v3.23.1
Schedule II
 12 Months Ended
Dec. 31, 2022
Condensed Financial Information Disclosure [Abstract]  
Schedule II
Condensed Financial Information of Registrant
Balance Sheets - Parent Company Only
Schedule II
December 31,
(in millions, except per common share data)20222021
Assets:
Short-term investments$1,499$465
Other investments198142
Total investments1,697607
Cash92
Due from affiliates - net*421
Current tax receivable29225
Deferred income taxes108141
Investment in consolidated subsidiaries*16,54334,984
Other assets8343
Total assets$18,774$35,803
Liabilities:
Due to affiliate*$271$58
Deferred tax liabilities10—
Short term debt1,5008,317
Long term debt7,441—
Other liabilities172198
Total liabilities9,3948,573
Corebridge Shareholders’ equity:
Common stock, $0.01 par value; 2,500,000,000 shares authorized; 645,000,000 shares issued
6—
Common stock class A, $0.01 par value; 2,252,500,000 shares authorized; 581,145,000 shares issued
—5
Common stock class B, $0.01 par value; 247,500,000 shares authorized; 63,855,000 shares issued
—1
Additional paid-in capital8,0308,054
Retained earnings18,20710,937
Accumulated other comprehensive income(16,863)8,233
Total Corebridge Shareholders’ equity9,38027,230
Total liabilities and equity$18,774$35,803
*    Eliminated for the consolidated Corebridge financial statements.
See accompanying Notes to Condensed Financial Information of Registrant.
Condensed Financial Information of Registrant (Continued)
Statements of Income (Loss) and Comprehensive Income (Loss) - Parent Company Only
Schedule II
Years Ended December 31,
(in millions)202220212020
Revenues:
Equity in undistributed net income (loss) of consolidated subsidiaries*
$6,897 $4,392 $113 
Dividend income from consolidated subsidiaries*
1,781 1,893 422 
Interest income79 365 235 
Net realized gains (losses)4 62 (3)
Total revenues8,7616,712767
Expenses:
Interest expense266 18 2 
Net (gain) loss on sale of divested businesses— (2,438)— 
Other expenses507 191 130 
Total expenses773(2,229)132
Income from continuing operations before income tax expense (benefit)7,988 8,941 635 
Income tax expense (benefit)(171)698 (7)
Net income attributable to Corebridge Parent8,159 8,243 642 
Other comprehensive income (loss)(25,096)(4,091)5,324 
Total comprehensive income (loss) attributable to Corebridge Parent$(16,937)$4,152 $5,966 
*    Eliminated for the consolidated Corebridge financial statements.
See accompanying Notes to Condensed Financial Information of Registrant.
Condensed Financial Information of Registrant (Continued)
Statements of Cash Flows - Parent Company Only
Schedule II
Years Ended December 31,
(in millions)202220212020
Net cash provided by (used in) operating activities$1,149 $519$405
Cash flows from investing activities:
Contributions to subsidiaries—— (135)
Sales or distributions of:
Available for sale securities11322 
Other invested assets—232187
Maturities of fixed maturity securities available for sale—8613
Principal payments received on mortgage and other loans receivable—6159
Purchase of:
Other invested assets—(23)(7)
Mortgage and other loans receivable issued—(26)(17)
Acquisition of businesses, net of cash and restricted cash acquired(107)— — 
Net change in short-term investments(1,034)54 (191)
Net change in derivative assets and liabilities223——
Net cash provided by (used in) investing activities(917)516 (89)
Cash flows from financing activities:
Dividends paid on common stock(876)— — 
Issuance of long-term debt7,451— — 
Issuance of short-term debt1,500 — — 
Repayments of short-term debt(8,300)— — 
Distributions to AIG—(1,008)(450)
Distributions to Class B shareholder—(34)—
Contributions from AIG——135
Net cash used in financing activities(225)(1,042)(315)
Net increase (decrease) in cash and restricted cash7 (7)1 
Cash and restricted cash at beginning of year298
Cash and restricted cash at end of year$9$2$9
Supplementary disclosure of cash flow information:
Years ended December 31,
(in millions)202220212020
Cash$9$2 $— 
Restricted cash included in Other assets——9
Total cash and restricted cash shown in Statements of Cash Flows –
Corebridge Parent Company Only$9$2$9
Cash (paid) received during the period for:
Taxes:
Income tax authorities$116$32$39
Intercompany non-cash financing and investing activities:
Capital distributions$—$12,144$—
Capital contributions$—$403$126
See accompanying Notes to Condensed Financial Information of Registrant.
NOTES TO CONDENSED FINANCIAL INFORMATION OF REGISTRANT
1. Basis of Presentation
Corebridge’s investments in consolidated subsidiaries are stated at cost plus equity in undistributed income of consolidated subsidiaries. The condensed financial statements of Corebridge Parent (the “Registrant”) should be read in conjunction with the consolidated financial statements of Corebridge and the notes thereto (the “Consolidated Financial Statements”). The accounting policies of the Registrant are consistent with the accounting policies disclosed on the consolidated financial statements as applicable.
The Registrant includes in its Statement of Income dividends from its subsidiaries and equity in undistributed income (loss) of consolidated subsidiaries, which represents the net income (loss) of each of its wholly owned subsidiaries.
Financial information presented for prior years were retrospectively adjusted to reflect the internal reorganization discussed in Note 1 of the consolidated financial statements of Corebridge.
We identified a misclassification related to the balance sheet presentation of the deferred tax assets which resulted in an overstatement of Deferred tax assets and an overstatement of deferred tax liabilities. These balance sheet-only items had no impact to total equity, the statements of income (loss) and comprehensive income (loss)and statement of cash flows. Accordingly, the deferred tax assets and deferred tax liabilities were decreased by $3.9 billion as of December 31, 2021.
2. Debt
Short-term and long-term debt is carried at the principal amount borrowed, including unamortized discounts, and fair value adjustments, when applicable.
The following table lists our total debt outstanding at December 31, 2022 and December 31, 2021. The interest rates presented in the following table are the range of contractual rates in effect at December 31, 2022, including fixed and variable rates:
(in millions)Range of
Interest Rate(s)		Maturity
Date(s)		December 31, 2022December 31, 2021
Short-term debt issued or borrowed by Corebridge:
Affiliated senior promissory note with AIG
LIBOR+100bps
2022$—$8,317
Three-Year DDTL Facility
5.80 %20231,500—
Total short-term debt $1,500$8,317
Long-term debt issued by Corebridge:
Senior unsecured notes*
3.50% - 4.40%
2025 - 2052
$6,500$—
Hybrid junior subordinated notes6.875%20521,000—
Total long-term debt7,500—
Debt issuance costs(59)—
Total long-term debt, net of debt issuance costs$7,441$—
* Interest rates reflect contractual amounts and do not reflect the effective borrowing rate after giving effect to the cash flow hedges.
SENIOR UNSECURED NOTES AND DELAYED DRAW TERM LOAN
For further details regarding the Senior unsecured notes and Three-Year DDTL Facility, see Note 15 to our audited annual consolidated financial statements.
HYBRID JUNIOR SUBORDINATED NOTES
For further details regarding the Hybrid junior subordinated notes, see Note 15 to our audited annual consolidated financial statements.
AFFILIATED NOTE
In November 2021, Corebridge Parent issued an $8.3 billion senior promissory note to AIG. We used the net proceeds from the senior unsecured notes, the net proceeds from the hybrid junior subordinated notes and a portion of the borrowing of the Three-Year DDTL Facility, discussed in Note 15 to our audited annual consolidated financial statements, to repay the principal balance and accrued interest of this note to AIG. The interest rate per annum was equal to LIBOR plus 100 basis points and accrued semi-annually in arrears on March 1 and September 1 of each year, beginning on March 1, 2022.
AFFILIATED CREDIT FACILITIES
Corebridge Parent has entered into two revolving loan facilities where our participating subsidiaries can, on a several basis, borrow monies from Corebridge Parent subject to the terms and conditions stated therein. Principal amounts borrowed under each of these facilities could be repaid and re-borrowed, in whole or in part, from time to time, without penalty. As of December 31, 2022, there were no amounts owed under these facilities.
INTERCOMPANY LENDING FACILITIES
Corebridge Parent maintains two uncommitted intercompany lending facilities for its life insurance companies and certain other affiliates for short-term financing needs.
REVOLVING CREDIT AGREEMENT
On May 12, 2022, Corebridge Parent entered into the Revolving Credit Agreement (the “Credit Agreement”).
For further details regarding the Revolving credit agreement, see Note 15 to our audited annual consolidated financial statements.
LETTERS OF CREDIT
Effective July 28, 2022, Corebridge Parent replaced AIG as applicant and guarantor on two letters of credit totaling £80 million, for the benefit of AIG Life (United Kingdom). Effective January 1, 2023, Corebridge Parent replaced this letter of credit with a single letter of credit of £80 million. The letter of credit supports AIG Life (United Kingdom)’s capital position and will be counted as Tier 2 capital under EU Solvency II regulations as approved by the Prudential Regulation Authority.
AIG Bermuda had a $250 million letter of credit guaranteed by AIG that is used to support the credit for reinsurance provided by AIG Bermuda. Effective May 9, 2022, the letter of credit was reduced from $250 million to $175 million, and effective May 12, 2022, Corebridge Parent has replaced AIG as the guarantor.
For further details regarding the letters of credits, see Note 15 to our audited annual consolidated financial statements.
3. Guarantees
Corebridge Parent is the guarantor of a promissory note between AGL and SAFG Capital LLC to fund warehousing the origination of GRE transactions and CLO transactions.
Corebridge Parent entered into a general guarantee in favor of each holder of any monetary obligation or liability of Corebridge Markets, LLC, which transacts in various capital markets instruments.
Corebridge Parent entered into a Capital and Liquidity Support Agreement with VALIC Trust Company Inc. for regulatory reasons.