Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2023 | Aug. 01, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 001-41504 | |
Entity Registrant Name | Corebridge Financial, Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 95-4715639 | |
Entity Address, Address Line One | 2919 Allen Parkway, Woodson Tower | |
Entity Address, City or Town | Houston | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 77019 | |
City Area Code | 1-877 | |
Local Phone Number | 375-2422 | |
Title of 12(b) Security | Common Stock, Par Value $0.01 Per Share | |
Trading Symbol | CRBG | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 635,957,236 | |
Document Fiscal Year Focus | 2023 | |
Entity Central Index Key | 0001889539 | |
Document Fiscal Period Focus | Q2 | |
Current Fiscal Year End Date | --12-31 | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2023 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 | |
Fixed maturity securities: | |||
Bonds available for sale, at fair value, net of allowance for credit losses of $90 in 2023 and $148 in 2022 (amortized cost: 2023 - $179,095; 2022 - $181,274)* | [1] | $ 156,908 | $ 156,793 |
Other bond securities | [1] | 4,240 | 3,769 |
Equity securities, at fair value | [1] | 194 | 170 |
Mortgage and other loans receivable | [1] | 46,497 | 44,566 |
Other investments | [1] | 10,530 | 10,418 |
Short-term Investments | [1] | 4,066 | 4,400 |
Total investments | 222,435 | 220,116 | |
Cash | [1] | 751 | 552 |
Accrued investment income | [1] | 1,943 | 1,813 |
Premiums and other receivables, net of allowance for credit losses and disputes of $1 in 2023 and $1 in 2022 | 739 | 916 | |
Reinsurance assets, net of allowance for credit losses and disputes | 2,578 | 2,517 | |
Deferred income taxes | 8,224 | 8,831 | |
Deferred policy acquisition costs and value of business acquired | 10,715 | 10,563 | |
Market risk benefit assets, at fair value | 954 | 796 | |
Other assets | [1] | 2,521 | |
Separate account assets, at fair value | 89,718 | 84,853 | |
Total assets | 367,470 | 360,322 | |
Liabilities: | |||
Future policy benefits for life and accident and health insurance contracts | 54,288 | 50,518 | |
Policyholder contract deposits (portion measured at fair value: 2023 - $6,913; 2022 - $5,464) | 159,644 | 156,058 | |
Market risk benefit liabilities, at fair value | 4,977 | 4,736 | |
Other policyholder funds | 2,891 | 2,885 | |
Short-term debt | 1,500 | 1,500 | |
Separate account liabilities | 89,718 | 84,853 | |
Total liabilities | 356,002 | 350,003 | |
Contingencies, commitments and guarantees | |||
Corebridge Shareholders' equity: | |||
Common stock, $0.01 par value; 2,500,000,000 shares authorized; shares issued: 2023 - 648,144,926 and 2022 645,000,000 | 6 | 6 | |
Treasury stock, at cost; 2023 - 12,187,690 shares and 2022 - 0 shares | (202) | 0 | |
Additional paid-in capital | 8,128 | 8,030 | |
Retained earnings | 17,811 | 18,207 | |
Accumulated other comprehensive loss | (15,182) | (16,863) | |
Total Corebridge Shareholders' equity | 10,561 | 9,380 | |
Non-redeemable noncontrolling interests | 907 | 939 | |
Total equity | 11,468 | 10,319 | |
Total liabilities and equity | 367,470 | 360,322 | |
Fortitude RE | |||
Fixed maturity securities: | |||
Reinsurance assets, net of allowance for credit losses and disputes | 26,733 | 26,844 | |
Liabilities: | |||
Fortitude Re funds withheld payable (portion measured at fair value: 2023 - $1,460; 2022 - $1,262) | 26,012 | 26,551 | |
Excluding Fortitude | |||
Liabilities: | |||
Other liabilities (portion measured at fair value: 2023 - $152; 2022 - $97)* | [1] | 6,445 | 9,076 |
Consolidated Entities, Excluding Consolidated Investments | |||
Liabilities: | |||
Long-term debt | 7,873 | 7,868 | |
Debt of Consolidated Entities | |||
Liabilities: | |||
Long-term debt | [1] | $ 2,654 | $ 5,958 |
[1] See Note 8 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 | |
Fixed maturity securities: | |||
Bonds available for sale, allowance for credit losses | $ (90) | $ (148) | |
Bonds available for sale, amortized cost | 179,095 | 181,274 | |
Allowance for credit losses | (689) | (600) | |
Other investments | [1] | 10,530 | 10,418 |
Short-term Investments | [1] | 4,066 | 4,400 |
Premiums and other receivables, allowance for credit losses and disputes | (1) | (1) | |
Other assets | [1] | 2,521 | |
Liabilities: | |||
Policyholder contract deposits | $ 159,644 | $ 156,058 | |
Corebridge Shareholders' equity: | |||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |
Common stock, shares authorized (in shares) | 2,500,000,000 | 2,500,000,000 | |
Common stock, shares issued (in shares) | 648,144,926 | 645,000,000 | |
Treasury stock, at cost (in shares) | 12,187,690 | 0 | |
Fortitude RE | |||
Fixed maturity securities: | |||
Reinsurance asset, allowance for credit loss | $ 0 | $ 0 | |
Liabilities: | |||
Fortitude Re funds withheld payable | 26,012 | 26,551 | |
Excluding Fortitude | |||
Fixed maturity securities: | |||
Reinsurance asset, allowance for credit loss | 66 | 84 | |
Short-term Investments | |||
Fixed maturity securities: | |||
Restricted cash | 28 | 69 | |
Other assets | |||
Fixed maturity securities: | |||
Restricted cash | 9 | 12 | |
Recurring Basis | |||
Fixed maturity securities: | |||
Other investments | 7,958 | 7,879 | |
Short-term Investments | 1,590 | 1,357 | |
Other assets | 456 | 299 | |
Liabilities: | |||
Policyholder contract deposits | 6,913 | 5,464 | |
Fortitude Re funds withheld payable | 1,460 | 1,262 | |
Other liabilities, portion measured at fair value | 152 | 97 | |
Long-term debt, portion measured at fair value | $ 0 | $ 6 | |
[1] See Note 8 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Loss) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Revenues: | ||||
Premiums | $ 2,443 | $ 1,011 | $ 4,548 | $ 1,746 |
Policy fees | 694 | 729 | 1,392 | 1,459 |
Total net investment income | 2,714 | 2,280 | 5,409 | 4,861 |
Total net realized gains (losses) | (320) | 2,520 | (1,778) | 5,407 |
Advisory fee income | 115 | 117 | 231 | 248 |
Other income | 111 | 133 | 217 | 309 |
Total revenues | 5,757 | 6,790 | 10,019 | 14,030 |
Benefits and expenses: | ||||
Policyholder benefits (includes remeasurement (gains) losses of $93 and $80 for the three months ended June 30, 2023 and 2022, and $157 and $227, for the six months ended June 30, 2023 and 2022,respectively) | 2,876 | 1,429 | 5,371 | 2,597 |
Change in the fair value of market risk benefits, net | (262) | (45) | (66) | (278) |
Interest credited to policyholder account balances | 1,078 | 907 | 2,104 | 1,785 |
Amortization of deferred policy acquisition costs and value of business acquired | 258 | 252 | 514 | 495 |
Non-deferrable insurance commissions | 153 | 151 | 289 | 295 |
Advisory fee expenses | 64 | 65 | 129 | 136 |
General operating expenses | 604 | 577 | 1,186 | 1,163 |
Interest expense | 134 | 127 | 306 | 208 |
Net (gain) loss on divestitures | (59) | 1 | (56) | 3 |
Total benefits and expenses | 4,846 | 3,464 | 9,777 | 6,404 |
Income before income tax expense (benefit) | 911 | 3,326 | 242 | 7,626 |
Income tax expense (benefit) | 160 | 652 | (56) | 1,511 |
Net income | 751 | 2,674 | 298 | 6,115 |
Less: | ||||
Net income (loss) attributable to noncontrolling interests | (20) | 80 | (14) | 155 |
Net income attributable to Corebridge | $ 771 | $ 2,594 | $ 312 | $ 5,960 |
Income (loss) per common share attributable to Corebridge common shareholders: | ||||
Basic (in dollars per share) | $ 1.18 | $ 4.02 | $ 0.48 | $ 9.24 |
Diluted (in dollars per share) | $ 1.18 | $ 4.02 | $ 0.48 | $ 9.24 |
Weighted averages shares outstanding: | ||||
Basic (in shares) | 650,700,000 | 645,000,000 | 650,800,000 | 645,000,000 |
Diluted (in shares) | 652,200,000 | 645,000,000 | 652,500,000 | 645,000,000 |
Net investment income - excluding Fortitude Re funds withheld assets | ||||
Revenues: | ||||
Total net investment income | $ 2,444 | $ 2,098 | $ 4,745 | $ 4,401 |
Total net realized gains (losses) | (312) | 186 | (765) | 359 |
Fortitude Re funds withheld assets | ||||
Revenues: | ||||
Total net investment income | 270 | 182 | 664 | 460 |
Total net realized gains (losses) | (130) | (60) | (110) | (183) |
Fortitude Re funds withheld embedded derivative | ||||
Revenues: | ||||
Total net realized gains (losses) | $ 122 | $ 2,394 | $ (903) | $ 5,231 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Income (Loss) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Statement [Abstract] | ||||
Remeasurement (gains) losses on policy liabilities | $ 93 | $ 80 | $ 157 | $ 227 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 751 | $ 2,674 | $ 298 | $ 6,115 |
Other comprehensive income (loss), net of tax | ||||
Change in unrealized appreciation (depreciation) of fixed maturity securities on which allowance for credit losses was taken | 43 | 49 | 73 | (2) |
Change in unrealized appreciation (depreciation) of all other investments | (1,484) | (12,419) | 1,648 | (25,795) |
Change in fair value of market risk benefits attributable to changes in our own credit risk | (189) | 581 | (115) | 1,363 |
Change in the discount rates used to measure traditional and limited payment long-duration insurance contracts | 486 | 1,765 | 21 | 3,997 |
Change in cash flow hedges | (6) | (8) | (10) | 169 |
Change in foreign currency translation adjustments | 36 | (47) | 72 | (70) |
Change in retirement plan liabilities | 0 | (1) | 2 | (1) |
Other comprehensive income (loss) | (1,114) | (10,080) | 1,691 | (20,339) |
Comprehensive income (loss) | (363) | (7,406) | 1,989 | (14,224) |
Less: | ||||
Comprehensive income attributable to noncontrolling interests | (19) | 80 | (4) | 155 |
Comprehensive income (loss) attributable to Corebridge | $ (344) | $ (7,486) | $ 1,993 | $ (14,379) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Equity - USD ($) $ in Millions | Total | Common Stock Class A | Common Stock Class B | Total Corebridge Shareholders' Equity | Total Corebridge Shareholders' Equity Common Stock Class B | Common Stock | Common Stock Common Stock Class A | Common Stock Common Stock Class B | Treasury Stock | Additional Paid-In Capital | Retained Earnings | Retained Earnings Common Stock Class B | Accumulated Other Comprehensive Income (Loss) | Non- Redeemable Noncontrolling Interests |
Balance, beginning of period at Dec. 31, 2021 | $ 28,989 | $ 27,230 | $ 0 | $ 5 | $ 1 | $ 0 | $ 8,054 | $ 10,937 | $ 8,233 | $ 1,759 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net income attributable to Corebridge or noncontrolling interests | 6,115 | 5,960 | 5,960 | 155 | ||||||||||
Other comprehensive income (loss) | (20,339) | (20,339) | (20,339) | |||||||||||
Contributions from noncontrolling interests | 23 | 23 | ||||||||||||
Distributions to noncontrolling interests | (718) | $ (5) | 6 | (1) | (718) | |||||||||
Other | (31) | (20) | (21) | 1 | (11) | |||||||||
Dividends on common stock | $ (580) | $ (580) | $ (580) | |||||||||||
Balance, end of period at Jun. 30, 2022 | 13,459 | 12,251 | 6 | 0 | 0 | 0 | 8,033 | 16,318 | (12,106) | 1,208 | ||||
Balance, beginning of period at Mar. 31, 2022 | 21,593 | 20,028 | 6 | 0 | 0 | 0 | 8,034 | 14,014 | (2,026) | 1,565 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net income attributable to Corebridge or noncontrolling interests | 2,673 | 2,594 | 2,594 | 79 | ||||||||||
Other comprehensive income (loss) | (10,080) | (10,080) | (10,080) | |||||||||||
Contributions from noncontrolling interests | 9 | 9 | ||||||||||||
Distributions to noncontrolling interests | (438) | (438) | ||||||||||||
Other | (8) | (1) | (1) | (7) | ||||||||||
Dividends on common stock | (290) | (290) | (290) | |||||||||||
Balance, end of period at Jun. 30, 2022 | 13,459 | 12,251 | 6 | 0 | 0 | 0 | 8,033 | 16,318 | (12,106) | 1,208 | ||||
Balance, beginning of period at Dec. 31, 2022 | 10,319 | 9,380 | 6 | 0 | 0 | 0 | 8,030 | 18,207 | (16,863) | 939 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Purchase of common stock | (202) | (202) | (202) | |||||||||||
Net income attributable to Corebridge or noncontrolling interests | 298 | 312 | 312 | (14) | ||||||||||
Other comprehensive income (loss) | 1,691 | 1,681 | 1,681 | 10 | ||||||||||
Changes in noncontrolling interests due to divestitures and acquisitions | (19) | (19) | ||||||||||||
Contributions from noncontrolling interests | 43 | 43 | ||||||||||||
Distributions to noncontrolling interests | (53) | (53) | ||||||||||||
Other | (91) | 90 | 98 | (8) | 1 | |||||||||
Dividends on common stock | (700) | (700) | (700) | |||||||||||
Balance, end of period at Jun. 30, 2023 | 11,468 | 10,561 | 6 | 0 | 0 | (202) | 8,128 | 17,811 | (15,182) | 907 | ||||
Balance, beginning of period at Mar. 31, 2023 | 12,465 | 11,555 | 6 | 0 | 0 | 0 | 8,024 | 17,592 | (14,067) | 910 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Purchase of common stock | (202) | (202) | (202) | |||||||||||
Net income attributable to Corebridge or noncontrolling interests | 751 | 771 | 771 | (20) | ||||||||||
Other comprehensive income (loss) | (1,114) | (1,115) | (1,115) | 1 | ||||||||||
Contributions from noncontrolling interests | 18 | 18 | ||||||||||||
Distributions to noncontrolling interests | (3) | (3) | ||||||||||||
Other | 104 | 103 | 104 | (1) | 1 | |||||||||
Dividends on common stock | $ (551) | $ (551) | $ (551) | |||||||||||
Balance, end of period at Jun. 30, 2023 | $ 11,468 | $ 10,561 | $ 6 | $ 0 | $ 0 | $ (202) | $ 8,128 | $ 17,811 | $ (15,182) | $ 907 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | |||
Cash flows from operating activities: | ||||
Net income | $ 298 | $ 6,115 | ||
Non-cash revenues, expenses, gains and losses included in income (loss): | ||||
Net losses on sales of securities available for sale and other assets | 330 | 367 | ||
Net (gain) loss on divestitures | (56) | 3 | ||
Unrealized (gains) losses in earnings - net | 835 | (183) | ||
Change in the fair value of market risk benefits, net | (363) | (541) | ||
Equity in income from equity method investments, net of dividends or distributions | (2) | (120) | ||
Depreciation and other amortization | 239 | 323 | ||
Changes in operating assets and liabilities: | ||||
Insurance liabilities | 399 | 153 | ||
Premiums and other receivables and payables - net | (124) | (110) | ||
Funds held relating to Fortitude Re Reinsurance contracts | (83) | (6,352) | ||
Reinsurance assets and funds held under reinsurance treaties | 317 | 735 | ||
Capitalization of deferred policy acquisition costs | (628) | (519) | ||
Current and deferred income taxes - net | 178 | 655 | ||
Other, net | 232 | 9 | ||
Total adjustments | 1,274 | (5,580) | ||
Net cash provided by operating activities | 1,572 | 535 | ||
sales or distributions of: | ||||
Available-for-sale securities | 5,534 | 8,096 | ||
Other securities | 470 | 303 | ||
Other invested assets | 563 | 1,162 | ||
Divestitures, net | 32 | 0 | ||
Maturities of fixed maturity securities available for sale | 4,040 | 5,441 | ||
Principal payments received on mortgage and other loans receivable | 2,441 | 2,880 | ||
Purchases of: | ||||
Available-for-sale securities | (7,947) | (10,437) | ||
Other securities | (821) | (1,818) | ||
Other invested assets | (552) | (753) | ||
Mortgage and other loans receivable | (4,345) | (7,250) | ||
Acquisition of businesses, net of cash and restricted cash acquired | (5) | (107) | ||
Net change in short-term investments | 20 | 261 | ||
Net change in derivative assets and liabilities | (458) | 203 | ||
Other, net | 138 | (436) | ||
Net cash used in investing activities | (890) | (2,455) | ||
Proceeds from (payments for): | ||||
Policyholder contract deposits | 15,920 | 12,491 | ||
Policyholder contract withdrawals | (12,801) | (9,467) | ||
Issuance of long term debt | 0 | 6,461 | ||
Issuance of short-term debt | 0 | 12 | ||
Repayments of short-term debt | 0 | (6,450) | ||
Dividends paid on common stock | (700) | (580) | ||
Distributions to noncontrolling interests | (54) | (236) | ||
Contributions from noncontrolling interests | 43 | 23 | ||
Net change in securities lending and repurchase agreements | (2,524) | (223) | ||
Repurchase of common stock | (200) | 0 | ||
Other, net | (70) | (51) | ||
Net cash provided by (used in) financing activities | (530) | 1,852 | ||
Effect of exchange rate changes on cash and restricted cash | 3 | (4) | ||
Net increase (decrease) in cash and restricted cash | 155 | (72) | ||
Cash and restricted cash at beginning of year | 633 | 601 | ||
Cash and restricted cash at end of year | 788 | 529 | ||
Cash Equivalents, Restricted Cash and Restricted Cash Equivalents: | ||||
Cash | 751 | [1] | 457 | |
Total cash and restricted cash shown in the Condensed Consolidated Statements of Cash Flows | 788 | 529 | ||
Cash (received) paid during the period for: | ||||
Interest | 305 | 113 | ||
Taxes | (235) | 856 | ||
Non-cash investing activities: | ||||
Fixed maturity securities, designated available for sale, received in connection with pension risk transfer transactions | (2,818) | 0 | ||
Fixed maturity securities, designated available for sale, transferred in connection with reinsurance transactions | 439 | 204 | ||
Fixed maturity securities, designated fair value option, transferred in connection with reinsurance transactions | 17 | 0 | ||
Equity securities distributed in lieu of cash to non-consolidated Corebridge affiliate | 0 | 94 | ||
Other invested assets securities distributed in lieu of cash to non-consolidated Corebridge affiliate | 0 | 413 | ||
Non-cash financing activities: | ||||
Interest credited to policyholder contract deposits included in financing activities | 2,145 | 1,762 | ||
Fee income debited to policyholder contract deposits included in financing activities | (1,044) | (844) | ||
Non-cash capital contributions | 16 | 0 | ||
Distribution in lieu of cash, in equity securities, to non-consolidated Corebridge affiliate | 0 | (94) | ||
Distribution in lieu of cash, in Other invested assets securities, to non-consolidated Corebridge affiliate | 0 | (413) | ||
Consolidated VIE | ||||
Proceeds from (payments for): | ||||
Issuance of long term debt | 146 | 789 | ||
Repayments of long-term debt | (290) | (917) | ||
Cash Equivalents, Restricted Cash and Restricted Cash Equivalents: | ||||
Cash | 99 | |||
Short-term investments | ||||
Cash Equivalents, Restricted Cash and Restricted Cash Equivalents: | ||||
Restricted cash | [2] | 28 | 68 | |
Other assets | ||||
Cash Equivalents, Restricted Cash and Restricted Cash Equivalents: | ||||
Restricted cash | [2] | $ 9 | $ 4 | |
[1] See Note 8 |
Overview and Basis of Presentat
Overview and Basis of Presentation | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Overview and Basis of Presentation | 1. Overview and Basis of Presentation Corebridge Financial, Inc. (“Corebridge Parent”) is a leading provider of retirement solutions and life insurance products in the United States. Our primary business operations consist of sales of individual and group annuities and life insurance products to individuals and institutional markets. Corebridge Parent common stock, par value $0.01 per share, is listed on the New York Stock Exchange (NYSE:CRBG). The terms “Corebridge,” “we,” “us,” “our” or the “Company” mean Corebridge Parent and its consolidated subsidiaries, unless the context refers to Corebridge Parent only. Subsidiaries of Corebridge Parent include: AGC Life Insurance Company (“AGC”), American General Life Insurance Company (“AGL”), The Variable Annuity Life Insurance Company (“VALIC”), The United States Life Insurance Company in the City of New York (“USL”), AIG Life of Bermuda, Ltd. (“AIG Bermuda”), AIG Life Ltd. (“AIG Life (United Kingdom)”), Laya Healthcare Ltd. (“Laya”) and SAFG Capital LLC and its subsidiaries. These unaudited Condensed Consolidated Financial Statements present the results of operations, financial condition and cash flows of the Company. On September 19, 2022, we completed an initial public offering (the “IPO”) in which American International Group, Inc. (“AIG Parent”) sold 80,000,000 shares of Corebridge Parent common stock to the public. On June 12, 2023, AIG closed a secondary offering of 74,750,000 shares of Corebridge Parent common stock. As of June 30, 2023, AIG owns 65.3% 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. During the six months ended June 30, 2023, Corebridge repurchased approximately 12.2 million shares of Corebridge common stock, of which approximately 11.0 million shares were from AIG and 1.2 million shares were from Blackstone. 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. 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 entities have been eliminated. The Company has recorded affiliated transactions with certain AIG subsidiaries that are not subsidiaries of Corebridge which have not been eliminated in the consolidated 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. We adopted the Financial Accounting Standards Board’s (the “FASB”) 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 (“the transition date”). In accordance with the transition guidance in the standard, we updated our prior period Condensed Consolidated Financial Statements presented herein to reflect LDTI. For additional detail, see Note 2. USE OF ESTIMATES The preparation of financial statements in accordance with GAAP requires the application of accounting policies that often involve a significant degree of judgment. Accounting policies that we believe are most dependent on the application of estimates and assumptions are considered our critical accounting estimates and are related to the determination of: • fair value measurements of certain financial assets and liabilities; • valuation of market risk benefits (“MRBs”) related to guaranteed benefit features of variable annuity products, fixed annuity products and fixed index annuity products; • valuation of embedded derivative liabilities for fixed index annuity and index universal life products; • valuation of future policy benefit liabilities and recognition of remeasurement gains and losses; • reinsurance assets, including the allowance for credit losses; • goodwill impairment; • allowance for credit losses primarily on loans and available for sale fixed maturity securities; and • income tax assets and liabilities, including recoverability of our net deferred tax asset and the predictability of future tax operating profitability of the character necessary to realize the net deferred tax asset. These accounting estimates require the use of assumptions about matters, some of which are highly uncertain at the time of estimation. To the extent actual experience differs from the assumptions used, our consolidated financial condition, results of operations and cash flows could be materially affected. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies The following list identifies our significant accounting policies presente d in other Notes to these Condensed Consolidated Financial Statements, with a reference to the Note where a detailed description can be found: Note 5. Investments • Net realized gains (losses) Note 7. Reinsurance • Reinsurance assets – net of allowance Note 10. Deferred Policy Acquisition Costs • Deferred policy acquisition costs (“DAC”) • Value of business acquired (“VOBA”) • Deferred sales inducements (“DSI”) • Amortization of deferred policy acquisition costs • Non-deferrable insurance commissions Note 11. Insurance Liabilities • Future policy benefits • Policyholder contract deposits • Other policyholder funds Note 12. Market Risk Benefits 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. Prior to the adoption of LDTI effective on January 1, 2021, the difference between the gross premium received and the net premium was deferred and recognized in premiums in a constant relationship to insurance in-force, or for annuities, the amount of expected future policy benefits. This Deferred Profit Liability (“DPL”) was recorded in the Condensed Consolidated Balance Sheets in Other policyholder funds. After January 1, 2021, the difference between the gross premium received and recorded as revenue and the net premium is deferred and recognized in Policyholder benefits in a constant relationship to insurance in-force, or for annuities, the amount of expected future policy benefits. This DPL is recorded in the Condensed Consolidated Balance Sheets in Future policy benefits for life and accident and health insurance contracts. 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 reserve (“URR”) is recorded in the Condensed Consolidated Balance Sheets in Other policyholder funds. Prior to the adoption of LDTI effective on January 1, 2021, reinsurance premiums ceded under yearly renewable term (“YRT”) reinsurance agreements were recognized as a reduction in revenues over the period the reinsurance coverage was utilized in proportion to the risks to which the premiums relate, while premiums ceded under modified coinsurance (“modco”) treaties were recognized when due. After January 1, 2021, all reinsurance premiums ceded are recognized when due, following a ceded net premium ratio (“NPR”) methodology that also accrues a proportionate amount of estimated benefits. 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. 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 the standard on January 1, 2023 using the modified retrospective transition method relating to liabilities for traditional and limited payment contracts and deferred policy acquisition costs. The Company also adopted the standard in relation to MRBs on a full retrospective basis. As of the transition date, the impact of the adoption of the standard was a net decrease to beginning Accumulated other comprehensive income (loss) (“AOCI”) of $2.3 billion and a net increase to beginning Shareholders’ net investment of $1.2 billion primarily driven by (1) changes related to MRBs in our Individual Retirement and Group Retirement segments, including the impact of non-performance risk adjustments which reclassified the portion of the changes in fair value attributable to non-performance risk from Shareholders' net investment to AOCI, (2) changes to the discount rate used to measure the liability for future policy benefits which most significantly impacted our Life Insurance and Institutional Markets segments, and (3) the removal of balances recorded in AOCI related to changes in unrealized appreciation (depreciation) on investments. The condensed consolidated financial statements as of December 31, 2022 and for six months ended June 30, 2022 have been adjusted to reflect the effects of applying the standard. The accounting for the Fortitude Reinsurance Company Ltd. (“Fortitude Re”) reinsurance assets, including the discount rates, continued to be calculated using the same methodology and assumptions as the direct policies, and therefore have been recalculated on an LDTI basis. The accounting for reinsurance transactions between the Company and Fortitude Re structured as modco remained unchanged. Market risk benefits : The standard requires the measurement of all MRBs (e.g., living benefit and death benefit guarantees associated with variable annuities) associated with deposit (or account balance) contracts at fair value at each reporting period. Changes in fair value compared to prior periods are recorded and presented separately within the income statement, with the exception of our own credit risk changes (non-performance adjustments), which are recognized in Other comprehensive income (loss) (“OCI”). MRBs impacted both Shareholders’ net investment and AOCI upon transition. The accounting for MRBs primarily impacted our Individual Retirement and Group Retirement segments. For additional disclosures about MRBs, see Note 12. 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 had an adjustment to AOCI due to the fact that the market upper-medium grade (low credit risk) interest rates as of the transition date differed from reserve interest accretion rates. Following adoption of the standard, the impact of changes to discount rates are recognized through OCI. Changes resulting from updating the discount rate each reporting period primarily impact term life insurance and other traditional life insurance products, as well as pension risk transfer (“PRT”) and structured settlement products. For additional information on the discount rate assumption under accounting for Long-Duration Contracts Standard, see Note 11. Removal of balances related to changes in unrealized appreciation (depreciation) on investments: Under the standard, the majority of balances recorded in AOCI related to changes in unrealized appreciation (depreciation) on investments were 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 parenthetical presentation of any resulting re-measurement gain or loss in Policyholder benefits (except for discount rate changes as noted above) in the Condensed Consolidated Statements of Income (Loss). For additional information, see Note 11. • Simplifies the amortization of DAC to a constant level basis over the expected term of the related contracts and no longer requires an impairment test. For additional information, see Note 10. • Increases disclosures of disaggregated rollforwards of several balances, including but not limited to liabilities for future policy benefits, deferred acquisition costs, account balances, MRBs, separate account liabilities and information about significant inputs, judgments and methods used in measurement and changes thereto and impact of those changes. The following table presents the impacts in connection with the adoption of LDTI, effective as of January 1, 2021, as well as cross references to the applicable notes herein for additional information: Balance, Beginning of Year Cumulative Effect Adjustment as of January 1, 2021 Updated Balances Post-Adoption of LDTI (in millions) Reinsurance assets - Fortitude Re, net of allowance for credit losses and disputes (a) $ 29,158 $ 7,666 $ 36,824 Reinsurance assets - other, net of allowance for credit losses and disputes (a) 2,707 433 3,140 Deferred income taxes 3,640 310 3,950 Deferred policy acquisition costs and value of business acquired (b) 7,363 3,137 10,500 Market risk benefit assets (c) — 338 338 Other assets (d) 3,428 396 3,824 Total assets 410,155 12,280 422,435 Future policy benefits for life and accident and health insurance contracts (e) 54,660 10,522 65,182 Policyholder contract deposits (e) 154,892 (6,471) 148,421 Market risk benefit liabilities (c) — 8,739 8,739 Other policyholder funds (f) 2,492 248 2,740 Other liabilities (g) 9,954 399 10,353 Total liabilities 370,323 13,437 383,760 Shareholders’ net investment (h) 22,579 1,192 23,771 Accumulated other comprehensive income (h) 14,653 (2,349) 12,304 Total Corebridge Shareholders' net investment 37,232 (1,157) 36,075 Total equity 39,781 (1,157) 38,624 Total liabilities, redeemable noncontrolling interest and shareholder’s net investment 410,155 12,280 422,435 (a) Refer to Note 7 for additional information on the transition impacts associated with LDTI. (b) Refer to Note 10 for additional information on the transition impacts associated with LDTI. (c) Refer to Note 12 for additional information on the transition impacts associated with LDTI. (d) Other assets include deferred sales inducement assets. Refer to Note 10 for additional information on the transition impacts associated with LDTI. (e) Refer to Note 11 for additional information on the transition impacts associated with LDTI. (f) Other policyholder funds include URR. Refer to Note 11 for additional information on the transition impacts associated with LDTI. (g) Other liabilities include deferred cost of reinsurance liabilities. Refer to Note 7 for additional information on the transition impacts associated with LDTI. (h) Includes a correction of $158 million to increase shareholders' net investment and decrease AOCI. The following table presents the impacts in connection with the adoption of LDTI, effective as of January 1, 2021, on our previously reported Condensed Consolidated Balance Sheet as of December 31, 2022: December 31, 2022 As Previously Reported Effect of Change Updated Balances Post-Adoption of LDTI (in millions) Reinsurance assets - Fortitude Re, net of allowance for credit losses and disputes $ 27,794 $ (950) $ 26,844 Reinsurance assets - other, net of allowance for credit losses and disputes 2,980 (463) 2,517 Deferred income taxes 9,162 (331) 8,831 Deferred policy acquisition costs and value of business acquired 13,179 (2,616) 10,563 Market risk benefit assets — 796 796 Other assets 2,852 (331) 2,521 Total assets 364,217 (3,895) 360,322 Future policy benefits for life and accident and health insurance contracts 57,266 (6,748) 50,518 Policyholder contract deposits 158,966 (2,908) 156,058 Market risk benefit liabilities — 4,736 4,736 Other policyholder funds 3,331 (446) 2,885 Other liabilities 8,775 301 9,076 Total liabilities 355,068 (5,065) 350,003 Retained earnings 16,121 2,086 18,207 Accumulated other comprehensive income (15,947) (916) (16,863) Total Corebridge Shareholders' equity 8,210 1,170 9,380 Total equity 9,149 1,170 10,319 Total liabilities, redeemable noncontrolling interest and equity 364,217 (3,895) 360,322 The following table presents the impacts in connection with the adoption of LDTI on our previously reported Condensed Consolidated Statement of Income (Loss) for the six months ended June 30, 2022*: Six Months Ended June 30, 2022 As Previously Reported Effect of Change Updated Balances Post-Adoption of LDTI (in millions, except per common share data) Revenues: Premiums $ 1,741 $ 5 $ 1,746 Policy fees 1,506 (47) 1,459 Total net realized gains (losses) 7,004 (1,597) 5,407 Total revenues 15,669 (1,639) 14,030 Benefits and expenses: Policyholder benefits 2,942 (345) 2,597 Change in the fair value of market risk benefits, net — (278) (278) Interest credited to policyholder account balances 1,781 4 1,785 Amortization of deferred acquisition costs and value of business acquired 974 (479) 495 Non-deferrable insurance commissions 325 (30) 295 Total benefits and expenses 7,532 (1,128) 6,404 Income (loss) before income tax expense (benefit) 8,137 (511) 7,626 Income tax expense (benefit): 1,618 (107) 1,511 Net income (loss) 6,519 (404) 6,115 Net income (loss) attributable to Corebridge 6,364 (404) 5,960 Income (loss) per common share attributable to Corebridge common shareholders: Common stock - Basic $ 9.87 $ (0.63) $ 9.24 Common stock - Diluted $ 9.87 $ (0.63) $ 9.24 * The three months ended June 30, 2022 information has been excluded as it has not been previously reported. The following table presents the impacts in connection with the adoption of LDTI on our previously reported Condensed Consolidated Statement of Comprehensive Income (Loss) for the six months ended June 30, 2022*: Six Months Ended June 30, 2022 As Previously Reported Effect of Change Updated Balances Post-Adoption of LDTI (in millions) Net income $ 6,519 $ (404) $ 6,115 Other comprehensive income (loss), net of tax Change in unrealized appreciation (depreciation) of fixed maturity securities on which allowance for credit losses was taken 1 (3) (2) Change in unrealized appreciation (depreciation) of all other investments (21,063) (4,732) (25,795) Change in fair value of market risk benefits attributable to changes in our own credit risk — 1,363 1,363 Change in the discount rates used to measure traditional and limited payment long-duration insurance contracts — 3,997 3,997 Change in foreign currency translation adjustments (72) 2 (70) Other comprehensive income (loss) (20,966) 627 (20,339) Comprehensive income (loss) (14,447) 223 (14,224) Comprehensive income (loss) attributable to Corebridge (14,602) 223 (14,379) * The three months ended June 30, 2022 information has been excluded as it has not been previously reported. The following table presents the impacts in connection with the adoption of LDTI on our previously reported Condensed Consolidated Statement of Cash Flows for the six months ended June 30, 2022: Six Months Ended June 30, 2022 As Previously Reported Effect of Change Updated Balances Post-Adoption of LDTI (in millions) Cash flows from operating activities: Net income $ 6,519 $ (404) $ 6,115 Adjustments to reconcile net income to net cash provided by operating activities: Noncash revenues, expenses, gains and losses included in income (loss): Unrealized gains in earnings - net (2,089) 1,906 (183) Change in the fair value of market risk benefits in earnings, net — (541) (541) Depreciation and other amortization 828 (505) 323 Changes in operating assets and liabilities: Insurance liabilities 850 (697) 153 Premiums and other receivables and payables - net (90) (20) (110) Reinsurance assets and funds held under reinsurance treaties 263 472 735 Capitalization of deferred policy acquisition costs (488) (31) (519) Current and deferred income taxes - net 762 (107) 655 Other, net 116 (107) 9 Total adjustments (5,950) 370 (5,580) Net cash provided by operating activities 569 (34) 535 Cash flows from financing activities: Policyholder contract deposits $ 12,457 $ 34 $ 12,491 Net cash provided by financing activities $ 1,818 $ 34 $ 1,852 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 (“TDRs”) 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. The Company adopted the standard prospectively as of January 1, 2023 and the standard did not have a material impact on our reported consolidated financial condition, results of operations, or cash flows . For the updated required disclosures, see Note 6. FUTURE APPLICATION OF ACCOUNTING STANDARDS 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 | 6 Months Ended |
Jun. 30, 2023 | |
Segment Reporting [Abstract] | |
Segment Information | 3. 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 and variable annuities. • 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 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 (“COLI-BOLI”), private placement variable universal life and private placement variable annuity products. • Corporate and Other – consists primarily of: – corporate expenses not attributable to our other segments; – interest expense on financial debt; – results of our consolidated investment entities; – institutional asset management business, which includes managing assets for non-consolidated affiliates; and – results of our legacy insurance lines ceded to Fortitude Re. We evaluate segment performance based on adjusted revenues and adjusted pre-tax operating income (loss) (“APTOI”). Adjusted revenues are derived by excluding certain items from total revenues. APTOI is derived by excluding certain items from income from operations before income tax. These items generally fall into one or more of the following broad categories: legacy matters having no relevance to our current businesses or operating performance; adjustments to enhance transparency to the underlying economics of transactions; and adjustments that we believe to be common to the industry. Legal entities are attributed to each segment based upon the predominance of activity in that legal entity. APTOI excludes the impact of the following items: Fortitude-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. 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 or are recognized as embedded derivatives at fair value are also included in Net realized gains (losses) and are similarly excluded from APTOI except earned income (periodic settlements and changes in settlement accruals) on derivative instruments used for non-qualifying (economic) hedges or for asset replication. Earned income on such economic hedges is reclassified from Net realized gains and losses to specific APTOI line items based on the economic risk being hedged (e.g., Net investment income and Interest credited to policyholder account balances). Market Risk Benefits adjustments: Certain of our variable annuity, fixed annuity and fixed index annuity contracts contain guaranteed minimum withdrawal benefits (“GMWBs”) and/or guaranteed minimum death benefits (“GMDBs”) which are accounted for as MRBs. Changes in the fair value of these MRBs (excluding changes related to our own credit risk), including certain rider fees attributed to the MRBs, along with changes in the fair value of derivatives used to hedge MRBs are recorded through “Change in the fair value of MRBs, net” and are excluded from APTOI. Changes in the fair value of securities used to economically hedge MRBs are excluded from APTOI. Other adjustments: Other adjustments represent all other adjustments that are excluded from APTOI and includes the net pre-tax operating income (losses) from noncontrolling interests related to consolidated investment entities. The excluded adjustments include, as applicable: • restructuring and other costs related to initiatives designed to reduce operating expenses, improve efficiency and simplify our organization; • non-recurring costs associated with the implementation of non-ordinary course legal or regulatory changes or changes to accounting principles; • separation costs; • non-operating litigation reserves and settlements; • loss (gain) on extinguishment of debt, if any; • losses from the impairment of goodwill, if any; and • income and loss from divested or run-off business, if any. The following table presents Corebridge’s operations by segment: (in millions) Individual Retirement Group Retirement Life Insurance Institutional Markets Corporate & Other Eliminations Total Corebridge Adjustments Total Consolidated Three Months Ended June 30, 2023 Premiums $ 66 $ 4 $ 443 $ 1,911 $ 20 $ — $ 2,444 $ (1) $ 2,443 Policy fees 172 102 371 49 — — 694 — 694 Net investment income (a) 1,224 504 327 407 19 (1) 2,480 234 2,714 Net realized gains (losses) (a)(b) — — — — 1 — 1 (321) (320) Advisory fee and other income 108 76 26 — 16 — 226 — 226 Total adjusted revenues 1,570 686 1,167 2,367 56 (1) 5,845 (88) 5,757 Policyholder benefits 71 6 721 2,081 (3) — 2,876 — 2,876 Change in the fair value of market risk benefits, net — — — — — — — (262) (262) Interest credited to policyholder account balances 553 294 85 133 — — 1,065 13 1,078 Amortization of deferred policy acquisition costs 138 20 98 2 — — 258 — 258 Non-deferrable insurance commissions 94 33 21 4 1 — 153 — 153 Advisory fee expenses 36 29 (1) — — — 64 — 64 General operating expenses 104 107 167 21 85 — 484 120 604 Interest expense — — — — 129 — 129 5 134 Net (gain) loss on divestitures — — — — — — — (59) (59) Total benefits and expenses 996 489 1,091 2,241 212 — 5,029 (183) 4,846 Noncontrolling interests — — — — 20 — 20 Adjusted pre-tax operating income (loss) $ 574 $ 197 $ 76 $ 126 $ (136) $ (1) $ 836 Adjustments to: Total revenue (88) Total expenses (183) Noncontrolling interests (20) Income before income tax (benefit) $ 911 $ 911 Three Months Ended June 30, 2022 Premiums $ 60 $ 5 $ 440 $ 496 $ 21 $ — $ 1,022 $ (11) $ 1,011 Policy fees 186 104 390 49 — — 729 — 729 Net investment income (a) 901 488 350 239 136 (5) 2,109 171 2,280 Net realized gains (losses) (a)(b) — — — — — — — 2,520 2,520 Advisory fee and other income 115 73 30 — 32 (5) 245 5 250 Total adjusted revenues 1,262 670 1,210 784 189 (10) 4,105 2,685 6,790 Policyholder benefits 77 13 734 612 — — 1,436 (7) 1,429 Change in the fair value of market risk benefits, net — — — — — — — (45) (45) Interest credited to policyholder account balances 466 286 87 71 — — 910 (3) 907 Amortization of deferred policy acquisition costs 126 20 104 2 — — 252 — 252 Non-deferrable insurance commissions 86 30 29 5 1 — 151 — 151 Advisory fee expenses 35 30 — — — — 65 — 65 General operating expenses 107 112 159 18 96 (6) 486 91 577 Interest expense — — — — 128 (14) 114 13 127 Net (gain) loss on divestitures — — — — — — — 1 1 Total benefits and expenses 897 491 1,113 708 225 (20) 3,414 50 3,464 Noncontrolling interests — — — — (80) — (80) Adjusted pre-tax operating income (loss) $ 365 $ 179 $ 97 $ 76 $ (116) $ 10 $ 611 Adjustments to: Total revenue 2,685 Total expenses 50 Noncontrolling interests 80 Income before income tax (benefit) $ 3,326 $ 3,326 (in millions) Individual Retirement Group Retirement Life Insurance Institutional Markets Corporate & Other Eliminations Total Corebridge Adjustments Total Consolidated Six Months Ended June 30, 2023 Premiums $ 144 $ 10 $ 868 $ 3,486 $ 40 $ — $ 4,548 $ — $ 4,548 Policy fees 346 202 746 98 — — 1,392 — 1,392 Net investment income (a) 2,352 1,004 644 739 87 (11) 4,815 594 5,409 Net realized gains (losses) (a)(b) — — — — 5 — 5 (1,783) (1,778) Advisory fee and other income 211 152 55 — 30 — 448 — 448 Total adjusted revenues 3,053 1,368 2,313 4,323 162 (11) 11,208 (1,189) 10,019 Policyholder benefits 136 15 1,429 3,799 (3) — 5,376 (5) 5,371 Change in the fair value of market risk benefits, net — — — — — — — (66) (66) Interest credited to policyholder account balances 1,072 585 167 256 — — 2,080 24 2,104 Amortization of deferred policy acquisition costs 275 41 194 4 — — 514 — 514 Non-deferrable insurance commissions 180 61 38 9 1 — 289 — 289 Advisory fee expenses 70 58 1 — — — 129 — 129 General operating expenses 212 225 326 44 176 — 983 203 1,186 Interest expense — — — — 301 (10) 291 15 306 Net (gain) loss on divestitures — — — — — — — (56) (56) Total benefits and expenses 1,945 985 2,155 4,112 475 (10) 9,662 115 9,777 Noncontrolling interests — — — — 14 — 14 Adjusted pre-tax operating income (loss) $ 1,108 $ 383 $ 158 $ 211 $ (299) $ (1) $ 1,560 Adjustments to: Total revenue (1,189) Total expenses 115 Noncontrolling interests (14) Income before income tax expense (benefit) $ 242 $ 242 Six Months Ended June 30, 2022 Premiums $ 116 $ 13 $ 865 $ 734 $ 42 $ — $ 1,770 $ (24) $ 1,746 Policy fees 371 218 774 96 — — 1,459 — 1,459 Net investment income(a) 1,884 1,015 706 503 322 (10) 4,420 441 4,861 Net realized gains (losses)(a)(b) — — — — 11 — 11 5,396 5,407 Advisory fee and other income 238 158 66 1 70 — 533 24 557 Total adjusted revenues 2,609 1,404 2,411 1,334 445 (10) 8,193 5,837 14,030 Policyholder benefits 143 23 1,478 962 — — 2,606 (9) 2,597 Change in the fair value of market risk benefits, net — — — — — — — (278) (278) Interest credited to policyholder account balances 920 570 172 130 — — 1,792 (7) 1,785 Amortization of deferred policy acquisition costs 245 39 208 3 — — 495 — 495 Non-deferrable insurance commissions 178 58 47 11 1 — 295 — 295 Advisory fee expenses 72 64 — — — — 136 — 136 General operating expenses 218 229 325 37 200 1 1,010 153 1,163 Interest expense — — — — 205 (21) 184 24 208 Net (gain) loss on divestitures — — — — — — — 3 3 Total benefits and expenses 1,776 983 2,230 1,143 406 (20) 6,518 (114) 6,404 Noncontrolling interests — — — — (155) — (155) Adjusted pre-tax operating income (loss) $ 833 $ 421 $ 181 $ 191 $ (116) $ 10 $ 1,520 Adjustments to: Total revenue 5,837 Total expenses (114) Noncontrolling interests 155 Income before income tax expense (benefit) $ 7,626 $ 7,626 (b) Net realized gains (losses) includes the gains (losses) related to the disposition of real estate investments. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 4. Fair Value MeasurementsFAIR VALUE MEASUREMENTS ON A RECURRING BASIS Assets and liabilities recorded at fair value in the Condensed Consolidated Balance Sheets are measured and classified in accordance with a fair value hierarchy consisting of three “levels” based on the observability of valuation inputs: • Level 1: Fair value measurements based on quoted prices (unadjusted) in active markets that we have the ability to access for identical assets or liabilities. Market price data generally is obtained from exchange or dealer markets. We do not adjust the quoted price for such instruments. • Level 2: Fair value measurements based on inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals. • Level 3: Fair value measurements based on valuation techniques that use significant inputs that are unobservable. Both observable and unobservable inputs may be used to determine the fair values of positions classified in Level 3. The circumstances for using these measurements include those in which there is little, if any, market activity for the asset or liability. Therefore, we must make certain assumptions about the inputs a hypothetical market participant would use to value that asset or liability. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. 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 There were no changes to valuation methodologies of financial instruments measured at fair value with the exception of the valuation methodologies listed below which were impacted by the adoption of LDTI. For additional information on valuation methodologies not impacted by the adoption of LDTI, see Note 4 to the Consolidated Financial Statements in the June 2023 Registration Statement. Market Risk Benefits and Embedded Derivatives within Policyholder Contract Deposits Certain variable annuity, fixed annuity and fixed index annuity contracts contain MRBs related to guaranteed benefit features that we separate from the host contracts and account for at fair value, with certain changes recognized in earnings. MRBs are contracts or contract features that provide protection to policyholders from other-than-nominal capital market risks and expose the insurance entity to other-than-nominal capital market risks. The fair value of MRBs contained in certain variable annuity, fixed annuity and fixed index annuity 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 MRBs 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 are based primarily on our historical experience. Because of the dynamic and complex nature of the projected cash flows with respect to MRBs in our variable annuity, fixed annuity, and fixed index 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 is included within the fair value measurement of these MRBs, and related fees are classified in change in the fair value of MRBs, net, as earned, consistent with other changes in the fair value of these MRBs. Any portion of the fees not attributed to the MRBs is excluded from the fair value measurement and classified in policy fees as earned. Option pricing models are used to estimate the fair value of embedded derivatives in our fixed index annuity and life contracts, taking into account the capital market assumptions for future index growth rates, volatility of the index, future interest rates, and our ability to adjust the participation rate and the cap on 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 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, SOFR or LIBOR) leg of a related tenor. We also incorporate our own risk of non-performance in the valuation of MRBs and embedded derivatives associated with variable annuity, fixed annuity, 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. 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. The corporate credit indices are observable for the first 30 years. For years 30 to 50, the yield is derived using market observable yields. Yields for years 50 to 100 are extrapolated using a flat forward approach, maintaining a constant forward spread through the period. MRBs are measured using a non-performance risk adjustment that is a locked-in estimate of our claims-paying ability at policy issue (“locked-in NPA”) as well as a non-performance risk adjustment that reflects an estimate of our current claims-paying ability (“current NPA”). When MRBs are remeasured each period, both the interest rates and current non-performance risk adjustment are updated. Changes in the swap curve and the time value accretion of the at-issue non-performance risk adjustment are recorded to net income while the difference between the MRBs measured using the at-issue non-performance risk adjustment and the current non-performance risk adjustment is recorded to OCI. For embedded derivatives, changes in the interest rates and the period-over-period change in the non-performance risk adjustment are recorded to net income. ASSETS AND LIABILITIES MEASURED AT FAIR VALUE ON A RECURRING BASIS The following table presents information about assets and liabilities measured at fair value on a recurring basis and indicates the level of the fair value measurement based on the observability of the inputs used: June 30, 2023 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 $ — $ 1,227 $ — $ — $ — $ 1,227 Obligations of states, municipalities and political subdivisions — 5,029 853 — — 5,882 Non-U.S. governments — 4,054 — — — 4,054 Corporate debt — 100,290 1,303 — — 101,593 RMBS (b) — 6,892 5,753 — — 12,645 CMBS — 9,263 505 — — 9,768 CLO (c) — 8,054 1,708 — — 9,762 ABS — 850 11,127 — — 11,977 Total bonds available for sale — 135,659 21,249 — — 156,908 Other bond securities: U.S. government and government sponsored entities — — — — — — Obligations of states, municipalities and political subdivisions — 52 3 — — 55 Non-U.S. governments — 19 — — — 19 Corporate debt — 2,223 110 — — 2,333 RMBS (d) — 150 112 — — 262 CMBS — 225 26 — — 251 CLO (e) — 342 25 — — 367 ABS — 89 864 — — 953 Total other bond securities — 3,100 1,140 — — 4,240 Equity securities 50 100 44 — — 194 Other invested assets (f) — — 1,914 — — 1,914 Derivative assets: Interest rate contracts — 1,315 328 — — 1,643 Foreign exchange contracts — 1,152 — — — 1,152 Equity contracts 11 602 661 — — 1,274 Credit contracts — — — — — — Other contracts — — 15 — — 15 Counterparty netting and cash collateral — — — (2,790) (838) (3,628) Total derivative assets 11 3,069 1,004 (2,790) (838) 456 Short-term investments 8 1,582 — — — 1,590 Market risk benefit assets — — 954 — — 954 Separate account assets 86,579 3,139 — — — 89,718 Total $ 86,648 $ 146,649 $ 26,305 $ (2,790) $ (838) $ 255,974 Liabilities: Policyholder contract deposits (g) $ — $ 100 $ 6,813 $ — $ — $ 6,913 Derivative liabilities: Interest rate contracts — 2,281 — — — 2,281 Foreign exchange contracts — 355 — — — 355 Equity contracts 23 304 22 — — 349 Credit contracts — — — — — — Other contracts — — — — — — Counterparty netting and cash collateral — — — (2,790) (43) (2,833) Total derivative liabilities 23 2,940 22 (2,790) (43) 152 Fortitude Re funds withheld payable (h) — — 1,460 — — 1,460 Market risk benefit liabilities — — 4,977 — — 4,977 Debt of consolidated investment entities — — — — — — Total $ 23 $ 3,040 $ 13,272 $ (2,790) $ (43) $ 13,502 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 (e) — 268 11 — — 279 ABS — 71 741 — — 812 Total other bond securities — 2,465 1,304 — — 3,769 Equity securities 141 3 26 — — 170 Other invested assets (f) — — 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 Market risk benefit assets — — 796 — — 796 Separate account assets 81,655 3,198 — — — 84,853 Total $ 81,809 $ 146,030 $ 24,983 $ (2,547) $ (406) $ 249,869 Liabilities: Policyholder contract deposits (g) $ — $ 97 $ 5,367 $ — $ — $ 5,464 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 (h) — — 1,262 — — 1,262 Market risk benefit liabilities — — 4,736 — — 4,736 Debt of consolidated investment entities — — 6 — — 6 Total $ 2 $ 3,415 $ 11,386 $ (2,547) $ (691) $ 11,565 (a) Represents netting of derivative exposures covered by qualifying master netting agreements. (b) Includes investments in residential-backed mortgage securities (“RMBS”) issued by related parties of $37 million and $2 million classified as Level 2 and Level 3, as of June 30, 2023 and December 31, 2022, respectively. (c) Includes investments in collateralized loan obligations (“CLOs”) issued by related parties of $16 million as Level 3, as of June 30, 2023. There were no investments in CLOs issued by related parties as of December 31, 2022. (d) Includes less than $1 million of investments in RMBS issued by related parties classified as Level 2 as of June 30, 2023 and December 31, 2022. (e) There were no investments in CLOs issued by related parties as of June 30, 2023 and December 31, 2022. (f) 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 $6.0 billion as of June 30, 2023 and December 31, 2022, respectively. (g) Excludes basis adjustments for fair value hedges. (h) 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. The following tables present changes during the three and six months ended June 30, 2023 and 2022 in Level 3 assets and liabilities measured at fair value on a recurring basis, and the realized and unrealized gains (losses) related to the Level 3 assets and liabilities in the Condensed Consolidated Balance Sheets at June 30, 2023 and 2022: . (in millions) Fair Value Net Other Purchases, Gross Gross Other Fair Value Changes in Changes in Three Months Ended June 30, 2023 Assets: Bonds available for sale: Obligations of states, $ 858 $ — $ (4) $ (1) $ — $ — $ — $ 853 $ — $ (13) Corporate debt 1,704 10 (2) (41) 44 (412) — 1,303 — 1 RMBS 5,687 75 133 (174) 32 — — 5,753 — 131 CMBS 718 (7) (37) (40) — (129) — 505 — (46) CLO 1,834 (54) 44 (66) 11 (62) 1 1,708 — — ABS 10,707 53 (103) 436 38 (4) — 11,127 — (118) Total bonds available for sale 21,508 77 31 114 125 (607) 1 21,249 — (45) Other bond securities: Obligations of states, municipalities and political subdivisions 1 — — 2 — — — 3 — — Corporate debt 130 1 — (20) — (1) — 110 3 — RMBS 114 2 — (4) — — — 112 1 — CMBS 27 (1) — — — — — 26 (1) — CLO 71 — — (47) 38 (37) — 25 1 — ABS 781 (6) — 124 — (35) — 864 (13) — Total other bond securities 1,124 (4) — 55 38 (73) — 1,140 (9) — Equity securities 50 — — 1 — (7) — 44 — — Other invested assets 1,852 (19) 2 79 — — — 1,914 (21) — Total (a) $ 24,534 $ 54 $ 33 $ 249 $ 163 $ (687) $ 1 $ 24,347 $ (30) $ (45) (in millions) Fair Value Net Other Purchases, Gross Gross Other Fair Value Changes in Changes in Liabilities: Policyholder contract deposits $ 6,064 $ 429 $ — $ 320 $ — $ — $ — $ 6,813 $ (308) $ — Derivative liabilities, net: Interest rate contracts (344) 37 — (21) — — — (328) (23) — Foreign exchange contracts — — — — — — — — — — Equity contracts (497) 7 — (149) — — — (639) 5 — Credit contracts — — — — — — — — — — Other contracts (14) (16) — 15 — — — (15) 16 — Total derivative liabilities, net (b) (855) 28 — (155) — — — (982) (2) — Fortitude Re funds withheld payable 1,774 (122) — (192) — — — 1,460 213 — Debt of consolidated investment entities 6 1 — (7) — — — — — — Total (c) $ 6,989 $ 336 $ — $ (34) $ — $ — $ — $ 7,291 $ (97) $ — (in millions) Fair Value Net Other Purchases, Gross Gross Other Fair Value Changes in Changes in Three Months Ended June 30, 2022 Assets: Bonds available for sale: Obligations of states, $ 1,059 $ (1) $ (139) $ (4) $ 16 $ — $ — $ 931 $ — $ (138) Corporate debt 2,055 (8) (55) (201) 213 (168) — 1,836 — (45) RMBS 6,512 66 (301) (128) — (5) — 6,144 — (443) CMBS 748 6 (39) 65 — (14) — 766 — (46) CLO 3,388 (17) (112) 71 207 (739) — 2,798 — (119) ABS 7,641 24 (375) 1,034 — (20) — 8,304 — (413) Total bonds available for sale 21,403 70 (1,021) 837 436 (946) — 20,779 — (1,204) Other bond securities: Obligations of states, municipalities and political subdivisions — — — — — — — — — — Corporate debt 260 (5) — 48 161 (3) — 461 (4) — RMBS 115 (6) — 10 — — — 119 (9) — CMBS 31 (2) — — — — — 29 (2) — CLO 190 (14) — (6) 7 (47) — 130 (152) — ABS 477 (25) — 252 — — — 704 (33) — Total other bond securities 1,073 (52) — 304 168 (50) — 1,443 (200) — Equity securities 3 — — 3 1 — — 7 — — Other invested assets 1,840 133 (21) (143) — (6) — 1,803 153 — Total (a) $ 24,319 $ 151 $ (1,042) $ 1,001 $ 605 $ (1,002) $ — $ 24,032 $ (47) $ (1,204) (in millions) Fair Value Net Other Purchases, Gross Gross Other Fair Value Changes in Changes in Liabilities: Policyholder contract deposits $ 5,035 $ (545) $ — $ 238 $ — $ — $ — $ 4,728 $ 592 $ — Derivative liabilities, net: Interest rate contracts (3) 15 — (149) — — — (137) (15) — Foreign exchange contracts — — — — — — — — — — Equity contracts (168) 83 — (60) — — — (145) (8) — Credit contracts — — — — — — — — 1 — Other contracts (15) (14) — 14 — — — (15) 14 — Total derivative liabilities, net (b) (186) 84 — (195) — — — (297) (8) — Fortitude Re funds withheld payable 4,796 (2,394) — (53) — — — 2,349 2,487 — Debt of consolidated investment entities 5 2 — (1) — — — 6 1 — Total (c) $ 9,650 $ (2,853) $ — $ (11) $ — $ — $ — $ 6,786 $ 3,072 $ — (in millions) Fair Value Net Other Purchases, Gross Gross Other Fair Value Changes in Changes in Six Months Ended June 30, 2023 Assets: Bonds available for sale: Obligations of states, $ 805 $ — $ 51 $ (3) $ — $ — $ — $ 853 $ — $ 27 Corporate debt 1,968 (92) 42 (27) 211 (783) (16) 1,303 — 54 RMBS 5,670 156 93 (182) 32 (16) — 5,753 — 65 CMBS 718 — (41) (40) 24 (156) — 505 — (71) CLO 1,670 (45) 26 (45) 65 (154) 191 1,708 — (47) ABS 9,595 95 166 1,240 38 (7) — 11,127 — 137 Total bonds available for sale 20,426 114 337 943 370 (1,116) 175 21,249 — 165 Other bond securities: Obligations of states, municipalities and political subdivisions — — — 3 — — — 3 — — Corporate debt 417 1 — (116) — (192) — 110 2 — RMBS 107 6 — (1) — — — 112 3 — CMBS 28 (2) — — — — — 26 (2) — CLO 11 9 — (46) 39 (42) 54 25 1 — ABS 741 20 — 138 — (35) — 864 5 — Total other bond securities 1,304 34 — (22) 39 (269) 54 1,140 9 — Equity securities 26 — — 25 — (7) — 44 — — Other invested assets 1,832 (63) 7 138 — — — 1,914 (63) — Total (a) $ 23,588 $ 85 $ 344 $ 1,084 $ 409 $ (1,392) $ 229 $ 24,347 $ (54) $ 165 (in millions) Fair Value Net Other Purchases, Gross Gross Other Fair Value Changes in Changes in Liabilities: Policyholder contract deposits $ 5,367 $ 810 $ — $ 636 $ — $ — $ — $ 6,813 $ (676) $ — Derivative liabilities, net: Interest rate contracts (303) 115 — (140) — — — (328) (52) — Foreign exchange contracts — — — — — — — — — — Equity contracts (267) (200) — (315) — — 143 (639) 189 — Credit contracts — — — — — — — — — — Other contracts (14) (32) — 31 — — — (15) 32 — Total derivative liabilities, net (b) (584) (117) — (424) — — 143 (982) 169 — Fortitude Re funds withheld payable 1,262 903 — (705) — — — 1,460 (420) — Debt of consolidated investment entities 6 1 — (7) — — — — — — Total (c) $ 6,051 $ 1,597 $ — $ (500) $ — $ — $ 143 $ 7,291 $ (927) $ — (in millions) Fair Value Net Other Purchases, Gross Gross Other Fair Value Changes in Changes in Six Months Ended June 30, 2022 Assets: Bonds available for sale: Obligations of states, $ 1,395 $ 1 $ (421) $ (60) $ 16 $ — $ — $ 931 $ — $ (408) Corporate debt 1,907 (17) (114) 17 304 (261) — 1,836 — (101) RMBS 7,595 158 (705) (493) — (411) — 6,144 — (843) CMBS 1,072 13 (99) 75 — (295) — 766 — (104) CLO 3,038 (19) (164) 82 1,032 (1,171) — 2,798 — (172) ABS 7,400 40 (821) 1,705 — (20) — 8,304 — (857) Total bonds available for sale 22,407 176 (2,324) 1,326 1,352 (2,158) — 20,779 — (2,485) Other bond securities: Obligations of states, municipalities and political subdivisions — — — — — — — — — — Corporate debt 134 (5) — 125 222 (15) — 461 (4) — RMBS 106 (9) — 22 — — — 119 (15) — CMBS 33 (4) — — — — — 29 (4) — CLO 149 (21) — (6) 57 (49) — 130 (154) — ABS 205 (42) — 541 — — — 704 (51) — Total other bond securities 627 (81) — 682 279 (64) — 1,443 (228) — Equity securities 2 — — 4 1 — — 7 — — Other invested assets 1,892 243 (26) (171) 24 (159) — 1,803 271 — Total (a) $ 24,928 $ 338 $ (2,350) $ 1,841 $ 1,656 $ (2,381) $ — $ 24,032 $ 43 $ (2,485) (in millions) Fair Value Net Other Purchases, Gross Gross Other Fair Value Changes in Changes in Liabilities: Policyholder contract deposits $ 5,572 $ (1,203) $ — $ 359 $ — $ — $ — $ 4,728 $ 1,437 $ — Derivative liabilities, net: Interest rate contracts — 14 — (151) — — — (137) (14) — Foreign exchange contracts — — — — — — — — — — Equity contracts (457) 398 — (86) — — — (145) (246) — Credit contracts (1) 1 — — — — — — — — Other contracts (12) (31) — 28 — — — (15) 31 — Total derivative liabilities, net (b) (470) 382 — (209) — — — (297) (229) — Fortitude Re funds withheld payable 7,974 (5,231) — (394) — — — 2,349 5,503 — Debt of consolidated investment entities 5 3 — (2) — — — 6 — — Total (c) $ 13,081 $ (6,049) $ — $ (246) $ — $ — $ — $ 6,786 $ 6,711 $ — (a) Excludes MRB assets of $954 million at June 30, 2023 and $642 million at June 30, 2022. Refer to Note 12 for additional information. (b) Total Level 3 derivative exposures have been netted in these tables for presentation purposes only. (c) Excludes MRB liabilities of $5.0 billion at June 30, 2023 and $5.3 billion at June 30, 2022. Refer to Note 12 for additional information. Condensed Consolidated Statements of Income (Loss) as follows: (in millions) Policy Net Investment Income Net Realized and Unrealized Gains Interest Expense Change in the Fair Value of Market Risk Benefits, net (a) Total Three Months Ended June 30, 2023 Assets: Bonds available for sale $ — $ 118 $ (41) $ — $ — $ 77 Other bond securities — (4) — — — (4) Equity securities — — — — — — Other invested assets — (21) 2 — — (19) Three Months Ended June 30, 2022 Assets: Bonds available for sale $ — $ 106 $ (36) $ — $ — $ 70 Other bond securities — (52) — — — (52) Equity securities — — — — — — Other invested assets — 133 — — — 133 Six Months Ended June 30, 2023 Assets: Bonds available for sale $ — $ 150 $ (36) $ — $ — $ 114 Other bond securities — 34 — — — 34 Equity securities — — — — — — Other invested assets — (64) 1 — — (63) Six Months Ended June 30, 2022 Assets: Bonds available for sale $ — $ 223 $ (47) $ — $ — $ 176 Other bond securities — (81) — — — (81) Equity securities — — — — — — Other invested assets — 243 — — — 243 (in millions) Policy Net Investment Income Net Realized and Unrealized Gains Interest Expense Change in the Fair Value of Market Risk Benefits, net (a) Total Three Months Ended June 30, 2023 Liabilities: Policyholder contract deposits (b) $ — $ — $ (429) $ — $ — $ (429) Derivative liabilities, net 15 — 3 — (46) (28) Fortitude Re funds withheld payable — — 122 — — 122 Market risk benefit liabilities, net (c) — — 3 — 884 887 Debt of consolidated investment entities — (1) — — — (1) Three Months Ended June 30, 2022 Liabilities: Policyholder contract deposits (b) $ — $ — $ 545 $ — $ — $ 545 Derivative liabilities, net 14 — (154) — 56 (84) Fortitude Re funds withheld payable — — 2,394 — — 2,394 Market risk benefit liabilities, net (c) — — 5 — 258 263 Debt of consolidated investment entities — — — 2 — 2 Six Months Ended June 30, 2023 Liabilities: Policyholder contract deposits (b) $ — $ — $ (810) $ — $ — $ (810) Derivative liabilities, net 31 — 231 — (145) 117 Fortitude Re funds withheld payable — — (903) — — (903) Market risk benefit liabilities, net (c) — — 3 — 797 800 Debt of consolidated investment entities — (1) — — — (1) Six Months Ended June 30, 2022 Liabilities: Policyholder contract deposits (b) $ — $ — $ 1,203 $ — $ — $ 1,203 Derivative liabilities, net 29 — (498) — 87 (382) Fortitude Re funds withheld payable — — 5,231 — — 5,231 Market risk benefit liabilities, net (c) — — 8 — 957 965 Debt of consolidated investment entities — — — 3 — 3 (a) The portion of the fair value change attributable to our own credit risk is recognized in OCI. (b) Primarily embedded derivatives. (c) Market risk benefit assets and liabilities have been netted in these tables for presentation purposes only. (in millions) Purchases Sales Issuances Purchases, Sales, Three Months Ended June 30, 2023 Assets: Bonds available for sale: Obligations of states, municipalities and political subdivisions $ — $ — $ (1) $ (1) Corporate debt 2 — (43) (41) RMBS 64 (42) (196) (174) CMBS — (21) (19) (40) CLO 72 — (138) (66) ABS 345 — 91 436 Total bonds available for sale 483 (63) (306) 114 Other bond securities: Obligations of states, municipalities and political subdivisions 2 — — 2 Corporate debt 67 — (87) (20) RMBS — — (4) (4) CMBS — — — — CLO — — (47) (47) ABS 81 — 43 124 Total other bond securities 150 — (95) 55 Equity securities 1 — — 1 Other invested assets 81 — (2) 79 Total assets* $ 715 $ (63) $ (403) $ 249 Liabilities: Policyholder contract deposits $ — $ 402 $ (82) $ 320 Derivative liabilities, net (100) — (55) (155) Fortitude Re funds withheld payable — — (192) (192) Debt of consolidated investment entities — — (7) (7) Total liabilities $ (100) $ 402 $ (336) $ (34) Three Months Ended June 30, 2022 Assets: Bonds available for sale: Obligations of states, municipalities and political subdivisions $ — $ (4) $ — $ (4) Corporate debt 4 — (205) (201) RMBS 163 — (291) (128) CMBS 56 — 9 65 CLO 119 — (48) 71 ABS 1,125 — (91) 1,034 Total bonds available for sale 1,467 (4) (626) 837 Other bond securities: Obligations of states, municipalities and political subdivisions — — — — Corporate debt 6 — 42 48 RMBS 13 — (3) 10 CMBS — — — — CLO 4 — (10) (6) ABS 256 — (4) 252 Total other bond securities 279 — 25 304 Equity securities 4 — (1) 3 Other invested assets 270 — (413) (143) Total assets* $ 2,020 $ (4) $ (1,015) $ 1,001 (in millions) Purchases Sales Issuances Purchases, Sales, Liabilities: Policyholder contract deposits $ — $ 222 $ 16 $ 238 Derivative liabilities, net (99) — (96) (195) Fortitude Re funds withheld payable — — (53) (53) Debt of consolidated investment entities — — (1) (1) Total liabilities $ (99) $ 222 $ (134) $ (11) (in millions) Purchases Sales Issuances and Settlements Purchases, Sales, Six Months Ended June 30, 2023 Assets: Bonds available for sale: Obligations of states, municipalities and political subdivisions $ — $ — $ (3) $ (3) Corporate debt 30 — (57) (27) RMBS 231 (42) (371) (182) CMBS 9 (27) (22) (40) CLO 82 — (127) (45) ABS 1,203 — 37 1,240 Total bonds available for sale 1,555 (69) (543) 943 Other bond securities: Obligations of states, municipalities and political subdivisions 3 — — 3 Corporate debt 67 — (183) (116) RMBS 6 — (7) (1) CMBS — — — — CLO 1 — (47) (46) ABS 113 — 25 138 Total other bond securities 190 — (212) (22) Equity securities 25 — — 25 Other invested assets 151 — (13) 138 Total assets* $ 1,921 $ (69) $ (768) $ 1,084 Liabilities: Policyholder contract deposits $ — $ 728 $ (92) $ 636 Derivative liabilities, net (201) — (223) (424) Fortitude Re funds withheld payable — — (705) (705) Debt of consolidated investment entities — — (7) (7) Total liabilities $ (201) $ 728 $ (1,027) $ (500) (in millions) Purchases Sales Issuances and Settlements Purchases, Sales, Six Months Ended June 30, 2022 Assets: Bonds available for sale: Obligations of states, municipalities and political subdivisions $ — $ (59) $ (1) $ (60) Corporate debt 4 — 13 17 RMBS 271 — (764) (493) CMBS 98 — (23) 75 CLO 172 — (90) 82 ABS 1,949 — (244) 1,705 Total bonds available for sale 2,494 (59) (1,109) 1,326 Other bond securities: Obligations of states, municipalities and political subdivisions — — — — Corporate debt 25 — 100 125 RMBS 30 — (8) 22 CMBS — — — — CLO 13 — (19) (6) ABS 547 — (6) 541 Total other bond securities 615 — 67 682 Equity securities 4 — — 4 Other invested assets 509 — (680) (171) Total assets* $ 3,622 $ (59) $ (1,722) $ 1,841 Liabilities: Policyholder contract deposits $ — $ 417 $ (58) $ 359 Derivative liabilities, net (172) — (37) (209) Fortitude Re funds withheld payable — — (394) (394) Debt of consolidated investment entities — — (2) (2) Total liabilities $ (172) $ 417 $ (491) $ (246) * There were no issuances during the three and six months ended June 30, 2023 and 2022 for invested assets. We record transfers of assets and liabilities into or out of Level 3 at their fair values as of the end of each reporting period, consistent with the date of the determination of fair value. The net realized and unrealized gains (losses) included in net income (loss) or OCI as shown in the table above excludes $0 million and $(28) million of net gains (losses) related to assets transferred into Level 3 during the three months ended June 30, 2023 and 2022, respectively, and $7 million and $(53) million of net gains (losses) related to assets transferred into Level 3 during the six months ended June 30, 2023 and 2022, respectively, and includes $(1) million and $(44) million of net gains (losses) related to assets transferred out of Level 3 during the three months ended June 30, 2023 and 2022, respectively, and $10 million and $(83) million of net gains (losses) related to assets transferred out of Level 3 during the six months ended June 30, 2023 and 2022, respectively. Transfers of Level 3 Assets During the three and six months ended June 30, 2023 and 2022, transfers into Level 3 assets primarily included certain investments in private placement corporate debt, commercial mortgage-backed securities (“CMBS”), RMBS, CLO, asset backed securities (“ABS”) and certain investments in municipal securities. Transfers of private placement corporate debt and certain ABS into Level 3 assets were primarily the result of limited market pricing information that required us to determine fair value for these securities based on inputs that are adjusted to better reflect our own assumptions regarding the characteristics of a specific security or associated market liquidity. The transfers of investments in CMBS, CLO and certain ABS into Level 3 assets were due to diminished market transparency and liquidity for individual security types. During the three and six months ended June 30, 2023 and 2022, transfers out of Level 3 assets primarily included private placement and other corporate debt, CMBS, RMBS, CLO and ABS. Transfers of certain investments in municipal securities, corporate debt, RMBS, CMBS and CLO and ABS out of Level 3 assets were based on consideration of market liquidity as well as related transparency of pricing and associated observable inputs for these investments. Transfers of certain investments in private placement corporate debt and certain ABS out of Level 3 assets were primarily the result of using observable pricing information that reflects the fair value of those securities without the need for adjustment based on our own assumptions regarding the characteristics of a specific security or the current liquidity in the market. Transfers of Level 3 Liabilities There were no transfers of derivative or other liabilities into or out of Level 3 for the three and six months ended June 30, 2023. During the three and six months ended June 30, 2022, transfers of Level 3 liabilities primarily included certain equity derivatives. QUANTITATIVE INFORMATION ABOUT LEVEL 3 FAIR VALUE MEASUREMENTS The table below presents information about the significant unobservable inputs used for recurring fair value measurements for certain Level 3 instruments, and includes only those instruments for which information about the inputs is reasonably available to us, such as data from independent third-party valuation service providers and from internal valuation models. Because input information from third parties with respect to certain Level 3 instruments (primarily CLO/ABS) may not be reasonably available to us, balances shown below may not equal total amounts reported for such Level 3 assets and liabilities: (in millions) Fair Value at June 30, 2023 Valuation |
Investments
Investments | 6 Months Ended |
Jun. 30, 2023 | |
Equity Method Investments, Joint Ventures, Investments, Debt And Equity Securities [Abstract] | |
Investments | 5. Investments SECURITIES AVAILABLE FOR SALE The following table presents the amortized cost or cost and fair value of our available-for-sale securities: (in millions) Amortized Cost or Costs (a) Allowance for Credit Losses (b) Gross Gross Fair Value (a) June 30, 2023 Bonds available for sale: U.S. government and government sponsored entities $ 1,415 $ — $ 15 $ (203) $ 1,227 Obligations of states, municipalities and political subdivisions 6,570 — 55 (743) 5,882 Non-U.S. governments 4,805 — 24 (775) 4,054 Corporate debt 119,237 (50) 712 (18,306) 101,593 Mortgage-backed, asset-backed and collateralized: RMBS 12,876 (20) 607 (818) 12,645 CMBS 10,982 (18) 10 (1,206) 9,768 CLO 10,035 (2) 43 (314) 9,762 ABS 13,175 — 45 (1,243) 11,977 Total mortgage-backed, asset-backed and collateralized 47,068 (40) 705 (3,581) 44,152 Total bonds available for sale $ 179,095 $ (90) $ 1,511 $ (23,608) $ 156,908 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 $ 181,274 $ (148) $ 1,424 $ (25,757) $ 156,793 (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 $39 million, and an amortized cost of $42 million and $43 million as of June 30, 2023 and December 31, 2022, respectively. Additionally, this includes CLOs which had a fair value of $16 million and an amortized cost of $15 million as of June 30, 2023. There were no available-for-sale CLO securities issued by related parties as of December 31, 2022. (b) Changes in the allowance for credit losses are recorded through Net realized gains (losses) and are not recognized in OCI. Securities Available for Sale in a Loss Position for Which No Allowance for Credit Loss Has Been Recorded The following table summarizes the fair value and gross unrealized losses on our available-for-sale securities, aggregated by major investment category and length of time that individual securities have been in a continuous unrealized loss position for which no allowance for credit loss has been recorded: Less Than 12 Months 12 Months or More Total (in millions) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses June 30, 2023 Bonds available for sale: U.S. government and government sponsored entities $ 787 $ 203 $ 1 $ — $ 788 $ 203 Obligations of states, municipalities and political subdivisions 4,794 740 39 3 4,833 743 Non-U.S. governments 3,604 775 7 — 3,611 775 Corporate debt 65,796 13,365 23,764 4,932 89,560 18,297 RMBS 5,154 398 2,700 390 7,854 788 CMBS 5,345 637 3,701 566 9,046 1,203 CLO 3,881 143 3,873 171 7,754 314 ABS 4,452 391 5,719 852 10,171 1,243 Total bonds available for sale $ 93,813 $ 16,652 $ 39,804 $ 6,914 $ 133,617 $ 23,566 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 At June 30, 2023, we held 16,186 individual fixed maturity securities that were in an unrealized loss position and for which no allowance for credit losses has been recorded (including 4,404 individual fixed maturity securities that were in a continuous unrealized loss position for 12 months or more). At December 31, 2022, we held 16,516 individual fixed maturity securities that were in an unrealized loss position (including 1,923 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 June 30, 2023 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 June 30, 2023 Due in one year or less $ 2,085 $ 2,062 Due after one year through five years 21,333 20,410 Due after five years through ten years 24,977 22,501 Due after ten years 83,582 67,783 Mortgage-backed, asset-backed and collateralized 47,028 44,152 Total $ 179,005 $ 156,908 Actual maturities may differ from contractual maturities because certain borrowers have the right to call or prepay certain obligations with or without call or prepayment penalties. The following table presents the gross realized gains and gross realized losses from sales or maturities of our available-for-sale securities: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in millions) Gross Gross Gross Gross Gross Gross Gross Gross Fixed maturity securities $ 38 $ (279) $ 29 $ (315) $ 84 $ (418) $ 93 $ (478) For the three and six months ended June 30, 2023, the aggregate fair value of available for sale securities sold was $3.0 billion and $5.7 billion, respectively, which resulted in net realized gains (losses) of $(241) million and $(334) million, respectively. Included within the net realized gains (losses) are $(46) million and $(63) million of realized gains (losses) for the three and six months ended June 30, 2023, respectively, which relate to the Fortitude Re funds withheld assets held by Corebridge in support of Fortitude Re’s reinsurance obligations to Corebridge (Fortitude Re funds withheld assets). These realized gains (losses) are included in net realized gains (losses) on Fortitude Re funds withheld assets. For the three and six months ended June 30, 2022, the aggregate fair value of available-for-sale securities sold was $5.5 billion and $7.6 billion, respectively, which resulted in net realized gains (losses) of $(286) million and $(385) million, respectively. Included within the net realized gains (losses) are $(103) million and $(123) million of realized gains (losses) for the three and six months ended June 30, 2022, 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: June 30, 2023 December 31, 2022 (in millions) Fair Value* Percent Fair Value* Percent Fixed maturity securities: U.S. government and government sponsored entities $ — — % $ — — % — % Obligations of states, municipalities and political subdivisions 55 1 % 37 1 % Non-U.S. governments 19 — % 22 1 % Corporate debt 2,333 53 % 2,222 56 % Mortgage-backed, asset-backed and collateralized: RMBS 262 6 % 165 4 % CMBS 251 6 % 232 6 % CLO 367 8 % 279 7 % ABS 953 22 % 812 21 % Total mortgage-backed, asset-backed and collateralized 1,833 42 % 1,488 38 % Total fixed maturity securities 4,240 96 % 3,769 96 % Equity securities 194 4 % 170 4 % Total $ 4,434 100 % $ 3,939 100 % OTHER INVESTED ASSETS The following table summarizes the carrying amounts of other invested assets: (in millions) June 30, 2023 December 31, 2022 Alternative investments (a)(b) $ 8,058 $ 8,014 Investment real estate (c) 1,878 1,831 All other investments (d) 594 573 Total (e) $ 10,530 $ 10,418 (a) At June 30, 2023, included hedge funds of $604 million and private equity funds of $7.5 billion. At December 31, 2022, included hedge funds of $884 million and private equity funds of $7.1 billion. (b) At June 30, 2023, approximately 61% of our hedge fund portfolio is available for redemption in 2023. The remaining 39% will be available for redemption between 2024 and 2028. 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. (c) Net of accumulated depreciation of $626 million and $616 million as of June 30, 2023 and December 31, 2022, respectively. The accumulated depreciation related to the investment real estate held by affordable housing partnerships is $106 million and $124 million as of June 30, 2023 and December 31, 2022, 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 $156 million at June 30, 2023 and December 31, 2022, respectively. (e) Includes investments in related parties, which totaled $3 million and $6 million as of June 30, 2023 and December 31, 2022, respectively. Other Invested Assets – Equity Method Investments The following table presents the carrying amount and ownership percentage of equity method investments at June 30, 2023 and December 31, 2022: June 30, 2023 December 31, 2022 (in millions) Carrying Ownership Carrying Ownership Equity method investments $ 3,265 Various $ 3,185 Various NET INVESTMENT INCOME The following table presents the components of Net investment income: Three Months Ended June 30, 2023 2022 (in millions) Excluding Fortitude Total Excluding Fortitude Total Available-for-sale fixed maturity securities, including short-term investments $ 1,905 $ 208 $ 2,113 $ 1,652 $ 237 $ 1,889 Other bond securities 8 6 14 (34) (149) (183) Equity securities 3 — 3 (20) — (20) Interest on mortgage and other loans 564 49 613 397 46 443 Alternative investments* 80 13 93 186 56 242 Real estate 15 — 15 24 — 24 Other investments 8 — 8 14 — 14 Total investment income 2,583 276 2,859 2,219 190 2,409 Investment expenses 139 6 145 121 8 129 Net investment income $ 2,444 $ 270 $ 2,714 $ 2,098 $ 182 $ 2,280 Six Months Ended June 30, 2023 2022 (in millions) Excluding Fortitude Total Excluding Fortitude Total Available-for-sale fixed maturity securities, including short-term investments $ 3,801 $ 425 $ 4,226 $ 3,272 $ 505 $ 3,777 Other bond securities 18 111 129 (53) (242) (295) Equity securities 32 — 32 (77) — (77) Interest on mortgage and other loans 1,076 99 1,175 781 86 867 Alternative investments* 79 44 123 631 127 758 Real estate 19 — 19 21 — 21 Other investments 11 — 11 52 — 52 Total investment income 5,036 679 5,715 4,627 476 5,103 Investment expenses 291 15 306 226 16 242 Net investment income $ 4,745 $ 664 $ 5,409 $ 4,401 $ 460 $ 4,861 * Included income from hedge funds and private equity funds. Hedge funds are recorded as of the balance sheet date. Private equity funds are generally reported on a one-quarter lag. Net realized gains and losses 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. • Most changes in the fair value of free standing and embedded derivatives, including changes in the non-performance adjustment are included in Net realized gains (losses). However, changes in derivatives designated as hedging instruments when the fair value of the hedged item is not reported in Net realized gains (losses) are excluded from Net realized gains (losses). Additionally, in conjunction with the adoption of LDTI, changes in the fair value of free standing derivatives that hedge certain MRBs are excluded from 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): Three Months Ended June 30, 2023 2022 (in millions) Excluding Fortitude Fortitude Total Excluding Fortitude Total Sales of fixed maturity securities $ (195) $ (46) $ (241) $ (183) $ (103) $ (286) Change in allowance for credit losses on fixed maturity securities (26) (2) (28) (21) — (21) Change in allowance for credit losses on loans (48) (8) (56) 13 6 19 Foreign exchange transactions, net of related hedges (115) 2 (113) 398 32 430 Index-Linked interest credited embedded derivatives, net of related hedges (141) — (141) (20) — (20) All other derivatives and hedge accounting* 258 (77) 181 (3) 4 1 Sales of alternative investments and real estate investments 3 (1) 2 2 2 4 Other (48) 2 (46) — (1) (1) Net realized gains (losses) – excluding Fortitude Re funds withheld embedded derivative (312) (130) (442) 186 (60) 126 Net realized gains (losses) on Fortitude Re funds withheld embedded derivative — 122 122 — 2,394 2,394 Net realized gains (losses) $ (312) $ (8) $ (320) $ 186 $ 2,334 $ 2,520 Six Months Ended June 30, 2023 2022 (in millions) Excluding Fortitude Fortitude Total Excluding Fortitude Total Sales of fixed maturity securities $ (271) $ (63) $ (334) $ (262) $ (123) $ (385) Change in allowance for credit losses on fixed maturity securities (43) (2) (45) (47) (40) (87) Change in allowance for credit losses on loans (82) (27) (109) (13) — (13) Foreign exchange transactions, net of related hedges (104) 9 (95) 509 38 547 Index-Linked interest credited embedded derivatives, net of related hedges (319) — (319) 185 — 185 All other derivatives and hedge accounting* 94 (29) 65 (15) (62) (77) Sales of alternative investments and real estate investments 8 — 8 10 3 13 Other (48) 2 (46) (8) 1 (7) Net realized gains (losses) – excluding Fortitude Re funds withheld embedded derivative (765) (110) (875) 359 (183) 176 Net realized gains (losses) on Fortitude Re funds withheld embedded derivative — (903) (903) — 5,231 5,231 Net realized gains (losses) $ (765) $ (1,013) $ (1,778) $ 359 $ 5,048 $ 5,407 * Derivative activity related to hedging MRBs is recorded in Change in the fair value of MRBs, net. For additional disclosures about MRBs, see Note 12. CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENTS The following table presents the increase (decrease) in unrealized appreciation (depreciation) of our available-for-sale securities: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2023 2022 2023 2022 Increase (decrease) in unrealized appreciation (depreciation) of investments: Fixed maturity securities $ (1,783) $ (15,402) $ 2,236 $ (32,276) Other investments 11 — 12 — Total increase (decrease) in unrealized appreciation (depreciation) of investments $ (1,772) $ (15,402) $ 2,248 $ (32,276) 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: Three Months Ended June 30, 2023 2022 (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 $ 4 $ 123 $ 127 $ (20) $ 47 $ 27 Less: Net gains (losses) recognized during the period on equity securities and other investments sold during the period — 8 8 (2) (13) (15) Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date $ 4 $ 115 $ 119 $ (18) $ 60 $ 42 Six Months Ended June 30, 2023 2022 (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 $ 33 $ 154 $ 187 $ (77) $ 346 $ 269 Less: Net gains (losses) recognized during the period on equity securities and other investments sold during the period 33 9 42 (48) (16) (64) Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date $ — $ 145 $ 145 $ (29) $ 362 $ 333 EVALUATING INVESTMENTS FOR AN ALLOWANCE FOR CREDIT LOSSES For a discussion of our policy for evaluating investments for an allowance for credit losses, see Note 5 to the Consolidated Financial Statements in the June 2023 Registration Statement . Credit Impairments The following table presents a rollforward of the changes in allowance for credit losses on available-for-sale fixed maturity securities by major investment category: Three Months Ended June 30, 2023 2022 (in millions) Structured Non-Structured Total Structured Non-Structured Total Balance, beginning of period $ 27 $ 69 $ 96 $ 11 $ 130 $ 141 Additions: Securities for which allowance for credit losses were not previously recorded 13 16 29 1 2 3 Reductions: Securities sold during the period 1 (10) (9) (1) (32) (33) 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 (1) — (1) 8 10 18 Write-offs charged against the allowance — (25) (25) — (15) (15) Balance, end of period $ 40 $ 50 $ 90 $ 19 $ 95 $ 114 Six Months Ended June 30, 2023 2022 (in millions) Structured Non-Structured Total Structured Non-Structured Total Balance, beginning of period $ 27 $ 121 $ 148 $ 8 $ 70 $ 78 Additions: Securities for which allowance for credit losses were not previously recorded 15 28 43 34 96 130 Reductions: Securities sold during the period (1) (27) (28) (1) (34) (35) 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 (1) 3 2 (22) (22) (44) Write-offs charged against the allowance — (75) (75) — (15) (15) Balance, end of period $ 40 $ 50 $ 90 $ 19 $ 95 $ 114 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 purchased credit deteriorated (“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 six months ended June 30, 2023 and 2022. PLEDGED INVESTMENTS Secured Financing and Similar Arrangements We enter into secured financing transactions whereby certain securities are sold under agreements to repurchase (repurchase agreements), in which we transfer securities in exchange for cash, with an agreement by us to repurchase the same or substantially similar securities. Our secured financing transactions also include those that involve the transfer of securities to financial institutions in exchange for cash (securities lending agreements). In all of these secured financing transactions, the securities transferred by us (pledged collateral) may be sold or repledged by the counterparties. These agreements are recorded at their contracted amounts plus accrued interest, other than those that are accounted for at fair value. Pledged collateral levels are monitored daily and are generally maintained at an agreed-upon percentage of the fair value of the amounts borrowed during the life of the transactions. In the event of a decline in the fair value of the pledged collateral under these secured financing transactions, we may be required to transfer cash or additional securities as pledged collateral under these agreements. At the termination of the transactions, we and our counterparties are obligated to return the amounts borrowed and the securities transferred, respectively. The following table presents the fair value of securities pledged to counterparties under secured financing transactions, including repurchase agreements: (in millions) June 30, 2023 December 31, 2022 Fixed maturity securities available for sale $ 542 $ 2,968 At June 30, 2023 and December 31, 2022, amounts borrowed under repurchase agreements totaled $532 million and $3.1 billion, respectively. The following table presents the fair value of securities pledged under our repurchase agreements by collateral type and by remaining contractual maturity: Remaining Contractual Maturity of the Repurchase Agreements (in millions) Overnight and Continuous Up to 30 Days 31 - 90 Days 91 - 364 Days 365 Days or Greater Total June 30, 2023 Bonds available for sale: Non-U.S. governments $ — $ — $ — $ — $ — $ — Corporate debt 27 515 — — — 542 Total $ 27 $ 515 $ — $ — $ — $ 542 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 There were no securities lending agreements at June 30, 2023 and December 31, 2022. There were no reverse repurchase agreements at June 30, 2023 and December 31, 2022. 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 $6.4 billion and $3.5 billion at June 30, 2023 and December 31, 2022, 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 $247 million and $222 million of stock in FHLBs at June 30, 2023 and December 31, 2022, 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 $5.4 billion and $2.5 billion, respectively, at June 30, 2023 and $4.8 billion and $1.8 billion, respectively, at December 31, 2022. Certain GICs recorded in policyholder contract deposits with a carrying value of $50 million and $56 million at June 30, 2023 and December 31, 2022, respectively, have provisions that require collateral to be posted or payments to be made by us upon a downgrade of our Insurer Financial Strength (“IFS”) ratings. The actual amount of collateral required to be posted to the counterparties in the event of such downgrades and the aggregate amount of payments that we could be required to make depend on market conditions, the fair value of outstanding affected transactions and other factors prevailing at and after the time of the downgrade. The fair value of securities pledged as collateral with respect to these obligations was approximately $56 million and $63 million at June 30, 2023 and December 31, 2022, respectively. This collateral primarily consists of securities of the U.S. government and government-sponsored entities and generally cannot be repledged or resold by the counterparties. As part of our collateralized reinsurance transactions, we pledge collateral to cedants as contractually required. The fair value of securities pledged as excess collateral with respect to these obligations was approximately $239 million and $144 million at June 30, 2023 and December 31, 2022, respectively. Additionally, assets supporting these transactions are held solely for the benefit of the cedants and insulated from obligations owed to our other policyholders and general creditors. Reinsurance transactions between Corebridge and Fortitude Re were structured as modco with funds withheld. For further discussion on the sale of Fortitude Holdings, see Note 7. |
Lending Activities
Lending Activities | 6 Months Ended |
Jun. 30, 2023 | |
Receivables [Abstract] | |
Lending Activities | 6. Lending Activities The following table presents the composition of Mortgage and other loans receivable, net: (in millions) June 30, 2023 December 31, 2022 Commercial mortgages (a) $ 33,845 $ 32,993 Residential mortgages 7,456 5,856 Life insurance policy loans 1,754 1,750 Commercial loans, other loans and notes receivable (b) 4,131 4,567 Total mortgage and other loans receivable 47,186 45,166 Allowance for credit losses (c) (689) (600) Mortgage and other loans receivable, net $ 46,497 $ 44,566 (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 19% and 10%, respectively, at June 30, 2023, and 20% and 11%, respectively, at December 31, 2022). The weighted average loan-to-value ratio for NY and CA was 61% and 53% at June 30, 2023, respectively, and 59% and 53% at December 31, 2022, respectively. The debt service coverage ratio for NY and CA was 2.0X and 2.1X at June 30, 2023, respectively, and 2.0X and 2.1X at December 31, 2022, 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 June 30, 2023 and December 31, 2022, the net carrying value of these loans was $186 million and $170 million, respectively. (c) Does not include allowance for credit losses of $74 million and $60 million at June 30, 2023 and December 31, 2022, respectively, in relation to off-balance-sheet commitments to fund commercial mortgage loans, which is recorded in Other liabilities. Interest income is not accrued when payment of contractual principal and interest is not expected. Any cash received on impaired loans is generally recorded as a reduction of the current carrying amount of the loan. Accrual of interest income is generally resumed when delinquent contractual principal and interest are repaid or when a portion of the delinquent contractual payments are made, and the ongoing required contractual payments have been made for an appropriate period. As of June 30, 2023, $6 million and $633 million of residential mortgage loans and commercial mortgage loans, respectively, were placed on nonaccrual status. As of December 31, 2022, $3 million and $623 million of residential mortgage loans and commercial mortgage loans, respectively, were placed on nonaccrual status. Accrued interest is presented separately and is included in Accrued investment income on the Condensed Consolidated Balance Sheets. As of June 30, 2023, accrued interest receivable was $19 million and $151 million associated with residential mortgage loans and commercial mortgage loans, respectively. As of December 31, 2022, accrued interest receivable was $15 million and $130 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 * for commercial mortgages by year of vintage: June 30, 2023 (in millions) 2023 2022 2021 2020 2019 Prior Total >1.2X $ 1,178 $ 5,407 $ 2,131 $ 1,147 $ 5,036 $ 12,698 $ 27,597 1.00 - 1.20X 54 1,070 941 757 179 1,485 4,486 <1.00X 47 40 — 23 — 1,652 1,762 Total commercial mortgages $ 1,279 $ 6,517 $ 3,072 $ 1,927 $ 5,215 $ 15,835 $ 33,845 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 * 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 June 30, 2023 and 1.9X at December 31, 2022. The debt service coverage ratios are updated when additional information becomes available. The following table presents loan-to-value ratios * for commercial mortgages by year of vintage: June 30, 2023 (in millions) 2023 2022 2021 2020 2019 Prior Total Less than 65% $ 916 $ 5,005 $ 2,265 $ 1,699 $ 3,763 $ 11,414 $ 25,062 65% to 75% 296 1,163 527 76 1,402 2,608 6,072 76% to 80% — 349 43 — — 346 738 Greater than 80% 67 — 237 152 50 1,467 1,973 Total commercial mortgages $ 1,279 $ 6,517 $ 3,072 $ 1,927 $ 5,215 $ 15,835 $ 33,845 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 * 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 58% at June 30, 2023, and 59% at December 31, 2022. The loan-to-value ratios reflect the latest obtained valuations of the collateral properties. We update the valuations of collateral properties by obtaining independent appraisals, generally at least once per year. The following table presents the credit quality performance indicators for commercial mortgages: (dollars in millions) Number Class Percent Apartments Offices Retail Industrial Hotel Others Total (c) June 30, 2023 Credit Quality Performance Indicator: In good standing 604 $ 13,919 $ 8,479 $ 3,514 $ 5,652 $ 1,808 $ 316 $ 33,688 100% 90 days or less delinquent — — — — — — — — —% >90 days delinquent or in process of foreclosure (a) 3 — 157 — — — — 157 —% Total (b) 607 $ 13,919 $ 8,636 $ 3,514 $ 5,652 $ 1,808 $ 316 $ 33,845 100% Allowance for credit losses $ 87 $ 374 $ 62 $ 70 $ 22 $ 6 $ 621 2 % 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 9 — 329 94 — 59 — 482 1% 90 days or less delinquent — — — — — — — — —% >90 days delinquent or in process of foreclosure (a) 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 % (a) Includes $156 million and $156 million of Office loans supporting the Fortitude Re funds withheld arrangements, greater than 90 days delinquent or in process of foreclosure, at June 30, 2023 and December 31, 2022, respectively. (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: June 30, 2023 (in millions) 2023 2022 2021 2020 2019 Prior Total FICO*: 780 and greater $ 285 $ 492 $ 2,314 $ 637 $ 240 $ 513 $ 4,481 720 - 779 664 564 538 169 79 199 2,213 660 - 719 170 249 88 38 25 98 668 600 - 659 2 21 7 7 6 38 81 Less than 600 — — 1 1 2 9 13 Total residential mortgages $ 1,121 $ 1,326 $ 2,948 $ 852 $ 352 $ 857 $ 7,456 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 * 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 twelve months. Three Months Ended June 30, 2023 2022 (in millions) Commercial Mortgages Other Loans Total Commercial Mortgages Other Loans Total Allowance, beginning of period $ 586 $ 73 $ 659 $ 413 $ 75 $ 488 Loans charged off (4) — (4) 1 — 1 Net charge-offs (4) — (4) 1 — 1 Addition to (release of) allowance for loan losses 39 (5) 34 — (5) (5) Allowance, end of period $ 621 $ 68 $ 689 $ 414 $ 70 $ 484 Six Months Ended June 30, 2023 2022 (in millions) Commercial Mortgages Other Loans Total Commercial Mortgages Other Loans Total Allowance, beginning of period $ 531 $ 69 $ 600 $ 423 $ 73 $ 496 Loans charged off (4) — (4) (4) — (4) Net charge-offs (4) — (4) (4) — (4) Addition to (release of) allowance for loan losses 94 (1) 93 (5) (3) (8) Allowance, end of period $ 621 $ 68 $ 689 $ 414 $ 70 $ 484 * Does not include allowance for credit losses of $74 million and $78 million, respectively, at June 30, 2023 and 2022 in relation to the off-balance-sheet commitments to fund commercial mortgage loans, which is recorded in Other liabilities in the Condensed Consolidated Balance Sheets. LOAN MODIFICATIONS The allowance for credit losses incorporates an estimate of lifetime expected credit losses and is recorded on each asset upon asset origination or acquisition. The starting point for the estimate of the allowance for credit losses is historical loss information, which includes losses from modifications of receivables to borrowers experiencing financial difficulty. We use a probability of default/loss given default model to determine the allowance for credit losses for our commercial and residential mortgage loans. An assessment of whether a borrower is experiencing financial difficulty is made on the date of a modification. Because the effect of most modifications made to borrowers experiencing financial difficulty is already included in the allowance for credit losses utilizing the measurement methodologies used to estimate the allowance, a change to the allowance for credit losses is generally not recorded upon modification. When modifications are executed, they often will be in the form of principal forgiveness, term extensions, interest rate reductions, or some combination of any of these concessions. When principal is forgiven, the amortized cost basis of the asset is written off against the allowance for credit losses. The amount of the principal forgiveness is deemed to be uncollectible; therefore, that portion of the loan is written off, resulting in a reduction of the amortized cost basis and a corresponding adjustment to the allowance for credit losses. We assess whether a borrower is experiencing financial difficulty based on a variety of factors, including the borrower’s current default on any of its outstanding debt, the probability of a default on any of its debt in the foreseeable future without the modification, the insufficiency of the borrower’s forecasted cash flows to service any of its outstanding debt (including both principal and interest), and the borrower’s inability to access alternative third party financing at an interest rate that would be reflective of current market conditions for a non-troubled debtor. During the six-month period ended June 30, 2023, Corebridge did not modify any loans to borrowers experiencing financial difficulty. There were no loans that had defaulted during the six-month period ended June 30, 2023, that had been previously modified with borrowers experiencing financial difficulties. Prior to January 1, 2023, we were required to assess loan modifications to determine if they were a TDR. A TDR was a modification of a loan with a borrower that was experiencing financial difficulty and the modification involved us granting a concession to the troubled borrower. Concessions previously granted included extended maturity dates, interest rate changes, principal or interest forgiveness, payment deferrals and easing of loan covenants. During the six-month period ended June 30, 2022, loans with a carrying value of $77 million were modified as troubled debt restructurings. Effective January 1, 2023, we are no longer required to assess whether loan modifications are TDRs. |
Reinsurance
Reinsurance | 6 Months Ended |
Jun. 30, 2023 | |
Insurance [Abstract] | |
Reinsurance | 7. Reinsurance In the ordinary course of business, our insurance companies may use ceded reinsurance to limit potential losses, provide additional capacity for growth, minimize exposure to significant risks or to provide greater diversification of our businesses. We may also use assumed reinsurance to diversify our business. Our reinsurance is principally under YRT treaties, along with a large modco treaty reinsuring the majority of our legacy business to a former affiliate, Fortitude Re. Reinsurance premiums ceded are recognized when due, along with corresponding benefits. Amounts recoverable from reinsurers are presented as a component of Reinsurance assets. Reinsurance assets include the balances due from reinsurance and insurance companies under the terms of our reinsurance agreements for ceded future policy benefits for life and accident and health insurance contracts and benefits paid and unpaid. We remain liable to the extent that our reinsurers do not meet their obligations under the reinsurance contracts, and as such, we regularly evaluate the financial condition of our reinsurers and monitor concentration of our credit risk. The estimation of the allowance for credit losses and disputes requires judgment for which key inputs typically include historical trends regarding uncollectible balances, disputes and credit events as well as specific reviews of balances in dispute or subject to credit impairment. Changes in the allowance for credit losses and disputes on reinsurance assets are reflected in Policyholder benefits within the Consolidated Statements of Income (Loss). Prior to the adoption of the Targeted Improvements to the Accounting for Long-Duration Contracts Standard Prior to January 1, 2021, assumptions used in estimating reinsurance recoverables related to coinsurance or modco contracts were consistent with those used in estimating the related liabilities and reflected locked-in assumptions, absent a loss recognition event. Amounts recoverable on YRT treaties were recognized when claims were incurred on the reinsured policies. Subsequent to the adoption of the Targeted Improvements to the Accounting for Long-Duration Contracts Standard The following table presents the transition rollforward for reinsurance recoverables: Individual Life Institutional (in millions) Retirement Insurance Markets Total Pre-adoption, December 31, 2020 for Reinsurance assets - other, net of allowance for credit losses and disputes (a) $ 309 $ 2,370 $ 43 $ 2,722 Reclassification of Cost of Reinsurance (b) — 416 — 416 Reclassification to Market risk benefits (35) — — (35) Change in cash flow assumptions and effect of net premiums exceeding gross premiums — (52) — (52) Change due to the current upper-medium grade discount rate — 99 5 104 Post-adoption January 1, 2021 for Reinsurance assets - other, net of allowance for credit losses and disputes $ 274 $ 2,833 $ 48 $ 3,155 (a) Excludes $(15) million of Reinsurance assets - other, net of allowance for credit losses and disputes in Other Operations. (b) Cost of reinsurance is reported in Other liabilities in the Condensed Consolidated Balance sheets. Corporate and (in millions) Other Pre-adoption, December 31, 2020 for Reinsurance assets - Fortitude Re, net of allowance for credit losses and disputes $ 29,158 Change in cash flow assumptions and effect of net premiums exceeding gross premiums 55 Change due to the current upper-medium grade discount rate 7,611 Post-adoption January 1, 2021 for Reinsurance assets - Fortitude Re, net of allowance for credit losses and disputes $ 36,824 The remeasurement of the reinsurance recoverable using the current upper-medium grade discount rate is offset in AOCI. FORTITUDE RE In February 2018, AGL, VALIC and USL entered into a modco agreement with Fortitude Re, then 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 OCI)). Corebridge has established a funds withheld payable to Fortitude Re while simultaneously establishing a reinsurance asset representing liabilities for the insurance coverage that Fortitude Re has assumed. The funds withheld payable contains an embedded derivative and changes in fair value of the embedded derivative related to the funds withheld payable are recognized in earnings through realized gains (losses). This embedded derivative is considered a total return swap with contractual returns that are attributable to various assets and liabilities associated with these reinsurance agreements. There is a diverse pool of assets supporting the funds withheld arrangements with Fortitude Re. The following summarizes the composition of the pool of assets: June 30, 2023 December 31, 2022 (in millions) Carrying Value Fair Value Carrying Value Fair Value Corresponding Accounting Policy Fixed maturity securities - available for sale $ 15,411 $ 15,411 $ 16,339 $ 16,339 Fair value through other comprehensive income Fixed maturity securities - fair value option 3,883 3,883 3,485 3,485 Fair value through net investment income Commercial mortgage loans 3,553 3,306 3,490 3,241 Amortized cost Real estate investments 126 301 133 348 Amortized cost Private equity funds/hedge funds 1,940 1,940 1,893 1,893 Fair value through net investment income Policy loans 340 340 355 355 Amortized cost Short-term Investments 245 245 69 69 Fair value through net investment income Funds withheld investment assets 25,498 25,426 25,764 25,730 Derivative assets, net (a) 58 58 90 90 Fair value through realized gains (losses) Other (b) 531 528 731 731 Amortized cost Total $ 26,087 $ 26,012 $ 26,585 $ 26,551 (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 $189 million as of June 30, 2023 and December 31, 2022, 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: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2023 2022 2023 2022 Net investment income - Fortitude Re funds withheld assets $ 270 $ 182 $ 664 $ 460 Net realized losses on Fortitude Re funds withheld assets: Net realized losses Fortitude Re funds withheld assets (130) (60) (110) (183) Net realized gains (losses) Fortitude Re funds withheld embedded derivatives 122 2,394 (903) 5,231 Net realized gains (losses) on Fortitude Re funds withheld assets (8) 2,334 (1,013) 5,048 Income (loss) before income tax benefit (expense) 262 2,516 (349) 5,508 Income tax benefit (expense)* (55) (529) 73 (1,157) Net income (loss) 207 1,987 (276) 4,351 Change in unrealized appreciation (depreciation) of the invested assets supporting the Fortitude Re modco arrangement classified as available for sale* (165) (1,875) 286 (4,151) Comprehensive income $ 42 $ 112 $ 10 $ 200 * The income tax expense (benefit) and the tax impact in OCI was computed using the U.S. statutory tax rate of 21%. Various assets supporting the Fortitude Re funds withheld arrangements are reported at amortized cost, and as such, changes in the fair value of these assets are not reflected in the financial statements. However, changes in the fair value of these assets are included in the embedded derivative in the Fortitude Re funds withheld arrangement and the appreciation (depreciation) of the assets is the primary driver of the comprehensive income reflected above. REINSURANCE – CREDIT LOSSES The estimation of reinsurance recoverables involves a significant amount of judgment. Reinsurance assets include reinsurance recoverables on future policy benefits and policyholder contract deposits that are estimated as part of our insurance liability valuation process and, consequently, are subject to similar judgments and uncertainties as the estimation of gross benefit liabilities. We assess the collectability of reinsurance recoverable balances in each reporting period, through either historical trends of disputes and credit events or financial analysis of the credit quality of the reinsurer. We record adjustments to reflect the results of these assessments through an allowance for credit losses and disputes on uncollectible reinsurance that reduces the carrying amount of reinsurance and other assets on the Condensed Consolidated Balance Sheets (collectively, the reinsurance recoverable balances). This estimate requires significant judgment for which key considerations include: • paid and unpaid amounts recoverable; • whether the balance is in dispute or subject to legal collection; • the relative financial health of the reinsurer as classified by the Obligor Risk Ratings (“ORRs”) we assign to each reinsurer based upon our financial reviews; insurers that are financially troubled (i.e., in run-off, have voluntarily or involuntarily been placed in receivership, are insolvent, are in the process of liquidation or otherwise subject to formal or informal regulatory restriction) are assigned ORRs that will generate a significant allowance; and • whether collateral and collateral arrangements exist. An estimate of the reinsurance recoverable’s lifetime expected credit losses is established utilizing a probability of default and loss given default method, which reflects the reinsurer’s ORR. The allowance for credit losses excludes disputed amounts. An allowance for disputes is established for a reinsurance recoverable using the losses incurred model for contingencies. The total reinsurance recoverables as of June 30, 2023 wer e $29.3 billion. As of that date, utilizing Corebridge’s ORRs, (i) approximately 100% of the reinsurance recoverables were investment grade, (ii) less than 1% were non-investment grade reinsurance recoverables and (iii) none of the reinsurance recoverables were related to entities that were not rated by Corebridge. Reinsurance Recoverable Allowance The following table presents a rollforward of the reinsurance recoverable allowance: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2023 2022 2023 2022 Balance, beginning of period $ 74 $ 105 $ 84 $ 101 Current period provision for expected credit losses and disputes (8) 2 (18) 6 Write-offs charged against the allowance for credit losses and disputes — — — — Other changes — — — — Balance, end of period $ 66 $ 107 $ 66 $ 107 There w ere no material recoveries of credit losses previously written off for th e three and six months ended June 30, 2023 or 2022. Past-Due Status We consider a reinsurance asset to be past due when it is 90 days past due and record an allowance for disputes when there is reasonable uncertainty of the collectability of a disputed amount during the reporting period. Past-due balances were not significant for any of the periods presented. For further discussion of arbitration proceedings against us, see Note 14. |
Variable Interest Entities
Variable Interest Entities | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | 8. Variable Interest Entities A VIE is a legal entity that does not have sufficient equity at risk to finance its activities without additional subordinated financial support or is structured such that equity investors lack the ability to make significant decisions relating to the entity’s operations through voting rights or do not substantively participate in the gains and losses of the entity. Consolidation of a VIE by its primary beneficiary is not based on majority voting interest but is based on other criteria discussed below. We enter into various arrangements with VIEs in the normal course of business and consolidate the VIEs when we determine we are the primary beneficiary. This analysis includes a review of the VIE’s capital structure, related contractual relationships and terms, nature of the VIE’s operations and purpose, nature of the VIE’s interests issued and our involvement with the entity. When assessing the need to consolidate a VIE, we evaluate the design of the VIE as well as the related risks to which the entity was designed to expose the variable interest holders. The primary beneficiary is the entity that has both (i) the power to direct the activities of the VIE that most significantly affect the entity’s economic performance and (ii) the obligation to absorb losses or the right to receive benefits that could be potentially significant to the VIE. While also considering these factors, the consolidation conclusion depends on the breadth of our decision-making ability and our ability to influence activities that significantly affect the economic performance of the VIE. BALANCE SHEET CLASSIFICATION AND EXPOSURE TO LOSS Creditors or beneficial interest holders of VIEs for which the Company is the primary beneficiary generally have recourse only to the assets and cash flows of the VIEs and do not have recourse to the Company. The following table presents the total assets and total liabilities associated with our variable interests in consolidated VIEs, as classified in the Condensed Consolidated Balance Sheets: (in millions) Real Estate and Investment Entities (c) Securitization and Repackaging Vehicles (d) Total June 30, 2023 Assets: Bonds available for sale $ — $ 92 $ 92 Other bond securities — — — Equity securities 34 — 34 Mortgage and other loans receivable — 2,010 2,010 Other invested assets Alternative investments (a) 2,860 — 2,860 Investment real estate 1,784 — 1,784 Short-term investments 292 7 299 Cash 99 — 99 Accrued investment income — 14 14 Other assets 130 (2) 128 Total assets (b) $ 5,199 $ 2,121 $ 7,320 Liabilities: Debt of consolidated investment entities $ 1,433 $ 1,223 $ 2,656 Other liabilities 102 — 102 Total liabilities $ 1,535 $ 1,223 $ 2,758 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 (a) Composed primarily of investments in real estate joint ventures at June 30, 2023 and December 31, 2022. (b) The assets of each VIE can be used only to settle specific obligations of that VIE. (c) Off-balance-sheet exposure primarily consisting of commitments by insurance operations and affiliates into real estate and investment entities. At June 30, 2023 and December 31, 2022, together, the Company and AIG affiliates have commitments to internal parties of $2.0 billion and $2.1 billion and commitments to external parties of $0.5 billion and $0.6 billion, respectively. At June 30, 2023, $1.3 billion out of the internal commitments was from subsidiaries of Corebridge entities and $0.7 billion was from other AIG affiliates. 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. (d) During the three months ended March 31, 2023, Corebridge deconsolidated certain consolidated investment entities, as part of the sale of AIG Credit Management, LLC with $3.6 billion assets and $3.2 billion in liabilities, resulting in a pre-tax loss of $3 million. The following table presents the revenue, net income (loss) attributable to noncontrolling interests and net income (loss) attributable to Corebridge associated with our variable interests in consolidated VIEs, as classified in the Condensed Consolidated Income Statements: Real Estate and Securitization Affordable Investment and Repackaging Housing (in millions) Entities Vehicles Partnerships Total Three Months Ended June 30, 2023 Total revenue $ 16 $ 18 $ — $ 34 Net income attributable to noncontrolling interests (20) — — (20) Net income (loss) attributable to Corebridge 19 9 — 28 Three Months Ended June 30, 2022 Total revenue $ 188 $ 51 $ — $ 239 Net income attributable to noncontrolling interests 79 2 — 81 Net income (loss) attributable to Corebridge 95 10 — 105 Six Months Ended June 30, 2023 Total revenue $ 69 $ 77 $ — $ 146 Net income attributable to noncontrolling interests (14) — — (14) Net income (loss) attributable to Corebridge 52 54 — 106 Six Months Ended June 30, 2022 Total revenue $ 388 $ 113 $ — $ 501 Net income attributable to noncontrolling interests 154 2 — 156 Net income (loss) attributable to Corebridge 209 41 — 250 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 June 30, 2023 Real estate and investment entities (a) $ 385,451 $ 5,715 $ 2,855 $ 8,570 Total $ 385,451 $ 5,715 $ 2,855 $ 8,570 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 (a) Composed primarily of hedge funds and private equity funds. (b) At June 30, 2023 and December 31, 2022, $5.7 billion and $5.6 billion, respectively, of our total unconsolidated VIE assets were recorded as other invested assets. (c) These amounts represent our unfunded commitments to invest in private equity funds and hedge funds. Additionally, from time to time, AIG designed internal securitizations and a series of VIEs, which are not consolidated by Corebridge, that securitized certain secured loans, bank loans and 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. |
Derivatives and Hedge Accountin
Derivatives and Hedge Accounting | 6 Months Ended |
Jun. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedge Accounting | 9. Derivatives and Hedge Accounting We use derivatives and other financial instruments as part of our financial risk management programs and as part of our investment operations. Interest rate derivatives (such as interest rate futures, swaps and options), equity derivatives (such as equity futures, swaps and options) and fixed maturity securities are used to economically mitigate interest rate risk, equity risk and credit spread exposure associated with MRBs and embedded derivatives contained in insurance contract liabilities. Interest rate derivatives are used to manage interest rate risk associated with fixed maturity securities as well as other interest rate sensitive assets and liabilities. Equity derivatives are used to economically mitigate financial risk associated with embedded derivatives and MRBs in certain insurance liabilities. In addition, equity derivatives are used to economically hedge certain investments. Foreign exchange derivatives (principally foreign exchange forwards and swaps) are used to economically mitigate risk associated with foreign denominated investments, net capital exposures and foreign currency transactions. We use credit derivatives to manage our credit exposures. The derivatives are effective economic hedges of the exposures that they are meant to offset. 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 Condensed Consolidated Balance Sheets only to the extent permitted by qualifying master netting arrangements in place with each respective counterparty. Cash collateral posted with counterparties in conjunction with transactions supported by qualifying master netting arrangements is reported as a reduction of the corresponding net derivative liability, while cash collateral received in conjunction with transactions supported by qualifying master netting arrangements is reported as a reduction of the corresponding net derivative asset. Derivatives, with the exception of embedded derivatives, are reported at fair value in the Condensed Consolidated Balance Sheets in Other assets and Other liabilities. Embedded derivatives are generally presented with the host contract in the Condensed Consolidated Balance Sheets. A bifurcated embedded derivative is measured at fair value and accounted for in the same manner as a freestanding derivative contract. The corresponding host contract is accounted for according to the accounting guidance applicable for that instrument. For additional information on embedded derivatives and MRBs, see Notes 4, 11 and 12. The following table presents the notional amounts of our derivatives and the fair value of derivative assets and liabilities in the Condensed Consolidated Balance Sheets: June 30, 2023 December 31, 2022 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 $ 617 $ 210 $ 1,433 $ 38 $ 155 $ 202 $ 1,798 $ 77 Foreign exchange contracts 5,135 534 1,600 34 3,535 575 3,354 176 Derivatives not designated as hedging instruments: (a) Interest rate contracts 28,937 1,433 24,381 2,243 27,656 1,371 21,553 2,599 Foreign exchange contracts 6,176 618 7,219 321 4,630 672 6,673 456 Equity contracts 29,178 1,274 15,485 349 26,041 417 9,962 27 Other contracts (b) 46,017 15 — — 47,128 15 48 — Total derivatives, gross $ 116,060 $ 4,084 $ 50,118 $ 2,985 $ 109,145 $ 3,252 $ 43,388 $ 3,335 Counterparty netting (c) (2,790) (2,790) (2,547) (2,547) Cash collateral (d) (838) (43) (406) (691) Total derivatives on Condensed Consolidated Balance Sheets (e) $ 456 $ 152 $ 299 $ 97 (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. The fair value of assets related to bifurcated embedded derivatives were both zero at June 30, 2023 and December 31, 2022. The fair value of liabilities related to bifurcated embedded derivatives was $8.3 billion and $6.7 billion at June 30, 2023 and December 31, 2022, respectively. A bifurcated embedded derivative is generally presented with the host contract in the Condensed Consolidated Balance Sheets. Embedded derivatives are primarily related to guarantee features in fixed index annuities and index universal life contracts, which include equity and interest rate components and the funds withheld arrangement with Fortitude Re. For additional information, see Note 7. The following table presents the gross notional amounts of our derivatives and the fair value of derivative assets and liabilities with related parties and third parties: June 30, 2023 December 31, 2022 Gross Derivative Gross Derivative Gross Derivative Gross Derivative (in millions) Notional Fair Notional Fair Notional Fair Notional Fair Total derivatives with related parties $ 62,164 $ 3,727 $ 44,954 $ 2,743 $ 60,633 $ 3,177 $ 42,109 $ 3,154 Total derivatives with third parties 53,896 357 5,164 242 48,512 75 1,279 181 Total derivatives, gross $ 116,060 $ 4,084 $ 50,118 $ 2,985 $ 109,145 $ 3,252 $ 43,388 $ 3,335 As of June 30, 2023 and December 31, 2022, the following amounts were recorded on the Condensed Consolidated Balance Sheets related to the carrying amount of the hedged assets (liabilities) and cumulative basis adjustments included in the carrying amount for fair value hedges: June 30, 2023 December 31, 2022 (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 $ 6,434 $ — $ 6,520 $ — Commercial mortgage and other loans (a) — (25) — (25) Policyholder contract deposits (b) (3,706) 17 (2,218) 68 (a) This relates to hedge accounting that has been discontinued, but the respective loans are still held. The cumulative adjustment is being amortized into earnings over the remaining life of the loan. (b) This relates to fair value hedges on GICs. COLLATERAL We engage in derivative transactions that are not subject to a clearing requirement directly with related parties and unaffiliated third parties, in most cases under International Swaps and Derivatives Association, Inc. (“ISDA”) Master Agreements. Many of the ISDA Master Agreements also include Credit Support Annex provisions, which provide for collateral postings that may vary based on criteria such as ratings and threshold levels. We attempt to reduce our risk with certain counterparties by entering into agreements that enable collateral to be obtained from a counterparty on an up-front or contingent basis. We minimize the risk that counterparties might be unable to fulfill their contractual obligations by monitoring counterparty credit exposure and collateral value and generally requiring additional collateral to be posted upon the occurrence of certain events or circumstances. Collateral posted by us to third parties for derivative transactions was $237 million and $255 million at June 30, 2023 and December 31, 2022, respectively. Collateral posted by us to related parties for derivative transactions was $688 million and $1.5 billion at June 30, 2023 and December 31, 2022, 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 $285 million and $40 million at June 30, 2023 and December 31, 2022, respectively. Collateral provided to us from related parties for derivative transactions was $799 million and $380 million at June 30, 2023 and December 31, 2022, respectively. In the case of collateral provided to us under derivative transactions that are not subject to clearing, we generally can repledge or resell collateral. OFFSETTING We have elected to present all derivative receivables and derivative payables, and the related cash collateral received and paid, on a net basis on our Condensed Consolidated Balance Sheets when a legally enforceable ISDA Master Agreement exists between us and our derivative counterparty. An ISDA Master Agreement is an agreement governing multiple derivative transactions between two counterparties. The ISDA Master Agreement generally provides for the net settlement of all, or a specified group, of these derivative transactions, as well as transferred collateral, through a single payment, and in a single currency, as applicable. The net settlement 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 both third parties and related parties as fair value hedges of fixed rate GICs and commercial mortgage loans attributable to changes in benchmark interest rates. 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 AOCI and reclassified $21 million into interest expense. For the three and six months ended June 30, 2023 , $7 million and $14 million has been reclassified into interest expense. There are no additional derivative gains or losses recognized in AOCI for this period. The remaining amount in AOCI, of $188 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. We use cross-currency swaps as hedging instruments in net investment hedge relationships to mitigate the foreign exchange risk associated with our non-U.S. dollar functional currency foreign subsidiaries. For net investment hedge relationships that use derivatives as hedging instruments, we assess hedge effectiveness and measure hedge ineffectiveness using changes in forward rates. We recognized gains (losses) for the three and six months ended June 30, 2023 of $(1) million and $(2) million, respectively, and for the three and six months ended June 30, 2022 of $7 million and $9 million , respectively, included in Change in foreign currency translation adjustment in OCI related to the net investment hedge relationships. The gains (losses) recognized primarily include transactions with related parties. A qualitative methodology is utilized to assess hedge effectiveness for net investment hedges, while regression analysis is employed for all other hedges. The following table presents the gain (loss) recognized in earnings on our derivative instruments in fair value hedging relationships in the Condensed Consolidated Statements of Income (Loss): Gains/(Losses) Recognized in Earnings for: (in millions) Hedging Derivatives (a)(c) Excluded Components (b)(c) Hedged Net Impact Three Months Ended June 30, 2023 Interest rate contracts: Realized gains (losses) $ — $ — $ — $ — Interest credited to policyholder account balances (43) — 37 (6) Net investment income — — 1 1 Foreign exchange contracts: Realized gains (losses) (79) 30 79 30 Three Months Ended June 30, 2022 Interest rate contracts: Realized gains (losses) $ — $ — $ — $ — Interest credited to policyholder account balances (33) — 34 1 Net investment income — — — — Foreign exchange contracts: Realized gains (losses) 384 68 (384) 68 Gains/(Losses) Recognized in Earnings for: (in millions) Hedging Derivatives (a)(c) Excluded Components (b)(c) Hedged Net Impact Six Months Ended June 30, 2023 Interest rate contracts: Realized gains (losses) $ — $ — $ — $ — Interest credited to policyholder account balances 43 — (51) (8) Net investment income — — 1 1 Foreign exchange contracts: Realized gains (losses) (162) 109 162 109 Six Months Ended June 30, 2022 Interest rate contracts: Realized gains (losses) $ — $ — $ — $ — Interest credited to policyholder account balances (90) — 93 3 Net investment income 1 — (1) — Foreign exchange contracts: Realized gains (losses) 531 76 (531) 76 (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. The following table presents the effect of derivative instruments not designated as hedging instruments in the Condensed Consolidated Statements of Income (Loss): Gains (Losses) Recognized in Earnings Three Months Ended June 30, Six Months Ended June 30, (in millions) 2023 2022 2023 2022 By Derivative Type: Interest rate contracts $ (148) $ (868) $ (116) $ (1,682) Foreign exchange contracts (123) 678 (190) 904 Equity contracts (131) 76 (48) (120) Credit contracts — — — (1) Other contracts 152 15 25 32 Embedded derivatives within policyholder contract deposits (435) 556 (819) 1,217 Fortitude Re funds withheld embedded derivative 122 2,394 (903) 5,231 Total (a) $ (563) $ 2,851 $ (2,051) $ 5,581 By Classification: Policy fees $ 16 $ 14 $ 32 $ 29 Net investment income — 2 (2) (2) Net realized gains - excluding Fortitude Re funds withheld assets 9 616 (405) 1,023 Net realized gains (losses) on Fortitude Re funds withheld assets (85) 44 (42) (8) Net realized gains on Fortitude Re funds withheld embedded derivatives 122 2,394 (903) 5,231 Policyholder benefits (3) (7) — (14) Change in the Fair value of market risk benefits (b) (622) (212) (731) (678) Total (b) $ (563) $ 2,851 $ (2,051) $ 5,581 (a) Includes gains (losses) with related parties of $(246) million and $(423) million for the three months ended June 30, 2023 and 2022, respectively, and $(240) million and $(1.5) billion for the six months ended June 30, 2023 and 2022, respectively. (b) This represents activity related to derivatives that economically hedged changes in fair value of certain MRBs. In addition to embedded derivatives within policyholder contract deposits, certain guaranteed benefits within insurance contracts are classified as MRBs. The change in the fair value of these benefits is disclosed in Note 12. The change in the fair value of MRBs and the derivative instruments that hedge those risks are recognized in “Change in the fair value of MRBs, net” in the Condensed Consolidated Statements of Income (Loss). HYBRID SECURITIES WITH EMBEDDED CREDIT DERIVATIVES We invest in hybrid securities (such as credit-linked notes) with the intent of generating income, and not specifically to acquire exposure to embedded derivative risk. As is the case with our other investments in RMBS, CMBS, CLOs, ABS and CDOs, our investments in these hybrid securities are exposed to losses only up to the amount of our initial investment in the hybrid security. Other than our initial investment in the hybrid securities, we have no further obligation to make payments on the embedded credit derivatives in the related hybrid securities. We elect to account for our investments in these hybrid securities with embedded written credit derivatives at fair value, with changes in fair value recognized in Net investment income. Our investments in these hybrid securities are reported as Other bond securities in the Condensed Consolidated Balance Sheets. The fair values of these hybrid securities were both zero at June 30, 2023 and December 31, 2022. These securities have par amounts of $25 million and $25 million at June 30, 2023 and December 31, 2022, respectively, and have remaining stated maturity dates that extend to 2052. |
Deferred Policy Acquisition Cos
Deferred Policy Acquisition Costs | 6 Months Ended |
Jun. 30, 2023 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Deferred Policy Acquisition Costs | 10. Deferred Policy Acquisition Costs DAC represent those costs that are incremental and directly related to the successful acquisition of new or renewal of existing insurance contracts. We defer incremental costs that result directly from, and are essential to, the acquisition or renewal of an insurance contract. Such DAC generally include agent or broker commissions and bonuses, and medical fees that would not have been incurred if the insurance contract had not been acquired or renewed. Each cost is analyzed to assess whether it is fully deferrable. We partially defer costs, including certain commissions, when we do not believe that the entire cost is directly related to the acquisition or renewal of insurance contracts. Commissions that are not deferred to DAC are recorded in Non-deferrable insurance commissions in the Condensed Consolidated Statements of Income (Loss). We also defer a portion of employee total compensation and payroll-related fringe benefits directly related to time spent performing specific acquisition or renewal activities, including costs associated with the time spent on underwriting, policy issuance and processing, and sales force contract selling. The amounts deferred are derived based on successful efforts for each distribution channel and/or cost center from which the cost originates. Prior to the adoption of the Targeted Improvements to the Accounting for Long-Duration Contracts Standard Long-duration insurance contracts: Policy acquisition costs for participating life, traditional life and accident and health insurance products were 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 were set when a policy was issued and did not change with changes in actual experience, unless a loss recognition event occurred. These “locked-in” assumptions included mortality, morbidity, persistency, maintenance expenses and investment returns, and included margins for adverse deviation to reflect uncertainty given that actual experience might deviate from these assumptions. A loss recognition event occurred when there was 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 determined a loss recognition event had occurred, we first reduced any DAC related to that block of business through amortization of acquisition expense, and after DAC was depleted, we recorded additional liabilities through a charge to Policyholder benefits. Groupings for loss recognition testing were consistent with our manner of acquiring, servicing and measuring the profitability of the business and applied by product groupings. We performed separate loss recognition tests for traditional life products, payout annuities and long-term care products. Our policy was to perform loss recognition testing net of reinsurance. Once loss recognition had been recorded for a block of business, the old assumption set was replaced, and the assumption set used for the loss recognition would then be subject to the lock-in principle. Investment-oriented contracts: Certain policy acquisition costs and policy issuance costs related to investment-oriented contracts, for example universal life, variable and fixed annuities, and fixed index annuities, were deferred and amortized, with interest, in relation to the incidence of EGPs to be realized over the estimated lives of the contracts. EGPs were 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 was adjusted to reflect actual gross profits. If the assumptions used for estimating gross profit changed significantly, DAC was recalculated using the new assumptions, including actuarial assumptions such as mortality, lapse, benefit utilization, and premium persistency, and any resulting adjustment was included in income. If the new assumptions indicated that future EGPs were higher than previously estimated, DAC was increased resulting in a decrease in amortization expense and increase in income in the current period; if future EGPs were lower than previously estimated, DAC was 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 was grouped consistent with the manner in which the insurance contracts were acquired, serviced and measured for profitability and was reviewed for recoverability based on the current and projected future profitability of the underlying insurance contracts. To estimate future EGPs for variable life and annuity products, a long-term annual asset growth assumption was 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 was 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 impacted the growth assumption applied to the five-year period subsequent to the current balance sheet date. The reversion to the mean methodology allowed us to maintain our long-term growth assumptions, while also giving consideration to the effect of actual investment performance. When actual performance significantly deviated 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 was 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. Value of Business Acquired (“VOBA”) is determined at the time of acquisition and is reported in the Condensed Consolidated Balance Sheets with DAC. This value is based on the present value of future pre-tax profits discounted at yields applicable at the time of purchase. VOBA was amortized, consistent with DAC, i.e., over the premium paying period or in relation to the EGPs. Unrealized Appreciation (Depreciation) of Investments: DAC related to investment-oriented contracts was 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 OCI . The adjustment was 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 were in a net unrealized gain position at the balance sheet date, loss recognition testing assumptions were updated to exclude such gains from future cash flows by reflecting the impact of reinvestment rates on future yields. If a future loss was anticipated under this basis, any additional shortfall indicated by loss recognition tests was recognized as a reduction in AOCI. 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, was included with the change in net unrealized appreciation of investments that is credited or charged directly to OCI . 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. Subsequent to the adoption of the Targeted Improvements to the Accounting for Long-Duration Contracts Standard DAC for all contracts, except VOBA: VOBA is determined at the time of acquisition and is reported in the Condensed Consolidated Balance Sheets with DAC. This value is based on the present value of future pre-tax profits discounted at yields applicable at the time of purchase. VOBA is amortized, consistent with DAC, i.e., over the life of the business on a constant level basis. Internal Replacements of Long-duration and Investment-oriented Products: the accounting of internal replacements has generally not been impacted by the adoption of LDTI. The following table presents the transition rollforward for deferred policy acquisition costs for long-duration contracts: Individual Group Life Institutional Total (in millions) Pre-adoption December 31, 2020 DAC balance $ 2,426 $ 560 $ 4,229 $ 26 $ 7,241 Adjustments for the removal of related balances in Accumulated other comprehensive income originating from unrealized gains (losses) 2,050 533 544 7 3,134 Post-adoption January 1, 2021 DAC balance $ 4,476 $ 1,093 $ 4,773 $ 33 $ 10,375 Prior to the adoption of LDTI, DAC for investment-oriented products included the effect of unrealized gains or losses on fixed maturity securities classified as available for sale. At the transition date, these adjustments were removed with a corresponding offset in AOCI. As the available for sale portfolio was in an unrealized gain position as of the transition date, the adjustment for removal of related balances in AOCI originating from unrealized gains (losses) balances were reducing DAC. The following table presents the transition rollforward for value of business acquired for long-duration contracts: Individual Group Life Total (in millions) Pre-adoption December 31, 2020 VOBA balance $ 3 $ 1 $ 118 $ 122 Adjustments for the removal of related balances in accumulated other comprehensive income originating from unrealized gains (losses) — — 3 3 Post-adoption January 1, 2021 VOBA balance $ 3 $ 1 $ 121 $ 125 Prior to the adoption of LDTI, VOBA for investment-oriented products included the effect of unrealized gains or losses on fixed maturity securities classified as available for sale. At the transition date, these adjustments were removed with a corresponding offset in AOCI. As the available for sale portfolio was in an unrealized gain position as of the transition date, the adjustment for removal of related balances in AOCI originating from unrealized gains (losses) balances were reducing VOBA. The following table presents a rollforward of deferred policy acquisition costs related to long-duration contracts for the six months ended June 30, 2023 and 2022: Six Months Ended June 30, 2023 Individual Group Life Institutional Total (in millions) Balance, beginning of year $ 4,643 $ 1,060 $ 4,718 $ 51 $ 10,472 Capitalization 358 37 221 10 626 Amortization expense (274) (41) (189) (4) (508) Other, including foreign exchange — — 33 — 33 Balance, end of period $ 4,727 $ 1,056 $ 4,783 $ 57 $ 10,623 Value of Business Acquired 2 — 90 — 92 Deferred policy acquisition costs and value of business acquired $ 4,729 $ 1,056 $ 4,873 $ 57 $ 10,715 Six Months Ended June 30, 2022 Individual Group Life Institutional Total (in millions) Balance, beginning of year $ 4,604 $ 1,078 $ 4,765 $ 38 $ 10,485 Capitalization 280 29 203 6 518 Amortization expense (245) (39) (203) (3) (490) Other, including foreign exchange 2 — (58) — (56) Balance, end of period $ 4,641 $ 1,068 $ 4,707 $ 41 $ 10,457 Value of Business Acquired 2 1 95 — 98 Deferred policy acquisition costs and value of business acquired $ 4,643 $ 1,069 $ 4,802 $ 41 $ 10,555 The following table presents a rollforward of value of business acquired for the six months ended June 30, 2023 and 2022: Six Months Ended June 30, 2023 2022 Individual Group Life Total Individual Group Life Total (in millions) Balance, beginning of year $ 3 $ 1 $ 87 $ 91 $ 3 $ 1 $ 109 $ 113 Amortization expense (1) — (5) (6) — — (5) (5) Other, including foreign exchange — (1) 8 7 (1) — (9) (10) Balance, end of period $ 2 $ — $ 90 $ 92 $ 2 $ 1 $ 95 $ 98 DEFERRED SALES INDUCEMENTS We offer deferred sales inducements (“DSI”) which include enhanced crediting rates or bonus payments to contract holders (bonus interest) on certain annuity and investment contract products. To qualify for 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 contracts’ expected ongoing crediting rates for periods after the bonus period. DSI is reported in Other assets, while amortization related to DSI is recorded in Interest credited to policyholder account balances. Prior to the adoption of the Targeted Improvements to the Accounting for Long-Duration Contracts Standard DSI amounts were deferred and amortized over the life of the contract in relation to the incidence of EGPs to be realized over the estimated lives of the contracts. DSI was adjusted for the effect on EGPs of unrealized gains and losses on available-for-sale securities, with related changes recognized through Other comprehensive income. Subsequent to the adoption of the Targeted Improvements to the Accounting for Long-Duration Contracts Standard DSI amounts are deferred and amortized on a constant level basis over the life of the contract consistent with DAC. Changes in future assumptions (e.g., expected duration of contracts) are applied by adjusting the amortization rate prospectively rather than through a retrospective catch up adjustment. The Company has elected to implicitly account for actual experience, whether favorable or unfavorable, in its amortization expense each period, consistent with DAC. The following table presents the transition rollforward for deferred sales inducement assets for long-duration contracts: (in millions) Individual Group Total Pre-adoption December 31, 2020 deferred sales inducement assets balance $ 194 $ 91 $ 285 Adjustments for the removal of related balances in Accumulated other comprehensive income originating from unrealized gains (losses) 282 114 396 Post-adoption January 1, 2021 deferred sales inducement asset balance $ 476 $ 205 $ 681 Prior to the adoption of LDTI, deferred sales inducements for investment-oriented products included the effect of unrealized gains or losses on fixed maturity securities classified as available-for-sale. At the transition date, these adjustments were removed with a corresponding offset in AOCI. As the available for sale portfolio was in an unrealized gain position as of the transition date, the adjustment for removal of related balances in AOCI originating from unrealized gains (losses) balances were reducing DSI. The following table presents a rollforward of deferred sales inducement assets related to long-duration contracts for the six months ended June 30, 2023 and 2022: Six Months Ended June 30, 2023 2022 Individual Group Total Individual Group Total (in millions) Balance, beginning of year $ 381 $ 177 $ 558 $ 428 $ 191 $ 619 Capitalization 4 1 5 4 — 4 Amortization expense (27) (7) (34) (26) (7) (33) Balance, end of period $ 358 $ 171 $ 529 $ 406 $ 184 $ 590 Other reconciling items* 2,151 2,467 Other assets, including restricted cash $ 2,680 $ 3,057 * Other reconciling items include prepaid expenses, goodwill, intangible assets and any similar items. |
Insurance Liabilities
Insurance Liabilities | 6 Months Ended |
Jun. 30, 2023 | |
Insurance [Abstract] | |
Insurance Liabilities | 11. 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 settlement arrangements whereby a claimant receives life contingent payments over their lifetime. Also included are pension risk transfer arrangements whereby an upfront premium is received in exchange for guaranteed retirement benefits. All payments under these arrangements are fixed and determinable with respect to their amounts and dates. Prior to the adoption of the Targeted Improvements to the Accounting for Long-Duration Contracts Standard Future policy benefits for traditional and limited pay contracts were reserved using actuarial assumptions locked-in at contract issuance. These assumptions were only updated when a loss recognition event occurred. Also included in Future policy benefits, were 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. Future policy benefits also included certain guaranteed benefits of annuity products that were not considered embedded derivatives. Subsequent to the adoption of the Targeted Improvements to the Accounting for Long-Duration Contracts Standard For traditional and limited pay long-duration products, benefit reserves are accrued and benefit expense is recognized using a NPR methodology for each annual cohort of business. This NPR method incorporates periodic retrospective revisions to the NPR to reflect updated actuarial assumptions and variances in actual versus expected experience. The Future policy benefit liability is accrued by multiplying the gross premium recognized in each period by the NPR. The net premium is equal to the portion of the gross premium required to provide for all benefits and certain expenses and may not exceed 100%. Benefits in excess of premiums are expensed immediately through Policyholder benefits. In addition, periodic revisions to the NPR below 100% may result in reclassification between the benefit reserves and deferred profit liability for limited pay contracts. Insurance contracts are aggregated into annual cohorts for the purposes of determining the Liability for future policy benefits (“LFPB”), but are not aggregated across segments. These annual cohorts may be further segregated based on product characteristics, or to distinguish business reinsured from non-reinsured business or products issued in different functional currencies. The assumptions used to calculate the future policy benefits include discount rates, persistency and recognized morbidity and mortality tables modified to reflect the Company's experience. The current discount rate assumption for the liability for future policy benefits is derived from market observable yields on upper-medium-grade fixed income instruments. The Company uses an external index as the source of the yields on these instruments for the first 30 years. For years 30 to 50, the yield is derived using market observable yields. Yields for years 50 to 100 are extrapolated using a flat forward approach, maintaining a constant forward spread through the period. The current discount rate assumption is updated quarterly and used to remeasure the liability at the reporting date, with the resulting change in the discount rate reflected in OCI. The method for constructing and applying the locked-in discount rate assumptions on newly issued business is determined based on factors such as product characteristics and the expected timing of cash flows. This discount rate assumption is derived from market observable yields on upper-medium-grade fixed income instruments. Similar to the current discount rate assumption, the Company may employ conversion and interpolation methodologies when necessary. The applicable interest accretion is reflected in Policyholder benefits in the Condensed Consolidated Statements of Income (Loss). The following table presents the transition rollforward of the liability for future policy benefits for nonparticipating contracts: Individual Group Life Institutional Corporate and Other Total (in millions) Pre-adoption December 31, 2020 liability for future policy benefits balance $ 1,309 $ 282 $ 11,129 $ 11,029 $ 22,206 $ 45,955 Adjustments for the reclassification to the deferred profit liability (65) (8) — (766) (859) (1,698) Change in cash flow assumptions and effect of net premiums exceeding gross premiums (14) 2 16 4 55 63 Effect of the remeasurement of the liability at a current single A rate 156 63 2,977 1,655 7,611 12,462 Adjustment for the removal of loss recognition balances related to unrealized gain or loss on securities and other (63) (60) 4 (292) — (411) Post-adoption January 1, 2021 liability for future policy benefits balance $ 1,323 $ 279 $ 14,126 $ 11,630 $ 29,013 $ 56,371 Adjustments for the reclassification between the liability for future policy benefits and deferred profit liability represent changes in the NPRs that are less than 100% at transition for certain limited pay cohorts, resulting in a reclassification between the two liabilities, with no impact on Retained earnings. Adjustments for changes in cash flow assumptions represents revised NPRs in excess of 100% for certain cohorts at transition, with an offset to Retained earnings. The effect of the remeasurement at the current single A rate is reported at the transition date and each subsequent balance sheet date, with an offset in AOCI. Prior to adoption, loss recognition for traditional products was adjusted for the effect of unrealized gains on fixed maturity securities available for sale. At the transition date, these adjustments were removed with a corresponding offset in AOCI. The following tables present the balances and changes in the liability for future policy benefits and a reconciliation of the net liability for future policy benefits to the liability for future policy benefits in the Condensed Consolidated Balance Sheets: Six Months Ended June 30, 2023 Individual Group Life Institutional Corporate and Other Total (in millions, except for liability durations) Present value of expected net premiums Balance, beginning of year $ — $ — $ 11,654 $ — $ 991 $ 12,645 Effect of changes in discount rate assumptions (AOCI) — — 1,872 — 66 1,938 Beginning balance at original discount rate — — 13,526 — 1,057 14,583 Effect of changes in cash flow assumptions — — — — — — Effect of actual variances from expected experience — — 10 — 6 16 Adjusted beginning of year balance — — 13,536 — 1,063 14,599 Issuances — — 666 — — 666 Interest accrual — — 214 — 23 237 Net premium collected — — (719) — (59) (778) Foreign exchange impact — — 206 — — 206 Other — — 10 — — 10 Ending balance at original discount rate — — 13,913 — 1,027 14,940 Effect of changes in discount rate assumptions (AOCI) — — (1,904) — (61) (1,965) Balance, end of period $ — $ — $ 12,009 $ — $ 966 $ 12,975 Present value of expected future policy benefits Balance, beginning of year $ 1,223 $ 211 $ 21,179 $ 12,464 $ 20,429 $ 55,506 Effect of changes in discount rate assumptions (AOCI) 167 2 3,424 2,634 1,083 7,310 Beginning balance at original discount rate 1,390 213 24,603 15,098 21,512 62,816 Effect of changes in cash flow assumptions (a) — — — — — — Effect of actual variances from expected experience (a) (1) — 36 17 (8) 44 Adjusted beginning of year balance 1,389 213 24,639 15,115 21,504 62,860 Issuances 120 6 656 3,301 3 4,086 Interest accrual 25 5 450 301 513 1,294 Benefit payments (65) (13) (943) (521) (739) (2,281) Foreign exchange impact — — 236 308 — 544 Other — — 5 — (6) (1) Ending balance at original discount rate 1,469 211 25,043 18,504 21,275 66,502 Effect of changes in discount rate assumptions (AOCI) (158) (1) (3,386) (2,752) (822) (7,119) Balance, end of period $ 1,311 $ 210 $ 21,657 $ 15,752 $ 20,453 $ 59,383 Net liability for future policy benefits, end of period 1,311 210 9,648 15,752 19,487 46,408 Liability for future policy benefits for certain participating contracts — — 13 — 1,316 1,329 Liability for universal life policies with secondary guarantees and similar features (b) — — 3,402 — 56 3,458 Deferred profit liability 86 10 17 1,468 869 2,450 Other reconciling items (c) 35 3 513 — 92 643 Future policy benefits for life and accident and health insurance contracts 1,432 223 13,593 17,220 21,820 54,288 Less: Reinsurance recoverable: (4) — (1,148) (39) (21,820) (23,011) Net liability for future policy benefits after reinsurance recoverable $ 1,428 $ 223 $ 12,445 $ 17,181 $ — $ 31,277 Weighted average liability duration of the liability for future policy benefits (d) 7.8 6.9 12.5 11.6 11.5 Six Months Ended June 30, 2022 Individual Group Life Institutional Corporate and Other Total (in millions, except for liability durations) Present value of expected net premiums Balance, beginning of year $ — $ — $ 14,369 $ — $ 1,274 $ 15,643 Effect of changes in discount rate assumptions (AOCI) — — (706) — (150) (856) Beginning balance at original discount rate — — 13,663 — 1,124 14,787 Effect of changes in cash flow assumptions — — — — — — Effect of actual variances from expected experience — — (8) — 4 (4) Adjusted beginning of year balance — — 13,655 — 1,128 14,783 Issuances — — 728 — — 728 Interest accrual — — 199 — 25 224 Net premium collected — — (710) — (62) (772) Foreign exchange impact — — (479) — — (479) Other — — — — — — Ending balance at original discount rate — — 13,393 — 1,091 14,484 Effect of changes in discount rate assumptions (AOCI) — — (1,174) — (16) (1,190) Balance, end of period $ — $ — $ 12,219 $ — $ 1,075 $ 13,294 Present value of expected future policy benefits Balance, beginning of year $ 1,373 $ 264 $ 27,442 $ 13,890 $ 27,674 $ 70,643 Effect of changes in discount rate assumptions (AOCI) (95) (46) (2,717) (870) (5,673) (9,401) Beginning balance at original discount rate 1,278 218 24,725 13,020 22,001 61,242 Effect of changes in cash flow assumptions (a) — — — — — — Effect of actual variances from expected experience (a) (7) (1) (6) (5) (18) (37) Adjusted beginning of year balance 1,271 217 24,719 13,015 21,983 61,205 Issuances 102 7 726 708 5 1,548 Interest accrual 20 4 439 215 615 1,293 Benefit payments (56) (13) (905) (390) (746) (2,110) Foreign exchange impact — — (610) (318) — (928) Other — — (1) — (98) (99) Ending balance at original discount rate 1,337 215 24,368 13,230 21,759 60,909 Effect of changes in discount rate assumptions (AOCI) (109) 10 (1,868) (1,712) 451 (3,228) Balance, end of period $ 1,228 $ 225 $ 22,500 $ 11,518 $ 22,210 $ 57,681 Net liability for future policy benefits, end of year 1,228 225 10,281 11,518 21,135 44,387 Liability for future policy benefits for certain participating contracts — — 14 — 1,359 1,373 Liability for universal life policies with secondary guarantees and similar features (b) — — 3,608 — 55 3,663 Deferred profit liability 87 12 13 1,184 903 2,199 Other reconciling items (c) 29 — 507 — 111 647 Future policy benefits for life and accident and health insurance contracts 1,344 237 14,423 12,702 23,563 52,269 Less: Reinsurance recoverable: (4) — (1,253) (43) (23,547) (24,847) Net liability for future policy benefits after reinsurance recoverable $ 1,340 $ 237 $ 13,170 $ 12,659 $ 16 $ 27,422 Weighted average liability duration of the liability for future policy benefits (d) 7.7 7.2 12.7 11.1 12.0 (a) Effect of changes in cash flow assumptions and variances from actual experience are partially offset by changes in the deferred profit liability. (b) Additional details can be found in the table that presents the balances and changes in the liability for universal life policies with secondary guarantees and similar features. (c) Other reconciling items primarily include the Accident and Health as well as Group Benefits (short-duration) contracts. (d) The weighted average liability durations are calculated as the modified duration using projected future net liability cashflows that are aggregated at the segment level, utilizing the segment level weighted average interest rates and current discount rate, which can be found in the table below. For the six months ended June 30, 2023 and 2022 in the traditional term life insurance block, capping of net premium ratios at 100% causes our reserves to be higher by $32 million and $13 million, respectively, with a charge to net income. The discount rate was updated based on market observable information. Relative to prior period, the increase in upper-medium-grade fixed income yields resulted in a decrease in the liability for future policy benefits. The following table presents the amount of undiscounted expected future benefit payments and undiscounted and discounted expected gross premiums for future policy benefits for nonparticipating contracts: Six Months Ended June 30, (in millions) 2023 2022 Individual Retirement Undiscounted expected future benefits and expense $ 2,115 $ 1,835 Undiscounted expected future gross premiums $ — $ — Discounted expected future gross premiums (at current discount rate) $ — $ — Group Retirement Undiscounted expected future benefits and expense $ 316 $ 328 Undiscounted expected future gross premiums $ — $ — Discounted expected future gross premiums (at current discount rate) $ — $ — Life Insurance Undiscounted expected future benefits and expense $ 39,848 $ 38,406 Undiscounted expected future gross premiums $ 29,792 $ 28,810 Discounted expected future gross premiums (at current discount rate) $ 19,207 $ 19,704 Institutional Markets Undiscounted expected future benefits and expense $ 33,474 $ 21,092 Undiscounted expected future gross premiums $ — $ — Discounted expected future gross premiums (at current discount rate) $ — $ — Corporate and Other * Undiscounted expected future benefits and expense $ 43,791 $ 45,258 Undiscounted expected future gross premiums $ 2,179 $ 2,346 Discounted expected future gross premiums (at current discount rate) $ 1,435 $ 1,602 * Represents activity ceded to Fortitude Re. The following table presents the amount of revenue and interest recognized in the Condensed Consolidated Statement of Income (Loss) for future policy benefits for nonparticipating contracts: Gross Premiums Interest Accretion Six Months Ended June 30, Six Months Ended June 30, (in millions) 2023 2022 2023 2022 Individual Retirement $ 136 $ 108 $ 25 $ 20 Group Retirement 10 13 5 4 Life Insurance 1,175 1,168 236 240 Institutional Markets 3,500 747 301 215 Corporate and Other 107 113 490 590 Total $ 4,928 $ 2,149 $ 1,057 $ 1,069 The following table presents the weighted-average interest rate for future policy benefits for nonparticipating contracts: June 30, 2023 Individual Group Life Institutional Corporate and Other Weighted-average interest rate, original discount rate 3.73 % 5.14 % 4.09 % 3.95 % 4.88 % Weighted-average interest rate, current discount rate 5.27 % 5.26 % 5.27 % 5.34 % 5.25 % June 30, 2022 Weighted-average interest rate, original discount rate 3.37 % 5.20 % 4.15 % 3.30 % 4.84 % Weighted-average interest rate, current discount rate 4.61 % 4.58 % 4.62 % 4.52 % 4.72 % The weighted average interest rates are calculated using projected future net liability cash flows that are aggregated to the segment level, and are represented as an annual rate. Deferred Profit Liability: Corebridge issues certain annuity and life insurance contracts where premiums are paid up-front or for a shorter period than benefits will be paid (i.e., limited pay contracts). A DPL is required to be established to avoid recognition of gains when these contracts are issued. DPLs are amortized over the life of the contracts to align the revenue recognized with the related benefit expenses. The DPL is amortized in a constant relationship to the amount of discounted insurance in force for life insurance or expected future benefit payments for annuity contracts over the term of the contract. Prior to the adoption of the Targeted Improvements to the Accounting for Long-Duration Contracts Standard Limited pay contracts were subject to a lock-in concept and assumptions derived at policy issue were not subsequently updated unless a loss recognition event occurred. The net premiums were recorded as revenue. The difference between the gross premium received and the net premium was 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 (deferred profit) was recorded in the Condensed Consolidated Balance Sheets in Other policyholder funds. Subsequent to the adoption of the Targeted Improvements to the Accounting for Long-Duration Contracts Standard The difference between the gross premium received and recorded as revenue and the net premium is deferred and recognized in Policyholder benefits in a constant relationship to insurance in-force, or for annuities, the amount of expected future policy benefits. This deferred profit liability accretes interest and is recorded in the Condensed Consolidated Balance Sheets in Future policy benefits. Cash flow assumptions included in the measurement of the DPL are the same as those utilized in the respective LFPBs and are reviewed at least annually. The cash flow estimates for DPLs are updated on a retrospective catch-up basis at the same time as the cash flow estimates for the related LFPBs. The updated LFPB cash flows are used to recalculate the DPL at the inception of the applicable related LFPB cohort. The difference between the recalculated DPL at the beginning of the current reporting period and the carrying amount of the DPL at the current reporting period is recognized as a gain or loss in Policyholder benefits in the Condensed Consolidated Statements of Income (Loss). The following table presents the transition rollforward for deferred profit liability for long-duration contracts: Individual Group Life Institutional Corporate and Other Total (in millions) Pre-adoption December 31, 2020 deferred profit liability balance $ 2 $ — $ 5 $ 64 $ — $ 71 Adjustments for the reclassification from/(to) the liability for the future policy benefits 65 8 — 766 859 1,698 Post-adoption January 1, 2021 deferred profit liability balance $ 67 $ 8 $ 5 $ 830 $ 859 $ 1,769 Adjustments for the reclassification between the liability for future policy benefits and deferred profit liability represent changes in the NPRs that are less than 100% at transition for certain limited pay cohorts, resulting in a reclassification between the two liabilities, with no impact on retained earnings. Additional Liabilities: For universal-life type products, insurance benefits in excess of the account balance are generally recognized as expenses in the period incurred unless the design of the product is such that future charges are insufficient to cover the benefits, in which case an “additional liability” is accrued over the life of the contract. These additional liabilities are included in Future policy benefits for life and accident and health insurance contracts in the Condensed Consolidated Balance Sheets. Prior to the adoption of the standard, our additional liabilities consisted primarily of GMDBs on annuities, as well as universal-life contracts with secondary guarantees. Subsequent to the adoption of this standard, the GMDBs have been reclassified and reported as MRBs, while the universal-life contracts with secondary guarantees continue to be reported as additional liabilities. The following table presents the transition rollforward of the additional liabilities : Individual Group Life Corporate and Other Total (in millions) Pre-adoption December 31, 2020 additional liabilities $ 1,391 $ 219 $ 5,117 $ 55 $ 6,782 Adjustment for the reclassification of additional liabilities from Future policy benefits to Market risk benefits (a) (875) (130) — — (1,005) Adjustment for removal of related balances in Accumulated other comprehensive income (loss) originating from unrealized gains (losses) (b) (516) (89) — — (605) Post-adoption January 1, 2021 additional liabilities $ — $ — $ 5,117 $ 55 $ 5,172 (a) Adjustments for the reclassification of additional liabilities from Future policy benefits to MRBs represent contract guarantees (e.g., GMDBs) that were previously classified as insurance liabilities within Future policy benefits, but have been reclassified as MRBs as of January 1, 2021. For additional information on the transition impacts associated with LDTI, see Note 13. (b) Adjustments for the removal of related balances in AOCI originating from unrealized gains (losses) relate to the additional liabilities reclassified from Future policy benefits in the line above. Post-adoption, our additional liabilities primarily consist of universal life policies with secondary guarantees and these additional liabilities are recognized in addition to the Policyholder account balances. For universal life policies with secondary guarantees, as well as other universal life policies for which profits followed by losses are expected at contract inception, a liability is recognized based on a benefit ratio of (a) the present value of total expected payments, in excess of the account value, over the life of the contract, divided by (b) the present value of total expected assessments over the life of the contract. For universal life policies without secondary guarantees, for which profits followed by losses are first expected after contract inception, we establish a liability, in addition to policyholder account balances, so that expected future losses are recognized in proportion to the emergence of profits in the earlier (profitable) years. Universal life account balances are reported within Policyholder contract deposits, while these additional liabilities are reported within the liability for future policy benefits in the Condensed Consolidated Balance Sheets. These additional liabilities are also adjusted to reflect the effect of unrealized gains or losses on fixed maturity securities available for sale on accumulated assessments, with related changes recognized through Other comprehensive income. The policyholder behavior assumptions for these liabilities include mortality, lapses and premium persistency. The capital market assumptions used for the liability for universal life secondary guarantees include discount rates and net earned rates. The following table presents the balances and changes in the liability for universal life policies with secondary guarantees and similar features: Six Months Ended June 30, 2023 Six Months Ended June 30, 2022 Life Corporate and Other Total Life Corporate and Other Total (in millions, except duration of liability) Balance, beginning of year $ 3,300 $ 55 $ 3,355 $ 4,952 $ 55 $ 5,007 Effect of changes in experience 149 (1) 148 194 (2) 192 Adjusted beginning balance $ 3,449 $ 54 $ 3,503 $ 5,146 $ 53 $ 5,199 Assessments 341 1 342 344 1 345 Excess benefits paid (457) — (457) (496) — (496) Interest accrual 61 1 62 65 1 66 Other (3) — (3) (5) — (5) Changes related to unrealized appreciation (depreciation) of investments 11 — 11 (1,446) — (1,446) Balance, end of period $ 3,402 $ 56 $ 3,458 $ 3,608 $ 55 $ 3,663 Less: Reinsurance recoverable (172) — (172) (209) — (209) Balance, end of period net of Reinsurance recoverable $ 3,230 $ 56 $ 3,286 $ 3,399 $ 55 $ 3,454 Weighted average duration of liability * 26.2 9.2 27.1 9.7 * The weighted average duration of liabilities is calculated as the modified duration using projected future net liability cashflows that are aggregated at the segment level, utilizing the segment level weighted average interest rates, which can be found in the table below. The following table presents the amount of revenue and interest recognized in the Condensed Consolidated Statements of Income (Loss) for the liability for universal life policies with secondary guarantees and similar features: Gross Assessments Six Months Ended June 30, Interest Accretion Six Months Ended June 30, (in millions) 2023 2022 2023 2022 Life Insurance $ 573 $ 576 $ 61 $ 65 Corporate and Other 20 19 1 1 Total $ 593 $ 595 $ 62 $ 66 The following table presents the calculation of weighted average interest rate for the liability for universal life policies with secondary guarantees and similar features: June 30, 2023 2022 Life Corporate and Other Life Corporate and Other Weighted-average interest rate 3.77 % 4.20 % 3.75 % 4.20 % The weighted average interest rates are calculated using projected future net liability cash flows that are aggregated to the segment level, and are represented as an annual rate. The following table presents details concerning our universal life policies with secondary guarantees and similar features: Six Months Ended June 30, (in millions, except for attained age of contract holders) 2023 2022 Account value $ 3,604 $ 3,406 Net amount at risk $ 70,850 $ 66,889 Average attained age of contract holders 53 53 POLICYHOLDER CONTRACT DEPOSITS The liability for Policyholder contract deposits is primarily recorded at accumulated value (deposits received and net transfers from separate accounts, plus accrued interest credited, less withdrawals and assessed fees). Deposits collected on investment-oriented products are not reflected as revenues. They are recorded directly to Policyholder contract deposits upon receipt. Amounts assessed against the contract holders for mortality, administrative, and other services are included as Policy fees in revenues. In addition to liabilities for universal life, fixed annuities, fixed options within variable annuities, annuities without life contingencies, funding agreements and GICs, policyholder contract deposits also include our liability for (i) index features accounted for as embedded derivatives at fair value, (ii) annuities issued in a structured settlement arrangement with no life contingency and (iii) certain contracts we have elected to account for at fair value. Changes in the fair value of the embedded derivatives related to policy index features and the fair value of derivatives hedging these liabilities are recognized in realized gains and losses. For additional information on index credits accounted for as embedded derivatives, see Note 4. Under a funding agreement-backed notes issuance program, an unaffiliated, non-consolidated statutory trust issues medium-term notes to investors, which are secured by funding agreements issued to the trust by one of our subsidiaries through our Institutional Markets business. The following table presents the transition rollforward of Policyholder contract deposits account balances: Individual Group Life Institutional Corporate and Other Total (in millions) Pre-adoption December 31, 2020 Policyholder contract deposits $ 85,097 $ 43,805 $ 10,286 $ 11,559 $ 4,145 $ 154,892 Adjustment for the reclassification of the embedded derivative liability to market risk benefits, net of the host adjustment(s) (5,894) (577) — — — (6,471) Post-adoption January 1, 2021 Policyholder contract deposits $ 79,203 $ 43,228 $ 10,286 $ 11,559 $ 4,145 $ 148,421 The following table presents the balances and changes in Policyholder contract deposits account balances (a) : Six Months Ended June 30, 2023 Individual Group Life Institutional Corporate Total (in millions, except for average crediting rate) and Other Policyholder contract deposits account balance, beginning of year $ 89,554 $ 43,395 $ 10,224 $ 11,734 $ 3,587 $ 158,494 Deposits 8,898 2,597 809 1,608 22 13,934 Policy charges (462) (238) (764) (34) (31) (1,529) Surrenders and withdrawals (6,585) (3,979) (122) (421) (42) (11,149) Benefit payments (2,012) (1,080) (100) (283) (171) (3,646) Net transfers from (to) separate account 1,637 1,221 — 473 — 3,331 Interest credited 863 554 188 218 85 1,908 Other (3) 4 (32) (1) 8 (24) Policyholder contract deposits account balance, end of period $ 91,890 $ 42,474 $ 10,203 $ 13,294 $ 3,458 $ 161,319 Other reconciling items (b) (1,598) (254) 135 42 — (1,675) Policyholder contract deposits 90,292 42,220 10,338 13,336 3,458 159,644 Weighted average crediting rate 2.59 % 2.84 % 4.30 % 3.54 % 4.95 % Cash surrender value (c) $ 85,417 $ 41,550 $ 8,976 $ 2,555 $ 1,762 $ 140,260 Six Months Ended June 30, 2022 Individual Group Life Institutional Corporate Total (in millions, except for average crediting rate) and Other Policyholder contract deposits account balance, beginning of year $ 84,097 $ 43,902 $ 10,183 $ 10,804 $ 3,823 $ 152,809 Deposits 7,547 2,341 835 162 24 10,909 Policy charges (395) (259) (782) (34) (33) (1,503) Surrenders and withdrawals (4,008) (2,726) (103) (27) (32) (6,896) Benefit payments (1,996) (1,072) (119) (160) (178) (3,525) Net transfers from (to) separate account 1,074 1,155 (2) 14 — 2,241 Interest credited 882 550 193 128 90 1,843 Other 6 1 (10) (29) 7 (25) Policyholder contract deposits account balance, end of period $ 87,207 $ 43,892 $ 10,195 $ 10,858 $ 3,701 $ 155,853 Other reconciling items (b) (2,245) (353) (60) 43 1 (2,614) Policyholder contract deposits 84,962 43,539 10,135 10,901 3,702 153,239 Weighted average crediting rate 2.38 % 2.72 % 4.25 % 2.40 % 4.90 % Cash surrender value (c) $ 81,207 $ 43,094 $ 8,935 $ 2,524 $ 1,839 $ 137,599 (a) Transactions between the general account and the separate account are presented in this table on a gross basis (e.g., a policyholder's funds are initially deposited into the general account and then simultaneously transferred to the separate account), and thus, did not impact the ending balance of policyholder contract deposits. (b) Reconciling items principally relate to MRBs that are bifurcated and reported separately, net of embedded derivatives that are recorded in PCD. (c) Cash surrender value is related to the portion of policyholder contract deposits that have a defined cash surrender value (e.g. GICs do not have a cash surrender value). For information related to net amount at risk, refer to the table that presents the balances of and changes in MRBs in Note 12. The following table presents Policyholder contract deposits account balance by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between rates being credited to policyholders and the respective guaranteed minimums: June 30, 2023 At Guaranteed Minimum 1 Basis Point - 50 Basis Points Above More than 50 Basis Points Above Minimum Guarantee Total (in millions, except percentage of total) Individual Retirement Range of Guaranteed Minimum Credited Rate <=1% $ 7,044 $ 2,390 $ 23,797 $ 33,231 > 1% - 2% 4,151 23 2,067 6,241 > 2% - 3% 8,831 11 732 9,574 > 3% - 4% 7,122 39 6 7,167 > 4% - 5% 446 — 4 450 > 5% 32 — 4 36 Total $ 27,626 $ 2,463 $ 26,610 $ 56,699 Group Retirement Range of Guaranteed Minimum Credited Rate <=1% $ 2,018 $ 2,574 $ 6,382 $ 10,974 > 1% - 2% 4,050 1,624 391 6,065 > 2% - 3% 13,123 89 62 13,274 > 3% - 4% 651 — — 651 > 4% - 5% 6,799 — — 6,799 > 5% 151 — — 151 Total $ 26,792 $ 4,287 $ 6,835 $ 37,914 Life Insurance Range of Guaranteed Minimum Credited Rate <=1% $ — $ — $ — $ — > 1% - 2% — 131 350 481 > 2% - 3% 10 872 1,083 1,965 > 3% - 4% 1,190 322 201 1,713 > 4% - 5% 2,909 — — 2,909 > 5% 221 — — 221 Total $ 4,330 $ 1,325 $ 1,634 $ 7,289 Total* $ 58,748 $ 8,075 $ 35,079 $ 101,902 Percentage of total 58% 8% 34% 100% June 30, 2022 At Guaranteed Minimum 1 Basis Point - 50 Basis Points Above More than 50 Basis Points Above Minimum Guarantee Total (in millions, except percentage of total) Individual Retirement Range of Guaranteed Minimum Credited Rate <=1% $ 10,300 $ 1,775 $ 19,868 $ 31,943 > 1% - 2% 4,300 25 1,666 5,991 > 2% - 3% 9,995 1 18 10,014 > 3% - 4% 7,934 40 6 7,980 > 4% - 5% 471 — 5 476 > 5% 34 — 4 38 Total $ 33,034 $ 1,841 $ 21,567 $ 56,442 Group Retirement Range of Guaranteed Minimum Credited Rate <=1% $ 3,817 $ 1,717 $ 4,674 $ 10,208 > 1% - 2% 6,310 410 7 6,727 > 2% - 3% 14,556 — — 14,556 > 3% - 4% 696 — — 696 > 4% - 5% 6,953 — — 6,953 > 5% 159 — — 159 Total $ 32,491 $ 2,127 $ 4,681 $ 39,299 Life Insurance Range of Guaranteed Minimum Credited Rate <=1% $ — $ — $ — $ — > 1% - 2% 105 24 350 479 > 2% - 3% 240 638 1,108 1,986 > 3% - 4% 1,395 186 189 1,770 > 4% - 5% 3,024 — — 3,024 > 5% 226 — — 226 Total $ 4,990 $ 848 $ 1,647 $ 7,485 Total* $ 70,515 $ 4,816 $ 27,895 $ 103,226 Percentage of total 68% 5% 27% 100% * Excludes policyholder contract deposits account balances that are not subject to guaranteed minimum crediting rates. OTHER POLICYHOLDER FUNDS Other policyholder funds include |
Market Risk Benefits
Market Risk Benefits | 6 Months Ended |
Jun. 30, 2023 | |
Insurance [Abstract] | |
Market Risk Benefits | 12. Market Risk Benefits MRBs are defined as contracts or contract features that both provide protection to the contract holder from other-than-nominal capital market risk and expose Corebridge to other-than nominal capital market risk. The MRB is an amount that a policyholder receives in addition to the account balance upon the occurrence of a specific event or circumstance, such as death, annuitization, or periodic withdrawal that involves protection from other-than-nominal capital market risk. Certain contract features, such as GMWBs, GMDBs and guaranteed minimum income benefits (“GMIBs”) commonly found in variable, fixed index and fixed annuities, are MRBs. MRBs are assessed at contract inception using a non-option method involving attributed fees that results in an initial fair value of zero or an option method that results in a fair value greater than zero. MRBs are recorded at fair value, and Corebridge applies a non-option attributed fee valuation method for variable annuity products, and an option-based valuation method (host offset) for both fixed index and fixed products. Under the non-option valuation method, the attributed fee is determined at contract inception; it cannot exceed the total contract fees and assessments collectible from the contract holder and cannot be less than zero. Investment margin is excluded from the attributed fee determination. Under the option-based valuation method, an offset to the host amount related to the MRB amount is established at inception. Changes in the fair value of MRBs are recorded in net income in Changes in the fair value of market risk benefits, net except for the portion of the fair value change attributable to our own credit risk , is recognized in OCI. MRBs are derecognized when the underlying contract is surrendered, a GMDB is incurred, a GMIB is annuitized, or when the account value is exhausted on a policy with a GMWB. When a policyholder elects to annuitize a GMIB rider or the account value on a policy with a GMWB rider is reduced to zero, the policy is converted to a payout annuity automatically. When a conversion occurs, the policyholder is issued a new payout annuity contract. At this point, the MRB is derecognized, and a LFPB is established for the payout annuity. Assumptions used to determine the MRB asset (including ceded MRBs) or liability generally include mortality rates that are based upon actual experience modified to allow for variations in policy form; lapse rates that are based upon actual experience modified to allow for variations in policy features; and investment returns, based on stochastically generated scenarios. We evaluate at least annually estimates used to determine the MRB asset or liability and adjust the balance, with a related charge or credit to Change in fair value of market risk benefits, net, if actual experience or other evidence suggests that earlier assumptions should be revised. In addition, MRBs are valued such that the current provision for nonperformance risk is reflected in the claims cash flows of the asset or liability valuation for direct MRBs. The nonperformance risk spread at contract issue is locked-in. The difference between the MRB valued using the at issue nonperformance risk spread and the current nonperformance risk spread is reported through Other comprehensive income, while changes in the counterparty credit risk related to ceded MRBs are reported in income. Changes in the fair value of Market Risk Benefits, net represents changes in the fair value of market risk benefit liabilities and assets (with the exception of our own credit risk changes), and includes attributed rider fees and benefits, net of changes in the fair value of derivative instruments and fixed maturity securities that are used to economically hedge market risk from the VA GMWB riders. The following table presents the transition rollforward of MRBs: Individual Group Total (in millions) Pre-adoption December 31, 2020 carrying amount for features now classified as MRBs $ — $ — $ — Adjustment for the reclassification of the embedded derivative liability from policyholder contract deposits, net of the host adjustment(s) (a) 5,894 577 6,471 Adjustment for the reclassification of additional liabilities from Future policy benefits (b) 1,356 219 1,575 Adjustments for the cumulative effect of the changes in our own credit risk between the original contract issuance date and the transition date (c) 2,140 187 2,327 Adjustment for the removal of related balances in Accumulated other comprehensive income originating from unrealized gains (losses) (d) (516) (89) (605) Adjustment for the remaining difference (exclusive of our own credit risk change and host contract adjustments) between previous carrying amount and fair value measurement for the MRB (e) (1,275) (92) (1,367) Post-adoption January 1, 2021 carrying amount for features now classified as MRBs $ 7,599 $ 802 $ 8,401 (a) Adjustments for the reclassification from Policyholder contract deposits represents certain contract guarantees (e.g., GMWBs) that were previously classified as embedded derivatives, but have been reclassified as MRBs as of January 1, 2021, and the related host impact. The impact on Retained earnings or AOCI resulting from the simultaneous remeasurement of the guarantee as a market risk benefit is reflected in the lines below. (b) Adjustments for the reclassification from Future policy benefits represents contract guarantees (e.g., GMDBs) that were previously classified as insurance liabilities within Future policy benefits, but have been reclassified as MRBs as of January 1, 2021. The impact on Retained earnings or AOCI resulting from the simultaneous remeasurement of the guarantee as a market risk benefit is reflected in the lines below. (c) Adjustments for the cumulative effect of the changes in our own credit risk between the original contract issuance date and the transition date are recognized in AOCI. (d) Adjustment for the removal of related balances in AOCI originating from unrealized gains (losses) with an offset to AOCI relate to the additional liabilities reclassified from Future policy benefits in the line above. (e) Adjustment for the remaining difference represents the measurement of MRBs at fair value, excluding the impact of our own credit risk with an offset to Retained earnings. The following is a reconciliation of MRBs by amounts in an asset position and in liability position to the MRB amounts in the Condensed Consolidated Balance Sheets at transition: Individual Group Total (in millions) Market risk benefit in an asset position $ 176 $ — $ 176 Reinsured market risk benefit 162 — 162 Market Risk Benefit assets, at fair value $ 338 $ — $ 338 Market Risk Benefit liabilities, at fair value 7,937 802 8,739 Market risk benefit, net, January 1, 2021 $ 7,599 $ 802 $ 8,401 The following table presents the balances of and changes in market risk benefits: Six Months Ended June 30, 2023 Individual Group Total (in millions, except for attained age of contract holders) Balance, beginning of year $ 3,738 $ 296 $ 4,034 Balance, beginning of year, before effect of changes in our own credit risk $ 3,297 $ 272 $ 3,569 Issuances 379 19 398 Interest accrual 78 8 86 Attributed fees 442 33 475 Expected claims (48) (1) (49) Effect of changes in interest rates 34 3 37 Effect of changes in interest rate volatility (84) (4) (88) Effect of changes in equity markets (843) (78) (921) Effect of changes in equity index volatility 8 (4) 4 Actual outcome different from model expected outcome 93 12 105 Effect of changes in other future expected assumptions (94) (29) (123) Other, including foreign exchange — (2) (2) Balance, end of period, before effect of changes in our own credit risk 3,262 229 3,491 Effect of changes in our own credit risk 564 47 611 Balance, end of period 3,826 276 4,102 Less: Reinsured MRB, end of period (79) — (79) Net Liability Balance after reinsurance recoverable $ 3,747 $ 276 $ 4,023 Net amount at risk GMDB only $ 1,068 $ 212 $ 1,280 GMWB only $ 56 $ 4 $ 60 Combined * $ 1,435 $ 23 $ 1,458 Weighted average attained age of contract holders 70 64 Six Months Ended June 30, 2022 Individual Group Total (in millions, except for attained age of contract holders) Balance, beginning of year $ 6,452 $ 582 $ 7,034 Balance, beginning of year, before effect of changes in our own credit risk $ 4,518 $ 415 $ 4,933 Issuances 97 11 108 Interest accrual 83 11 94 Attributed fees 409 37 446 Expected claims (28) (1) (29) Effect of changes in interest rates (2,864) (270) (3,134) Effect of changes in interest rate volatility 180 12 192 Effect of changes in equity markets 1,558 136 1,694 Effect of changes in equity index volatility (42) (4) (46) Actual outcome different from model expected outcome 130 13 143 Other, including foreign exchange 2 (8) (6) Balance, end of period before effect of changes in our own credit risk 4,043 352 4,395 Effect of changes in our own credit risk 355 20 375 Balance, end of period 4,398 372 4,770 Less: Reinsured MRB, end of period (110) — (110) Net Liability Balance after reinsurance recoverable $ 4,288 $ 372 $ 4,660 Net amount at risk GMDB only $ 1,828 $ 396 $ 2,224 GMWB only $ 58 $ 5 $ 63 Combined * $ 2,052 $ 11 $ 2,063 Weighted average attained age of contract holders 70 64 * Certain contracts contain both guaranteed GMDB and GMWB features and are modeled together for the purposes of calculating the MRB. The following is a reconciliation of MRBs by amounts in an asset position and in a liability position to the MRBs amount in the Condensed Consolidated Balance Sheets: June 30, 2023 June 30, 2022 (in millions) Asset* Liability* Net Asset* Liability* Net Individual Retirement $ 787 $ 4,534 $ 3,747 $ 527 $ 4,815 $ 4,288 Group Retirement 167 443 276 115 487 372 Total $ 954 $ 4,977 $ 4,023 $ 642 $ 5,302 $ 4,660 * Cash flows and attributed fees for MRBs are determined on a policy level basis and are reported based on their asset or liability position at the balance sheet date. For additional information related to fair value measurements of MRBs, see Note 4. ANNUITY GUARANTEES Annuity contracts may include certain contractually guaranteed benefits to the contract holder. These guaranteed features include GMDBs that are payable in the event of death and living benefits that are payable when partial withdrawals exhaust a policy’s account value, in the event of annuitization, or, in other instances, at specified dates during the accumulation period. Living benefits primarily include GMWBs. 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. Guaranteed Benefits on Variable Annuities 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. Certain of our variable annuity contracts also contain living benefit riders, which include optional GMWBs and, to a lesser extent, GMABs and GMIBs. These living benefits and GMDBs related to variable annuity contracts are accounted for as MRBs measured at fair value, with changes in the fair value (excluding changes in our own credit risk) recorded in Change in the fair value of market risk benefits, net. The net amount at risk for the GMWB represents benefits in excess of the account value assuming the utilization of all benefits by the contract holders at the balance sheet date. The net amount at risk for the GMDB feature represents the amount of guaranteed benefits in excess of account value if all policyholders died. Guaranteed Benefits on Fixed Index and Fixed Annuities Certain of our fixed annuity and fixed index annuity contracts, which are not offered through separate accounts, contain optional GMWBs. 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 GMWBs in fixed annuity and fixed index annuity contracts, which are recorded in MRBs, represents the expected value of benefits in excess of the projected account value, with the excess (excluding changes in our own credit risk ) recognized at fair value through Change in the fair value of MRBs, net. The liability for all of our GMWBs in fixed annuity and fixed index annuity contracts are accounted for as MRBs. For a discussion of the fair value measurement of guaranteed benefits that are accounted for as MRBs, see Note 4. |
Separate Account Assets and Lia
Separate Account Assets and Liabilities | 6 Months Ended |
Jun. 30, 2023 | |
Insurance [Abstract] | |
Separate Account Assets and Liabilities | 13. Separate Account Assets and Liabilities We report variable contracts within the separate accounts when investment income and investment gains and losses accrue directly to, and investment risk is borne by, the contract holder and the separate account meets additional accounting criteria to qualify for separate account treatment. The assets supporting the variable portion of variable annuity and variable universal life contracts that qualify for separate account treatment are carried at fair value and are reported as separate account assets, with an equivalent summary total reported as separate account liabilities. The assets of insulated accounts are legally segregated and are not subject to claims that arise from any of our other businesses. Policy values for variable products and investment contracts are expressed in terms of investment units. Each unit is linked to an asset portfolio. The value of a unit increases or decreases based on the value of the linked asset portfolio. The current liability at any time is the sum of the current unit value of all investment units in the separate accounts, plus any liabilities for MRBs. Amounts assessed against the policyholders for mortality, administrative and other services are included in policy fees. Investment performance (including investment income, net investment gains (losses) and changes in unrealized gains (losses)) and the corresponding amounts credited to policyholders of such separate accounts are offset within the same line in the Condensed Consolidated Statements of Income (Loss). For discussion of the fair value measurement of guaranteed benefits that are accounted for as MRBs, see Note 4. The following table presents fair value of separate account investment options: June 30, 2023 Individual Retirement Group Retirement Life Institutional Total (in millions) Equity Funds $ 24,804 $ 27,889 $ 777 $ 630 $ 54,100 Bond Funds 3,974 3,428 43 1,302 8,747 Balanced Funds 17,911 5,375 51 1,880 25,217 Money Market Funds 720 553 17 364 1,654 Total $ 47,409 $ 37,245 $ 888 $ 4,176 $ 89,718 June 30, 2022 Individual Retirement Group Retirement Life Institutional Total (in millions) Equity Funds $ 23,012 $ 25,210 $ 690 $ 576 $ 49,488 Bond Funds 3,887 4,010 46 1,358 9,301 Balanced Funds 18,684 5,181 49 2,444 26,358 Money Market Funds 679 501 22 386 1,588 Total $ 46,262 $ 34,902 $ 807 $ 4,764 $ 86,735 The following table presents the balances and changes in separate account liabilities: Six Months Ended June 30, 2023 Individual Retirement Group Life Institutional Total (in millions) Separate accounts balance, beginning of year $ 45,178 $ 34,361 $ 799 $ 4,515 $ 84,853 Premiums and deposits 807 697 18 30 1,552 Policy charges (662) (221) (25) (47) (955) Surrenders and withdrawals (1,776) (1,390) (12) (422) (3,600) Benefit payments (432) (250) (3) (58) (743) Investment performance 4,172 4,169 113 146 8,600 Net transfers from (to) general account 122 (121) (2) 11 10 Other charges — — — 1 1 Separate accounts balance, end of period $ 47,409 $ 37,245 $ 888 $ 4,176 $ 89,718 Cash surrender value * $ 46,307 $ 37,050 $ 854 $ 4,178 $ 88,389 Six Months Ended June 30, 2022 Individual Group Life Institutional Total (in millions) Separate accounts balance, beginning of year $ 57,927 $ 45,138 $ 1,044 $ 5,002 $ 109,111 Premiums and deposits 1,354 868 19 33 2,274 Policy charges (646) (244) (25) (50) (965) Surrenders and withdrawals (1,741) (1,329) (11) (25) (3,106) Benefit payments (476) (283) (4) (12) (775) Investment performance (10,249) (8,987) (216) (208) (19,660) Net transfers from (to) general account 93 (261) — 22 (146) Other charges — — — 2 2 Separate accounts balance, end of period $ 46,262 $ 34,902 $ 807 $ 4,764 $ 86,735 Cash surrender value * $ 45,154 $ 34,699 $ 792 $ 4,766 $ 85,411 * The cash surrender value represents the amount of the contract holder’s account balance distributable at the balance sheet date less applicable surrender charges. Separate account liabilities primarily represent the contract holder's account balance in separate account assets and will be equal and offsetting to total separate account assets. |
Contingencies, Commitments and
Contingencies, Commitments and Guarantees | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies, Commitments and Guarantees | 14. 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 YRT agreements. We are disputing the requested rate increases under these agreements. Certain reinsurers with whom we have disputes have initiated arbitration proceedings against us, 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 adopt Plaintiff’s theory that a failure to comply with the Act necessitates payment of policy benefits or to make a pre-trial determination as to AGL’s liability. On September 27, 2022, the District Court denied Plaintiff’s motion for class certification without prejudice. The District Court declined to certify Plaintiff’s proposed class consisting of claims for monetary damages and equitable relief, but indicated that Plaintiff could seek the certification of a narrower class consisting only of claims for monetary damages. The District Court indicated, however, that it has “substantial concerns” as to whether individual issues such as actual damages and causation would predominate, precluding class certification. While the District Court had initially set a trial date for February 7, 2023, it vacated the date and indicated that it would set a new trial date in due course, following consultation with the parties. Subsequently, the case was reassigned to a new District Court judge, who requested additional briefing on certain issues addressed by the summary judgment decisions and heard additional oral argument on those issues on July 19, 2023. The parties are awaiting a decision from the Court. We have accrued our current estimate of probable loss with respect to this litigation. Proceedings are ongoing in other California cases that raise similar industry-wide issues, including in the McHugh case on remand from the California Supreme Court, in which the California Court of Appeal rendered an unpublished opinion on October 10, 2022 that also declined to hold that failure to comply with the Act automatically necessitates payment of policy benefits. 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 $4.5 billion at June 30, 2023. GUARANTEES Asset Dispositions We are subject to guarantees and indemnity arrangements in connection with the completed sales of businesses. The various arrangements may be triggered by, among other things, declines in asset values; the occurrence of specified business contingencies; the realization of contingent liabilities; developments in litigation; or breaches of representations, warranties or covenants provided by us. These arrangements are typically subject to various time limitations, defined by the contract or by operation of law, such as statutes of limitations. In some cases, the maximum potential obligation is subject to contractual limitations, while in other cases such limitations are not specified or are not applicable. We are unable to develop a reasonable estimate of the maximum potential payout under certain of these arrangements. Overall, we believe that it is unlikely we will have to make any material payments related to completed sales under these arrangements, and no material liabilities related to these arrangements have been recorded in the Condensed Consolidated Balance Sheets. Guarantees provided by AIG Prior to the IPO, AIG provided certain guarantees to us as described below. Pursuant to the Separation Agreement we 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 six months ended June 30, 2023 or 2022. 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 six months ended June 30, 2023. As of June 30, 2023 and 2022, the specified minimum capital percentage in the CMA was 250%. AIG Parent provides a full and unconditional guarantee of all outstanding notes and junior subordinated debentures of AIG Life Holdings, Inc.(“AIGLH”). This includes: • a guarantee (the “AIGLH External Debt Guarantee”) in connection with AIGLH junior subordinated debentures and certain AIGLH 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 were guaranteed by AIG Parent for the benefit of AGL. We paid no fees for these guarantees during the six months ended June 30, 2023 or 2022. On August 1, 2023, the guarantee of these promissory notes was novated from AIG Parent to Corebridge Parent. In addition to the Separation Agreement, we have entered into a guarantee reimbursement agreement with AIG Parent which provides that we will reimburse AIG Parent for the full amount of any payment made by or on behalf of AIG Parent pursuant to the AIGLH External Debt Guarantee. We have also entered into a collateral agreement with AIG Parent which provides that in the event of: (i) a ratings downgrade of Corebridge Parent or 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: (a) 100% of the principal amount outstanding, (b) accrued and unpaid interest and (c) 100% of the net present value of scheduled interest payments through the maturity dates of the AIGLH External Debt. • For additional discussion on commitments and guarantees associated with VIEs, see Note 8. • For additional disclosures about derivatives, see Note 9. |
Equity and Redeemable Noncontro
Equity and Redeemable Noncontrolling Interest | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Equity and Redeemable Noncontrolling Interest | 15. Equity and Redeemable Noncontrolling Interest COREBRIDGE SHAREHOLDERS’ EQUITY Retained Earnings Dividends Declaration Date Record Date Payment Date Dividend Paid Per Common Share June 1, 2023* June 16, 2023 June 30, 2023 $ 0.62 May 8, 2023 June 16, 2023 June 30, 2023 $ 0.23 February 16, 2023 March 17, 2023 March 31, 2023 $ 0.23 * On June 1, 2023, we declared a special dividend of $0.62 per share on our common stock, payable on June 30, 2023 to stockholders of record at the close of business on June 16, 2023. For the three and six months ended 2022, Corebridge paid cash dividends of $290 million and $580 million. Dividends Declared On August 3, 2023, the Company declared a cash dividend on Corebridge common stock of $0.23 per share, payable on September 29, 2023 to shareholders of record at close of business on September 15, 2023. Common Stock The following table presents a rollforward of outstanding shares : Six Months Ended June 30, 2023 Common Stock Issued Treasury Stock Common Stock Outstanding Shares, beginning of year 645,000,000 — 645,000,000 Shares issued under long-term incentive compensation plans 3,144,926 — 3,144,926 Shares repurchased — (12,187,690) (12,187,690) Shares, end of period 648,144,926 (12,187,690) 635,957,236 Repurchase of Corebridge Common Stock On May 4, 2023, our Board of Directors authorized a $1 billion share repurchase program. Under this program, Corebridge Parent may, from time to time, purchase up to $1 billion of its common stock but is not obligated to purchase any particular number of shares. Repurchases may be made through various means including open market transactions, privately negotiated transactions, forward, derivative, accelerated repurchase, or automatic share repurchase transactions, or tender offers. The authorization for the share repurchase program may be terminated, increased or decreased by the Board of Directors at any time. From May 4, 2023 to June 30, 2023, we repurchased approximately 12.2 million shares of Corebridge Common Stock for an aggregate purchase price of approximately $200 million. Accumulated Other Comprehensive Income (Loss) The following table presents a rollforward of Accumulated other comprehensive income (loss): (in millions) Unrealized Appreciation (Depreciation) of Fixed Maturity Securities on Which allowance for credit losses was Taken Unrealized Appreciation (Depreciation) of All Other Investments Change in fair value of market risk benefits attributable to changes in our own credit risk Change in the discount rates used to measure traditional and limited payment long-duration insurance contracts Cash Flow Hedges Foreign Currency Translation Adjustments Retirement Plan Liabilities Adjustment Total Balance, March 31, 2023, net of tax $ (62) $ (16,248) $ (291) $ 2,443 $ 153 $ (73) $ 11 $ (14,067) Change in unrealized depreciation of investments 55 (1,827) — — — — — (1,772) Change in fair value of market risk benefits attributable to changes in our own credit risk — — (240) — — — — (240) Change in discount rates assumptions of certain liabilities — — — 628 — — — 628 Change in future policy benefits and other — 49 — — — — — 49 Change in cash flow hedges — — — — (8) — — (8) Change in foreign currency translation adjustments — — — — — 28 — 28 Change in net actuarial loss — — — — — — — — Change in deferred tax asset (liability) (12) 294 51 (142) 2 8 — 201 Total other comprehensive income (loss) 43 (1,484) (189) 486 (6) 36 — (1,114) Noncontrolling interests — — — — — 1 — 1 Balance, June 30, 2023, net of tax $ (19) $ (17,732) $ (480) $ 2,929 $ 147 $ (38) $ 11 $ (15,182) Balance, March 31, 2022, net of tax* $ (82) $ (1,061) $ (877) $ (158) $ 177 $ (32) $ 7 $ (2,026) Change in unrealized depreciation of investments 62 (15,464) — — — — — (15,402) Change in fair value of market risk benefits attributable to changes in our own credit risk — — 734 — — — — 734 Change in discount rates assumptions of certain liabilities — — — 2,239 — — — 2,239 Change in future policy benefits and other — 643 — — — — — 643 Change in cash value hedges — — — — (6) — — (6) Change in foreign currency translation adjustments — — — — — (50) — (50) Change in net actuarial loss — — — — — — (1) (1) Change in deferred tax asset (liability) (13) 2,402 (153) (474) (2) 3 — 1,763 Total other comprehensive income 49 (12,419) 581 1,765 (8) (47) (1) (10,080) Noncontrolling interests — — — — — — — — Balance, June 30, 2022, net of tax $ (33) $ (13,480) $ (296) $ 1,607 $ 169 $ (79) $ 6 $ (12,106) (in millions) Unrealized Appreciation (Depreciation) of Fixed Maturity Securities on Which allowance for credit losses was Taken Unrealized Appreciation (Depreciation) of All Other Investments Change in fair value of market risk benefits attributable to changes in our own credit risk Change in the discount rates used to measure traditional and limited payment long-duration insurance contracts Cash Flow Hedges Foreign Currency Translation Adjustments Retirement Plan Liabilities Adjustment Total Balance at December 31, 2021, net of tax $ (31) $ 12,315 $ (1,659) $ (2,390) $ — $ (9) $ 7 $ 8,233 Change in unrealized depreciation of investments (2) (32,274) — — — — — (32,276) Change in fair value of market risk benefits attributable to changes in our own credit risk — — 1,726 — — — — 1,726 Change in discount rates assumptions of certain liabilities — — — 5,069 — — — 5,069 Change in future policy benefits and other — 1,440 — — — — — 1,440 Change in cash value hedges — — — — 218 — — 218 Change in foreign currency translation adjustments — — — — — (74) — (74) Change in net actuarial loss — — — — — — (1) (1) Change in deferred tax asset (liability) — 5,039 (363) (1,072) (49) 4 — 3,559 Total other comprehensive income (2) (25,795) 1,363 3,997 169 (70) (1) (20,339) Less: Noncontrolling interests — — — — — — — — Balance, June 30, 2022, net of tax* $ (33) $ (13,480) $ (296) $ 1,607 $ 169 $ (79) $ 6 $ (12,106) Balance at December 31, 2022, net of tax $ (92) $ (19,380) $ (365) $ 2,908 $ 157 $ (100) $ 9 $ (16,863) Change in unrealized depreciation of investments 93 2,155 — — — — — 2,248 Change in fair value of market risk benefits attributable to changes in our own credit risk — — (146) — — — — (146) Change in discount rates assumptions of certain liabilities — — — 33 — — — 33 Change in future policy benefits and other — (67) — — — — — (67) Change in cash flow hedges — — — — (15) — — (15) Change in foreign currency translation adjustments — — — — — 65 — 65 Change in net actuarial loss — — — — — — 3 3 Change in deferred tax asset (liability) (20) (440) 31 (12) 5 7 (1) (430) Total other comprehensive income (loss) 73 1,648 (115) 21 (10) 72 2 1,691 Less: Noncontrolling interests — — — — — 10 — 10 Balance, June 30, 2023, net of tax $ (19) $ (17,732) $ (480) $ 2,929 $ 147 $ (38) $ 11 $ (15,182) * For additional disclosures related to the impact of the Targeted improvements to the Accounting for Long-Duration Contracts refer to Note 2. The following table presents the OCI reclassification adjustments for the three and six months ended June 30, 2023 and 2022, respectively: (in millions) Unrealized Appreciation (Depreciation) of Fixed Maturity Securities on Which Allowance for Credit Losses Was Taken Unrealized Appreciation (Depreciation) of All Other Investments Change in fair value of market risk benefits attributable to changes in the instrument- specific risk Change in the discount rates used to measure traditional and limited payment long-duration insurance contracts Cash Flow Hedges Foreign Currency Translation Adjustments Retirement Plan Liabilities Adjustment Total Three Months Ended June 30, 2023 Unrealized change arising during period $ 52 $ (2,009) $ (240) $ 628 $ (8) $ 28 $ — $ (1,549) Less: Reclassification adjustments included in net income (3) (231) — — — — — (234) Total other comprehensive income (loss), before income tax expense (benefit) 55 (1,778) (240) 628 (8) 28 — (1,315) Less: Income tax expense (benefit) 12 (294) (51) 142 (2) (8) — (201) Total other comprehensive income (loss), net of income tax expense (benefit) $ 43 $ (1,484) $ (189) $ 486 $ (6) $ 36 $ — $ (1,114) Three Months Ended June 30, 2022 Unrealized change arising during period $ 54 $ (15,099) $ 734 $ 2,239 $ (6) $ (50) $ (1) $ (12,129) Less: Reclassification adjustments included in net income (8) (278) — — — — — (286) Total other comprehensive income (loss), before income tax expense (benefit) 62 (14,821) 734 2,239 (6) (50) (1) (11,843) Less: Income tax expense (benefit) 13 (2,402) 153 474 2 (3) — (1,763) Total other comprehensive income (loss), net of income tax expense (benefit) $ 49 $ (12,419) $ 581 $ 1,765 $ (8) $ (47) $ (1) $ (10,080) Six Months Ended June 30, 2023 Unrealized change arising during period $ 76 $ 1,770 $ (146) $ 33 $ (15) $ 65 $ 3 $ 1,786 Less: Reclassification adjustments included in net income (17) (318) — — — — — (335) Total other comprehensive income (loss), before income tax expense (benefit) 93 2,088 (146) 33 (15) 65 3 2,121 Less: Income tax expense (benefit) 20 440 (31) 12 (5) (7) 1 430 Total other comprehensive income (loss), net of income tax expense (benefit) $ 73 $ 1,648 $ (115) $ 21 $ (10) $ 72 $ 2 $ 1,691 Six Months Ended June 30, 2022 Unrealized change arising during period $ (10) $ (31,212) $ 1,726 $ 5,069 $ 218 $ (74) $ (1) $ (24,284) Less: Reclassification adjustments included in net income (8) (378) — — — — — (386) Total other comprehensive income (loss), before income tax expense (benefit) (2) (30,834) 1,726 5,069 218 (74) (1) (23,898) Less: Income tax expense (benefit) — (5,039) 363 1,072 49 (4) — (3,559) Total other comprehensive income (loss), net of income tax expense (benefit) $ (2) $ (25,795) $ 1,363 $ 3,997 $ 169 $ (70) $ (1) $ (20,339) The following table presents the effect of the reclassification of significant items out of Accumulated other comprehensive income on the respective line items in the Condensed Consolidated Statements of Income (Loss)*: Amount Reclassified from AOCI Affected Line Item in the Condensed Consolidated Statements of Income (Loss) Three Months Ended June 30, Six Months Ended June 30, (in millions) 2023 2022 2023 2022 Unrealized appreciation (depreciation) of fixed maturity securities on which allowance for credit losses was taken Investments $ (3) $ (8) $ (17) $ (8) Net realized gains (losses) Total (3) (8) (17) (8) Unrealized appreciation (depreciation) of all other investments Investments (231) (278) (318) (378) Net realized gains (losses) Total (231) (278) (318) (378) Total reclassifications for the period $ (234) $ (286) $ (335) $ (386) * The following items are not reclassified out of AOCI and included in the Condensed Consolidated Statements of Income (Loss) and thus have been excluded from the table:(a) Change in fair value of MRBs attributable to changes in our own credit risk (b) Change in the discount rates used to measure traditional and limited-payment long-duration insurance contracts and (c) Fair value of liabilities under fair value option attributable to changes in our own credit risk . NON-REDEEMABLE NONCONTROLLING INTEREST The activity in non-redeemable noncontrolling interest primarily relates to activities with consolidated investment entities. The changes in non-redeemable noncontrolling interest due to divestitures and acquisitions primarily relate to the formation and funding of new consolidated investment entities. The majority of the funding for these consolidated investment entities comes from affiliated companies of Corebridge. The changes in non-redeemable noncontrolling interest due to contributions from noncontrolling interests primarily relate to the additional capital calls related to consolidated investment entities. The changes in non-redeemable noncontrolling interest due to distributions to noncontrolling interests primarily relate to dividends or other distributions related to consolidated investment entities. The following table presents a rollforward of non-redeemable noncontrolling interest: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2023 2022 2023 2022 Beginning balance $ 910 $ 1,565 $ 939 $ 1,759 Net income attributable to redeemable noncontrolling interest (20) 79 (14) 155 Other comprehensive loss, net of tax 1 — 10 — Changes in noncontrolling interests due to divestitures and acquisitions — — (19) — Contributions from noncontrolling interests 18 9 43 23 Distributions to noncontrolling interests (3) (438) (53) (718) Other 1 (7) 1 (11) Ending balance $ 907 $ 1,208 $ 907 $ 1,208 Refer to Note 8 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. As of December 31, 2022, the Company has distributed the remaining portion of the redeemable funds. The following table presents a rollforward of redeemable noncontrolling interest: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2022 2022 Beginning balance $ 82 $ 83 Distributions to noncontrolling interests (25) (25) Net income attributable to redeemable noncontrolling interest 1 — Ending balance $ 58 $ 58 |
Earnings Per Common Share
Earnings Per Common Share | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | 16. Earnings Per Common ShareThe basic earnings per common share (“EPS”) computation is based on the weighted average number of common shares outstanding, adjusted to reflect all stock splits. The diluted EPS computation is based on those shares used in the basic EPS computation plus common shares that would have been outstanding assuming issuance of common shares for all dilutive potential common shares outstanding and adjusted to reflect all stock splits, using the treasury stock method. The following table presents the computation of basic and diluted EPS for the three and six months ended June 30, 2023, and 2022: Three Months Ended June 30, Six Months Ended June 30, (in millions, except per common share data) 2023 2022 2023 2022 Numerator for EPS: Net income (loss) $ 751 $ 2,674 $ 298 $ 6,115 Less: Net income (loss) attributable to noncontrolling interests (20) 80 (14) 155 Net income (loss) attributable to Corebridge common shareholders $ 771 2,594 $ 312 $ 5,960 Denominator for EPS (a) : Weighted average common shares outstanding - basic 650.7 645.0 650.8 645.0 Dilutive common shares (b) 1.5 — 1.7 — Weighted average common shares outstanding - diluted 652.2 645.0 652.5 645.0 Income per common share attributable to Corebridge common shareholders (a) Common stock - Basic $ 1.18 $ 4.02 $ 0.48 $ 9.24 Common stock - Diluted $ 1.18 $ 4.02 $ 0.48 $ 9.24 (a) The results of the September 6, 2022 stock split have been applied retroactively for all periods prior to September 6, 2022. For additional information regarding the September 6, 2022 stock split, see Note 16 of the Consolidated Financial Statements in the June 2023 Registration Statement. (b) Potential dilutive common shares include our share-based employee compensation plans. The number of common shares excluded from dilutive shares outstanding was approximately 1.3 million and 0.9 million for the three and six months ended June 30, |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 17. Income Taxes RECENT U.S. TAX LAW CHANGES The Inflation Reduction Act of 2022 (H.R. 5376), (the “Inflation Reduction Act”) includes a 15% corporate alternative minimum tax (“CAMT”) on adjusted financial statement income for corporations with average profits over $1 billion over a three-year period and a 1% stock buyback tax. CAMT and the stock buyback tax are effective for tax years beginning after December 31, 2022. The tax provisions of the 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. BASIS OF PRESENTATION Prior to the IPO, Corebridge Parent and certain U.S. subsidiaries were included in the consolidated federal income tax return of AIG as well as certain state tax returns where AIG files on a combined or unitary basis. Following the IPO, AIG owned less than 80% interest in Corebridge, resulting in tax deconsolidation of Corebridge from the AIG Consolidated Tax Group. In addition, under the tax law, AGC and its directly owned life insurance subsidiaries (the “AGC Group”) will not be permitted to join in the filing of a U.S. consolidated federal income tax return with our other subsidiaries (collectively, the “Non-Life Group”) for the five-year waiting period. Instead, the AGC Group is expected to file separately as members of the AGC Group consolidated U.S. federal income tax return during the five-year waiting period. Following the five-year waiting period, the AGC Group is expected to join the U.S. consolidated federal income tax return with the Non-Life Group. RECLASSIFICATION OF CERTAIN TAX EFFECTS FROM AOCI We use an item-by-item approach to release the stranded or disproportionate income tax effects in AOCI related to our available-for-sale securities. Under this approach, a portion of the disproportionate tax effects is assigned to each individual security lot at the date the amount becomes lodged. When the individual securities are sold, mature or are otherwise impaired on an other-than-temporary basis, the assigned portion of the disproportionate tax effect is reclassified from AOCI to income (loss) from operations. INTERIM TAX CALCULATION METHOD We use the estimated annual effective tax rate method in computing our interim tax provision. Certain items, including those deemed to be unusual or infrequent or that cannot be reliably estimated, are excluded from the estimated annual effective tax rate. In these cases, the actual tax expense or benefit is reported in the same period as the related item. Certain tax effects are also not reflected in the estimated annual effective tax rate, primarily certain changes in uncertain tax positions and realizability of deferred tax assets, and are recorded in the period in which the change occurs. INTERIM TAX EXPENSE (BENEFIT) For the three months ended June 30, 2023, the effective tax rate on income from operations was 17.6%. The effective tax rate on income from operations differs from the statutory tax rate of 21% primarily due to the dividends received deduction, tax adjustments related to prior year returns, and reclassifications from AOCI to income from operations related to the disposal of available-for-sale securities. These tax benefits were partially offset by the establishment of additional valuation allowance and tax charges associated with state and local income taxes. For the six months ended June 30, 2023, the effective tax rate on income from operations was (23.1)%. The effective tax rate on income from operations differs from the statutory tax rate of 21% primarily due to the dividends received deduction, adjustments to deferred tax assets, reclassifications from AOCI to income from operations related to the disposal of available-for-sale securities, tax adjustments related to prior year returns, and excess tax benefits related to share based compensation payments recorded through the income statement. These tax benefits were partially offset by the establishment of additional valuation allowance and tax charges associated with state and local income taxes. For the three months ended June 30, 2022, the effective tax rate on income from operations was 19.6%. The effective tax rate on income from operations differs from the statutory tax rate of 21% primarily due to tax benefits associated with the dividends received deduction, reclassifications from AOCI to income from operations related to the disposal of available for sale securities, and tax adjustments related to prior year returns. These tax benefits were partially offset by tax charges associated with state and local income taxes. For the six months ended June 30, 2022, the effective tax rate on income from operations was 19.8%. The effective tax rate on income from operations differs from the statutory tax rate of 21% primarily due to tax benefits associated with reclassifications from AOCI to income from operations related to the disposal of available for sale securities, the dividends received deduction, tax adjustments related to prior year returns, and excess tax benefits related to share based compensation payments recorded through the income statement. These tax benefits were partially offset by tax charges associated with state and local income taxes, including the establishment of a valuation allowance associated with certain state jurisdictions. For the six months ended June 30, 2023, 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. ASSESSMENT OF DEFERRED TAX ASSET VALUATION ALLOWANCE The evaluation of the recoverability of our deferred tax asset and the need for a valuation allowance requires us to weigh all positive and negative evidence to reach a conclusion that it is more likely than not that all or some portion of the deferred tax asset will not be realized. The weight given to the evidence is commensurate with the extent to which it can be objectively verified. The more negative evidence that exists, the more positive evidence is necessary and the more difficult it is to support a conclusion that a valuation allowance is not needed. As discussed above, under the tax law, the AGC Group will not be permitted to join in the filing of a U.S. consolidated federal income tax return with the Non-Life Group for the five-year waiting period following the IPO. Instead, the AGC Group is expected to file separately as members of the AGC consolidated U.S. federal income tax return during this period. Following the five-year waiting period, the AGC Group is expected to join U.S. consolidated federal income tax return with the Non-Life Group. Each separate U.S. federal tax filing group or separate U.S. tax filer is required to consider this five-year waiting period when assessing realization of their respective deferred tax assets including net operating loss and tax credit carryforwards. Recent events, including the IPO, changes in target interest rates by the Board of Governors of the Federal Reserve System and significant market volatility, impacted actual and projected results of our business operations as well as our views on potential effectiveness of certain prudent and feasible tax planning strategies. In order to demonstrate the predictability and sufficiency of future taxable income necessary to support the realizability of the net operating losses and foreign tax credit carryforwards, we have considered forecasts of future income for each of our businesses, including assumptions about future macroeconomic and Corebridge-specific conditions and events, and any impact these conditions and events may have on our prudent and feasible tax planning strategies. To the extent that the valuation allowance is attributed to changes in forecast of current year taxable income, the impact is included in our estimated annualized effective tax rate. A valuation allowance related to changes in forecasts of income in future periods as well as other items not related to the current year is recorded discretely. For the three and six months ended June 30, 2023, we recorded an increase in valuation allowance of $35 million and $51 million, respectively, attributable to current year activity. As of June 30, 2023, the balance sheet reflects a valuation allowance of $202 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 six months ended June 30, 2023, recent changes in market conditions, including rising interest rates, impacted the unrealized tax capital gains and losses in the U.S. life insurance companies’ available-for-sale securities portfolio, resulting in a deferred tax asset related to net unrealized tax capital losses. The deferred tax asset relates to the unrealized capital losses for which the carryforward period has not yet begun, and as such, when assessing its recoverability, we consider our ability and intent to hold the underlying securities to recovery. As of June 30, 2023, based on all available evidence, we concluded that a valuation allowance should be established on a portion of the deferred tax asset related to unrealized capital losses that are not more likely than not to be realized. For the three and six months ended June 30, 2023, we recorded an increase (decrease) in valuation allowance of $69 million and $(63) million, respectively, associated with the unrealized tax capital losses in the U.S. life insurance companies’ available-for-sale securities portfolio. As of June 30, 2023, the balance sheet reflects a valuation allowance of $1.4 billion 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 OCI. TAX EXAMINATIONS AND LITIGATION Corebridge Parent and certain U.S. subsidiaries are included in a consolidated U.S. federal income tax return with AIG through the date of IPO (short-period tax year 2022), and income tax expense is recorded, based on applicable U.S. and foreign laws. The AIG Consolidated Tax Group is currently under IRS examination for the tax years 2011 through 2019 and is continuing to engage in the appeals process for years 2007 through 2010. |
Related Parties
Related Parties | 6 Months Ended |
Jun. 30, 2023 | |
Related Party Transactions [Abstract] | |
Related Parties | 18. 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 six months ended June 30, 2023 and 2022: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2023 2022 2023 2022 Revenues: Other income $ 7 $ 28 $ 20 $ 59 Net investment income - excluding Fortitude Re funds withheld assets (3) (3) (8) (7) Total revenues $ 4 $ 25 $ 12 $ 52 Expenses: General operating and other expenses $ 46 $ 5 $ 93 $ 28 Interest expense 1 21 8 59 Total expenses $ 47 $ 26 $ 101 $ 87 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 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. Advisory Transactions Certain of our investment management subsidiaries provide advisory, management, allocation, structuring, planning, oversight, administration and similar services (collectively, “Investment Services”) with respect to the investment portfolios of AIG. Investment Services are provided primarily pursuant to investment management, investment advisory and similar agreements (“IMAs”), under which our subsidiaries are appointed as investment manager and are authorized to manage client investment portfolios on a fully discretionary basis, subject to agreed investment guidelines. Certain of our subsidiaries are also authorized under the IMAs to retain, oversee and direct third-party investment advisers and managers for and on behalf of these AIG clients. In some cases, Investment Services are provided through the clients’ participation in private investment funds, RMBS, CLO and other pooled investment vehicles and investment products (collectively, “Funds”) sponsored or managed by us. Separately, certain of our subsidiaries provide portfolio administration and investment planning, performance evaluation and oversight services to AIG 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 Condensed Consolidated Statements of Income (Loss) was $7 million and $20 million for the three and six months ended June 30, 2023, respectively, and $28 million and $59 million for the three and six months ended June 30, 2022, respectively. Capital Markets Agreements We received 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 provided these services through various services agreements. In addition, in the ordinary course of business, we enter into over-the-counter 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 Condensed Consolidated Statements of Income (Loss) were $0 million and $0 million for the three and six months ended June 30, 2023, respectively, and $5 million and $10 million for the three and six months ended June 30, 2022, respectively. The derivative assets, net of gross assets and gross liabilities after collateral were $195 million and $12 million as of June 30, 2023 and December 31, 2022, respectively. The derivative liabilities, net of gross assets and gross liabilities after collateral were $0 million and $0 million as of June 30, 2023 and December 31, 2022, respectively. The collateral posted to AIGM was $688 million and $1.5 billion as of June 30, 2023 and December 31, 2022, respectively. The collateral held by us was $799 million and $380 million as of June 30, 2023 and December 31, 2022, respectively. In addition, we previously had certain unsecured derivative transactions with AIG. On May 4, 2023, these previously unsecured derivative transactions became fully collateralized. The derivative assets, net of gross assets and gross liabilities after collateral were $0 million and $253 million as of June 30, 2023 and December 31, 2022, respectively. There were no derivative net liabilities as of June 30, 2023 and December 31, 2022, respectively. In relation to these derivatives, there was no collateral posted to AIG or collateral held by us as of June 30, 2023 and December 31, 2022, respectively. For further details regarding derivatives, see Note 9. General Services Agreements Pursuant to the provisions of a Service and Expense Agreement (the “AIG Service and Expense Agreement”) effective February 1, 1974, as amended, we and AIG have provided various services to each other at cost, including, but not limited to, advertising, accounting, actuarial, tax, legal, data processing, claims adjustment, employee cafeteria, office space, payroll, information technology services, capital markets services, services that support financial transactions and budgeting, risk management and compliance services, human resources services, insurance, operations and other support services. On September 14, 2022, we entered into a Transition Services Agreement (the “TSA”) with AIG regarding the continued provision of services between the Company and AIG on a transitional basis. The TSA has generally replaced the AIG Service and Expense Agreement for services provided between the parties. Amounts due to AIG under these agreements were $109 million and $311 million as of June 30, 2023 and December 31, 2022, respectively. Amounts due from AIG were $51 million and $54 million as of June 30, 2023 and December 31, 2022, respectively. The total service expenses incurred specific to these agreements reflected in General operating and other expenses on the Condensed Consolidated Statements of Income (Loss) were $46 million and $93 million for the three and six months ended June 30, 2023, respectively, and $5 million and $11 million for the three and six months ended June 30, 2022, respectively. Reinsurance Transactions From time to time, AIG Life (United Kingdom) has entered into various coinsurance agreements with American International Reinsurance Company, Ltd., a consolidated subsidiary of AIG (“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 $63 million and $70 million as of June 30, 2023 and December 31, 2022, respectively. Amounts payable to AIRCO were $8 million and $32 million as of June 30, 2023 and December 31, 2022, respectively. Ceded premiums related to these agreements were $11 million and $18 million for the three and six months ended June 30, 2023, respectively, and $7 million and $18 million for the three and six months ended June 30, 2022, 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 six months ended June 30, 2023 and 2022. 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 six months ended June 30, 2023. As of June 30, 2023 and December 31, 2022, the specified minimum capital percentage in the CMA was 250%. AIG Parent provides a full and unconditional guarantee of AIGLH Notes and Junior Subordinated Debentures. 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 Parent for the benefit of AGL. We paid no fees for these guarantees during the six months ended June 30, 2023 and 2022. On August 1, 2023, the guarantee of these promissory notes was novated from AIG Parent to Corebridge Parent. In addition to the Separation Agreement, we have entered into a guarantee reimbursement agreement with AIG Parent which provides that we will reimburse AIG Parent for the full amount of any payment made by or on behalf of AIG Parent pursuant to the AIGLH External Debt Guarantee. We have also entered into a collateral agreement with AIG Parent which provides that in the event of: (i) a ratings downgrade of Corebridge Parent or 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. In addition to the guarantees above, we may provide to or receive from AIG Parent, or to or from third-parties on behalf of AIG Parent, 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 June 30, 2023, none of these guarantees became payable. For further details regarding guarantees provided by AIG, see Note 14. Funding Arrangements 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 million and $0.4 billion as of June 30, 2023 and December 31, 2022, respectively, were recorded in Short-term investments on the Condensed Consolidated Balance Sheets. Interest earned on these deposits, reflected in Net investment income - excluding Fortitude Re funds withheld assets on the Condensed Consolidated Statements of Income (Loss), was $3 million and $8 million for the three and six months ended June 30, 2023, respectively, and $2 million and $3 million for the three and six months ended June 30, 2022, respectively. Promissory Notes 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 Condensed Consolidated Statements of Income (Loss) was $10 million and $39 million for the three and six months ended June 30, 2022, respectively. We repaid the principal and accrued interest of this note during 2022. 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 for approximately $452 million. Tax Sharing Agreements On September 14, 2022, we entered into a tax matters agreement with AIG that governs the parties’ respective rights, responsibilities, and obligations with respect to taxes, including the allocation of current and historic tax liabilities (whether income or non-income consolidated or stand-alone) between us and AIG (the “Tax Matters Agreement”). The Tax Matters Agreement governs, among other things, procedural matters, such as filing of tax returns, tax elections, control and settlement of tax controversies and entitlement to tax refunds and tax attributes. Prior to the IPO, Corebridge and SAFG Capital LLC were included in the consolidated federal income tax return of AIG as well as certain state tax returns where AIG files on a combined or unitary basis. In the three months ended June 30, 2023, we received tax sharing payments of $368 million from AIG in respect to these prior periods. There were $331 million and $842 million of payments from Corebridge to AIG in connection with the tax sharing agreements for the three and six months ended June 30, 2022, respectively. Amounts receivable (payable) from or to AIG pursuant to the tax sharing agreements were $(410) million and $524 million as of June 30, 2023 and December 31, 2022, respectively. Employee Compensation and Benefits Our employees participate in certain of AIG’s employee benefit programs. We had a payable of $32 million and $59 million as of June 30, 2023 and December 31, 2022, 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. Shared-based Compensation Plans 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 “Plans”). Equity awards may be granted under the 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 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. Prior to the IPO, certain of our employees held restricted stock units granted by AIG Parent that were linked to AIG Parent’s common stock and subject solely to time-based vesting conditions (the “AIG RSUs”). On September 14, 2022, the AIG RSUs were converted to restricted stock units denominated in CRBG Stock (the “CRBG RSUs”) under the Plans. The CRBG RSUs have terms and conditions that are substantially the same as the corresponding AIG RSUs, with the number of shares of CRBG Stock subject to the RSUs adjusted in a manner intended to preserve their intrinsic value as of immediately before and immediately following the conversion (subject to rounding). Repurchase of Corebridge Common Stock On June 26, 2023, we repurchased approximately 11.0 million shares of Corebridge Common Stock from AIG for an aggregate purchase price of approximately $180 million. Related Party Transactions with Blackstone Investment Expense We entered into a long-term asset management relationship with Blackstone to manage a portion of our investment portfolio. The investment expense incurred was $37 million and $72 million for the three and six months ended June 30, 2023, respectively and $47 million and $73 million for the three and six months ended June 30, 2022, respectively. Repurchase of Corebridge Common Stock On June 26, 2023, we repurchased approximately 1.2 million shares of Corebridge Common Stock from Blackstone for an aggregate purchase price of approximately $20 million. 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 $129 million and $308 million as of June 30, 2023 and December 31, 2022, respectively. The interest expense incurred on the debt reflected in Interest expense on the Condensed Consolidated Statements of Income (Loss) was $1 million and $8 million for the three and six months ended June 30, 2023, respectively, and $11 million and $20 million for the three and six months ended June 30, 2022, respectively. The noncontrolling interest included in the Condensed Consolidated Balance Sheets related to the VIEs held by affiliates was $526 million and $537 million as of June 30, 2023 and December 31, 2022, respectively. The gain/(loss) attributable to noncontrolling interest of consolidated VIEs held by affiliates was $(8) million and $11 million for the three and six months ended June 30, 2023, respectively, and $33 million and $66 million for the three and six months ended June 30, 2022, respectively. In addition to transactions with VIEs, Corebridge has entered into other structured financing arrangements supporting real estate properties and other types of assets with other AIG affiliates. These financing arrangements are reported in Other invested assets in the Condensed Consolidated Balance Sheets. Certain of these and the VIE structures above also include commitments for funding from other AIG affiliates. For additional information related to VIEs and other investments, see Notes 5 and 8. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | 19. Subsequent EventsOn August 3, 2023, Corebridge announced that it reached a definitive agreement to sell Laya to AXA for total consideration of €650 million in cash. The sale of Laya is expected to close in the fourth quarter of 2023, subject to regulatory approvals and other customary closing conditions. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Pay vs Performance Disclosure | ||||
Net income (loss) attributable to Corebridge | $ 771 | $ 2,594 | $ 312 | $ 5,960 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Use of Estimates | USE OF ESTIMATES The preparation of financial statements in accordance with GAAP requires the application of accounting policies that often involve a significant degree of judgment. Accounting policies that we believe are most dependent on the application of estimates and assumptions are considered our critical accounting estimates and are related to the determination of: • fair value measurements of certain financial assets and liabilities; • valuation of market risk benefits (“MRBs”) related to guaranteed benefit features of variable annuity products, fixed annuity products and fixed index annuity products; • valuation of embedded derivative liabilities for fixed index annuity and index universal life products; • valuation of future policy benefit liabilities and recognition of remeasurement gains and losses; • reinsurance assets, including the allowance for credit losses; • goodwill impairment; • allowance for credit losses primarily on loans and available for sale fixed maturity securities; and • income tax assets and liabilities, including recoverability of our net deferred tax asset and the predictability of future tax operating profitability of the character necessary to realize the net deferred tax asset. These accounting estimates require the use of assumptions about matters, some of which are highly uncertain at the time of estimation. To the extent actual experience differs from the assumptions used, our consolidated financial condition, results of operations and cash flows could be materially affected. |
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. Prior to the adoption of LDTI effective on January 1, 2021, the difference between the gross premium received and the net premium was deferred and recognized in premiums in a constant relationship to insurance in-force, or for annuities, the amount of expected future policy benefits. This Deferred Profit Liability (“DPL”) was recorded in the Condensed Consolidated Balance Sheets in Other policyholder funds. After January 1, 2021, the difference between the gross premium received and recorded as revenue and the net premium is deferred and recognized in Policyholder benefits in a constant relationship to insurance in-force, or for annuities, the amount of expected future policy benefits. This DPL is recorded in the Condensed Consolidated Balance Sheets in Future policy benefits for life and accident and health insurance contracts. 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 reserve (“URR”) is recorded in the Condensed Consolidated Balance Sheets in Other policyholder funds. Prior to the adoption of LDTI effective on January 1, 2021, reinsurance premiums ceded under yearly renewable term (“YRT”) reinsurance agreements were recognized as a reduction in revenues over the period the reinsurance coverage was utilized in proportion to the risks to which the premiums relate, while premiums ceded under modified coinsurance (“modco”) treaties were recognized when due. After January 1, 2021, all reinsurance premiums ceded are recognized when due, following a ceded net premium ratio (“NPR”) methodology that also accrues a proportionate amount of estimated benefits. 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. |
Accounting Standards Adopted During 2022 and 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 the standard on January 1, 2023 using the modified retrospective transition method relating to liabilities for traditional and limited payment contracts and deferred policy acquisition costs. The Company also adopted the standard in relation to MRBs on a full retrospective basis. As of the transition date, the impact of the adoption of the standard was a net decrease to beginning Accumulated other comprehensive income (loss) (“AOCI”) of $2.3 billion and a net increase to beginning Shareholders’ net investment of $1.2 billion primarily driven by (1) changes related to MRBs in our Individual Retirement and Group Retirement segments, including the impact of non-performance risk adjustments which reclassified the portion of the changes in fair value attributable to non-performance risk from Shareholders' net investment to AOCI, (2) changes to the discount rate used to measure the liability for future policy benefits which most significantly impacted our Life Insurance and Institutional Markets segments, and (3) the removal of balances recorded in AOCI related to changes in unrealized appreciation (depreciation) on investments. The condensed consolidated financial statements as of December 31, 2022 and for six months ended June 30, 2022 have been adjusted to reflect the effects of applying the standard. The accounting for the Fortitude Reinsurance Company Ltd. (“Fortitude Re”) reinsurance assets, including the discount rates, continued to be calculated using the same methodology and assumptions as the direct policies, and therefore have been recalculated on an LDTI basis. The accounting for reinsurance transactions between the Company and Fortitude Re structured as modco remained unchanged. 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 (“TDRs”) 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. The Company adopted the standard prospectively as of January 1, 2023 and the standard did not have a material impact on our reported consolidated financial condition, results of operations, or cash flows . For the updated required disclosures, see Note 6. FUTURE APPLICATION OF ACCOUNTING STANDARDS 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 | 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 and variable annuities. • 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 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 (“COLI-BOLI”), private placement variable universal life and private placement variable annuity products. • Corporate and Other – consists primarily of: – corporate expenses not attributable to our other segments; – interest expense on financial debt; – results of our consolidated investment entities; – institutional asset management business, which includes managing assets for non-consolidated affiliates; and – results of our legacy insurance lines ceded to Fortitude Re. We evaluate segment performance based on adjusted revenues and adjusted pre-tax operating income (loss) (“APTOI”). Adjusted revenues are derived by excluding certain items from total revenues. APTOI is derived by excluding certain items from income from operations before income tax. These items generally fall into one or more of the following broad categories: legacy matters having no relevance to our current businesses or operating performance; adjustments to enhance transparency to the underlying economics of transactions; and adjustments that we believe to be common to the industry. Legal entities are attributed to each segment based upon the predominance of activity in that legal entity. APTOI excludes the impact of the following items: Fortitude-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. 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 or are recognized as embedded derivatives at fair value are also included in Net realized gains (losses) and are similarly excluded from APTOI except earned income (periodic settlements and changes in settlement accruals) on derivative instruments used for non-qualifying (economic) hedges or for asset replication. Earned income on such economic hedges is reclassified from Net realized gains and losses to specific APTOI line items based on the economic risk being hedged (e.g., Net investment income and Interest credited to policyholder account balances). Market Risk Benefits adjustments: Certain of our variable annuity, fixed annuity and fixed index annuity contracts contain guaranteed minimum withdrawal benefits (“GMWBs”) and/or guaranteed minimum death benefits (“GMDBs”) which are accounted for as MRBs. Changes in the fair value of these MRBs (excluding changes related to our own credit risk), including certain rider fees attributed to the MRBs, along with changes in the fair value of derivatives used to hedge MRBs are recorded through “Change in the fair value of MRBs, net” and are excluded from APTOI. Changes in the fair value of securities used to economically hedge MRBs are excluded from APTOI. Other adjustments: Other adjustments represent all other adjustments that are excluded from APTOI and includes the net pre-tax operating income (losses) from noncontrolling interests related to consolidated investment entities. The excluded adjustments include, as applicable: • restructuring and other costs related to initiatives designed to reduce operating expenses, improve efficiency and simplify our organization; • non-recurring costs associated with the implementation of non-ordinary course legal or regulatory changes or changes to accounting principles; • separation costs; • non-operating litigation reserves and settlements; • loss (gain) on extinguishment of debt, if any; • losses from the impairment of goodwill, if any; and • income and loss from divested or run-off business, if any. |
Fair Value Measurement | Assets and liabilities recorded at fair value in the Condensed Consolidated Balance Sheets are measured and classified in accordance with a fair value hierarchy consisting of three “levels” based on the observability of valuation inputs: • Level 1: Fair value measurements based on quoted prices (unadjusted) in active markets that we have the ability to access for identical assets or liabilities. Market price data generally is obtained from exchange or dealer markets. We do not adjust the quoted price for such instruments. • Level 2: Fair value measurements based on inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals. • Level 3: Fair value measurements based on valuation techniques that use significant inputs that are unobservable. Both observable and unobservable inputs may be used to determine the fair values of positions classified in Level 3. The circumstances for using these measurements include those in which there is little, if any, market activity for the asset or liability. Therefore, we must make certain assumptions about the inputs a hypothetical market participant would use to value that asset or liability. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. 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: June 30, 2023 December 31, 2022 (in millions) Carrying Value Fair Value Carrying Value Fair Value Corresponding Accounting Policy Fixed maturity securities - available for sale $ 15,411 $ 15,411 $ 16,339 $ 16,339 Fair value through other comprehensive income Fixed maturity securities - fair value option 3,883 3,883 3,485 3,485 Fair value through net investment income Commercial mortgage loans 3,553 3,306 3,490 3,241 Amortized cost Real estate investments 126 301 133 348 Amortized cost Private equity funds/hedge funds 1,940 1,940 1,893 1,893 Fair value through net investment income Policy loans 340 340 355 355 Amortized cost Short-term Investments 245 245 69 69 Fair value through net investment income Funds withheld investment assets 25,498 25,426 25,764 25,730 Derivative assets, net (a) 58 58 90 90 Fair value through realized gains (losses) Other (b) 531 528 731 731 Amortized cost Total $ 26,087 $ 26,012 $ 26,585 $ 26,551 (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 $189 million as of June 30, 2023 and December 31, 2022, respectively. These derivative assets and liabilities are fully collateralized either by cash or securities. (b) Primarily comprised of Cash and Accrued investment income. |
Short-term investments | 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 purchased credit deteriorated (“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. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Accounting Standards Update and Change in Accounting Principle | The following table presents the impacts in connection with the adoption of LDTI, effective as of January 1, 2021, as well as cross references to the applicable notes herein for additional information: Balance, Beginning of Year Cumulative Effect Adjustment as of January 1, 2021 Updated Balances Post-Adoption of LDTI (in millions) Reinsurance assets - Fortitude Re, net of allowance for credit losses and disputes (a) $ 29,158 $ 7,666 $ 36,824 Reinsurance assets - other, net of allowance for credit losses and disputes (a) 2,707 433 3,140 Deferred income taxes 3,640 310 3,950 Deferred policy acquisition costs and value of business acquired (b) 7,363 3,137 10,500 Market risk benefit assets (c) — 338 338 Other assets (d) 3,428 396 3,824 Total assets 410,155 12,280 422,435 Future policy benefits for life and accident and health insurance contracts (e) 54,660 10,522 65,182 Policyholder contract deposits (e) 154,892 (6,471) 148,421 Market risk benefit liabilities (c) — 8,739 8,739 Other policyholder funds (f) 2,492 248 2,740 Other liabilities (g) 9,954 399 10,353 Total liabilities 370,323 13,437 383,760 Shareholders’ net investment (h) 22,579 1,192 23,771 Accumulated other comprehensive income (h) 14,653 (2,349) 12,304 Total Corebridge Shareholders' net investment 37,232 (1,157) 36,075 Total equity 39,781 (1,157) 38,624 Total liabilities, redeemable noncontrolling interest and shareholder’s net investment 410,155 12,280 422,435 (a) Refer to Note 7 for additional information on the transition impacts associated with LDTI. (b) Refer to Note 10 for additional information on the transition impacts associated with LDTI. (c) Refer to Note 12 for additional information on the transition impacts associated with LDTI. (d) Other assets include deferred sales inducement assets. Refer to Note 10 for additional information on the transition impacts associated with LDTI. (e) Refer to Note 11 for additional information on the transition impacts associated with LDTI. (f) Other policyholder funds include URR. Refer to Note 11 for additional information on the transition impacts associated with LDTI. (g) Other liabilities include deferred cost of reinsurance liabilities. Refer to Note 7 for additional information on the transition impacts associated with LDTI. (h) Includes a correction of $158 million to increase shareholders' net investment and decrease AOCI. The following table presents the impacts in connection with the adoption of LDTI, effective as of January 1, 2021, on our previously reported Condensed Consolidated Balance Sheet as of December 31, 2022: December 31, 2022 As Previously Reported Effect of Change Updated Balances Post-Adoption of LDTI (in millions) Reinsurance assets - Fortitude Re, net of allowance for credit losses and disputes $ 27,794 $ (950) $ 26,844 Reinsurance assets - other, net of allowance for credit losses and disputes 2,980 (463) 2,517 Deferred income taxes 9,162 (331) 8,831 Deferred policy acquisition costs and value of business acquired 13,179 (2,616) 10,563 Market risk benefit assets — 796 796 Other assets 2,852 (331) 2,521 Total assets 364,217 (3,895) 360,322 Future policy benefits for life and accident and health insurance contracts 57,266 (6,748) 50,518 Policyholder contract deposits 158,966 (2,908) 156,058 Market risk benefit liabilities — 4,736 4,736 Other policyholder funds 3,331 (446) 2,885 Other liabilities 8,775 301 9,076 Total liabilities 355,068 (5,065) 350,003 Retained earnings 16,121 2,086 18,207 Accumulated other comprehensive income (15,947) (916) (16,863) Total Corebridge Shareholders' equity 8,210 1,170 9,380 Total equity 9,149 1,170 10,319 Total liabilities, redeemable noncontrolling interest and equity 364,217 (3,895) 360,322 The following table presents the impacts in connection with the adoption of LDTI on our previously reported Condensed Consolidated Statement of Income (Loss) for the six months ended June 30, 2022*: Six Months Ended June 30, 2022 As Previously Reported Effect of Change Updated Balances Post-Adoption of LDTI (in millions, except per common share data) Revenues: Premiums $ 1,741 $ 5 $ 1,746 Policy fees 1,506 (47) 1,459 Total net realized gains (losses) 7,004 (1,597) 5,407 Total revenues 15,669 (1,639) 14,030 Benefits and expenses: Policyholder benefits 2,942 (345) 2,597 Change in the fair value of market risk benefits, net — (278) (278) Interest credited to policyholder account balances 1,781 4 1,785 Amortization of deferred acquisition costs and value of business acquired 974 (479) 495 Non-deferrable insurance commissions 325 (30) 295 Total benefits and expenses 7,532 (1,128) 6,404 Income (loss) before income tax expense (benefit) 8,137 (511) 7,626 Income tax expense (benefit): 1,618 (107) 1,511 Net income (loss) 6,519 (404) 6,115 Net income (loss) attributable to Corebridge 6,364 (404) 5,960 Income (loss) per common share attributable to Corebridge common shareholders: Common stock - Basic $ 9.87 $ (0.63) $ 9.24 Common stock - Diluted $ 9.87 $ (0.63) $ 9.24 * The three months ended June 30, 2022 information has been excluded as it has not been previously reported. The following table presents the impacts in connection with the adoption of LDTI on our previously reported Condensed Consolidated Statement of Comprehensive Income (Loss) for the six months ended June 30, 2022*: Six Months Ended June 30, 2022 As Previously Reported Effect of Change Updated Balances Post-Adoption of LDTI (in millions) Net income $ 6,519 $ (404) $ 6,115 Other comprehensive income (loss), net of tax Change in unrealized appreciation (depreciation) of fixed maturity securities on which allowance for credit losses was taken 1 (3) (2) Change in unrealized appreciation (depreciation) of all other investments (21,063) (4,732) (25,795) Change in fair value of market risk benefits attributable to changes in our own credit risk — 1,363 1,363 Change in the discount rates used to measure traditional and limited payment long-duration insurance contracts — 3,997 3,997 Change in foreign currency translation adjustments (72) 2 (70) Other comprehensive income (loss) (20,966) 627 (20,339) Comprehensive income (loss) (14,447) 223 (14,224) Comprehensive income (loss) attributable to Corebridge (14,602) 223 (14,379) * The three months ended June 30, 2022 information has been excluded as it has not been previously reported. The following table presents the impacts in connection with the adoption of LDTI on our previously reported Condensed Consolidated Statement of Cash Flows for the six months ended June 30, 2022: Six Months Ended June 30, 2022 As Previously Reported Effect of Change Updated Balances Post-Adoption of LDTI (in millions) Cash flows from operating activities: Net income $ 6,519 $ (404) $ 6,115 Adjustments to reconcile net income to net cash provided by operating activities: Noncash revenues, expenses, gains and losses included in income (loss): Unrealized gains in earnings - net (2,089) 1,906 (183) Change in the fair value of market risk benefits in earnings, net — (541) (541) Depreciation and other amortization 828 (505) 323 Changes in operating assets and liabilities: Insurance liabilities 850 (697) 153 Premiums and other receivables and payables - net (90) (20) (110) Reinsurance assets and funds held under reinsurance treaties 263 472 735 Capitalization of deferred policy acquisition costs (488) (31) (519) Current and deferred income taxes - net 762 (107) 655 Other, net 116 (107) 9 Total adjustments (5,950) 370 (5,580) Net cash provided by operating activities 569 (34) 535 Cash flows from financing activities: Policyholder contract deposits $ 12,457 $ 34 $ 12,491 Net cash provided by financing activities $ 1,818 $ 34 $ 1,852 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Segment Reporting [Abstract] | |
Operations by Segment | The following table presents Corebridge’s operations by segment: (in millions) Individual Retirement Group Retirement Life Insurance Institutional Markets Corporate & Other Eliminations Total Corebridge Adjustments Total Consolidated Three Months Ended June 30, 2023 Premiums $ 66 $ 4 $ 443 $ 1,911 $ 20 $ — $ 2,444 $ (1) $ 2,443 Policy fees 172 102 371 49 — — 694 — 694 Net investment income (a) 1,224 504 327 407 19 (1) 2,480 234 2,714 Net realized gains (losses) (a)(b) — — — — 1 — 1 (321) (320) Advisory fee and other income 108 76 26 — 16 — 226 — 226 Total adjusted revenues 1,570 686 1,167 2,367 56 (1) 5,845 (88) 5,757 Policyholder benefits 71 6 721 2,081 (3) — 2,876 — 2,876 Change in the fair value of market risk benefits, net — — — — — — — (262) (262) Interest credited to policyholder account balances 553 294 85 133 — — 1,065 13 1,078 Amortization of deferred policy acquisition costs 138 20 98 2 — — 258 — 258 Non-deferrable insurance commissions 94 33 21 4 1 — 153 — 153 Advisory fee expenses 36 29 (1) — — — 64 — 64 General operating expenses 104 107 167 21 85 — 484 120 604 Interest expense — — — — 129 — 129 5 134 Net (gain) loss on divestitures — — — — — — — (59) (59) Total benefits and expenses 996 489 1,091 2,241 212 — 5,029 (183) 4,846 Noncontrolling interests — — — — 20 — 20 Adjusted pre-tax operating income (loss) $ 574 $ 197 $ 76 $ 126 $ (136) $ (1) $ 836 Adjustments to: Total revenue (88) Total expenses (183) Noncontrolling interests (20) Income before income tax (benefit) $ 911 $ 911 Three Months Ended June 30, 2022 Premiums $ 60 $ 5 $ 440 $ 496 $ 21 $ — $ 1,022 $ (11) $ 1,011 Policy fees 186 104 390 49 — — 729 — 729 Net investment income (a) 901 488 350 239 136 (5) 2,109 171 2,280 Net realized gains (losses) (a)(b) — — — — — — — 2,520 2,520 Advisory fee and other income 115 73 30 — 32 (5) 245 5 250 Total adjusted revenues 1,262 670 1,210 784 189 (10) 4,105 2,685 6,790 Policyholder benefits 77 13 734 612 — — 1,436 (7) 1,429 Change in the fair value of market risk benefits, net — — — — — — — (45) (45) Interest credited to policyholder account balances 466 286 87 71 — — 910 (3) 907 Amortization of deferred policy acquisition costs 126 20 104 2 — — 252 — 252 Non-deferrable insurance commissions 86 30 29 5 1 — 151 — 151 Advisory fee expenses 35 30 — — — — 65 — 65 General operating expenses 107 112 159 18 96 (6) 486 91 577 Interest expense — — — — 128 (14) 114 13 127 Net (gain) loss on divestitures — — — — — — — 1 1 Total benefits and expenses 897 491 1,113 708 225 (20) 3,414 50 3,464 Noncontrolling interests — — — — (80) — (80) Adjusted pre-tax operating income (loss) $ 365 $ 179 $ 97 $ 76 $ (116) $ 10 $ 611 Adjustments to: Total revenue 2,685 Total expenses 50 Noncontrolling interests 80 Income before income tax (benefit) $ 3,326 $ 3,326 (in millions) Individual Retirement Group Retirement Life Insurance Institutional Markets Corporate & Other Eliminations Total Corebridge Adjustments Total Consolidated Six Months Ended June 30, 2023 Premiums $ 144 $ 10 $ 868 $ 3,486 $ 40 $ — $ 4,548 $ — $ 4,548 Policy fees 346 202 746 98 — — 1,392 — 1,392 Net investment income (a) 2,352 1,004 644 739 87 (11) 4,815 594 5,409 Net realized gains (losses) (a)(b) — — — — 5 — 5 (1,783) (1,778) Advisory fee and other income 211 152 55 — 30 — 448 — 448 Total adjusted revenues 3,053 1,368 2,313 4,323 162 (11) 11,208 (1,189) 10,019 Policyholder benefits 136 15 1,429 3,799 (3) — 5,376 (5) 5,371 Change in the fair value of market risk benefits, net — — — — — — — (66) (66) Interest credited to policyholder account balances 1,072 585 167 256 — — 2,080 24 2,104 Amortization of deferred policy acquisition costs 275 41 194 4 — — 514 — 514 Non-deferrable insurance commissions 180 61 38 9 1 — 289 — 289 Advisory fee expenses 70 58 1 — — — 129 — 129 General operating expenses 212 225 326 44 176 — 983 203 1,186 Interest expense — — — — 301 (10) 291 15 306 Net (gain) loss on divestitures — — — — — — — (56) (56) Total benefits and expenses 1,945 985 2,155 4,112 475 (10) 9,662 115 9,777 Noncontrolling interests — — — — 14 — 14 Adjusted pre-tax operating income (loss) $ 1,108 $ 383 $ 158 $ 211 $ (299) $ (1) $ 1,560 Adjustments to: Total revenue (1,189) Total expenses 115 Noncontrolling interests (14) Income before income tax expense (benefit) $ 242 $ 242 Six Months Ended June 30, 2022 Premiums $ 116 $ 13 $ 865 $ 734 $ 42 $ — $ 1,770 $ (24) $ 1,746 Policy fees 371 218 774 96 — — 1,459 — 1,459 Net investment income(a) 1,884 1,015 706 503 322 (10) 4,420 441 4,861 Net realized gains (losses)(a)(b) — — — — 11 — 11 5,396 5,407 Advisory fee and other income 238 158 66 1 70 — 533 24 557 Total adjusted revenues 2,609 1,404 2,411 1,334 445 (10) 8,193 5,837 14,030 Policyholder benefits 143 23 1,478 962 — — 2,606 (9) 2,597 Change in the fair value of market risk benefits, net — — — — — — — (278) (278) Interest credited to policyholder account balances 920 570 172 130 — — 1,792 (7) 1,785 Amortization of deferred policy acquisition costs 245 39 208 3 — — 495 — 495 Non-deferrable insurance commissions 178 58 47 11 1 — 295 — 295 Advisory fee expenses 72 64 — — — — 136 — 136 General operating expenses 218 229 325 37 200 1 1,010 153 1,163 Interest expense — — — — 205 (21) 184 24 208 Net (gain) loss on divestitures — — — — — — — 3 3 Total benefits and expenses 1,776 983 2,230 1,143 406 (20) 6,518 (114) 6,404 Noncontrolling interests — — — — (155) — (155) Adjusted pre-tax operating income (loss) $ 833 $ 421 $ 181 $ 191 $ (116) $ 10 $ 1,520 Adjustments to: Total revenue 5,837 Total expenses (114) Noncontrolling interests 155 Income before income tax expense (benefit) $ 7,626 $ 7,626 (b) Net realized gains (losses) includes the gains (losses) related to the disposition of real estate investments. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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: June 30, 2023 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 $ — $ 1,227 $ — $ — $ — $ 1,227 Obligations of states, municipalities and political subdivisions — 5,029 853 — — 5,882 Non-U.S. governments — 4,054 — — — 4,054 Corporate debt — 100,290 1,303 — — 101,593 RMBS (b) — 6,892 5,753 — — 12,645 CMBS — 9,263 505 — — 9,768 CLO (c) — 8,054 1,708 — — 9,762 ABS — 850 11,127 — — 11,977 Total bonds available for sale — 135,659 21,249 — — 156,908 Other bond securities: U.S. government and government sponsored entities — — — — — — Obligations of states, municipalities and political subdivisions — 52 3 — — 55 Non-U.S. governments — 19 — — — 19 Corporate debt — 2,223 110 — — 2,333 RMBS (d) — 150 112 — — 262 CMBS — 225 26 — — 251 CLO (e) — 342 25 — — 367 ABS — 89 864 — — 953 Total other bond securities — 3,100 1,140 — — 4,240 Equity securities 50 100 44 — — 194 Other invested assets (f) — — 1,914 — — 1,914 Derivative assets: Interest rate contracts — 1,315 328 — — 1,643 Foreign exchange contracts — 1,152 — — — 1,152 Equity contracts 11 602 661 — — 1,274 Credit contracts — — — — — — Other contracts — — 15 — — 15 Counterparty netting and cash collateral — — — (2,790) (838) (3,628) Total derivative assets 11 3,069 1,004 (2,790) (838) 456 Short-term investments 8 1,582 — — — 1,590 Market risk benefit assets — — 954 — — 954 Separate account assets 86,579 3,139 — — — 89,718 Total $ 86,648 $ 146,649 $ 26,305 $ (2,790) $ (838) $ 255,974 Liabilities: Policyholder contract deposits (g) $ — $ 100 $ 6,813 $ — $ — $ 6,913 Derivative liabilities: Interest rate contracts — 2,281 — — — 2,281 Foreign exchange contracts — 355 — — — 355 Equity contracts 23 304 22 — — 349 Credit contracts — — — — — — Other contracts — — — — — — Counterparty netting and cash collateral — — — (2,790) (43) (2,833) Total derivative liabilities 23 2,940 22 (2,790) (43) 152 Fortitude Re funds withheld payable (h) — — 1,460 — — 1,460 Market risk benefit liabilities — — 4,977 — — 4,977 Debt of consolidated investment entities — — — — — — Total $ 23 $ 3,040 $ 13,272 $ (2,790) $ (43) $ 13,502 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 (e) — 268 11 — — 279 ABS — 71 741 — — 812 Total other bond securities — 2,465 1,304 — — 3,769 Equity securities 141 3 26 — — 170 Other invested assets (f) — — 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 Market risk benefit assets — — 796 — — 796 Separate account assets 81,655 3,198 — — — 84,853 Total $ 81,809 $ 146,030 $ 24,983 $ (2,547) $ (406) $ 249,869 Liabilities: Policyholder contract deposits (g) $ — $ 97 $ 5,367 $ — $ — $ 5,464 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 (h) — — 1,262 — — 1,262 Market risk benefit liabilities — — 4,736 — — 4,736 Debt of consolidated investment entities — — 6 — — 6 Total $ 2 $ 3,415 $ 11,386 $ (2,547) $ (691) $ 11,565 (a) Represents netting of derivative exposures covered by qualifying master netting agreements. (b) Includes investments in residential-backed mortgage securities (“RMBS”) issued by related parties of $37 million and $2 million classified as Level 2 and Level 3, as of June 30, 2023 and December 31, 2022, respectively. (c) Includes investments in collateralized loan obligations (“CLOs”) issued by related parties of $16 million as Level 3, as of June 30, 2023. There were no investments in CLOs issued by related parties as of December 31, 2022. (d) Includes less than $1 million of investments in RMBS issued by related parties classified as Level 2 as of June 30, 2023 and December 31, 2022. (e) There were no investments in CLOs issued by related parties as of June 30, 2023 and December 31, 2022. (f) 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 $6.0 billion as of June 30, 2023 and December 31, 2022, respectively. (g) Excludes basis adjustments for fair value hedges. (h) 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. |
Net Realized and Unrealized Gains and Losses Included in Income Related to Level 3 Assets and Liabilities | The following tables present changes during the three and six months ended June 30, 2023 and 2022 in Level 3 assets and liabilities measured at fair value on a recurring basis, and the realized and unrealized gains (losses) related to the Level 3 assets and liabilities in the Condensed Consolidated Balance Sheets at June 30, 2023 and 2022: . (in millions) Fair Value Net Other Purchases, Gross Gross Other Fair Value Changes in Changes in Three Months Ended June 30, 2023 Assets: Bonds available for sale: Obligations of states, $ 858 $ — $ (4) $ (1) $ — $ — $ — $ 853 $ — $ (13) Corporate debt 1,704 10 (2) (41) 44 (412) — 1,303 — 1 RMBS 5,687 75 133 (174) 32 — — 5,753 — 131 CMBS 718 (7) (37) (40) — (129) — 505 — (46) CLO 1,834 (54) 44 (66) 11 (62) 1 1,708 — — ABS 10,707 53 (103) 436 38 (4) — 11,127 — (118) Total bonds available for sale 21,508 77 31 114 125 (607) 1 21,249 — (45) Other bond securities: Obligations of states, municipalities and political subdivisions 1 — — 2 — — — 3 — — Corporate debt 130 1 — (20) — (1) — 110 3 — RMBS 114 2 — (4) — — — 112 1 — CMBS 27 (1) — — — — — 26 (1) — CLO 71 — — (47) 38 (37) — 25 1 — ABS 781 (6) — 124 — (35) — 864 (13) — Total other bond securities 1,124 (4) — 55 38 (73) — 1,140 (9) — Equity securities 50 — — 1 — (7) — 44 — — Other invested assets 1,852 (19) 2 79 — — — 1,914 (21) — Total (a) $ 24,534 $ 54 $ 33 $ 249 $ 163 $ (687) $ 1 $ 24,347 $ (30) $ (45) (in millions) Fair Value Net Other Purchases, Gross Gross Other Fair Value Changes in Changes in Liabilities: Policyholder contract deposits $ 6,064 $ 429 $ — $ 320 $ — $ — $ — $ 6,813 $ (308) $ — Derivative liabilities, net: Interest rate contracts (344) 37 — (21) — — — (328) (23) — Foreign exchange contracts — — — — — — — — — — Equity contracts (497) 7 — (149) — — — (639) 5 — Credit contracts — — — — — — — — — — Other contracts (14) (16) — 15 — — — (15) 16 — Total derivative liabilities, net (b) (855) 28 — (155) — — — (982) (2) — Fortitude Re funds withheld payable 1,774 (122) — (192) — — — 1,460 213 — Debt of consolidated investment entities 6 1 — (7) — — — — — — Total (c) $ 6,989 $ 336 $ — $ (34) $ — $ — $ — $ 7,291 $ (97) $ — (in millions) Fair Value Net Other Purchases, Gross Gross Other Fair Value Changes in Changes in Three Months Ended June 30, 2022 Assets: Bonds available for sale: Obligations of states, $ 1,059 $ (1) $ (139) $ (4) $ 16 $ — $ — $ 931 $ — $ (138) Corporate debt 2,055 (8) (55) (201) 213 (168) — 1,836 — (45) RMBS 6,512 66 (301) (128) — (5) — 6,144 — (443) CMBS 748 6 (39) 65 — (14) — 766 — (46) CLO 3,388 (17) (112) 71 207 (739) — 2,798 — (119) ABS 7,641 24 (375) 1,034 — (20) — 8,304 — (413) Total bonds available for sale 21,403 70 (1,021) 837 436 (946) — 20,779 — (1,204) Other bond securities: Obligations of states, municipalities and political subdivisions — — — — — — — — — — Corporate debt 260 (5) — 48 161 (3) — 461 (4) — RMBS 115 (6) — 10 — — — 119 (9) — CMBS 31 (2) — — — — — 29 (2) — CLO 190 (14) — (6) 7 (47) — 130 (152) — ABS 477 (25) — 252 — — — 704 (33) — Total other bond securities 1,073 (52) — 304 168 (50) — 1,443 (200) — Equity securities 3 — — 3 1 — — 7 — — Other invested assets 1,840 133 (21) (143) — (6) — 1,803 153 — Total (a) $ 24,319 $ 151 $ (1,042) $ 1,001 $ 605 $ (1,002) $ — $ 24,032 $ (47) $ (1,204) (in millions) Fair Value Net Other Purchases, Gross Gross Other Fair Value Changes in Changes in Liabilities: Policyholder contract deposits $ 5,035 $ (545) $ — $ 238 $ — $ — $ — $ 4,728 $ 592 $ — Derivative liabilities, net: Interest rate contracts (3) 15 — (149) — — — (137) (15) — Foreign exchange contracts — — — — — — — — — — Equity contracts (168) 83 — (60) — — — (145) (8) — Credit contracts — — — — — — — — 1 — Other contracts (15) (14) — 14 — — — (15) 14 — Total derivative liabilities, net (b) (186) 84 — (195) — — — (297) (8) — Fortitude Re funds withheld payable 4,796 (2,394) — (53) — — — 2,349 2,487 — Debt of consolidated investment entities 5 2 — (1) — — — 6 1 — Total (c) $ 9,650 $ (2,853) $ — $ (11) $ — $ — $ — $ 6,786 $ 3,072 $ — (in millions) Fair Value Net Other Purchases, Gross Gross Other Fair Value Changes in Changes in Six Months Ended June 30, 2023 Assets: Bonds available for sale: Obligations of states, $ 805 $ — $ 51 $ (3) $ — $ — $ — $ 853 $ — $ 27 Corporate debt 1,968 (92) 42 (27) 211 (783) (16) 1,303 — 54 RMBS 5,670 156 93 (182) 32 (16) — 5,753 — 65 CMBS 718 — (41) (40) 24 (156) — 505 — (71) CLO 1,670 (45) 26 (45) 65 (154) 191 1,708 — (47) ABS 9,595 95 166 1,240 38 (7) — 11,127 — 137 Total bonds available for sale 20,426 114 337 943 370 (1,116) 175 21,249 — 165 Other bond securities: Obligations of states, municipalities and political subdivisions — — — 3 — — — 3 — — Corporate debt 417 1 — (116) — (192) — 110 2 — RMBS 107 6 — (1) — — — 112 3 — CMBS 28 (2) — — — — — 26 (2) — CLO 11 9 — (46) 39 (42) 54 25 1 — ABS 741 20 — 138 — (35) — 864 5 — Total other bond securities 1,304 34 — (22) 39 (269) 54 1,140 9 — Equity securities 26 — — 25 — (7) — 44 — — Other invested assets 1,832 (63) 7 138 — — — 1,914 (63) — Total (a) $ 23,588 $ 85 $ 344 $ 1,084 $ 409 $ (1,392) $ 229 $ 24,347 $ (54) $ 165 (in millions) Fair Value Net Other Purchases, Gross Gross Other Fair Value Changes in Changes in Liabilities: Policyholder contract deposits $ 5,367 $ 810 $ — $ 636 $ — $ — $ — $ 6,813 $ (676) $ — Derivative liabilities, net: Interest rate contracts (303) 115 — (140) — — — (328) (52) — Foreign exchange contracts — — — — — — — — — — Equity contracts (267) (200) — (315) — — 143 (639) 189 — Credit contracts — — — — — — — — — — Other contracts (14) (32) — 31 — — — (15) 32 — Total derivative liabilities, net (b) (584) (117) — (424) — — 143 (982) 169 — Fortitude Re funds withheld payable 1,262 903 — (705) — — — 1,460 (420) — Debt of consolidated investment entities 6 1 — (7) — — — — — — Total (c) $ 6,051 $ 1,597 $ — $ (500) $ — $ — $ 143 $ 7,291 $ (927) $ — (in millions) Fair Value Net Other Purchases, Gross Gross Other Fair Value Changes in Changes in Six Months Ended June 30, 2022 Assets: Bonds available for sale: Obligations of states, $ 1,395 $ 1 $ (421) $ (60) $ 16 $ — $ — $ 931 $ — $ (408) Corporate debt 1,907 (17) (114) 17 304 (261) — 1,836 — (101) RMBS 7,595 158 (705) (493) — (411) — 6,144 — (843) CMBS 1,072 13 (99) 75 — (295) — 766 — (104) CLO 3,038 (19) (164) 82 1,032 (1,171) — 2,798 — (172) ABS 7,400 40 (821) 1,705 — (20) — 8,304 — (857) Total bonds available for sale 22,407 176 (2,324) 1,326 1,352 (2,158) — 20,779 — (2,485) Other bond securities: Obligations of states, municipalities and political subdivisions — — — — — — — — — — Corporate debt 134 (5) — 125 222 (15) — 461 (4) — RMBS 106 (9) — 22 — — — 119 (15) — CMBS 33 (4) — — — — — 29 (4) — CLO 149 (21) — (6) 57 (49) — 130 (154) — ABS 205 (42) — 541 — — — 704 (51) — Total other bond securities 627 (81) — 682 279 (64) — 1,443 (228) — Equity securities 2 — — 4 1 — — 7 — — Other invested assets 1,892 243 (26) (171) 24 (159) — 1,803 271 — Total (a) $ 24,928 $ 338 $ (2,350) $ 1,841 $ 1,656 $ (2,381) $ — $ 24,032 $ 43 $ (2,485) (in millions) Fair Value Net Other Purchases, Gross Gross Other Fair Value Changes in Changes in Liabilities: Policyholder contract deposits $ 5,572 $ (1,203) $ — $ 359 $ — $ — $ — $ 4,728 $ 1,437 $ — Derivative liabilities, net: Interest rate contracts — 14 — (151) — — — (137) (14) — Foreign exchange contracts — — — — — — — — — — Equity contracts (457) 398 — (86) — — — (145) (246) — Credit contracts (1) 1 — — — — — — — — Other contracts (12) (31) — 28 — — — (15) 31 — Total derivative liabilities, net (b) (470) 382 — (209) — — — (297) (229) — Fortitude Re funds withheld payable 7,974 (5,231) — (394) — — — 2,349 5,503 — Debt of consolidated investment entities 5 3 — (2) — — — 6 — — Total (c) $ 13,081 $ (6,049) $ — $ (246) $ — $ — $ — $ 6,786 $ 6,711 $ — (a) Excludes MRB assets of $954 million at June 30, 2023 and $642 million at June 30, 2022. Refer to Note 12 for additional information. (b) Total Level 3 derivative exposures have been netted in these tables for presentation purposes only. (c) Excludes MRB liabilities of $5.0 billion at June 30, 2023 and $5.3 billion at June 30, 2022. Refer to Note 12 for additional information. Condensed Consolidated Statements of Income (Loss) as follows: (in millions) Policy Net Investment Income Net Realized and Unrealized Gains Interest Expense Change in the Fair Value of Market Risk Benefits, net (a) Total Three Months Ended June 30, 2023 Assets: Bonds available for sale $ — $ 118 $ (41) $ — $ — $ 77 Other bond securities — (4) — — — (4) Equity securities — — — — — — Other invested assets — (21) 2 — — (19) Three Months Ended June 30, 2022 Assets: Bonds available for sale $ — $ 106 $ (36) $ — $ — $ 70 Other bond securities — (52) — — — (52) Equity securities — — — — — — Other invested assets — 133 — — — 133 Six Months Ended June 30, 2023 Assets: Bonds available for sale $ — $ 150 $ (36) $ — $ — $ 114 Other bond securities — 34 — — — 34 Equity securities — — — — — — Other invested assets — (64) 1 — — (63) Six Months Ended June 30, 2022 Assets: Bonds available for sale $ — $ 223 $ (47) $ — $ — $ 176 Other bond securities — (81) — — — (81) Equity securities — — — — — — Other invested assets — 243 — — — 243 (in millions) Policy Net Investment Income Net Realized and Unrealized Gains Interest Expense Change in the Fair Value of Market Risk Benefits, net (a) Total Three Months Ended June 30, 2023 Liabilities: Policyholder contract deposits (b) $ — $ — $ (429) $ — $ — $ (429) Derivative liabilities, net 15 — 3 — (46) (28) Fortitude Re funds withheld payable — — 122 — — 122 Market risk benefit liabilities, net (c) — — 3 — 884 887 Debt of consolidated investment entities — (1) — — — (1) Three Months Ended June 30, 2022 Liabilities: Policyholder contract deposits (b) $ — $ — $ 545 $ — $ — $ 545 Derivative liabilities, net 14 — (154) — 56 (84) Fortitude Re funds withheld payable — — 2,394 — — 2,394 Market risk benefit liabilities, net (c) — — 5 — 258 263 Debt of consolidated investment entities — — — 2 — 2 Six Months Ended June 30, 2023 Liabilities: Policyholder contract deposits (b) $ — $ — $ (810) $ — $ — $ (810) Derivative liabilities, net 31 — 231 — (145) 117 Fortitude Re funds withheld payable — — (903) — — (903) Market risk benefit liabilities, net (c) — — 3 — 797 800 Debt of consolidated investment entities — (1) — — — (1) Six Months Ended June 30, 2022 Liabilities: Policyholder contract deposits (b) $ — $ — $ 1,203 $ — $ — $ 1,203 Derivative liabilities, net 29 — (498) — 87 (382) Fortitude Re funds withheld payable — — 5,231 — — 5,231 Market risk benefit liabilities, net (c) — — 8 — 957 965 Debt of consolidated investment entities — — — 3 — 3 (a) The portion of the fair value change attributable to our own credit risk is recognized in OCI. (b) Primarily embedded derivatives. (c) Market risk benefit assets and liabilities have been netted in these tables for presentation purposes only. (in millions) Purchases Sales Issuances Purchases, Sales, Three Months Ended June 30, 2023 Assets: Bonds available for sale: Obligations of states, municipalities and political subdivisions $ — $ — $ (1) $ (1) Corporate debt 2 — (43) (41) RMBS 64 (42) (196) (174) CMBS — (21) (19) (40) CLO 72 — (138) (66) ABS 345 — 91 436 Total bonds available for sale 483 (63) (306) 114 Other bond securities: Obligations of states, municipalities and political subdivisions 2 — — 2 Corporate debt 67 — (87) (20) RMBS — — (4) (4) CMBS — — — — CLO — — (47) (47) ABS 81 — 43 124 Total other bond securities 150 — (95) 55 Equity securities 1 — — 1 Other invested assets 81 — (2) 79 Total assets* $ 715 $ (63) $ (403) $ 249 Liabilities: Policyholder contract deposits $ — $ 402 $ (82) $ 320 Derivative liabilities, net (100) — (55) (155) Fortitude Re funds withheld payable — — (192) (192) Debt of consolidated investment entities — — (7) (7) Total liabilities $ (100) $ 402 $ (336) $ (34) Three Months Ended June 30, 2022 Assets: Bonds available for sale: Obligations of states, municipalities and political subdivisions $ — $ (4) $ — $ (4) Corporate debt 4 — (205) (201) RMBS 163 — (291) (128) CMBS 56 — 9 65 CLO 119 — (48) 71 ABS 1,125 — (91) 1,034 Total bonds available for sale 1,467 (4) (626) 837 Other bond securities: Obligations of states, municipalities and political subdivisions — — — — Corporate debt 6 — 42 48 RMBS 13 — (3) 10 CMBS — — — — CLO 4 — (10) (6) ABS 256 — (4) 252 Total other bond securities 279 — 25 304 Equity securities 4 — (1) 3 Other invested assets 270 — (413) (143) Total assets* $ 2,020 $ (4) $ (1,015) $ 1,001 (in millions) Purchases Sales Issuances Purchases, Sales, Liabilities: Policyholder contract deposits $ — $ 222 $ 16 $ 238 Derivative liabilities, net (99) — (96) (195) Fortitude Re funds withheld payable — — (53) (53) Debt of consolidated investment entities — — (1) (1) Total liabilities $ (99) $ 222 $ (134) $ (11) (in millions) Purchases Sales Issuances and Settlements Purchases, Sales, Six Months Ended June 30, 2023 Assets: Bonds available for sale: Obligations of states, municipalities and political subdivisions $ — $ — $ (3) $ (3) Corporate debt 30 — (57) (27) RMBS 231 (42) (371) (182) CMBS 9 (27) (22) (40) CLO 82 — (127) (45) ABS 1,203 — 37 1,240 Total bonds available for sale 1,555 (69) (543) 943 Other bond securities: Obligations of states, municipalities and political subdivisions 3 — — 3 Corporate debt 67 — (183) (116) RMBS 6 — (7) (1) CMBS — — — — CLO 1 — (47) (46) ABS 113 — 25 138 Total other bond securities 190 — (212) (22) Equity securities 25 — — 25 Other invested assets 151 — (13) 138 Total assets* $ 1,921 $ (69) $ (768) $ 1,084 Liabilities: Policyholder contract deposits $ — $ 728 $ (92) $ 636 Derivative liabilities, net (201) — (223) (424) Fortitude Re funds withheld payable — — (705) (705) Debt of consolidated investment entities — — (7) (7) Total liabilities $ (201) $ 728 $ (1,027) $ (500) (in millions) Purchases Sales Issuances and Settlements Purchases, Sales, Six Months Ended June 30, 2022 Assets: Bonds available for sale: Obligations of states, municipalities and political subdivisions $ — $ (59) $ (1) $ (60) Corporate debt 4 — 13 17 RMBS 271 — (764) (493) CMBS 98 — (23) 75 CLO 172 — (90) 82 ABS 1,949 — (244) 1,705 Total bonds available for sale 2,494 (59) (1,109) 1,326 Other bond securities: Obligations of states, municipalities and political subdivisions — — — — Corporate debt 25 — 100 125 RMBS 30 — (8) 22 CMBS — — — — CLO 13 — (19) (6) ABS 547 — (6) 541 Total other bond securities 615 — 67 682 Equity securities 4 — — 4 Other invested assets 509 — (680) (171) Total assets* $ 3,622 $ (59) $ (1,722) $ 1,841 Liabilities: Policyholder contract deposits $ — $ 417 $ (58) $ 359 Derivative liabilities, net (172) — (37) (209) Fortitude Re funds withheld payable — — (394) (394) Debt of consolidated investment entities — — (2) (2) Total liabilities $ (172) $ 417 $ (491) $ (246) * There were no issuances during the three and six months ended June 30, 2023 and 2022 for invested assets. |
Fair Value Measurement Inputs and Valuation Techniques | The table below presents information about the significant unobservable inputs used for recurring fair value measurements for certain Level 3 instruments, and includes only those instruments for which information about the inputs is reasonably available to us, such as data from independent third-party valuation service providers and from internal valuation models. Because input information from third parties with respect to certain Level 3 instruments (primarily CLO/ABS) may not be reasonably available to us, balances shown below may not equal total amounts reported for such Level 3 assets and liabilities: (in millions) Fair Value at June 30, 2023 Valuation Unobservable Input (a) Range (Weighted Average) (b) Assets: Obligations of states, municipalities and political subdivisions $ 831 Discounted cash flow Yield 5.03%-5.46% (5.24%) Corporate debt $ 1,181 Discounted cash flow Yield 5.61% - 7.62% (6.61%) RMBS (c) $ 3,639 Discounted cash flow Prepayment Speed 4.70% - 10.06% (7.38%) Default Rate 0.82% - 2.66% (1.74%) Yield 4.37% - 8.73% (6.25%) Loss Severity 44.36% - 78.07% (61.22%) CLO (c) $ 1,438 Discounted cash flow Yield 6.35% - 7.35% (6.83%) ABS (c) $ 8,833 Discounted cash flow Yield 6.03% - 7.94% (6.99%) CMBS $ 485 Discounted cash flow Yield 4.86% - 32.28% (14.08%) Market risk benefit assets $ 954 Discounted cash flow Equity volatility 6.45%- 50.75% Base lapse rate 0.16% - 28.80% Dynamic lapse multiplier (e) 20.00% - 186.18% Mortality multiplier (e)(f) 38.25% - 160.01% Utilization (h) 80.00% - 100.00% Equity / interest-rate correlation 0.00% - 30.00% NPA (g) 0.34% - 2.23% Liabilities (d) : Market risk benefit liabilities Variable annuities guaranteed benefits $ 2,044 Discounted cash flow Equity volatility 6.45%- 50.75% Base lapse rate 0.16% - 28.80% Dynamic lapse multiplier (e) 20.00% - 186.18% Mortality multiplier (e)(f) 38.25% -160.01% Utilization (h) 80.00% - 100.00% Equity / interest-rate correlation 0.00% - 30.00% NPA (g) 0.34% - 2.23% Fixed annuities guaranteed benefits $ 886 Discounted cash flow Base lapse rate 0.20% - 15.75% Dynamic lapse multiplier (e) 20.00% - 186.18% Mortality multiplier (e)(f) 40.26% - 168.43% Utilization (h) 90.00% - 97.50% NPA (g) 0.34% - 2.23% (in millions) Fair Value at June 30, 2023 Valuation Unobservable Input (a) Range (Weighted Average) (b) Fixed index annuities guaranteed benefits $ 2,047 Discounted cash flow Equity volatility 6.45% - 50.75% Base lapse rate 0.20% - 50.00% Dynamic lapse multiplier (e) 20.00% - 186.18% Mortality multiplier (e)(f) 24.00% - 180.00% Utilization (h) 60.00% - 97.50% Option Budget 0.00% - 6.00% Equity / interest-rate correlation 0.00% - 30.00% NPA (g) 0.34% - 2.23% Embedded derivatives within Policyholder contract deposits: Index credits on fixed index annuities (i) $ 5,973 Discounted cash flow Equity volatility 6.45% - 50.75% Base lapse rate 0.20% - 50.00% Dynamic lapse multiplier (e) 20.00% - 186.18% Mortality multiplier (e)(f) 24.00% - 180.00% Utilization (h) 60.00% - 97.50% Option Budget 0.00% - 6.00% Equity / interest-rate correlation 0.00% - 30.00% NPA (g) 0.34% - 2.23% Index Life $ 840 Discounted cash flow Base lapse rate 0.00% - 37.97% Mortality multiplier (e)(f) 0.00%- 100.00% Equity Volatility 5.75% - 20.82% NPA (g) 0.34% - 2.23% (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%) Market risk benefit assets $ 796 Discounted cash flow Equity volatility 6.45% - 50.75% Base lapse rate 0.16% - 28.80% Dynamic lapse multiplier (e) 20.00% - 186.18% Mortality multiplier (e)(f) 38.25% - 160.01% Utilization (h) 80.00% - 100.00% Equity / interest-rate correlation 0.00% - 30.00% NPA (g) 0.00% - 2.03% (in millions) Fair Value at December 31, 2022 Valuation Unobservable Input (a) Range (Weighted Average) (b) Liabilities (d) : Market risk benefit liabilities Variable annuities guaranteed benefits $ 2,358 Discounted cash flow Equity volatility 6.45%- 50.75% Base lapse rate 0.16%- 28.80% Dynamic lapse multiplier (e) 20.00%- 186.18% Mortality multiplier (e)(f) 38.25% - 160.01% Utilization (h) 80.00% - 100.00% Equity / interest-rate correlation 0.00% - 30.00% NPA (g) 0.00% - 2.03% Fixed annuities guaranteed benefits $ 680 Discounted cash flow Base lapse rate 0.20% - 15.75% Dynamic lapse multiplier (e) 20.00% - 186.16% Mortality multiplier (e)(f) 40.26% - 168.43% Utilization (h) 90.00% - 97.50% NPA (g) 0.00% - 2.03% Fixed index annuities guaranteed benefits $ 1,698 Discounted cash flow Equity volatility 6.45% - 50.75% Base lapse rate 0.20% -50.00% Dynamic lapse multiplier (e) 20.00%- 186.18% Mortality multiplier (e)(f) 24.00% - 180.00% Utilization (h) 60.00% - 97.50% Option Budget 0.00% - 5.00% Equity / interest-rate correlation 0.00% - 30.00% NPA (g) 0.00% - 2.03% Embedded derivatives within Policyholder contract deposits: Index credits on fixed index annuities (i) $ 4,657 Discounted cash flow Equity volatility 6.45% - 50.75% Base lapse rate 0.20% - 50.00% Dynamic lapse multiplier (e) 20.00% - 186.18% Mortality multiplier (e)(f) 24.00% - 180.00% Utilization (h) 60.00% - 97.50% Option Budget 0.00% - 5.00% Equity / interest-rate correlation 0.00% - 30.00% NPA (g) 0.00% - 2.03% Index Life $ 710 Discounted cash flow Base lapse rate 0.00% - 37.97% Mortality multiplier (e)(f) 0.00% - 100.00% Equity volatility 5.75% - 23.63% NPA (g) 0.00% - 2.03% (a) Represents discount rates, estimates and assumptions that we believe would be used by market participants when valuing these assets and liabilities. (b) The weighted averaging for fixed maturity securities is based on the estimated fair value of the securities. Because the valuation methodology for embedded derivatives within policyholder contract deposits and MRBs uses a range of inputs that vary at the contract level over the cash flow projection period, management believes that presenting a range, rather than weighted average, is a more meaningful representation of the unobservable inputs used in the valuation. (c) Information received from third-party valuation service providers. The ranges of the unobservable inputs for constant prepayment rate, loss severity and constant default rate relate to each of the individual underlying mortgage loans that comprise the entire portfolio of securities in the RMBS and CLO securitization vehicles and not necessarily to the securitization vehicle bonds (tranches) purchased by us. The ranges of these inputs do not directly correlate to changes in the fair values of the tranches purchased by us because there are other factors relevant to the fair values of specific tranches owned by us, including, but not limited to, purchase price, position in the waterfall, senior versus subordinated position and attachment points. (d) The Fortitude Re funds withheld payable has been excluded from the above table. As discussed in Note 7 , the Fortitude Re funds withheld payable is created through modco and funds withheld reinsurance arrangements where the investments supporting the reinsurance agreements are withheld by and continue to reside on Corebridge’s 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 guaranteed minimum withdrawal benefit riders. The total embedded derivative liability at June 30, 2023 and December 31, 2022 was approximately $1.5 billion and $1.1 billion, respectively. (i) The fixed index annuities embedded derivative associated with index credits related to the contracts with guaranteed product features included in policyholder contract deposits was $1.5 billion and $1.1 billion at June 30, 2023 and December 31, 2022, respectively. |
Investments in Certain Entities that Calculate Net Asset Value Per Share | The following table includes information related to our investments in certain other invested assets, including private equity funds, hedge funds and other alternative investments that calculate net asset value per share (or its equivalent). For these investments, which are measured at fair value on a recurring basis, we use the net asset value per share to measure fair value. June 30, 2023 December 31, 2022 (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 $ 2,235 $ 1,554 $ 2,014 $ 1,719 Real estate Investments in real estate properties and infrastructure positions, including power plants and other energy generating facilities 1,095 572 1,082 549 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 206 103 212 118 Growth equity Funds that make investments in established companies for the purpose of growing their businesses 495 30 510 40 Mezzanine Funds that make investments in the junior debt and equity securities of leveraged companies 435 87 443 78 Other Includes distressed funds that invest in securities of 974 210 902 284 Total private equity funds 5,440 2,556 5,163 2,788 June 30, 2023 December 31, 2022 (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 — 5 — Long-short Securities that the manager believes are undervalued, with corresponding short positions to hedge market risk 273 — 335 — Macro Investments that take long and short positions in financial instruments based on a top-down view of certain economic and capital market conditions 186 — 366 — 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 140 — 178 — Total hedge funds 604 — 884 — Total $ 6,044 $ 2,556 $ 6,047 $ 2,788 |
Fair Value Option | The following table presents the gains or losses recorded related to the eligible instruments for which we elected the fair value options: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2023 2022 2023 2022 Assets: Other bond securities (a) $ 14 $ (183) $ 129 $ (295) Alternative investments (b) 80 (46) 81 197 Total assets 94 (229) 210 (98) Liabilities: Policyholder contract deposits (c) 3 8 2 15 Debt of consolidated investment entities — (2) — (3) Total liabilities 3 6 2 12 Total gain (loss) $ 97 $ (223) $ 212 $ (86) (a) Includes certain securities supporting the funds withheld arrangements with Fortitude Re . For additional information regarding the gains and losses for Other bond securities, see Note 5. For additional information regarding the funds withheld arrangements with Fortitude Re, see Note 7. (b) Includes certain hedge funds, private equity funds and other investment partnerships. (c) Represents GICs. |
Fair Value Measurements, Nonrecurring | The following table presents assets measured at fair value on a non-recurring basis at the time of impairment and the related impairment charges recorded during the periods presented: Assets at Fair Value Impairment Charges Non-Recurring Basis Three Months Ended June 30, Six Months Ended June 30, (in millions) Level 1 Level 2 Level 3 Total 2023 2022 2023 2022 June 30, 2023 Other investments $ — $ — $ — $ — $ — $ — $ — $ — Total $ — $ — $ — $ — $ — $ — $ — $ — December 31, 2022 Other investments $ — $ — $ 12 $ 12 Total $ — $ — $ 12 $ 12 |
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 June 30, 2023 Assets: Mortgage and other loans receivable $ — $ 30 $ 43,006 $ 43,036 $ 46,461 Other invested assets — 247 — 247 247 Short-term investments — 2,476 — 2,476 2,476 Cash 751 — — 751 751 Other assets 9 — — 9 9 Liabilities: Policyholder contract deposits associated with investment-type contracts — 106 136,027 136,133 139,239 Fortitude Re funds withheld payable — — 24,552 24,552 24,552 Other liabilities — 532 — 532 532 Short-term debt 1,500 — 1,500 1,500 Long-term debt — 7,142 — 7,142 7,873 Debt of consolidated investment entities — 89 2,351 2,440 2,654 Separate account liabilities - investment contracts — 85,761 — 85,761 85,761 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 — 119 129,174 129,293 137,086 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 |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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) June 30, 2023 Bonds available for sale: U.S. government and government sponsored entities $ 1,415 $ — $ 15 $ (203) $ 1,227 Obligations of states, municipalities and political subdivisions 6,570 — 55 (743) 5,882 Non-U.S. governments 4,805 — 24 (775) 4,054 Corporate debt 119,237 (50) 712 (18,306) 101,593 Mortgage-backed, asset-backed and collateralized: RMBS 12,876 (20) 607 (818) 12,645 CMBS 10,982 (18) 10 (1,206) 9,768 CLO 10,035 (2) 43 (314) 9,762 ABS 13,175 — 45 (1,243) 11,977 Total mortgage-backed, asset-backed and collateralized 47,068 (40) 705 (3,581) 44,152 Total bonds available for sale $ 179,095 $ (90) $ 1,511 $ (23,608) $ 156,908 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 $ 181,274 $ (148) $ 1,424 $ (25,757) $ 156,793 (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 $39 million, and an amortized cost of $42 million and $43 million as of June 30, 2023 and December 31, 2022, respectively. Additionally, this includes CLOs which had a fair value of $16 million and an amortized cost of $15 million as of June 30, 2023. There were no available-for-sale CLO securities issued by related parties as of December 31, 2022. (b) Changes in the allowance for credit losses are recorded through Net realized gains (losses) and are not recognized in OCI. The following table presents a rollforward of the changes in allowance for credit losses on available-for-sale fixed maturity securities by major investment category: Three Months Ended June 30, 2023 2022 (in millions) Structured Non-Structured Total Structured Non-Structured Total Balance, beginning of period $ 27 $ 69 $ 96 $ 11 $ 130 $ 141 Additions: Securities for which allowance for credit losses were not previously recorded 13 16 29 1 2 3 Reductions: Securities sold during the period 1 (10) (9) (1) (32) (33) 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 (1) — (1) 8 10 18 Write-offs charged against the allowance — (25) (25) — (15) (15) Balance, end of period $ 40 $ 50 $ 90 $ 19 $ 95 $ 114 Six Months Ended June 30, 2023 2022 (in millions) Structured Non-Structured Total Structured Non-Structured Total Balance, beginning of period $ 27 $ 121 $ 148 $ 8 $ 70 $ 78 Additions: Securities for which allowance for credit losses were not previously recorded 15 28 43 34 96 130 Reductions: Securities sold during the period (1) (27) (28) (1) (34) (35) 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 (1) 3 2 (22) (22) (44) Write-offs charged against the allowance — (75) (75) — (15) (15) Balance, end of period $ 40 $ 50 $ 90 $ 19 $ 95 $ 114 |
Schedule of Unrealized Loss on Investments | The following table summarizes the fair value and gross unrealized losses on our available-for-sale securities, aggregated by major investment category and length of time that individual securities have been in a continuous unrealized loss position for which no allowance for credit loss has been recorded: Less Than 12 Months 12 Months or More Total (in millions) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses June 30, 2023 Bonds available for sale: U.S. government and government sponsored entities $ 787 $ 203 $ 1 $ — $ 788 $ 203 Obligations of states, municipalities and political subdivisions 4,794 740 39 3 4,833 743 Non-U.S. governments 3,604 775 7 — 3,611 775 Corporate debt 65,796 13,365 23,764 4,932 89,560 18,297 RMBS 5,154 398 2,700 390 7,854 788 CMBS 5,345 637 3,701 566 9,046 1,203 CLO 3,881 143 3,873 171 7,754 314 ABS 4,452 391 5,719 852 10,171 1,243 Total bonds available for sale $ 93,813 $ 16,652 $ 39,804 $ 6,914 $ 133,617 $ 23,566 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 |
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 June 30, 2023 Due in one year or less $ 2,085 $ 2,062 Due after one year through five years 21,333 20,410 Due after five years through ten years 24,977 22,501 Due after ten years 83,582 67,783 Mortgage-backed, asset-backed and collateralized 47,028 44,152 Total $ 179,005 $ 156,908 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: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in millions) Gross Gross Gross Gross Gross Gross Gross Gross Fixed maturity securities $ 38 $ (279) $ 29 $ (315) $ 84 $ (418) $ 93 $ (478) The following table presents the components of Net realized gains (losses): Three Months Ended June 30, 2023 2022 (in millions) Excluding Fortitude Fortitude Total Excluding Fortitude Total Sales of fixed maturity securities $ (195) $ (46) $ (241) $ (183) $ (103) $ (286) Change in allowance for credit losses on fixed maturity securities (26) (2) (28) (21) — (21) Change in allowance for credit losses on loans (48) (8) (56) 13 6 19 Foreign exchange transactions, net of related hedges (115) 2 (113) 398 32 430 Index-Linked interest credited embedded derivatives, net of related hedges (141) — (141) (20) — (20) All other derivatives and hedge accounting* 258 (77) 181 (3) 4 1 Sales of alternative investments and real estate investments 3 (1) 2 2 2 4 Other (48) 2 (46) — (1) (1) Net realized gains (losses) – excluding Fortitude Re funds withheld embedded derivative (312) (130) (442) 186 (60) 126 Net realized gains (losses) on Fortitude Re funds withheld embedded derivative — 122 122 — 2,394 2,394 Net realized gains (losses) $ (312) $ (8) $ (320) $ 186 $ 2,334 $ 2,520 Six Months Ended June 30, 2023 2022 (in millions) Excluding Fortitude Fortitude Total Excluding Fortitude Total Sales of fixed maturity securities $ (271) $ (63) $ (334) $ (262) $ (123) $ (385) Change in allowance for credit losses on fixed maturity securities (43) (2) (45) (47) (40) (87) Change in allowance for credit losses on loans (82) (27) (109) (13) — (13) Foreign exchange transactions, net of related hedges (104) 9 (95) 509 38 547 Index-Linked interest credited embedded derivatives, net of related hedges (319) — (319) 185 — 185 All other derivatives and hedge accounting* 94 (29) 65 (15) (62) (77) Sales of alternative investments and real estate investments 8 — 8 10 3 13 Other (48) 2 (46) (8) 1 (7) Net realized gains (losses) – excluding Fortitude Re funds withheld embedded derivative (765) (110) (875) 359 (183) 176 Net realized gains (losses) on Fortitude Re funds withheld embedded derivative — (903) (903) — 5,231 5,231 Net realized gains (losses) $ (765) $ (1,013) $ (1,778) $ 359 $ 5,048 $ 5,407 * Derivative activity related to hedging MRBs is recorded in Change in the fair value of MRBs, net. For additional disclosures about MRBs, see Note 12. The following table presents the increase (decrease) in unrealized appreciation (depreciation) of our available-for-sale securities: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2023 2022 2023 2022 Increase (decrease) in unrealized appreciation (depreciation) of investments: Fixed maturity securities $ (1,783) $ (15,402) $ 2,236 $ (32,276) Other investments 11 — 12 — Total increase (decrease) in unrealized appreciation (depreciation) of investments $ (1,772) $ (15,402) $ 2,248 $ (32,276) |
Fixed Maturity Securities and Equity Securities at Fair Value | The following table presents the fair value of fixed maturity securities measured at fair value, including securities in the modco agreement with Fortitude Re, based on our election of the fair value option and equity securities measured at fair value: June 30, 2023 December 31, 2022 (in millions) Fair Value* Percent Fair Value* Percent Fixed maturity securities: U.S. government and government sponsored entities $ — — % $ — — % — % Obligations of states, municipalities and political subdivisions 55 1 % 37 1 % Non-U.S. governments 19 — % 22 1 % Corporate debt 2,333 53 % 2,222 56 % Mortgage-backed, asset-backed and collateralized: RMBS 262 6 % 165 4 % CMBS 251 6 % 232 6 % CLO 367 8 % 279 7 % ABS 953 22 % 812 21 % Total mortgage-backed, asset-backed and collateralized 1,833 42 % 1,488 38 % Total fixed maturity securities 4,240 96 % 3,769 96 % Equity securities 194 4 % 170 4 % Total $ 4,434 100 % $ 3,939 100 % |
Schedule of Other Invested Assets | The following table summarizes the carrying amounts of other invested assets: (in millions) June 30, 2023 December 31, 2022 Alternative investments (a)(b) $ 8,058 $ 8,014 Investment real estate (c) 1,878 1,831 All other investments (d) 594 573 Total (e) $ 10,530 $ 10,418 (a) At June 30, 2023, included hedge funds of $604 million and private equity funds of $7.5 billion. At December 31, 2022, included hedge funds of $884 million and private equity funds of $7.1 billion. (b) At June 30, 2023, approximately 61% of our hedge fund portfolio is available for redemption in 2023. The remaining 39% will be available for redemption between 2024 and 2028. 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. (c) Net of accumulated depreciation of $626 million and $616 million as of June 30, 2023 and December 31, 2022, respectively. The accumulated depreciation related to the investment real estate held by affordable housing partnerships is $106 million and $124 million as of June 30, 2023 and December 31, 2022, 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 $156 million at June 30, 2023 and December 31, 2022, respectively. (e) Includes investments in related parties, which totaled $3 million and $6 million as of June 30, 2023 and December 31, 2022, respectively. |
Carrying Amount and Ownership Percentage of Equity Method Investments | Other Invested Assets – Equity Method Investments The following table presents the carrying amount and ownership percentage of equity method investments at June 30, 2023 and December 31, 2022: June 30, 2023 December 31, 2022 (in millions) Carrying Ownership Carrying Ownership Equity method investments $ 3,265 Various $ 3,185 Various |
Components of Net Investment Income | The following table presents the components of Net investment income: Three Months Ended June 30, 2023 2022 (in millions) Excluding Fortitude Total Excluding Fortitude Total Available-for-sale fixed maturity securities, including short-term investments $ 1,905 $ 208 $ 2,113 $ 1,652 $ 237 $ 1,889 Other bond securities 8 6 14 (34) (149) (183) Equity securities 3 — 3 (20) — (20) Interest on mortgage and other loans 564 49 613 397 46 443 Alternative investments* 80 13 93 186 56 242 Real estate 15 — 15 24 — 24 Other investments 8 — 8 14 — 14 Total investment income 2,583 276 2,859 2,219 190 2,409 Investment expenses 139 6 145 121 8 129 Net investment income $ 2,444 $ 270 $ 2,714 $ 2,098 $ 182 $ 2,280 Six Months Ended June 30, 2023 2022 (in millions) Excluding Fortitude Total Excluding Fortitude Total Available-for-sale fixed maturity securities, including short-term investments $ 3,801 $ 425 $ 4,226 $ 3,272 $ 505 $ 3,777 Other bond securities 18 111 129 (53) (242) (295) Equity securities 32 — 32 (77) — (77) Interest on mortgage and other loans 1,076 99 1,175 781 86 867 Alternative investments* 79 44 123 631 127 758 Real estate 19 — 19 21 — 21 Other investments 11 — 11 52 — 52 Total investment income 5,036 679 5,715 4,627 476 5,103 Investment expenses 291 15 306 226 16 242 Net investment income $ 4,745 $ 664 $ 5,409 $ 4,401 $ 460 $ 4,861 * Included income from hedge funds and private equity funds. Hedge funds are recorded as of the balance sheet date. Private equity funds are generally reported on a one-quarter lag. |
Components of Unrealized Gain (Loss) on Investments | The following table 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: Three Months Ended June 30, 2023 2022 (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 $ 4 $ 123 $ 127 $ (20) $ 47 $ 27 Less: Net gains (losses) recognized during the period on equity securities and other investments sold during the period — 8 8 (2) (13) (15) Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date $ 4 $ 115 $ 119 $ (18) $ 60 $ 42 Six Months Ended June 30, 2023 2022 (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 $ 33 $ 154 $ 187 $ (77) $ 346 $ 269 Less: Net gains (losses) recognized during the period on equity securities and other investments sold during the period 33 9 42 (48) (16) (64) Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date $ — $ 145 $ 145 $ (29) $ 362 $ 333 |
Schedule of Financial Instruments Owned and Pledged as Collateral | The following table presents the fair value of securities pledged to counterparties under secured financing transactions, including repurchase agreements: (in millions) June 30, 2023 December 31, 2022 Fixed maturity securities available for sale $ 542 $ 2,968 Remaining Contractual Maturity of the Repurchase Agreements (in millions) Overnight and Continuous Up to 30 Days 31 - 90 Days 91 - 364 Days 365 Days or Greater Total June 30, 2023 Bonds available for sale: Non-U.S. governments $ — $ — $ — $ — $ — $ — Corporate debt 27 515 — — — 542 Total $ 27 $ 515 $ — $ — $ — $ 542 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 |
Lending Activities (Tables)
Lending Activities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Receivables [Abstract] | |
Composition of Mortgages and Other Loans Receivable | The following table presents the composition of Mortgage and other loans receivable, net: (in millions) June 30, 2023 December 31, 2022 Commercial mortgages (a) $ 33,845 $ 32,993 Residential mortgages 7,456 5,856 Life insurance policy loans 1,754 1,750 Commercial loans, other loans and notes receivable (b) 4,131 4,567 Total mortgage and other loans receivable 47,186 45,166 Allowance for credit losses (c) (689) (600) Mortgage and other loans receivable, net $ 46,497 $ 44,566 (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 19% and 10%, respectively, at June 30, 2023, and 20% and 11%, respectively, at December 31, 2022). The weighted average loan-to-value ratio for NY and CA was 61% and 53% at June 30, 2023, respectively, and 59% and 53% at December 31, 2022, respectively. The debt service coverage ratio for NY and CA was 2.0X and 2.1X at June 30, 2023, respectively, and 2.0X and 2.1X at December 31, 2022, 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 June 30, 2023 and December 31, 2022, the net carrying value of these loans was $186 million and $170 million, respectively. (c) Does not include allowance for credit losses of $74 million and $60 million at June 30, 2023 and December 31, 2022, respectively, in relation to off-balance-sheet commitments to fund commercial mortgage loans, which is recorded in Other liabilities. |
Credit Quality | The following table presents debt service coverage ratios * for commercial mortgages by year of vintage: June 30, 2023 (in millions) 2023 2022 2021 2020 2019 Prior Total >1.2X $ 1,178 $ 5,407 $ 2,131 $ 1,147 $ 5,036 $ 12,698 $ 27,597 1.00 - 1.20X 54 1,070 941 757 179 1,485 4,486 <1.00X 47 40 — 23 — 1,652 1,762 Total commercial mortgages $ 1,279 $ 6,517 $ 3,072 $ 1,927 $ 5,215 $ 15,835 $ 33,845 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 * 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 June 30, 2023 and 1.9X at December 31, 2022. The debt service coverage ratios are updated when additional information becomes available. The following table presents loan-to-value ratios * for commercial mortgages by year of vintage: June 30, 2023 (in millions) 2023 2022 2021 2020 2019 Prior Total Less than 65% $ 916 $ 5,005 $ 2,265 $ 1,699 $ 3,763 $ 11,414 $ 25,062 65% to 75% 296 1,163 527 76 1,402 2,608 6,072 76% to 80% — 349 43 — — 346 738 Greater than 80% 67 — 237 152 50 1,467 1,973 Total commercial mortgages $ 1,279 $ 6,517 $ 3,072 $ 1,927 $ 5,215 $ 15,835 $ 33,845 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 * 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 58% at June 30, 2023, and 59% at December 31, 2022. The loan-to-value ratios reflect the latest obtained valuations of the collateral properties. We update the valuations of collateral properties by obtaining independent appraisals, generally at least once per year. The following table presents the credit quality performance indicators for commercial mortgages: (dollars in millions) Number Class Percent Apartments Offices Retail Industrial Hotel Others Total (c) June 30, 2023 Credit Quality Performance Indicator: In good standing 604 $ 13,919 $ 8,479 $ 3,514 $ 5,652 $ 1,808 $ 316 $ 33,688 100% 90 days or less delinquent — — — — — — — — —% >90 days delinquent or in process of foreclosure (a) 3 — 157 — — — — 157 —% Total (b) 607 $ 13,919 $ 8,636 $ 3,514 $ 5,652 $ 1,808 $ 316 $ 33,845 100% Allowance for credit losses $ 87 $ 374 $ 62 $ 70 $ 22 $ 6 $ 621 2 % 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 9 — 329 94 — 59 — 482 1% 90 days or less delinquent — — — — — — — — —% >90 days delinquent or in process of foreclosure (a) 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 % (a) Includes $156 million and $156 million of Office loans supporting the Fortitude Re funds withheld arrangements, greater than 90 days delinquent or in process of foreclosure, at June 30, 2023 and December 31, 2022, respectively. (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: June 30, 2023 (in millions) 2023 2022 2021 2020 2019 Prior Total FICO*: 780 and greater $ 285 $ 492 $ 2,314 $ 637 $ 240 $ 513 $ 4,481 720 - 779 664 564 538 169 79 199 2,213 660 - 719 170 249 88 38 25 98 668 600 - 659 2 21 7 7 6 38 81 Less than 600 — — 1 1 2 9 13 Total residential mortgages $ 1,121 $ 1,326 $ 2,948 $ 852 $ 352 $ 857 $ 7,456 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 * 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 twelve months. |
Allowance for Credit Loss | The following table presents a rollforward of the changes in the allowance for credit losses on Mortgage and other loans receivable:* Three Months Ended June 30, 2023 2022 (in millions) Commercial Mortgages Other Loans Total Commercial Mortgages Other Loans Total Allowance, beginning of period $ 586 $ 73 $ 659 $ 413 $ 75 $ 488 Loans charged off (4) — (4) 1 — 1 Net charge-offs (4) — (4) 1 — 1 Addition to (release of) allowance for loan losses 39 (5) 34 — (5) (5) Allowance, end of period $ 621 $ 68 $ 689 $ 414 $ 70 $ 484 Six Months Ended June 30, 2023 2022 (in millions) Commercial Mortgages Other Loans Total Commercial Mortgages Other Loans Total Allowance, beginning of period $ 531 $ 69 $ 600 $ 423 $ 73 $ 496 Loans charged off (4) — (4) (4) — (4) Net charge-offs (4) — (4) (4) — (4) Addition to (release of) allowance for loan losses 94 (1) 93 (5) (3) (8) Allowance, end of period $ 621 $ 68 $ 689 $ 414 $ 70 $ 484 * Does not include allowance for credit losses of $74 million and $78 million, respectively, at June 30, 2023 and 2022 in relation to the off-balance-sheet commitments to fund commercial mortgage loans, which is recorded in Other liabilities in the Condensed Consolidated Balance Sheets. |
Reinsurance (Tables)
Reinsurance (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Insurance [Abstract] | |
Summary of Assets Supporting Funds Withheld Arrangements | There is a diverse pool of assets supporting the funds withheld arrangements with Fortitude Re. The following summarizes the composition of the pool of assets: June 30, 2023 December 31, 2022 (in millions) Carrying Value Fair Value Carrying Value Fair Value Corresponding Accounting Policy Fixed maturity securities - available for sale $ 15,411 $ 15,411 $ 16,339 $ 16,339 Fair value through other comprehensive income Fixed maturity securities - fair value option 3,883 3,883 3,485 3,485 Fair value through net investment income Commercial mortgage loans 3,553 3,306 3,490 3,241 Amortized cost Real estate investments 126 301 133 348 Amortized cost Private equity funds/hedge funds 1,940 1,940 1,893 1,893 Fair value through net investment income Policy loans 340 340 355 355 Amortized cost Short-term Investments 245 245 69 69 Fair value through net investment income Funds withheld investment assets 25,498 25,426 25,764 25,730 Derivative assets, net (a) 58 58 90 90 Fair value through realized gains (losses) Other (b) 531 528 731 731 Amortized cost Total $ 26,087 $ 26,012 $ 26,585 $ 26,551 (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 $189 million as of June 30, 2023 and December 31, 2022, 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: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2023 2022 2023 2022 Net investment income - Fortitude Re funds withheld assets $ 270 $ 182 $ 664 $ 460 Net realized losses on Fortitude Re funds withheld assets: Net realized losses Fortitude Re funds withheld assets (130) (60) (110) (183) Net realized gains (losses) Fortitude Re funds withheld embedded derivatives 122 2,394 (903) 5,231 Net realized gains (losses) on Fortitude Re funds withheld assets (8) 2,334 (1,013) 5,048 Income (loss) before income tax benefit (expense) 262 2,516 (349) 5,508 Income tax benefit (expense)* (55) (529) 73 (1,157) Net income (loss) 207 1,987 (276) 4,351 Change in unrealized appreciation (depreciation) of the invested assets supporting the Fortitude Re modco arrangement classified as available for sale* (165) (1,875) 286 (4,151) Comprehensive income $ 42 $ 112 $ 10 $ 200 * The income tax expense (benefit) and the tax impact in OCI was computed using the U.S. statutory tax rate of 21%. |
Reinsurance Recoverable, Allowance for Credit Loss | Individual Life Institutional (in millions) Retirement Insurance Markets Total Pre-adoption, December 31, 2020 for Reinsurance assets - other, net of allowance for credit losses and disputes (a) $ 309 $ 2,370 $ 43 $ 2,722 Reclassification of Cost of Reinsurance (b) — 416 — 416 Reclassification to Market risk benefits (35) — — (35) Change in cash flow assumptions and effect of net premiums exceeding gross premiums — (52) — (52) Change due to the current upper-medium grade discount rate — 99 5 104 Post-adoption January 1, 2021 for Reinsurance assets - other, net of allowance for credit losses and disputes $ 274 $ 2,833 $ 48 $ 3,155 (a) Excludes $(15) million of Reinsurance assets - other, net of allowance for credit losses and disputes in Other Operations. (b) Cost of reinsurance is reported in Other liabilities in the Condensed Consolidated Balance sheets. Corporate and (in millions) Other Pre-adoption, December 31, 2020 for Reinsurance assets - Fortitude Re, net of allowance for credit losses and disputes $ 29,158 Change in cash flow assumptions and effect of net premiums exceeding gross premiums 55 Change due to the current upper-medium grade discount rate 7,611 Post-adoption January 1, 2021 for Reinsurance assets - Fortitude Re, net of allowance for credit losses and disputes $ 36,824 The remeasurement of the reinsurance recoverable using the current upper-medium grade discount rate is offset in AOCI. The following table presents a rollforward of the reinsurance recoverable allowance: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2023 2022 2023 2022 Balance, beginning of period $ 74 $ 105 $ 84 $ 101 Current period provision for expected credit losses and disputes (8) 2 (18) 6 Write-offs charged against the allowance for credit losses and disputes — — — — Other changes — — — — Balance, end of period $ 66 $ 107 $ 66 $ 107 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Variable Interest Entities | The following table presents the total assets and total liabilities associated with our variable interests in consolidated VIEs, as classified in the Condensed Consolidated Balance Sheets: (in millions) Real Estate and Investment Entities (c) Securitization and Repackaging Vehicles (d) Total June 30, 2023 Assets: Bonds available for sale $ — $ 92 $ 92 Other bond securities — — — Equity securities 34 — 34 Mortgage and other loans receivable — 2,010 2,010 Other invested assets Alternative investments (a) 2,860 — 2,860 Investment real estate 1,784 — 1,784 Short-term investments 292 7 299 Cash 99 — 99 Accrued investment income — 14 14 Other assets 130 (2) 128 Total assets (b) $ 5,199 $ 2,121 $ 7,320 Liabilities: Debt of consolidated investment entities $ 1,433 $ 1,223 $ 2,656 Other liabilities 102 — 102 Total liabilities $ 1,535 $ 1,223 $ 2,758 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 (a) Composed primarily of investments in real estate joint ventures at June 30, 2023 and December 31, 2022. (b) The assets of each VIE can be used only to settle specific obligations of that VIE. (c) Off-balance-sheet exposure primarily consisting of commitments by insurance operations and affiliates into real estate and investment entities. At June 30, 2023 and December 31, 2022, together, the Company and AIG affiliates have commitments to internal parties of $2.0 billion and $2.1 billion and commitments to external parties of $0.5 billion and $0.6 billion, respectively. At June 30, 2023, $1.3 billion out of the internal commitments was from subsidiaries of Corebridge entities and $0.7 billion was from other AIG affiliates. 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. (d) During the three months ended March 31, 2023, Corebridge deconsolidated certain consolidated investment entities, as part of the sale of AIG Credit Management, LLC with $3.6 billion assets and $3.2 billion in liabilities, resulting in a pre-tax loss of $3 million. The following table presents the revenue, net income (loss) attributable to noncontrolling interests and net income (loss) attributable to Corebridge associated with our variable interests in consolidated VIEs, as classified in the Condensed Consolidated Income Statements: Real Estate and Securitization Affordable Investment and Repackaging Housing (in millions) Entities Vehicles Partnerships Total Three Months Ended June 30, 2023 Total revenue $ 16 $ 18 $ — $ 34 Net income attributable to noncontrolling interests (20) — — (20) Net income (loss) attributable to Corebridge 19 9 — 28 Three Months Ended June 30, 2022 Total revenue $ 188 $ 51 $ — $ 239 Net income attributable to noncontrolling interests 79 2 — 81 Net income (loss) attributable to Corebridge 95 10 — 105 Six Months Ended June 30, 2023 Total revenue $ 69 $ 77 $ — $ 146 Net income attributable to noncontrolling interests (14) — — (14) Net income (loss) attributable to Corebridge 52 54 — 106 Six Months Ended June 30, 2022 Total revenue $ 388 $ 113 $ — $ 501 Net income attributable to noncontrolling interests 154 2 — 156 Net income (loss) attributable to Corebridge 209 41 — 250 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 June 30, 2023 Real estate and investment entities (a) $ 385,451 $ 5,715 $ 2,855 $ 8,570 Total $ 385,451 $ 5,715 $ 2,855 $ 8,570 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 (a) Composed primarily of hedge funds and private equity funds. (b) At June 30, 2023 and December 31, 2022, $5.7 billion and $5.6 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) | 6 Months Ended |
Jun. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments | The following table presents the notional amounts of our derivatives and the fair value of derivative assets and liabilities in the Condensed Consolidated Balance Sheets: June 30, 2023 December 31, 2022 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 $ 617 $ 210 $ 1,433 $ 38 $ 155 $ 202 $ 1,798 $ 77 Foreign exchange contracts 5,135 534 1,600 34 3,535 575 3,354 176 Derivatives not designated as hedging instruments: (a) Interest rate contracts 28,937 1,433 24,381 2,243 27,656 1,371 21,553 2,599 Foreign exchange contracts 6,176 618 7,219 321 4,630 672 6,673 456 Equity contracts 29,178 1,274 15,485 349 26,041 417 9,962 27 Other contracts (b) 46,017 15 — — 47,128 15 48 — Total derivatives, gross $ 116,060 $ 4,084 $ 50,118 $ 2,985 $ 109,145 $ 3,252 $ 43,388 $ 3,335 Counterparty netting (c) (2,790) (2,790) (2,547) (2,547) Cash collateral (d) (838) (43) (406) (691) Total derivatives on Condensed Consolidated Balance Sheets (e) $ 456 $ 152 $ 299 $ 97 (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. The fair value of assets related to bifurcated embedded derivatives were both zero at June 30, 2023 and December 31, 2022. The fair value of liabilities related to bifurcated embedded derivatives was $8.3 billion and $6.7 billion at June 30, 2023 and December 31, 2022, respectively. A bifurcated embedded derivative is generally presented with the host contract in the Condensed Consolidated Balance Sheets. Embedded derivatives are primarily related to guarantee features in fixed index annuities and index universal life contracts, which include equity and interest rate components and the funds withheld arrangement with Fortitude Re. For additional information, see Note 7. The following table presents the gross notional amounts of our derivatives and the fair value of derivative assets and liabilities with related parties and third parties: June 30, 2023 December 31, 2022 Gross Derivative Gross Derivative Gross Derivative Gross Derivative (in millions) Notional Fair Notional Fair Notional Fair Notional Fair Total derivatives with related parties $ 62,164 $ 3,727 $ 44,954 $ 2,743 $ 60,633 $ 3,177 $ 42,109 $ 3,154 Total derivatives with third parties 53,896 357 5,164 242 48,512 75 1,279 181 Total derivatives, gross $ 116,060 $ 4,084 $ 50,118 $ 2,985 $ 109,145 $ 3,252 $ 43,388 $ 3,335 As of June 30, 2023 and December 31, 2022, the following amounts were recorded on the Condensed Consolidated Balance Sheets related to the carrying amount of the hedged assets (liabilities) and cumulative basis adjustments included in the carrying amount for fair value hedges: June 30, 2023 December 31, 2022 (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 $ 6,434 $ — $ 6,520 $ — Commercial mortgage and other loans (a) — (25) — (25) Policyholder contract deposits (b) (3,706) 17 (2,218) 68 (a) This relates to hedge accounting that has been discontinued, but the respective loans are still held. The cumulative adjustment is being amortized into earnings over the remaining life of the loan. (b) This relates to fair value hedges on GICs. The following table presents the gain (loss) recognized in earnings on our derivative instruments in fair value hedging relationships in the Condensed Consolidated Statements of Income (Loss): Gains/(Losses) Recognized in Earnings for: (in millions) Hedging Derivatives (a)(c) Excluded Components (b)(c) Hedged Net Impact Three Months Ended June 30, 2023 Interest rate contracts: Realized gains (losses) $ — $ — $ — $ — Interest credited to policyholder account balances (43) — 37 (6) Net investment income — — 1 1 Foreign exchange contracts: Realized gains (losses) (79) 30 79 30 Three Months Ended June 30, 2022 Interest rate contracts: Realized gains (losses) $ — $ — $ — $ — Interest credited to policyholder account balances (33) — 34 1 Net investment income — — — — Foreign exchange contracts: Realized gains (losses) 384 68 (384) 68 Gains/(Losses) Recognized in Earnings for: (in millions) Hedging Derivatives (a)(c) Excluded Components (b)(c) Hedged Net Impact Six Months Ended June 30, 2023 Interest rate contracts: Realized gains (losses) $ — $ — $ — $ — Interest credited to policyholder account balances 43 — (51) (8) Net investment income — — 1 1 Foreign exchange contracts: Realized gains (losses) (162) 109 162 109 Six Months Ended June 30, 2022 Interest rate contracts: Realized gains (losses) $ — $ — $ — $ — Interest credited to policyholder account balances (90) — 93 3 Net investment income 1 — (1) — Foreign exchange contracts: Realized gains (losses) 531 76 (531) 76 (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. The following table presents the effect of derivative instruments not designated as hedging instruments in the Condensed Consolidated Statements of Income (Loss): Gains (Losses) Recognized in Earnings Three Months Ended June 30, Six Months Ended June 30, (in millions) 2023 2022 2023 2022 By Derivative Type: Interest rate contracts $ (148) $ (868) $ (116) $ (1,682) Foreign exchange contracts (123) 678 (190) 904 Equity contracts (131) 76 (48) (120) Credit contracts — — — (1) Other contracts 152 15 25 32 Embedded derivatives within policyholder contract deposits (435) 556 (819) 1,217 Fortitude Re funds withheld embedded derivative 122 2,394 (903) 5,231 Total (a) $ (563) $ 2,851 $ (2,051) $ 5,581 By Classification: Policy fees $ 16 $ 14 $ 32 $ 29 Net investment income — 2 (2) (2) Net realized gains - excluding Fortitude Re funds withheld assets 9 616 (405) 1,023 Net realized gains (losses) on Fortitude Re funds withheld assets (85) 44 (42) (8) Net realized gains on Fortitude Re funds withheld embedded derivatives 122 2,394 (903) 5,231 Policyholder benefits (3) (7) — (14) Change in the Fair value of market risk benefits (b) (622) (212) (731) (678) Total (b) $ (563) $ 2,851 $ (2,051) $ 5,581 (a) Includes gains (losses) with related parties of $(246) million and $(423) million for the three months ended June 30, 2023 and 2022, respectively, and $(240) million and $(1.5) billion for the six months ended June 30, 2023 and 2022, respectively. |
Deferred Policy Acquisition C_2
Deferred Policy Acquisition Costs (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Deferred Policy Acquisition Costs | The following table presents the transition rollforward for deferred policy acquisition costs for long-duration contracts: Individual Group Life Institutional Total (in millions) Pre-adoption December 31, 2020 DAC balance $ 2,426 $ 560 $ 4,229 $ 26 $ 7,241 Adjustments for the removal of related balances in Accumulated other comprehensive income originating from unrealized gains (losses) 2,050 533 544 7 3,134 Post-adoption January 1, 2021 DAC balance $ 4,476 $ 1,093 $ 4,773 $ 33 $ 10,375 Prior to the adoption of LDTI, DAC for investment-oriented products included the effect of unrealized gains or losses on fixed maturity securities classified as available for sale. At the transition date, these adjustments were removed with a corresponding offset in AOCI. As the available for sale portfolio was in an unrealized gain position as of the transition date, the adjustment for removal of related balances in AOCI originating from unrealized gains (losses) balances were reducing DAC. The following table presents the transition rollforward for value of business acquired for long-duration contracts: Individual Group Life Total (in millions) Pre-adoption December 31, 2020 VOBA balance $ 3 $ 1 $ 118 $ 122 Adjustments for the removal of related balances in accumulated other comprehensive income originating from unrealized gains (losses) — — 3 3 Post-adoption January 1, 2021 VOBA balance $ 3 $ 1 $ 121 $ 125 The following table presents a rollforward of deferred policy acquisition costs related to long-duration contracts for the six months ended June 30, 2023 and 2022: Six Months Ended June 30, 2023 Individual Group Life Institutional Total (in millions) Balance, beginning of year $ 4,643 $ 1,060 $ 4,718 $ 51 $ 10,472 Capitalization 358 37 221 10 626 Amortization expense (274) (41) (189) (4) (508) Other, including foreign exchange — — 33 — 33 Balance, end of period $ 4,727 $ 1,056 $ 4,783 $ 57 $ 10,623 Value of Business Acquired 2 — 90 — 92 Deferred policy acquisition costs and value of business acquired $ 4,729 $ 1,056 $ 4,873 $ 57 $ 10,715 Six Months Ended June 30, 2022 Individual Group Life Institutional Total (in millions) Balance, beginning of year $ 4,604 $ 1,078 $ 4,765 $ 38 $ 10,485 Capitalization 280 29 203 6 518 Amortization expense (245) (39) (203) (3) (490) Other, including foreign exchange 2 — (58) — (56) Balance, end of period $ 4,641 $ 1,068 $ 4,707 $ 41 $ 10,457 Value of Business Acquired 2 1 95 — 98 Deferred policy acquisition costs and value of business acquired $ 4,643 $ 1,069 $ 4,802 $ 41 $ 10,555 The following table presents a rollforward of value of business acquired for the six months ended June 30, 2023 and 2022: Six Months Ended June 30, 2023 2022 Individual Group Life Total Individual Group Life Total (in millions) Balance, beginning of year $ 3 $ 1 $ 87 $ 91 $ 3 $ 1 $ 109 $ 113 Amortization expense (1) — (5) (6) — — (5) (5) Other, including foreign exchange — (1) 8 7 (1) — (9) (10) Balance, end of period $ 2 $ — $ 90 $ 92 $ 2 $ 1 $ 95 $ 98 The following table presents the transition rollforward for deferred sales inducement assets for long-duration contracts: (in millions) Individual Group Total Pre-adoption December 31, 2020 deferred sales inducement assets balance $ 194 $ 91 $ 285 Adjustments for the removal of related balances in Accumulated other comprehensive income originating from unrealized gains (losses) 282 114 396 Post-adoption January 1, 2021 deferred sales inducement asset balance $ 476 $ 205 $ 681 Prior to the adoption of LDTI, deferred sales inducements for investment-oriented products included the effect of unrealized gains or losses on fixed maturity securities classified as available-for-sale. At the transition date, these adjustments were removed with a corresponding offset in AOCI. As the available for sale portfolio was in an unrealized gain position as of the transition date, the adjustment for removal of related balances in AOCI originating from unrealized gains (losses) balances were reducing DSI. The following table presents a rollforward of deferred sales inducement assets related to long-duration contracts for the six months ended June 30, 2023 and 2022: Six Months Ended June 30, 2023 2022 Individual Group Total Individual Group Total (in millions) Balance, beginning of year $ 381 $ 177 $ 558 $ 428 $ 191 $ 619 Capitalization 4 1 5 4 — 4 Amortization expense (27) (7) (34) (26) (7) (33) Balance, end of period $ 358 $ 171 $ 529 $ 406 $ 184 $ 590 Other reconciling items* 2,151 2,467 Other assets, including restricted cash $ 2,680 $ 3,057 * Other reconciling items include prepaid expenses, goodwill, intangible assets and any similar items. |
Insurance Liabilities (Tables)
Insurance Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Insurance [Abstract] | |
Liability for Future Policy Benefit, Activity | The following table presents the transition rollforward of the liability for future policy benefits for nonparticipating contracts: Individual Group Life Institutional Corporate and Other Total (in millions) Pre-adoption December 31, 2020 liability for future policy benefits balance $ 1,309 $ 282 $ 11,129 $ 11,029 $ 22,206 $ 45,955 Adjustments for the reclassification to the deferred profit liability (65) (8) — (766) (859) (1,698) Change in cash flow assumptions and effect of net premiums exceeding gross premiums (14) 2 16 4 55 63 Effect of the remeasurement of the liability at a current single A rate 156 63 2,977 1,655 7,611 12,462 Adjustment for the removal of loss recognition balances related to unrealized gain or loss on securities and other (63) (60) 4 (292) — (411) Post-adoption January 1, 2021 liability for future policy benefits balance $ 1,323 $ 279 $ 14,126 $ 11,630 $ 29,013 $ 56,371 The following tables present the balances and changes in the liability for future policy benefits and a reconciliation of the net liability for future policy benefits to the liability for future policy benefits in the Condensed Consolidated Balance Sheets: Six Months Ended June 30, 2023 Individual Group Life Institutional Corporate and Other Total (in millions, except for liability durations) Present value of expected net premiums Balance, beginning of year $ — $ — $ 11,654 $ — $ 991 $ 12,645 Effect of changes in discount rate assumptions (AOCI) — — 1,872 — 66 1,938 Beginning balance at original discount rate — — 13,526 — 1,057 14,583 Effect of changes in cash flow assumptions — — — — — — Effect of actual variances from expected experience — — 10 — 6 16 Adjusted beginning of year balance — — 13,536 — 1,063 14,599 Issuances — — 666 — — 666 Interest accrual — — 214 — 23 237 Net premium collected — — (719) — (59) (778) Foreign exchange impact — — 206 — — 206 Other — — 10 — — 10 Ending balance at original discount rate — — 13,913 — 1,027 14,940 Effect of changes in discount rate assumptions (AOCI) — — (1,904) — (61) (1,965) Balance, end of period $ — $ — $ 12,009 $ — $ 966 $ 12,975 Present value of expected future policy benefits Balance, beginning of year $ 1,223 $ 211 $ 21,179 $ 12,464 $ 20,429 $ 55,506 Effect of changes in discount rate assumptions (AOCI) 167 2 3,424 2,634 1,083 7,310 Beginning balance at original discount rate 1,390 213 24,603 15,098 21,512 62,816 Effect of changes in cash flow assumptions (a) — — — — — — Effect of actual variances from expected experience (a) (1) — 36 17 (8) 44 Adjusted beginning of year balance 1,389 213 24,639 15,115 21,504 62,860 Issuances 120 6 656 3,301 3 4,086 Interest accrual 25 5 450 301 513 1,294 Benefit payments (65) (13) (943) (521) (739) (2,281) Foreign exchange impact — — 236 308 — 544 Other — — 5 — (6) (1) Ending balance at original discount rate 1,469 211 25,043 18,504 21,275 66,502 Effect of changes in discount rate assumptions (AOCI) (158) (1) (3,386) (2,752) (822) (7,119) Balance, end of period $ 1,311 $ 210 $ 21,657 $ 15,752 $ 20,453 $ 59,383 Net liability for future policy benefits, end of period 1,311 210 9,648 15,752 19,487 46,408 Liability for future policy benefits for certain participating contracts — — 13 — 1,316 1,329 Liability for universal life policies with secondary guarantees and similar features (b) — — 3,402 — 56 3,458 Deferred profit liability 86 10 17 1,468 869 2,450 Other reconciling items (c) 35 3 513 — 92 643 Future policy benefits for life and accident and health insurance contracts 1,432 223 13,593 17,220 21,820 54,288 Less: Reinsurance recoverable: (4) — (1,148) (39) (21,820) (23,011) Net liability for future policy benefits after reinsurance recoverable $ 1,428 $ 223 $ 12,445 $ 17,181 $ — $ 31,277 Weighted average liability duration of the liability for future policy benefits (d) 7.8 6.9 12.5 11.6 11.5 Six Months Ended June 30, 2022 Individual Group Life Institutional Corporate and Other Total (in millions, except for liability durations) Present value of expected net premiums Balance, beginning of year $ — $ — $ 14,369 $ — $ 1,274 $ 15,643 Effect of changes in discount rate assumptions (AOCI) — — (706) — (150) (856) Beginning balance at original discount rate — — 13,663 — 1,124 14,787 Effect of changes in cash flow assumptions — — — — — — Effect of actual variances from expected experience — — (8) — 4 (4) Adjusted beginning of year balance — — 13,655 — 1,128 14,783 Issuances — — 728 — — 728 Interest accrual — — 199 — 25 224 Net premium collected — — (710) — (62) (772) Foreign exchange impact — — (479) — — (479) Other — — — — — — Ending balance at original discount rate — — 13,393 — 1,091 14,484 Effect of changes in discount rate assumptions (AOCI) — — (1,174) — (16) (1,190) Balance, end of period $ — $ — $ 12,219 $ — $ 1,075 $ 13,294 Present value of expected future policy benefits Balance, beginning of year $ 1,373 $ 264 $ 27,442 $ 13,890 $ 27,674 $ 70,643 Effect of changes in discount rate assumptions (AOCI) (95) (46) (2,717) (870) (5,673) (9,401) Beginning balance at original discount rate 1,278 218 24,725 13,020 22,001 61,242 Effect of changes in cash flow assumptions (a) — — — — — — Effect of actual variances from expected experience (a) (7) (1) (6) (5) (18) (37) Adjusted beginning of year balance 1,271 217 24,719 13,015 21,983 61,205 Issuances 102 7 726 708 5 1,548 Interest accrual 20 4 439 215 615 1,293 Benefit payments (56) (13) (905) (390) (746) (2,110) Foreign exchange impact — — (610) (318) — (928) Other — — (1) — (98) (99) Ending balance at original discount rate 1,337 215 24,368 13,230 21,759 60,909 Effect of changes in discount rate assumptions (AOCI) (109) 10 (1,868) (1,712) 451 (3,228) Balance, end of period $ 1,228 $ 225 $ 22,500 $ 11,518 $ 22,210 $ 57,681 Net liability for future policy benefits, end of year 1,228 225 10,281 11,518 21,135 44,387 Liability for future policy benefits for certain participating contracts — — 14 — 1,359 1,373 Liability for universal life policies with secondary guarantees and similar features (b) — — 3,608 — 55 3,663 Deferred profit liability 87 12 13 1,184 903 2,199 Other reconciling items (c) 29 — 507 — 111 647 Future policy benefits for life and accident and health insurance contracts 1,344 237 14,423 12,702 23,563 52,269 Less: Reinsurance recoverable: (4) — (1,253) (43) (23,547) (24,847) Net liability for future policy benefits after reinsurance recoverable $ 1,340 $ 237 $ 13,170 $ 12,659 $ 16 $ 27,422 Weighted average liability duration of the liability for future policy benefits (d) 7.7 7.2 12.7 11.1 12.0 (a) Effect of changes in cash flow assumptions and variances from actual experience are partially offset by changes in the deferred profit liability. (b) Additional details can be found in the table that presents the balances and changes in the liability for universal life policies with secondary guarantees and similar features. (c) Other reconciling items primarily include the Accident and Health as well as Group Benefits (short-duration) contracts. (d) The weighted average liability durations are calculated as the modified duration using projected future net liability cashflows that are aggregated at the segment level, utilizing the segment level weighted average interest rates and current discount rate, which can be found in the table below. The following table presents the amount of undiscounted expected future benefit payments and undiscounted and discounted expected gross premiums for future policy benefits for nonparticipating contracts: Six Months Ended June 30, (in millions) 2023 2022 Individual Retirement Undiscounted expected future benefits and expense $ 2,115 $ 1,835 Undiscounted expected future gross premiums $ — $ — Discounted expected future gross premiums (at current discount rate) $ — $ — Group Retirement Undiscounted expected future benefits and expense $ 316 $ 328 Undiscounted expected future gross premiums $ — $ — Discounted expected future gross premiums (at current discount rate) $ — $ — Life Insurance Undiscounted expected future benefits and expense $ 39,848 $ 38,406 Undiscounted expected future gross premiums $ 29,792 $ 28,810 Discounted expected future gross premiums (at current discount rate) $ 19,207 $ 19,704 Institutional Markets Undiscounted expected future benefits and expense $ 33,474 $ 21,092 Undiscounted expected future gross premiums $ — $ — Discounted expected future gross premiums (at current discount rate) $ — $ — Corporate and Other * Undiscounted expected future benefits and expense $ 43,791 $ 45,258 Undiscounted expected future gross premiums $ 2,179 $ 2,346 Discounted expected future gross premiums (at current discount rate) $ 1,435 $ 1,602 * Represents activity ceded to Fortitude Re. The following table presents the amount of revenue and interest recognized in the Condensed Consolidated Statement of Income (Loss) for future policy benefits for nonparticipating contracts: Gross Premiums Interest Accretion Six Months Ended June 30, Six Months Ended June 30, (in millions) 2023 2022 2023 2022 Individual Retirement $ 136 $ 108 $ 25 $ 20 Group Retirement 10 13 5 4 Life Insurance 1,175 1,168 236 240 Institutional Markets 3,500 747 301 215 Corporate and Other 107 113 490 590 Total $ 4,928 $ 2,149 $ 1,057 $ 1,069 The following table presents the weighted-average interest rate for future policy benefits for nonparticipating contracts: June 30, 2023 Individual Group Life Institutional Corporate and Other Weighted-average interest rate, original discount rate 3.73 % 5.14 % 4.09 % 3.95 % 4.88 % Weighted-average interest rate, current discount rate 5.27 % 5.26 % 5.27 % 5.34 % 5.25 % June 30, 2022 Weighted-average interest rate, original discount rate 3.37 % 5.20 % 4.15 % 3.30 % 4.84 % Weighted-average interest rate, current discount rate 4.61 % 4.58 % 4.62 % 4.52 % 4.72 % The following table presents the transition rollforward for deferred profit liability for long-duration contracts: Individual Group Life Institutional Corporate and Other Total (in millions) Pre-adoption December 31, 2020 deferred profit liability balance $ 2 $ — $ 5 $ 64 $ — $ 71 Adjustments for the reclassification from/(to) the liability for the future policy benefits 65 8 — 766 859 1,698 Post-adoption January 1, 2021 deferred profit liability balance $ 67 $ 8 $ 5 $ 830 $ 859 $ 1,769 The following table presents the transition rollforward of the additional liabilities : Individual Group Life Corporate and Other Total (in millions) Pre-adoption December 31, 2020 additional liabilities $ 1,391 $ 219 $ 5,117 $ 55 $ 6,782 Adjustment for the reclassification of additional liabilities from Future policy benefits to Market risk benefits (a) (875) (130) — — (1,005) Adjustment for removal of related balances in Accumulated other comprehensive income (loss) originating from unrealized gains (losses) (b) (516) (89) — — (605) Post-adoption January 1, 2021 additional liabilities $ — $ — $ 5,117 $ 55 $ 5,172 (a) Adjustments for the reclassification of additional liabilities from Future policy benefits to MRBs represent contract guarantees (e.g., GMDBs) that were previously classified as insurance liabilities within Future policy benefits, but have been reclassified as MRBs as of January 1, 2021. For additional information on the transition impacts associated with LDTI, see Note 13. (b) Adjustments for the removal of related balances in AOCI originating from unrealized gains (losses) relate to the additional liabilities reclassified from Future policy benefits in the line above. The following table presents the balances and changes in the liability for universal life policies with secondary guarantees and similar features: Six Months Ended June 30, 2023 Six Months Ended June 30, 2022 Life Corporate and Other Total Life Corporate and Other Total (in millions, except duration of liability) Balance, beginning of year $ 3,300 $ 55 $ 3,355 $ 4,952 $ 55 $ 5,007 Effect of changes in experience 149 (1) 148 194 (2) 192 Adjusted beginning balance $ 3,449 $ 54 $ 3,503 $ 5,146 $ 53 $ 5,199 Assessments 341 1 342 344 1 345 Excess benefits paid (457) — (457) (496) — (496) Interest accrual 61 1 62 65 1 66 Other (3) — (3) (5) — (5) Changes related to unrealized appreciation (depreciation) of investments 11 — 11 (1,446) — (1,446) Balance, end of period $ 3,402 $ 56 $ 3,458 $ 3,608 $ 55 $ 3,663 Less: Reinsurance recoverable (172) — (172) (209) — (209) Balance, end of period net of Reinsurance recoverable $ 3,230 $ 56 $ 3,286 $ 3,399 $ 55 $ 3,454 Weighted average duration of liability * 26.2 9.2 27.1 9.7 * The weighted average duration of liabilities is calculated as the modified duration using projected future net liability cashflows that are aggregated at the segment level, utilizing the segment level weighted average interest rates, which can be found in the table below. The following table presents the amount of revenue and interest recognized in the Condensed Consolidated Statements of Income (Loss) for the liability for universal life policies with secondary guarantees and similar features: Gross Assessments Six Months Ended June 30, Interest Accretion Six Months Ended June 30, (in millions) 2023 2022 2023 2022 Life Insurance $ 573 $ 576 $ 61 $ 65 Corporate and Other 20 19 1 1 Total $ 593 $ 595 $ 62 $ 66 The following table presents the calculation of weighted average interest rate for the liability for universal life policies with secondary guarantees and similar features: June 30, 2023 2022 Life Corporate and Other Life Corporate and Other Weighted-average interest rate 3.77 % 4.20 % 3.75 % 4.20 % The weighted average interest rates are calculated using projected future net liability cash flows that are aggregated to the segment level, and are represented as an annual rate. The following table presents details concerning our universal life policies with secondary guarantees and similar features: Six Months Ended June 30, (in millions, except for attained age of contract holders) 2023 2022 Account value $ 3,604 $ 3,406 Net amount at risk $ 70,850 $ 66,889 Average attained age of contract holders 53 53 The following table presents the transition rollforward of Policyholder contract deposits account balances: Individual Group Life Institutional Corporate and Other Total (in millions) Pre-adoption December 31, 2020 Policyholder contract deposits $ 85,097 $ 43,805 $ 10,286 $ 11,559 $ 4,145 $ 154,892 Adjustment for the reclassification of the embedded derivative liability to market risk benefits, net of the host adjustment(s) (5,894) (577) — — — (6,471) Post-adoption January 1, 2021 Policyholder contract deposits $ 79,203 $ 43,228 $ 10,286 $ 11,559 $ 4,145 $ 148,421 The following table presents the balances and changes in Policyholder contract deposits account balances (a) : Six Months Ended June 30, 2023 Individual Group Life Institutional Corporate Total (in millions, except for average crediting rate) and Other Policyholder contract deposits account balance, beginning of year $ 89,554 $ 43,395 $ 10,224 $ 11,734 $ 3,587 $ 158,494 Deposits 8,898 2,597 809 1,608 22 13,934 Policy charges (462) (238) (764) (34) (31) (1,529) Surrenders and withdrawals (6,585) (3,979) (122) (421) (42) (11,149) Benefit payments (2,012) (1,080) (100) (283) (171) (3,646) Net transfers from (to) separate account 1,637 1,221 — 473 — 3,331 Interest credited 863 554 188 218 85 1,908 Other (3) 4 (32) (1) 8 (24) Policyholder contract deposits account balance, end of period $ 91,890 $ 42,474 $ 10,203 $ 13,294 $ 3,458 $ 161,319 Other reconciling items (b) (1,598) (254) 135 42 — (1,675) Policyholder contract deposits 90,292 42,220 10,338 13,336 3,458 159,644 Weighted average crediting rate 2.59 % 2.84 % 4.30 % 3.54 % 4.95 % Cash surrender value (c) $ 85,417 $ 41,550 $ 8,976 $ 2,555 $ 1,762 $ 140,260 Six Months Ended June 30, 2022 Individual Group Life Institutional Corporate Total (in millions, except for average crediting rate) and Other Policyholder contract deposits account balance, beginning of year $ 84,097 $ 43,902 $ 10,183 $ 10,804 $ 3,823 $ 152,809 Deposits 7,547 2,341 835 162 24 10,909 Policy charges (395) (259) (782) (34) (33) (1,503) Surrenders and withdrawals (4,008) (2,726) (103) (27) (32) (6,896) Benefit payments (1,996) (1,072) (119) (160) (178) (3,525) Net transfers from (to) separate account 1,074 1,155 (2) 14 — 2,241 Interest credited 882 550 193 128 90 1,843 Other 6 1 (10) (29) 7 (25) Policyholder contract deposits account balance, end of period $ 87,207 $ 43,892 $ 10,195 $ 10,858 $ 3,701 $ 155,853 Other reconciling items (b) (2,245) (353) (60) 43 1 (2,614) Policyholder contract deposits 84,962 43,539 10,135 10,901 3,702 153,239 Weighted average crediting rate 2.38 % 2.72 % 4.25 % 2.40 % 4.90 % Cash surrender value (c) $ 81,207 $ 43,094 $ 8,935 $ 2,524 $ 1,839 $ 137,599 (a) Transactions between the general account and the separate account are presented in this table on a gross basis (e.g., a policyholder's funds are initially deposited into the general account and then simultaneously transferred to the separate account), and thus, did not impact the ending balance of policyholder contract deposits. (b) Reconciling items principally relate to MRBs that are bifurcated and reported separately, net of embedded derivatives that are recorded in PCD. (c) Cash surrender value is related to the portion of policyholder contract deposits that have a defined cash surrender value (e.g. GICs do not have a cash surrender value). For information related to net amount at risk, refer to the table that presents the balances of and changes in MRBs in Note 12. The following table presents Policyholder contract deposits account balance by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between rates being credited to policyholders and the respective guaranteed minimums: June 30, 2023 At Guaranteed Minimum 1 Basis Point - 50 Basis Points Above More than 50 Basis Points Above Minimum Guarantee Total (in millions, except percentage of total) Individual Retirement Range of Guaranteed Minimum Credited Rate <=1% $ 7,044 $ 2,390 $ 23,797 $ 33,231 > 1% - 2% 4,151 23 2,067 6,241 > 2% - 3% 8,831 11 732 9,574 > 3% - 4% 7,122 39 6 7,167 > 4% - 5% 446 — 4 450 > 5% 32 — 4 36 Total $ 27,626 $ 2,463 $ 26,610 $ 56,699 Group Retirement Range of Guaranteed Minimum Credited Rate <=1% $ 2,018 $ 2,574 $ 6,382 $ 10,974 > 1% - 2% 4,050 1,624 391 6,065 > 2% - 3% 13,123 89 62 13,274 > 3% - 4% 651 — — 651 > 4% - 5% 6,799 — — 6,799 > 5% 151 — — 151 Total $ 26,792 $ 4,287 $ 6,835 $ 37,914 Life Insurance Range of Guaranteed Minimum Credited Rate <=1% $ — $ — $ — $ — > 1% - 2% — 131 350 481 > 2% - 3% 10 872 1,083 1,965 > 3% - 4% 1,190 322 201 1,713 > 4% - 5% 2,909 — — 2,909 > 5% 221 — — 221 Total $ 4,330 $ 1,325 $ 1,634 $ 7,289 Total* $ 58,748 $ 8,075 $ 35,079 $ 101,902 Percentage of total 58% 8% 34% 100% June 30, 2022 At Guaranteed Minimum 1 Basis Point - 50 Basis Points Above More than 50 Basis Points Above Minimum Guarantee Total (in millions, except percentage of total) Individual Retirement Range of Guaranteed Minimum Credited Rate <=1% $ 10,300 $ 1,775 $ 19,868 $ 31,943 > 1% - 2% 4,300 25 1,666 5,991 > 2% - 3% 9,995 1 18 10,014 > 3% - 4% 7,934 40 6 7,980 > 4% - 5% 471 — 5 476 > 5% 34 — 4 38 Total $ 33,034 $ 1,841 $ 21,567 $ 56,442 Group Retirement Range of Guaranteed Minimum Credited Rate <=1% $ 3,817 $ 1,717 $ 4,674 $ 10,208 > 1% - 2% 6,310 410 7 6,727 > 2% - 3% 14,556 — — 14,556 > 3% - 4% 696 — — 696 > 4% - 5% 6,953 — — 6,953 > 5% 159 — — 159 Total $ 32,491 $ 2,127 $ 4,681 $ 39,299 Life Insurance Range of Guaranteed Minimum Credited Rate <=1% $ — $ — $ — $ — > 1% - 2% 105 24 350 479 > 2% - 3% 240 638 1,108 1,986 > 3% - 4% 1,395 186 189 1,770 > 4% - 5% 3,024 — — 3,024 > 5% 226 — — 226 Total $ 4,990 $ 848 $ 1,647 $ 7,485 Total* $ 70,515 $ 4,816 $ 27,895 $ 103,226 Percentage of total 68% 5% 27% 100% * Excludes policyholder contract deposits account balances that are not subject to guaranteed minimum crediting rates. The following table presents the transition rollforward of URR: Life Institutional Corporate and Other Total (in millions) Pre-adoption December 31, 2020 URR balance $ 1,413 $ 2 $ 132 $ 1,547 Adjustment for the removal of related balances in Accumulated other comprehensive income originating from unrealized gains (losses) 248 — — 248 Post-adoption January 1, 2021 URR balance $ 1,661 $ 2 $ 132 $ 1,795 Prior to the adoption of LDTI, URR for investment-oriented products included the effect of unrealized gains or losses on fixed maturity securities classified as available for sale. At the transition date, these adjustments were removed with a corresponding offset in AOCI. As the available for sale portfolio was in an unrealized gain position as of the transition date, the adjustment for removal of related balances in AOCI originating from unrealized gains (losses) balances were reducing URR. The following table presents a rollforward of the unearned revenue reserve for the six months ended June 30, 2023 and 2022: Six Months Ended June 30, 2023 Life Institutional Corporate and Other Total (in millions) Balance, beginning of year $ 1,727 $ 2 $ 105 $ 1,834 Revenue deferred 76 — — 76 Amortization (55) (1) (5) (61) Balance, end of period $ 1,748 $ 1 $ 100 $ 1,849 Other reconciling items* 1,042 Other policyholder funds $ 2,891 Six Months Ended June 30, 2022 Life Institutional Corporate and Other Total (in millions) Balance, beginning of year $ 1,693 $ 2 $ 116 $ 1,811 Revenue deferred 70 — — 70 Amortization (54) — (6) (60) Balance, end of period $ 1,709 $ 2 $ 110 $ 1,821 Other reconciling items* 1,047 Other policyholder funds $ 2,868 * Other reconciling items include policyholders' dividend accumulations, provisions for future dividends to participating policyholders, dividends to policyholders and any similar items. |
Market Risk Benefits (Tables)
Market Risk Benefits (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Insurance [Abstract] | |
Market Risk Benefit, Activity | The following table presents the transition rollforward of MRBs: Individual Group Total (in millions) Pre-adoption December 31, 2020 carrying amount for features now classified as MRBs $ — $ — $ — Adjustment for the reclassification of the embedded derivative liability from policyholder contract deposits, net of the host adjustment(s) (a) 5,894 577 6,471 Adjustment for the reclassification of additional liabilities from Future policy benefits (b) 1,356 219 1,575 Adjustments for the cumulative effect of the changes in our own credit risk between the original contract issuance date and the transition date (c) 2,140 187 2,327 Adjustment for the removal of related balances in Accumulated other comprehensive income originating from unrealized gains (losses) (d) (516) (89) (605) Adjustment for the remaining difference (exclusive of our own credit risk change and host contract adjustments) between previous carrying amount and fair value measurement for the MRB (e) (1,275) (92) (1,367) Post-adoption January 1, 2021 carrying amount for features now classified as MRBs $ 7,599 $ 802 $ 8,401 (a) Adjustments for the reclassification from Policyholder contract deposits represents certain contract guarantees (e.g., GMWBs) that were previously classified as embedded derivatives, but have been reclassified as MRBs as of January 1, 2021, and the related host impact. The impact on Retained earnings or AOCI resulting from the simultaneous remeasurement of the guarantee as a market risk benefit is reflected in the lines below. (b) Adjustments for the reclassification from Future policy benefits represents contract guarantees (e.g., GMDBs) that were previously classified as insurance liabilities within Future policy benefits, but have been reclassified as MRBs as of January 1, 2021. The impact on Retained earnings or AOCI resulting from the simultaneous remeasurement of the guarantee as a market risk benefit is reflected in the lines below. (c) Adjustments for the cumulative effect of the changes in our own credit risk between the original contract issuance date and the transition date are recognized in AOCI. (d) Adjustment for the removal of related balances in AOCI originating from unrealized gains (losses) with an offset to AOCI relate to the additional liabilities reclassified from Future policy benefits in the line above. (e) Adjustment for the remaining difference represents the measurement of MRBs at fair value, excluding the impact of our own credit risk with an offset to Retained earnings. The following is a reconciliation of MRBs by amounts in an asset position and in liability position to the MRB amounts in the Condensed Consolidated Balance Sheets at transition: Individual Group Total (in millions) Market risk benefit in an asset position $ 176 $ — $ 176 Reinsured market risk benefit 162 — 162 Market Risk Benefit assets, at fair value $ 338 $ — $ 338 Market Risk Benefit liabilities, at fair value 7,937 802 8,739 Market risk benefit, net, January 1, 2021 $ 7,599 $ 802 $ 8,401 The following table presents the balances of and changes in market risk benefits: Six Months Ended June 30, 2023 Individual Group Total (in millions, except for attained age of contract holders) Balance, beginning of year $ 3,738 $ 296 $ 4,034 Balance, beginning of year, before effect of changes in our own credit risk $ 3,297 $ 272 $ 3,569 Issuances 379 19 398 Interest accrual 78 8 86 Attributed fees 442 33 475 Expected claims (48) (1) (49) Effect of changes in interest rates 34 3 37 Effect of changes in interest rate volatility (84) (4) (88) Effect of changes in equity markets (843) (78) (921) Effect of changes in equity index volatility 8 (4) 4 Actual outcome different from model expected outcome 93 12 105 Effect of changes in other future expected assumptions (94) (29) (123) Other, including foreign exchange — (2) (2) Balance, end of period, before effect of changes in our own credit risk 3,262 229 3,491 Effect of changes in our own credit risk 564 47 611 Balance, end of period 3,826 276 4,102 Less: Reinsured MRB, end of period (79) — (79) Net Liability Balance after reinsurance recoverable $ 3,747 $ 276 $ 4,023 Net amount at risk GMDB only $ 1,068 $ 212 $ 1,280 GMWB only $ 56 $ 4 $ 60 Combined * $ 1,435 $ 23 $ 1,458 Weighted average attained age of contract holders 70 64 Six Months Ended June 30, 2022 Individual Group Total (in millions, except for attained age of contract holders) Balance, beginning of year $ 6,452 $ 582 $ 7,034 Balance, beginning of year, before effect of changes in our own credit risk $ 4,518 $ 415 $ 4,933 Issuances 97 11 108 Interest accrual 83 11 94 Attributed fees 409 37 446 Expected claims (28) (1) (29) Effect of changes in interest rates (2,864) (270) (3,134) Effect of changes in interest rate volatility 180 12 192 Effect of changes in equity markets 1,558 136 1,694 Effect of changes in equity index volatility (42) (4) (46) Actual outcome different from model expected outcome 130 13 143 Other, including foreign exchange 2 (8) (6) Balance, end of period before effect of changes in our own credit risk 4,043 352 4,395 Effect of changes in our own credit risk 355 20 375 Balance, end of period 4,398 372 4,770 Less: Reinsured MRB, end of period (110) — (110) Net Liability Balance after reinsurance recoverable $ 4,288 $ 372 $ 4,660 Net amount at risk GMDB only $ 1,828 $ 396 $ 2,224 GMWB only $ 58 $ 5 $ 63 Combined * $ 2,052 $ 11 $ 2,063 Weighted average attained age of contract holders 70 64 * Certain contracts contain both guaranteed GMDB and GMWB features and are modeled together for the purposes of calculating the MRB. The following is a reconciliation of MRBs by amounts in an asset position and in a liability position to the MRBs amount in the Condensed Consolidated Balance Sheets: June 30, 2023 June 30, 2022 (in millions) Asset* Liability* Net Asset* Liability* Net Individual Retirement $ 787 $ 4,534 $ 3,747 $ 527 $ 4,815 $ 4,288 Group Retirement 167 443 276 115 487 372 Total $ 954 $ 4,977 $ 4,023 $ 642 $ 5,302 $ 4,660 * Cash flows and attributed fees for MRBs are determined on a policy level basis and are reported based on their asset or liability position at the balance sheet date. |
Separate Account Assets and L_2
Separate Account Assets and Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Insurance [Abstract] | |
Fair Value, Separate Account Investment | For discussion of the fair value measurement of guaranteed benefits that are accounted for as MRBs, see Note 4. The following table presents fair value of separate account investment options: June 30, 2023 Individual Retirement Group Retirement Life Institutional Total (in millions) Equity Funds $ 24,804 $ 27,889 $ 777 $ 630 $ 54,100 Bond Funds 3,974 3,428 43 1,302 8,747 Balanced Funds 17,911 5,375 51 1,880 25,217 Money Market Funds 720 553 17 364 1,654 Total $ 47,409 $ 37,245 $ 888 $ 4,176 $ 89,718 June 30, 2022 Individual Retirement Group Retirement Life Institutional Total (in millions) Equity Funds $ 23,012 $ 25,210 $ 690 $ 576 $ 49,488 Bond Funds 3,887 4,010 46 1,358 9,301 Balanced Funds 18,684 5,181 49 2,444 26,358 Money Market Funds 679 501 22 386 1,588 Total $ 46,262 $ 34,902 $ 807 $ 4,764 $ 86,735 |
Separate Account, Liability | The following table presents the balances and changes in separate account liabilities: Six Months Ended June 30, 2023 Individual Retirement Group Life Institutional Total (in millions) Separate accounts balance, beginning of year $ 45,178 $ 34,361 $ 799 $ 4,515 $ 84,853 Premiums and deposits 807 697 18 30 1,552 Policy charges (662) (221) (25) (47) (955) Surrenders and withdrawals (1,776) (1,390) (12) (422) (3,600) Benefit payments (432) (250) (3) (58) (743) Investment performance 4,172 4,169 113 146 8,600 Net transfers from (to) general account 122 (121) (2) 11 10 Other charges — — — 1 1 Separate accounts balance, end of period $ 47,409 $ 37,245 $ 888 $ 4,176 $ 89,718 Cash surrender value * $ 46,307 $ 37,050 $ 854 $ 4,178 $ 88,389 Six Months Ended June 30, 2022 Individual Group Life Institutional Total (in millions) Separate accounts balance, beginning of year $ 57,927 $ 45,138 $ 1,044 $ 5,002 $ 109,111 Premiums and deposits 1,354 868 19 33 2,274 Policy charges (646) (244) (25) (50) (965) Surrenders and withdrawals (1,741) (1,329) (11) (25) (3,106) Benefit payments (476) (283) (4) (12) (775) Investment performance (10,249) (8,987) (216) (208) (19,660) Net transfers from (to) general account 93 (261) — 22 (146) Other charges — — — 2 2 Separate accounts balance, end of period $ 46,262 $ 34,902 $ 807 $ 4,764 $ 86,735 Cash surrender value * $ 45,154 $ 34,699 $ 792 $ 4,766 $ 85,411 |
Equity and Redeemable Noncont_2
Equity and Redeemable Noncontrolling Interest (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Dividends Declared | Dividends Declaration Date Record Date Payment Date Dividend Paid Per Common Share June 1, 2023* June 16, 2023 June 30, 2023 $ 0.62 May 8, 2023 June 16, 2023 June 30, 2023 $ 0.23 February 16, 2023 March 17, 2023 March 31, 2023 $ 0.23 * On June 1, 2023, we declared a special dividend of $0.62 per share on our common stock, payable on June 30, 2023 to stockholders of record at the close of business on June 16, 2023. |
Rollforward of Accumulated Other Comprehensive Income (Loss) | The following table presents a rollforward of Accumulated other comprehensive income (loss): (in millions) Unrealized Appreciation (Depreciation) of Fixed Maturity Securities on Which allowance for credit losses was Taken Unrealized Appreciation (Depreciation) of All Other Investments Change in fair value of market risk benefits attributable to changes in our own credit risk Change in the discount rates used to measure traditional and limited payment long-duration insurance contracts Cash Flow Hedges Foreign Currency Translation Adjustments Retirement Plan Liabilities Adjustment Total Balance, March 31, 2023, net of tax $ (62) $ (16,248) $ (291) $ 2,443 $ 153 $ (73) $ 11 $ (14,067) Change in unrealized depreciation of investments 55 (1,827) — — — — — (1,772) Change in fair value of market risk benefits attributable to changes in our own credit risk — — (240) — — — — (240) Change in discount rates assumptions of certain liabilities — — — 628 — — — 628 Change in future policy benefits and other — 49 — — — — — 49 Change in cash flow hedges — — — — (8) — — (8) Change in foreign currency translation adjustments — — — — — 28 — 28 Change in net actuarial loss — — — — — — — — Change in deferred tax asset (liability) (12) 294 51 (142) 2 8 — 201 Total other comprehensive income (loss) 43 (1,484) (189) 486 (6) 36 — (1,114) Noncontrolling interests — — — — — 1 — 1 Balance, June 30, 2023, net of tax $ (19) $ (17,732) $ (480) $ 2,929 $ 147 $ (38) $ 11 $ (15,182) Balance, March 31, 2022, net of tax* $ (82) $ (1,061) $ (877) $ (158) $ 177 $ (32) $ 7 $ (2,026) Change in unrealized depreciation of investments 62 (15,464) — — — — — (15,402) Change in fair value of market risk benefits attributable to changes in our own credit risk — — 734 — — — — 734 Change in discount rates assumptions of certain liabilities — — — 2,239 — — — 2,239 Change in future policy benefits and other — 643 — — — — — 643 Change in cash value hedges — — — — (6) — — (6) Change in foreign currency translation adjustments — — — — — (50) — (50) Change in net actuarial loss — — — — — — (1) (1) Change in deferred tax asset (liability) (13) 2,402 (153) (474) (2) 3 — 1,763 Total other comprehensive income 49 (12,419) 581 1,765 (8) (47) (1) (10,080) Noncontrolling interests — — — — — — — — Balance, June 30, 2022, net of tax $ (33) $ (13,480) $ (296) $ 1,607 $ 169 $ (79) $ 6 $ (12,106) (in millions) Unrealized Appreciation (Depreciation) of Fixed Maturity Securities on Which allowance for credit losses was Taken Unrealized Appreciation (Depreciation) of All Other Investments Change in fair value of market risk benefits attributable to changes in our own credit risk Change in the discount rates used to measure traditional and limited payment long-duration insurance contracts Cash Flow Hedges Foreign Currency Translation Adjustments Retirement Plan Liabilities Adjustment Total Balance at December 31, 2021, net of tax $ (31) $ 12,315 $ (1,659) $ (2,390) $ — $ (9) $ 7 $ 8,233 Change in unrealized depreciation of investments (2) (32,274) — — — — — (32,276) Change in fair value of market risk benefits attributable to changes in our own credit risk — — 1,726 — — — — 1,726 Change in discount rates assumptions of certain liabilities — — — 5,069 — — — 5,069 Change in future policy benefits and other — 1,440 — — — — — 1,440 Change in cash value hedges — — — — 218 — — 218 Change in foreign currency translation adjustments — — — — — (74) — (74) Change in net actuarial loss — — — — — — (1) (1) Change in deferred tax asset (liability) — 5,039 (363) (1,072) (49) 4 — 3,559 Total other comprehensive income (2) (25,795) 1,363 3,997 169 (70) (1) (20,339) Less: Noncontrolling interests — — — — — — — — Balance, June 30, 2022, net of tax* $ (33) $ (13,480) $ (296) $ 1,607 $ 169 $ (79) $ 6 $ (12,106) Balance at December 31, 2022, net of tax $ (92) $ (19,380) $ (365) $ 2,908 $ 157 $ (100) $ 9 $ (16,863) Change in unrealized depreciation of investments 93 2,155 — — — — — 2,248 Change in fair value of market risk benefits attributable to changes in our own credit risk — — (146) — — — — (146) Change in discount rates assumptions of certain liabilities — — — 33 — — — 33 Change in future policy benefits and other — (67) — — — — — (67) Change in cash flow hedges — — — — (15) — — (15) Change in foreign currency translation adjustments — — — — — 65 — 65 Change in net actuarial loss — — — — — — 3 3 Change in deferred tax asset (liability) (20) (440) 31 (12) 5 7 (1) (430) Total other comprehensive income (loss) 73 1,648 (115) 21 (10) 72 2 1,691 Less: Noncontrolling interests — — — — — 10 — 10 Balance, June 30, 2023, net of tax $ (19) $ (17,732) $ (480) $ 2,929 $ 147 $ (38) $ 11 $ (15,182) |
Reclassification out of Accumulated Other Comprehensive Income | The following table presents the OCI reclassification adjustments for the three and six months ended June 30, 2023 and 2022, respectively: (in millions) Unrealized Appreciation (Depreciation) of Fixed Maturity Securities on Which Allowance for Credit Losses Was Taken Unrealized Appreciation (Depreciation) of All Other Investments Change in fair value of market risk benefits attributable to changes in the instrument- specific risk Change in the discount rates used to measure traditional and limited payment long-duration insurance contracts Cash Flow Hedges Foreign Currency Translation Adjustments Retirement Plan Liabilities Adjustment Total Three Months Ended June 30, 2023 Unrealized change arising during period $ 52 $ (2,009) $ (240) $ 628 $ (8) $ 28 $ — $ (1,549) Less: Reclassification adjustments included in net income (3) (231) — — — — — (234) Total other comprehensive income (loss), before income tax expense (benefit) 55 (1,778) (240) 628 (8) 28 — (1,315) Less: Income tax expense (benefit) 12 (294) (51) 142 (2) (8) — (201) Total other comprehensive income (loss), net of income tax expense (benefit) $ 43 $ (1,484) $ (189) $ 486 $ (6) $ 36 $ — $ (1,114) Three Months Ended June 30, 2022 Unrealized change arising during period $ 54 $ (15,099) $ 734 $ 2,239 $ (6) $ (50) $ (1) $ (12,129) Less: Reclassification adjustments included in net income (8) (278) — — — — — (286) Total other comprehensive income (loss), before income tax expense (benefit) 62 (14,821) 734 2,239 (6) (50) (1) (11,843) Less: Income tax expense (benefit) 13 (2,402) 153 474 2 (3) — (1,763) Total other comprehensive income (loss), net of income tax expense (benefit) $ 49 $ (12,419) $ 581 $ 1,765 $ (8) $ (47) $ (1) $ (10,080) Six Months Ended June 30, 2023 Unrealized change arising during period $ 76 $ 1,770 $ (146) $ 33 $ (15) $ 65 $ 3 $ 1,786 Less: Reclassification adjustments included in net income (17) (318) — — — — — (335) Total other comprehensive income (loss), before income tax expense (benefit) 93 2,088 (146) 33 (15) 65 3 2,121 Less: Income tax expense (benefit) 20 440 (31) 12 (5) (7) 1 430 Total other comprehensive income (loss), net of income tax expense (benefit) $ 73 $ 1,648 $ (115) $ 21 $ (10) $ 72 $ 2 $ 1,691 Six Months Ended June 30, 2022 Unrealized change arising during period $ (10) $ (31,212) $ 1,726 $ 5,069 $ 218 $ (74) $ (1) $ (24,284) Less: Reclassification adjustments included in net income (8) (378) — — — — — (386) Total other comprehensive income (loss), before income tax expense (benefit) (2) (30,834) 1,726 5,069 218 (74) (1) (23,898) Less: Income tax expense (benefit) — (5,039) 363 1,072 49 (4) — (3,559) Total other comprehensive income (loss), net of income tax expense (benefit) $ (2) $ (25,795) $ 1,363 $ 3,997 $ 169 $ (70) $ (1) $ (20,339) The following table presents the effect of the reclassification of significant items out of Accumulated other comprehensive income on the respective line items in the Condensed Consolidated Statements of Income (Loss)*: Amount Reclassified from AOCI Affected Line Item in the Condensed Consolidated Statements of Income (Loss) Three Months Ended June 30, Six Months Ended June 30, (in millions) 2023 2022 2023 2022 Unrealized appreciation (depreciation) of fixed maturity securities on which allowance for credit losses was taken Investments $ (3) $ (8) $ (17) $ (8) Net realized gains (losses) Total (3) (8) (17) (8) Unrealized appreciation (depreciation) of all other investments Investments (231) (278) (318) (378) Net realized gains (losses) Total (231) (278) (318) (378) Total reclassifications for the period $ (234) $ (286) $ (335) $ (386) * The following items are not reclassified out of AOCI and included in the Condensed Consolidated Statements of Income (Loss) and thus have been excluded from the table:(a) Change in fair value of MRBs attributable to changes in our own credit risk (b) Change in the discount rates used to measure traditional and limited-payment long-duration insurance contracts and (c) Fair value of liabilities under fair value option attributable to changes in our own credit risk . |
Rollforward of Redeemable Noncontrolling Interest | The following table presents a rollforward of redeemable noncontrolling interest: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2022 2022 Beginning balance $ 82 $ 83 Distributions to noncontrolling interests (25) (25) Net income attributable to redeemable noncontrolling interest 1 — Ending balance $ 58 $ 58 |
Non-Redeemable Noncontrolling Interest | The following table presents a rollforward of non-redeemable noncontrolling interest: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2023 2022 2023 2022 Beginning balance $ 910 $ 1,565 $ 939 $ 1,759 Net income attributable to redeemable noncontrolling interest (20) 79 (14) 155 Other comprehensive loss, net of tax 1 — 10 — Changes in noncontrolling interests due to divestitures and acquisitions — — (19) — Contributions from noncontrolling interests 18 9 43 23 Distributions to noncontrolling interests (3) (438) (53) (718) Other 1 (7) 1 (11) Ending balance $ 907 $ 1,208 $ 907 $ 1,208 |
Schedule of Common Stock Outstanding Roll Forward | The following table presents a rollforward of outstanding shares : Six Months Ended June 30, 2023 Common Stock Issued Treasury Stock Common Stock Outstanding Shares, beginning of year 645,000,000 — 645,000,000 Shares issued under long-term incentive compensation plans 3,144,926 — 3,144,926 Shares repurchased — (12,187,690) (12,187,690) Shares, end of period 648,144,926 (12,187,690) 635,957,236 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earning per Share | The following table presents the computation of basic and diluted EPS for the three and six months ended June 30, 2023, and 2022: Three Months Ended June 30, Six Months Ended June 30, (in millions, except per common share data) 2023 2022 2023 2022 Numerator for EPS: Net income (loss) $ 751 $ 2,674 $ 298 $ 6,115 Less: Net income (loss) attributable to noncontrolling interests (20) 80 (14) 155 Net income (loss) attributable to Corebridge common shareholders $ 771 2,594 $ 312 $ 5,960 Denominator for EPS (a) : Weighted average common shares outstanding - basic 650.7 645.0 650.8 645.0 Dilutive common shares (b) 1.5 — 1.7 — Weighted average common shares outstanding - diluted 652.2 645.0 652.5 645.0 Income per common share attributable to Corebridge common shareholders (a) Common stock - Basic $ 1.18 $ 4.02 $ 0.48 $ 9.24 Common stock - Diluted $ 1.18 $ 4.02 $ 0.48 $ 9.24 (a) The results of the September 6, 2022 stock split have been applied retroactively for all periods prior to September 6, 2022. For additional information regarding the September 6, 2022 stock split, see Note 16 of the Consolidated Financial Statements in the June 2023 Registration Statement. (b) Potential dilutive common shares include our share-based employee compensation plans. The number of common shares excluded from dilutive shares outstanding was approximately 1.3 million and 0.9 million for the three and six months ended June 30, |
Related Parties (Tables)
Related Parties (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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 six months ended June 30, 2023 and 2022: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2023 2022 2023 2022 Revenues: Other income $ 7 $ 28 $ 20 $ 59 Net investment income - excluding Fortitude Re funds withheld assets (3) (3) (8) (7) Total revenues $ 4 $ 25 $ 12 $ 52 Expenses: General operating and other expenses $ 46 $ 5 $ 93 $ 28 Interest expense 1 21 8 59 Total expenses $ 47 $ 26 $ 101 $ 87 |
Overview and Basis of Present_2
Overview and Basis of Presentation (Details) - USD ($) | 2 Months Ended | 6 Months Ended | ||||
Jun. 12, 2023 | Sep. 19, 2022 | Jun. 30, 2023 | Jun. 30, 2023 | Jun. 26, 2023 | Dec. 31, 2022 | |
Other Ownership Interests [Line Items] | ||||||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | |||
Shares repurchased (in shares) | (12,187,690) | |||||
Repurchase Of Corebridge Common Stock From AIG | Related Party | ||||||
Other Ownership Interests [Line Items] | ||||||
Common stock repurchased (in shares) | 11,000,000 | |||||
Repurchase Of Corebridge Common Stock From Blackstone | Related Party | ||||||
Other Ownership Interests [Line Items] | ||||||
Common stock repurchased (in shares) | 1,200,000 | |||||
Treasury Stock | ||||||
Other Ownership Interests [Line Items] | ||||||
Shares repurchased (in shares) | (12,200,000) | (12,187,690) | ||||
Corebridge Financial | ||||||
Other Ownership Interests [Line Items] | ||||||
Stock issued in IPO (in shares) | $ 74,750,000 | $ 80,000,000 | ||||
Corebridge Financial Inc | ||||||
Other Ownership Interests [Line Items] | ||||||
Ownership percentage | 65.30% | 65.30% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Narrative (Details) - USD ($) | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2021 |
Summary of Significant Accounting Policies [Line Items] | |||||||
Stockholders' equity | $ (11,468,000,000) | $ (12,465,000,000) | $ (10,319,000,000) | $ (13,459,000,000) | $ (21,593,000,000) | $ (28,989,000,000) | $ (38,624,000,000) |
Accumulated other comprehensive loss | (15,182,000,000) | (16,863,000,000) | 12,304,000,000 | ||||
Retained earnings | 17,811,000,000 | 18,207,000,000 | 23,771,000,000 | ||||
Accumulated Other Comprehensive Income (Loss) | |||||||
Summary of Significant Accounting Policies [Line Items] | |||||||
Stockholders' equity | 15,182,000,000 | 14,067,000,000 | 16,863,000,000 | 12,106,000,000 | 2,026,000,000 | (8,233,000,000) | |
Retained Earnings | |||||||
Summary of Significant Accounting Policies [Line Items] | |||||||
Stockholders' equity | $ (17,811,000,000) | $ (17,592,000,000) | $ (18,207,000,000) | $ (16,318,000,000) | $ (14,014,000,000) | $ (10,937,000,000) | |
Cumulative effect of change in accounting principle | |||||||
Summary of Significant Accounting Policies [Line Items] | |||||||
Retained earnings | 158,000,000 | ||||||
Cumulative effect of change in accounting principle | Minimum | ASU 2018-12 | Accumulated Other Comprehensive Income (Loss) | |||||||
Summary of Significant Accounting Policies [Line Items] | |||||||
Stockholders' equity | (2,300,000,000) | ||||||
Cumulative effect of change in accounting principle | Minimum | ASU 2018-12 | Retained Earnings | |||||||
Summary of Significant Accounting Policies [Line Items] | |||||||
Stockholders' equity | (1,200,000,000) | ||||||
Cumulative Effect Adjustments | |||||||
Summary of Significant Accounting Policies [Line Items] | |||||||
Accumulated other comprehensive loss | (2,349,000,000) | ||||||
Retained earnings | $ 1,192,000,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Adjusted Balance Sheet to Apply Adopted Guidance (Details) - USD ($) | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2021 | Dec. 31, 2020 | ||
Assets: | ||||||||||
Reinsurance assets, net of allowance for credit losses and disputes | $ 2,578,000,000 | $ 2,517,000,000 | $ 3,140,000,000 | |||||||
Deferred income taxes | 8,224,000,000 | 8,831,000,000 | 3,950,000,000 | |||||||
Deferred policy acquisition costs and value of business acquired | 10,715,000,000 | 10,563,000,000 | 10,500,000,000 | |||||||
Market risk benefit assets, at fair value | 954,000,000 | 796,000,000 | 338,000,000 | $ 338,000,000 | ||||||
Other assets | 2,521,000,000 | [1] | 3,824,000,000 | |||||||
Total assets | 367,470,000,000 | 360,322,000,000 | 422,435,000,000 | |||||||
Liabilities: | ||||||||||
Future policy benefits for life and accident and health insurance contracts | 54,288,000,000 | 50,518,000,000 | $ 52,269,000,000 | 65,182,000,000 | ||||||
Policyholder contract deposits | 159,644,000,000 | 156,058,000,000 | 153,239,000,000 | 148,421,000,000 | ||||||
Market risk benefit liabilities, at fair value | 4,977,000,000 | 4,736,000,000 | 8,739,000,000 | |||||||
Other policyholder funds | 2,891,000,000 | 2,885,000,000 | 2,868,000,000 | 2,740,000,000 | ||||||
Total liabilities | 356,002,000,000 | 350,003,000,000 | 383,760,000,000 | |||||||
Shareholders’ net investment(h) | 17,811,000,000 | 18,207,000,000 | 23,771,000,000 | |||||||
Accumulated other comprehensive loss | (15,182,000,000) | (16,863,000,000) | 12,304,000,000 | |||||||
Total Corebridge Shareholders' equity | 10,561,000,000 | 9,380,000,000 | 36,075,000,000 | |||||||
Total equity | 11,468,000,000 | $ 12,465,000,000 | 10,319,000,000 | $ 13,459,000,000 | $ 21,593,000,000 | $ 28,989,000,000 | 38,624,000,000 | |||
Total liabilities and equity | 367,470,000,000 | 360,322,000,000 | 422,435,000,000 | |||||||
Cumulative effect of change in accounting principle | ||||||||||
Liabilities: | ||||||||||
Shareholders’ net investment(h) | 158,000,000 | |||||||||
As Previously Reported | ||||||||||
Assets: | ||||||||||
Reinsurance assets, net of allowance for credit losses and disputes | 2,980,000,000 | 2,707,000,000 | ||||||||
Deferred income taxes | 9,162,000,000 | 3,640,000,000 | ||||||||
Deferred policy acquisition costs and value of business acquired | 13,179,000,000 | 7,363,000,000 | ||||||||
Market risk benefit assets, at fair value | 0 | 0 | ||||||||
Other assets | 2,852,000,000 | 3,428,000,000 | ||||||||
Total assets | 364,217,000,000 | 410,155,000,000 | ||||||||
Liabilities: | ||||||||||
Future policy benefits for life and accident and health insurance contracts | 57,266,000,000 | 54,660,000,000 | ||||||||
Policyholder contract deposits | 158,966,000,000 | 154,892,000,000 | ||||||||
Market risk benefit liabilities, at fair value | 0 | 0 | ||||||||
Other policyholder funds | 3,331,000,000 | 2,492,000,000 | ||||||||
Total liabilities | 355,068,000,000 | 370,323,000,000 | ||||||||
Shareholders’ net investment(h) | 16,121,000,000 | 22,579,000,000 | ||||||||
Accumulated other comprehensive loss | (15,947,000,000) | 14,653,000,000 | ||||||||
Total Corebridge Shareholders' equity | 8,210,000,000 | 37,232,000,000 | ||||||||
Total equity | 9,149,000,000 | 39,781,000,000 | ||||||||
Total liabilities and equity | 364,217,000,000 | 410,155,000,000 | ||||||||
Cumulative effect adjustments | ||||||||||
Assets: | ||||||||||
Reinsurance assets, net of allowance for credit losses and disputes | (463,000,000) | 433,000,000 | ||||||||
Deferred income taxes | (331,000,000) | 310,000,000 | ||||||||
Deferred policy acquisition costs and value of business acquired | (2,616,000,000) | 3,137,000,000 | ||||||||
Market risk benefit assets, at fair value | 796,000,000 | 338,000,000 | ||||||||
Other assets | (331,000,000) | 396,000,000 | ||||||||
Total assets | (3,895,000,000) | 12,280,000,000 | ||||||||
Liabilities: | ||||||||||
Future policy benefits for life and accident and health insurance contracts | (6,748,000,000) | 10,522,000,000 | ||||||||
Policyholder contract deposits | (2,908,000,000) | (6,471,000,000) | ||||||||
Market risk benefit liabilities, at fair value | 4,736,000,000 | 8,739,000,000 | ||||||||
Other policyholder funds | (446,000,000) | 248,000,000 | ||||||||
Total liabilities | (5,065,000,000) | 13,437,000,000 | ||||||||
Shareholders’ net investment(h) | 2,086,000,000 | |||||||||
Accumulated other comprehensive loss | (916,000,000) | |||||||||
Total Corebridge Shareholders' equity | 1,170,000,000 | (1,157,000,000) | ||||||||
Total equity | 1,170,000,000 | (1,157,000,000) | ||||||||
Total liabilities and equity | (3,895,000,000) | 12,280,000,000 | ||||||||
Fortitude RE | ||||||||||
Assets: | ||||||||||
Reinsurance assets, net of allowance for credit losses and disputes | 26,733,000,000 | 26,844,000,000 | 36,824,000,000 | |||||||
Fortitude RE | Cumulative effect of change in accounting principle | ||||||||||
Assets: | ||||||||||
Reinsurance assets, net of allowance for credit losses and disputes | 158,000,000 | |||||||||
Fortitude RE | As Previously Reported | ||||||||||
Assets: | ||||||||||
Reinsurance assets, net of allowance for credit losses and disputes | 27,794,000,000 | 29,158,000,000 | $ 15,000,000 | |||||||
Fortitude RE | Cumulative effect adjustments | ||||||||||
Assets: | ||||||||||
Reinsurance assets, net of allowance for credit losses and disputes | (950,000,000) | 7,666,000,000 | ||||||||
Excluding Fortitude | ||||||||||
Liabilities: | ||||||||||
Other liabilities | $ 6,445,000,000 | [1] | 9,076,000,000 | [1] | 10,353,000,000 | |||||
Excluding Fortitude | As Previously Reported | ||||||||||
Liabilities: | ||||||||||
Other liabilities | 8,775,000,000 | 9,954,000,000 | ||||||||
Excluding Fortitude | Cumulative effect adjustments | ||||||||||
Liabilities: | ||||||||||
Other liabilities | $ 301,000,000 | $ 399,000,000 | ||||||||
[1] See Note 8 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Adjusted Income Statement and Comprehensive Income to Apply Adopted Guidance (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Statement [Abstract] | ||||
Premiums | $ 2,443 | $ 1,011 | $ 4,548 | $ 1,746 |
Policy fees | 694 | 729 | 1,392 | 1,459 |
Total net realized gains (losses) | (320) | 2,520 | (1,778) | 5,407 |
Total revenues | 5,757 | 6,790 | 10,019 | 14,030 |
Policyholder benefits (includes remeasurement (gains) losses of $93 and $80 for the three months ended June 30, 2023 and 2022, and $157 and $227, for the six months ended June 30, 2023 and 2022,respectively) | 2,876 | 1,429 | 5,371 | 2,597 |
Change in the fair value of market risk benefits, net | (262) | (45) | (66) | (278) |
Interest credited to policyholder account balances | 1,078 | 907 | 2,104 | 1,785 |
Amortization of deferred policy acquisition costs and value of business acquired | 258 | 252 | 514 | 495 |
Non-deferrable insurance commissions | 153 | 151 | 289 | 295 |
Total benefits and expenses | 4,846 | 3,464 | 9,777 | 6,404 |
Income before income tax expense (benefit) | 911 | 3,326 | 242 | 7,626 |
Income tax expense (benefit) | 160 | 652 | (56) | 1,511 |
Net income | 751 | 2,674 | 298 | 6,115 |
Net income attributable to Corebridge | $ 771 | $ 2,594 | $ 312 | $ 5,960 |
Basic (in dollars per share) | $ 1.18 | $ 4.02 | $ 0.48 | $ 9.24 |
Diluted (in dollars per share) | $ 1.18 | $ 4.02 | $ 0.48 | $ 9.24 |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 751 | $ 2,674 | $ 298 | $ 6,115 |
Change in unrealized appreciation (depreciation) of fixed maturity securities on which allowance for credit losses was taken | 43 | 49 | 73 | (2) |
Change in unrealized appreciation (depreciation) of all other investments | (1,484) | (12,419) | 1,648 | (25,795) |
Change in fair value of market risk benefits attributable to changes in our own credit risk | (189) | 581 | (115) | 1,363 |
Change in the discount rates used to measure traditional and limited payment long-duration insurance contracts | 486 | 1,765 | 21 | 3,997 |
Change in foreign currency translation adjustments | 36 | (47) | 72 | (70) |
Other comprehensive income (loss) | (1,114) | (10,080) | 1,691 | (20,339) |
Comprehensive income (loss) | (363) | (7,406) | 1,989 | (14,224) |
Comprehensive income (loss) attributable to Corebridge | $ (344) | $ (7,486) | $ 1,993 | (14,379) |
As Previously Reported | ||||
Income Statement [Abstract] | ||||
Premiums | 1,741 | |||
Policy fees | 1,506 | |||
Total net realized gains (losses) | 7,004 | |||
Total revenues | 15,669 | |||
Policyholder benefits (includes remeasurement (gains) losses of $93 and $80 for the three months ended June 30, 2023 and 2022, and $157 and $227, for the six months ended June 30, 2023 and 2022,respectively) | 2,942 | |||
Change in the fair value of market risk benefits, net | 0 | |||
Interest credited to policyholder account balances | 1,781 | |||
Amortization of deferred policy acquisition costs and value of business acquired | 974 | |||
Non-deferrable insurance commissions | 325 | |||
Total benefits and expenses | 7,532 | |||
Income before income tax expense (benefit) | 8,137 | |||
Income tax expense (benefit) | 1,618 | |||
Net income | 6,519 | |||
Net income attributable to Corebridge | $ 6,364 | |||
Basic (in dollars per share) | $ 9.87 | |||
Diluted (in dollars per share) | $ 9.87 | |||
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 6,519 | |||
Change in unrealized appreciation (depreciation) of fixed maturity securities on which allowance for credit losses was taken | 1 | |||
Change in unrealized appreciation (depreciation) of all other investments | (21,063) | |||
Change in fair value of market risk benefits attributable to changes in our own credit risk | 0 | |||
Change in the discount rates used to measure traditional and limited payment long-duration insurance contracts | 0 | |||
Change in foreign currency translation adjustments | (72) | |||
Other comprehensive income (loss) | (20,966) | |||
Comprehensive income (loss) | (14,447) | |||
Comprehensive income (loss) attributable to Corebridge | (14,602) | |||
Effect of Change | ||||
Income Statement [Abstract] | ||||
Premiums | 5 | |||
Policy fees | (47) | |||
Total net realized gains (losses) | (1,597) | |||
Total revenues | (1,639) | |||
Policyholder benefits (includes remeasurement (gains) losses of $93 and $80 for the three months ended June 30, 2023 and 2022, and $157 and $227, for the six months ended June 30, 2023 and 2022,respectively) | (345) | |||
Change in the fair value of market risk benefits, net | (278) | |||
Interest credited to policyholder account balances | 4 | |||
Amortization of deferred policy acquisition costs and value of business acquired | (479) | |||
Non-deferrable insurance commissions | (30) | |||
Total benefits and expenses | (1,128) | |||
Income before income tax expense (benefit) | (511) | |||
Income tax expense (benefit) | (107) | |||
Net income | (404) | |||
Net income attributable to Corebridge | $ (404) | |||
Basic (in dollars per share) | $ (0.63) | |||
Diluted (in dollars per share) | $ (0.63) | |||
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ (404) | |||
Change in unrealized appreciation (depreciation) of fixed maturity securities on which allowance for credit losses was taken | (3) | |||
Change in unrealized appreciation (depreciation) of all other investments | (4,732) | |||
Change in fair value of market risk benefits attributable to changes in our own credit risk | 1,363 | |||
Change in the discount rates used to measure traditional and limited payment long-duration insurance contracts | 3,997 | |||
Change in foreign currency translation adjustments | 2 | |||
Other comprehensive income (loss) | 627 | |||
Comprehensive income (loss) | 223 | |||
Comprehensive income (loss) attributable to Corebridge | $ 223 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Adjusted Cash Flows to Apply Adopted Guidance (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Cash flows from operating activities: | ||||
Net income | $ 751 | $ 2,674 | $ 298 | $ 6,115 |
Noncash revenues, expenses, gains and losses included in income (loss): | ||||
Unrealized (gains) losses in earnings - net | 835 | (183) | ||
Change in the fair value of market risk benefits, net | (363) | (541) | ||
Depreciation and other amortization | 239 | 323 | ||
Changes in operating assets and liabilities: | ||||
Insurance liabilities | 399 | 153 | ||
Reinsurance assets and funds held under reinsurance treaties | 317 | 735 | ||
Other, net | 232 | 9 | ||
Total adjustments | 1,274 | (5,580) | ||
Net cash provided by operating activities | 1,572 | 535 | ||
Cash flows from financing activities: | ||||
Policyholder contract deposits | 15,920 | 12,491 | ||
Net cash provided by (used in) financing activities | (530) | 1,852 | ||
Increase (Decrease) in Deferred Policy Acquisition Costs | (628) | (519) | ||
Current and deferred income taxes - net | 178 | 655 | ||
Premiums and other receivables and payables - net | $ (124) | (110) | ||
As Previously Reported | ||||
Cash flows from operating activities: | ||||
Net income | 6,519 | |||
Noncash revenues, expenses, gains and losses included in income (loss): | ||||
Unrealized (gains) losses in earnings - net | (2,089) | |||
Change in the fair value of market risk benefits, net | 0 | |||
Depreciation and other amortization | 828 | |||
Changes in operating assets and liabilities: | ||||
Insurance liabilities | 850 | |||
Reinsurance assets and funds held under reinsurance treaties | 263 | |||
Other, net | 116 | |||
Total adjustments | (5,950) | |||
Net cash provided by operating activities | 569 | |||
Cash flows from financing activities: | ||||
Policyholder contract deposits | 12,457 | |||
Net cash provided by (used in) financing activities | 1,818 | |||
Increase (Decrease) in Deferred Policy Acquisition Costs | (488) | |||
Current and deferred income taxes - net | 762 | |||
Premiums and other receivables and payables - net | (90) | |||
Effect of Change | ||||
Cash flows from operating activities: | ||||
Net income | (404) | |||
Noncash revenues, expenses, gains and losses included in income (loss): | ||||
Unrealized (gains) losses in earnings - net | 1,906 | |||
Change in the fair value of market risk benefits, net | 541 | |||
Depreciation and other amortization | (505) | |||
Changes in operating assets and liabilities: | ||||
Insurance liabilities | (697) | |||
Reinsurance assets and funds held under reinsurance treaties | 472 | |||
Other, net | (107) | |||
Total adjustments | 370 | |||
Net cash provided by operating activities | (34) | |||
Cash flows from financing activities: | ||||
Policyholder contract deposits | 34 | |||
Net cash provided by (used in) financing activities | 34 | |||
Increase (Decrease) in Deferred Policy Acquisition Costs | (31) | |||
Current and deferred income taxes - net | (107) | |||
Premiums and other receivables and payables - net | $ (20) |
Segment Information - Schedule
Segment Information - Schedule of continuing operations by operating segment (Details) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) segment | Jun. 30, 2022 USD ($) | |
Segment Reporting [Abstract] | ||||
Number of Reportable Segments | segment | 5 | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Premiums | $ 2,443 | $ 1,011 | $ 4,548 | $ 1,746 |
Policy fees | 694 | 729 | 1,392 | 1,459 |
Total net investment income | 2,714 | 2,280 | 5,409 | 4,861 |
Total net realized gains (losses) | (320) | 2,520 | (1,778) | 5,407 |
Advisory fee and other income | 226 | 250 | 448 | 557 |
Total revenues | 5,757 | 6,790 | 10,019 | 14,030 |
Remeasurement (gains) losses on policy liabilities | 93 | 80 | 157 | 227 |
Policyholder benefits (includes remeasurement (gains) losses of $93 and $80 for the three months ended June 30, 2023 and 2022, and $157 and $227, for the six months ended June 30, 2023 and 2022,respectively) | 2,876 | 1,429 | 5,371 | 2,597 |
Change in the fair value of market risk benefits, net | (262) | (45) | (66) | (278) |
Interest credited to policyholder account balances | 1,078 | 907 | 2,104 | 1,785 |
Amortization of deferred policy acquisition costs and value of business acquired | 258 | 252 | 514 | 495 |
Non-deferrable insurance commissions | 153 | 151 | 289 | 295 |
Advisory fee expenses | 64 | 65 | 129 | 136 |
General operating expenses | 604 | 577 | 1,186 | 1,163 |
Interest expense | 134 | 127 | 306 | 208 |
Net (gain) loss on divestitures | (59) | 1 | (56) | 3 |
Total benefits and expenses | 4,846 | 3,464 | 9,777 | 6,404 |
Net income (loss) attributable to noncontrolling interests | 20 | (80) | 14 | (155) |
Income before income tax expense (benefit) | 911 | 3,326 | 242 | 7,626 |
Fortitude Holdings | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Total net investment income | 270 | 182 | 664 | 460 |
Income before income tax expense (benefit) | 262 | 2,516 | (349) | 5,508 |
Operating Segments | Individual Retirement | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Premiums | 66 | 60 | 144 | 116 |
Policy fees | 172 | 186 | 346 | 371 |
Total net investment income | 1,224 | 901 | 2,352 | 1,884 |
Total net realized gains (losses) | 0 | 0 | 0 | 0 |
Advisory fee and other income | 108 | 115 | 211 | 238 |
Total revenues | 1,570 | 1,262 | 3,053 | 2,609 |
Policyholder benefits (includes remeasurement (gains) losses of $93 and $80 for the three months ended June 30, 2023 and 2022, and $157 and $227, for the six months ended June 30, 2023 and 2022,respectively) | 71 | 77 | 136 | 143 |
Change in the fair value of market risk benefits, net | 0 | 0 | 0 | 0 |
Interest credited to policyholder account balances | 553 | 466 | 1,072 | 920 |
Amortization of deferred policy acquisition costs and value of business acquired | 138 | 126 | 275 | 245 |
Non-deferrable insurance commissions | 94 | 86 | 180 | 178 |
Advisory fee expenses | 36 | 35 | 70 | 72 |
General operating expenses | 104 | 107 | 212 | 218 |
Interest expense | 0 | 0 | 0 | 0 |
Net (gain) loss on divestitures | 0 | 0 | 0 | 0 |
Total benefits and expenses | 996 | 897 | 1,945 | 1,776 |
Net income (loss) attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Adjusted pre-tax operating income (loss) | 574 | 365 | 1,108 | 833 |
Operating Segments | Group Retirement | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Premiums | 4 | 5 | 10 | 13 |
Policy fees | 102 | 104 | 202 | 218 |
Total net investment income | 504 | 488 | 1,004 | 1,015 |
Total net realized gains (losses) | 0 | 0 | 0 | 0 |
Advisory fee and other income | 76 | 73 | 152 | 158 |
Total revenues | 686 | 670 | 1,368 | 1,404 |
Policyholder benefits (includes remeasurement (gains) losses of $93 and $80 for the three months ended June 30, 2023 and 2022, and $157 and $227, for the six months ended June 30, 2023 and 2022,respectively) | 6 | 13 | 15 | 23 |
Change in the fair value of market risk benefits, net | 0 | 0 | 0 | 0 |
Interest credited to policyholder account balances | 294 | 286 | 585 | 570 |
Amortization of deferred policy acquisition costs and value of business acquired | 20 | 20 | 41 | 39 |
Non-deferrable insurance commissions | 33 | 30 | 61 | 58 |
Advisory fee expenses | 29 | 30 | 58 | 64 |
General operating expenses | 107 | 112 | 225 | 229 |
Interest expense | 0 | 0 | 0 | 0 |
Net (gain) loss on divestitures | 0 | 0 | 0 | 0 |
Total benefits and expenses | 489 | 491 | 985 | 983 |
Net income (loss) attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Adjusted pre-tax operating income (loss) | 197 | 179 | 383 | 421 |
Operating Segments | Life Insurance | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Premiums | 443 | 440 | 868 | 865 |
Policy fees | 371 | 390 | 746 | 774 |
Total net investment income | 327 | 350 | 644 | 706 |
Total net realized gains (losses) | 0 | 0 | 0 | 0 |
Advisory fee and other income | 26 | 30 | 55 | 66 |
Total revenues | 1,167 | 1,210 | 2,313 | 2,411 |
Policyholder benefits (includes remeasurement (gains) losses of $93 and $80 for the three months ended June 30, 2023 and 2022, and $157 and $227, for the six months ended June 30, 2023 and 2022,respectively) | 721 | 734 | 1,429 | 1,478 |
Change in the fair value of market risk benefits, net | 0 | 0 | 0 | 0 |
Interest credited to policyholder account balances | 85 | 87 | 167 | 172 |
Amortization of deferred policy acquisition costs and value of business acquired | 98 | 104 | 194 | 208 |
Non-deferrable insurance commissions | 21 | 29 | 38 | 47 |
Advisory fee expenses | (1) | 0 | 1 | 0 |
General operating expenses | 167 | 159 | 326 | 325 |
Interest expense | 0 | 0 | 0 | 0 |
Net (gain) loss on divestitures | 0 | 0 | 0 | 0 |
Total benefits and expenses | 1,091 | 1,113 | 2,155 | 2,230 |
Net income (loss) attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Adjusted pre-tax operating income (loss) | 76 | 97 | 158 | 181 |
Operating Segments | Institutional Markets | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Premiums | 1,911 | 496 | 3,486 | 734 |
Policy fees | 49 | 49 | 98 | 96 |
Total net investment income | 407 | 239 | 739 | 503 |
Total net realized gains (losses) | 0 | 0 | 0 | 0 |
Advisory fee and other income | 0 | 0 | 0 | 1 |
Total revenues | 2,367 | 784 | 4,323 | 1,334 |
Policyholder benefits (includes remeasurement (gains) losses of $93 and $80 for the three months ended June 30, 2023 and 2022, and $157 and $227, for the six months ended June 30, 2023 and 2022,respectively) | 2,081 | 612 | 3,799 | 962 |
Change in the fair value of market risk benefits, net | 0 | 0 | 0 | 0 |
Interest credited to policyholder account balances | 133 | 71 | 256 | 130 |
Amortization of deferred policy acquisition costs and value of business acquired | 2 | 2 | 4 | 3 |
Non-deferrable insurance commissions | 4 | 5 | 9 | 11 |
Advisory fee expenses | 0 | 0 | 0 | 0 |
General operating expenses | 21 | 18 | 44 | 37 |
Interest expense | 0 | 0 | 0 | 0 |
Net (gain) loss on divestitures | 0 | 0 | 0 | 0 |
Total benefits and expenses | 2,241 | 708 | 4,112 | 1,143 |
Net income (loss) attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Adjusted pre-tax operating income (loss) | 126 | 76 | 211 | 191 |
Operating Segments | Corporate and Other | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Premiums | 20 | 21 | 40 | 42 |
Policy fees | 0 | 0 | 0 | 0 |
Total net investment income | 19 | 136 | 87 | 322 |
Total net realized gains (losses) | 1 | 0 | 5 | 11 |
Advisory fee and other income | 16 | 32 | 30 | 70 |
Total revenues | 56 | 189 | 162 | 445 |
Policyholder benefits (includes remeasurement (gains) losses of $93 and $80 for the three months ended June 30, 2023 and 2022, and $157 and $227, for the six months ended June 30, 2023 and 2022,respectively) | (3) | 0 | (3) | 0 |
Change in the fair value of market risk benefits, net | 0 | 0 | 0 | 0 |
Interest credited to policyholder account balances | 0 | 0 | 0 | 0 |
Amortization of deferred policy acquisition costs and value of business acquired | 0 | 0 | 0 | 0 |
Non-deferrable insurance commissions | 1 | 1 | 1 | 1 |
Advisory fee expenses | 0 | 0 | 0 | 0 |
General operating expenses | 85 | 96 | 176 | 200 |
Interest expense | 129 | 128 | 301 | 205 |
Net (gain) loss on divestitures | 0 | 0 | 0 | 0 |
Total benefits and expenses | 212 | 225 | 475 | 406 |
Net income (loss) attributable to noncontrolling interests | 20 | (80) | 14 | (155) |
Adjusted pre-tax operating income (loss) | (136) | (116) | (299) | (116) |
Eliminations | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Premiums | 0 | 0 | 0 | 0 |
Policy fees | 0 | 0 | 0 | 0 |
Total net investment income | (1) | (5) | (11) | (10) |
Total net realized gains (losses) | 0 | 0 | 0 | 0 |
Advisory fee and other income | 0 | (5) | 0 | 0 |
Total revenues | (1) | (10) | (11) | (10) |
Policyholder benefits (includes remeasurement (gains) losses of $93 and $80 for the three months ended June 30, 2023 and 2022, and $157 and $227, for the six months ended June 30, 2023 and 2022,respectively) | 0 | 0 | 0 | 0 |
Change in the fair value of market risk benefits, net | 0 | 0 | 0 | 0 |
Interest credited to policyholder account balances | 0 | 0 | 0 | 0 |
Amortization of deferred policy acquisition costs and value of business acquired | 0 | 0 | 0 | 0 |
Non-deferrable insurance commissions | 0 | 0 | 0 | 0 |
Advisory fee expenses | 0 | 0 | 0 | 0 |
General operating expenses | 0 | (6) | 0 | 1 |
Interest expense | 0 | (14) | (10) | (21) |
Net (gain) loss on divestitures | 0 | 0 | 0 | 0 |
Total benefits and expenses | 0 | (20) | (10) | (20) |
Net income (loss) attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Adjusted pre-tax operating income (loss) | (1) | 10 | (1) | 10 |
Adjustments | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Premiums | (1) | (11) | 0 | (24) |
Policy fees | 0 | 0 | 0 | 0 |
Total net investment income | 234 | 171 | 594 | 441 |
Total net realized gains (losses) | (321) | 2,520 | (1,783) | 5,396 |
Advisory fee and other income | 0 | 5 | 0 | 24 |
Total revenues | (88) | 2,685 | (1,189) | 5,837 |
Policyholder benefits (includes remeasurement (gains) losses of $93 and $80 for the three months ended June 30, 2023 and 2022, and $157 and $227, for the six months ended June 30, 2023 and 2022,respectively) | 0 | (7) | (5) | (9) |
Change in the fair value of market risk benefits, net | (262) | (45) | (66) | (278) |
Interest credited to policyholder account balances | 13 | (3) | 24 | (7) |
Amortization of deferred policy acquisition costs and value of business acquired | 0 | 0 | 0 | 0 |
Non-deferrable insurance commissions | 0 | 0 | 0 | 0 |
Advisory fee expenses | 0 | 0 | 0 | 0 |
General operating expenses | 120 | 91 | 203 | 153 |
Interest expense | 5 | 13 | 15 | 24 |
Net (gain) loss on divestitures | (59) | 1 | (56) | 3 |
Total benefits and expenses | (183) | 50 | 115 | (114) |
Net income (loss) attributable to noncontrolling interests | (20) | 80 | (14) | 155 |
Total Corebridge | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Premiums | 2,444 | 1,022 | 4,548 | 1,770 |
Policy fees | 694 | 729 | 1,392 | 1,459 |
Total net investment income | 2,480 | 2,109 | 4,815 | 4,420 |
Total net realized gains (losses) | 1 | 0 | 5 | 11 |
Advisory fee and other income | 226 | 245 | 448 | 533 |
Total revenues | 5,845 | 4,105 | 11,208 | 8,193 |
Policyholder benefits (includes remeasurement (gains) losses of $93 and $80 for the three months ended June 30, 2023 and 2022, and $157 and $227, for the six months ended June 30, 2023 and 2022,respectively) | 2,876 | 1,436 | 5,376 | 2,606 |
Change in the fair value of market risk benefits, net | 0 | 0 | 0 | 0 |
Interest credited to policyholder account balances | 1,065 | 910 | 2,080 | 1,792 |
Amortization of deferred policy acquisition costs and value of business acquired | 258 | 252 | 514 | 495 |
Non-deferrable insurance commissions | 153 | 151 | 289 | 295 |
Advisory fee expenses | 64 | 65 | 129 | 136 |
General operating expenses | 484 | 486 | 983 | 1,010 |
Interest expense | 129 | 114 | 291 | 184 |
Net (gain) loss on divestitures | 0 | 0 | 0 | 0 |
Total benefits and expenses | 5,029 | 3,414 | 9,662 | 6,518 |
Net income (loss) attributable to noncontrolling interests | 20 | (80) | 14 | (155) |
Adjusted pre-tax operating income (loss) | $ 836 | $ 611 | $ 1,560 | $ 1,520 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and liabilities measured at fair value on a recurring basis (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Jan. 01, 2021 | Dec. 31, 2020 | |
Assets: | ||||||
Bonds available for sale | [1] | $ 156,908,000,000 | $ 156,793,000,000 | |||
Other bond securities | [1] | 4,240,000,000 | 3,769,000,000 | |||
Equity securities | [1] | 194,000,000 | 170,000,000 | |||
Derivative assets | 4,084,000,000 | 3,252,000,000 | ||||
Counterparty netting | (2,790,000,000) | (2,547,000,000) | ||||
Cash Collateral | (838,000,000) | (406,000,000) | ||||
Total derivative assets | 456,000,000 | 299,000,000 | ||||
Short-term investments | [1] | 4,066,000,000 | 4,400,000,000 | |||
Market risk benefit assets, at fair value | 954,000,000 | 796,000,000 | $ 338,000,000 | $ 338,000,000 | ||
Separate account assets | 89,718,000,000 | 84,853,000,000 | $ 86,735,000,000 | |||
Total | ||||||
Policyholder contract deposits | 159,644,000,000 | 156,058,000,000 | 153,239,000,000 | 148,421,000,000 | ||
Derivative liabilities | 2,985,000,000 | 3,335,000,000 | ||||
Counterparty netting | (2,790,000,000) | (2,547,000,000) | ||||
Cash Collateral | (43,000,000) | (691,000,000) | ||||
Total derivative liabilities | 152,000,000 | 97,000,000 | ||||
Market risk benefit liabilities, at fair value | 4,977,000,000 | 4,736,000,000 | $ 8,739,000,000 | |||
Related Parties | ||||||
Assets: | ||||||
Derivative assets | 3,727,000,000 | 3,177,000,000 | ||||
Total | ||||||
Derivative liabilities | 2,743,000,000 | 3,154,000,000 | ||||
Fair Value Measured at Net Asset Value Per Share | ||||||
Total | ||||||
Private equity funds/hedge funds | 6,000,000,000 | 6,000,000,000 | ||||
U.S. government and government sponsored entities | ||||||
Assets: | ||||||
Bonds available for sale | 1,227,000,000 | 1,198,000,000 | ||||
Obligations of states, municipalities and political subdivisions | ||||||
Assets: | ||||||
Bonds available for sale | 5,882,000,000 | 5,926,000,000 | ||||
Obligations of states, municipalities and political subdivisions | Level 3 | ||||||
Assets: | ||||||
Bonds available for sale | 831,000,000 | 780,000,000 | ||||
Non-U.S. governments | ||||||
Assets: | ||||||
Bonds available for sale | 4,054,000,000 | 4,392,000,000 | ||||
Corporate debt | ||||||
Assets: | ||||||
Bonds available for sale | 101,593,000,000 | 104,692,000,000 | ||||
Corporate debt | Level 3 | ||||||
Assets: | ||||||
Bonds available for sale | 1,181,000,000 | 1,988,000,000 | ||||
RMBS | ||||||
Assets: | ||||||
Bonds available for sale | 12,645,000,000 | 11,944,000,000 | ||||
RMBS | Related Parties | ||||||
Assets: | ||||||
Bonds available for sale | 39,000,000 | 39,000,000 | ||||
RMBS | Level 3 | ||||||
Assets: | ||||||
Bonds available for sale | 3,639,000,000 | 3,725,000,000 | ||||
CMBS | ||||||
Assets: | ||||||
Bonds available for sale | 9,768,000,000 | 10,068,000,000 | ||||
CMBS | Level 3 | ||||||
Assets: | ||||||
Bonds available for sale | 485,000,000 | 663,000,000 | ||||
CLO | ||||||
Assets: | ||||||
Bonds available for sale | 9,762,000,000 | 8,186,000,000 | ||||
ABS | ||||||
Assets: | ||||||
Bonds available for sale | 11,977,000,000 | 10,387,000,000 | ||||
Collateralized Debt Obligations | Related Parties | ||||||
Assets: | ||||||
Bonds available for sale | 16,000,000 | |||||
Recurring Basis | ||||||
Assets: | ||||||
Bonds available for sale | 156,908,000,000 | 156,793,000,000 | ||||
Other bond securities | 4,240,000,000 | 3,769,000,000 | ||||
Equity securities | 194,000,000 | 170,000,000 | ||||
Other invested assets | 1,914,000,000 | 1,832,000,000 | ||||
Counterparty netting | (2,790,000,000) | (2,547,000,000) | ||||
Cash Collateral | (838,000,000) | (406,000,000) | ||||
Counterparty netting and cash collateral | (3,628,000,000) | (2,953,000,000) | ||||
Total derivative assets | 456,000,000 | 299,000,000 | ||||
Short-term investments | 1,590,000,000 | 1,357,000,000 | ||||
Market risk benefit assets, at fair value | 954,000,000 | 796,000,000 | ||||
Separate account assets | 89,718,000,000 | 84,853,000,000 | ||||
Total | 255,974,000,000 | 249,869,000,000 | ||||
Total | ||||||
Policyholder contract deposits | 6,913,000,000 | 5,464,000,000 | ||||
Counterparty netting | (2,790,000,000) | (2,547,000,000) | ||||
Cash Collateral | (43,000,000) | (691,000,000) | ||||
Counterparty netting and cash collateral | (2,833,000,000) | (3,238,000,000) | ||||
Total derivative liabilities | 152,000,000 | 97,000,000 | ||||
Fortitude Re funds withheld payable | 1,460,000,000 | 1,262,000,000 | ||||
Market risk benefit liabilities, at fair value | 4,977,000,000 | 4,736,000,000 | ||||
Debt of consolidated investment entities | 0 | 6,000,000 | ||||
Total | 13,502,000,000 | 11,565,000,000 | ||||
Recurring Basis | Debt of Consolidated Entities | ||||||
Total | ||||||
Debt of consolidated investment entities | 0 | |||||
Recurring Basis | Level 1 | ||||||
Assets: | ||||||
Bonds available for sale | 0 | 0 | ||||
Other bond securities | 0 | 0 | ||||
Equity securities | 50,000,000 | 141,000,000 | ||||
Other invested assets | 0 | 0 | ||||
Derivative assets | 11,000,000 | 12,000,000 | ||||
Short-term investments | 8,000,000 | 1,000,000 | ||||
Market risk benefit assets, at fair value | 0 | 0 | ||||
Separate account assets | 86,579,000,000 | 81,655,000,000 | ||||
Total | 86,648,000,000 | 81,809,000,000 | ||||
Total | ||||||
Policyholder contract deposits | 0 | 0 | ||||
Derivative liabilities | 23,000,000 | 2,000,000 | ||||
Fortitude Re funds withheld payable | 0 | 0 | ||||
Market risk benefit liabilities, at fair value | 0 | 0 | ||||
Debt of consolidated investment entities | 0 | |||||
Total | 23,000,000 | 2,000,000 | ||||
Recurring Basis | Level 1 | Debt of Consolidated Entities | ||||||
Total | ||||||
Debt of consolidated investment entities | 0 | |||||
Recurring Basis | Level 2 | ||||||
Assets: | ||||||
Bonds available for sale | 135,659,000,000 | 136,367,000,000 | ||||
Other bond securities | 3,100,000,000 | 2,465,000,000 | ||||
Equity securities | 100,000,000 | 3,000,000 | ||||
Other invested assets | 0 | 0 | ||||
Derivative assets | 3,069,000,000 | 2,641,000,000 | ||||
Short-term investments | 1,582,000,000 | 1,356,000,000 | ||||
Market risk benefit assets, at fair value | 0 | 0 | ||||
Separate account assets | 3,139,000,000 | 3,198,000,000 | ||||
Total | 146,649,000,000 | 146,030,000,000 | ||||
Total | ||||||
Policyholder contract deposits | 100,000,000 | 97,000,000 | ||||
Derivative liabilities | 2,940,000,000 | 3,318,000,000 | ||||
Fortitude Re funds withheld payable | 0 | 0 | ||||
Market risk benefit liabilities, at fair value | 0 | 0 | ||||
Debt of consolidated investment entities | 0 | |||||
Total | 3,040,000,000 | 3,415,000,000 | ||||
Recurring Basis | Level 2 | Debt of Consolidated Entities | ||||||
Total | ||||||
Debt of consolidated investment entities | 0 | |||||
Recurring Basis | Level 3 | ||||||
Assets: | ||||||
Bonds available for sale | 21,249,000,000 | 20,426,000,000 | ||||
Other bond securities | 1,140,000,000 | 1,304,000,000 | ||||
Equity securities | 44,000,000 | 26,000,000 | ||||
Other invested assets | 1,914,000,000 | 1,832,000,000 | ||||
Derivative assets | 1,004,000,000 | 599,000,000 | ||||
Short-term investments | 0 | 0 | ||||
Market risk benefit assets, at fair value | 954,000,000 | 796,000,000 | 642,000,000 | |||
Separate account assets | 0 | 0 | ||||
Total | 26,305,000,000 | 24,983,000,000 | ||||
Total | ||||||
Policyholder contract deposits | 6,813,000,000 | 5,367,000,000 | ||||
Derivative liabilities | 22,000,000 | 15,000,000 | ||||
Fortitude Re funds withheld payable | 1,460,000,000 | 1,262,000,000 | ||||
Market risk benefit liabilities, at fair value | 4,977,000,000 | 4,736,000,000 | $ 5,300,000,000 | |||
Debt of consolidated investment entities | 6,000,000 | |||||
Total | 13,272,000,000 | 11,386,000,000 | ||||
Recurring Basis | Level 3 | Debt of Consolidated Entities | ||||||
Total | ||||||
Debt of consolidated investment entities | 0 | |||||
Recurring Basis | Interest rate contracts | ||||||
Assets: | ||||||
Derivative assets | 1,643,000,000 | 1,573,000,000 | ||||
Total | ||||||
Derivative liabilities | 2,281,000,000 | 2,676,000,000 | ||||
Recurring Basis | Interest rate contracts | Level 1 | ||||||
Assets: | ||||||
Derivative assets | 0 | 1,000,000 | ||||
Total | ||||||
Derivative liabilities | 0 | 0 | ||||
Recurring Basis | Interest rate contracts | Level 2 | ||||||
Assets: | ||||||
Derivative assets | 1,315,000,000 | 1,269,000,000 | ||||
Total | ||||||
Derivative liabilities | 2,281,000,000 | 2,676,000,000 | ||||
Recurring Basis | Interest rate contracts | Level 3 | ||||||
Assets: | ||||||
Derivative assets | 328,000,000 | 303,000,000 | ||||
Total | ||||||
Derivative liabilities | 0 | 0 | ||||
Recurring Basis | Foreign exchange contracts | ||||||
Assets: | ||||||
Derivative assets | 1,152,000,000 | 1,247,000,000 | ||||
Total | ||||||
Derivative liabilities | 355,000,000 | 632,000,000 | ||||
Recurring Basis | Foreign exchange contracts | Level 1 | ||||||
Assets: | ||||||
Derivative assets | 0 | 0 | ||||
Total | ||||||
Derivative liabilities | 0 | 0 | ||||
Recurring Basis | Foreign exchange contracts | Level 2 | ||||||
Assets: | ||||||
Derivative assets | 1,152,000,000 | 1,247,000,000 | ||||
Total | ||||||
Derivative liabilities | 355,000,000 | 632,000,000 | ||||
Recurring Basis | Foreign exchange contracts | Level 3 | ||||||
Assets: | ||||||
Derivative assets | 0 | 0 | ||||
Total | ||||||
Derivative liabilities | 0 | 0 | ||||
Recurring Basis | Equity contracts | ||||||
Assets: | ||||||
Derivative assets | 1,274,000,000 | 417,000,000 | ||||
Total | ||||||
Derivative liabilities | 349,000,000 | 27,000,000 | ||||
Recurring Basis | Equity contracts | Level 1 | ||||||
Assets: | ||||||
Derivative assets | 11,000,000 | 11,000,000 | ||||
Total | ||||||
Derivative liabilities | 23,000,000 | 2,000,000 | ||||
Recurring Basis | Equity contracts | Level 2 | ||||||
Assets: | ||||||
Derivative assets | 602,000,000 | 124,000,000 | ||||
Total | ||||||
Derivative liabilities | 304,000,000 | 10,000,000 | ||||
Recurring Basis | Equity contracts | Level 3 | ||||||
Assets: | ||||||
Derivative assets | 661,000,000 | 282,000,000 | ||||
Total | ||||||
Derivative liabilities | 22,000,000 | 15,000,000 | ||||
Recurring Basis | Credit contracts | ||||||
Assets: | ||||||
Derivative assets | 0 | 0 | ||||
Total | ||||||
Derivative liabilities | 0 | 0 | ||||
Recurring Basis | Credit contracts | Level 1 | ||||||
Assets: | ||||||
Derivative assets | 0 | 0 | ||||
Total | ||||||
Derivative liabilities | 0 | 0 | ||||
Recurring Basis | Credit contracts | Level 2 | ||||||
Assets: | ||||||
Derivative assets | 0 | 0 | ||||
Total | ||||||
Derivative liabilities | 0 | 0 | ||||
Recurring Basis | Credit contracts | Level 3 | ||||||
Assets: | ||||||
Derivative assets | 0 | 0 | ||||
Total | ||||||
Derivative liabilities | 0 | 0 | ||||
Recurring Basis | Other contracts | ||||||
Assets: | ||||||
Derivative assets | 15,000,000 | 15,000,000 | ||||
Total | ||||||
Derivative liabilities | 0 | 0 | ||||
Recurring Basis | Other contracts | Level 1 | ||||||
Assets: | ||||||
Derivative assets | 0 | 0 | ||||
Total | ||||||
Derivative liabilities | 0 | 0 | ||||
Recurring Basis | Other contracts | Level 2 | ||||||
Assets: | ||||||
Derivative assets | 0 | 1,000,000 | ||||
Total | ||||||
Derivative liabilities | 0 | 0 | ||||
Recurring Basis | Other contracts | Level 3 | ||||||
Assets: | ||||||
Derivative assets | 15,000,000 | 14,000,000 | ||||
Total | ||||||
Derivative liabilities | 0 | 0 | ||||
Recurring Basis | U.S. government and government sponsored entities | ||||||
Assets: | ||||||
Bonds available for sale | 1,227,000,000 | 1,198,000,000 | ||||
Other bond securities | 0 | |||||
Recurring Basis | U.S. government and government sponsored entities | Level 1 | ||||||
Assets: | ||||||
Bonds available for sale | 0 | 0 | ||||
Other bond securities | 0 | |||||
Recurring Basis | U.S. government and government sponsored entities | Level 2 | ||||||
Assets: | ||||||
Bonds available for sale | 1,227,000,000 | 1,198,000,000 | ||||
Other bond securities | 0 | |||||
Recurring Basis | U.S. government and government sponsored entities | Level 3 | ||||||
Assets: | ||||||
Bonds available for sale | 0 | 0 | ||||
Other bond securities | 0 | |||||
Recurring Basis | Obligations of states, municipalities and political subdivisions | ||||||
Assets: | ||||||
Bonds available for sale | 5,882,000,000 | 5,926,000,000 | ||||
Other bond securities | 55,000,000 | 37,000,000 | ||||
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 | 5,029,000,000 | 5,121,000,000 | ||||
Other bond securities | 52,000,000 | 37,000,000 | ||||
Recurring Basis | Obligations of states, municipalities and political subdivisions | Level 3 | ||||||
Assets: | ||||||
Bonds available for sale | 853,000,000 | 805,000,000 | ||||
Other bond securities | 3,000,000 | 0 | ||||
Recurring Basis | Non-U.S. governments | ||||||
Assets: | ||||||
Bonds available for sale | 4,054,000,000 | 4,392,000,000 | ||||
Other bond securities | 19,000,000 | 22,000,000 | ||||
Recurring Basis | Non-U.S. governments | Level 1 | ||||||
Assets: | ||||||
Bonds available for sale | 0 | 0 | ||||
Other bond securities | 0 | 0 | ||||
Recurring Basis | Non-U.S. governments | Level 2 | ||||||
Assets: | ||||||
Bonds available for sale | 4,054,000,000 | 4,392,000,000 | ||||
Other bond securities | 19,000,000 | 22,000,000 | ||||
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 | 101,593,000,000 | 104,692,000,000 | ||||
Other bond securities | 2,333,000,000 | 2,222,000,000 | ||||
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 | 100,290,000,000 | 102,724,000,000 | ||||
Other bond securities | 2,223,000,000 | 1,805,000,000 | ||||
Recurring Basis | Corporate debt | Level 3 | ||||||
Assets: | ||||||
Bonds available for sale | 1,303,000,000 | 1,968,000,000 | ||||
Other bond securities | 110,000,000 | 417,000,000 | ||||
Recurring Basis | RMBS | ||||||
Assets: | ||||||
Bonds available for sale | 12,645,000,000 | 11,944,000,000 | ||||
Other bond securities | 262,000,000 | 165,000,000 | ||||
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 | 6,892,000,000 | 6,274,000,000 | ||||
Other bond securities | 150,000,000 | 58,000,000 | ||||
Recurring Basis | RMBS | Level 2 | Related Parties | ||||||
Assets: | ||||||
Bonds available for sale | 37,000,000 | |||||
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 | 5,753,000,000 | 5,670,000,000 | ||||
Other bond securities | 112,000,000 | 107,000,000 | ||||
Recurring Basis | RMBS | Level 3 | Related Parties | ||||||
Assets: | ||||||
Bonds available for sale | 2,000,000 | |||||
Recurring Basis | CMBS | ||||||
Assets: | ||||||
Bonds available for sale | 9,768,000,000 | 10,068,000,000 | ||||
Other bond securities | 251,000,000 | 232,000,000 | ||||
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 | 9,263,000,000 | 9,350,000,000 | ||||
Other bond securities | 225,000,000 | 204,000,000 | ||||
Recurring Basis | CMBS | Level 3 | ||||||
Assets: | ||||||
Bonds available for sale | 505,000,000 | 718,000,000 | ||||
Other bond securities | 26,000,000 | 28,000,000 | ||||
Recurring Basis | CLO | ||||||
Assets: | ||||||
Bonds available for sale | 9,762,000,000 | 8,186,000,000 | ||||
Other bond securities | 367,000,000 | 279,000,000 | ||||
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 | 8,054,000,000 | 6,516,000,000 | ||||
Other bond securities | 342,000,000 | 268,000,000 | ||||
Recurring Basis | CLO | Level 3 | ||||||
Assets: | ||||||
Bonds available for sale | 1,708,000,000 | 1,670,000,000 | ||||
Other bond securities | 25,000,000 | 11,000,000 | ||||
Recurring Basis | ABS | ||||||
Assets: | ||||||
Bonds available for sale | 11,977,000,000 | 10,387,000,000 | ||||
Other bond securities | 953,000,000 | 812,000,000 | ||||
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 | 850,000,000 | 792,000,000 | ||||
Other bond securities | 89,000,000 | 71,000,000 | ||||
Recurring Basis | ABS | Level 3 | ||||||
Assets: | ||||||
Bonds available for sale | 11,127,000,000 | 9,595,000,000 | ||||
Other bond securities | 864,000,000 | $ 741,000,000 | ||||
Recurring Basis | Collateralized Debt Obligations | Level 3 | Related Parties | ||||||
Assets: | ||||||
Bonds available for sale | $ 16,000,000 | |||||
[1] See Note 8 |
Fair Value Measurements - Chang
Fair Value Measurements - Changes in level 3 recurring fair value measurements, assets (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||||||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||
Fair Value Beginning of Period | $ 24,534 | $ 24,319 | $ 23,588 | $ 24,928 | |||||
Net Realized and Unrealized Gains (Losses) Included in Income | 54 | 151 | 85 | 338 | |||||
Other Comprehensive Income (Loss) | 33 | (1,042) | 344 | (2,350) | |||||
Purchases, Sales, Issuances and Settlements, Net | 249 | 1,001 | 1,084 | 1,841 | |||||
Gross Transfers In | 163 | 605 | 409 | 1,656 | |||||
Gross Transfers Out | (687) | (1,002) | (1,392) | (2,381) | |||||
Other | 1 | 0 | 229 | 0 | |||||
Fair Value End of Period | 24,347 | 24,032 | $ 24,347 | $ 24,032 | |||||
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | 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) | |||||||
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | (30) | (47) | $ (54) | $ 43 | |||||
Changes in Unrealized Gain (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period | (45) | (1,204) | $ 165 | (2,485) | |||||
Gross Transfers Out | 0 | 0 | |||||||
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) | ||||||||
Short-term investments | [1] | 4,066 | $ 4,066 | $ 4,400 | |||||
Fair Value Beginning of Period | 7,291 | 6,786 | 7,291 | 6,786 | $ 6,989 | 6,051 | $ 9,650 | $ 13,081 | |
Net Realized and Unrealized (Gains) Losses Included in Income | (336) | (2,853) | 1,597 | (6,049) | |||||
Other Comprehensive (Income) Loss | 0 | 0 | 0 | 0 | |||||
Purchases, Sales, Issuances and Settlements, Net | (34) | (11) | (500) | (246) | |||||
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | (97) | 3,072 | (927) | 6,711 | |||||
Changes in Unrealized Gain (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period | 0 | 0 | 0 | 0 | |||||
Bonds available for sale | [1] | 156,908 | 156,908 | 156,793 | |||||
Recurring Basis | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||
Short-term investments | 1,590 | 1,590 | 1,357 | ||||||
Bonds available for sale | 156,908 | 156,908 | 156,793 | ||||||
Level 1 | Recurring Basis | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||
Short-term investments | 8 | 8 | 1 | ||||||
Bonds available for sale | 0 | 0 | 0 | ||||||
Level 2 | Recurring Basis | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||
Short-term investments | 1,582 | 1,582 | 1,356 | ||||||
Bonds available for sale | 135,659 | 135,659 | 136,367 | ||||||
Level 3 | Recurring Basis | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||
Short-term investments | 0 | 0 | 0 | ||||||
Bonds available for sale | 21,249 | 21,249 | 20,426 | ||||||
Interest rate contracts | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||
Gross Transfers Out | 0 | 0 | 0 | 0 | |||||
Foreign exchange contracts | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||
Gross Transfers Out | 0 | 0 | 0 | 0 | |||||
Equity contracts | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||
Gross Transfers Out | 0 | 0 | 0 | 0 | |||||
Credit contracts | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||
Gross Transfers Out | 0 | 0 | 0 | 0 | |||||
Other contracts | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||
Gross Transfers Out | 0 | 0 | 0 | 0 | |||||
Derivative liabilities, net | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||
Gross Transfers Out | 0 | 0 | 0 | 0 | |||||
Net Realized and Unrealized (Gains) Losses Included in Income | 28 | 84 | (117) | 382 | |||||
Purchases, Sales, Issuances and Settlements, Net | (155) | (195) | (424) | (209) | |||||
Policyholder contract deposits(b) | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||
Gross Transfers Out | 0 | 0 | 0 | 0 | |||||
Fair Value Beginning of Period | 6,813 | 4,728 | 6,813 | 4,728 | 6,064 | 5,367 | 5,035 | 5,572 | |
Net Realized and Unrealized (Gains) Losses Included in Income | 429 | (545) | 810 | (1,203) | |||||
Other Comprehensive (Income) Loss | 0 | 0 | 0 | 0 | |||||
Purchases, Sales, Issuances and Settlements, Net | 320 | 238 | 636 | 359 | |||||
Gross Transfers In | 0 | 0 | 0 | 0 | |||||
Other | 0 | 0 | 0 | 0 | |||||
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | (308) | 592 | (676) | 1,437 | |||||
Changes in Unrealized Gain (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period | 0 | 0 | 0 | 0 | |||||
Fortitude Re funds withheld payable | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||
Gross Transfers Out | 0 | 0 | 0 | 0 | |||||
Fair Value Beginning of Period | 1,460 | 2,349 | 1,460 | 2,349 | 1,774 | 1,262 | 4,796 | 7,974 | |
Net Realized and Unrealized (Gains) Losses Included in Income | (122) | (2,394) | 903 | (5,231) | |||||
Other Comprehensive (Income) Loss | 0 | 0 | 0 | 0 | |||||
Purchases, Sales, Issuances and Settlements, Net | (192) | (53) | (705) | (394) | |||||
Gross Transfers In | 0 | 0 | 0 | 0 | |||||
Other | 0 | 0 | 0 | 0 | |||||
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | 213 | 2,487 | (420) | 5,503 | |||||
Changes in Unrealized Gain (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period | 0 | 0 | 0 | 0 | |||||
Debt of consolidated investment entities | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||
Gross Transfers Out | 0 | 0 | 0 | 0 | |||||
Fair Value Beginning of Period | 0 | 6 | 0 | 6 | $ 6 | 6 | $ 5 | $ 5 | |
Net Realized and Unrealized (Gains) Losses Included in Income | 1 | (2) | 1 | (3) | |||||
Other Comprehensive (Income) Loss | 0 | 0 | 0 | 0 | |||||
Purchases, Sales, Issuances and Settlements, Net | (7) | (1) | (7) | (2) | |||||
Gross Transfers In | 0 | 0 | 0 | 0 | |||||
Other | 0 | 0 | 0 | 0 | |||||
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | 0 | 1 | 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 | 0 | 0 | |||||
Obligations of states, municipalities and political subdivisions | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||
Bonds available for sale | 5,882 | 5,882 | 5,926 | ||||||
Obligations of states, municipalities and political subdivisions | Recurring Basis | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||
Bonds available for sale | 5,882 | 5,882 | 5,926 | ||||||
Obligations of states, municipalities and political subdivisions | Level 1 | Recurring Basis | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||
Bonds available for sale | 0 | 0 | 0 | ||||||
Obligations of states, municipalities and political subdivisions | Level 2 | Recurring Basis | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||
Bonds available for sale | 5,029 | 5,029 | 5,121 | ||||||
Obligations of states, municipalities and political subdivisions | Level 3 | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||
Bonds available for sale | 831 | 831 | 780 | ||||||
Obligations of states, municipalities and political subdivisions | Level 3 | Recurring Basis | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||
Bonds available for sale | 853 | 853 | 805 | ||||||
Corporate debt | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||
Bonds available for sale | 101,593 | 101,593 | 104,692 | ||||||
Corporate debt | Recurring Basis | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||
Bonds available for sale | 101,593 | 101,593 | 104,692 | ||||||
Corporate debt | Level 1 | Recurring Basis | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||
Bonds available for sale | 0 | 0 | 0 | ||||||
Corporate debt | Level 2 | Recurring Basis | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||
Bonds available for sale | 100,290 | 100,290 | 102,724 | ||||||
Corporate debt | Level 3 | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||
Bonds available for sale | 1,181 | 1,181 | 1,988 | ||||||
Corporate debt | Level 3 | Recurring Basis | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||
Bonds available for sale | 1,303 | 1,303 | 1,968 | ||||||
RMBS | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||
Bonds available for sale | 12,645 | 12,645 | 11,944 | ||||||
RMBS | Recurring Basis | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||
Bonds available for sale | 12,645 | 12,645 | 11,944 | ||||||
RMBS | Level 1 | Recurring Basis | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||
Bonds available for sale | 0 | 0 | 0 | ||||||
RMBS | Level 2 | Recurring Basis | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||
Bonds available for sale | 6,892 | 6,892 | 6,274 | ||||||
RMBS | Level 3 | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||
Bonds available for sale | 3,639 | 3,639 | 3,725 | ||||||
RMBS | Level 3 | Recurring Basis | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||
Bonds available for sale | 5,753 | 5,753 | 5,670 | ||||||
CMBS | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||
Bonds available for sale | 9,768 | 9,768 | 10,068 | ||||||
CMBS | Recurring Basis | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||
Bonds available for sale | 9,768 | 9,768 | 10,068 | ||||||
CMBS | Level 1 | Recurring Basis | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||
Bonds available for sale | 0 | 0 | 0 | ||||||
CMBS | Level 2 | Recurring Basis | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||
Bonds available for sale | 9,263 | 9,263 | 9,350 | ||||||
CMBS | Level 3 | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||
Bonds available for sale | 485 | 485 | 663 | ||||||
CMBS | Level 3 | Recurring Basis | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||
Bonds available for sale | 505 | 505 | 718 | ||||||
CLO | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||
Bonds available for sale | 9,762 | 9,762 | 8,186 | ||||||
CLO | Recurring Basis | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||
Bonds available for sale | 9,762 | 9,762 | 8,186 | ||||||
CLO | Level 1 | Recurring Basis | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||
Bonds available for sale | 0 | 0 | 0 | ||||||
CLO | Level 2 | Recurring Basis | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||
Bonds available for sale | 8,054 | 8,054 | 6,516 | ||||||
CLO | Level 3 | Recurring Basis | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||
Bonds available for sale | 1,708 | 1,708 | 1,670 | ||||||
ABS | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||
Bonds available for sale | 11,977 | 11,977 | 10,387 | ||||||
ABS | Recurring Basis | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||
Bonds available for sale | 11,977 | 11,977 | 10,387 | ||||||
ABS | Level 1 | Recurring Basis | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||
Bonds available for sale | 0 | 0 | 0 | ||||||
ABS | Level 2 | Recurring Basis | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||
Bonds available for sale | 850 | 850 | 792 | ||||||
ABS | Level 3 | Recurring Basis | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||
Bonds available for sale | 11,127 | 11,127 | $ 9,595 | ||||||
Bonds Available For Sale | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||
Fair Value Beginning of Period | 21,508 | 21,403 | 20,426 | 22,407 | |||||
Net Realized and Unrealized Gains (Losses) Included in Income | 77 | 70 | 114 | 176 | |||||
Other Comprehensive Income (Loss) | 31 | (1,021) | 337 | (2,324) | |||||
Purchases, Sales, Issuances and Settlements, Net | 114 | 837 | 943 | 1,326 | |||||
Gross Transfers In | 125 | 436 | 370 | 1,352 | |||||
Gross Transfers Out | (607) | (946) | (1,116) | (2,158) | |||||
Other | 1 | 0 | 175 | 0 | |||||
Fair Value End of Period | 21,249 | 20,779 | 21,249 | 20,779 | |||||
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | 0 | 0 | 0 | 0 | |||||
Changes in Unrealized Gain (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period | (45) | (1,204) | 165 | (2,485) | |||||
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 | 858 | 1,059 | 805 | 1,395 | |||||
Net Realized and Unrealized Gains (Losses) Included in Income | 0 | (1) | 0 | 1 | |||||
Other Comprehensive Income (Loss) | (4) | (139) | 51 | (421) | |||||
Purchases, Sales, Issuances and Settlements, Net | (1) | (4) | (3) | (60) | |||||
Gross Transfers In | 0 | 16 | 0 | 16 | |||||
Gross Transfers Out | 0 | 0 | 0 | 0 | |||||
Other | 0 | 0 | 0 | 0 | |||||
Fair Value End of Period | 853 | 931 | 853 | 931 | |||||
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | 0 | 0 | 0 | 0 | |||||
Changes in Unrealized Gain (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period | (13) | (138) | 27 | (408) | |||||
Bonds Available For Sale | Corporate debt | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||
Fair Value Beginning of Period | 1,704 | 2,055 | 1,968 | 1,907 | |||||
Net Realized and Unrealized Gains (Losses) Included in Income | 10 | (8) | (92) | (17) | |||||
Other Comprehensive Income (Loss) | (2) | (55) | 42 | (114) | |||||
Purchases, Sales, Issuances and Settlements, Net | (41) | (201) | (27) | 17 | |||||
Gross Transfers In | 44 | 213 | 211 | 304 | |||||
Gross Transfers Out | (412) | (168) | (783) | (261) | |||||
Other | 0 | 0 | (16) | 0 | |||||
Fair Value End of Period | 1,303 | 1,836 | 1,303 | 1,836 | |||||
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | 0 | 0 | 0 | 0 | |||||
Changes in Unrealized Gain (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period | 1 | (45) | 54 | (101) | |||||
Bonds Available For Sale | RMBS | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||
Fair Value Beginning of Period | 5,687 | 6,512 | 5,670 | 7,595 | |||||
Net Realized and Unrealized Gains (Losses) Included in Income | 75 | 66 | 156 | 158 | |||||
Other Comprehensive Income (Loss) | 133 | (301) | 93 | (705) | |||||
Purchases, Sales, Issuances and Settlements, Net | (174) | (128) | (182) | (493) | |||||
Gross Transfers In | 32 | 0 | 32 | 0 | |||||
Gross Transfers Out | 0 | (5) | (16) | (411) | |||||
Other | 0 | 0 | 0 | 0 | |||||
Fair Value End of Period | 5,753 | 6,144 | 5,753 | 6,144 | |||||
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | 0 | 0 | 0 | 0 | |||||
Changes in Unrealized Gain (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period | 131 | (443) | 65 | (843) | |||||
Bonds Available For Sale | CMBS | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||
Fair Value Beginning of Period | 718 | 748 | 718 | 1,072 | |||||
Net Realized and Unrealized Gains (Losses) Included in Income | (7) | 6 | 0 | 13 | |||||
Other Comprehensive Income (Loss) | (37) | (39) | (41) | (99) | |||||
Purchases, Sales, Issuances and Settlements, Net | (40) | 65 | (40) | 75 | |||||
Gross Transfers In | 0 | 0 | 24 | 0 | |||||
Gross Transfers Out | (129) | (14) | (156) | (295) | |||||
Other | 0 | 0 | 0 | 0 | |||||
Fair Value End of Period | 505 | 766 | 505 | 766 | |||||
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | 0 | 0 | 0 | 0 | |||||
Changes in Unrealized Gain (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period | (46) | (46) | (71) | (104) | |||||
Bonds Available For Sale | CLO | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||
Fair Value Beginning of Period | 1,834 | 3,388 | 1,670 | 3,038 | |||||
Net Realized and Unrealized Gains (Losses) Included in Income | (54) | (17) | (45) | (19) | |||||
Other Comprehensive Income (Loss) | 44 | (112) | 26 | (164) | |||||
Purchases, Sales, Issuances and Settlements, Net | (66) | 71 | (45) | 82 | |||||
Gross Transfers In | 11 | 207 | 65 | 1,032 | |||||
Gross Transfers Out | (62) | (739) | (154) | (1,171) | |||||
Other | 0 | 0 | 0 | 0 | |||||
Fair Value End of Period | 1,708 | 2,798 | 1,708 | 2,798 | |||||
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | 0 | 0 | 0 | 0 | |||||
Changes in Unrealized Gain (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period | 0 | (119) | (47) | (172) | |||||
Bonds Available For Sale | ABS | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||
Fair Value Beginning of Period | 10,707 | 7,641 | 9,595 | 7,400 | |||||
Net Realized and Unrealized Gains (Losses) Included in Income | 53 | 24 | 95 | 40 | |||||
Other Comprehensive Income (Loss) | (103) | (375) | 166 | (821) | |||||
Purchases, Sales, Issuances and Settlements, Net | 436 | 1,034 | 1,240 | 1,705 | |||||
Gross Transfers In | 38 | 0 | 38 | 0 | |||||
Gross Transfers Out | (4) | (20) | (7) | (20) | |||||
Other | 1 | 0 | 191 | 0 | |||||
Fair Value End of Period | 11,127 | 8,304 | 11,127 | 8,304 | |||||
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | 0 | 0 | 0 | 0 | |||||
Changes in Unrealized Gain (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period | (118) | (413) | 137 | (857) | |||||
Other Bond Securities | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||
Fair Value Beginning of Period | 1,124 | 1,073 | 1,304 | 627 | |||||
Net Realized and Unrealized Gains (Losses) Included in Income | (4) | (52) | 34 | (81) | |||||
Other Comprehensive Income (Loss) | 0 | 0 | 0 | 0 | |||||
Purchases, Sales, Issuances and Settlements, Net | 55 | 304 | (22) | 682 | |||||
Gross Transfers In | 38 | 168 | 39 | 279 | |||||
Gross Transfers Out | (73) | (50) | (269) | (64) | |||||
Other | 0 | 0 | 54 | 0 | |||||
Fair Value End of Period | 1,140 | 1,443 | 1,140 | 1,443 | |||||
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | (9) | (200) | 9 | (228) | |||||
Changes in Unrealized Gain (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period | 0 | 0 | 0 | 0 | |||||
Other Bond Securities | Obligations of states, municipalities and political subdivisions | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||
Fair Value Beginning of Period | 1 | 0 | 0 | 0 | |||||
Net Realized and Unrealized Gains (Losses) Included in Income | 0 | 0 | 0 | 0 | |||||
Other Comprehensive Income (Loss) | 0 | 0 | 0 | 0 | |||||
Purchases, Sales, Issuances and Settlements, Net | 2 | 0 | 3 | 0 | |||||
Gross Transfers In | 0 | 0 | 0 | 0 | |||||
Gross Transfers Out | 0 | 0 | 0 | 0 | |||||
Other | 0 | 0 | 0 | 0 | |||||
Fair Value End of Period | 3 | 0 | 3 | 0 | |||||
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | 0 | 0 | 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 | 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 | 130 | 260 | 417 | 134 | |||||
Net Realized and Unrealized Gains (Losses) Included in Income | 1 | (5) | 1 | (5) | |||||
Other Comprehensive Income (Loss) | 0 | 0 | 0 | 0 | |||||
Purchases, Sales, Issuances and Settlements, Net | (20) | 48 | (116) | 125 | |||||
Gross Transfers In | 0 | 161 | 0 | 222 | |||||
Gross Transfers Out | (1) | (3) | (192) | (15) | |||||
Other | 0 | 0 | 0 | 0 | |||||
Fair Value End of Period | 110 | 461 | 110 | 461 | |||||
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | 3 | (4) | 2 | (4) | |||||
Changes in Unrealized Gain (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period | 0 | 0 | 0 | 0 | |||||
Other Bond Securities | RMBS | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||
Fair Value Beginning of Period | 114 | 115 | 107 | 106 | |||||
Net Realized and Unrealized Gains (Losses) Included in Income | 2 | (6) | 6 | (9) | |||||
Other Comprehensive Income (Loss) | 0 | 0 | 0 | 0 | |||||
Purchases, Sales, Issuances and Settlements, Net | (4) | 10 | (1) | 22 | |||||
Gross Transfers In | 0 | 0 | 0 | 0 | |||||
Gross Transfers Out | 0 | 0 | 0 | 0 | |||||
Other | 0 | 0 | 0 | 0 | |||||
Fair Value End of Period | 112 | 119 | 112 | 119 | |||||
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | 1 | (9) | 3 | (15) | |||||
Changes in Unrealized Gain (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period | 0 | 0 | 0 | 0 | |||||
Other Bond Securities | CMBS | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||
Fair Value Beginning of Period | 27 | 31 | 28 | 33 | |||||
Net Realized and Unrealized Gains (Losses) Included in Income | (1) | (2) | (2) | (4) | |||||
Other Comprehensive Income (Loss) | 0 | 0 | 0 | 0 | |||||
Purchases, Sales, Issuances and Settlements, Net | 0 | 0 | 0 | 0 | |||||
Gross Transfers In | 0 | 0 | 0 | 0 | |||||
Gross Transfers Out | 0 | 0 | 0 | 0 | |||||
Other | 0 | 0 | 0 | 0 | |||||
Fair Value End of Period | 26 | 29 | 26 | 29 | |||||
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | (1) | (2) | (2) | (4) | |||||
Changes in Unrealized Gain (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period | 0 | 0 | 0 | 0 | |||||
Other Bond Securities | CLO | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||
Fair Value Beginning of Period | 71 | 190 | 11 | 149 | |||||
Net Realized and Unrealized Gains (Losses) Included in Income | 0 | (14) | 9 | (21) | |||||
Other Comprehensive Income (Loss) | 0 | 0 | 0 | 0 | |||||
Purchases, Sales, Issuances and Settlements, Net | (47) | (6) | (46) | (6) | |||||
Gross Transfers In | 38 | 7 | 39 | 57 | |||||
Gross Transfers Out | (37) | (47) | (42) | (49) | |||||
Other | 0 | 0 | 0 | 0 | |||||
Fair Value End of Period | 25 | 130 | 25 | 130 | |||||
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | 1 | (152) | 1 | (154) | |||||
Changes in Unrealized Gain (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period | 0 | 0 | 0 | 0 | |||||
Other Bond Securities | ABS | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||
Fair Value Beginning of Period | 781 | 477 | 741 | 205 | |||||
Net Realized and Unrealized Gains (Losses) Included in Income | (6) | (25) | 20 | (42) | |||||
Other Comprehensive Income (Loss) | 0 | 0 | 0 | 0 | |||||
Purchases, Sales, Issuances and Settlements, Net | 124 | 252 | 138 | 541 | |||||
Gross Transfers In | 0 | 0 | 0 | 0 | |||||
Gross Transfers Out | (35) | 0 | (35) | 0 | |||||
Other | 0 | 0 | 54 | 0 | |||||
Fair Value End of Period | 864 | 704 | 864 | 704 | |||||
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | (13) | (33) | 5 | (51) | |||||
Changes in Unrealized Gain (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period | 0 | 0 | 0 | 0 | |||||
Equity securities | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||
Fair Value Beginning of Period | 50 | 3 | 26 | 2 | |||||
Net Realized and Unrealized Gains (Losses) Included in Income | 0 | 0 | 0 | 0 | |||||
Other Comprehensive Income (Loss) | 0 | 0 | 0 | 0 | |||||
Purchases, Sales, Issuances and Settlements, Net | 1 | 3 | 25 | 4 | |||||
Gross Transfers In | 0 | 1 | 0 | 1 | |||||
Gross Transfers Out | (7) | 0 | (7) | 0 | |||||
Other | 0 | 0 | 0 | 0 | |||||
Fair Value End of Period | 44 | 7 | 44 | 7 | |||||
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | 0 | 0 | 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 | 0 | 0 | |||||
Other invested assets | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||
Fair Value Beginning of Period | 1,852 | 1,840 | 1,832 | 1,892 | |||||
Net Realized and Unrealized Gains (Losses) Included in Income | (19) | 133 | (63) | 243 | |||||
Other Comprehensive Income (Loss) | 2 | (21) | 7 | (26) | |||||
Purchases, Sales, Issuances and Settlements, Net | 79 | (143) | 138 | (171) | |||||
Gross Transfers In | 0 | 0 | 0 | 24 | |||||
Gross Transfers Out | 0 | (6) | 0 | (159) | |||||
Other | 0 | 0 | 0 | 0 | |||||
Fair Value End of Period | 1,914 | 1,803 | 1,914 | 1,803 | |||||
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | (21) | 153 | (63) | 271 | |||||
Changes in Unrealized Gain (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period | $ 0 | $ 0 | $ 0 | $ 0 | |||||
[1] See Note 8 |
Fair Value Measurements - Cha_2
Fair Value Measurements - Changes in level 3 recurring fair value measurements, liabilities (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||
Fair Value Beginning of Period | $ 7,291 | $ 6,786 | $ 7,291 | $ 6,786 | $ 6,989 | $ 6,051 | $ 9,650 | $ 13,081 |
Net Realized and Unrealized (Gains) Losses Included in Income | (336) | (2,853) | 1,597 | (6,049) | ||||
Other Comprehensive (Income) Loss | 0 | 0 | 0 | 0 | ||||
Purchases, Sales, Issuances and Settlements, Net | (34) | (11) | (500) | (246) | ||||
Fair Value End of Period | 7,291 | 6,786 | 7,291 | 6,786 | ||||
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | (97) | 3,072 | (927) | 6,711 | ||||
Changes in Unrealized Gain (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period | 0 | 0 | 0 | 0 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||||||
Gross Transfers Out | 0 | 0 | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | (687) | (1,002) | (1,392) | (2,381) | ||||
Bonds Available For Sale | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | (607) | (946) | (1,116) | (2,158) | ||||
Bonds Available For Sale | Obligations of states, municipalities and political subdivisions | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | 0 | 0 | 0 | ||||
Bonds Available For Sale | Corporate debt | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | (412) | (168) | (783) | (261) | ||||
Bonds Available For Sale | RMBS | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | (5) | (16) | (411) | ||||
Bonds Available For Sale | CMBS | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | (129) | (14) | (156) | (295) | ||||
Bonds Available For Sale | CLO | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | (62) | (739) | (154) | (1,171) | ||||
Bonds Available For Sale | ABS | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | (4) | (20) | (7) | (20) | ||||
Other Bond Securities | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | (73) | (50) | (269) | (64) | ||||
Other Bond Securities | Obligations of states, municipalities and political subdivisions | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | 0 | 0 | 0 | ||||
Other Bond Securities | Corporate debt | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | (1) | (3) | (192) | (15) | ||||
Other Bond Securities | RMBS | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | 0 | 0 | 0 | ||||
Other Bond Securities | CMBS | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | 0 | 0 | 0 | ||||
Other Bond Securities | CLO | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | (37) | (47) | (42) | (49) | ||||
Other Bond Securities | ABS | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | (35) | 0 | (35) | 0 | ||||
Equity securities | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | (7) | 0 | (7) | 0 | ||||
Other invested assets | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | (6) | 0 | (159) | ||||
Policyholder contract deposits(b) | ||||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||
Fair Value Beginning of Period | 6,813 | 4,728 | 6,813 | 4,728 | 6,064 | 5,367 | 5,035 | 5,572 |
Net Realized and Unrealized (Gains) Losses Included in Income | 429 | (545) | 810 | (1,203) | ||||
Other Comprehensive (Income) Loss | 0 | 0 | 0 | 0 | ||||
Purchases, Sales, Issuances and Settlements, Net | 320 | 238 | 636 | 359 | ||||
Gross Transfers In | 0 | 0 | 0 | 0 | ||||
Gross Transfers Out | 0 | 0 | 0 | 0 | ||||
Other | 0 | 0 | 0 | 0 | ||||
Fair Value End of Period | 6,813 | 4,728 | 6,813 | 4,728 | ||||
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | (308) | 592 | (676) | 1,437 | ||||
Changes in Unrealized Gain (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period | 0 | 0 | 0 | 0 | ||||
Derivative liabilities, net | ||||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||
Net Realized and Unrealized (Gains) Losses Included in Income | 28 | 84 | (117) | 382 | ||||
Purchases, Sales, Issuances and Settlements, Net | (155) | (195) | (424) | (209) | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||||||
Fair Value Beginning of Period | (855) | (186) | (584) | (470) | ||||
Net Realized and Unrealized (Gains) Losses Included in Income | 28 | 84 | (117) | 382 | ||||
Other Comprehensive (Income) Loss | 0 | 0 | 0 | 0 | ||||
Purchases, Sales, Issuances and Settlements, Net | (155) | (195) | (424) | (209) | ||||
Gross Transfers In | 0 | 0 | 0 | 0 | ||||
Gross Transfers Out | 0 | 0 | 0 | 0 | ||||
Other | 0 | 0 | 143 | 0 | ||||
Fair Value End of Period | (982) | (297) | (982) | (297) | ||||
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | (2) | (8) | 169 | (229) | ||||
Changes in Unrealized Gain (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period | 0 | 0 | 0 | 0 | ||||
Interest rate contracts | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||||||
Fair Value Beginning of Period | (344) | (3) | (303) | 0 | ||||
Net Realized and Unrealized (Gains) Losses Included in Income | 37 | 15 | 115 | 14 | ||||
Other Comprehensive (Income) Loss | 0 | 0 | 0 | 0 | ||||
Purchases, Sales, Issuances and Settlements, Net | (21) | (149) | (140) | (151) | ||||
Gross Transfers In | 0 | 0 | 0 | 0 | ||||
Gross Transfers Out | 0 | 0 | 0 | 0 | ||||
Other | 0 | 0 | 0 | 0 | ||||
Fair Value End of Period | (328) | (137) | (328) | (137) | ||||
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | (23) | (15) | (52) | (14) | ||||
Changes in Unrealized Gain (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period | 0 | 0 | 0 | 0 | ||||
Foreign exchange contracts | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||||||
Fair Value Beginning of Period | 0 | 0 | 0 | 0 | ||||
Net Realized and Unrealized (Gains) Losses Included in Income | 0 | 0 | 0 | 0 | ||||
Other Comprehensive (Income) Loss | 0 | 0 | 0 | 0 | ||||
Purchases, Sales, Issuances and Settlements, Net | 0 | 0 | 0 | 0 | ||||
Gross Transfers In | 0 | 0 | 0 | 0 | ||||
Gross Transfers Out | 0 | 0 | 0 | 0 | ||||
Other | 0 | 0 | 0 | 0 | ||||
Fair Value End of Period | 0 | 0 | 0 | 0 | ||||
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | 0 | 0 | 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 | 0 | 0 | ||||
Equity contracts | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||||||
Fair Value Beginning of Period | (497) | (168) | (267) | (457) | ||||
Net Realized and Unrealized (Gains) Losses Included in Income | 7 | 83 | (200) | 398 | ||||
Other Comprehensive (Income) Loss | 0 | 0 | 0 | 0 | ||||
Purchases, Sales, Issuances and Settlements, Net | (149) | (60) | (315) | (86) | ||||
Gross Transfers In | 0 | 0 | 0 | 0 | ||||
Gross Transfers Out | 0 | 0 | 0 | 0 | ||||
Other | 0 | 0 | 143 | 0 | ||||
Fair Value End of Period | (639) | (145) | (639) | (145) | ||||
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | 5 | (8) | 189 | (246) | ||||
Changes in Unrealized Gain (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period | 0 | 0 | 0 | 0 | ||||
Credit contracts | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||||||
Fair Value Beginning of Period | 0 | 0 | 0 | (1) | ||||
Net Realized and Unrealized (Gains) Losses Included in Income | 0 | 0 | 0 | 1 | ||||
Other Comprehensive (Income) Loss | 0 | 0 | 0 | 0 | ||||
Purchases, Sales, Issuances and Settlements, Net | 0 | 0 | 0 | 0 | ||||
Gross Transfers In | 0 | 0 | 0 | 0 | ||||
Gross Transfers Out | 0 | 0 | 0 | 0 | ||||
Other | 0 | 0 | 0 | 0 | ||||
Fair Value End of Period | 0 | 0 | 0 | 0 | ||||
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | 0 | 1 | 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 | 0 | 0 | ||||
Other contracts | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||||||
Fair Value Beginning of Period | (14) | (15) | (14) | (12) | ||||
Net Realized and Unrealized (Gains) Losses Included in Income | (16) | (14) | (32) | (31) | ||||
Other Comprehensive (Income) Loss | 0 | 0 | 0 | 0 | ||||
Purchases, Sales, Issuances and Settlements, Net | 15 | 14 | 31 | 28 | ||||
Gross Transfers In | 0 | 0 | 0 | 0 | ||||
Gross Transfers Out | 0 | 0 | 0 | 0 | ||||
Other | 0 | 0 | 0 | 0 | ||||
Fair Value End of Period | (15) | (15) | (15) | (15) | ||||
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | 16 | 14 | 32 | 31 | ||||
Changes in Unrealized Gain (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period | 0 | 0 | 0 | 0 | ||||
Fortitude Re funds withheld payable | ||||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||
Fair Value Beginning of Period | 1,460 | 2,349 | 1,460 | 2,349 | 1,774 | 1,262 | 4,796 | 7,974 |
Net Realized and Unrealized (Gains) Losses Included in Income | (122) | (2,394) | 903 | (5,231) | ||||
Other Comprehensive (Income) Loss | 0 | 0 | 0 | 0 | ||||
Purchases, Sales, Issuances and Settlements, Net | (192) | (53) | (705) | (394) | ||||
Gross Transfers In | 0 | 0 | 0 | 0 | ||||
Gross Transfers Out | 0 | 0 | 0 | 0 | ||||
Other | 0 | 0 | 0 | 0 | ||||
Fair Value End of Period | 1,460 | 2,349 | 1,460 | 2,349 | ||||
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | 213 | 2,487 | (420) | 5,503 | ||||
Changes in Unrealized Gain (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period | 0 | 0 | 0 | 0 | ||||
Market Risk Benefit Liabilities | ||||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||
Net Realized and Unrealized (Gains) Losses Included in Income | (887) | (263) | (800) | (965) | ||||
Debt of consolidated investment entities | ||||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||
Fair Value Beginning of Period | 0 | 6 | 0 | 6 | $ 6 | $ 6 | $ 5 | $ 5 |
Net Realized and Unrealized (Gains) Losses Included in Income | 1 | (2) | 1 | (3) | ||||
Other Comprehensive (Income) Loss | 0 | 0 | 0 | 0 | ||||
Purchases, Sales, Issuances and Settlements, Net | (7) | (1) | (7) | (2) | ||||
Gross Transfers In | 0 | 0 | 0 | 0 | ||||
Gross Transfers Out | 0 | 0 | 0 | 0 | ||||
Other | 0 | 0 | 0 | 0 | ||||
Fair Value End of Period | 0 | 6 | 0 | 6 | ||||
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | 0 | 1 | 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 | $ 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 | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Net realized gains (losses), assets | $ 54 | $ 151 | $ 85 | $ 338 |
Net realized gains (losses), liabilities | 336 | 2,853 | (1,597) | 6,049 |
Policyholder contract deposits(b) | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Net realized gains (losses), liabilities | (429) | 545 | (810) | 1,203 |
Policyholder contract deposits(b) | Policy Fees | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Net realized gains (losses), liabilities | 0 | 0 | 0 | 0 |
Policyholder contract deposits(b) | Net Investment Income | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Net realized gains (losses), liabilities | 0 | 0 | 0 | 0 |
Policyholder contract deposits(b) | Net Realized and Unrealized Gains (Losses) | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Net realized gains (losses), liabilities | (429) | 545 | (810) | 1,203 |
Policyholder contract deposits(b) | Interest Expense | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Net realized gains (losses), liabilities | 0 | 0 | 0 | 0 |
Policyholder contract deposits(b) | Change in the fair value of market risk benefits | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Net realized gains (losses), liabilities | 0 | 0 | 0 | 0 |
Derivative liabilities, net | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Net realized gains (losses), liabilities | (28) | (84) | 117 | (382) |
Derivative liabilities, net | Policy Fees | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Net realized gains (losses), liabilities | 15 | 14 | 31 | 29 |
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 | 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 | 3 | (154) | 231 | (498) |
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 | 0 | 0 |
Derivative liabilities, net | Change in the fair value of market risk benefits | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Net realized gains (losses), liabilities | (46) | 56 | (145) | 87 |
Fortitude Re funds withheld payable | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Net realized gains (losses), liabilities | 122 | 2,394 | (903) | 5,231 |
Fortitude Re funds withheld payable | Policy Fees | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Net realized gains (losses), liabilities | 0 | 0 | 0 | 0 |
Fortitude Re funds withheld payable | Net Investment Income | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Net realized gains (losses), liabilities | 0 | 0 | 0 | 0 |
Fortitude Re funds withheld payable | Net Realized and Unrealized Gains (Losses) | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Net realized gains (losses), liabilities | 122 | 2,394 | (903) | 5,231 |
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 | 0 | 0 |
Fortitude Re funds withheld payable | Change in the fair value of market risk benefits | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Net realized gains (losses), liabilities | 0 | 0 | 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 | (1) | 2 | (1) | 3 |
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 | 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 | (1) | 0 | (1) | 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 | 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 | 2 | 0 | 3 |
Debt of consolidated investment entities | Change in the fair value of market risk benefits | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Net realized gains (losses), liabilities | 0 | 0 | 0 | 0 |
Market Risk Benefit Liabilities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Net realized gains (losses), liabilities | 887 | 263 | 800 | 965 |
Market Risk Benefit Liabilities | Policy Fees | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Net realized gains (losses), liabilities | 0 | 0 | 0 | 0 |
Market Risk Benefit Liabilities | Net Investment Income | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Net realized gains (losses), liabilities | 0 | 0 | 0 | 0 |
Market Risk Benefit Liabilities | Net Realized and Unrealized Gains (Losses) | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Net realized gains (losses), liabilities | 3 | 5 | 3 | 8 |
Market Risk Benefit Liabilities | Interest Expense | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Net realized gains (losses), liabilities | 0 | 0 | 0 | 0 |
Market Risk Benefit Liabilities | Change in the fair value of market risk benefits | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Net realized gains (losses), liabilities | 884 | 258 | 797 | 957 |
Bonds Available For Sale | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Net realized gains (losses), assets | 77 | 70 | 114 | 176 |
Bonds Available For Sale | Policy Fees | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Net realized gains (losses), assets | 0 | 0 | 0 | 0 |
Bonds Available For Sale | Net Investment Income | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Net realized gains (losses), assets | 118 | 106 | 150 | 223 |
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 | (41) | (36) | (36) | (47) |
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 | 0 | 0 |
Bonds Available For Sale | Change in the fair value of market risk benefits | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Net realized gains (losses), assets | 0 | 0 | 0 | 0 |
Other Bond Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Net realized gains (losses), assets | (4) | (52) | 34 | (81) |
Other Bond Securities | Policy Fees | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Net realized gains (losses), assets | 0 | 0 | 0 | 0 |
Other Bond Securities | Net Investment Income | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Net realized gains (losses), assets | (4) | (52) | 34 | (81) |
Other Bond Securities | Net Realized and Unrealized Gains (Losses) | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Net realized gains (losses), assets | 0 | 0 | 0 | 0 |
Other Bond Securities | Interest Expense | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Net realized gains (losses), assets | 0 | 0 | 0 | 0 |
Other Bond Securities | Change in the fair value of market risk benefits | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Net realized gains (losses), assets | 0 | 0 | 0 | 0 |
Equity securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Net realized gains (losses), assets | 0 | 0 | 0 | 0 |
Equity securities | Policy Fees | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Net realized gains (losses), assets | 0 | 0 | 0 | 0 |
Equity securities | Net Investment Income | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Net realized gains (losses), assets | 0 | 0 | 0 | 0 |
Equity securities | Net Realized and Unrealized Gains (Losses) | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Net realized gains (losses), assets | 0 | 0 | 0 | 0 |
Equity securities | Interest Expense | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Net realized gains (losses), assets | 0 | 0 | 0 | 0 |
Equity securities | Change in the fair value of market risk benefits | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Net realized gains (losses), assets | 0 | 0 | 0 | 0 |
Other invested assets | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Net realized gains (losses), assets | (19) | 133 | (63) | 243 |
Other invested assets | Policy Fees | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Net realized gains (losses), assets | 0 | 0 | 0 | 0 |
Other invested assets | Net Investment Income | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Net realized gains (losses), assets | (21) | 133 | (64) | 243 |
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 | 2 | 0 | 1 | 0 |
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 | 0 | 0 |
Other invested assets | Change in the fair value of market risk benefits | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Net realized gains (losses), assets | $ 0 | $ 0 | $ 0 | $ 0 |
Fair Value Measurements - Gross
Fair Value Measurements - Gross components of purchases, sales, issuances and settlements (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Assets [Abstract] | ||||
Purchases | $ 715 | $ 2,020 | $ 1,921 | $ 3,622 |
Sales | (63) | (4) | (69) | (59) |
Issuances and Settlements | (403) | (1,015) | (768) | (1,722) |
Purchases, Sales, Issuances and Settlements, Net | 249 | 1,001 | 1,084 | 1,841 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Liabilities [Abstract] | ||||
Purchases | (100) | (99) | (201) | (172) |
Sales | 402 | 222 | 728 | 417 |
Issuances and Settlements | (336) | (134) | (1,027) | (491) |
Purchases, Sales, Issuances and Settlements, Net | (34) | (11) | (500) | (246) |
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 | 0 | (28) | 7 | (53) |
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. | (1) | (44) | $ 10 | $ (83) |
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) | ||
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(b) | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Liabilities [Abstract] | ||||
Purchases | 0 | 0 | $ 0 | $ 0 |
Sales | 402 | 222 | 728 | 417 |
Issuances and Settlements | (82) | 16 | (92) | (58) |
Purchases, Sales, Issuances and Settlements, Net | 320 | 238 | 636 | 359 |
Derivative liabilities, net | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Liabilities [Abstract] | ||||
Purchases | (100) | (99) | (201) | (172) |
Sales | 0 | 0 | 0 | 0 |
Issuances and Settlements | (55) | (96) | (223) | (37) |
Purchases, Sales, Issuances and Settlements, Net | (155) | (195) | (424) | (209) |
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | (2) | (8) | 169 | (229) |
Fortitude Re funds withheld payable | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Liabilities [Abstract] | ||||
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Issuances and Settlements | (192) | (53) | (705) | (394) |
Purchases, Sales, Issuances and Settlements, Net | (192) | (53) | (705) | (394) |
Debt of consolidated investment entities | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Liabilities [Abstract] | ||||
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Issuances and Settlements | (7) | (1) | (7) | (2) |
Purchases, Sales, Issuances and Settlements, Net | (7) | (1) | (7) | (2) |
Bonds Available For Sale | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Assets [Abstract] | ||||
Purchases | 483 | 1,467 | 1,555 | 2,494 |
Sales | (63) | (4) | (69) | (59) |
Issuances and Settlements | (306) | (626) | (543) | (1,109) |
Purchases, Sales, Issuances and Settlements, Net | 114 | 837 | 943 | 1,326 |
Bonds Available For Sale | Obligations of states, municipalities and political subdivisions | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Assets [Abstract] | ||||
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | (4) | 0 | (59) |
Issuances and Settlements | (1) | 0 | (3) | (1) |
Purchases, Sales, Issuances and Settlements, Net | (1) | (4) | (3) | (60) |
Bonds Available For Sale | Corporate debt | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Assets [Abstract] | ||||
Purchases | 2 | 4 | 30 | 4 |
Sales | 0 | 0 | 0 | 0 |
Issuances and Settlements | (43) | (205) | (57) | 13 |
Purchases, Sales, Issuances and Settlements, Net | (41) | (201) | (27) | 17 |
Bonds Available For Sale | RMBS | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Assets [Abstract] | ||||
Purchases | 64 | 163 | 231 | 271 |
Sales | (42) | 0 | (42) | 0 |
Issuances and Settlements | (196) | (291) | (371) | (764) |
Purchases, Sales, Issuances and Settlements, Net | (174) | (128) | (182) | (493) |
Bonds Available For Sale | CMBS | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Assets [Abstract] | ||||
Purchases | 0 | 56 | 9 | 98 |
Sales | (21) | 0 | (27) | 0 |
Issuances and Settlements | (19) | 9 | (22) | (23) |
Purchases, Sales, Issuances and Settlements, Net | (40) | 65 | (40) | 75 |
Bonds Available For Sale | CLO | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Assets [Abstract] | ||||
Purchases | 72 | 119 | 82 | 172 |
Sales | 0 | 0 | 0 | 0 |
Issuances and Settlements | (138) | (48) | (127) | (90) |
Purchases, Sales, Issuances and Settlements, Net | (66) | 71 | (45) | 82 |
Bonds Available For Sale | ABS | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Assets [Abstract] | ||||
Purchases | 345 | 1,125 | 1,203 | 1,949 |
Sales | 0 | 0 | 0 | 0 |
Issuances and Settlements | 91 | (91) | 37 | (244) |
Purchases, Sales, Issuances and Settlements, Net | 436 | 1,034 | 1,240 | 1,705 |
Other Bond Securities | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Assets [Abstract] | ||||
Purchases | 150 | 279 | 190 | 615 |
Sales | 0 | 0 | 0 | 0 |
Issuances and Settlements | (95) | 25 | (212) | 67 |
Purchases, Sales, Issuances and Settlements, Net | 55 | 304 | (22) | 682 |
Other Bond Securities | Obligations of states, municipalities and political subdivisions | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Assets [Abstract] | ||||
Purchases | 2 | 0 | 3 | 0 |
Sales | 0 | 0 | 0 | 0 |
Issuances and Settlements | 0 | 0 | 0 | 0 |
Purchases, Sales, Issuances and Settlements, Net | 2 | 0 | 3 | 0 |
Other Bond Securities | Corporate debt | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Assets [Abstract] | ||||
Purchases | 67 | 6 | 67 | 25 |
Sales | 0 | 0 | 0 | 0 |
Issuances and Settlements | (87) | 42 | (183) | 100 |
Purchases, Sales, Issuances and Settlements, Net | (20) | 48 | (116) | 125 |
Other Bond Securities | RMBS | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Assets [Abstract] | ||||
Purchases | 0 | 13 | 6 | 30 |
Sales | 0 | 0 | 0 | 0 |
Issuances and Settlements | (4) | (3) | (7) | (8) |
Purchases, Sales, Issuances and Settlements, Net | (4) | 10 | (1) | 22 |
Other Bond Securities | CMBS | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Assets [Abstract] | ||||
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Issuances and Settlements | 0 | 0 | 0 | 0 |
Purchases, Sales, Issuances and Settlements, Net | 0 | 0 | 0 | 0 |
Other Bond Securities | CLO | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Assets [Abstract] | ||||
Purchases | 0 | 4 | 1 | 13 |
Sales | 0 | 0 | 0 | 0 |
Issuances and Settlements | (47) | (10) | (47) | (19) |
Purchases, Sales, Issuances and Settlements, Net | (47) | (6) | (46) | (6) |
Other Bond Securities | ABS | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Assets [Abstract] | ||||
Purchases | 81 | 256 | 113 | 547 |
Sales | 0 | 0 | 0 | 0 |
Issuances and Settlements | 43 | (4) | 25 | (6) |
Purchases, Sales, Issuances and Settlements, Net | 124 | 252 | 138 | 541 |
Equity securities | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Assets [Abstract] | ||||
Purchases | 1 | 4 | 25 | 4 |
Sales | 0 | 0 | 0 | 0 |
Issuances and Settlements | 0 | (1) | 0 | 0 |
Purchases, Sales, Issuances and Settlements, Net | 1 | 3 | 25 | 4 |
Other invested assets | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Assets [Abstract] | ||||
Purchases | 81 | 270 | 151 | 509 |
Sales | 0 | 0 | 0 | 0 |
Issuances and Settlements | (2) | (413) | (13) | (680) |
Purchases, Sales, Issuances and Settlements, Net | $ 79 | $ (143) | $ 138 | $ (171) |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Fair Value, Option, Quantitative Disclosures | |||||
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 | $ 0 | $ (28) | $ 7 | $ (53) | |
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. | (1) | $ (44) | $ 10 | $ (83) | |
Private equity funds | |||||
Fair Value, Option, Quantitative Disclosures | |||||
Average original expected lives (in years) | 10 years | ||||
Private equity funds | Minimum | |||||
Fair Value, Option, Quantitative Disclosures | |||||
Extension period (in years) | 1 year | ||||
Private equity funds | Maximum | |||||
Fair Value, Option, Quantitative Disclosures | |||||
Extension period (in years) | 2 years | ||||
Alternative investments | |||||
Fair Value, Option, Quantitative Disclosures | |||||
Fair value option carrying amount | 0 | $ 0 | $ 6 | ||
Fair value option, aforementioned principal amount | $ 1 | $ 1 | $ 655 |
Fair Value Measurements - Quant
Fair Value Measurements - Quantitative Information about Level 3 Fair Value Measurements (Details) $ in Millions | Jun. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | Jun. 30, 2022 USD ($) | Jan. 01, 2021 USD ($) | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Bonds available for sale | [1] | $ 156,908 | $ 156,793 | ||
Embedded derivatives within Policyholder contract deposits | 8,300 | 6,700 | |||
Policyholder contract deposits | 159,644 | 156,058 | $ 153,239 | $ 148,421 | |
Level 3 | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Embedded derivatives within Policyholder contract deposits | 1,500 | 1,100 | |||
Obligations of states, municipalities and political subdivisions | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Bonds available for sale | $ 5,882 | $ 5,926 | |||
Obligations of states, municipalities and political subdivisions | Minimum | Yield | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Derivative asset, measurement input | 0.0503 | 0.0533 | |||
Obligations of states, municipalities and political subdivisions | Maximum | Yield | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Derivative asset, measurement input | 0.0546 | 0.0592 | |||
Obligations of states, municipalities and political subdivisions | Weighted-average | Yield | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Derivative asset, measurement input | 0.0524 | 0.0563 | |||
Obligations of states, municipalities and political subdivisions | Level 3 | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Bonds available for sale | $ 831 | $ 780 | |||
Corporate debt | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Bonds available for sale | $ 101,593 | $ 104,692 | |||
Corporate debt | Minimum | Yield | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Derivative asset, measurement input | 0.0561 | 0.0490 | |||
Corporate debt | Maximum | Yield | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Derivative asset, measurement input | 0.0762 | 0.0954 | |||
Corporate debt | Weighted-average | Yield | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Derivative asset, measurement input | 0.0661 | 0.0722 | |||
Corporate debt | Level 3 | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Bonds available for sale | $ 1,181 | $ 1,988 | |||
RMBS | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Bonds available for sale | $ 12,645 | $ 11,944 | |||
RMBS | Minimum | Yield | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Derivative asset, measurement input | 0.4436 | 0.0595 | |||
RMBS | Minimum | Prepayment Speed | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Derivative asset, measurement input | 0.0470 | 0.0484 | |||
RMBS | Minimum | Default Rate | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Derivative asset, measurement input | 0.0082 | 0.4501 | |||
RMBS | Minimum | Yield | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Derivative asset, measurement input | 0.0437 | 0.0079 | |||
RMBS | Maximum | Yield | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Derivative asset, measurement input | 0.7807 | 0.0772 | |||
RMBS | Maximum | Prepayment Speed | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Derivative asset, measurement input | 0.1006 | 0.1035 | |||
RMBS | Maximum | Default Rate | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Derivative asset, measurement input | 0.0266 | 0.7728 | |||
RMBS | Maximum | Yield | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Derivative asset, measurement input | 0.0873 | 0.0267 | |||
RMBS | Weighted-average | Yield | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Derivative asset, measurement input | 0.6122 | 0.0684 | |||
RMBS | Weighted-average | Prepayment Speed | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Derivative asset, measurement input | 0.0738 | 0.0760 | |||
RMBS | Weighted-average | Default Rate | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Derivative asset, measurement input | 0.0174 | 0.6114 | |||
RMBS | Weighted-average | Yield | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Derivative asset, measurement input | 0.0625 | 0.0173 | |||
RMBS | Level 3 | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Bonds available for sale | $ 3,639 | $ 3,725 | |||
CLO | Minimum | Yield | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Derivative asset, measurement input | 0.0635 | 0.0713 | |||
CLO | Maximum | Yield | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Derivative asset, measurement input | 0.0735 | 0.0759 | |||
CLO | Weighted-average | Yield | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Derivative asset, measurement input | 0.0683 | 0.0736 | |||
CLO | Level 3 | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Bonds available for sale | $ 1,438 | $ 1,547 | |||
ABS | Minimum | Yield | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Derivative asset, measurement input | 0.0603 | 0.0601 | |||
ABS | Maximum | Yield | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Derivative asset, measurement input | 0.0794 | 0.0796 | |||
ABS | Weighted-average | Yield | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Derivative asset, measurement input | 0.0699 | 0.0698 | |||
ABS | Level 3 | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Bonds available for sale | $ 8,833 | $ 6,591 | |||
CMBS | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Bonds available for sale | $ 9,768 | $ 10,068 | |||
CMBS | Minimum | Yield | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Derivative asset, measurement input | 0.0486 | 0.0472 | |||
CMBS | Maximum | Yield | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Derivative asset, measurement input | 0.3228 | 0.1021 | |||
CMBS | Weighted-average | Yield | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Derivative asset, measurement input | 0.1408 | 0.0746 | |||
CMBS | Level 3 | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Bonds available for sale | $ 485 | $ 663 | |||
Market risk benefit assets | Minimum | Equity Volatility | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Derivative asset, measurement input | 0.0645 | 0.0645 | |||
Market risk benefit assets | Minimum | Base lapse rate | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Derivative asset, measurement input | 0.0016 | 0.0016 | |||
Market risk benefit assets | Minimum | Dynamic lapse multiplier | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Derivative asset, measurement input | 0.2000 | 0.2000 | |||
Market risk benefit assets | Minimum | Mortality multiplier | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Derivative asset, measurement input | 0.3825 | 0.3825 | |||
Market risk benefit assets | Minimum | Utilization(h) | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Derivative asset, measurement input | 0.8000 | 0.8000 | |||
Market risk benefit assets | Minimum | Equity / interest-rate correlation | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Derivative asset, measurement input | 0 | 0 | |||
Market risk benefit assets | Minimum | NPA | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Derivative asset, measurement input | 0.0034 | 0 | |||
Market risk benefit assets | Maximum | Equity Volatility | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Derivative asset, measurement input | 0.5075 | 0.5075 | |||
Market risk benefit assets | Maximum | Base lapse rate | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Derivative asset, measurement input | 0.2880 | 0.2880 | |||
Market risk benefit assets | Maximum | Dynamic lapse multiplier | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Derivative asset, measurement input | 1.8618 | 1.8618 | |||
Market risk benefit assets | Maximum | Mortality multiplier | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Derivative asset, measurement input | 1.6001 | 1.6001 | |||
Market risk benefit assets | Maximum | Utilization(h) | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Derivative asset, measurement input | 1 | 1 | |||
Market risk benefit assets | Maximum | Equity / interest-rate correlation | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Derivative asset, measurement input | 0.3000 | 0.3000 | |||
Market risk benefit assets | Maximum | NPA | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Derivative asset, measurement input | 0.0223 | 0.0203 | |||
Market risk benefit assets | Level 3 | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Bonds available for sale | $ 954 | $ 796 | |||
GMWB only | Minimum | Equity Volatility | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Embedded derivative liability, measurement input | 0.0645 | 0.0645 | |||
GMWB only | Minimum | Base lapse rate | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Embedded derivative liability, measurement input | 0.0016 | 0.0016 | |||
GMWB only | Minimum | Dynamic lapse multiplier | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Embedded derivative liability, measurement input | 0.2000 | 0.2000 | |||
GMWB only | Minimum | Mortality multiplier | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Embedded derivative liability, measurement input | 0.3825 | 0.3825 | |||
GMWB only | Minimum | Utilization(h) | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Embedded derivative liability, measurement input | 0.8000 | 0.8000 | |||
GMWB only | Minimum | Equity / interest-rate correlation | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Embedded derivative liability, measurement input | 0 | 0 | |||
GMWB only | Minimum | NPA | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Embedded derivative liability, measurement input | 0.0034 | 0 | |||
GMWB only | Maximum | Equity Volatility | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Embedded derivative liability, measurement input | 0.5075 | 0.5075 | |||
GMWB only | Maximum | Base lapse rate | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Embedded derivative liability, measurement input | 0.2880 | 0.2880 | |||
GMWB only | Maximum | Dynamic lapse multiplier | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Embedded derivative liability, measurement input | 1.8618 | 1.8618 | |||
GMWB only | Maximum | Mortality multiplier | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Embedded derivative liability, measurement input | 1.6001 | 1.6001 | |||
GMWB only | Maximum | Utilization(h) | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Embedded derivative liability, measurement input | 1 | 1 | |||
GMWB only | Maximum | Equity / interest-rate correlation | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Embedded derivative liability, measurement input | 0.3000 | 0.3000 | |||
GMWB only | Maximum | NPA | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Embedded derivative liability, measurement input | 0.0223 | 0.0203 | |||
GMWB only | Level 3 | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Embedded derivatives within Policyholder contract deposits | $ 2,044 | $ 2,358 | |||
Fixed annuities guaranteed benefits | Minimum | Base lapse rate | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Embedded derivative liability, measurement input | 0.0020 | 0.0020 | |||
Fixed annuities guaranteed benefits | Minimum | Dynamic lapse multiplier | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Embedded derivative liability, measurement input | 0.2000 | 0.2000 | |||
Fixed annuities guaranteed benefits | Minimum | Mortality multiplier | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Embedded derivative liability, measurement input | 0.4026 | 0.4026 | |||
Fixed annuities guaranteed benefits | Minimum | Utilization(h) | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Embedded derivative liability, measurement input | 0.9000 | 0.9000 | |||
Fixed annuities guaranteed benefits | Minimum | NPA | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Embedded derivative liability, measurement input | 0.0034 | 0 | |||
Fixed annuities guaranteed benefits | Maximum | Base lapse rate | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Embedded derivative liability, measurement input | 0.1575 | 0.1575 | |||
Fixed annuities guaranteed benefits | Maximum | Dynamic lapse multiplier | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Embedded derivative liability, measurement input | 1.8618 | 1.8616 | |||
Fixed annuities guaranteed benefits | Maximum | Mortality multiplier | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Embedded derivative liability, measurement input | 1.6843 | 1.6843 | |||
Fixed annuities guaranteed benefits | Maximum | Utilization(h) | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Embedded derivative liability, measurement input | 0.9750 | 0.9750 | |||
Fixed annuities guaranteed benefits | Maximum | NPA | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Embedded derivative liability, measurement input | 0.0223 | 0.0203 | |||
Fixed annuities guaranteed benefits | Level 3 | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Embedded derivatives within Policyholder contract deposits | $ 886 | $ 680 | |||
Fixed index annuities guaranteed benefits | Minimum | Equity Volatility | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Embedded derivative liability, measurement input | 0.0645 | 0.0020 | |||
Fixed index annuities guaranteed benefits | Minimum | Base lapse rate | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Embedded derivative liability, measurement input | 0.0020 | 0.2000 | |||
Fixed index annuities guaranteed benefits | Minimum | Dynamic lapse multiplier | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Embedded derivative liability, measurement input | 0.2000 | 0.2400 | |||
Fixed index annuities guaranteed benefits | Minimum | Mortality multiplier | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Embedded derivative liability, measurement input | 0.2400 | 0.6000 | |||
Fixed index annuities guaranteed benefits | Minimum | Utilization(h) | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Embedded derivative liability, measurement input | 0 | 0.0645 | |||
Fixed index annuities guaranteed benefits | Minimum | Option Budget | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Embedded derivative liability, measurement input | 0.6000 | 0 | |||
Fixed index annuities guaranteed benefits | Minimum | Equity / interest-rate correlation | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Embedded derivative liability, measurement input | 0 | 0 | |||
Fixed index annuities guaranteed benefits | Minimum | NPA | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Embedded derivative liability, measurement input | 0.0034 | 0 | |||
Fixed index annuities guaranteed benefits | Maximum | Equity Volatility | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Embedded derivative liability, measurement input | 0.5075 | 0.5000 | |||
Fixed index annuities guaranteed benefits | Maximum | Base lapse rate | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Embedded derivative liability, measurement input | 0.5000 | 1.8618 | |||
Fixed index annuities guaranteed benefits | Maximum | Dynamic lapse multiplier | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Embedded derivative liability, measurement input | 1.8618 | 1.8000 | |||
Fixed index annuities guaranteed benefits | Maximum | Mortality multiplier | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Embedded derivative liability, measurement input | 1.8000 | 0.9750 | |||
Fixed index annuities guaranteed benefits | Maximum | Utilization(h) | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Embedded derivative liability, measurement input | 0.0600 | 0.5075 | |||
Fixed index annuities guaranteed benefits | Maximum | Option Budget | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Embedded derivative liability, measurement input | 0.9750 | 0.0500 | |||
Fixed index annuities guaranteed benefits | Maximum | Equity / interest-rate correlation | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Embedded derivative liability, measurement input | 0.3000 | 0.3000 | |||
Fixed index annuities guaranteed benefits | Maximum | NPA | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Embedded derivative liability, measurement input | 0.0223 | 0.0203 | |||
Fixed index annuities guaranteed benefits | Level 3 | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Embedded derivatives within Policyholder contract deposits | $ 2,047 | $ 1,698 | |||
Index credits on fixed index annuities(i) | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Policyholder contract deposits | $ 1,500 | $ 1,100 | |||
Index credits on fixed index annuities(i) | Minimum | Equity Volatility | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Embedded derivative liability, measurement input | 0.0645 | 0.0645 | |||
Index credits on fixed index annuities(i) | Minimum | Base lapse rate | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Embedded derivative liability, measurement input | 0.0020 | 0.0020 | |||
Index credits on fixed index annuities(i) | Minimum | Dynamic lapse multiplier | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Embedded derivative liability, measurement input | 0.2000 | 0.2000 | |||
Index credits on fixed index annuities(i) | Minimum | Mortality multiplier | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Embedded derivative liability, measurement input | 0.2400 | 0.2400 | |||
Index credits on fixed index annuities(i) | Minimum | Utilization(h) | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Embedded derivative liability, measurement input | 0.6000 | 0.6000 | |||
Index credits on fixed index annuities(i) | Minimum | Option Budget | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Embedded derivative liability, measurement input | 0 | 0 | |||
Index credits on fixed index annuities(i) | Minimum | Equity / interest-rate correlation | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Embedded derivative liability, measurement input | 0 | 0 | |||
Index credits on fixed index annuities(i) | Minimum | NPA | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Embedded derivative liability, measurement input | 0.0034 | 0 | |||
Index credits on fixed index annuities(i) | Maximum | Equity Volatility | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Embedded derivative liability, measurement input | 0.5075 | 0.5075 | |||
Index credits on fixed index annuities(i) | Maximum | Base lapse rate | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Embedded derivative liability, measurement input | 0.5000 | 0.5000 | |||
Index credits on fixed index annuities(i) | Maximum | Dynamic lapse multiplier | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Embedded derivative liability, measurement input | 1.8618 | 1.8618 | |||
Index credits on fixed index annuities(i) | Maximum | Mortality multiplier | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Embedded derivative liability, measurement input | 1.8000 | 1.8000 | |||
Index credits on fixed index annuities(i) | Maximum | Utilization(h) | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Embedded derivative liability, measurement input | 0.9750 | 0.9750 | |||
Index credits on fixed index annuities(i) | Maximum | Option Budget | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Embedded derivative liability, measurement input | 0.0600 | 0.0500 | |||
Index credits on fixed index annuities(i) | Maximum | Equity / interest-rate correlation | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Embedded derivative liability, measurement input | 0.3000 | 0.3000 | |||
Index credits on fixed index annuities(i) | Maximum | NPA | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Embedded derivative liability, measurement input | 0.0223 | 0.0203 | |||
Index credits on fixed index annuities(i) | Level 3 | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Embedded derivatives within Policyholder contract deposits | $ 5,973 | $ 4,657 | |||
Index Life | Minimum | Equity Volatility | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Embedded derivative liability, measurement input | 0.0575 | 0.0575 | |||
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 multiplier(e)(f) | |||||
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 | 0.0034 | 0 | |||
Index Life | Maximum | Equity Volatility | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Embedded derivative liability, measurement input | 0.2082 | 0.2363 | |||
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 multiplier(e)(f) | |||||
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 | 0.0223 | 0.0203 | |||
Index Life | Level 3 | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Embedded derivatives within Policyholder contract deposits | $ 840 | $ 710 | |||
[1] See Note 8 |
Fair Value Measurements - Inves
Fair Value Measurements - Investments in certain other invested assets (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
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 | $ 6,044 | $ 6,047 |
Unfunded Commitments | 2,556 | 2,788 |
Private equity funds | ||
INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING NET ASSET VALUE PER SHARE | ||
Private equity funds/hedge funds | 5,440 | 5,163 |
Unfunded Commitments | 2,556 | 2,788 |
Leveraged buyout | ||
INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING NET ASSET VALUE PER SHARE | ||
Private equity funds/hedge funds | 2,235 | 2,014 |
Unfunded Commitments | 1,554 | 1,719 |
Real estate | ||
INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING NET ASSET VALUE PER SHARE | ||
Private equity funds/hedge funds | 1,095 | 1,082 |
Unfunded Commitments | 572 | 549 |
Venture capital | ||
INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING NET ASSET VALUE PER SHARE | ||
Private equity funds/hedge funds | 206 | 212 |
Unfunded Commitments | 103 | 118 |
Growth equity | ||
INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING NET ASSET VALUE PER SHARE | ||
Private equity funds/hedge funds | 495 | 510 |
Unfunded Commitments | 30 | 40 |
Mezzanine | ||
INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING NET ASSET VALUE PER SHARE | ||
Private equity funds/hedge funds | 435 | 443 |
Unfunded Commitments | 87 | 78 |
Other | ||
INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING NET ASSET VALUE PER SHARE | ||
Private equity funds/hedge funds | 974 | 902 |
Unfunded Commitments | 210 | 284 |
Hedge funds | ||
INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING NET ASSET VALUE PER SHARE | ||
Private equity funds/hedge funds | 604 | 884 |
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 | 5 |
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 | 273 | 335 |
Unfunded Commitments | 0 | 0 |
Macro | ||
INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING NET ASSET VALUE PER SHARE | ||
Private equity funds/hedge funds | 186 | 366 |
Unfunded Commitments | 0 | 0 |
Other | ||
INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING NET ASSET VALUE PER SHARE | ||
Private equity funds/hedge funds | 140 | 178 |
Unfunded Commitments | $ 0 | $ 0 |
Fair Value Measurements - Gains
Fair Value Measurements - Gains or losses recorded related to fair value option (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Fair Value, Option, Quantitative Disclosures | ||||
Total gain (loss) | $ 97 | $ (223) | $ 212 | $ (86) |
Total liabilities | ||||
Fair Value, Option, Quantitative Disclosures | ||||
Total gain (loss) | 3 | 6 | 2 | 12 |
Policyholder contract deposits(b) | ||||
Fair Value, Option, Quantitative Disclosures | ||||
Total gain (loss) | 3 | 8 | 2 | 15 |
Debt of consolidated investment entities | ||||
Fair Value, Option, Quantitative Disclosures | ||||
Total gain (loss) | 0 | (2) | 0 | (3) |
Total assets | ||||
Fair Value, Option, Quantitative Disclosures | ||||
Total gain (loss) | 94 | (229) | 210 | (98) |
Other bond securities | ||||
Fair Value, Option, Quantitative Disclosures | ||||
Total gain (loss) | 14 | (183) | 129 | (295) |
Alternative investments | ||||
Fair Value, Option, Quantitative Disclosures | ||||
Total gain (loss) | $ 80 | $ (46) | $ 81 | $ 197 |
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 | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Other investments | [1] | $ 10,530 | $ 10,530 | $ 10,418 | ||
Non-Recurring Basis | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Other investments | 0 | 0 | 12 | |||
Total | 0 | 0 | 12 | |||
Impairment Charges | 0 | $ 0 | 0 | $ 0 | ||
Non-Recurring Basis | Other investments | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Impairment Charges | 0 | $ 0 | 0 | $ 0 | ||
Non-Recurring Basis | Asset Class to Loans Held For Sale | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total | 36 | 36 | ||||
Non-Recurring Basis | Level 1 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Other investments | 0 | 0 | 0 | |||
Total | 0 | 0 | 0 | |||
Non-Recurring Basis | Level 2 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Other investments | 0 | 0 | 0 | |||
Total | 0 | 0 | 0 | |||
Non-Recurring Basis | Level 3 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Other investments | 0 | 0 | 12 | |||
Total | $ 0 | $ 0 | $ 12 | |||
[1] See Note 8 |
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 | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Jan. 01, 2021 | |||
Assets: | |||||||
Mortgage and other loans receivable | [1] | $ 46,497 | $ 44,566 | ||||
Other investments | [1] | 10,530 | 10,418 | ||||
Short-term investments | [1] | 4,066 | 4,400 | ||||
Cash | 751 | [1] | 552 | [1] | $ 457 | ||
Other assets | 2,521 | [1] | $ 3,824 | ||||
Liabilities: | |||||||
Short-term debt | 1,500 | 1,500 | |||||
Consolidated VIE | |||||||
Assets: | |||||||
Mortgage and other loans receivable | 2,010 | 2,088 | |||||
Short-term investments | 299 | 456 | |||||
Cash | 99 | 71 | |||||
Other assets | 128 | 170 | |||||
Liabilities: | |||||||
Other liabilities | 102 | 132 | |||||
Long-term debt | 2,656 | 5,958 | |||||
Estimated Fair Value | |||||||
Assets: | |||||||
Mortgage and other loans receivable | 43,036 | 40,967 | |||||
Other investments | 247 | 222 | |||||
Short-term investments | 2,476 | 3,043 | |||||
Cash | 751 | 552 | |||||
Other assets | 9 | 12 | |||||
Liabilities: | |||||||
Policyholder contract deposits associated with investment-type contracts | 136,133 | 129,293 | |||||
Fortitude Re funds withheld payable | 24,552 | 25,289 | |||||
Other liabilities | 532 | 3,056 | |||||
Short-term debt | 1,500 | 1,500 | |||||
Long-term debt | 7,142 | 7,172 | |||||
Separate account liabilities - investment contracts | 85,761 | 80,649 | |||||
Estimated Fair Value | Consolidated VIE | |||||||
Liabilities: | |||||||
Long-term debt | 2,440 | 5,543 | |||||
Carrying Value | |||||||
Assets: | |||||||
Mortgage and other loans receivable | 46,461 | 44,403 | |||||
Other investments | 247 | 222 | |||||
Short-term investments | 2,476 | 3,043 | |||||
Cash | 751 | 552 | |||||
Other assets | 9 | 12 | |||||
Liabilities: | |||||||
Policyholder contract deposits associated with investment-type contracts | 139,239 | 137,086 | |||||
Fortitude Re funds withheld payable | 24,552 | 25,289 | |||||
Other liabilities | 532 | 3,056 | |||||
Short-term debt | 1,500 | 1,500 | |||||
Long-term debt | 7,873 | 7,868 | |||||
Separate account liabilities - investment contracts | 85,761 | 80,649 | |||||
Carrying Value | Consolidated VIE | |||||||
Liabilities: | |||||||
Long-term debt | 2,654 | 5,952 | |||||
Level 1 | Estimated Fair Value | |||||||
Assets: | |||||||
Mortgage and other loans receivable | 0 | 0 | |||||
Other investments | 0 | 0 | |||||
Short-term investments | 0 | 0 | |||||
Cash | 751 | 552 | |||||
Other assets | 9 | 4 | |||||
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 | 30 | 31 | |||||
Other investments | 247 | 222 | |||||
Short-term investments | 2,476 | 3,043 | |||||
Cash | 0 | 0 | |||||
Other assets | 0 | 8 | |||||
Liabilities: | |||||||
Policyholder contract deposits associated with investment-type contracts | 106 | 119 | |||||
Fortitude Re funds withheld payable | 0 | 0 | |||||
Other liabilities | 532 | 3,056 | |||||
Short-term debt | 1,500 | 1,500 | |||||
Long-term debt | 7,142 | 7,172 | |||||
Separate account liabilities - investment contracts | 85,761 | 80,649 | |||||
Level 2 | Estimated Fair Value | Consolidated VIE | |||||||
Liabilities: | |||||||
Long-term debt | 89 | 3,055 | |||||
Level 3 | Estimated Fair Value | |||||||
Assets: | |||||||
Mortgage and other loans receivable | 43,006 | 40,936 | |||||
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 | 136,027 | 129,174 | |||||
Fortitude Re funds withheld payable | 24,552 | 25,289 | |||||
Other liabilities | 0 | 0 | |||||
Short-term debt | 0 | 0 | |||||
Long-term debt | 0 | 0 | |||||
Separate account liabilities - investment contracts | 0 | 0 | |||||
Level 3 | Estimated Fair Value | Consolidated VIE | |||||||
Liabilities: | |||||||
Long-term debt | $ 2,351 | $ 2,488 | |||||
[1] See Note 8 |
Investments - Amortized cost or
Investments - Amortized cost or cost and fair value of available for sale securities (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | |
Debt Securities, Available-for-sale [Line Items] | |||||||
Amortized Cost or Costs | $ 179,095 | $ 181,274 | |||||
Allowance for Credit Losses | (90) | $ (96) | (148) | $ (114) | $ (141) | $ (78) | |
Gross Unrealized Gains | 1,511 | 1,424 | |||||
Gross Unrealized Losses | (23,608) | (25,757) | |||||
Bonds available for sale | [1] | 156,908 | 156,793 | ||||
U.S. government and government sponsored entities | |||||||
Debt Securities, Available-for-sale [Line Items] | |||||||
Amortized Cost or Costs | 1,415 | 1,405 | |||||
Allowance for Credit Losses | 0 | 0 | |||||
Gross Unrealized Gains | 15 | 17 | |||||
Gross Unrealized Losses | (203) | (224) | |||||
Bonds available for sale | 1,227 | 1,198 | |||||
Obligations of states, municipalities and political subdivisions | |||||||
Debt Securities, Available-for-sale [Line Items] | |||||||
Amortized Cost or Costs | 6,570 | 6,808 | |||||
Allowance for Credit Losses | 0 | 0 | |||||
Gross Unrealized Gains | 55 | 42 | |||||
Gross Unrealized Losses | (743) | (924) | |||||
Bonds available for sale | 5,882 | 5,926 | |||||
Non-U.S. governments | |||||||
Debt Securities, Available-for-sale [Line Items] | |||||||
Amortized Cost or Costs | 4,805 | 5,251 | |||||
Allowance for Credit Losses | 0 | (5) | |||||
Gross Unrealized Gains | 24 | 25 | |||||
Gross Unrealized Losses | (775) | (879) | |||||
Bonds available for sale | 4,054 | 4,392 | |||||
Corporate debt | |||||||
Debt Securities, Available-for-sale [Line Items] | |||||||
Amortized Cost or Costs | 119,237 | 124,068 | |||||
Allowance for Credit Losses | (50) | (116) | |||||
Gross Unrealized Gains | 712 | 729 | |||||
Gross Unrealized Losses | (18,306) | (19,989) | |||||
Bonds available for sale | 101,593 | 104,692 | |||||
Mortgage-backed, asset-backed and collateralized | |||||||
Debt Securities, Available-for-sale [Line Items] | |||||||
Amortized Cost or Costs | 47,068 | 43,742 | |||||
Allowance for Credit Losses | (40) | (27) | |||||
Gross Unrealized Gains | 705 | 611 | |||||
Gross Unrealized Losses | (3,581) | (3,741) | |||||
Bonds available for sale | 44,152 | 40,585 | |||||
RMBS | |||||||
Debt Securities, Available-for-sale [Line Items] | |||||||
Amortized Cost or Costs | 12,876 | 12,267 | |||||
Allowance for Credit Losses | (20) | (27) | |||||
Gross Unrealized Gains | 607 | 574 | |||||
Gross Unrealized Losses | (818) | (870) | |||||
Bonds available for sale | 12,645 | 11,944 | |||||
RMBS | Total derivatives with related parties | |||||||
Debt Securities, Available-for-sale [Line Items] | |||||||
Amortized Cost or Costs | 42 | 43 | |||||
Bonds available for sale | 39 | 39 | |||||
CMBS | |||||||
Debt Securities, Available-for-sale [Line Items] | |||||||
Amortized Cost or Costs | 10,982 | 11,176 | |||||
Allowance for Credit Losses | (18) | 0 | |||||
Gross Unrealized Gains | 10 | 7 | |||||
Gross Unrealized Losses | (1,206) | (1,115) | |||||
Bonds available for sale | 9,768 | 10,068 | |||||
CLO | |||||||
Debt Securities, Available-for-sale [Line Items] | |||||||
Amortized Cost or Costs | 10,035 | 8,547 | |||||
Allowance for Credit Losses | (2) | 0 | |||||
Gross Unrealized Gains | 43 | 15 | |||||
Gross Unrealized Losses | (314) | (376) | |||||
Bonds available for sale | 9,762 | 8,186 | |||||
ABS | |||||||
Debt Securities, Available-for-sale [Line Items] | |||||||
Amortized Cost or Costs | 13,175 | 11,752 | |||||
Allowance for Credit Losses | 0 | 0 | |||||
Gross Unrealized Gains | 45 | 15 | |||||
Gross Unrealized Losses | (1,243) | (1,380) | |||||
Bonds available for sale | 11,977 | $ 10,387 | |||||
Collateralized Debt Obligations | Total derivatives with related parties | |||||||
Debt Securities, Available-for-sale [Line Items] | |||||||
Amortized Cost or Costs | 15 | ||||||
Bonds available for sale | $ 16 | ||||||
[1] See Note 8 |
Investments - Securities availa
Investments - Securities available for sale in a loss position (Details) $ in Millions | Jun. 30, 2023 USD ($) security | Dec. 31, 2022 USD ($) security |
Fair Value | ||
Less Than 12 Months | $ 93,813 | $ 119,440 |
12 Months or More | 39,804 | 18,032 |
Total | 133,617 | 137,472 |
Gross Unrealized Losses | ||
Less Than 12 Months | 16,652 | 21,420 |
12 Months or More | 6,914 | 4,227 |
Total | $ 23,566 | $ 25,647 |
Number of securities in an unrealized loss position | security | 16,186 | 16,516 |
Number of individual securities in continuous unrealized loss position for longer than twelve months | security | 4,404 | 1,923 |
U.S. government and government sponsored entities | ||
Fair Value | ||
Less Than 12 Months | $ 787 | $ 761 |
12 Months or More | 1 | 0 |
Total | 788 | 761 |
Gross Unrealized Losses | ||
Less Than 12 Months | 203 | 224 |
12 Months or More | 0 | 0 |
Total | 203 | 224 |
Obligations of states, municipalities and political subdivisions | ||
Fair Value | ||
Less Than 12 Months | 4,794 | 5,076 |
12 Months or More | 39 | 0 |
Total | 4,833 | 5,076 |
Gross Unrealized Losses | ||
Less Than 12 Months | 740 | 924 |
12 Months or More | 3 | 0 |
Total | 743 | 924 |
Non-U.S. governments | ||
Fair Value | ||
Less Than 12 Months | 3,604 | 3,932 |
12 Months or More | 7 | 0 |
Total | 3,611 | 3,932 |
Gross Unrealized Losses | ||
Less Than 12 Months | 775 | 868 |
12 Months or More | 0 | 0 |
Total | 775 | 868 |
Corporate debt | ||
Fair Value | ||
Less Than 12 Months | 65,796 | 82,971 |
12 Months or More | 23,764 | 11,143 |
Total | 89,560 | 94,114 |
Gross Unrealized Losses | ||
Less Than 12 Months | 13,365 | 16,866 |
12 Months or More | 4,932 | 3,070 |
Total | 18,297 | 19,936 |
RMBS | ||
Fair Value | ||
Less Than 12 Months | 5,154 | 6,227 |
12 Months or More | 2,700 | 903 |
Total | 7,854 | 7,130 |
Gross Unrealized Losses | ||
Less Than 12 Months | 398 | 653 |
12 Months or More | 390 | 171 |
Total | 788 | 824 |
CMBS | ||
Fair Value | ||
Less Than 12 Months | 5,345 | 7,902 |
12 Months or More | 3,701 | 1,708 |
Total | 9,046 | 9,610 |
Gross Unrealized Losses | ||
Less Than 12 Months | 637 | 797 |
12 Months or More | 566 | 318 |
Total | 1,203 | 1,115 |
CLO | ||
Fair Value | ||
Less Than 12 Months | 3,881 | 5,573 |
12 Months or More | 3,873 | 2,007 |
Total | 7,754 | 7,580 |
Gross Unrealized Losses | ||
Less Than 12 Months | 143 | 234 |
12 Months or More | 171 | 142 |
Total | 314 | 376 |
ABS | ||
Fair Value | ||
Less Than 12 Months | 4,452 | 6,998 |
12 Months or More | 5,719 | 2,271 |
Total | 10,171 | 9,269 |
Gross Unrealized Losses | ||
Less Than 12 Months | 391 | 854 |
12 Months or More | 852 | 526 |
Total | $ 1,243 | $ 1,380 |
Investments - Amortized cost an
Investments - Amortized cost and fair value of fixed maturity securities available for sale by contractual maturity (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 | |
Amortized Cost, Net of Allowance | |||
Due in one year or less | $ 2,085 | ||
Due after one year through five years | 21,333 | ||
Due after five years through ten years | 24,977 | ||
Due after ten years | 83,582 | ||
Mortgage-backed, asset-backed and collateralized | 47,028 | ||
Total | 179,005 | ||
Fair Value | |||
Due in one year or less | 2,062 | ||
Due after one year through five years | 20,410 | ||
Due after five years through ten years | 22,501 | ||
Due after ten years | 67,783 | ||
Mortgage-backed, asset-backed and collateralized | 44,152 | ||
Total | [1] | $ 156,908 | $ 156,793 |
[1] See Note 8 |
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 | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Fixed maturity securities | ||||
Gross Realized Gains | $ 38 | $ 29 | $ 84 | $ 93 |
Gross Realized Losses | (279) | (315) | (418) | (478) |
Net Investment Income [Line Items] | ||||
Aggregate fair value of available for sale securities sold | 3,000 | 5,500 | 5,700 | 7,600 |
Net realized gains (losses) | (241) | (286) | (334) | (385) |
Fortitude RE Funds Withheld Assets | ||||
Net Investment Income [Line Items] | ||||
Net realized gains (losses) | $ (46) | $ (103) | $ (63) | $ (123) |
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 | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | ||
Debt and Equity Securities, FV-NI [Line Items] | |||
Total fixed maturity securities | [1] | $ 4,240 | $ 3,769 |
Equity securities | [1] | 194 | 170 |
Total | $ 4,434 | $ 3,939 | |
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 | $ 4,240 | $ 3,769 | |
Fixed maturity securities | Investment Concentration Risk | Investments | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Concentration risk, percentage | 96% | 96% | |
Fixed maturity securities | Obligations of states, municipalities and political subdivisions | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Total fixed maturity securities | $ 55 | $ 37 | |
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% | 1% | |
Fixed maturity securities | Non-U.S. governments | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Total fixed maturity securities | $ 19 | $ 22 | |
Fixed maturity securities | Non-U.S. governments | Investment Concentration Risk | Investments | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Concentration risk, percentage | 0% | 1% | |
Fixed maturity securities | Corporate debt | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Total fixed maturity securities | $ 2,333 | $ 2,222 | |
Fixed maturity securities | Corporate debt | Investment Concentration Risk | Investments | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Concentration risk, percentage | 53% | 56% | |
Fixed maturity securities | Mortgage-backed, asset-backed and collateralized | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Total fixed maturity securities | $ 1,833 | $ 1,488 | |
Fixed maturity securities | Mortgage-backed, asset-backed and collateralized | Investment Concentration Risk | Investments | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Concentration risk, percentage | 42% | 38% | |
Fixed maturity securities | RMBS | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Total fixed maturity securities | $ 262 | $ 165 | |
Fixed maturity securities | RMBS | Investment Concentration Risk | Investments | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Concentration risk, percentage | 6% | 4% | |
Fixed maturity securities | CMBS | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Total fixed maturity securities | $ 251 | $ 232 | |
Fixed maturity securities | CMBS | Investment Concentration Risk | Investments | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Concentration risk, percentage | 6% | 6% | |
Fixed maturity securities | CLO | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Total fixed maturity securities | $ 367 | $ 279 | |
Fixed maturity securities | CLO | Investment Concentration Risk | Investments | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Concentration risk, percentage | 8% | 7% | |
Fixed maturity securities | ABS | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Total fixed maturity securities | $ 953 | $ 812 | |
Fixed maturity securities | ABS | Investment Concentration Risk | Investments | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Concentration risk, percentage | 22% | 21% | |
Fixed maturity securities | US Government Corporations and Agencies Securities | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Total fixed maturity securities | $ 0 | $ 0 | |
Fixed maturity securities | US Government Corporations and Agencies Securities | Investment Concentration Risk | Investments | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Concentration risk, percentage | 0% | 0% | |
Equity securities | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Equity securities | $ 194 | $ 170 | |
Equity securities | Investment Concentration Risk | Investments | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Concentration risk, percentage | 4% | 4% | |
[1] See Note 8 |
Investments - Carrying amounts
Investments - Carrying amounts of other invested assets (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 | |
Investments [Line Items] | |||
Investment real estate | $ 1,878 | $ 1,831 | |
All other investments | 594 | 573 | |
Total | [1] | 10,530 | 10,418 |
Accumulated depreciation on investment in real estate | 626 | 616 | |
Total derivatives with related parties | |||
Investments [Line Items] | |||
Total | 3 | 6 | |
Fortitude | |||
Investments [Line Items] | |||
All other investments | 156 | 156 | |
Private equity funds/hedge funds | |||
Investments [Line Items] | |||
Alternative investments | 8,058 | 8,014 | |
Hedge Funds | |||
Investments [Line Items] | |||
Total | $ 604 | $ 884 | |
Percentage available for redemption in current fiscal year | 61% | 77% | |
Percentage available for redemption in the six years following the current fiscal year | 39% | 23% | |
Private equity funds | |||
Investments [Line Items] | |||
Alternative investments | $ 5,440 | $ 5,163 | |
Total | 7,500 | 7,100 | |
Affordable Housing Partnerships | |||
Investments [Line Items] | |||
Accumulated depreciation on investment in real estate | $ 106 | $ 124 | |
[1] See Note 8 |
Investments - Equity method inv
Investments - Equity method investments (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Equity Method Investments, Joint Ventures, Investments, Debt And Equity Securities [Abstract] | ||
Equity method investments | $ 3,265 | $ 3,185 |
Investments - Components of net
Investments - Components of net investment income (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Net Investment Income [Line Items] | ||||
Total investment income | $ 2,859 | $ 2,409 | $ 5,715 | $ 5,103 |
Investment expenses | 145 | 129 | 306 | 242 |
Net investment income | 2,714 | 2,280 | 5,409 | 4,861 |
Net investment income - excluding Fortitude Re funds withheld assets | ||||
Net Investment Income [Line Items] | ||||
Total investment income | 2,583 | 2,219 | 5,036 | 4,627 |
Investment expenses | 139 | 121 | 291 | 226 |
Net investment income | 2,444 | 2,098 | 4,745 | 4,401 |
Fortitude | ||||
Net Investment Income [Line Items] | ||||
Total investment income | 276 | 190 | 679 | 476 |
Investment expenses | 6 | 8 | 15 | 16 |
Net investment income | 270 | 182 | 664 | 460 |
Available-for-sale fixed maturity securities, including short-term investments | ||||
Net Investment Income [Line Items] | ||||
Total investment income | 2,113 | 1,889 | 4,226 | 3,777 |
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 | 1,905 | 1,652 | 3,801 | 3,272 |
Available-for-sale fixed maturity securities, including short-term investments | Fortitude | ||||
Net Investment Income [Line Items] | ||||
Total investment income | 208 | 237 | 425 | 505 |
Other bond securities | ||||
Net Investment Income [Line Items] | ||||
Total investment income | 14 | (183) | 129 | (295) |
Other bond securities | Net investment income - excluding Fortitude Re funds withheld assets | ||||
Net Investment Income [Line Items] | ||||
Total investment income | 8 | (34) | 18 | (53) |
Other bond securities | Fortitude | ||||
Net Investment Income [Line Items] | ||||
Total investment income | 6 | (149) | 111 | (242) |
Equity securities | ||||
Net Investment Income [Line Items] | ||||
Total investment income | 3 | (20) | 32 | (77) |
Equity securities | Net investment income - excluding Fortitude Re funds withheld assets | ||||
Net Investment Income [Line Items] | ||||
Total investment income | 3 | (20) | 32 | (77) |
Equity securities | Fortitude | ||||
Net Investment Income [Line Items] | ||||
Total investment income | 0 | 0 | 0 | 0 |
Interest on mortgage and other loans | ||||
Net Investment Income [Line Items] | ||||
Total investment income | 613 | 443 | 1,175 | 867 |
Interest on mortgage and other loans | Net investment income - excluding Fortitude Re funds withheld assets | ||||
Net Investment Income [Line Items] | ||||
Total investment income | 564 | 397 | 1,076 | 781 |
Interest on mortgage and other loans | Fortitude | ||||
Net Investment Income [Line Items] | ||||
Total investment income | 49 | 46 | 99 | 86 |
Alternative investments | ||||
Net Investment Income [Line Items] | ||||
Total investment income | 93 | 242 | 123 | 758 |
Alternative investments | Net investment income - excluding Fortitude Re funds withheld assets | ||||
Net Investment Income [Line Items] | ||||
Total investment income | 80 | 186 | 79 | 631 |
Alternative investments | Fortitude | ||||
Net Investment Income [Line Items] | ||||
Total investment income | 13 | 56 | 44 | 127 |
Real estate | ||||
Net Investment Income [Line Items] | ||||
Total investment income | 15 | 24 | 19 | 21 |
Real estate | Net investment income - excluding Fortitude Re funds withheld assets | ||||
Net Investment Income [Line Items] | ||||
Total investment income | 15 | 24 | 19 | 21 |
Real estate | Fortitude | ||||
Net Investment Income [Line Items] | ||||
Total investment income | 0 | 0 | 0 | 0 |
Other investments | ||||
Net Investment Income [Line Items] | ||||
Total investment income | 8 | 14 | 11 | 52 |
Other investments | Net investment income - excluding Fortitude Re funds withheld assets | ||||
Net Investment Income [Line Items] | ||||
Total investment income | 8 | 14 | 11 | 52 |
Other investments | Fortitude | ||||
Net Investment Income [Line Items] | ||||
Total investment income | $ 0 | $ 0 | $ 0 | $ 0 |
Investments - Components of n_2
Investments - Components of net realized gains (losses) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Components of net realized capital gains (losses) | ||||
Sales of fixed maturity securities | $ (241) | $ (286) | $ (334) | $ (385) |
Net realized gains (losses) | (320) | 2,520 | (1,778) | 5,407 |
Fortitude | ||||
Components of net realized capital gains (losses) | ||||
Net realized gains (losses) | (8) | 2,334 | (1,013) | 5,048 |
Excluding Fortitude Re Funds Withheld Assets | ||||
Components of net realized capital gains (losses) | ||||
Net realized gains (losses) | (312) | 186 | (765) | 359 |
Fortitude Re funds withheld embedded derivative | ||||
Components of net realized capital gains (losses) | ||||
Net realized gains (losses) | 122 | 2,394 | (903) | 5,231 |
Fortitude Re funds withheld embedded derivative | Fortitude | ||||
Components of net realized capital gains (losses) | ||||
Net realized gains (losses) | 122 | 2,394 | (903) | 5,231 |
Fortitude Re funds withheld embedded derivative | Excluding Fortitude Re Funds Withheld Assets | ||||
Components of net realized capital gains (losses) | ||||
Net realized gains (losses) | 0 | 0 | 0 | 0 |
Excluding Modified Coinsurance And Funds Withheld Embedded Derivative | ||||
Components of net realized capital gains (losses) | ||||
Sales of fixed maturity securities | (241) | (286) | (334) | (385) |
Change in allowance for credit losses on fixed maturity securities | (28) | (21) | (45) | (87) |
Foreign exchange transactions, net of related hedges | (113) | 430 | (95) | 547 |
Index-linked interest credited embedded derivatives, net of related hedges | (141) | (20) | (319) | 185 |
All other derivatives and hedge accounting* | 181 | 1 | 65 | (77) |
Sales of alternative investments and real estate investments | 2 | 4 | 8 | 13 |
Other | (46) | (1) | (46) | (7) |
Net realized gains (losses) | (442) | 126 | (875) | 176 |
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 | (56) | 19 | (109) | (13) |
Excluding Modified Coinsurance And Funds Withheld Embedded Derivative | Fortitude | ||||
Components of net realized capital gains (losses) | ||||
Sales of fixed maturity securities | (46) | (103) | (63) | (123) |
Change in allowance for credit losses on fixed maturity securities | (2) | 0 | (2) | (40) |
Foreign exchange transactions, net of related hedges | 2 | 32 | 9 | 38 |
Index-linked interest credited embedded derivatives, net of related hedges | 0 | 0 | 0 | 0 |
All other derivatives and hedge accounting* | (77) | 4 | (29) | (62) |
Sales of alternative investments and real estate investments | (1) | 2 | 0 | 3 |
Other | 2 | (1) | 2 | 1 |
Net realized gains (losses) | (130) | (60) | (110) | (183) |
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 | (8) | 6 | (27) | 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 | (195) | (183) | (271) | (262) |
Change in allowance for credit losses on fixed maturity securities | (26) | (21) | (43) | (47) |
Foreign exchange transactions, net of related hedges | (115) | 398 | (104) | 509 |
Index-linked interest credited embedded derivatives, net of related hedges | (141) | (20) | (319) | 185 |
All other derivatives and hedge accounting* | 258 | (3) | 94 | (15) |
Sales of alternative investments and real estate investments | 3 | 2 | 8 | 10 |
Other | (48) | 0 | (48) | (8) |
Net realized gains (losses) | (312) | 186 | (765) | 359 |
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 | $ (48) | $ 13 | $ (82) | $ (13) |
Investments - Schedule of chang
Investments - Schedule of changes in unrealized appreciation (depreciation) of available for sale securities and other investments (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Increase (decrease) in unrealized appreciation (depreciation) of investments: | ||||
Increase (decrease) in unrealized appreciation (depreciation) of investments | $ (1,772) | $ (15,402) | $ 2,248 | $ (32,276) |
Net gains (losses) recognized during the period on equity securities and other investments | 127 | 27 | 187 | 269 |
Less: Net gains (losses) recognized during the period on equity securities and other investments sold during the period | 8 | (15) | 42 | (64) |
Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date | 119 | 42 | 145 | 333 |
Fixed maturity securities | ||||
Increase (decrease) in unrealized appreciation (depreciation) of investments: | ||||
Increase (decrease) in unrealized appreciation (depreciation) of investments | (1,783) | (15,402) | 2,236 | (32,276) |
Other investments | ||||
Increase (decrease) in unrealized appreciation (depreciation) of investments: | ||||
Increase (decrease) in unrealized appreciation (depreciation) of investments | 11 | 0 | 12 | 0 |
Equities | ||||
Increase (decrease) in unrealized appreciation (depreciation) of investments: | ||||
Net gains (losses) recognized during the period on equity securities and other investments | 4 | (20) | 33 | (77) |
Less: Net gains (losses) recognized during the period on equity securities and other investments sold during the period | 0 | (2) | 33 | (48) |
Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date | 4 | (18) | 0 | (29) |
Other invested assets | ||||
Increase (decrease) in unrealized appreciation (depreciation) of investments: | ||||
Net gains (losses) recognized during the period on equity securities and other investments | 123 | 47 | 154 | 346 |
Less: Net gains (losses) recognized during the period on equity securities and other investments sold during the period | 8 | (13) | 9 | (16) |
Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date | $ 115 | $ 60 | $ 145 | $ 362 |
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 | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||||
Balance, beginning of period | $ 96 | $ 141 | $ 148 | $ 78 |
Additions: | ||||
Securities for which allowance for credit losses were not previously recorded | 29 | 3 | 43 | 130 |
Reductions: | ||||
Securities sold during the period | (9) | (33) | (28) | (35) |
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 | (1) | 18 | 2 | (44) |
Write-offs charged against the allowance | (25) | (15) | (75) | (15) |
Balance, end of period | 90 | 114 | 90 | 114 |
Structured | ||||
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||||
Balance, beginning of period | 27 | 11 | 27 | 8 |
Additions: | ||||
Securities for which allowance for credit losses were not previously recorded | 13 | 1 | 15 | 34 |
Reductions: | ||||
Securities sold during the period | (1) | (1) | (1) | (1) |
Additional net increases or decreases to the allowance for credit losses on securities that had an allowance recorded in a previous period, for which there was no intent to sell before recovery, amortized cost basis | (1) | 8 | (1) | (22) |
Write-offs charged against the allowance | 0 | 0 | 0 | 0 |
Balance, end of period | 40 | 19 | 40 | 19 |
Non-Structured | ||||
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||||
Balance, beginning of period | 69 | 130 | 121 | 70 |
Additions: | ||||
Securities for which allowance for credit losses were not previously recorded | 16 | 2 | 28 | 96 |
Reductions: | ||||
Securities sold during the period | (10) | (32) | (27) | (34) |
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 | 0 | 10 | 3 | (22) |
Write-offs charged against the allowance | (25) | (15) | (75) | (15) |
Balance, end of period | $ 50 | $ 95 | $ 50 | $ 95 |
Investments - Pledged investmen
Investments - Pledged investments (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Jan. 01, 2021 |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||||
Amounts borrowed under repurchase and securities lending agreements | $ 532 | $ 3,100 | ||
Securities pledged under repurchase agreements | 542 | 2,968 | ||
Total carrying values of cash and securities deposited under requirements of regulatory authorities or other insurance-related arrangements | 6,400 | 3,500 | ||
Loans | 47,186 | 45,166 | ||
Policyholder contract deposits | 159,644 | 156,058 | $ 153,239 | $ 148,421 |
Less Than 12 Months | 93,813 | 119,440 | ||
Guaranteed Investment Contract | ||||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||||
Policyholder contract deposits | 50 | 56 | ||
Asset Pledged as Collateral | Federal Home Loan Bank Advances | ||||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||||
Available for sale debt securities | 5,400 | 4,800 | ||
Loans | 2,500 | 1,800 | ||
Asset Pledged as Collateral | Deposits | ||||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||||
Available for sale debt securities | 56 | 63 | ||
Asset Pledged as Collateral | Collateralized Reinsurance Transactions | ||||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||||
Available for sale debt securities | 239 | 144 | ||
Obligations of states, municipalities and political subdivisions | ||||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||||
Less Than 12 Months | 4,794 | 5,076 | ||
Non-U.S. governments | ||||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||||
Less Than 12 Months | 3,604 | 3,932 | ||
Corporate debt | ||||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||||
Less Than 12 Months | 65,796 | 82,971 | ||
U.S. government and government sponsored entities | ||||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||||
Less Than 12 Months | 787 | 761 | ||
Overnight and Continuous | ||||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||||
Securities pledged under repurchase agreements | 27 | 0 | ||
Up to 30 Days | ||||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||||
Securities pledged under repurchase agreements | 515 | 2,391 | ||
31 - 90 Days | ||||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||||
Securities pledged under repurchase agreements | 0 | 577 | ||
91 - 364 Days | ||||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||||
Securities pledged under repurchase agreements | 0 | 0 | ||
365 Days or Greater | ||||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||||
Securities pledged under repurchase agreements | 0 | 0 | ||
Fixed maturity securities | ||||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||||
Available for sale debt securities | 542 | 2,968 | ||
Securities collateral pledged to us | 542 | 2,968 | ||
Bonds Available For Sale | Non-U.S. governments | ||||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||||
Securities pledged under repurchase agreements | 0 | 21 | ||
Bonds Available For Sale | Corporate debt | ||||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||||
Securities pledged under repurchase agreements | 542 | 2,947 | ||
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 | 0 | ||
Bonds Available For Sale | Overnight and Continuous | Corporate debt | ||||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||||
Securities pledged under repurchase agreements | 27 | 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 | 0 | 21 | ||
Bonds Available For Sale | Up to 30 Days | Corporate debt | ||||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||||
Securities pledged under repurchase agreements | 515 | 2,370 | ||
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 | ||
Bonds Available For Sale | 31 - 90 Days | Corporate debt | ||||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||||
Securities pledged under repurchase agreements | 0 | 577 | ||
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 | ||
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 | ||
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 | ||
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 | ||
FHLBs | ||||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||||
Federal Home Loan Bank stock | $ 247 | $ 222 |
Lending Activities - Compositio
Lending Activities - Composition of mortgages and other loans receivable (Details) - USD ($) $ in Millions | 6 Months Ended | ||||||
Jun. 30, 2023 | Jun. 30, 2022 | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | ||
Composition of Mortgages and other loans receivable | |||||||
Total mortgage and other loans receivable | $ 47,186 | $ 45,166 | |||||
Allowance for credit losses | (689) | $ (484) | $ (659) | (600) | $ (488) | $ (496) | |
Mortgage and other loans receivable, net | [1] | 46,497 | 44,566 | ||||
Off-balance-sheet commitments | 74 | 60 | |||||
Commercial Mortgages | |||||||
Composition of Mortgages and other loans receivable | |||||||
Total mortgage and other loans receivable | 33,845 | 32,993 | |||||
Allowance for credit losses | $ (621) | (414) | $ (586) | $ (531) | $ (413) | $ (423) | |
Weighted average loan-to-value ratio (as a percent) | 58% | 59% | |||||
Weighted average debt service coverage ratio | 1.9 | 1.9 | |||||
Off-balance-sheet commitments | $ 74 | $ 78 | |||||
Loans on nonacrrual status | 633 | $ 623 | |||||
Accrued interest receivable | $ 151 | $ 130 | |||||
Commercial Mortgages | New York | |||||||
Composition of Mortgages and other loans receivable | |||||||
Weighted average loan-to-value ratio (as a percent) | 61% | 59% | |||||
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 | 2.1 | |||||
Commercial Mortgages | Geographic Concentration Risk | Interest on mortgage and other loans | New York | |||||||
Composition of Mortgages and other loans receivable | |||||||
Percentage of mortgage loans in geographic area | 19% | 20% | |||||
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 | 10% | 11% | |||||
Residential mortgages | |||||||
Composition of Mortgages and other loans receivable | |||||||
Total mortgage and other loans receivable | $ 7,456 | $ 5,856 | |||||
Loans on nonacrrual status | 6 | 3 | |||||
Accrued interest receivable | 19 | 15 | |||||
Life insurance policy loans | |||||||
Composition of Mortgages and other loans receivable | |||||||
Total mortgage and other loans receivable | 1,754 | 1,750 | |||||
Commercial loans, other loans and notes receivable | |||||||
Composition of Mortgages and other loans receivable | |||||||
Total mortgage and other loans receivable | 4,131 | 4,567 | |||||
Loans held for sale | $ 186 | $ 170 | |||||
[1] See Note 8 |
Lending Activities - Credit qua
Lending Activities - Credit quality of commercial mortgages (Details) $ in Millions | Jun. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | $ 47,186 | $ 45,166 |
Commercial Mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 1,279 | 6,278 |
2022 | 6,517 | 2,777 |
2021 | 3,072 | 1,932 |
2020 | 1,927 | 5,227 |
2019 | 5,215 | 4,682 |
Prior | 15,835 | 12,097 |
Total | $ 33,845 | $ 32,993 |
Weighted average debt service coverage ratio | 1.9 | 1.9 |
Weighted average loan-to-value ratio (as a percent) | 58% | 59% |
Commercial Mortgages | >90 days delinquent or in process of foreclosure(a) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | $ 157 | $ 167 |
Commercial Mortgages | Fortitude RE | >90 days delinquent or in process of foreclosure(a) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 156 | 156 |
Less than 65% | Commercial Mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 916 | 5,270 |
2022 | 5,005 | 2,061 |
2021 | 2,265 | 1,515 |
2020 | 1,699 | 3,752 |
2019 | 3,763 | 2,666 |
Prior | 11,414 | 9,205 |
Total | 25,062 | 24,469 |
65% to 75% | Commercial Mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 296 | 973 |
2022 | 1,163 | 435 |
2021 | 527 | 391 |
2020 | 76 | 1,425 |
2019 | 1,402 | 1,356 |
Prior | 2,608 | 1,184 |
Total | 6,072 | 5,764 |
76% to 80% | Commercial Mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | 35 |
2022 | 349 | 43 |
2021 | 43 | 0 |
2020 | 0 | 0 |
2019 | 0 | 70 |
Prior | 346 | 218 |
Total | 738 | 366 |
Greater than 80% | Commercial Mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 67 | 0 |
2022 | 0 | 238 |
2021 | 237 | 26 |
2020 | 152 | 50 |
2019 | 50 | 590 |
Prior | 1,467 | 1,490 |
Total | 1,973 | 2,394 |
Greater than 1.2X | Commercial Mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 1,178 | 5,382 |
2022 | 5,407 | 2,043 |
2021 | 2,131 | 1,521 |
2020 | 1,147 | 4,832 |
2019 | 5,036 | 3,505 |
Prior | 12,698 | 9,948 |
Total | 27,597 | 27,231 |
1.00 - 1.20X | Commercial Mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 54 | 859 |
2022 | 1,070 | 734 |
2021 | 941 | 388 |
2020 | 757 | 343 |
2019 | 179 | 470 |
Prior | 1,485 | 1,088 |
Total | 4,486 | 3,882 |
Less than 1.00X | Commercial Mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 47 | 37 |
2022 | 40 | 0 |
2021 | 0 | 23 |
2020 | 23 | 52 |
2019 | 0 | 707 |
Prior | 1,652 | 1,061 |
Total | $ 1,762 | $ 1,880 |
Lending Activities - Credit q_2
Lending Activities - Credit quality performance indicators for commercial mortgages (Details) $ in Millions | Jun. 30, 2023 USD ($) loan | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) loan | Jun. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Total | $ 47,186 | $ 45,166 | ||||
Allowance for credit losses | $ 689 | $ 659 | $ 600 | $ 484 | $ 488 | $ 496 |
Commercial Mortgages | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Number of Loans | loan | 607 | 611 | ||||
Total | $ 33,845 | $ 32,993 | ||||
Allowance for credit losses | $ 621 | $ 586 | $ 531 | $ 414 | $ 413 | $ 423 |
Percent of Total | 100% | 100% | ||||
Percentage of total, allowance for credit losses | 2% | 2% | ||||
Commercial Mortgages | In good standing | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Number of Loans | loan | 604 | 599 | ||||
Total | $ 33,688 | $ 32,344 | ||||
Percent of Total | 100% | 98% | ||||
Commercial Mortgages | Restructured | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Number of Loans | loan | 9 | |||||
Total | $ 482 | |||||
Percent of Total | 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(a) | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Number of Loans | loan | 3 | 3 | ||||
Total | $ 157 | $ 167 | ||||
Percent of Total | 0% | 1% | ||||
Commercial Mortgages | Apartments | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Total | $ 13,919 | $ 13,226 | ||||
Allowance for credit losses | 87 | 89 | ||||
Commercial Mortgages | Apartments | In good standing | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Total | 13,919 | 13,226 | ||||
Commercial Mortgages | Apartments | Restructured | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Total | 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(a) | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Total | 0 | 0 | ||||
Commercial Mortgages | Offices | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Total | 8,636 | 8,966 | ||||
Allowance for credit losses | 374 | 294 | ||||
Commercial Mortgages | Offices | In good standing | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Total | 8,479 | 8,470 | ||||
Commercial Mortgages | Offices | Restructured | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Total | 329 | |||||
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(a) | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Total | 157 | 167 | ||||
Commercial Mortgages | Retail | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Total | 3,514 | 3,286 | ||||
Allowance for credit losses | 62 | 54 | ||||
Commercial Mortgages | Retail | In good standing | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Total | 3,514 | 3,192 | ||||
Commercial Mortgages | Retail | Restructured | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Total | 94 | |||||
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(a) | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Total | 0 | 0 | ||||
Commercial Mortgages | Industrial | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Total | 5,652 | 5,417 | ||||
Allowance for credit losses | 70 | 65 | ||||
Commercial Mortgages | Industrial | In good standing | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Total | 5,652 | 5,417 | ||||
Commercial Mortgages | Industrial | Restructured | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Total | 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(a) | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Total | 0 | 0 | ||||
Commercial Mortgages | Hotel | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Total | 1,808 | 1,808 | ||||
Allowance for credit losses | 22 | 23 | ||||
Commercial Mortgages | Hotel | In good standing | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Total | 1,808 | 1,749 | ||||
Commercial Mortgages | Hotel | Restructured | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Total | 59 | |||||
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(a) | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Total | 0 | 0 | ||||
Commercial Mortgages | Others | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Total | 316 | 290 | ||||
Allowance for credit losses | 6 | 6 | ||||
Commercial Mortgages | Others | In good standing | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Total | 316 | 290 | ||||
Commercial Mortgages | Others | Restructured | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Total | 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(a) | ||||||
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 | Jun. 30, 2023 | Dec. 31, 2022 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | $ 47,186 | $ 45,166 |
Residential mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 1,121 | 995 |
2022 | 1,326 | 2,935 |
2021 | 2,948 | 849 |
2020 | 852 | 322 |
2019 | 352 | 119 |
Prior | 857 | 636 |
Total | 7,456 | 5,856 |
780 and greater | Residential mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 285 | 294 |
2022 | 492 | 2,141 |
2021 | 2,314 | 652 |
2020 | 637 | 229 |
2019 | 240 | 76 |
Prior | 513 | 437 |
Total | 4,481 | 3,829 |
720 - 779 | Residential mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 664 | 536 |
2022 | 564 | 711 |
2021 | 538 | 167 |
2020 | 169 | 75 |
2019 | 79 | 32 |
Prior | 199 | 134 |
Total | 2,213 | 1,655 |
660 - 719 | Residential mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 170 | 163 |
2022 | 249 | 79 |
2021 | 88 | 28 |
2020 | 38 | 16 |
2019 | 25 | 9 |
Prior | 98 | 47 |
Total | 668 | 342 |
600 - 659 | Residential mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 2 | 2 |
2022 | 21 | 4 |
2021 | 7 | 2 |
2020 | 7 | 1 |
2019 | 6 | 2 |
Prior | 38 | 13 |
Total | 81 | 24 |
Less than 600 | Residential mortgages | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 1 | 0 |
2020 | 1 | 1 |
2019 | 2 | 0 |
Prior | 9 | 5 |
Total | $ 13 | $ 6 |
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 | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Receivables [Abstract] | |||||
Loans modified in a troubled debt restructuring | $ 77 | $ 77 | |||
Changes in the allowance for losses on Mortgage and other loans receivable | |||||
Allowance, beginning of period | $ 659 | 488 | $ 600 | 496 | |
Loans charged off | (4) | (4) | |||
Net charge-offs | (4) | 1 | (4) | (4) | |
Addition to (release of) allowance for loan losses | 34 | (5) | 93 | (8) | |
Allowance, end of period | 689 | 484 | 689 | 484 | |
Off-balance-sheet commitments | 74 | 74 | $ 60 | ||
Commercial Mortgages | |||||
Changes in the allowance for losses on Mortgage and other loans receivable | |||||
Allowance, beginning of period | 586 | 413 | 531 | 423 | |
Loans charged off | (4) | (4) | |||
Net charge-offs | (4) | 1 | (4) | (4) | |
Addition to (release of) allowance for loan losses | 39 | 0 | 94 | (5) | |
Allowance, end of period | 621 | 414 | 621 | 414 | |
Off-balance-sheet commitments | 74 | 78 | 74 | 78 | |
Other Loans | |||||
Changes in the allowance for losses on Mortgage and other loans receivable | |||||
Allowance, beginning of period | 73 | 75 | 69 | 73 | |
Loans charged off | 0 | 0 | |||
Net charge-offs | 0 | 0 | 0 | 0 | |
Addition to (release of) allowance for loan losses | (5) | (5) | (1) | (3) | |
Allowance, end of period | $ 68 | $ 70 | $ 68 | $ 70 |
Reinsurance - Summary of the co
Reinsurance - Summary of the composition of pool of assets (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2021 | ||
Effects of Reinsurance [Line Items] | |||||
Bonds available for sale | [1] | $ 156,908 | $ 156,793 | ||
Fixed maturity securities - fair value option | [1] | 4,240 | 3,769 | ||
Loans | 47,186 | 45,166 | |||
Investment real estate | 1,878 | 1,831 | |||
Short-term Investments | [1] | 4,066 | 4,400 | ||
Derivative assets net, carrying value | 456 | 299 | |||
Fair Value | 4,084 | 3,252 | |||
Other assets | 2,521 | [1] | $ 3,824 | ||
Total assets | 367,470 | 360,322 | $ 422,435 | ||
Carrying Value | |||||
Effects of Reinsurance [Line Items] | |||||
Short-term Investments | 2,476 | 3,043 | |||
Other assets | 9 | 12 | |||
Private equity funds/hedge funds | |||||
Effects of Reinsurance [Line Items] | |||||
Private equity funds/hedge funds | 8,058 | 8,014 | |||
Commercial Mortgages | |||||
Effects of Reinsurance [Line Items] | |||||
Loans | 33,845 | 32,993 | |||
Policy loans | |||||
Effects of Reinsurance [Line Items] | |||||
Loans | 1,754 | 1,750 | |||
Fortitude Holdings | |||||
Effects of Reinsurance [Line Items] | |||||
Derivative asset, fair value of collateral | 189 | 189 | |||
Fortitude Holdings | Carrying Value | |||||
Effects of Reinsurance [Line Items] | |||||
Bonds available for sale | 15,411 | 16,339 | |||
Fixed maturity securities - fair value option | 3,883 | 3,485 | |||
Investment real estate | 126 | 133 | |||
Short-term Investments | 245 | 69 | |||
Funds withheld investment assets | 25,498 | 25,764 | |||
Derivative assets net, carrying value | 58 | 90 | |||
Other assets | 531 | 731 | |||
Total assets | 26,087 | 26,585 | |||
Fortitude Holdings | Fair Value | |||||
Effects of Reinsurance [Line Items] | |||||
Bonds available for sale | 15,411 | 16,339 | |||
Fixed maturity securities - fair value option | 3,883 | 3,485 | |||
Investment real estate | 301 | 348 | |||
Short-term Investments | 245 | 69 | |||
Funds withheld investment assets | 25,426 | 25,730 | |||
Fair Value | 58 | 90 | |||
Other assets | 528 | 731 | |||
Total | 26,012 | 26,551 | |||
Fortitude Holdings | Private equity funds/hedge funds | Carrying Value | |||||
Effects of Reinsurance [Line Items] | |||||
Private equity funds/hedge funds | 1,940 | 1,893 | |||
Fortitude Holdings | Private equity funds/hedge funds | Fair Value | |||||
Effects of Reinsurance [Line Items] | |||||
Private equity funds/hedge funds | 1,940 | 1,893 | |||
Fortitude Holdings | Commercial Mortgages | Carrying Value | |||||
Effects of Reinsurance [Line Items] | |||||
Loans | 3,553 | 3,490 | |||
Fortitude Holdings | Commercial Mortgages | Fair Value | |||||
Effects of Reinsurance [Line Items] | |||||
Mortgage and other loans receivable | 3,306 | 3,241 | |||
Fortitude Holdings | Policy loans | Carrying Value | |||||
Effects of Reinsurance [Line Items] | |||||
Loans | 340 | 355 | |||
Fortitude Holdings | Policy loans | Fair Value | |||||
Effects of Reinsurance [Line Items] | |||||
Mortgage and other loans receivable | $ 340 | $ 355 | |||
[1] See Note 8 |
Reinsurance - Summary of the im
Reinsurance - Summary of the impact of funds withheld (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Effects of Reinsurance [Line Items] | ||||
Net investment income - Fortitude Re funds withheld assets | $ 2,714 | $ 2,280 | $ 5,409 | $ 4,861 |
Net realized gains (losses) on Fortitude Re funds withheld assets | (320) | 2,520 | (1,778) | 5,407 |
Income before income tax expense (benefit) | 911 | 3,326 | 242 | 7,626 |
Income tax expense (benefit) | 160 | 652 | (56) | 1,511 |
Net income | 751 | 2,674 | 298 | 6,115 |
Comprehensive income (loss) | (363) | (7,406) | 1,989 | (14,224) |
Fortitude Re funds withheld assets | ||||
Effects of Reinsurance [Line Items] | ||||
Net investment income - Fortitude Re funds withheld assets | 270 | 182 | 664 | 460 |
Fortitude Holdings | ||||
Effects of Reinsurance [Line Items] | ||||
Net investment income - Fortitude Re funds withheld assets | 270 | 182 | 664 | 460 |
Net realized gains (losses) on Fortitude Re funds withheld assets | (8) | 2,334 | (1,013) | 5,048 |
Income before income tax expense (benefit) | 262 | 2,516 | (349) | 5,508 |
Income tax expense (benefit) | 55 | 529 | (73) | 1,157 |
Net income | 207 | 1,987 | (276) | 4,351 |
Comprehensive income (loss) | 42 | 112 | 10 | 200 |
Fortitude Holdings | Fortitude Re funds withheld assets | ||||
Effects of Reinsurance [Line Items] | ||||
Net realized gains (losses) on Fortitude Re funds withheld assets | (130) | (60) | (110) | (183) |
Fortitude Holdings | Fortitude Re funds withheld assets | Embedded derivatives | ||||
Effects of Reinsurance [Line Items] | ||||
Net realized gains (losses) on Fortitude Re funds withheld assets | 122 | 2,394 | (903) | 5,231 |
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* | $ (165) | $ (1,875) | $ 286 | $ (4,151) |
Reinsurance - Narrative (Detail
Reinsurance - Narrative (Details) $ in Billions | Jun. 30, 2023 USD ($) |
Insurance [Abstract] | |
Reinsurance recoverables | $ 29.3 |
Reinsurance - Rollforward of th
Reinsurance - Rollforward of the reinsurance recoverable allowance for credit losses (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward] | ||||
Balance, beginning of period | $ 74 | $ 105 | $ 84 | $ 101 |
Current period provision for expected credit losses and disputes | (8) | 2 | (18) | 6 |
Write-offs charged against the allowance for credit losses and disputes | 0 | 0 | 0 | 0 |
Other changes | 0 | 0 | 0 | 0 |
Balance, end of period | $ 66 | $ 107 | $ 66 | $ 107 |
Reinsurance - Rollforward of _2
Reinsurance - Rollforward of the reinsurable allowance for credit losses before adoption (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Effects of Reinsurance [Line Items] | |||||||
Reinsurance recoverable balance | $ 66 | $ 74 | $ 84 | $ 107 | $ 105 | $ 101 | $ 3,155 |
Fortitude RE | |||||||
Effects of Reinsurance [Line Items] | |||||||
Reinsurance recoverable balance | 36,824 | ||||||
As Previously Reported | |||||||
Effects of Reinsurance [Line Items] | |||||||
Reinsurance recoverable balance | 2,722 | ||||||
As Previously Reported | Fortitude RE | |||||||
Effects of Reinsurance [Line Items] | |||||||
Reinsurance recoverable balance | 29,158 | ||||||
Effect Of Application Of Accounting Standards Update 2018-12, Reclassification To Cost Of Reinsurance | |||||||
Effects of Reinsurance [Line Items] | |||||||
Reinsurance recoverable balance | 416 | ||||||
Reclassification to Market risk benefits | |||||||
Effects of Reinsurance [Line Items] | |||||||
Reinsurance recoverable balance | (35) | ||||||
Change in cash flow assumptions and effect of net premiums exceeding gross premiums | |||||||
Effects of Reinsurance [Line Items] | |||||||
Reinsurance recoverable balance | (52) | ||||||
Change in cash flow assumptions and effect of net premiums exceeding gross premiums | Fortitude RE | |||||||
Effects of Reinsurance [Line Items] | |||||||
Reinsurance recoverable balance | 55 | ||||||
Change due to the current upper-medium grade discount rate | |||||||
Effects of Reinsurance [Line Items] | |||||||
Reinsurance recoverable balance | 104 | ||||||
Change due to the current upper-medium grade discount rate | Fortitude RE | |||||||
Effects of Reinsurance [Line Items] | |||||||
Reinsurance recoverable balance | 7,611 | ||||||
Individual Retirement | |||||||
Effects of Reinsurance [Line Items] | |||||||
Reinsurance recoverable balance | 274 | ||||||
Individual Retirement | As Previously Reported | |||||||
Effects of Reinsurance [Line Items] | |||||||
Reinsurance recoverable balance | 309 | ||||||
Individual Retirement | Effect Of Application Of Accounting Standards Update 2018-12, Reclassification To Cost Of Reinsurance | |||||||
Effects of Reinsurance [Line Items] | |||||||
Reinsurance recoverable balance | 0 | ||||||
Individual Retirement | Reclassification to Market risk benefits | |||||||
Effects of Reinsurance [Line Items] | |||||||
Reinsurance recoverable balance | (35) | ||||||
Individual Retirement | Change in cash flow assumptions and effect of net premiums exceeding gross premiums | |||||||
Effects of Reinsurance [Line Items] | |||||||
Reinsurance recoverable balance | 0 | ||||||
Individual Retirement | Change due to the current upper-medium grade discount rate | |||||||
Effects of Reinsurance [Line Items] | |||||||
Reinsurance recoverable balance | 0 | ||||||
Life Insurance | |||||||
Effects of Reinsurance [Line Items] | |||||||
Reinsurance recoverable balance | 2,833 | ||||||
Life Insurance | As Previously Reported | |||||||
Effects of Reinsurance [Line Items] | |||||||
Reinsurance recoverable balance | 2,370 | ||||||
Life Insurance | Effect Of Application Of Accounting Standards Update 2018-12, Reclassification To Cost Of Reinsurance | |||||||
Effects of Reinsurance [Line Items] | |||||||
Reinsurance recoverable balance | 416 | ||||||
Life Insurance | Reclassification to Market risk benefits | |||||||
Effects of Reinsurance [Line Items] | |||||||
Reinsurance recoverable balance | 0 | ||||||
Life Insurance | Change in cash flow assumptions and effect of net premiums exceeding gross premiums | |||||||
Effects of Reinsurance [Line Items] | |||||||
Reinsurance recoverable balance | (52) | ||||||
Life Insurance | Change due to the current upper-medium grade discount rate | |||||||
Effects of Reinsurance [Line Items] | |||||||
Reinsurance recoverable balance | 99 | ||||||
Institutional Markets | |||||||
Effects of Reinsurance [Line Items] | |||||||
Reinsurance recoverable balance | 48 | ||||||
Institutional Markets | As Previously Reported | |||||||
Effects of Reinsurance [Line Items] | |||||||
Reinsurance recoverable balance | 43 | ||||||
Institutional Markets | Effect Of Application Of Accounting Standards Update 2018-12, Reclassification To Cost Of Reinsurance | |||||||
Effects of Reinsurance [Line Items] | |||||||
Reinsurance recoverable balance | 0 | ||||||
Institutional Markets | Reclassification to Market risk benefits | |||||||
Effects of Reinsurance [Line Items] | |||||||
Reinsurance recoverable balance | 0 | ||||||
Institutional Markets | Change in cash flow assumptions and effect of net premiums exceeding gross premiums | |||||||
Effects of Reinsurance [Line Items] | |||||||
Reinsurance recoverable balance | 0 | ||||||
Institutional Markets | Change due to the current upper-medium grade discount rate | |||||||
Effects of Reinsurance [Line Items] | |||||||
Reinsurance recoverable balance | $ 5 |
Variable Interest Entities - Co
Variable Interest Entities - Consolidated VIEs (Details) - USD ($) $ in Millions | 6 Months Ended | ||||||
Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Jan. 01, 2021 | ||||
Assets: | |||||||
Bonds available for sale | [1] | $ 156,908 | $ 156,793 | ||||
Other bond securities | [1] | 4,240 | 3,769 | ||||
Equity securities | [1] | 194 | 170 | ||||
Mortgage and other loans receivable | [1] | 46,497 | 44,566 | ||||
Investment real estate | 1,878 | 1,831 | |||||
Short-term Investments | [1] | 4,066 | 4,400 | ||||
Cash | 751 | [1] | 552 | [1] | $ 457 | ||
Accrued investment income | [1] | 1,943 | 1,813 | ||||
Other assets | 2,521 | [1] | $ 3,824 | ||||
Total assets | 367,470 | 360,322 | 422,435 | ||||
Liabilities: | |||||||
Total liabilities | 356,002 | 350,003 | $ 383,760 | ||||
Real Estate and Investment Entities | Internal Parties | |||||||
Liabilities: | |||||||
Off-balance sheet exposure associated with VIEs | 2,000 | 2,100 | |||||
Real Estate and Investment Entities | External Entities | |||||||
Liabilities: | |||||||
Off-balance sheet exposure associated with VIEs | 500 | 600 | |||||
Consolidated VIE | |||||||
Assets: | |||||||
Bonds available for sale | 92 | 3,571 | |||||
Other bond securities | 0 | 0 | |||||
Equity securities | 34 | 51 | |||||
Mortgage and other loans receivable | 2,010 | 2,088 | |||||
Alternative investments | 2,860 | 2,842 | |||||
Investment real estate | 1,784 | 1,731 | |||||
Short-term Investments | 299 | 456 | |||||
Cash | 99 | 71 | |||||
Accrued investment income | 14 | 7 | |||||
Other assets | 128 | 170 | |||||
Total assets | 7,320 | 10,987 | |||||
Liabilities: | |||||||
Long-term debt | 2,656 | 5,958 | |||||
Other liabilities | 102 | 132 | |||||
Total liabilities | 2,758 | 6,090 | |||||
Consolidated VIE | Real Estate and Investment Entities | |||||||
Assets: | |||||||
Bonds available for sale | 0 | 0 | |||||
Other bond securities | 0 | 0 | |||||
Equity securities | 34 | 51 | |||||
Mortgage and other loans receivable | 0 | 0 | |||||
Alternative investments | 2,860 | 2,842 | |||||
Investment real estate | 1,784 | 1,731 | |||||
Short-term Investments | 292 | 191 | |||||
Cash | 99 | 71 | |||||
Accrued investment income | 0 | 0 | |||||
Other assets | 130 | 102 | |||||
Total assets | 5,199 | 4,988 | |||||
Liabilities: | |||||||
Long-term debt | 1,433 | 1,382 | |||||
Other liabilities | 102 | 85 | |||||
Total liabilities | 1,535 | 1,467 | |||||
Consolidated VIE | Securitization Vehicles | |||||||
Assets: | |||||||
Bonds available for sale | 92 | 3,571 | |||||
Other bond securities | 0 | 0 | |||||
Equity securities | 0 | 0 | |||||
Mortgage and other loans receivable | 2,010 | 2,088 | |||||
Alternative investments | 0 | 0 | |||||
Investment real estate | 0 | 0 | |||||
Short-term Investments | 7 | 265 | |||||
Cash | 0 | 0 | |||||
Accrued investment income | 14 | 7 | |||||
Other assets | 68 | ||||||
Other assets | (2) | ||||||
Total assets | 2,121 | 5,999 | |||||
Liabilities: | |||||||
Long-term debt | 1,223 | 4,576 | |||||
Other liabilities | 0 | 47 | |||||
Total liabilities | 1,223 | 4,623 | |||||
Corebridge Entities | Real Estate and Investment Entities | Internal Parties | |||||||
Liabilities: | |||||||
Off-balance sheet exposure associated with VIEs | 1,300 | 1,400 | |||||
AIG Affiliates | Real Estate and Investment Entities | Internal Parties | |||||||
Liabilities: | |||||||
Off-balance sheet exposure associated with VIEs | 700 | 700 | |||||
Unconsolidated VIE | |||||||
Assets: | |||||||
Total assets | 385,451 | 376,055 | |||||
Liabilities: | |||||||
Off-balance sheet exposure associated with VIEs | 2,855 | $ 2,784 | |||||
Unconsolidated VIE | Securitization Vehicles | |||||||
Assets: | |||||||
Total assets | 3,600 | ||||||
Liabilities: | |||||||
Total liabilities | 3,200 | ||||||
Deconsolidation, Gain (Loss), Amount | $ 3 | ||||||
[1] See Note 8 |
Variable Interest Entities - In
Variable Interest Entities - Interests in Consolidated VIEs in the Consolidated Income Statements (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
VARIABLE INTEREST ENTITY | ||||
Total revenue | $ 5,757 | $ 6,790 | $ 10,019 | $ 14,030 |
Net income (loss) attributable to noncontrolling interests | (20) | 80 | (14) | 155 |
Net income (loss) attributable to Corebridge | 771 | 2,594 | 312 | 5,960 |
Consolidated VIE | ||||
VARIABLE INTEREST ENTITY | ||||
Total revenue | 34 | 239 | 146 | 501 |
Net income (loss) attributable to noncontrolling interests | (20) | 81 | (14) | 156 |
Net income (loss) attributable to Corebridge | 28 | 105 | 106 | 250 |
Consolidated VIE | Real Estate and Investment Entities | ||||
VARIABLE INTEREST ENTITY | ||||
Total revenue | 16 | 188 | 69 | 388 |
Net income (loss) attributable to noncontrolling interests | (20) | 79 | (14) | 154 |
Net income (loss) attributable to Corebridge | 19 | 95 | 52 | 209 |
Consolidated VIE | Securitization And Repackaging And Vehicles | ||||
VARIABLE INTEREST ENTITY | ||||
Total revenue | 18 | 51 | 77 | 113 |
Net income (loss) attributable to noncontrolling interests | 0 | 2 | 0 | 2 |
Net income (loss) attributable to Corebridge | 9 | 10 | 54 | 41 |
Consolidated VIE | Affordable Housing Partnerships | ||||
VARIABLE INTEREST ENTITY | ||||
Total revenue | 0 | 0 | 0 | 0 |
Net income (loss) attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net income (loss) attributable to Corebridge | $ 0 | $ 0 | $ 0 | $ 0 |
Variable Interest Entities - Un
Variable Interest Entities - Unconsolidated VIEs (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2021 | |
VARIABLE INTEREST ENTITY | ||||
Total VIE Assets | $ 367,470 | $ 360,322 | $ 422,435 | |
Other investments | [1] | 10,530 | 10,418 | |
Unconsolidated VIE | ||||
VARIABLE INTEREST ENTITY | ||||
Total VIE Assets | 385,451 | 376,055 | ||
Maximum Exposure to Loss, On-Balance Sheet | 5,715 | 5,575 | ||
Maximum Exposure to Loss, Off-Balance Sheet | 2,855 | 2,784 | ||
Total | 8,570 | 8,359 | ||
Other investments | 5,700 | 5,600 | ||
Unconsolidated VIE | Real Estate and Investment Entities | ||||
VARIABLE INTEREST ENTITY | ||||
Total VIE Assets | 385,451 | 376,055 | ||
Maximum Exposure to Loss, On-Balance Sheet | 5,715 | 5,575 | ||
Maximum Exposure to Loss, Off-Balance Sheet | 2,855 | 2,784 | ||
Total | $ 8,570 | $ 8,359 | ||
[1] See Note 8 |
Variable Interest Entities - Na
Variable Interest Entities - Narrative (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2021 |
VARIABLE INTEREST ENTITY | |||
Total VIE Assets | $ 367,470 | $ 360,322 | $ 422,435 |
Unconsolidated VIE | |||
VARIABLE INTEREST ENTITY | |||
Total VIE Assets | 385,451 | 376,055 | |
Off-balance sheet exposure associated with VIEs | 2,855 | 2,784 | |
Unconsolidated VIE | Other Investment Companies | |||
VARIABLE INTEREST ENTITY | |||
Total VIE Assets | 2,900 | 3,200 | |
Off-balance sheet exposure associated with VIEs | $ 2,300 | $ 1,500 |
Derivatives and Hedge Account_3
Derivatives and Hedge Accounting - Notional amounts and fair values of derivative instruments (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Gross Derivative Assets | ||
Notional Amount | $ 116,060 | $ 109,145 |
Fair Value | 4,084 | 3,252 |
Counterparty netting | (2,790) | (2,547) |
Cash Collateral | (838) | (406) |
Total derivative assets | 456 | 299 |
Gross Derivative Liabilities | ||
Notional Amount | 50,118 | 43,388 |
Fair Value | 2,985 | 3,335 |
Counterparty netting | (2,790) | (2,547) |
Cash Collateral | (43) | (691) |
Total derivative liabilities on consolidated balance sheet | 152 | 97 |
Bifurcated embedded derivatives assets, fair value | 0 | |
Bifurcated embedded derivative liabilities, fair value | $ 8,300 | $ 6,700 |
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 | $ 617 | $ 155 |
Fair Value | 210 | 202 |
Gross Derivative Liabilities | ||
Notional Amount | 1,433 | 1,798 |
Fair Value | 38 | 77 |
Derivatives designated as hedging instruments | Foreign exchange contracts | ||
Gross Derivative Assets | ||
Notional Amount | 5,135 | 3,535 |
Fair Value | 534 | 575 |
Gross Derivative Liabilities | ||
Notional Amount | 1,600 | 3,354 |
Fair Value | 34 | 176 |
Derivatives not designated as hedging instruments | Interest rate contracts | ||
Gross Derivative Assets | ||
Notional Amount | 28,937 | 27,656 |
Fair Value | 1,433 | 1,371 |
Gross Derivative Liabilities | ||
Notional Amount | 24,381 | 21,553 |
Fair Value | 2,243 | 2,599 |
Derivatives not designated as hedging instruments | Foreign exchange contracts | ||
Gross Derivative Assets | ||
Notional Amount | 6,176 | 4,630 |
Fair Value | 618 | 672 |
Gross Derivative Liabilities | ||
Notional Amount | 7,219 | 6,673 |
Fair Value | 321 | 456 |
Derivatives not designated as hedging instruments | Equity contracts | ||
Gross Derivative Assets | ||
Notional Amount | 29,178 | 26,041 |
Fair Value | 1,274 | 417 |
Gross Derivative Liabilities | ||
Notional Amount | 15,485 | 9,962 |
Fair Value | 349 | 27 |
Derivatives not designated as hedging instruments | Other contracts | ||
Gross Derivative Assets | ||
Notional Amount | 46,017 | 47,128 |
Fair Value | 15 | 15 |
Gross Derivative Liabilities | ||
Notional Amount | 0 | 48 |
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 | Jun. 30, 2023 | Dec. 31, 2022 |
Gross Derivative Assets | ||
Notional Amount | $ 116,060 | $ 109,145 |
Fair Value | 4,084 | 3,252 |
Gross Derivative Liabilities | ||
Notional Amount | 50,118 | 43,388 |
Fair Value | 2,985 | 3,335 |
Total derivatives with related parties | ||
Gross Derivative Assets | ||
Notional Amount | 62,164 | 60,633 |
Fair Value | 3,727 | 3,177 |
Gross Derivative Liabilities | ||
Notional Amount | 44,954 | 42,109 |
Fair Value | 2,743 | 3,154 |
Total derivatives with third parties | ||
Gross Derivative Assets | ||
Notional Amount | 53,896 | 48,512 |
Fair Value | 357 | 75 |
Gross Derivative Liabilities | ||
Notional Amount | 5,164 | 1,279 |
Fair Value | $ 242 | $ 181 |
Derivatives and Hedge Account_5
Derivatives and Hedge Accounting - Balance sheet location (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Fixed maturity securities | ||
Derivative [Line Items] | ||
Carrying amount of hedged assets | $ 6,434 | $ 6,520 |
Commercial mortgage and other loans | ||
Derivative [Line Items] | ||
Carrying amount of hedged assets | 0 | 0 |
Policyholder contract deposits(b) | ||
Derivative [Line Items] | ||
Carrying amount of hedged liabilities | (3,706) | (2,218) |
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) | (25) |
Cumulative effect of change in accounting principle | Policyholder contract deposits(b) | ||
Derivative [Line Items] | ||
Carrying amount of hedged liabilities | $ (17) | $ (68) |
Derivatives and Hedge Account_6
Derivatives and Hedge Accounting - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Credit derivatives: | |||||
Foreign currency translation gain (loss) adjustment related to net investment hedge relationships | $ 223 | ||||
Reclassification into interest expense | $ 7 | $ 14 | 21 | ||
Amounts to be reclassified in the next 30 years | 188 | ||||
Amounts to be reclassified in the next twelve months | 28 | ||||
Fair value of hybrid securities | 0 | 0 | 0 | ||
Par value of hybrid securities | 25 | 25 | 25 | ||
Currency Swap | |||||
Credit derivatives: | |||||
Foreign currency translation gain (loss) adjustment related to net investment hedge relationships | (1) | $ 7 | (2) | $ 9 | |
Third Parties | |||||
Credit derivatives: | |||||
Collateral posted | 237 | 237 | 255 | ||
Collateral obtained from third parties for derivative transactions | 285 | 285 | 40 | ||
Total derivatives with related parties | |||||
Credit derivatives: | |||||
Collateral posted | 688 | 688 | 1,500 | ||
Collateral obtained from third parties for derivative transactions | $ 799 | $ 799 | $ 380 |
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 | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Interest rate contracts | Net Realized and Unrealized Gains (Losses) | ||||
Derivative instruments gain (loss): | ||||
Gains/(losses) recognized in earnings on hedging derivatives | $ 0 | $ 0 | $ 0 | $ 0 |
Gains/(losses) recognized in earnings for excluded components | 0 | 0 | 0 | 0 |
Gain (losses) recognized in earnings on hedged items | 0 | 0 | 0 | 0 |
Net Impact | 0 | 0 | 0 | 0 |
Interest rate contracts | Interest credited to policyholder account balances | ||||
Derivative instruments gain (loss): | ||||
Gains/(losses) recognized in earnings on hedging derivatives | (43) | (33) | 43 | (90) |
Gains/(losses) recognized in earnings for excluded components | 0 | 0 | 0 | 0 |
Gain (losses) recognized in earnings on hedged items | 37 | 34 | (51) | 93 |
Net Impact | (6) | 1 | (8) | 3 |
Interest rate contracts | Net investment income | ||||
Derivative instruments gain (loss): | ||||
Gains/(losses) recognized in earnings on hedging derivatives | 0 | 0 | 0 | 1 |
Gains/(losses) recognized in earnings for excluded components | 0 | 0 | 0 | 0 |
Gain (losses) recognized in earnings on hedged items | 1 | 0 | 1 | (1) |
Net Impact | 1 | 0 | 1 | 0 |
Foreign exchange contracts | ||||
Derivative instruments gain (loss): | ||||
Gains/(losses) recognized in earnings on hedging derivatives | (79) | 384 | (162) | 531 |
Gains/(losses) recognized in earnings for excluded components | 30 | 68 | 109 | 76 |
Gain (losses) recognized in earnings on hedged items | 79 | (384) | 162 | (531) |
Net Impact | $ 30 | $ 68 | $ 109 | $ 76 |
Derivatives and Hedge Account_8
Derivatives and Hedge Accounting - Derivatives not designated as hedging instruments (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Fortitude Re funds withheld assets | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Total | $ (85) | $ 44 | $ (42) | $ (8) |
Excluding Fortitude Re funds withheld embedded derivative | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Total | 122 | 2,394 | (903) | 5,231 |
Derivatives not designated as hedging instruments | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Total | (563) | 2,851 | (2,051) | 5,581 |
Derivatives not designated as hedging instruments | AIG | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Total | (246) | (423) | (240) | (1,500) |
Derivatives not designated as hedging instruments | Excluding Fortitude Re Funds Withheld Assets | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Total | 9 | 616 | (405) | 1,023 |
Derivatives not designated as hedging instruments | Policy fees | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Total | 16 | 14 | 32 | 29 |
Derivatives not designated as hedging instruments | Net Investment Income | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Total | 0 | 2 | (2) | (2) |
Derivatives not designated as hedging instruments | Policyholder benefits and claims incurred | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Total | (3) | (7) | 0 | (14) |
Derivatives not designated as hedging instruments | Change in the fair value of market risk benefits | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Total | (622) | (212) | (731) | (678) |
Derivatives not designated as hedging instruments | Interest rate contracts | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Total | (148) | (868) | (116) | (1,682) |
Derivatives not designated as hedging instruments | Foreign exchange contracts | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Total | (123) | 678 | (190) | 904 |
Derivatives not designated as hedging instruments | Equity contracts | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Total | (131) | 76 | (48) | (120) |
Derivatives not designated as hedging instruments | Credit contracts | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Total | 0 | 0 | 0 | (1) |
Derivatives not designated as hedging instruments | Other contracts | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Total | 152 | 15 | 25 | 32 |
Derivatives not designated as hedging instruments | Embedded derivatives | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Total | (435) | 556 | (819) | 1,217 |
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 | $ 122 | $ 2,394 | $ (903) | $ 5,231 |
Deferred Policy Acquisition C_3
Deferred Policy Acquisition Costs - Rollforward of LDTI, VOBA, and DSI Adoption Adjustments (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Summary of Significant Accounting Policies [Line Items] | |||||
Deferred sale inducement cost | $ 681 | ||||
As Previously Reported | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Deferred sale inducement cost | 285 | ||||
Effect of Change | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Deferred sale inducement cost | 396 | ||||
Individual Retirement | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Deferred sale inducement cost | 476 | ||||
Individual Retirement | As Previously Reported | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Deferred sale inducement cost | 194 | ||||
Individual Retirement | Effect of Change | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Deferred sale inducement cost | 282 | ||||
Group Retirement | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Deferred sale inducement cost | 205 | ||||
Group Retirement | As Previously Reported | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Deferred sale inducement cost | 91 | ||||
Group Retirement | Effect of Change | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Deferred sale inducement cost | 114 | ||||
Long-Duration Insurance Contracts | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Deferred acquisition cost | $ 10,623 | $ 10,472 | $ 10,457 | $ 10,485 | 10,375 |
Long-Duration Insurance Contracts | As Previously Reported | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Deferred acquisition cost | 7,241 | ||||
Long-Duration Insurance Contracts | Effect of Change | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Deferred acquisition cost | 3,134 | ||||
Long-Duration Insurance Contracts | Individual Retirement | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Deferred acquisition cost | 4,727 | 4,643 | 4,641 | 4,604 | 4,476 |
Long-Duration Insurance Contracts | Individual Retirement | As Previously Reported | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Deferred acquisition cost | 2,426 | ||||
Long-Duration Insurance Contracts | Individual Retirement | Effect of Change | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Deferred acquisition cost | 2,050 | ||||
Long-Duration Insurance Contracts | Group Retirement | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Deferred acquisition cost | 1,056 | 1,060 | 1,068 | 1,078 | 1,093 |
Long-Duration Insurance Contracts | Group Retirement | As Previously Reported | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Deferred acquisition cost | 560 | ||||
Long-Duration Insurance Contracts | Group Retirement | Effect of Change | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Deferred acquisition cost | 533 | ||||
Long-Duration Insurance Contracts | Life Insurance | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Deferred acquisition cost | 4,783 | 4,718 | 4,707 | 4,765 | 4,773 |
Long-Duration Insurance Contracts | Life Insurance | As Previously Reported | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Deferred acquisition cost | 4,229 | ||||
Long-Duration Insurance Contracts | Life Insurance | Effect of Change | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Deferred acquisition cost | 544 | ||||
Long-Duration Insurance Contracts | Institutional Markets | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Deferred acquisition cost | 57 | 51 | 41 | 38 | 33 |
Long-Duration Insurance Contracts | Institutional Markets | As Previously Reported | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Deferred acquisition cost | 26 | ||||
Long-Duration Insurance Contracts | Institutional Markets | Effect of Change | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Deferred acquisition cost | 7 | ||||
Value Of Business Acquired | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Deferred acquisition cost | 92 | 91 | 98 | 113 | |
Value Of Business Acquired | Individual Retirement | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Deferred acquisition cost | 3 | 2 | 3 | 3 | |
Value Of Business Acquired | Individual Retirement | As Previously Reported | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Deferred acquisition cost | 3 | ||||
Value Of Business Acquired | Individual Retirement | Effect of Change | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Deferred acquisition cost | 0 | ||||
Value Of Business Acquired | Group Retirement | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Deferred acquisition cost | 0 | 1 | 1 | 1 | 1 |
Value Of Business Acquired | Group Retirement | As Previously Reported | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Deferred acquisition cost | 1 | ||||
Value Of Business Acquired | Group Retirement | Effect of Change | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Deferred acquisition cost | 0 | ||||
Value Of Business Acquired | Life Insurance | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Deferred acquisition cost | $ 90 | $ 87 | $ 95 | $ 109 | 121 |
Value Of Business Acquired | Life Insurance | As Previously Reported | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Deferred acquisition cost | 118 | ||||
Value Of Business Acquired | Life Insurance | Effect of Change | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Deferred acquisition cost | 3 | ||||
Value Of Business Acquired | Institutional Markets | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Deferred acquisition cost | 125 | ||||
Value Of Business Acquired | Institutional Markets | As Previously Reported | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Deferred acquisition cost | 122 | ||||
Value Of Business Acquired | Institutional Markets | Effect of Change | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Deferred acquisition cost | $ 3 |
Deferred Policy Acquisition C_4
Deferred Policy Acquisition Costs - Rollforward of LDTI (Details) - USD ($) $ in Millions | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | Jan. 01, 2021 | |
Summary of Significant Accounting Policies [Line Items] | ||||
Deferred policy acquisition costs and value of business acquired | $ 10,715 | $ 10,563 | $ 10,500 | |
Long-Duration Insurance Contracts | ||||
Summary of Significant Accounting Policies [Line Items] | ||||
Balance, beginning of year | 10,472 | $ 10,485 | ||
Capitalization | 626 | 518 | ||
Amortization expense | (508) | (490) | ||
Other, including foreign exchange | 33 | (56) | ||
Balance, end of year | 10,623 | 10,457 | ||
Deferred policy acquisition costs and value of business acquired | 10,715 | 10,555 | ||
Value Of Business Acquired | ||||
Summary of Significant Accounting Policies [Line Items] | ||||
Balance, beginning of year | 91 | 113 | ||
Balance, end of year | 92 | 98 | ||
Individual Retirement | Long-Duration Insurance Contracts | ||||
Summary of Significant Accounting Policies [Line Items] | ||||
Balance, beginning of year | 4,643 | 4,604 | ||
Capitalization | 358 | 280 | ||
Amortization expense | (274) | (245) | ||
Other, including foreign exchange | 0 | 2 | ||
Balance, end of year | 4,727 | 4,641 | ||
Value of Business Acquired | 2 | |||
Deferred policy acquisition costs and value of business acquired | 4,729 | 4,643 | ||
Individual Retirement | Value Of Business Acquired | ||||
Summary of Significant Accounting Policies [Line Items] | ||||
Balance, beginning of year | 3 | 3 | ||
Balance, end of year | 2 | |||
Group Retirement | Long-Duration Insurance Contracts | ||||
Summary of Significant Accounting Policies [Line Items] | ||||
Balance, beginning of year | 1,060 | 1,078 | ||
Capitalization | 37 | 29 | ||
Amortization expense | (41) | (39) | ||
Other, including foreign exchange | 0 | 0 | ||
Balance, end of year | 1,056 | 1,068 | ||
Deferred policy acquisition costs and value of business acquired | 1,056 | 1,069 | ||
Group Retirement | Value Of Business Acquired | ||||
Summary of Significant Accounting Policies [Line Items] | ||||
Balance, beginning of year | 1 | 1 | ||
Balance, end of year | 0 | 1 | ||
Life Insurance | Long-Duration Insurance Contracts | ||||
Summary of Significant Accounting Policies [Line Items] | ||||
Balance, beginning of year | 4,718 | 4,765 | ||
Capitalization | 221 | 203 | ||
Amortization expense | (189) | (203) | ||
Other, including foreign exchange | 33 | (58) | ||
Balance, end of year | 4,783 | 4,707 | ||
Deferred policy acquisition costs and value of business acquired | 4,873 | 4,802 | ||
Life Insurance | Value Of Business Acquired | ||||
Summary of Significant Accounting Policies [Line Items] | ||||
Balance, beginning of year | 87 | 109 | ||
Balance, end of year | 90 | 95 | ||
Institutional Markets | Long-Duration Insurance Contracts | ||||
Summary of Significant Accounting Policies [Line Items] | ||||
Balance, beginning of year | 51 | 38 | ||
Capitalization | 10 | 6 | ||
Amortization expense | (4) | (3) | ||
Other, including foreign exchange | 0 | 0 | ||
Balance, end of year | 57 | 41 | ||
Value of Business Acquired | 0 | |||
Deferred policy acquisition costs and value of business acquired | $ 57 | 41 | ||
Institutional Markets | Value Of Business Acquired | ||||
Summary of Significant Accounting Policies [Line Items] | ||||
Value of Business Acquired | $ 0 |
Deferred Policy Acquisition C_5
Deferred Policy Acquisition Costs - Rollforward of VOBA (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Value Of Business Acquired | ||
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | ||
Balance, beginning of year | $ 91 | $ 113 |
Amortization expense | (6) | (5) |
Other, including foreign exchange | (7) | 10 |
Balance, end of year | 92 | 98 |
Value Of Business Acquired | Individual Retirement | ||
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | ||
Balance, beginning of year | 3 | 3 |
Amortization expense | (1) | 0 |
Other, including foreign exchange | 0 | 1 |
Balance, end of year | 2 | |
Value Of Business Acquired | Group Retirement | ||
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | ||
Balance, beginning of year | 1 | 1 |
Amortization expense | 0 | 0 |
Other, including foreign exchange | 1 | 0 |
Balance, end of year | 0 | 1 |
Value Of Business Acquired | Life Insurance | ||
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | ||
Balance, beginning of year | 87 | 109 |
Amortization expense | (5) | (5) |
Other, including foreign exchange | (8) | 9 |
Balance, end of year | 90 | 95 |
Long-Duration Insurance Contracts | ||
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | ||
Balance, beginning of year | 10,472 | 10,485 |
Balance, end of year | 10,623 | 10,457 |
Long-Duration Insurance Contracts | Individual Retirement | ||
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | ||
Balance, beginning of year | 4,643 | 4,604 |
Balance, end of year | 4,727 | 4,641 |
Long-Duration Insurance Contracts | Group Retirement | ||
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | ||
Balance, beginning of year | 1,060 | 1,078 |
Balance, end of year | 1,056 | 1,068 |
Long-Duration Insurance Contracts | Life Insurance | ||
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | ||
Balance, beginning of year | 4,718 | 4,765 |
Balance, end of year | $ 4,783 | $ 4,707 |
Deferred Policy Acquisition C_6
Deferred Policy Acquisition Costs - Rollforward of DSI (Details) - USD ($) $ in Millions | 6 Months Ended | |||||
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | Jan. 01, 2021 | |||
Summary of Significant Accounting Policies [Line Items] | ||||||
Deferred policy acquisition costs and value of business acquired | $ 10,715 | $ 10,563 | $ 10,500 | |||
Other assets | $ 2,521 | [1] | $ 3,824 | |||
Deferred Sale Inducements | ||||||
Summary of Significant Accounting Policies [Line Items] | ||||||
Balance, beginning of year | 558 | $ 619 | ||||
Capitalization | 5 | 4 | ||||
Amortization expense | (34) | (33) | ||||
Balance, end of period | 529 | 590 | ||||
Deferred policy acquisition costs and value of business acquired | 2,680 | [1] | 3,057 | |||
Deferred acquisition cost | 2,151 | 2,467 | ||||
Deferred Sale Inducements | Individual Retirement | ||||||
Summary of Significant Accounting Policies [Line Items] | ||||||
Balance, beginning of year | 381 | 428 | ||||
Capitalization | 4 | 4 | ||||
Amortization expense | (27) | (26) | ||||
Balance, end of period | 358 | 406 | ||||
Deferred Sale Inducements | Group Retirement | ||||||
Summary of Significant Accounting Policies [Line Items] | ||||||
Balance, beginning of year | 177 | 191 | ||||
Capitalization | 1 | 0 | ||||
Amortization expense | (7) | (7) | ||||
Balance, end of period | $ 171 | $ 184 | ||||
[1] See Note 8 |
Insurance Liabilities - Future
Insurance Liabilities - Future policy benefits (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Liability for Future Policy Benefit, Activity [Line Items] | |||||
Liability for future policy benefits | $ 59,383 | $ 55,506 | $ 57,681 | $ 70,643 | $ 56,371 |
Effect of changes in cash flow assumptions | 0 | 0 | |||
Long-Duration Insurance Contracts | |||||
Liability for Future Policy Benefit, Activity [Line Items] | |||||
Deferred profit liability | 1,769 | ||||
Adjustments for the reclassification from/(to) the liability for the future policy benefits | 1,698 | ||||
Unexpired Risk Reserve | |||||
Liability for Future Policy Benefit, Activity [Line Items] | |||||
Deferred profit liability | 1,795 | ||||
Adjustments for the reclassification from/(to) the liability for the future policy benefits | 248 | ||||
Individual Retirement | |||||
Liability for Future Policy Benefit, Activity [Line Items] | |||||
Liability for future policy benefits | 1,311 | 1,223 | 1,228 | 1,373 | 1,323 |
Effect of changes in cash flow assumptions | 0 | 0 | |||
Individual Retirement | Long-Duration Insurance Contracts | |||||
Liability for Future Policy Benefit, Activity [Line Items] | |||||
Deferred profit liability | 67 | ||||
Adjustments for the reclassification from/(to) the liability for the future policy benefits | 65 | ||||
Group Retirement | |||||
Liability for Future Policy Benefit, Activity [Line Items] | |||||
Liability for future policy benefits | 210 | 211 | 225 | 264 | 279 |
Effect of changes in cash flow assumptions | 0 | 0 | |||
Group Retirement | Long-Duration Insurance Contracts | |||||
Liability for Future Policy Benefit, Activity [Line Items] | |||||
Deferred profit liability | 8 | ||||
Adjustments for the reclassification from/(to) the liability for the future policy benefits | 8 | ||||
Life Insurance | |||||
Liability for Future Policy Benefit, Activity [Line Items] | |||||
Liability for future policy benefits | 21,657 | 21,179 | 22,500 | 27,442 | 14,126 |
Effect of changes in cash flow assumptions | 0 | 0 | |||
Life Insurance | Long-Duration Insurance Contracts | |||||
Liability for Future Policy Benefit, Activity [Line Items] | |||||
Deferred profit liability | 5 | ||||
Adjustments for the reclassification from/(to) the liability for the future policy benefits | 0 | ||||
Life Insurance | Unexpired Risk Reserve | |||||
Liability for Future Policy Benefit, Activity [Line Items] | |||||
Deferred profit liability | 1,661 | ||||
Adjustments for the reclassification from/(to) the liability for the future policy benefits | 248 | ||||
Institutional Markets | |||||
Liability for Future Policy Benefit, Activity [Line Items] | |||||
Liability for future policy benefits | 15,752 | 12,464 | 11,518 | 13,890 | 11,630 |
Effect of changes in cash flow assumptions | 0 | 0 | |||
Institutional Markets | Long-Duration Insurance Contracts | |||||
Liability for Future Policy Benefit, Activity [Line Items] | |||||
Deferred profit liability | 830 | ||||
Adjustments for the reclassification from/(to) the liability for the future policy benefits | 766 | ||||
Institutional Markets | Unexpired Risk Reserve | |||||
Liability for Future Policy Benefit, Activity [Line Items] | |||||
Deferred profit liability | 2 | ||||
Adjustments for the reclassification from/(to) the liability for the future policy benefits | 0 | ||||
Corporate and Other | |||||
Liability for Future Policy Benefit, Activity [Line Items] | |||||
Liability for future policy benefits | $ 20,453 | 20,429 | $ 22,210 | 27,674 | 29,013 |
Effect of changes in cash flow assumptions | $ 0 | $ 0 | |||
Corporate and Other | Long-Duration Insurance Contracts | |||||
Liability for Future Policy Benefit, Activity [Line Items] | |||||
Deferred profit liability | 859 | ||||
Adjustments for the reclassification from/(to) the liability for the future policy benefits | 859 | ||||
Corporate and Other | Unexpired Risk Reserve | |||||
Liability for Future Policy Benefit, Activity [Line Items] | |||||
Deferred profit liability | 132 | ||||
Adjustments for the reclassification from/(to) the liability for the future policy benefits | 0 | ||||
As Previously Reported | |||||
Liability for Future Policy Benefit, Activity [Line Items] | |||||
Liability for future policy benefits | 45,955 | ||||
As Previously Reported | Long-Duration Insurance Contracts | |||||
Liability for Future Policy Benefit, Activity [Line Items] | |||||
Deferred profit liability | 71 | ||||
As Previously Reported | Unexpired Risk Reserve | |||||
Liability for Future Policy Benefit, Activity [Line Items] | |||||
Deferred profit liability | 1,547 | ||||
As Previously Reported | Individual Retirement | |||||
Liability for Future Policy Benefit, Activity [Line Items] | |||||
Liability for future policy benefits | 1,309 | ||||
As Previously Reported | Individual Retirement | Long-Duration Insurance Contracts | |||||
Liability for Future Policy Benefit, Activity [Line Items] | |||||
Deferred profit liability | 2 | ||||
As Previously Reported | Group Retirement | |||||
Liability for Future Policy Benefit, Activity [Line Items] | |||||
Liability for future policy benefits | 282 | ||||
As Previously Reported | Group Retirement | Long-Duration Insurance Contracts | |||||
Liability for Future Policy Benefit, Activity [Line Items] | |||||
Deferred profit liability | 0 | ||||
As Previously Reported | Life Insurance | |||||
Liability for Future Policy Benefit, Activity [Line Items] | |||||
Liability for future policy benefits | 11,129 | ||||
As Previously Reported | Life Insurance | Long-Duration Insurance Contracts | |||||
Liability for Future Policy Benefit, Activity [Line Items] | |||||
Deferred profit liability | 5 | ||||
As Previously Reported | Life Insurance | Unexpired Risk Reserve | |||||
Liability for Future Policy Benefit, Activity [Line Items] | |||||
Deferred profit liability | 1,413 | ||||
As Previously Reported | Institutional Markets | |||||
Liability for Future Policy Benefit, Activity [Line Items] | |||||
Liability for future policy benefits | 11,029 | ||||
As Previously Reported | Institutional Markets | Long-Duration Insurance Contracts | |||||
Liability for Future Policy Benefit, Activity [Line Items] | |||||
Deferred profit liability | 64 | ||||
As Previously Reported | Institutional Markets | Unexpired Risk Reserve | |||||
Liability for Future Policy Benefit, Activity [Line Items] | |||||
Deferred profit liability | 2 | ||||
As Previously Reported | Corporate and Other | |||||
Liability for Future Policy Benefit, Activity [Line Items] | |||||
Liability for future policy benefits | 22,206 | ||||
As Previously Reported | Corporate and Other | Long-Duration Insurance Contracts | |||||
Liability for Future Policy Benefit, Activity [Line Items] | |||||
Deferred profit liability | 0 | ||||
As Previously Reported | Corporate and Other | Unexpired Risk Reserve | |||||
Liability for Future Policy Benefit, Activity [Line Items] | |||||
Deferred profit liability | 132 | ||||
Adjustments for the reclassification to the deferred profit liability | |||||
Liability for Future Policy Benefit, Activity [Line Items] | |||||
Effect of changes in cash flow assumptions | (1,698) | ||||
Adjustments for the reclassification to the deferred profit liability | Individual Retirement | |||||
Liability for Future Policy Benefit, Activity [Line Items] | |||||
Effect of changes in cash flow assumptions | (65) | ||||
Adjustments for the reclassification to the deferred profit liability | Group Retirement | |||||
Liability for Future Policy Benefit, Activity [Line Items] | |||||
Effect of changes in cash flow assumptions | (8) | ||||
Adjustments for the reclassification to the deferred profit liability | Life Insurance | |||||
Liability for Future Policy Benefit, Activity [Line Items] | |||||
Effect of changes in cash flow assumptions | 0 | ||||
Adjustments for the reclassification to the deferred profit liability | Institutional Markets | |||||
Liability for Future Policy Benefit, Activity [Line Items] | |||||
Effect of changes in cash flow assumptions | (766) | ||||
Adjustments for the reclassification to the deferred profit liability | Corporate and Other | |||||
Liability for Future Policy Benefit, Activity [Line Items] | |||||
Effect of changes in cash flow assumptions | (859) | ||||
Change in cash flow assumptions and effect of net premiums exceeding gross premiums | |||||
Liability for Future Policy Benefit, Activity [Line Items] | |||||
Effect of changes in cash flow assumptions | 63 | ||||
Change in cash flow assumptions and effect of net premiums exceeding gross premiums | Individual Retirement | |||||
Liability for Future Policy Benefit, Activity [Line Items] | |||||
Effect of changes in cash flow assumptions | (14) | ||||
Change in cash flow assumptions and effect of net premiums exceeding gross premiums | Group Retirement | |||||
Liability for Future Policy Benefit, Activity [Line Items] | |||||
Effect of changes in cash flow assumptions | 2 | ||||
Change in cash flow assumptions and effect of net premiums exceeding gross premiums | Life Insurance | |||||
Liability for Future Policy Benefit, Activity [Line Items] | |||||
Effect of changes in cash flow assumptions | 16 | ||||
Change in cash flow assumptions and effect of net premiums exceeding gross premiums | Institutional Markets | |||||
Liability for Future Policy Benefit, Activity [Line Items] | |||||
Effect of changes in cash flow assumptions | 4 | ||||
Change in cash flow assumptions and effect of net premiums exceeding gross premiums | Corporate and Other | |||||
Liability for Future Policy Benefit, Activity [Line Items] | |||||
Effect of changes in cash flow assumptions | 55 | ||||
Effect of the remeasurement of the liability at a current single A rate | |||||
Liability for Future Policy Benefit, Activity [Line Items] | |||||
Effect of changes in cash flow assumptions | 12,462 | ||||
Effect of the remeasurement of the liability at a current single A rate | Individual Retirement | |||||
Liability for Future Policy Benefit, Activity [Line Items] | |||||
Effect of changes in cash flow assumptions | 156 | ||||
Effect of the remeasurement of the liability at a current single A rate | Group Retirement | |||||
Liability for Future Policy Benefit, Activity [Line Items] | |||||
Effect of changes in cash flow assumptions | 63 | ||||
Effect of the remeasurement of the liability at a current single A rate | Life Insurance | |||||
Liability for Future Policy Benefit, Activity [Line Items] | |||||
Effect of changes in cash flow assumptions | 2,977 | ||||
Effect of the remeasurement of the liability at a current single A rate | Institutional Markets | |||||
Liability for Future Policy Benefit, Activity [Line Items] | |||||
Effect of changes in cash flow assumptions | 1,655 | ||||
Effect of the remeasurement of the liability at a current single A rate | Corporate and Other | |||||
Liability for Future Policy Benefit, Activity [Line Items] | |||||
Effect of changes in cash flow assumptions | 7,611 | ||||
Adjustment for the removal of loss recognition balances related to unrealized gain or loss on securities and other | |||||
Liability for Future Policy Benefit, Activity [Line Items] | |||||
Effect of changes in cash flow assumptions | (411) | ||||
Adjustment for the removal of loss recognition balances related to unrealized gain or loss on securities and other | Individual Retirement | |||||
Liability for Future Policy Benefit, Activity [Line Items] | |||||
Effect of changes in cash flow assumptions | (63) | ||||
Adjustment for the removal of loss recognition balances related to unrealized gain or loss on securities and other | Group Retirement | |||||
Liability for Future Policy Benefit, Activity [Line Items] | |||||
Effect of changes in cash flow assumptions | (60) | ||||
Adjustment for the removal of loss recognition balances related to unrealized gain or loss on securities and other | Life Insurance | |||||
Liability for Future Policy Benefit, Activity [Line Items] | |||||
Effect of changes in cash flow assumptions | 4 | ||||
Adjustment for the removal of loss recognition balances related to unrealized gain or loss on securities and other | Institutional Markets | |||||
Liability for Future Policy Benefit, Activity [Line Items] | |||||
Effect of changes in cash flow assumptions | (292) | ||||
Adjustment for the removal of loss recognition balances related to unrealized gain or loss on securities and other | Corporate and Other | |||||
Liability for Future Policy Benefit, Activity [Line Items] | |||||
Effect of changes in cash flow assumptions | $ 0 |
Insurance Liabilities - Balance
Insurance Liabilities - Balances of changes in liability for future policy benefits (Details) - USD ($) $ in Millions | 6 Months Ended | ||||
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2021 | |
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward] | |||||
Balance, beginning of year | $ 12,645 | $ 15,643 | |||
Effect of changes in discount rate assumptions (AOCI) | 1,938 | (856) | |||
Beginning balance at original discount rate | 14,583 | 14,787 | |||
Effect of changes in cash flow assumptions | $ 0 | $ 0 | |||
Effect of actual variances from expected experience | 16 | (4) | |||
Adjusted beginning of year balance | 14,599 | 14,783 | |||
Issuances | 666 | 728 | |||
Interest accrual | 237 | 224 | |||
Net premium collected | (778) | (772) | |||
Foreign exchange impact | 206 | (479) | |||
Other | 10 | 0 | |||
Ending balance at original discount rate | 14,940 | 14,484 | |||
Effect of changes in discount rate assumptions (AOCI) | (1,965) | (1,190) | |||
Balance, end of period | 12,975 | 13,294 | |||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | |||||
Balance, beginning of year | 55,506 | 70,643 | |||
Effect of changes in discount rate assumptions (AOCI) | 7,310 | (9,401) | |||
Beginning balance at original discount rate | 62,816 | 61,242 | |||
Effect of changes in cash flow assumptions | 0 | 0 | |||
Effect of actual variances from expected experience | 44 | (37) | |||
Adjusted beginning of year balance | 62,860 | 61,205 | |||
Issuances | 4,086 | 1,548 | |||
Interest accrual | 1,294 | 1,293 | |||
Benefit payments | (2,281) | (2,110) | |||
Foreign exchange impact | 544 | (928) | |||
Other | (1) | (99) | |||
Ending balance at original discount rate | 66,502 | 60,909 | |||
Effect of changes in discount rate assumptions (AOCI) | (7,119) | (3,228) | |||
Balance, end of period | 59,383 | 57,681 | |||
Net liability for future policy benefits, end of period | 46,408 | 44,387 | |||
Liability for future policy benefits for certain participating contracts | 1,329 | 1,373 | |||
Liability for universal life policies with secondary guarantees and similar features | 3,458 | 3,663 | |||
Deferred profit liability | 2,450 | 2,199 | |||
Other reconciling items | 643 | 647 | |||
Future policy benefits for life and accident and health insurance contracts | 54,288 | 52,269 | 50,518 | $ 65,182 | |
Less: Reinsurance recoverable: | 23,011 | 24,847 | |||
Net liability for future policy benefits after reinsurance recoverable | 31,277 | $ 27,422 | |||
Weighted average liability duration of the liability for future policy benefits (in years) | |||||
Individual Retirement | |||||
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward] | |||||
Balance, beginning of year | 0 | $ 0 | |||
Effect of changes in discount rate assumptions (AOCI) | 0 | 0 | |||
Beginning balance at original discount rate | 0 | 0 | |||
Effect of changes in cash flow assumptions | 0 | 0 | |||
Effect of actual variances from expected experience | 0 | 0 | |||
Adjusted beginning of year balance | 0 | 0 | |||
Issuances | 0 | 0 | |||
Interest accrual | 0 | 0 | |||
Net premium collected | 0 | 0 | |||
Foreign exchange impact | 0 | 0 | |||
Other | 0 | 0 | |||
Ending balance at original discount rate | 0 | 0 | |||
Effect of changes in discount rate assumptions (AOCI) | 0 | 0 | |||
Balance, end of period | 0 | 0 | |||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | |||||
Balance, beginning of year | 1,223 | 1,373 | |||
Effect of changes in discount rate assumptions (AOCI) | 167 | (95) | |||
Beginning balance at original discount rate | 1,390 | 1,278 | |||
Effect of changes in cash flow assumptions | 0 | 0 | |||
Effect of actual variances from expected experience | (1) | (7) | |||
Adjusted beginning of year balance | 1,389 | 1,271 | |||
Issuances | 120 | 102 | |||
Interest accrual | 25 | 20 | |||
Benefit payments | (65) | (56) | |||
Foreign exchange impact | 0 | 0 | |||
Other | 0 | 0 | |||
Ending balance at original discount rate | 1,469 | 1,337 | |||
Effect of changes in discount rate assumptions (AOCI) | (158) | (109) | |||
Balance, end of period | 1,311 | 1,228 | |||
Net liability for future policy benefits, end of period | 1,311 | 1,228 | |||
Liability for future policy benefits for certain participating contracts | 0 | 0 | |||
Liability for universal life policies with secondary guarantees and similar features | 0 | 0 | |||
Deferred profit liability | 86 | 87 | |||
Other reconciling items | 35 | 29 | |||
Future policy benefits for life and accident and health insurance contracts | 1,432 | 1,344 | |||
Less: Reinsurance recoverable: | 4 | 4 | |||
Net liability for future policy benefits after reinsurance recoverable | $ 1,428 | $ 1,340 | |||
Weighted average liability duration of the liability for future policy benefits (in years) | 7 years 9 months 18 days | 7 years 8 months 12 days | |||
Group Retirement | |||||
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward] | |||||
Balance, beginning of year | $ 0 | $ 0 | |||
Effect of changes in discount rate assumptions (AOCI) | 0 | 0 | |||
Beginning balance at original discount rate | 0 | 0 | |||
Effect of changes in cash flow assumptions | 0 | 0 | |||
Effect of actual variances from expected experience | 0 | 0 | |||
Adjusted beginning of year balance | 0 | 0 | |||
Issuances | 0 | 0 | |||
Interest accrual | 0 | 0 | |||
Net premium collected | 0 | 0 | |||
Foreign exchange impact | 0 | 0 | |||
Other | 0 | 0 | |||
Ending balance at original discount rate | 0 | 0 | |||
Effect of changes in discount rate assumptions (AOCI) | 0 | 0 | |||
Balance, end of period | 0 | 0 | |||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | |||||
Balance, beginning of year | 211 | 264 | |||
Effect of changes in discount rate assumptions (AOCI) | 2 | (46) | |||
Beginning balance at original discount rate | 213 | 218 | |||
Effect of changes in cash flow assumptions | 0 | 0 | |||
Effect of actual variances from expected experience | 0 | (1) | |||
Adjusted beginning of year balance | 213 | 217 | |||
Issuances | 6 | 7 | |||
Interest accrual | 5 | 4 | |||
Benefit payments | (13) | (13) | |||
Foreign exchange impact | 0 | 0 | |||
Other | 0 | 0 | |||
Ending balance at original discount rate | 211 | 215 | |||
Effect of changes in discount rate assumptions (AOCI) | (1) | 10 | |||
Balance, end of period | 210 | 225 | |||
Net liability for future policy benefits, end of period | 210 | 225 | |||
Liability for future policy benefits for certain participating contracts | 0 | 0 | |||
Liability for universal life policies with secondary guarantees and similar features | 0 | 0 | |||
Deferred profit liability | 10 | 12 | |||
Other reconciling items | 3 | 0 | |||
Future policy benefits for life and accident and health insurance contracts | 223 | 237 | |||
Less: Reinsurance recoverable: | 0 | 0 | |||
Net liability for future policy benefits after reinsurance recoverable | $ 223 | $ 237 | |||
Weighted average liability duration of the liability for future policy benefits (in years) | 6 years 10 months 24 days | 7 years 2 months 12 days | |||
Life Insurance | |||||
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward] | |||||
Balance, beginning of year | $ 11,654 | $ 14,369 | |||
Effect of changes in discount rate assumptions (AOCI) | 1,872 | (706) | |||
Beginning balance at original discount rate | 13,526 | 13,663 | |||
Effect of changes in cash flow assumptions | 0 | 0 | |||
Effect of actual variances from expected experience | 10 | (8) | |||
Adjusted beginning of year balance | 13,536 | 13,655 | |||
Issuances | 666 | 728 | |||
Interest accrual | 214 | 199 | |||
Net premium collected | (719) | (710) | |||
Foreign exchange impact | 206 | (479) | |||
Other | 10 | 0 | |||
Ending balance at original discount rate | 13,913 | 13,393 | |||
Effect of changes in discount rate assumptions (AOCI) | (1,904) | (1,174) | |||
Balance, end of period | 12,009 | 12,219 | |||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | |||||
Balance, beginning of year | 21,179 | 27,442 | |||
Effect of changes in discount rate assumptions (AOCI) | 3,424 | (2,717) | |||
Beginning balance at original discount rate | 24,603 | 24,725 | |||
Effect of changes in cash flow assumptions | 0 | 0 | |||
Effect of actual variances from expected experience | 36 | (6) | |||
Adjusted beginning of year balance | 24,639 | 24,719 | |||
Issuances | 656 | 726 | |||
Interest accrual | 450 | 439 | |||
Benefit payments | (943) | (905) | |||
Foreign exchange impact | 236 | (610) | |||
Other | 5 | (1) | |||
Ending balance at original discount rate | 25,043 | 24,368 | |||
Effect of changes in discount rate assumptions (AOCI) | (3,386) | (1,868) | |||
Balance, end of period | 21,657 | 22,500 | |||
Net liability for future policy benefits, end of period | 9,648 | 10,281 | |||
Liability for future policy benefits for certain participating contracts | 13 | 14 | |||
Liability for universal life policies with secondary guarantees and similar features | 3,402 | 3,608 | |||
Deferred profit liability | 17 | 13 | |||
Other reconciling items | 513 | 507 | |||
Future policy benefits for life and accident and health insurance contracts | 13,593 | 14,423 | |||
Less: Reinsurance recoverable: | 1,148 | 1,253 | |||
Net liability for future policy benefits after reinsurance recoverable | $ 12,445 | $ 13,170 | |||
Weighted average liability duration of the liability for future policy benefits (in years) | 12 years 6 months | 12 years 8 months 12 days | |||
Institutional Markets | |||||
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward] | |||||
Balance, beginning of year | $ 0 | $ 0 | |||
Effect of changes in discount rate assumptions (AOCI) | 0 | 0 | |||
Beginning balance at original discount rate | 0 | 0 | |||
Effect of changes in cash flow assumptions | 0 | 0 | |||
Effect of actual variances from expected experience | 0 | 0 | |||
Adjusted beginning of year balance | 0 | 0 | |||
Issuances | 0 | 0 | |||
Interest accrual | 0 | 0 | |||
Net premium collected | 0 | 0 | |||
Foreign exchange impact | 0 | 0 | |||
Other | 0 | 0 | |||
Ending balance at original discount rate | 0 | 0 | |||
Effect of changes in discount rate assumptions (AOCI) | 0 | 0 | |||
Balance, end of period | 0 | 0 | |||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | |||||
Balance, beginning of year | 12,464 | 13,890 | |||
Effect of changes in discount rate assumptions (AOCI) | 2,634 | (870) | |||
Beginning balance at original discount rate | 15,098 | 13,020 | |||
Effect of changes in cash flow assumptions | 0 | 0 | |||
Effect of actual variances from expected experience | 17 | (5) | |||
Adjusted beginning of year balance | 15,115 | 13,015 | |||
Issuances | 3,301 | 708 | |||
Interest accrual | 301 | 215 | |||
Benefit payments | (521) | (390) | |||
Foreign exchange impact | 308 | (318) | |||
Other | 0 | 0 | |||
Ending balance at original discount rate | 18,504 | 13,230 | |||
Effect of changes in discount rate assumptions (AOCI) | (2,752) | (1,712) | |||
Balance, end of period | 15,752 | 11,518 | |||
Net liability for future policy benefits, end of period | 15,752 | 11,518 | |||
Liability for future policy benefits for certain participating contracts | 0 | 0 | |||
Liability for universal life policies with secondary guarantees and similar features | 0 | 0 | |||
Deferred profit liability | 1,468 | 1,184 | |||
Other reconciling items | 0 | 0 | |||
Future policy benefits for life and accident and health insurance contracts | 17,220 | 12,702 | |||
Less: Reinsurance recoverable: | 39 | 43 | |||
Net liability for future policy benefits after reinsurance recoverable | $ 17,181 | $ 12,659 | |||
Weighted average liability duration of the liability for future policy benefits (in years) | 11 years 7 months 6 days | 11 years 1 month 6 days | |||
Corporate and Other | |||||
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward] | |||||
Balance, beginning of year | $ 991 | $ 1,274 | |||
Effect of changes in discount rate assumptions (AOCI) | 66 | (150) | |||
Beginning balance at original discount rate | 1,057 | 1,124 | |||
Effect of changes in cash flow assumptions | 0 | 0 | |||
Effect of actual variances from expected experience | 6 | 4 | |||
Adjusted beginning of year balance | 1,063 | 1,128 | |||
Issuances | 0 | 0 | |||
Interest accrual | 23 | 25 | |||
Net premium collected | (59) | (62) | |||
Foreign exchange impact | 0 | 0 | |||
Other | 0 | 0 | |||
Ending balance at original discount rate | 1,027 | 1,091 | |||
Effect of changes in discount rate assumptions (AOCI) | (61) | (16) | |||
Balance, end of period | 966 | 1,075 | |||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | |||||
Balance, beginning of year | 20,429 | 27,674 | |||
Effect of changes in discount rate assumptions (AOCI) | 1,083 | (5,673) | |||
Beginning balance at original discount rate | 21,512 | 22,001 | |||
Effect of changes in cash flow assumptions | 0 | 0 | |||
Effect of actual variances from expected experience | $ (8) | $ (18) | |||
Adjusted beginning of year balance | 21,504 | 21,983 | |||
Issuances | 3 | 5 | |||
Interest accrual | 513 | 615 | |||
Benefit payments | (739) | (746) | |||
Foreign exchange impact | 0 | 0 | |||
Other | (6) | (98) | |||
Ending balance at original discount rate | 21,275 | 21,759 | |||
Effect of changes in discount rate assumptions (AOCI) | (822) | 451 | |||
Balance, end of period | 20,453 | 22,210 | |||
Net liability for future policy benefits, end of period | 19,487 | 21,135 | |||
Liability for future policy benefits for certain participating contracts | 1,316 | 1,359 | |||
Liability for universal life policies with secondary guarantees and similar features | 56 | 55 | |||
Deferred profit liability | 869 | 903 | |||
Other reconciling items | 92 | 111 | |||
Future policy benefits for life and accident and health insurance contracts | 21,820 | 23,563 | |||
Less: Reinsurance recoverable: | 21,820 | 23,547 | |||
Net liability for future policy benefits after reinsurance recoverable | $ 0 | $ 16 | |||
Weighted average liability duration of the liability for future policy benefits (in years) | 11 years 6 months | 12 years |
Insurance Liabilities - Narrati
Insurance Liabilities - Narrative (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Term Life Insurance | ||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||
Increase in reserves | $ 32 | $ 13 |
Insurance Liabilities - Expecte
Insurance Liabilities - Expected future benefits, expenses, and gross premiums (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Liability for Future Policy Benefit, Activity [Line Items] | |||
Discounted expected future gross premiums (at original discount rate) | $ 62,860 | $ 61,205 | |
Individual Retirement | |||
Liability for Future Policy Benefit, Activity [Line Items] | |||
Undiscounted expected future benefits and expense | $ 2,115 | 1,835 | |
Undiscounted expected future gross premiums | 0 | 0 | |
Discounted expected future gross premiums (at original discount rate) | 1,389 | 1,271 | |
Discounted expected future gross premiums (at current discount rate) | 0 | 0 | |
Group Retirement | |||
Liability for Future Policy Benefit, Activity [Line Items] | |||
Undiscounted expected future benefits and expense | 316 | 328 | |
Undiscounted expected future gross premiums | 0 | 0 | |
Discounted expected future gross premiums (at original discount rate) | 213 | 217 | |
Discounted expected future gross premiums (at current discount rate) | 0 | 0 | |
Life Insurance | |||
Liability for Future Policy Benefit, Activity [Line Items] | |||
Undiscounted expected future benefits and expense | 39,848 | 38,406 | |
Undiscounted expected future gross premiums | 29,792 | 28,810 | |
Discounted expected future gross premiums (at original discount rate) | 24,639 | 24,719 | |
Discounted expected future gross premiums (at current discount rate) | 19,207 | 19,704 | |
Institutional Markets | |||
Liability for Future Policy Benefit, Activity [Line Items] | |||
Undiscounted expected future benefits and expense | 33,474 | 21,092 | |
Undiscounted expected future gross premiums | 0 | 0 | |
Discounted expected future gross premiums (at current discount rate) | 0 | 0 | |
Corporate and Other | |||
Liability for Future Policy Benefit, Activity [Line Items] | |||
Undiscounted expected future benefits and expense | 43,791 | 45,258 | |
Undiscounted expected future gross premiums | 2,179 | 2,346 | |
Discounted expected future gross premiums (at original discount rate) | 21,504 | $ 21,983 | |
Discounted expected future gross premiums (at current discount rate) | $ 1,435 | $ 1,602 |
Insurance Liabilities - Income
Insurance Liabilities - Income statement information (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Liability for Future Policy Benefit, Activity [Line Items] | ||
Gross premiums | $ 4,928 | $ 2,149 |
Interest accretion | 1,057 | 1,069 |
Universal Life | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Gross premiums | 593 | 595 |
Interest accretion | 62 | 66 |
Individual Retirement | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Gross premiums | 136 | 108 |
Interest accretion | 25 | 20 |
Group Retirement | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Gross premiums | 10 | 13 |
Interest accretion | 5 | 4 |
Life Insurance | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Gross premiums | 1,175 | 1,168 |
Interest accretion | 236 | 240 |
Life Insurance | Universal Life | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Gross premiums | 573 | 576 |
Interest accretion | 61 | 65 |
Institutional Markets | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Gross premiums | 3,500 | 747 |
Interest accretion | 301 | 215 |
Corporate and Other | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Gross premiums | 107 | 113 |
Interest accretion | 490 | 590 |
Corporate and Other | Universal Life | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Gross premiums | 20 | 19 |
Interest accretion | $ 1 | $ 1 |
Insurance Liabilities - Weighte
Insurance Liabilities - Weighted-average interest rates (Details) | Jun. 30, 2023 | Jun. 30, 2022 |
Individual Retirement | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Weighted-average interest rate, original discount rate | 3.73% | 3.37% |
Weighted-average interest rate, current discount rate | 5.27% | 4.61% |
Group Retirement | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Weighted-average interest rate, original discount rate | 5.14% | 5.20% |
Weighted-average interest rate, current discount rate | 5.26% | 4.58% |
Life Insurance | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Weighted-average interest rate, original discount rate | 4.09% | 4.15% |
Weighted-average interest rate, current discount rate | 5.27% | 4.62% |
Life Insurance | Universal Life | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Weighted-average interest rate, current discount rate | 3.77% | 3.75% |
Institutional Markets | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Weighted-average interest rate, original discount rate | 3.95% | 3.30% |
Weighted-average interest rate, current discount rate | 5.34% | 4.52% |
Corporate and Other | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Weighted-average interest rate, original discount rate | 4.88% | 4.84% |
Weighted-average interest rate, current discount rate | 5.25% | 4.72% |
Corporate and Other | Universal Life | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Weighted-average interest rate, current discount rate | 4.20% | 4.20% |
Insurance Liabilities - Schedul
Insurance Liabilities - Schedule of liabilities by product (Details) - USD ($) $ in Millions | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Net liability for future policy benefits, beginning balance | $ 50,518 | |||
Effect of changes in cash flow assumptions | $ 0 | $ 0 | ||
Effect of actual variances from expected experience | 16 | (4) | ||
Adjusted beginning of year balance | 14,599 | 14,783 | ||
Issuances | 666 | $ 728 | ||
Interest accrual | 237 | 224 | ||
Other | 10 | 0 | ||
Net liability for future policy benefits, end of period | 54,288 | 52,269 | ||
Less: Reinsurance recoverable: | (23,011) | (24,847) | ||
Net liability for future policy benefits after reinsurance recoverable | 31,277 | $ 27,422 | ||
Weighted average liability duration of the liability for future policy benefits (in years) | ||||
Universal Life | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Net liability for future policy benefits, beginning balance | 3,355 | $ 5,007 | ||
Effect of actual variances from expected experience | 148 | 192 | ||
Adjusted beginning of year balance | 3,503 | 5,199 | ||
Assessments | 342 | 345 | ||
Excess benefits paid | (457) | (496) | ||
Interest accrual | 62 | 66 | ||
Other | (3) | (5) | ||
Changes related to unrealized appreciation (depreciation) of investments | 11 | (1,446) | ||
Net liability for future policy benefits, end of period | 3,458 | 3,663 | ||
Less: Reinsurance recoverable: | (172) | (209) | ||
Net liability for future policy benefits after reinsurance recoverable | 3,286 | 3,454 | ||
Life Insurance | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Effect of changes in cash flow assumptions | 0 | 0 | ||
Effect of actual variances from expected experience | 10 | (8) | ||
Adjusted beginning of year balance | 13,536 | 13,655 | ||
Issuances | 666 | 728 | ||
Interest accrual | 214 | 199 | ||
Other | 10 | 0 | ||
Net liability for future policy benefits, end of period | 13,593 | 14,423 | ||
Less: Reinsurance recoverable: | (1,148) | (1,253) | ||
Net liability for future policy benefits after reinsurance recoverable | $ 12,445 | $ 13,170 | ||
Weighted average liability duration of the liability for future policy benefits (in years) | 12 years 6 months | 12 years 8 months 12 days | ||
Life Insurance | Universal Life | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Net liability for future policy benefits, beginning balance | $ 3,300 | $ 4,952 | ||
Effect of actual variances from expected experience | 149 | 194 | ||
Adjusted beginning of year balance | 3,449 | 5,146 | ||
Assessments | 341 | 344 | ||
Excess benefits paid | (457) | (496) | ||
Interest accrual | 61 | 65 | ||
Other | (3) | (5) | ||
Changes related to unrealized appreciation (depreciation) of investments | 11 | (1,446) | ||
Net liability for future policy benefits, end of period | 3,402 | 3,608 | ||
Less: Reinsurance recoverable: | (172) | (209) | ||
Net liability for future policy benefits after reinsurance recoverable | $ 3,230 | $ 3,399 | ||
Weighted average liability duration of the liability for future policy benefits (in years) | 26 years 2 months 12 days | 27 years 1 month 6 days | ||
Corporate and Other | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Effect of changes in cash flow assumptions | 0 | 0 | ||
Effect of actual variances from expected experience | 6 | 4 | ||
Adjusted beginning of year balance | 1,063 | 1,128 | ||
Issuances | $ 0 | $ 0 | ||
Interest accrual | 23 | 25 | ||
Other | 0 | 0 | ||
Net liability for future policy benefits, end of period | 21,820 | 23,563 | ||
Less: Reinsurance recoverable: | (21,820) | (23,547) | ||
Net liability for future policy benefits after reinsurance recoverable | $ 0 | $ 16 | ||
Weighted average liability duration of the liability for future policy benefits (in years) | 11 years 6 months | 12 years | ||
Corporate and Other | Universal Life | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Net liability for future policy benefits, beginning balance | $ 55 | $ 55 | ||
Effect of actual variances from expected experience | (1) | (2) | ||
Adjusted beginning of year balance | $ 54 | $ 53 | ||
Assessments | 1 | 1 | ||
Excess benefits paid | 0 | 0 | ||
Interest accrual | 1 | 1 | ||
Other | 0 | 0 | ||
Changes related to unrealized appreciation (depreciation) of investments | 0 | 0 | ||
Net liability for future policy benefits, end of period | 56 | 55 | ||
Less: Reinsurance recoverable: | 0 | 0 | ||
Net liability for future policy benefits after reinsurance recoverable | $ 56 | $ 55 | ||
Weighted average liability duration of the liability for future policy benefits (in years) | 9 years 2 months 12 days | 9 years 8 months 12 days |
Insurance Liabilities - Summary
Insurance Liabilities - Summary of separate accounts (Details) - Universal Life - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||
Total account values | $ 3,604 | $ 3,406 |
Net amount at risk | $ 70,850 | $ 66,889 |
Average attained age of contract holders by product | 53 years | 53 years |
Insurance Liabilities - Rollfor
Insurance Liabilities - Rollforward of universal life policies (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Jan. 01, 2021 | Dec. 31, 2020 |
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||||||
Liability for universal life policies with secondary guarantees and similar features | $ 54,288 | $ 50,518 | $ 52,269 | $ 65,182 | ||
As Previously Reported | ||||||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||||||
Liability for universal life policies with secondary guarantees and similar features | 57,266 | $ 54,660 | ||||
Individual Retirement | ||||||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||||||
Liability for universal life policies with secondary guarantees and similar features | 1,432 | 1,344 | ||||
Group Retirement | ||||||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||||||
Liability for universal life policies with secondary guarantees and similar features | 223 | 237 | ||||
Life Insurance | ||||||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||||||
Liability for universal life policies with secondary guarantees and similar features | 13,593 | 14,423 | ||||
Corporate and Other | ||||||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||||||
Liability for universal life policies with secondary guarantees and similar features | 21,820 | 23,563 | ||||
Universal Life | ||||||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||||||
Liability for universal life policies with secondary guarantees and similar features | 3,458 | 3,355 | 3,663 | $ 5,007 | $ 5,172 | |
Universal Life | As Previously Reported | ||||||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||||||
Liability for universal life policies with secondary guarantees and similar features | 6,782 | |||||
Universal Life | Adjustment for the reclassification of additional liabilities from Future policy benefits to Market risk benefits(a) | ||||||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||||||
Liability for universal life policies with secondary guarantees and similar features | (1,005) | |||||
Universal Life | Adjustment for removal of related balances in Accumulated other comprehensive income (loss) originating from unrealized gains (losses)(b) | ||||||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||||||
Liability for universal life policies with secondary guarantees and similar features | (605) | |||||
Universal Life | Individual Retirement | ||||||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||||||
Liability for universal life policies with secondary guarantees and similar features | 0 | |||||
Universal Life | Individual Retirement | As Previously Reported | ||||||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||||||
Liability for universal life policies with secondary guarantees and similar features | 1,391 | |||||
Universal Life | Individual Retirement | Adjustment for the reclassification of additional liabilities from Future policy benefits to Market risk benefits(a) | ||||||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||||||
Liability for universal life policies with secondary guarantees and similar features | (875) | |||||
Universal Life | Individual Retirement | Adjustment for removal of related balances in Accumulated other comprehensive income (loss) originating from unrealized gains (losses)(b) | ||||||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||||||
Liability for universal life policies with secondary guarantees and similar features | (516) | |||||
Universal Life | Group Retirement | ||||||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||||||
Liability for universal life policies with secondary guarantees and similar features | 0 | |||||
Universal Life | Group Retirement | As Previously Reported | ||||||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||||||
Liability for universal life policies with secondary guarantees and similar features | 219 | |||||
Universal Life | Group Retirement | Adjustment for the reclassification of additional liabilities from Future policy benefits to Market risk benefits(a) | ||||||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||||||
Liability for universal life policies with secondary guarantees and similar features | (130) | |||||
Universal Life | Group Retirement | Adjustment for removal of related balances in Accumulated other comprehensive income (loss) originating from unrealized gains (losses)(b) | ||||||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||||||
Liability for universal life policies with secondary guarantees and similar features | (89) | |||||
Universal Life | Life Insurance | ||||||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||||||
Liability for universal life policies with secondary guarantees and similar features | 3,402 | 3,300 | 3,608 | 4,952 | 5,117 | |
Universal Life | Life Insurance | As Previously Reported | ||||||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||||||
Liability for universal life policies with secondary guarantees and similar features | 5,117 | |||||
Universal Life | Life Insurance | Adjustment for the reclassification of additional liabilities from Future policy benefits to Market risk benefits(a) | ||||||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||||||
Liability for universal life policies with secondary guarantees and similar features | 0 | |||||
Universal Life | Life Insurance | Adjustment for removal of related balances in Accumulated other comprehensive income (loss) originating from unrealized gains (losses)(b) | ||||||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||||||
Liability for universal life policies with secondary guarantees and similar features | 0 | |||||
Universal Life | Corporate and Other | ||||||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||||||
Liability for universal life policies with secondary guarantees and similar features | $ 56 | $ 55 | $ 55 | $ 55 | 55 | |
Universal Life | Corporate and Other | As Previously Reported | ||||||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||||||
Liability for universal life policies with secondary guarantees and similar features | 55 | |||||
Universal Life | Corporate and Other | Adjustment for the reclassification of additional liabilities from Future policy benefits to Market risk benefits(a) | ||||||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||||||
Liability for universal life policies with secondary guarantees and similar features | 0 | |||||
Universal Life | Corporate and Other | Adjustment for removal of related balances in Accumulated other comprehensive income (loss) originating from unrealized gains (losses)(b) | ||||||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||||||
Liability for universal life policies with secondary guarantees and similar features | $ 0 |
Insurance Liabilities - Univers
Insurance Liabilities - Universal life policies (Details) - Universal Life - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||
Net amount at risk | $ 70,850 | $ 66,889 |
Average attained age of contract holders by product | 53 years | 53 years |
Insurance Liabilities - Adjustm
Insurance Liabilities - Adjustments to Policyholder Contract Deposits (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Policyholder Account Balance [Line Items] | |||||
Policyholder contract deposits | $ 161,319 | $ 158,494 | $ 155,853 | $ 152,809 | $ 148,421 |
Individual Retirement | |||||
Policyholder Account Balance [Line Items] | |||||
Policyholder contract deposits | 91,890 | 89,554 | 87,207 | 84,097 | 79,203 |
Group Retirement | |||||
Policyholder Account Balance [Line Items] | |||||
Policyholder contract deposits | 42,474 | 43,395 | 43,892 | 43,902 | 43,228 |
Life Insurance | |||||
Policyholder Account Balance [Line Items] | |||||
Policyholder contract deposits | 10,203 | 10,224 | 10,195 | 10,183 | 10,286 |
Institutional Markets | |||||
Policyholder Account Balance [Line Items] | |||||
Policyholder contract deposits | 13,294 | 11,734 | 10,858 | 10,804 | 11,559 |
Corporate and Other | |||||
Policyholder Account Balance [Line Items] | |||||
Policyholder contract deposits | $ 3,458 | $ 3,587 | $ 3,701 | $ 3,823 | 4,145 |
As Previously Reported | |||||
Policyholder Account Balance [Line Items] | |||||
Policyholder contract deposits | 154,892 | ||||
As Previously Reported | Individual Retirement | |||||
Policyholder Account Balance [Line Items] | |||||
Policyholder contract deposits | 85,097 | ||||
As Previously Reported | Group Retirement | |||||
Policyholder Account Balance [Line Items] | |||||
Policyholder contract deposits | 43,805 | ||||
As Previously Reported | Life Insurance | |||||
Policyholder Account Balance [Line Items] | |||||
Policyholder contract deposits | 10,286 | ||||
As Previously Reported | Institutional Markets | |||||
Policyholder Account Balance [Line Items] | |||||
Policyholder contract deposits | 11,559 | ||||
As Previously Reported | Corporate and Other | |||||
Policyholder Account Balance [Line Items] | |||||
Policyholder contract deposits | 4,145 | ||||
Adjustment for the reclassification of the embedded derivative liability to market risk benefits, net of the host adjustment(s) | |||||
Policyholder Account Balance [Line Items] | |||||
Policyholder contract deposits | (6,471) | ||||
Adjustment for the reclassification of the embedded derivative liability to market risk benefits, net of the host adjustment(s) | Individual Retirement | |||||
Policyholder Account Balance [Line Items] | |||||
Policyholder contract deposits | (5,894) | ||||
Adjustment for the reclassification of the embedded derivative liability to market risk benefits, net of the host adjustment(s) | Group Retirement | |||||
Policyholder Account Balance [Line Items] | |||||
Policyholder contract deposits | (577) | ||||
Adjustment for the reclassification of the embedded derivative liability to market risk benefits, net of the host adjustment(s) | Life Insurance | |||||
Policyholder Account Balance [Line Items] | |||||
Policyholder contract deposits | 0 | ||||
Adjustment for the reclassification of the embedded derivative liability to market risk benefits, net of the host adjustment(s) | Institutional Markets | |||||
Policyholder Account Balance [Line Items] | |||||
Policyholder contract deposits | 0 | ||||
Adjustment for the reclassification of the embedded derivative liability to market risk benefits, net of the host adjustment(s) | Corporate and Other | |||||
Policyholder Account Balance [Line Items] | |||||
Policyholder contract deposits | $ 0 |
Insurance Liabilities - Policyh
Insurance Liabilities - Policyholder contract deposit (Details) - USD ($) $ in Millions | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | Jan. 01, 2021 | |
Policyholder Account Balance [Roll Forward] | ||||
Policyholder contract deposits account balance, beginning of year | $ 158,494 | $ 152,809 | ||
Deposits | 13,934 | 10,909 | ||
Policy charges | (1,529) | (1,503) | ||
Surrenders and withdrawals | (11,149) | (6,896) | ||
Benefit payments | (3,646) | (3,525) | ||
Net transfers from (to) separate account | 3,331 | 2,241 | ||
Interest credited | 1,908 | 1,843 | ||
Other | (24) | (25) | ||
Policyholder contract deposits account balance, end of period | 161,319 | 155,853 | ||
Other reconciling items | (1,675) | (2,614) | ||
Policyholder Contract Deposit | 159,644 | 153,239 | $ 156,058 | $ 148,421 |
Cash surrender value | 140,260 | 137,599 | ||
As Previously Reported | ||||
Policyholder Account Balance [Roll Forward] | ||||
Policyholder Contract Deposit | $ 158,966 | $ 154,892 | ||
Individual Retirement | ||||
Policyholder Account Balance [Roll Forward] | ||||
Policyholder contract deposits account balance, beginning of year | 89,554 | 84,097 | ||
Deposits | 8,898 | 7,547 | ||
Policy charges | (462) | (395) | ||
Surrenders and withdrawals | (6,585) | (4,008) | ||
Benefit payments | (2,012) | (1,996) | ||
Net transfers from (to) separate account | 1,637 | 1,074 | ||
Interest credited | 863 | 882 | ||
Other | (3) | 6 | ||
Policyholder contract deposits account balance, end of period | 91,890 | 87,207 | ||
Other reconciling items | (1,598) | (2,245) | ||
Policyholder Contract Deposit | $ 90,292 | $ 84,962 | ||
Weighted average crediting rate | 2.59% | 2.38% | ||
Cash surrender value | $ 85,417 | $ 81,207 | ||
Group Retirement | ||||
Policyholder Account Balance [Roll Forward] | ||||
Policyholder contract deposits account balance, beginning of year | 43,395 | 43,902 | ||
Deposits | 2,597 | 2,341 | ||
Policy charges | (238) | (259) | ||
Surrenders and withdrawals | (3,979) | (2,726) | ||
Benefit payments | (1,080) | (1,072) | ||
Net transfers from (to) separate account | 1,221 | 1,155 | ||
Interest credited | 554 | 550 | ||
Other | 4 | 1 | ||
Policyholder contract deposits account balance, end of period | 42,474 | 43,892 | ||
Other reconciling items | (254) | (353) | ||
Policyholder Contract Deposit | $ 42,220 | $ 43,539 | ||
Weighted average crediting rate | 2.84% | 2.72% | ||
Cash surrender value | $ 41,550 | $ 43,094 | ||
Life Insurance | ||||
Policyholder Account Balance [Roll Forward] | ||||
Policyholder contract deposits account balance, beginning of year | 10,224 | 10,183 | ||
Deposits | 809 | 835 | ||
Policy charges | (764) | (782) | ||
Surrenders and withdrawals | (122) | (103) | ||
Benefit payments | (100) | (119) | ||
Net transfers from (to) separate account | 0 | (2) | ||
Interest credited | 188 | 193 | ||
Other | (32) | (10) | ||
Policyholder contract deposits account balance, end of period | 10,203 | 10,195 | ||
Other reconciling items | 135 | (60) | ||
Policyholder Contract Deposit | $ 10,338 | $ 10,135 | ||
Weighted average crediting rate | 4.30% | 4.25% | ||
Cash surrender value | $ 8,976 | $ 8,935 | ||
Institutional Markets | ||||
Policyholder Account Balance [Roll Forward] | ||||
Policyholder contract deposits account balance, beginning of year | 11,734 | 10,804 | ||
Deposits | 1,608 | 162 | ||
Policy charges | (34) | (34) | ||
Surrenders and withdrawals | (421) | (27) | ||
Benefit payments | (283) | (160) | ||
Net transfers from (to) separate account | 473 | 14 | ||
Interest credited | 218 | 128 | ||
Other | (1) | (29) | ||
Policyholder contract deposits account balance, end of period | 13,294 | 10,858 | ||
Other reconciling items | 42 | 43 | ||
Policyholder Contract Deposit | $ 13,336 | $ 10,901 | ||
Weighted average crediting rate | 3.54% | 2.40% | ||
Cash surrender value | $ 2,555 | $ 2,524 | ||
Corporate and Other | ||||
Policyholder Account Balance [Roll Forward] | ||||
Policyholder contract deposits account balance, beginning of year | 3,587 | 3,823 | ||
Deposits | 22 | 24 | ||
Policy charges | (31) | (33) | ||
Surrenders and withdrawals | (42) | (32) | ||
Benefit payments | (171) | (178) | ||
Net transfers from (to) separate account | 0 | 0 | ||
Interest credited | 85 | 90 | ||
Other | 8 | 7 | ||
Policyholder contract deposits account balance, end of period | 3,458 | 3,701 | ||
Other reconciling items | 0 | 1 | ||
Policyholder Contract Deposit | $ 3,458 | $ 3,702 | ||
Weighted average crediting rate | 4.95% | 4.90% | ||
Cash surrender value | $ 1,762 | $ 1,839 |
Insurance Liabilities - Account
Insurance Liabilities - Account balances by guaranteed minimum interest rates (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Jun. 30, 2022 |
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | $ 101,902 | $ 103,226 |
Policyholder Account Balance, Percentage | 100% | 100% |
At Guaranteed Minimum | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | $ 58,748 | $ 70,515 |
Policyholder Account Balance, Percentage | 58% | 68% |
1 Basis Point - 50 Basis Points Above | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | $ 8,075 | $ 4,816 |
Policyholder Account Balance, Percentage | 8% | 5% |
More than 50 Basis Points Above Minimum Guarantee | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | $ 35,079 | $ 27,895 |
Policyholder Account Balance, Percentage | 34% | 27% |
Individual Retirement | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | $ 56,699 | $ 56,442 |
Individual Retirement | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range Less Than 1% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | $ 33,231 | $ 31,943 |
Minimum credit rating (as a percent) | 1% | 1% |
Individual Retirement | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 1% To 2% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | $ 6,241 | $ 5,991 |
Individual Retirement | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 1% To 2% | Minimum | ||
Policyholder Account Balance [Line Items] | ||
Minimum credit rating (as a percent) | 1% | 1% |
Individual Retirement | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 1% To 2% | Maximum | ||
Policyholder Account Balance [Line Items] | ||
Minimum credit rating (as a percent) | 2% | 2% |
Individual Retirement | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 2% To 3% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | $ 9,574 | $ 10,014 |
Individual Retirement | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 2% To 3% | Minimum | ||
Policyholder Account Balance [Line Items] | ||
Minimum credit rating (as a percent) | 2% | 2% |
Individual Retirement | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 2% To 3% | Maximum | ||
Policyholder Account Balance [Line Items] | ||
Minimum credit rating (as a percent) | 3% | 3% |
Individual Retirement | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 3% To 4% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | $ 7,167 | $ 7,980 |
Individual Retirement | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 3% To 4% | Minimum | ||
Policyholder Account Balance [Line Items] | ||
Minimum credit rating (as a percent) | 3% | 3% |
Individual Retirement | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 3% To 4% | Maximum | ||
Policyholder Account Balance [Line Items] | ||
Minimum credit rating (as a percent) | 4% | 4% |
Individual Retirement | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 4% To 5% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | $ 450 | $ 476 |
Individual Retirement | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 4% To 5% | Minimum | ||
Policyholder Account Balance [Line Items] | ||
Minimum credit rating (as a percent) | 4% | 4% |
Individual Retirement | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 4% To 5% | Maximum | ||
Policyholder Account Balance [Line Items] | ||
Minimum credit rating (as a percent) | 5% | 5% |
Individual Retirement | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 5% To 5.5% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | $ 36 | $ 38 |
Minimum credit rating (as a percent) | 5% | 5% |
Individual Retirement | At Guaranteed Minimum | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | $ 27,626 | $ 33,034 |
Individual Retirement | At Guaranteed Minimum | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range Less Than 1% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 7,044 | 10,300 |
Individual Retirement | At Guaranteed Minimum | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 1% To 2% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 4,151 | 4,300 |
Individual Retirement | At Guaranteed Minimum | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 2% To 3% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 8,831 | 9,995 |
Individual Retirement | At Guaranteed Minimum | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 3% To 4% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 7,122 | 7,934 |
Individual Retirement | At Guaranteed Minimum | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 4% To 5% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 446 | 471 |
Individual Retirement | At Guaranteed Minimum | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 5% To 5.5% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 32 | 34 |
Individual Retirement | 1 Basis Point - 50 Basis Points Above | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 2,463 | 1,841 |
Individual Retirement | 1 Basis Point - 50 Basis Points Above | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range Less Than 1% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 2,390 | 1,775 |
Individual Retirement | 1 Basis Point - 50 Basis Points Above | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 1% To 2% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 23 | 25 |
Individual Retirement | 1 Basis Point - 50 Basis Points Above | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 2% To 3% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 11 | 1 |
Individual Retirement | 1 Basis Point - 50 Basis Points Above | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 3% To 4% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 39 | 40 |
Individual Retirement | 1 Basis Point - 50 Basis Points Above | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 4% To 5% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 0 | 0 |
Individual Retirement | 1 Basis Point - 50 Basis Points Above | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 5% To 5.5% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 0 | 0 |
Individual Retirement | More than 50 Basis Points Above Minimum Guarantee | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 26,610 | 21,567 |
Individual Retirement | More than 50 Basis Points Above Minimum Guarantee | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range Less Than 1% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 23,797 | 19,868 |
Individual Retirement | More than 50 Basis Points Above Minimum Guarantee | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 1% To 2% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 2,067 | 1,666 |
Individual Retirement | More than 50 Basis Points Above Minimum Guarantee | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 2% To 3% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 732 | 18 |
Individual Retirement | More than 50 Basis Points Above Minimum Guarantee | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 3% To 4% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 6 | 6 |
Individual Retirement | More than 50 Basis Points Above Minimum Guarantee | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 4% To 5% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 4 | 5 |
Individual Retirement | More than 50 Basis Points Above Minimum Guarantee | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 5% To 5.5% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 4 | 4 |
Group Retirement | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 37,914 | 39,299 |
Group Retirement | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range Less Than 1% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | $ 10,974 | $ 10,208 |
Minimum credit rating (as a percent) | 1% | 1% |
Group Retirement | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 1% To 2% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | $ 6,065 | $ 6,727 |
Group Retirement | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 1% To 2% | Minimum | ||
Policyholder Account Balance [Line Items] | ||
Minimum credit rating (as a percent) | 1% | 1% |
Group Retirement | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 1% To 2% | Maximum | ||
Policyholder Account Balance [Line Items] | ||
Minimum credit rating (as a percent) | 2% | 2% |
Group Retirement | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 2% To 3% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | $ 13,274 | $ 14,556 |
Group Retirement | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 2% To 3% | Minimum | ||
Policyholder Account Balance [Line Items] | ||
Minimum credit rating (as a percent) | 2% | 2% |
Group Retirement | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 2% To 3% | Maximum | ||
Policyholder Account Balance [Line Items] | ||
Minimum credit rating (as a percent) | 3% | 3% |
Group Retirement | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 3% To 4% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | $ 651 | $ 696 |
Group Retirement | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 3% To 4% | Minimum | ||
Policyholder Account Balance [Line Items] | ||
Minimum credit rating (as a percent) | 3% | 3% |
Group Retirement | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 3% To 4% | Maximum | ||
Policyholder Account Balance [Line Items] | ||
Minimum credit rating (as a percent) | 4% | 4% |
Group Retirement | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 4% To 5% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | $ 6,799 | $ 6,953 |
Group Retirement | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 4% To 5% | Minimum | ||
Policyholder Account Balance [Line Items] | ||
Minimum credit rating (as a percent) | 4% | 4% |
Group Retirement | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 4% To 5% | Maximum | ||
Policyholder Account Balance [Line Items] | ||
Minimum credit rating (as a percent) | 5% | 5% |
Group Retirement | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 5% To 5.5% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | $ 151 | $ 159 |
Minimum credit rating (as a percent) | 5% | 5% |
Group Retirement | At Guaranteed Minimum | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | $ 26,792 | $ 32,491 |
Group Retirement | At Guaranteed Minimum | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range Less Than 1% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 2,018 | 3,817 |
Group Retirement | At Guaranteed Minimum | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 1% To 2% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 4,050 | 6,310 |
Group Retirement | At Guaranteed Minimum | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 2% To 3% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 13,123 | 14,556 |
Group Retirement | At Guaranteed Minimum | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 3% To 4% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 651 | 696 |
Group Retirement | At Guaranteed Minimum | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 4% To 5% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 6,799 | 6,953 |
Group Retirement | At Guaranteed Minimum | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 5% To 5.5% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 151 | 159 |
Group Retirement | 1 Basis Point - 50 Basis Points Above | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 4,287 | 2,127 |
Group Retirement | 1 Basis Point - 50 Basis Points Above | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range Less Than 1% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 2,574 | 1,717 |
Group Retirement | 1 Basis Point - 50 Basis Points Above | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 1% To 2% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 1,624 | 410 |
Group Retirement | 1 Basis Point - 50 Basis Points Above | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 2% To 3% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 89 | 0 |
Group Retirement | 1 Basis Point - 50 Basis Points Above | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 3% To 4% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 0 | 0 |
Group Retirement | 1 Basis Point - 50 Basis Points Above | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 4% To 5% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 0 | 0 |
Group Retirement | 1 Basis Point - 50 Basis Points Above | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 5% To 5.5% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 0 | 0 |
Group Retirement | More than 50 Basis Points Above Minimum Guarantee | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 6,835 | 4,681 |
Group Retirement | More than 50 Basis Points Above Minimum Guarantee | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range Less Than 1% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 6,382 | 4,674 |
Group Retirement | More than 50 Basis Points Above Minimum Guarantee | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 1% To 2% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 391 | 7 |
Group Retirement | More than 50 Basis Points Above Minimum Guarantee | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 2% To 3% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 62 | 0 |
Group Retirement | More than 50 Basis Points Above Minimum Guarantee | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 3% To 4% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 0 | 0 |
Group Retirement | More than 50 Basis Points Above Minimum Guarantee | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 4% To 5% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 0 | 0 |
Group Retirement | More than 50 Basis Points Above Minimum Guarantee | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 5% To 5.5% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 0 | 0 |
Life Insurance | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 7,289 | 7,485 |
Life Insurance | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range Less Than 1% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | $ 0 | $ 0 |
Minimum credit rating (as a percent) | 1% | 1% |
Life Insurance | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 1% To 2% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | $ 481 | $ 479 |
Life Insurance | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 1% To 2% | Minimum | ||
Policyholder Account Balance [Line Items] | ||
Minimum credit rating (as a percent) | 1% | 1% |
Life Insurance | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 1% To 2% | Maximum | ||
Policyholder Account Balance [Line Items] | ||
Minimum credit rating (as a percent) | 2% | 2% |
Life Insurance | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 2% To 3% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | $ 1,965 | $ 1,986 |
Life Insurance | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 2% To 3% | Minimum | ||
Policyholder Account Balance [Line Items] | ||
Minimum credit rating (as a percent) | 2% | 2% |
Life Insurance | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 2% To 3% | Maximum | ||
Policyholder Account Balance [Line Items] | ||
Minimum credit rating (as a percent) | 3% | 3% |
Life Insurance | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 3% To 4% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | $ 1,713 | $ 1,770 |
Life Insurance | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 3% To 4% | Minimum | ||
Policyholder Account Balance [Line Items] | ||
Minimum credit rating (as a percent) | 3% | 3% |
Life Insurance | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 3% To 4% | Maximum | ||
Policyholder Account Balance [Line Items] | ||
Minimum credit rating (as a percent) | 4% | 4% |
Life Insurance | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 4% To 5% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | $ 2,909 | $ 3,024 |
Life Insurance | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 4% To 5% | Minimum | ||
Policyholder Account Balance [Line Items] | ||
Minimum credit rating (as a percent) | 4% | 4% |
Life Insurance | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 4% To 5% | Maximum | ||
Policyholder Account Balance [Line Items] | ||
Minimum credit rating (as a percent) | 5% | 5% |
Life Insurance | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 5% To 5.5% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | $ 221 | $ 226 |
Minimum credit rating (as a percent) | 5% | 5% |
Life Insurance | At Guaranteed Minimum | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | $ 4,330 | $ 4,990 |
Life Insurance | At Guaranteed Minimum | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range Less Than 1% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 0 | 0 |
Life Insurance | At Guaranteed Minimum | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 1% To 2% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 0 | 105 |
Life Insurance | At Guaranteed Minimum | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 2% To 3% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 10 | 240 |
Life Insurance | At Guaranteed Minimum | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 3% To 4% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 1,190 | 1,395 |
Life Insurance | At Guaranteed Minimum | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 4% To 5% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 2,909 | 3,024 |
Life Insurance | At Guaranteed Minimum | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 5% To 5.5% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 221 | 226 |
Life Insurance | 1 Basis Point - 50 Basis Points Above | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 1,325 | 848 |
Life Insurance | 1 Basis Point - 50 Basis Points Above | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range Less Than 1% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 0 | 0 |
Life Insurance | 1 Basis Point - 50 Basis Points Above | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 1% To 2% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 131 | 24 |
Life Insurance | 1 Basis Point - 50 Basis Points Above | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 2% To 3% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 872 | 638 |
Life Insurance | 1 Basis Point - 50 Basis Points Above | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 3% To 4% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 322 | 186 |
Life Insurance | 1 Basis Point - 50 Basis Points Above | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 4% To 5% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 0 | 0 |
Life Insurance | 1 Basis Point - 50 Basis Points Above | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 5% To 5.5% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 0 | 0 |
Life Insurance | More than 50 Basis Points Above Minimum Guarantee | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 1,634 | 1,647 |
Life Insurance | More than 50 Basis Points Above Minimum Guarantee | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range Less Than 1% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 0 | 0 |
Life Insurance | More than 50 Basis Points Above Minimum Guarantee | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 1% To 2% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 350 | 350 |
Life Insurance | More than 50 Basis Points Above Minimum Guarantee | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 2% To 3% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 1,083 | 1,108 |
Life Insurance | More than 50 Basis Points Above Minimum Guarantee | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 3% To 4% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 201 | 189 |
Life Insurance | More than 50 Basis Points Above Minimum Guarantee | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 4% To 5% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 0 | 0 |
Life Insurance | More than 50 Basis Points Above Minimum Guarantee | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 5% To 5.5% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | $ 0 | $ 0 |
Insurance Liabilities - Unearne
Insurance Liabilities - Unearned revenue liability (Details) - USD ($) $ in Millions | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | Jan. 01, 2021 | |
Other Policyholder Funds Rollforward [Roll Forward] | ||||
Balance, beginning of year | $ 1,834 | $ 1,811 | ||
Revenue deferred | 76 | 70 | ||
Amortization | (61) | (60) | ||
Balance, end of period | 1,849 | 1,821 | ||
Other reconciling items | 1,042 | 1,047 | ||
Other policyholder funds | 2,891 | 2,868 | $ 2,885 | $ 2,740 |
Life Insurance | ||||
Other Policyholder Funds Rollforward [Roll Forward] | ||||
Balance, beginning of year | 1,727 | 1,693 | ||
Revenue deferred | 76 | 70 | ||
Amortization | (55) | (54) | ||
Balance, end of period | 1,748 | 1,709 | ||
Institutional Markets | ||||
Other Policyholder Funds Rollforward [Roll Forward] | ||||
Balance, beginning of year | 2 | 2 | ||
Revenue deferred | 0 | 0 | ||
Amortization | (1) | 0 | ||
Balance, end of period | 1 | 2 | ||
Corporate and Other | ||||
Other Policyholder Funds Rollforward [Roll Forward] | ||||
Balance, beginning of year | 105 | 116 | ||
Revenue deferred | 0 | 0 | ||
Amortization | (5) | (6) | ||
Balance, end of period | $ 100 | $ 110 |
Market Risk Benefits - Balances
Market Risk Benefits - Balances and changes in market risk benefits (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Jan. 01, 2021 | Dec. 31, 2020 |
Market Risk Benefit [Line Items] | ||||||
Market risk benefit | $ 4,102 | $ 4,034 | $ 4,770 | $ 7,034 | $ 8,401 | |
Market risk benefit in an asset position | 176 | |||||
Reinsured market risk benefit | 162 | |||||
Market risk benefit assets, at fair value | 954 | 796 | $ 338 | 338 | ||
Market risk benefit liabilities, at fair value | 4,977 | 4,736 | 8,739 | |||
As Previously Reported | ||||||
Market Risk Benefit [Line Items] | ||||||
Market risk benefit | 0 | |||||
Market risk benefit assets, at fair value | 0 | 0 | ||||
Market risk benefit liabilities, at fair value | 0 | $ 0 | ||||
Effect Of Application Of Accounting Standards Update 2018-12, Reclassification Of Embedded Derivative Liability From Policyholder Contract Deposits | ||||||
Market Risk Benefit [Line Items] | ||||||
Market risk benefit | 6,471 | |||||
Effect Of Application Of Accounting Standards Update 2018-12, Reclassification Of Future Policy Benefits | ||||||
Market Risk Benefit [Line Items] | ||||||
Market risk benefit | 1,575 | |||||
Effect Of Application Of Accounting Standards Update 2018-12, Cumulative Effect Of Changes In Instrument-Specific Credit Risk | ||||||
Market Risk Benefit [Line Items] | ||||||
Market risk benefit | 2,327 | |||||
Effect Of Application Of Accounting Standards Update 2018-12, Adjustments For The Removal Of Shadow Adjustments | ||||||
Market Risk Benefit [Line Items] | ||||||
Market risk benefit | (605) | |||||
Effect Of Application Of Accounting Standards Update 2018-12, Adjustments For Remaining Difference Between Carrying Amount And Fair Value For MRB | ||||||
Market Risk Benefit [Line Items] | ||||||
Market risk benefit | (1,367) | |||||
Individual Retirement | ||||||
Market Risk Benefit [Line Items] | ||||||
Market risk benefit | 3,826 | 3,738 | 4,398 | 6,452 | 7,599 | |
Market risk benefit in an asset position | 176 | |||||
Reinsured market risk benefit | 162 | |||||
Market risk benefit liabilities, at fair value | 7,937 | |||||
Individual Retirement | As Previously Reported | ||||||
Market Risk Benefit [Line Items] | ||||||
Market risk benefit | 0 | |||||
Individual Retirement | Effect Of Application Of Accounting Standards Update 2018-12, Reclassification Of Embedded Derivative Liability From Policyholder Contract Deposits | ||||||
Market Risk Benefit [Line Items] | ||||||
Market risk benefit | 5,894 | |||||
Individual Retirement | Effect Of Application Of Accounting Standards Update 2018-12, Reclassification Of Future Policy Benefits | ||||||
Market Risk Benefit [Line Items] | ||||||
Market risk benefit | 1,356 | |||||
Individual Retirement | Effect Of Application Of Accounting Standards Update 2018-12, Cumulative Effect Of Changes In Instrument-Specific Credit Risk | ||||||
Market Risk Benefit [Line Items] | ||||||
Market risk benefit | 2,140 | |||||
Individual Retirement | Effect Of Application Of Accounting Standards Update 2018-12, Adjustments For The Removal Of Shadow Adjustments | ||||||
Market Risk Benefit [Line Items] | ||||||
Market risk benefit | (516) | |||||
Individual Retirement | Effect Of Application Of Accounting Standards Update 2018-12, Adjustments For Remaining Difference Between Carrying Amount And Fair Value For MRB | ||||||
Market Risk Benefit [Line Items] | ||||||
Market risk benefit | (1,275) | |||||
Group Retirement | ||||||
Market Risk Benefit [Line Items] | ||||||
Market risk benefit | $ 276 | $ 296 | $ 372 | $ 582 | 802 | |
Market risk benefit in an asset position | 0 | |||||
Reinsured market risk benefit | 0 | |||||
Market risk benefit assets, at fair value | 0 | |||||
Market risk benefit liabilities, at fair value | 802 | |||||
Group Retirement | As Previously Reported | ||||||
Market Risk Benefit [Line Items] | ||||||
Market risk benefit | 0 | |||||
Group Retirement | Effect Of Application Of Accounting Standards Update 2018-12, Reclassification Of Embedded Derivative Liability From Policyholder Contract Deposits | ||||||
Market Risk Benefit [Line Items] | ||||||
Market risk benefit | 577 | |||||
Group Retirement | Effect Of Application Of Accounting Standards Update 2018-12, Reclassification Of Future Policy Benefits | ||||||
Market Risk Benefit [Line Items] | ||||||
Market risk benefit | 219 | |||||
Group Retirement | Effect Of Application Of Accounting Standards Update 2018-12, Cumulative Effect Of Changes In Instrument-Specific Credit Risk | ||||||
Market Risk Benefit [Line Items] | ||||||
Market risk benefit | 187 | |||||
Group Retirement | Effect Of Application Of Accounting Standards Update 2018-12, Adjustments For The Removal Of Shadow Adjustments | ||||||
Market Risk Benefit [Line Items] | ||||||
Market risk benefit | (89) | |||||
Group Retirement | Effect Of Application Of Accounting Standards Update 2018-12, Adjustments For Remaining Difference Between Carrying Amount And Fair Value For MRB | ||||||
Market Risk Benefit [Line Items] | ||||||
Market risk benefit | $ (92) |
Market Risk Benefits - Rollforw
Market Risk Benefits - Rollforward of market risk benefits (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Market Risk Benefit [Roll Forward] | ||
Balance, beginning of year | $ 4,034 | $ 7,034 |
Balance, beginning of year, before effect of changes in our own credit risk | 3,569 | 4,933 |
Issuances | 398 | 108 |
Interest accrual | 86 | 94 |
Attributed fees | 475 | 446 |
Expected claims | (49) | (29) |
Effect of changes in interest rates | 37 | (3,134) |
Effect of changes in interest rate volatility | (88) | 192 |
Effect of changes in equity markets | (921) | 1,694 |
Effect of changes in equity index volatility | 4 | (46) |
Actual outcome different from model expected outcome | 105 | 143 |
Effect of changes in other future expected assumptions | (123) | |
Other, including foreign exchange | (2) | (6) |
Balance, end of period, before effect of changes in our own credit risk | 3,491 | 4,395 |
Effect of changes in our own credit risk | 611 | 375 |
Balance, end of period | 4,102 | 4,770 |
Less: Reinsured MRB, end of period | (79) | (110) |
Net | 4,023 | 4,660 |
Combined | ||
Net amount at risk | ||
Net amount at risk | 1,458 | 2,063 |
GMDB only | ||
Net amount at risk | ||
Net amount at risk | 1,280 | 2,224 |
GMWB only | ||
Net amount at risk | ||
Net amount at risk | 60 | 63 |
Individual Retirement | ||
Market Risk Benefit [Roll Forward] | ||
Balance, beginning of year | 3,738 | 6,452 |
Balance, beginning of year, before effect of changes in our own credit risk | 3,297 | 4,518 |
Issuances | 379 | 97 |
Interest accrual | 78 | 83 |
Attributed fees | 442 | 409 |
Expected claims | (48) | (28) |
Effect of changes in interest rates | 34 | (2,864) |
Effect of changes in interest rate volatility | (84) | 180 |
Effect of changes in equity markets | (843) | 1,558 |
Effect of changes in equity index volatility | 8 | (42) |
Actual outcome different from model expected outcome | 93 | 130 |
Effect of changes in other future expected assumptions | (94) | |
Other, including foreign exchange | 0 | 2 |
Balance, end of period, before effect of changes in our own credit risk | 3,262 | 4,043 |
Effect of changes in our own credit risk | 564 | 355 |
Balance, end of period | 3,826 | 4,398 |
Less: Reinsured MRB, end of period | (79) | (110) |
Net | $ 3,747 | $ 4,288 |
Net amount at risk | ||
Average attained age of contract holders by product | 70 years | 70 years |
Individual Retirement | Combined | ||
Net amount at risk | ||
Net amount at risk | $ 1,435 | $ 2,052 |
Individual Retirement | GMDB only | ||
Net amount at risk | ||
Net amount at risk | 1,068 | 1,828 |
Individual Retirement | GMWB only | ||
Net amount at risk | ||
Net amount at risk | 56 | 58 |
Group Retirement | ||
Market Risk Benefit [Roll Forward] | ||
Balance, beginning of year | 296 | 582 |
Balance, beginning of year, before effect of changes in our own credit risk | 272 | 415 |
Issuances | 19 | 11 |
Interest accrual | 8 | 11 |
Attributed fees | 33 | 37 |
Expected claims | (1) | (1) |
Effect of changes in interest rates | 3 | (270) |
Effect of changes in interest rate volatility | (4) | 12 |
Effect of changes in equity markets | (78) | 136 |
Effect of changes in equity index volatility | (4) | (4) |
Actual outcome different from model expected outcome | 12 | 13 |
Effect of changes in other future expected assumptions | (29) | |
Other, including foreign exchange | (2) | (8) |
Balance, end of period, before effect of changes in our own credit risk | 229 | 352 |
Effect of changes in our own credit risk | 47 | 20 |
Balance, end of period | 276 | 372 |
Less: Reinsured MRB, end of period | 0 | 0 |
Net | $ 276 | $ 372 |
Net amount at risk | ||
Average attained age of contract holders by product | 64 years | 64 years |
Group Retirement | Combined | ||
Net amount at risk | ||
Net amount at risk | $ 23 | $ 11 |
Group Retirement | GMDB only | ||
Net amount at risk | ||
Net amount at risk | 212 | 396 |
Group Retirement | GMWB only | ||
Net amount at risk | ||
Net amount at risk | $ 4 | $ 5 |
Market Risk Benefits - Schedule
Market Risk Benefits - Schedule of market risk benefits (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Jun. 30, 2022 |
Market Risk Benefit [Line Items] | ||
Asset | $ 954 | $ 642 |
Liability | 4,977 | 5,302 |
Net | 4,023 | 4,660 |
Individual Retirement | ||
Market Risk Benefit [Line Items] | ||
Asset | 787 | 527 |
Liability | 4,534 | 4,815 |
Net | 3,747 | 4,288 |
Group Retirement | ||
Market Risk Benefit [Line Items] | ||
Asset | 167 | 115 |
Liability | 443 | 487 |
Net | $ 276 | $ 372 |
Separate Account Assets and L_3
Separate Account Assets and Liabilities - Separate account assets (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 |
Fair Value, Separate Account Investment [Line Items] | |||
Separate account assets, at fair value | $ 89,718 | $ 84,853 | $ 86,735 |
Equity Funds | |||
Fair Value, Separate Account Investment [Line Items] | |||
Separate account assets, at fair value | 54,100 | 49,488 | |
Bond Funds | |||
Fair Value, Separate Account Investment [Line Items] | |||
Separate account assets, at fair value | 8,747 | 9,301 | |
Balanced Funds | |||
Fair Value, Separate Account Investment [Line Items] | |||
Separate account assets, at fair value | 25,217 | 26,358 | |
Money Market Funds | |||
Fair Value, Separate Account Investment [Line Items] | |||
Separate account assets, at fair value | 1,654 | 1,588 | |
Individual Retirement | |||
Fair Value, Separate Account Investment [Line Items] | |||
Separate account assets, at fair value | 47,409 | 46,262 | |
Individual Retirement | Equity Funds | |||
Fair Value, Separate Account Investment [Line Items] | |||
Separate account assets, at fair value | 24,804 | 23,012 | |
Individual Retirement | Bond Funds | |||
Fair Value, Separate Account Investment [Line Items] | |||
Separate account assets, at fair value | 3,974 | 3,887 | |
Individual Retirement | Balanced Funds | |||
Fair Value, Separate Account Investment [Line Items] | |||
Separate account assets, at fair value | 17,911 | 18,684 | |
Individual Retirement | Money Market Funds | |||
Fair Value, Separate Account Investment [Line Items] | |||
Separate account assets, at fair value | 720 | 679 | |
Group Retirement | |||
Fair Value, Separate Account Investment [Line Items] | |||
Separate account assets, at fair value | 37,245 | 34,902 | |
Group Retirement | Equity Funds | |||
Fair Value, Separate Account Investment [Line Items] | |||
Separate account assets, at fair value | 27,889 | 25,210 | |
Group Retirement | Bond Funds | |||
Fair Value, Separate Account Investment [Line Items] | |||
Separate account assets, at fair value | 3,428 | 4,010 | |
Group Retirement | Balanced Funds | |||
Fair Value, Separate Account Investment [Line Items] | |||
Separate account assets, at fair value | 5,375 | 5,181 | |
Group Retirement | Money Market Funds | |||
Fair Value, Separate Account Investment [Line Items] | |||
Separate account assets, at fair value | 553 | 501 | |
Life Insurance | |||
Fair Value, Separate Account Investment [Line Items] | |||
Separate account assets, at fair value | 888 | 807 | |
Life Insurance | Equity Funds | |||
Fair Value, Separate Account Investment [Line Items] | |||
Separate account assets, at fair value | 777 | 690 | |
Life Insurance | Bond Funds | |||
Fair Value, Separate Account Investment [Line Items] | |||
Separate account assets, at fair value | 43 | 46 | |
Life Insurance | Balanced Funds | |||
Fair Value, Separate Account Investment [Line Items] | |||
Separate account assets, at fair value | 51 | 49 | |
Life Insurance | Money Market Funds | |||
Fair Value, Separate Account Investment [Line Items] | |||
Separate account assets, at fair value | 17 | 22 | |
Institutional Markets | |||
Fair Value, Separate Account Investment [Line Items] | |||
Separate account assets, at fair value | 4,176 | 4,764 | |
Institutional Markets | Equity Funds | |||
Fair Value, Separate Account Investment [Line Items] | |||
Separate account assets, at fair value | 630 | 576 | |
Institutional Markets | Bond Funds | |||
Fair Value, Separate Account Investment [Line Items] | |||
Separate account assets, at fair value | 1,302 | 1,358 | |
Institutional Markets | Balanced Funds | |||
Fair Value, Separate Account Investment [Line Items] | |||
Separate account assets, at fair value | 1,880 | 2,444 | |
Institutional Markets | Money Market Funds | |||
Fair Value, Separate Account Investment [Line Items] | |||
Separate account assets, at fair value | $ 364 | $ 386 |
Separate Account Assets and L_4
Separate Account Assets and Liabilities - separate account liabilities (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Separate Account, Liability [Roll Forward] | ||
Separate accounts balance, beginning of year | $ 84,853 | $ 109,111 |
Premiums and deposits | 1,552 | 2,274 |
Policy charges | (955) | (965) |
Surrenders and withdrawals | (3,600) | (3,106) |
Benefit payments | (743) | (775) |
Investment performance | 8,600 | (19,660) |
Net transfers from (to) general account | 10 | (146) |
Other charges | 1 | 2 |
Separate accounts balance, end of period | 89,718 | 86,735 |
Aggregate carrying amount in the Condensed Consolidated Balance Sheets | 89,718 | 86,735 |
Cash surrender value | 88,389 | 85,411 |
Individual Retirement | ||
Separate Account, Liability [Roll Forward] | ||
Separate accounts balance, beginning of year | 45,178 | 57,927 |
Premiums and deposits | 807 | 1,354 |
Policy charges | (662) | (646) |
Surrenders and withdrawals | (1,776) | (1,741) |
Benefit payments | (432) | (476) |
Investment performance | 4,172 | (10,249) |
Net transfers from (to) general account | 122 | 93 |
Other charges | 0 | 0 |
Separate accounts balance, end of period | 47,409 | 46,262 |
Aggregate carrying amount in the Condensed Consolidated Balance Sheets | 47,409 | 46,262 |
Cash surrender value | 46,307 | 45,154 |
Group Retirement | ||
Separate Account, Liability [Roll Forward] | ||
Separate accounts balance, beginning of year | 34,361 | 45,138 |
Premiums and deposits | 697 | 868 |
Policy charges | (221) | (244) |
Surrenders and withdrawals | (1,390) | (1,329) |
Benefit payments | (250) | (283) |
Investment performance | 4,169 | (8,987) |
Net transfers from (to) general account | (121) | (261) |
Other charges | 0 | 0 |
Separate accounts balance, end of period | 37,245 | 34,902 |
Aggregate carrying amount in the Condensed Consolidated Balance Sheets | 37,245 | 34,902 |
Cash surrender value | 37,050 | 34,699 |
Life Insurance | ||
Separate Account, Liability [Roll Forward] | ||
Separate accounts balance, beginning of year | 799 | 1,044 |
Premiums and deposits | 18 | 19 |
Policy charges | (25) | (25) |
Surrenders and withdrawals | (12) | (11) |
Benefit payments | (3) | (4) |
Investment performance | 113 | (216) |
Net transfers from (to) general account | (2) | 0 |
Other charges | 0 | 0 |
Separate accounts balance, end of period | 888 | 807 |
Aggregate carrying amount in the Condensed Consolidated Balance Sheets | 888 | 807 |
Cash surrender value | 854 | 792 |
Institutional Markets | ||
Separate Account, Liability [Roll Forward] | ||
Separate accounts balance, beginning of year | 4,515 | 5,002 |
Premiums and deposits | 30 | 33 |
Policy charges | (47) | (50) |
Surrenders and withdrawals | (422) | (25) |
Benefit payments | (58) | (12) |
Investment performance | 146 | (208) |
Net transfers from (to) general account | 11 | 22 |
Other charges | 1 | 2 |
Separate accounts balance, end of period | 4,176 | 4,764 |
Aggregate carrying amount in the Condensed Consolidated Balance Sheets | 4,176 | 4,764 |
Cash surrender value | $ 4,178 | $ 4,766 |
Contingencies, Commitments an_2
Contingencies, Commitments and Guarantees (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Other Commitments [Line Items] | ||
Amount of policy issued to plaintiff's | $ 1,000,000 | |
Other commitments | $ 4,500,000,000 | |
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) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Aug. 03, 2023 | Jun. 30, 2023 | Jun. 01, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Jun. 30, 2022 | |
Dividends [Line Items] | ||||||
Distributed dividends | $ 290 | $ 580 | ||||
Subsequent Event | ||||||
Dividends [Line Items] | ||||||
Dividend declared (in USD per share) | $ 0.23 | |||||
Dividend Declared June 1, 2023 | ||||||
Dividends [Line Items] | ||||||
Common stock dividend (USD per share) | $ 0.62 | |||||
Dividend declared (in USD per share) | $ 0.62 | |||||
Dividend Declared May 8, 2023 | ||||||
Dividends [Line Items] | ||||||
Common stock dividend (USD per share) | $ 0.23 | |||||
Dividend Declared February 16, 2023 | ||||||
Dividends [Line Items] | ||||||
Common stock dividend (USD per share) | $ 0.23 |
Equity and Redeemable Noncont_4
Equity and Redeemable Noncontrolling Interest - Rollforward of Common Stock (Details) - USD ($) | 2 Months Ended | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2023 | Jun. 30, 2023 | May 04, 2023 | Dec. 31, 2022 | |
Common Stock Rollforward [Roll Forward] | |||||
Common Stock issued, beginning balance (in shares) | 645,000,000 | ||||
Treasury Stock, beginning balance (in shares) | 0 | ||||
Common Stock outstanding, beginning balance (in shares) | 645,000,000 | ||||
Shares issued under long-term incentive compensation plans (in shares) | 3,144,926 | ||||
Shares issued under long-term incentive compensation plans (in shares) | $ 6,000,000 | $ 6,000,000 | $ 6,000,000 | $ 6,000,000 | |
Shares repurchased (in shares) | (12,187,690) | ||||
Common Stock issued, ending balance (in shares) | 648,144,926 | 648,144,926 | 648,144,926 | ||
Treasury Stock, ending balance (in shares) | 12,187,690 | 12,187,690 | 12,187,690 | ||
Common Stock outstanding, ending balance (in shares) | 635,957,236 | 635,957,236 | 635,957,236 | ||
Stock repurchase program, authorized amount | $ 1,000,000,000 | ||||
Purchase of common stock | $ (202,000,000) | $ (202,000,000) | |||
Total common stock | |||||
Common Stock Rollforward [Roll Forward] | |||||
Common Stock issued, beginning balance (in shares) | 645,000,000 | ||||
Shares issued under long-term incentive compensation plans (in shares) | 3,144,926 | ||||
Shares repurchased (in shares) | 0 | ||||
Common Stock issued, ending balance (in shares) | 648,144,926 | 648,144,926 | 648,144,926 | ||
Treasury Stock | |||||
Common Stock Rollforward [Roll Forward] | |||||
Treasury Stock, beginning balance (in shares) | 0 | ||||
Shares issued under long-term incentive compensation plans (in shares) | $ 0 | $ 0 | $ 0 | ||
Shares repurchased (in shares) | (12,200,000) | (12,187,690) | |||
Treasury Stock, ending balance (in shares) | 12,187,690 | 12,187,690 | 12,187,690 | ||
Purchase of common stock | $ 200,000,000 | $ (202,000,000) | $ (202,000,000) |
Equity and Redeemable Noncont_5
Equity and Redeemable Noncontrolling Interest - Rollforward of Accumulated other comprehensive income (loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Balance, beginning of period | $ 12,465 | $ 21,593 | $ 10,319 | $ 28,989 |
Change in unrealized depreciation of investments | (1,772) | (15,402) | 2,248 | (32,276) |
Change in fair value of market risk benefits attributable to changes in our own credit risk | (240) | 734 | (146) | 1,726 |
Change in discount rates assumptions of certain liabilities | 628 | 2,239 | 33 | 5,069 |
Change in future policy benefits and other | 49 | 643 | (67) | 1,440 |
Change in cash flow hedges | (8) | (6) | (15) | 218 |
Change in foreign currency translation adjustments | 28 | (50) | 65 | (74) |
Change in net actuarial loss | 0 | (1) | 3 | (1) |
Change in deferred tax asset (liability) | 201 | 1,763 | (430) | 3,559 |
Other comprehensive income (loss) | (1,114) | (10,080) | 1,691 | (20,339) |
Balance, end of period | 11,468 | 13,459 | 11,468 | 13,459 |
Total | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Balance, beginning of period | (14,067) | (2,026) | (16,863) | 8,233 |
Change in unrealized depreciation of investments | (1,772) | |||
Other comprehensive income (loss) | (1,115) | (10,080) | 1,681 | (20,339) |
Balance, end of period | (15,182) | (12,106) | (15,182) | (12,106) |
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 | (62) | (82) | (92) | (31) |
Other comprehensive income (loss) | 43 | 49 | 73 | (2) |
Balance, end of period | (19) | (33) | (19) | (33) |
Unrealized Appreciation (Depreciation) of All Other Investments | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Balance, beginning of period | (16,248) | (1,061) | (19,380) | 12,315 |
Other comprehensive income (loss) | (1,484) | (12,419) | 1,648 | (25,795) |
Balance, end of period | (17,732) | (13,480) | (17,732) | (13,480) |
Change in fair value of market risk benefits attributable to changes in our own credit risk | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Balance, beginning of period | (291) | (877) | (365) | (1,659) |
Other comprehensive income (loss) | (189) | 581 | (115) | 1,363 |
Balance, end of period | (480) | (296) | (480) | (296) |
Change in the discount rates used to measure traditional and limited payment long-duration insurance contracts | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Balance, beginning of period | 2,443 | (158) | 2,908 | (2,390) |
Other comprehensive income (loss) | 486 | 1,765 | 21 | 3,997 |
Balance, end of period | 2,929 | 1,607 | 2,929 | 1,607 |
Cash Flow Hedges | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Balance, beginning of period | 153 | 177 | 157 | 0 |
Other comprehensive income (loss) | (6) | (8) | (10) | 169 |
Balance, end of period | 147 | 169 | 147 | 169 |
Foreign Currency Translation Adjustments | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Balance, beginning of period | (73) | (32) | (100) | (9) |
Other comprehensive income (loss) | 36 | (47) | 72 | (70) |
Balance, end of period | (38) | (79) | (38) | (79) |
Retirement Plan Liabilities Adjustment | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Balance, beginning of period | 11 | 7 | 9 | 7 |
Other comprehensive income (loss) | 0 | (1) | 2 | (1) |
Balance, end of period | 11 | 6 | 11 | 6 |
Noncontrolling interests | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Noncontrolling interests | 1 | 0 | 10 | 0 |
Foreign Currency Translation Adjustments | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Noncontrolling interests | 1 | 0 | 10 | 0 |
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 | 55 | 62 | 93 | (2) |
Change in deferred tax asset (liability) | (12) | (13) | (20) | 0 |
Other comprehensive income (loss) | 43 | 49 | 73 | (2) |
Unrealized Appreciation (Depreciation) of All Other Investments | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Change in unrealized depreciation of investments | (1,827) | (15,464) | 2,155 | (32,274) |
Change in future policy benefits and other | 49 | 643 | (67) | 1,440 |
Change in deferred tax asset (liability) | 294 | 2,402 | (440) | 5,039 |
Other comprehensive income (loss) | (1,484) | (12,419) | 1,648 | (25,795) |
Change in fair value of market risk benefits attributable to changes in the instrument- specific risk | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Change in fair value of market risk benefits attributable to changes in our own credit risk | (240) | 734 | (146) | 1,726 |
Change in deferred tax asset (liability) | 51 | (153) | 31 | (363) |
Other comprehensive income (loss) | (189) | 581 | (115) | 1,363 |
Change in the discount rates used to measure traditional and limited payment long-duration insurance contracts | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Change in discount rates assumptions of certain liabilities | 628 | 2,239 | 33 | 5,069 |
Change in deferred tax asset (liability) | (142) | (474) | (12) | (1,072) |
Other comprehensive income (loss) | 486 | 1,765 | 21 | 3,997 |
Cash Flow Hedges | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Change in cash flow hedges | (8) | (6) | (15) | 218 |
Change in deferred tax asset (liability) | 2 | (2) | 5 | (49) |
Foreign Currency Translation Adjustments | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Change in foreign currency translation adjustments | 28 | (50) | 65 | (74) |
Change in deferred tax asset (liability) | 8 | 3 | 7 | 4 |
Other comprehensive income (loss) | 36 | (47) | 72 | (70) |
Retirement Plan Liabilities Adjustment | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Change in net actuarial loss | 0 | (1) | 3 | (1) |
Change in deferred tax asset (liability) | 0 | (1) | ||
Other comprehensive income (loss) | $ 0 | $ (1) | $ 2 | $ (1) |
Equity and Redeemable Noncont_6
Equity and Redeemable Noncontrolling Interest - Other comprehensive income reclassification adjustments (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Other Comprehensive Income (Loss) Reclassification Adjustments | ||||
Amounts to be reclassified in the next twelve months | $ 188 | |||
Other comprehensive income (loss) | $ (1,114) | $ (10,080) | 1,691 | $ (20,339) |
Reinsurance Recoverable, Allowance for Credit Loss, Period Increase (Decrease) | 0 | 0 | 0 | 0 |
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 | 52 | 54 | 76 | (10) |
Less: Reclassification adjustments included in net income | (3) | (8) | (17) | (8) |
Total other comprehensive income (loss), before income tax expense (benefit) | 55 | 62 | 93 | (2) |
Less: Income tax expense (benefit) | 12 | 13 | 20 | 0 |
Other comprehensive income (loss) | 43 | 49 | 73 | (2) |
Unrealized Appreciation (Depreciation) of All Other Investments | ||||
Other Comprehensive Income (Loss) Reclassification Adjustments | ||||
Amounts to be reclassified in the next twelve months | (2,009) | (15,099) | 1,770 | (31,212) |
Less: Reclassification adjustments included in net income | (231) | (278) | (318) | (378) |
Total other comprehensive income (loss), before income tax expense (benefit) | (1,778) | (14,821) | 2,088 | (30,834) |
Less: Income tax expense (benefit) | (294) | (2,402) | 440 | (5,039) |
Other comprehensive income (loss) | (1,484) | (12,419) | 1,648 | (25,795) |
Change in fair value of market risk benefits attributable to changes in the instrument- specific risk | ||||
Other Comprehensive Income (Loss) Reclassification Adjustments | ||||
Amounts to be reclassified in the next twelve months | (240) | 734 | (146) | 1,726 |
Less: Reclassification adjustments included in net income | 0 | 0 | 0 | 0 |
Total other comprehensive income (loss), before income tax expense (benefit) | (240) | 734 | (146) | 1,726 |
Less: Income tax expense (benefit) | (51) | 153 | (31) | 363 |
Other comprehensive income (loss) | (189) | 581 | (115) | 1,363 |
Change in the discount rates used to measure traditional and limited payment long-duration insurance contracts | ||||
Other Comprehensive Income (Loss) Reclassification Adjustments | ||||
Amounts to be reclassified in the next twelve months | 628 | 2,239 | 33 | 5,069 |
Less: Reclassification adjustments included in net income | 0 | 0 | 0 | 0 |
Total other comprehensive income (loss), before income tax expense (benefit) | 628 | 2,239 | 33 | 5,069 |
Less: Income tax expense (benefit) | 142 | 474 | 12 | 1,072 |
Other comprehensive income (loss) | 486 | 1,765 | 21 | 3,997 |
Cash Flow Hedges | ||||
Other Comprehensive Income (Loss) Reclassification Adjustments | ||||
Amounts to be reclassified in the next twelve months | (8) | (6) | (15) | 218 |
Less: Reclassification adjustments included in net income | 0 | 0 | 0 | 0 |
Total other comprehensive income (loss), before income tax expense (benefit) | (8) | (6) | (15) | 218 |
Less: Income tax expense (benefit) | (2) | 2 | (5) | 49 |
Other comprehensive income (loss) | (6) | (8) | (10) | 169 |
Foreign Currency Translation Adjustments | ||||
Other Comprehensive Income (Loss) Reclassification Adjustments | ||||
Amounts to be reclassified in the next twelve months | 28 | (50) | 65 | (74) |
Less: Reclassification adjustments included in net income | 0 | 0 | 0 | 0 |
Total other comprehensive income (loss), before income tax expense (benefit) | 28 | (50) | 65 | (74) |
Less: Income tax expense (benefit) | (8) | (3) | (7) | (4) |
Other comprehensive income (loss) | 36 | (47) | 72 | (70) |
Retirement Plan Liabilities Adjustment | ||||
Other Comprehensive Income (Loss) Reclassification Adjustments | ||||
Amounts to be reclassified in the next twelve months | 0 | (1) | 3 | (1) |
Less: Reclassification adjustments included in net income | 0 | 0 | 0 | 0 |
Total other comprehensive income (loss), before income tax expense (benefit) | 0 | (1) | 3 | (1) |
Less: Income tax expense (benefit) | 0 | 0 | 1 | 0 |
Other comprehensive income (loss) | 0 | (1) | 2 | (1) |
Total Corebridge Shareholders' Equity | ||||
Other Comprehensive Income (Loss) Reclassification Adjustments | ||||
Amounts to be reclassified in the next twelve months | (1,549) | (12,129) | 1,786 | (24,284) |
Less: Reclassification adjustments included in net income | (234) | (286) | (335) | (386) |
Total other comprehensive income (loss), before income tax expense (benefit) | (1,315) | (11,843) | 2,121 | (23,898) |
Less: Income tax expense (benefit) | (201) | (1,763) | 430 | (3,559) |
Other comprehensive income (loss) | $ (1,115) | $ (10,080) | $ 1,681 | $ (20,339) |
Equity and Redeemable Noncont_7
Equity and Redeemable Noncontrolling Interest - Reclassification of significant items out of accumulated other comprehensive income (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Reclassification of significant items out of Accumulated Other Comprehensive Income | ||||
Total net realized gains (losses) | $ (320) | $ 2,520 | $ (1,778) | $ 5,407 |
Net income (loss) attributable to Corebridge | 771 | 2,594 | 312 | 5,960 |
Amount Reclassified from AOCI | ||||
Reclassification of significant items out of Accumulated Other Comprehensive Income | ||||
Net income (loss) attributable to Corebridge | (234) | (286) | (335) | (386) |
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) | (3) | (8) | (17) | (8) |
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) | $ (231) | $ (278) | $ (318) | $ (378) |
Equity and Redeemable Noncont_8
Equity and Redeemable Noncontrolling Interest - Non-redeemable and redeemable noncontrolling interest (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||||
Beginning balance | $ 939 | |||
Distributions to noncontrolling interests | $ (3) | $ (438) | (53) | $ (718) |
Ending balance | 907 | 907 | ||
Non- Redeemable Noncontrolling Interests | ||||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||||
Distributions to noncontrolling interests | (3) | (438) | (53) | (718) |
Non-Redeemable Noncontrolling Interest | Non- Redeemable Noncontrolling Interests | ||||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||||
Beginning balance | 910 | 1,565 | 939 | 1,759 |
Net income attributable to redeemable noncontrolling interest | (20) | 79 | (14) | 155 |
Other comprehensive loss, net of tax | 1 | 0 | 10 | 0 |
Changes in noncontrolling interests due to divestitures and acquisitions | 0 | 0 | (19) | 0 |
Contributions from noncontrolling interests | (18) | (9) | (43) | (23) |
Distributions to noncontrolling interests | (3) | (438) | (53) | (718) |
Other | 1 | (7) | 1 | (11) |
Ending balance | $ 907 | 1,208 | $ 907 | 1,208 |
Redeemable Noncontrolling Interest | ||||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||||
Beginning balance | 82 | 83 | ||
Net income attributable to redeemable noncontrolling interest | 1 | 0 | ||
Contributions from noncontrolling interests | (25) | (25) | ||
Ending balance | $ 58 | $ 58 |
Earnings Per Common Share - Sch
Earnings Per Common Share - Schedule of EPS (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Earnings Per Share [Abstract] | ||||
Net income | $ 751 | $ 2,674 | $ 298 | $ 6,115 |
Net income (loss) attributable to noncontrolling interests | (20) | 80 | (14) | 155 |
Net income (loss) attributable to Corebridge common shareholders | $ 771 | $ 2,594 | $ 312 | $ 5,960 |
Basic (in shares) | 650,700,000 | 645,000,000 | 650,800,000 | 645,000,000 |
Dilutive common shares (in shares) | 1,500,000 | 0 | 1,700,000 | 0 |
Weighted average common shares outstanding - diluted (in shares) | 652,200,000 | 645,000,000 | 652,500,000 | 645,000,000 |
Basic (in dollars per share) | $ 1.18 | $ 4.02 | $ 0.48 | $ 9.24 |
Diluted (in dollars per share) | $ 1.18 | $ 4.02 | $ 0.48 | $ 9.24 |
Number of shares excluded from diluted shares outstanding because the effect would have been anti-dilutive (in shares) | 1,300,000 | 900,000 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Valuation Allowance [Line Items] | ||||
Effective income tax rate | 17.60% | 19.60% | (23.10%) | 19.80% |
U.S. federal income tax at statutory rate (as a percent) | 21% | 21% | 21% | 21% |
Increase (decrease) in valuation allowance | $ 35 | $ 51 | ||
Valuation allowance related to certain tax attribute carryforward | 202 | 202 | ||
Valuation allowance | $ 1,400 | $ 1,400 | ||
AIG | Maximum | Corebridge | ||||
Valuation Allowance [Line Items] | ||||
Ownership percentage | 80% | 80% | ||
U.S.. Life Insurance Companies | ||||
Valuation Allowance [Line Items] | ||||
Increase (decrease) in valuation allowance | $ 69 | $ (63) |
Related Parties - Schedule of M
Related Parties - Schedule of Material Revenues and Expenses (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Revenues: | ||||
Other income | $ 111 | $ 133 | $ 217 | $ 309 |
Total net investment income | 2,714 | 2,280 | 5,409 | 4,861 |
Total revenues | 5,757 | 6,790 | 10,019 | 14,030 |
Expenses: | ||||
General operating and other expenses | 604 | 577 | 1,186 | 1,163 |
Interest expense | 134 | 127 | 306 | 208 |
Total benefits and expenses | 4,846 | 3,464 | 9,777 | 6,404 |
Net investment income - excluding Fortitude Re funds withheld assets | ||||
Revenues: | ||||
Total net investment income | 2,444 | 2,098 | 4,745 | 4,401 |
Related Party | ||||
Revenues: | ||||
Other income | 7 | 28 | 20 | 59 |
Total revenues | 4 | 25 | 12 | 52 |
Expenses: | ||||
General operating and other expenses | 46 | 5 | 93 | 28 |
Interest expense | 1 | 21 | 8 | 59 |
Total benefits and expenses | 47 | 26 | 101 | 87 |
Related Party | Net investment income - excluding Fortitude Re funds withheld assets | ||||
Revenues: | ||||
Total net investment income | $ (3) | $ (3) | $ (8) | $ (7) |
Related Parties - Reorganizatio
Related Parties - Reorganization Transactions (Details) $ in Millions | Feb. 28, 2022 USD ($) |
Related Party | AIGT And Eastgreen | |
Related Party Transaction [Line Items] | |
Consideration transferred | $ 107 |
Related Parties - Advisory Tran
Related Parties - Advisory Transactions (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Related Party Transaction [Line Items] | ||||
Other income | $ 111 | $ 133 | $ 217 | $ 309 |
Related Party | ||||
Related Party Transaction [Line Items] | ||||
Other income | $ 7 | $ 28 | $ 20 | $ 59 |
Related Parties - Capital Marke
Related Parties - Capital Markets Agreements (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Related Party Transaction [Line Items] | |||||
Total net investment income | $ 2,714 | $ 2,280 | $ 5,409 | $ 4,861 | |
Derivative assets, net | 456 | 456 | $ 299 | ||
Derivative liabilities, net | 152 | 152 | 97 | ||
Net investment income - excluding Fortitude Re funds withheld assets | |||||
Related Party Transaction [Line Items] | |||||
Total net investment income | 2,444 | 2,098 | 4,745 | 4,401 | |
Related Party | |||||
Related Party Transaction [Line Items] | |||||
Derivative assets, net | 195 | 195 | 12 | ||
Derivative liabilities, net | 0 | 0 | 0 | ||
Collateral posted | 688 | 688 | 1,500 | ||
Collateral obtained from third parties for derivative transactions | 799 | 799 | 380 | ||
Related Party | Unsecured Derivative Transactions | |||||
Related Party Transaction [Line Items] | |||||
Derivative assets, net | 0 | 0 | 253 | ||
Derivative liabilities, net | 0 | 0 | 0 | ||
Collateral posted | 0 | 0 | $ 0 | ||
Related Party | Net investment income - excluding Fortitude Re funds withheld assets | |||||
Related Party Transaction [Line Items] | |||||
Total net investment income | (3) | (3) | (8) | (7) | |
Related Party | Net investment income - excluding Fortitude Re funds withheld assets | AIG | |||||
Related Party Transaction [Line Items] | |||||
Total net investment income | $ 0 | $ 5 | $ 0 | $ 10 |
Related Parties - General Servi
Related Parties - General Services Agreement (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Related Party Transaction [Line Items] | |||||
General operating expenses | $ 604 | $ 577 | $ 1,186 | $ 1,163 | |
Related Party | |||||
Related Party Transaction [Line Items] | |||||
General operating expenses | 46 | 5 | 93 | 28 | |
Related Party | General Services Agreement | |||||
Related Party Transaction [Line Items] | |||||
Due to related party | 109 | 109 | $ 311 | ||
Due from related party | 51 | 51 | $ 54 | ||
General operating expenses | $ 46 | $ 5 | $ 93 | $ 11 |
Related Parties - Reinsurance T
Related Parties - Reinsurance Transactions (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Related Party Transaction [Line Items] | |||||
Reinsurance recoverables | $ 29,300 | $ 29,300 | |||
Related Party | Reinsurance Transactions | |||||
Related Party Transaction [Line Items] | |||||
Reinsurance recoverables | 63 | 63 | $ 70 | ||
Reinsurance payable | 8 | 8 | $ 32 | ||
Ceded premiums | $ 11 | $ 7 | $ 18 | $ 18 |
Related Parties - Guarantees (D
Related Parties - Guarantees (Details) | 3 Months Ended | 6 Months Ended | |
Mar. 31, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | |
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% |
Related Parties - Funding Arran
Related Parties - Funding Arrangements (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Related Party Transaction [Line Items] | |||||
Total net investment income | $ 2,714 | $ 2,280 | $ 5,409 | $ 4,861 | |
Net investment income - excluding Fortitude Re funds withheld assets | |||||
Related Party Transaction [Line Items] | |||||
Total net investment income | 2,444 | 2,098 | 4,745 | 4,401 | |
Related Party | Net investment income - excluding Fortitude Re funds withheld assets | |||||
Related Party Transaction [Line Items] | |||||
Total net investment income | (3) | (3) | (8) | (7) | |
Related Party | Credit Facilities And Funding Arrangements | |||||
Related Party Transaction [Line Items] | |||||
Due from related party | 0 | 0 | $ 400 | ||
Related Party | Credit Facilities And Funding Arrangements | Net investment income - excluding Fortitude Re funds withheld assets | |||||
Related Party Transaction [Line Items] | |||||
Total net investment income | $ 3 | $ 2 | $ 8 | $ 3 |
Related Parties - Promissory No
Related Parties - Promissory Notes (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Nov. 30, 2021 | |
Related Party Transaction [Line Items] | |||||
Interest expense | $ 134 | $ 127 | $ 306 | $ 208 | |
Related Party | |||||
Related Party Transaction [Line Items] | |||||
Interest expense | $ 1 | 21 | $ 8 | 59 | |
Related Party | Promissory Notes | |||||
Related Party Transaction [Line Items] | |||||
Notes issued from related parties | $ 8,300 | ||||
Interest expense | $ 10 | $ 39 |
Related Parties - Purchase of S
Related Parties - Purchase of Securitized Notes from AIG (Details) - AIG Special Purposes Entities - Collateralized Debt Obligations - Related Party - Corebridge $ in Millions | Sep. 09, 2022 USD ($) |
Related Party Transaction [Line Items] | |
Ownership percentage | 100% |
Purchases of debt securities | $ 800 |
Related Parties - Purchase of R
Related Parties - Purchase of Residential Mortgage Loans (Details) $ in Millions | Dec. 23, 2022 USD ($) |
Related Party | Residential Mortgage Loans | |
Related Party Transaction [Line Items] | |
Notes Payable | $ 452 |
Related Parties - Tax Sharing A
Related Parties - Tax Sharing Arrangements (Details) - Related Party - Tax Sharing Arrangements - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2022 | |
Related Party Transaction [Line Items] | ||||
Payment or (refund) | $ (368) | $ 331 | $ 842 | |
Receivables (payables) | $ (410) | $ 524 |
Related Parties - Other Transac
Related Parties - Other Transactions (Details) - USD ($) $ in Millions | Sep. 06, 2022 | Jun. 30, 2023 | Dec. 31, 2022 |
Related Party Transaction [Line Items] | |||
CRBG stock authorized (in shares) | 40,000,000 | ||
Employee Benefit Programs | |||
Related Party Transaction [Line Items] | |||
Due to related party | $ 32 | $ 59 |
Related Parties - Repurchase of
Related Parties - Repurchase of Corebridge Common Stock (Details) - USD ($) shares in Millions, $ in Millions | 6 Months Ended | ||
Jun. 26, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | |
Related Party Transaction [Line Items] | |||
Purchase price for Common Stock repurchased | $ 200 | $ 0 | |
Related Party | Repurchase Of Corebridge Common Stock From AIG | |||
Related Party Transaction [Line Items] | |||
Common stock repurchased (in shares) | 11 | ||
Purchase price for Common Stock repurchased | $ 180 | ||
Related Party | Repurchase Of Corebridge Common Stock From Blackstone | |||
Related Party Transaction [Line Items] | |||
Common stock repurchased (in shares) | 1.2 | ||
Purchase price for Common Stock repurchased | $ 20 |
Related Parties - Related Party
Related Parties - Related Party Transactions with Blackstone (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Related Party Transaction [Line Items] | ||||
Investment expenses | $ 145 | $ 129 | $ 306 | $ 242 |
Related Party | ||||
Related Party Transaction [Line Items] | ||||
Investment expenses | $ 37 | $ 47 | $ 72 | $ 73 |
Related Parties - Related Par_2
Related Parties - Related Party Transactions with VIEs (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Related Party Transaction [Line Items] | |||||
Interest expense | $ 134 | $ 127 | $ 306 | $ 208 | |
Net income (loss) attributable to noncontrolling interests | (20) | 80 | (14) | 155 | |
Related Party | |||||
Related Party Transaction [Line Items] | |||||
Interest expense | 1 | 21 | 8 | 59 | |
Consolidated VIE | |||||
Related Party Transaction [Line Items] | |||||
Long-term debt | 2,656 | 2,656 | $ 5,958 | ||
Net income (loss) attributable to noncontrolling interests | (20) | 81 | (14) | 156 | |
Consolidated VIE | Related Party | |||||
Related Party Transaction [Line Items] | |||||
Long-term debt | 129 | 129 | 308 | ||
Interest expense | 1 | 11 | 8 | 20 | |
Redeemable noncontrolling interest | 526 | 526 | $ 537 | ||
Net income (loss) attributable to noncontrolling interests | $ (8) | $ 33 | $ 11 | $ 66 |
Subsequent Events (Details)
Subsequent Events (Details) € in Millions | Aug. 03, 2023 EUR (€) |
Subsequent Event | Laya | |
Subsequent Event [Line Items] | |
Consideration transferred | € 650 |