $ 2,027 |
Total derivatives with related parties | |||
Related Party Transaction [Line Items] | |||
General operating expenses | 131 | 349 | 317 |
Total derivatives with related parties | General Services Agreement | |||
Related Party Transaction [Line Items] | |||
Due to related parties | 311 | 262 | |
Due from related parties | 54 | 43 | |
General operating expenses | $ 114 | $ 229 | $ 204 |
Related Parties - Reinsurance T
Related Parties - Reinsurance Transactions (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Related Party Transaction [Line Items] | |||
Reinsurance recoverables | $ 30,800 | ||
Total derivatives with related parties | Reinsurance Transactions | |||
Related Party Transaction [Line Items] | |||
Reinsurance recoverables | 70 | $ 167 | |
Reinsurance payable | 32 | 7 | |
Ceded premiums | $ 41 | $ 42 | $ 33 |
Related Parties - Guarantees (D
Related Parties - Guarantees (Details) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Related Party Transaction [Line Items] | |||
Minimum capital contributed (as a percent) | 250% | 250% | |
Related Parties | |||
Related Party Transaction [Line Items] | |||
Minimum capital contributed (as a percent) | 250% | 250% | 250% |
Related Parties - Credit Facili
Related Parties - Credit Facilities and Funding Arrangements (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Related Party Transaction [Line Items] | |||
Total net investment income | $ 9,576 | $ 11,672 | $ 10,516 |
Net investment income - excluding Fortitude Re funds withheld assets | |||
Related Party Transaction [Line Items] | |||
Total net investment income | 8,685 | 9,897 | 9,089 |
Related Parties | Net investment income - excluding Fortitude Re funds withheld assets | |||
Related Party Transaction [Line Items] | |||
Total net investment income | (1) | (14) | (12) |
Related Parties | Credit Facilities And Funding Arrangements | |||
Related Party Transaction [Line Items] | |||
Due from related parties | 400 | 1,000 | |
Related Parties | Credit Facilities And Funding Arrangements | Net investment income - excluding Fortitude Re funds withheld assets | |||
Related Party Transaction [Line Items] | |||
Total net investment income | $ 14 | $ 3 | $ 7 |
Related Parties - Promissory No
Related Parties - Promissory Notes (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Nov. 30, 2021 | |
Related Party Transaction [Line Items] | |||||
Interest expense | $ 534 | $ 389 | $ 490 | ||
Promissory Notes | |||||
Related Party Transaction [Line Items] | |||||
Interest expense | 46 | ||||
Related Parties | |||||
Related Party Transaction [Line Items] | |||||
Interest expense | $ 79 | $ 82 | $ 146 | ||
Related Parties | Promissory Notes | |||||
Related Party Transaction [Line Items] | |||||
Note issued to related party | $ 250 | ||||
Notes issued from related parties | $ 8,300 |
Related Parties - Tax Sharing A
Related Parties - Tax Sharing Arrangements (Details) - Related Parties - Tax Sharing Arrangements - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Related Party Transaction [Line Items] | |||
Payment or (refund) | $ 1,032 | $ 1,532 | $ 1,707 |
Corebridge | |||
Related Party Transaction [Line Items] | |||
Payment or (refund) | 1,018 | 1,537 | 1,716 |
SAFG Capital LLC | |||
Related Party Transaction [Line Items] | |||
Payment or (refund) | $ 14 | $ (5) | $ (9) |
Related Parties - Other Transac
Related Parties - Other Transactions (Details) - USD ($) $ in Millions | Sep. 09, 2022 | Dec. 31, 2022 | Dec. 31, 2021 |
Employee Benefit Programs | |||
Related Party Transaction [Line Items] | |||
Due to related parties | $ 59 | $ 66 | |
Total derivatives with related parties | Corebridge | AIG Special Purposes Entities | Collateralized Debt Obligations | |||
Related Party Transaction [Line Items] | |||
Noncontrolling interest ownership percentage | 100% | ||
Purchases of debt securities | $ 800 |
Related Parties - Related Party
Related Parties - Related Party Transactions with Blackstone (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Related Party Transaction [Line Items] | |||
Investment expenses | $ 480 | $ 348 | $ 372 |
Related Parties | |||
Related Party Transaction [Line Items] | |||
Investment expenses | $ 147 | $ 18 |
Related Parties - Related Par_2
Related Parties - Related Party Transactions with VIEs (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 USD ($) variableInterestEntity | Dec. 31, 2021 USD ($) variableInterestEntity | Dec. 31, 2020 USD ($) | |
Related Party Transaction [Line Items] | |||
Long-term debt | $ 7,868 | $ 427 | |
Interest expense | 534 | 389 | $ 490 |
Loss on extinguishment of debt | 0 | (219) | (10) |
Redeemable noncontrolling interest | 0 | 83 | |
Net income (loss) attributable to noncontrolling interests | 320 | 929 | 224 |
Related Parties | |||
Related Party Transaction [Line Items] | |||
Interest expense | 79 | 82 | 146 |
Loss on extinguishment of debt | 0 | 145 | 0 |
Consolidated VIE | |||
Related Party Transaction [Line Items] | |||
Long-term debt | 5,958 | 6,936 | |
Net income (loss) attributable to noncontrolling interests | 321 | 929 | 208 |
Consolidated VIE | Related Parties | |||
Related Party Transaction [Line Items] | |||
Long-term debt | 308 | 760 | |
Interest expense | $ 33 | $ 64 | 141 |
Number of VIEs terminated | variableInterestEntity | 0 | 6 | |
Loss on extinguishment of debt | $ 145 | ||
Redeemable noncontrolling interest | 537 | $ 1,500 | |
Net income (loss) attributable to noncontrolling interests | $ 52 | $ 499 | $ 169 |
Schedule I (Details)
Schedule I (Details) $ in Millions | Dec. 31, 2022 USD ($) |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | $ (245,512) |
Fair value | (216,979) |
Amount at which shown in the Balance Sheet | (220,415) |
Fixed maturity securities | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | (185,043) |
Fair value | (160,562) |
Amount at which shown in the Balance Sheet | (160,562) |
U.S. government and government sponsored entities | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | (1,405) |
Fair value | (1,198) |
Amount at which shown in the Balance Sheet | (1,198) |
Obligations of states, municipalities and political subdivisions | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | (6,845) |
Fair value | (5,963) |
Amount at which shown in the Balance Sheet | (5,963) |
Non-U.S. governments | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | (5,273) |
Fair value | (4,414) |
Amount at which shown in the Balance Sheet | (4,414) |
Public utilities | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | (20,187) |
Fair value | (16,611) |
Amount at which shown in the Balance Sheet | (16,611) |
All other corporate debt securities | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | (106,103) |
Fair value | (90,303) |
Amount at which shown in the Balance Sheet | (90,303) |
ABS | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | (45,230) |
Fair value | (42,073) |
Amount at which shown in the Balance Sheet | (42,073) |
Total common stock | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | (66) |
Fair value | (66) |
Amount at which shown in the Balance Sheet | (66) |
Public utilities | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | 0 |
Fair value | 0 |
Amount at which shown in the Balance Sheet | 0 |
Banks, trust and insurance companies | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | (2) |
Fair value | (2) |
Amount at which shown in the Balance Sheet | (2) |
Industrial, miscellaneous and all other | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | (64) |
Fair value | (64) |
Amount at which shown in the Balance Sheet | (64) |
Total equity securities and mutual funds | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | (170) |
Fair value | (170) |
Amount at which shown in the Balance Sheet | (170) |
Preferred stock | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | (27) |
Fair value | (27) |
Amount at which shown in the Balance Sheet | (27) |
Money market funds | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | (77) |
Fair value | (77) |
Amount at which shown in the Balance Sheet | (77) |
Total mortgage and other loans receivable | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | (45,166) |
Fair value | (41,130) |
Amount at which shown in the Balance Sheet | (45,166) |
Commercial Mortgages | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | (32,993) |
Fair value | (29,998) |
Amount at which shown in the Balance Sheet | (32,993) |
Residential Mortgages | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | (5,856) |
Fair value | (4,950) |
Amount at which shown in the Balance Sheet | (5,856) |
Life Insurance Policy Loans | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | (1,750) |
Fair value | (1,752) |
Amount at which shown in the Balance Sheet | (1,750) |
Commercial Loans, Other Loans And Notes Receivable | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | (4,567) |
Fair value | (4,430) |
Amount at which shown in the Balance Sheet | (4,567) |
Allowance for credit losses | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | (600) |
Fair value | 0 |
Amount at which shown in the Balance Sheet | (600) |
Total mortgage and other loans receivable, net of allowance | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | (44,566) |
Fair value | (41,130) |
Amount at which shown in the Balance Sheet | (44,566) |
Other Invested Assets | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | (11,034) |
Fair value | (10,418) |
Amount at which shown in the Balance Sheet | (10,418) |
Other Invested Assets | Total derivatives with related parties | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Amount at which shown in the Balance Sheet | (6) |
Short-term Investments | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | (4,400) |
Fair value | (4,400) |
Amount at which shown in the Balance Sheet | (4,400) |
Derivative | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | (299) |
Fair value | (299) |
Amount at which shown in the Balance Sheet | (299) |
RMBS | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | (43) |
Fair value | (39) |
Derivative Assets | Total derivatives with related parties | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Amount at which shown in the Balance Sheet | (265) |
Derivative liabilities, net | Total derivatives with related parties | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Amount at which shown in the Balance Sheet | $ (97) |
Schedule II - Balance Sheets (D
Schedule II - Balance Sheets (Details) - USD ($) $ / shares in Units, $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |||
Assets: | ||||||
Short-term investments | [1] | $ 4,400 | $ 5,471 | |||
Other investments | [1] | 10,418 | 10,567 | |||
Total investments | 220,116 | 256,318 | ||||
Cash | 552 | [1] | 537 | [1] | $ 654 | |
Deferred income taxes | 9,162 | 4,837 | ||||
Other assets | [1] | 2,852 | 3,303 | |||
Total assets | 364,217 | 416,212 | ||||
Liabilities: | ||||||
Short-term debt | 1,500 | 8,317 | ||||
Long-term debt | 7,868 | 427 | ||||
Total liabilities | 355,068 | 387,284 | ||||
Corebridge Shareholders’ equity: | ||||||
Common stock | 6 | |||||
Additional paid-in capital | 8,030 | 8,054 | ||||
Retained earnings | 16,121 | 8,859 | ||||
Accumulated other comprehensive income (loss) | (15,947) | 10,167 | ||||
Total Corebridge Shareholders' equity | 8,210 | 27,086 | ||||
Total liabilities, redeemable noncontrolling interest and equity | $ 364,217 | 416,212 | ||||
Common stock, par value (in dollars per share) | $ 0.01 | |||||
Common stock, shares authorized (in shares) | 2,500,000,000 | |||||
Common stock, shares issued (in shares) | 645,000,000 | |||||
Common Stock Class A | ||||||
Corebridge Shareholders’ equity: | ||||||
Common stock | $ 5 | |||||
Common stock, par value (in dollars per share) | $ 0.01 | |||||
Common stock, shares authorized (in shares) | 2,252,500,000 | |||||
Common stock, shares issued (in shares) | 581,145,000 | |||||
Common Stock Class B | ||||||
Corebridge Shareholders’ equity: | ||||||
Common stock | $ 1 | |||||
Common stock, par value (in dollars per share) | $ 0.01 | |||||
Common stock, shares authorized (in shares) | 247,500,000 | |||||
Common stock, shares issued (in shares) | 63,855,000 | |||||
Parent Company | ||||||
Assets: | ||||||
Short-term investments | $ 1,499 | $ 465 | ||||
Other investments | 198 | 142 | ||||
Total investments | 1,697 | 607 | ||||
Cash | 9 | 2 | 0 | |||
Due from affiliates - net | 42 | 1 | ||||
Intercompany tax receivable | 292 | 25 | ||||
Deferred income taxes | 108 | 141 | ||||
Investment in consolidated subsidiaries | 15,373 | 34,840 | ||||
Other assets | 83 | 43 | ||||
Total assets | 17,604 | 35,659 | ||||
Liabilities: | ||||||
Due to affiliate | 271 | 58 | ||||
Deferred tax liabilities | 10 | 0 | ||||
Short-term debt | 1,500 | 8,317 | ||||
Long-term debt | 7,441 | 0 | ||||
Other liabilities | 172 | 198 | ||||
Total liabilities | 9,394 | 8,573 | ||||
Corebridge Shareholders’ equity: | ||||||
Common stock | 6 | |||||
Additional paid-in capital | 8,030 | 8,054 | ||||
Retained earnings | 16,121 | 8,859 | ||||
Accumulated other comprehensive income (loss) | (15,947) | 10,167 | ||||
Total Corebridge Shareholders' equity | 8,210 | 27,086 | ||||
Total liabilities, redeemable noncontrolling interest and equity | 17,604 | 35,659 | ||||
Restricted cash | $ 0 | 0 | $ 9 | |||
Common stock, par value (in dollars per share) | $ 0.01 | |||||
Common stock, shares authorized (in shares) | 2,500,000,000 | |||||
Common stock, shares issued (in shares) | 645,000,000 | |||||
Parent Company | Common Stock Class A | ||||||
Corebridge Shareholders’ equity: | ||||||
Common stock | $ 5 | |||||
Common stock, par value (in dollars per share) | $ 0.01 | |||||
Common stock, shares authorized (in shares) | 2,252,500,000 | |||||
Common stock, shares issued (in shares) | 581,145,000 | |||||
Parent Company | Common Stock Class B | ||||||
Corebridge Shareholders’ equity: | ||||||
Common stock | $ 1 | |||||
Common stock, par value (in dollars per share) | $ 0.01 | |||||
Common stock, shares authorized (in shares) | 247,500,000 | |||||
Common stock, shares issued (in shares) | 63,855,000 | |||||
[1] See Note 9 |
Schedule II - Statement of Inco
Schedule II - Statement of Income (Loss) & Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues: | |||
Net realized gains (losses) | $ 8,013 | $ 1,855 | $ (3,741) |
Total revenues | 26,679 | 23,390 | 15,062 |
Expenses: | |||
Interest expense | 534 | 389 | 490 |
Net (gain) loss on sale of divested businesses | (1) | 3,081 | 0 |
Total expenses | 773 | (2,229) | 132 |
Income (loss) before income tax expense (benefit) | 10,460 | 10,127 | 851 |
Income tax expense (benefit) | 1,991 | 1,843 | (15) |
Net income (loss) | 8,469 | 8,284 | 866 |
Other comprehensive income (loss), net of tax | (26,124) | (4,506) | 5,330 |
Net income (loss) attributable to Corebridge | 8,149 | 7,355 | 642 |
Parent Company | |||
Revenues: | |||
Equity in undistributed net income (loss) of consolidated subsidiaries | 6,887 | 3,504 | 113 |
Dividend income from consolidated subsidiaries | 1,781 | 1,893 | 422 |
Interest income | 79 | 365 | 235 |
Net realized gains (losses) | 4 | 62 | (3) |
Total revenues | 8,751 | 5,824 | 767 |
Expenses: | |||
Interest expense | 266 | 18 | 2 |
Net (gain) loss on sale of divested businesses | 0 | (2,438) | 0 |
Other expenses | 507 | 191 | 130 |
Income (loss) before income tax expense (benefit) | 7,978 | 8,053 | 635 |
Income tax expense (benefit) | (171) | 698 | (7) |
Net income (loss) | 8,149 | 7,355 | 642 |
Other comprehensive income (loss), net of tax | (26,114) | (4,506) | 5,324 |
Net income (loss) attributable to Corebridge | $ (17,965) | $ 2,849 | $ 5,966 |
Schedule II - Cash Flow Stateme
Schedule II - Cash Flow Statement (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||||
Net cash provided by (used in) operating activities | $ 2,695 | $ 2,461 | $ 3,327 | ||
Cash flows from investing activities: | |||||
Available-for-sale securities | 10,566 | 10,762 | 11,929 | ||
Other invested assets | 1,888 | 4,615 | 1,787 | ||
Maturities of fixed maturity securities available for sale | 9,621 | 20,420 | 15,507 | ||
Principal payments received on mortgage and other loans receivable | 7,814 | 6,646 | 5,961 | ||
Other invested assets | (1,662) | (2,498) | (1,962) | ||
Mortgage and other loans receivable issued | (14,203) | (7,930) | (5,486) | ||
Acquisition of businesses, net of cash and restricted cash acquired | 107 | 0 | 0 | ||
Net cash used in investing activities | (7,253) | (1,967) | (7,909) | ||
Cash flows from financing activities: | |||||
Dividends paid on common stock | (876) | 0 | 0 | ||
Issuance of long-term debt | 7,451 | 0 | 0 | ||
Issuance of short-term debt | 1,512 | 345 | 0 | ||
Repayments of short-term debt | (8,312) | (248) | 0 | ||
Distributions to AIG | 0 | (1,543) | (472) | ||
Distributions to Class B shareholder | 0 | (34) | 0 | ||
Contributions from AIG | 146 | 296 | 317 | ||
Net cash provided by (used in) financing activities | 4,600 | (809) | 4,666 | ||
Cash and restricted cash at beginning of year | 601 | 918 | 827 | ||
Cash and restricted cash at end of year | 633 | 601 | 918 | ||
Supplementary Disclosure of Consolidated Cash Flow Information | |||||
Cash | $ 552 | [1] | $ 537 | [1] | $ 654 |
Restricted Cash, Statement of Financial Position [Extensible Enumeration] | Other assets | Other assets | Other assets | ||
Total cash and restricted cash shown in the Consolidated Statements of Cash Flows | $ 633 | $ 601 | $ 918 | ||
Income tax authorities | 1,101 | 1,913 | 1,915 | ||
Intercompany non-cash financing and investing activities: | |||||
Non-cash capital distributions | 0 | 12,197 | 44 | ||
Non-cash capital contributions | 0 | 728 | 85 | ||
Net change in derivative assets and liabilities | (754) | (507) | 1,234 | ||
Other assets | |||||
Supplementary Disclosure of Consolidated Cash Flow Information | |||||
Restricted cash included in Other assets | 12 | 7 | |||
Parent Company | |||||
Condensed Cash Flow Statements, Captions [Line Items] | |||||
Net cash provided by (used in) operating activities | 1,149 | 519 | 405 | ||
Cash flows from investing activities: | |||||
Contributions to subsidiaries | 0 | 0 | (135) | ||
Available-for-sale securities | 1 | 132 | 2 | ||
Other invested assets | 0 | 232 | 187 | ||
Maturities of fixed maturity securities available for sale | 0 | 86 | 13 | ||
Principal payments received on mortgage and other loans receivable | 0 | 61 | 59 | ||
Other invested assets | 0 | (23) | (7) | ||
Mortgage and other loans receivable issued | 0 | (26) | (17) | ||
Acquisition of businesses, net of cash and restricted cash acquired | 107 | 0 | 0 | ||
Net change in short-term investments | (1,034) | 54 | (191) | ||
Net cash used in investing activities | (917) | 516 | (89) | ||
Cash flows from financing activities: | |||||
Dividends paid on common stock | (876) | 0 | 0 | ||
Issuance of long-term debt | 7,451 | 0 | 0 | ||
Issuance of short-term debt | 1,500 | 0 | 0 | ||
Repayments of short-term debt | (8,300) | 0 | 0 | ||
Distributions to AIG | 0 | (1,008) | (450) | ||
Distributions to Class B shareholder | 0 | (34) | 0 | ||
Contributions from AIG | 0 | 0 | 135 | ||
Net cash provided by (used in) financing activities | (225) | (1,042) | (315) | ||
Net increase (decrease) in cash and restricted cash | 7 | (7) | 1 | ||
Cash and restricted cash at beginning of year | 2 | 9 | 8 | ||
Cash and restricted cash at end of year | 9 | 2 | 9 | ||
Supplementary Disclosure of Consolidated Cash Flow Information | |||||
Cash | 9 | 2 | 0 | ||
Restricted cash included in Other assets | 0 | 0 | 9 | ||
Total cash and restricted cash shown in the Consolidated Statements of Cash Flows | 9 | 2 | 9 | ||
Income tax authorities | 116 | 32 | 39 | ||
Intercompany non-cash financing and investing activities: | |||||
Non-cash capital distributions | 0 | 12,144 | 0 | ||
Non-cash capital contributions | 0 | 403 | 126 | ||
Net change in derivative assets and liabilities | $ 223 | $ 0 | $ 0 | ||
[1] See Note 9 |
Schedule II - Notes to Condense
Schedule II - Notes to Condensed Financial Information of Registrant (Details) | 12 Months Ended | |||||||||||
Aug. 23, 2022 | Feb. 25, 2022 USD ($) | Dec. 31, 2022 USD ($) Agreement lineOfCredit | Dec. 31, 2021 USD ($) | Sep. 15, 2022 | Jul. 28, 2022 USD ($) lineOfCredit | Jul. 28, 2022 GIP (£) lineOfCredit | May 12, 2022 USD ($) | May 09, 2022 USD ($) | Apr. 06, 2022 USD ($) | Apr. 05, 2022 USD ($) | Nov. 30, 2021 USD ($) | |
Schedule of Long Term and Short Term Debt Instruments [Line Items] | ||||||||||||
Short-term debt | $ 1,500,000,000 | $ 8,317,000,000 | ||||||||||
Total long-term debt | 7,927,000,000 | 427,000,000 | ||||||||||
Debt issuance costs | (59,000,000) | 0 | ||||||||||
Long-term debt | $ 7,868,000,000 | 427,000,000 | ||||||||||
Number of bilateral letter of credit | Agreement | 1 | |||||||||||
Increase (Decrease) in Deferred Income Taxes | 3,900,000,000 | |||||||||||
Parent Company | ||||||||||||
Schedule of Long Term and Short Term Debt Instruments [Line Items] | ||||||||||||
Short-term debt | $ 1,500,000,000 | 8,317,000,000 | ||||||||||
Total long-term debt | 7,500,000,000 | 0 | ||||||||||
Debt issuance costs | (59,000,000) | 0 | ||||||||||
Long-term debt | 7,441,000,000 | 0 | ||||||||||
Affiliated senior promissory note with AIG | Hybrid junior subordinated notes | ||||||||||||
Schedule of Long Term and Short Term Debt Instruments [Line Items] | ||||||||||||
Short-term debt | $ 8,300,000,000 | |||||||||||
Affiliated senior promissory note with AIG | Hybrid junior subordinated notes | Parent Company | ||||||||||||
Schedule of Long Term and Short Term Debt Instruments [Line Items] | ||||||||||||
Short-term debt | 0 | 8,317,000,000 | ||||||||||
Affiliated senior promissory note with AIG | Hybrid junior subordinated notes | London Interbank Offered Rate (LIBOR) | Parent Company | ||||||||||||
Schedule of Long Term and Short Term Debt Instruments [Line Items] | ||||||||||||
Basis points | 1% | |||||||||||
CoreBridge 3-Year DDTL Facility | Line of Credit | Senior unsecured notes | ||||||||||||
Schedule of Long Term and Short Term Debt Instruments [Line Items] | ||||||||||||
Maximum borrowing capacity | $ 3,000,000,000 | $ 2,500,000,000 | ||||||||||
CoreBridge 3-Year DDTL Facility | Line of Credit | Senior unsecured notes | Parent Company | ||||||||||||
Schedule of Long Term and Short Term Debt Instruments [Line Items] | ||||||||||||
Debt instrument term (in years) | 3 years | |||||||||||
Interest rate (as a percent) | 1% | |||||||||||
Three Year DDTL Facility | Line of Credit | Senior unsecured notes | ||||||||||||
Schedule of Long Term and Short Term Debt Instruments [Line Items] | ||||||||||||
Short-term debt | 1,500,000,000 | |||||||||||
Three Year DDTL Facility | Line of Credit | Senior unsecured notes | Parent Company | ||||||||||||
Schedule of Long Term and Short Term Debt Instruments [Line Items] | ||||||||||||
Short-term debt | $ 1,500,000,000 | 0 | ||||||||||
Interest rate (as a percent) | 5.80% | |||||||||||
Senior unsecured notes | Line of Credit | ||||||||||||
Schedule of Long Term and Short Term Debt Instruments [Line Items] | ||||||||||||
Long-term debt | $ 6,500,000,000 | |||||||||||
Senior unsecured notes | Line of Credit | Parent Company | ||||||||||||
Schedule of Long Term and Short Term Debt Instruments [Line Items] | ||||||||||||
Total long-term debt | $ 6,500,000,000 | 0 | ||||||||||
Senior unsecured notes | Minimum | Line of Credit | Parent Company | ||||||||||||
Schedule of Long Term and Short Term Debt Instruments [Line Items] | ||||||||||||
Interest rate (as a percent) | 3.50% | |||||||||||
Senior unsecured notes | Maximum | Line of Credit | Parent Company | ||||||||||||
Schedule of Long Term and Short Term Debt Instruments [Line Items] | ||||||||||||
Interest rate (as a percent) | 4.40% | |||||||||||
Senior unsecured notes | Line of Credit | Senior unsecured notes | Line of Credit | ||||||||||||
Schedule of Long Term and Short Term Debt Instruments [Line Items] | ||||||||||||
Total long-term debt | $ 6,500,000,000 | |||||||||||
Hybrid junior subordinated notes | AIGLH notes | ||||||||||||
Schedule of Long Term and Short Term Debt Instruments [Line Items] | ||||||||||||
Debt instrument term (in years) | 5 years | |||||||||||
Interest rate (as a percent) | 6.875% | |||||||||||
Long-term debt | $ 1,000,000,000 | |||||||||||
Hybrid junior subordinated notes | AIGLH notes | Parent Company | ||||||||||||
Schedule of Long Term and Short Term Debt Instruments [Line Items] | ||||||||||||
Interest rate (as a percent) | 6.875% | |||||||||||
Total long-term debt | $ 1,000,000,000 | 0 | ||||||||||
Consolidated Investment Entities Credit Facilities | Revolving Credit Facility | Line of Credit | ||||||||||||
Schedule of Long Term and Short Term Debt Instruments [Line Items] | ||||||||||||
Current borrowing capacity | 556,000,000 | |||||||||||
Maximum borrowing capacity | 1,400,000,000 | |||||||||||
Line of credit | $ 177,000,000 | 57,000,000 | ||||||||||
Consolidated Investment Entities Credit Facilities | Revolving Credit Facility | Minimum | Line of Credit | ||||||||||||
Schedule of Long Term and Short Term Debt Instruments [Line Items] | ||||||||||||
Debt instrument term (in years) | 2 years | |||||||||||
Consolidated Investment Entities Credit Facilities | Revolving Credit Facility | Maximum | Line of Credit | ||||||||||||
Schedule of Long Term and Short Term Debt Instruments [Line Items] | ||||||||||||
Debt instrument term (in years) | 9 years | |||||||||||
Consolidated Investment Entities Credit Facilities Real Estate Assets | Revolving Credit Facility | Line of Credit | ||||||||||||
Schedule of Long Term and Short Term Debt Instruments [Line Items] | ||||||||||||
Maximum borrowing capacity | $ 420,000,000 | |||||||||||
Line of credit | $ 326,000,000 | $ 403,000,000 | ||||||||||
Consolidated Investment Entities Credit Facilities Real Estate Assets | Revolving Credit Facility | Minimum | Line of Credit | ||||||||||||
Schedule of Long Term and Short Term Debt Instruments [Line Items] | ||||||||||||
Debt instrument term (in years) | 3 years | |||||||||||
AIG Life Letter Of Credit | Revolving Credit Facility | Line of Credit | ||||||||||||
Schedule of Long Term and Short Term Debt Instruments [Line Items] | ||||||||||||
Number of letters of credit | lineOfCredit | 2 | |||||||||||
Letter of credit | $ 0 | |||||||||||
AIG Life Letter Of Credit | Letter of Credit | Line of Credit | ||||||||||||
Schedule of Long Term and Short Term Debt Instruments [Line Items] | ||||||||||||
Number of letters of credit | lineOfCredit | 2 | 2 | ||||||||||
Letter of credit | £ | £ 80,000,000 | |||||||||||
AIG Bermuda | Letter of Credit | Line of Credit | ||||||||||||
Schedule of Long Term and Short Term Debt Instruments [Line Items] | ||||||||||||
Long-term debt | $ 250,000,000 | |||||||||||
Letter of credit | $ 175,000,000 | $ 250,000,000 |
Schedule III (Details)
Schedule III (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
Deferred Policy Acquisition Costs and Value of Business Acquired | $ 13,179 | $ 8,058 | |
Future Policy Benefits | 57,266 | 57,751 | |
Policy and Contract Claims | 1,434 | 1,529 | |
Unearned Premiums | 60 | 68 | |
Premiums and Policy Fees | 8,065 | 8,688 | $ 7,215 |
Net Investment Income | 9,576 | 11,672 | 10,516 |
Other income | 1,025 | 1,175 | 1,072 |
Benefits | 11,028 | 11,599 | 10,130 |
Amortization of Deferred Policy Acquisition Costs and Value of Business Acquired | 1,431 | 1,057 | 543 |
Other Operating Expenses | 3,225 | 3,106 | 2,947 |
Individual Retirement | |||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
Deferred Policy Acquisition Costs and Value of Business Acquired | 6,015 | 2,660 | |
Future Policy Benefits | 2,321 | 2,904 | |
Policy and Contract Claims | 42 | 30 | |
Unearned Premiums | 0 | 0 | |
Premiums and Policy Fees | 1,066 | 1,152 | 1,013 |
Net Investment Income | 3,872 | 4,356 | 4,154 |
Other income | 463 | 592 | 577 |
Benefits | 2,541 | 2,381 | 2,170 |
Amortization of Deferred Policy Acquisition Costs and Value of Business Acquired | 1,057 | 806 | 523 |
Other Operating Expenses | 936 | 1,049 | 1,011 |
Group Retirement | |||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
Deferred Policy Acquisition Costs and Value of Business Acquired | 1,657 | 727 | |
Future Policy Benefits | 351 | 471 | |
Policy and Contract Claims | 1 | 1 | |
Unearned Premiums | 0 | 0 | |
Premiums and Policy Fees | 470 | 544 | 462 |
Net Investment Income | 1,976 | 2,396 | 2,193 |
Other income | 312 | 337 | 275 |
Benefits | 1,242 | 1,227 | 1,200 |
Amortization of Deferred Policy Acquisition Costs and Value of Business Acquired | 102 | 67 | 7 |
Other Operating Expenses | 705 | 722 | 741 |
Life Insurance | |||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
Deferred Policy Acquisition Costs and Value of Business Acquired | 5,468 | 4,644 | |
Future Policy Benefits | 15,515 | 16,965 | |
Policy and Contract Claims | 1,229 | 1,369 | |
Unearned Premiums | 54 | 62 | |
Premiums and Policy Fees | 3,362 | 2,953 | 2,909 |
Net Investment Income | 1,386 | 1,614 | 1,520 |
Other income | 126 | 110 | 96 |
Benefits | 3,562 | 3,597 | 3,593 |
Amortization of Deferred Policy Acquisition Costs and Value of Business Acquired | 266 | 178 | 8 |
Other Operating Expenses | 799 | 842 | 764 |
Institutional Markets | |||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
Deferred Policy Acquisition Costs and Value of Business Acquired | 39 | 27 | |
Future Policy Benefits | 16,307 | 14,194 | |
Policy and Contract Claims | 40 | 59 | |
Unearned Premiums | 0 | 0 | |
Premiums and Policy Fees | 3,085 | 3,953 | 2,757 |
Net Investment Income | 1,017 | 1,134 | 917 |
Other income | 3 | 2 | 2 |
Benefits | 3,683 | 4,394 | 3,167 |
Amortization of Deferred Policy Acquisition Costs and Value of Business Acquired | 6 | 6 | 5 |
Other Operating Expenses | 105 | 108 | 117 |
Corporate & Other | |||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
Deferred Policy Acquisition Costs and Value of Business Acquired | 0 | 0 | |
Future Policy Benefits | 22,772 | 23,217 | |
Policy and Contract Claims | 122 | 70 | |
Unearned Premiums | 6 | 6 | |
Premiums and Policy Fees | 82 | 86 | 74 |
Net Investment Income | 1,325 | 2,172 | 1,732 |
Other income | 121 | 134 | 122 |
Benefits | 0 | 0 | 0 |
Amortization of Deferred Policy Acquisition Costs and Value of Business Acquired | 0 | 0 | 0 |
Other Operating Expenses | $ 680 | $ 385 | $ 314 |
Schedule IV (Details)
Schedule IV (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||
Net Amount | $ 5,093 | $ 5,637 | $ 4,341 |
Operating Segments | |||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||
Gross Amount | 4,739 | 4,604 | 4,384 |
Ceded to Other Companies | 964 | 1,232 | 1,116 |
Assumed from Other Companies | 1,318 | 2,265 | 1,073 |
Net Amount | $ 5,093 | $ 5,637 | $ 4,341 |
Percent of Amount Assumed to Net | 25.90% | 40.20% | 24.70% |
Life Insurance and Annuities | Operating Segments | |||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||
Gross Amount | $ 4,651 | $ 4,504 | $ 4,273 |
Ceded to Other Companies | 932 | 1,196 | 1,072 |
Assumed from Other Companies | 1,318 | 2,265 | 1,073 |
Net Amount | $ 5,037 | $ 5,573 | $ 4,274 |
Percent of Amount Assumed to Net | 26.20% | 40.60% | 25.10% |
Accident and Health | Operating Segments | |||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||
Gross Amount | $ 88 | $ 100 | $ 111 |
Ceded to Other Companies | 32 | 36 | 44 |
Assumed from Other Companies | 0 | 0 | 0 |
Net Amount | $ 56 | $ 64 | $ 67 |
Percent of Amount Assumed to Net | 0% | 0% | 0% |
Life insurance in force | |||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||
Gross Amount | $ 1,280,831 | $ 1,280,090 | $ 1,243,389 |
Ceded to Other Companies | 346,879 | 363,008 | 349,453 |
Assumed from Other Companies | 188 | 192 | 225 |
Net Amount | $ 934,140 | $ 917,274 | $ 894,161 |
Percent of Amount Assumed to Net | 0% | 0% | 0% |