v3.23.1
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2022
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following table presents information about assets and liabilities measured at fair value on a recurring basis and indicates the level of the fair value measurement based on the observability of the inputs used:
December 31, 2022Level 1Level 2Level 3
Counterparty
Netting(a)
Cash
Collateral		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—5,121805——5,926
Non-U.S. governments—4,392———4,392
Corporate debt—102,7241,968——104,692
RMBS(b)
—6,2745,670——11,944
CMBS—9,350718——10,068
CLO(c)
—6,5161,670——8,186
ABS
—7929,595——10,387
Total bonds available for sale—136,36720,426——156,793
Other bond securities:
Obligations of states, municipalities and political subdivisions—37———37
Non-U.S. governments—22———22
Corporate debt—1,805417——2,222
RMBS(d)
—58107——165
CMBS—20428——232
CLO—26811——279
ABS—71741——812
Total other bond securities—2,4651,304——3,769
Equity securities141326——170
Other invested assets(e)
——1,832——1,832
Derivative assets:
Interest rate contracts11,269303——1,573
Foreign exchange contracts—1,247———1,247
Equity contracts11124282——417
Credit contracts——————
Other contracts—114——15
Counterparty netting and cash collateral———(2,547)(406)(2,953)
Total derivative assets122,641599(2,547)(406)299
Short-term investments11,356———1,357
Market risk benefit assets——796——796
Separate account assets81,6553,198———84,853
Total$81,809$146,030$24,983$(2,547)$(406)$249,869
Liabilities:
Policyholder contract deposits(f)
$—$97$5,367$—$—$5,464
Derivative liabilities:
Interest rate contracts—2,676———2,676
Foreign exchange contracts—632———632
Equity contracts21015——27
Credit contracts——————
Other contracts——————
Counterparty netting and cash collateral———(2,547)(691)(3,238)
Total derivative liabilities23,31815(2,547)(691)97
Fortitude Re funds withheld payable(g)
——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)$11,565
December 31, 2021Level 1Level 2Level 3
Counterparty Netting(a)
Cash
Collateral		Total
(in millions)
Assets:
Bonds available for sale:
U.S. government and government sponsored entities$—$1,712$—$—$—$1,712
Obligations of states, municipalities and political subdivisions—7,2811,395——8,676
Non-U.S. governments76,390———6,397
Corporate debt—138,1561,907——140,063
RMBS(b)
—7,3637,595——14,958
CMBS—10,2281,072——11,300
CLO(c)
—4,3643,038——7,402
ABS
—6607,400——8,060
Total bonds available for sale7176,15422,407——198,568
Other bond securities:
Obligations of states, municipalities and political subdivisions—50———50
Non-U.S. governments—17———17
Corporate debt—866134——1,000
RMBS(d)
—93106——199
CMBS—20133——234
CLO—134149——283
ABS—94205——299
Total other bond securities—1,455627——2,082
Equity securities
23822——242
Other invested assets(e)
——1,892——1,892
Derivative assets:
Interest rate contracts—1,911———1,911
Foreign exchange contracts—672———672
Equity contracts74,184479——4,670
Credit contracts——1——1
Other contracts—112——13
Counterparty netting and cash collateral———(5,785)(798)(6,583)
Total derivative assets76,768492(5,785)(798)684
Short-term investments11,454———1,455
Market risk benefit assets——610——610
Separate account assets105,2213,890———109,111
Total$105,474$189,723$26,030$(5,785)$(798)$314,644
Liabilities:
Policyholder contract deposits(f)
Policyholder contract deposits(f)
$—$130$5,572$—$—$5,702
Derivative liabilities:
Interest rate contracts11,575———1,576
Foreign exchange contracts—366———366
Equity contracts14,04822——4,071
Credit contracts——————
Other contracts——————
Counterparty netting and cash collateral———(5,785)(37)(5,822)
Total derivative liabilities25,98922(5,785)(37)191
Fortitude Re funds withheld payable(g)
——7,974——7,974
Market risk benefit liabilities——7,499——7,499
Debt of consolidated investment entities——5——5
Total$2$6,119$21,072$(5,785)$(37)$21,371
(a)Represents netting of derivative exposures covered by qualifying master netting agreements.
(b)Includes investments in RMBS issued by related parties of $37 million and $2 million classified as Level 2 and Level 3, respectively, as of December 31, 2022. Additionally, includes investments in RMBS issued by related parties of $38 million and $9 million classified as Level 2 and Level 3, respectively, as of December 31, 2021.
(c)Includes investments in collateralized loan obligations (“CLOs”) issued by related parties of $0 and $862 million as of December 31, 2022 and December 31, 2021, respectively. The $862 million of CLOs are classified as Level 3.
(d)Includes less than $1 million of investments in RMBS issued by related parties classified as Level 2 as of December 31, 2022 and December 31, 2021.
(e)Excludes investments that are measured at fair value using the net asset value (“NAV”) per share (or its equivalent), which totaled $6.0 billion and $5.2 billion as of December 31, 2022 and December 31, 2021, respectively.
(f)Excludes basis adjustments for fair value hedges.
(g)As discussed in Note 7, the Fortitude Re funds withheld payable is created through modco and funds withheld reinsurance arrangements where the investments supporting the reinsurance agreements are withheld by and continue to reside on Corebridge’s balance sheet. This embedded derivative is valued as a total return swap with reference to the fair value of the invested assets held by Corebridge, which are primarily available-for-sale securities.
Schedule of Assets Measured on a Recurring Basis
The following tables present changes during the years ended December 31, 2022 and 2021 in Level 3 assets and liabilities measured at fair value on a recurring basis, and the realized and unrealized gains (losses) related to the Level 3 assets and liabilities in the Consolidated Balance Sheets at December 31, 2022 and 2021:
(in millions)Fair Value
 Beginning
 of Year		Net
 Realized
 and
Unrealized Gains
 (Losses)
 Included
in Income		Other
 Comprehensive
Income (Loss)		Purchases,
 Sales,
 Issuances
 and
 Settlements,
Net		Gross
Transfers
 In		Gross
 Transfers
 Out		OtherFair Value
 End
of Year		Changes in
 Unrealized
Gains
 (Losses)
 Included in
Income on
Instruments
Held at
End of Year		Changes in
Unrealized
Gain (Losses)
Included in
 Other Comprehensive Income (Loss)
for Recurring
 Level 3 Instruments
 Held at
 End of Year
December 31, 2022
Assets:
Bonds available for sale:
Obligations of states,
  municipalities and
  political subdivisions		$1,395 $1 $(525)$(95)$40 $(11)$— $805 $— $(221)
Corporate debt1,907 17 (192)(159)911 (516)— 1,968 — (174)
RMBS7,595 322 (986)(834)7 (434)— 5,670 — (610)
CMBS1,072 9 (140)38 45 (306)— 718 — (115)
CLO3,038 (31)(163)(105)1,305 (1,673)(701)1,670 — (76)
ABS7,400 131 (1,417)3,283 218 (20)— 9,595 — (1,369)
Total bonds available for sale22,407 449 (3,423)2,128 2,526 (2,960)(701)20,426 — (2,565)
Other bond securities:
Corporate debt134 (5)— 158 335 (205)— 417 (2)— 
RMBS106 (23)— 24 — — — 107 (22)— 
CMBS33 (5)— — — — — 28 (4)— 
CLO149 1 — (131)70 (78)— 11 (5)— 
ABS205 (117)— 653 — — — 741 (132)— 
Total other bond securities627 (149)— 704 405 (283)— 1,304 (165)— 
Equity securities2 (1)— 23 2 — — 26 (1)— 
Other invested assets1,892 313 (22)(195)24 (180)— 1,832 329 — 
Total(a)
$24,928 $612 $(3,445)$2,660 $2,957 $(3,423)$(701)$23,588 $163 $(2,565)
(in millions)Fair Value
 Beginning
 of Year		Net
 Realized
 and
Unrealized (Gains)
 Losses
 Included
in Income		Other
 Comprehensive
(Income) Loss		Purchases,
 Sales,
 Issuances
 and
 Settlements,
Net		Gross
Transfers
 In		Gross
 Transfers
 Out		OtherFair Value
 End
of Year		Changes in
 Unrealized
Gains
 (Losses)
 Included in Income on Instruments Held at
End of Year		Changes in
Unrealized
Gain (Losses)
Included in
 Other Comprehensive Income (Loss)
for Recurring
 Level 3 Instruments
 Held at
 End of Year
Liabilities:
Policyholder contract deposits$5,572 $(1,107)$— $902 $— $— $— $5,367 $1,363 $— 
Derivative liabilities, net:
Interest rate contracts— 1 — (304)— — — (303)(1)— 
Foreign exchange contracts— (1)— 1 — — — — — — 
Equity contracts(457)494 — (304)— — — (267)(249)— 
Credit contracts(1)1 — — — — — — — — 
Other contracts(12)(63)— 61 — — — (14)63 — 
Total derivative liabilities, net(b)
(470)432 — (546)— — — (584)(187)— 
Fortitude Re funds withheld payable7,974 (6,348)— (364)— — — 1,262 6,689 — 
Debt of consolidated investment entities5 — — 1 — — — 6 (1)— 
Total(c)
$13,081 $(7,023)$— $(7)$— $— $— $6,051 $7,864 $— 
(in millions)Fair Value
 Beginning
 of Year		Net
 Realized
 and
Unrealized Gains
 (Losses)
 Included
in Income		Other
 Comprehensive
Income (Loss)		Purchases,
 Sales,
 Issuances
 and
 Settlements,
Net		Gross
Transfers
 In		Gross
 Transfers
 Out		OtherFair Value
 End
of Year		Changes in
 Unrealized
Gains
 (Losses)
Included in
Income on
Instruments
Held at
End of Year		Changes in
Unrealized
Gain (Losses)
Included in
 Other Comprehensive Income (Loss)
for Recurring
 Level 3 Instruments
 Held at
 End of Year
December 31, 2021
Assets:
Bonds available for sale:
Obligations of states,
  municipalities and
  political subdivisions		$2,057 $7 $(5)$(342)$— $(260)$(62)$1,395 $— $36 
Corporate debt1,709 (10)(25)109 373 (249)— 1,907 — 31 
RMBS8,104 415 (104)(782)8 (46)— 7,595 — 787 
CMBS886 25 (45)253 53 (100)— 1,072 — 21 
CLO3,362 (5)(173)48 655 (849)— 3,038 — (164)
ABS5,526 29 (97)1,942 — — — 7,400 — 80 
Total bonds available for sale21,644 461 (449)1,228 1,089 (1,504)(62)22,407 — 791 
Other bond securities:
Corporate debt— (1)— 135 — — — 134 (1)— 
RMBS96 2 — 8 — — — 106 — — 
CMBS45 — — (17)5 — — 33 (2)— 
CLO193 (4)— (40)— — — 149 15 — 
ABS— — — 205 — — — 205 (1)— 
Total other bond securities334 (3)— 291 5 — — 627 11 — 
Equity securities42 11 — (120)70 (1)— 2 — — 
Other invested assets1,771 641 (15)(569)64 — — 1,892 612 — 
Total(a)
$23,791 $1,110 $(464)$830 $1,228 $(1,505)$(62)$24,928 $623 $791 
(in millions)Fair Value
 Beginning
 of Year		Net
 Realized
 and
Unrealized (Gains)
 Losses
 Included
in Income		Other
 Comprehensive
(Income) Loss		Purchases,
 Sales,
 Issuances
 and
 Settlements,
Net		Gross
Transfers
 In		Gross
 Transfers
 Out		OtherFair Value
 End
of Year		Changes in
 Unrealized
Gains
 (Losses)
Included in
Income on
Instruments
Held at
End of Year		Changes in
 Unrealized
Gains
 (Losses)
 Included in Income on Instruments Held at
End of Year
Liabilities:
Policyholder contract deposits$4,830 $476 $— $320 $— $(54)$— $5,572 $837 $— 
Derivative liabilities, net:
Interest rate contracts— — — — — — — — — — 
Foreign exchange contracts— — — — — — — — — — 
Equity contracts(146)(22)— (271)(71)53 — (457)19 — 
Credit contracts(2)11 — (10)— — — (1)(2)— 
Other contracts(7)(62)— 57 — — — (12)63 — 
Total derivative liabilities, net(b)
(155)(73)— (224)(71)53 — (470)80 — 
Fortitude Re funds withheld payable7,749 687 — (462)— — — 7,974 1,766 — 
Debt of consolidated investment entities951 179 — (1,125)— — — 5 4 — 
Total(c)
$13,375 $1,269 $— $(1,491)$(71)$(1)$— $13,081 $2,687 $— 
(a)Excludes MRB assets of $796 million and $610 million for the years ended December 31, 2022 and 2021, respectively. Refer to Note 13 for additional information.
(b)Total Level 3 derivative exposures have been netted in these tables for presentation purposes only.
(c)Excludes MRB liabilities of $4.7 billion and $7.5 billion for the years ended December 31, 2022 and 2021, respectively. Refer to Note 13 for additional information.
The following table presents the gross components of purchases, sales, issuances and settlements, net, shown above, for years ended December 31, 2022 and 2021 related to Level 3 assets and liabilities in the Consolidated Balance Sheets:
(in millions)PurchasesSales
Issuances
and
Settlements(a)
Purchases, Sales,
Issuances and
Settlements,
Net(a)
December 31, 2022
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions$—$(60)$(35)$(95)
Corporate debt85(39)(205)(159)
RMBS377—(1,211)(834)
CMBS118(9)(71)38
CLO514(27)(592)(105)
ABS3,110—1733,283
Total bonds available for sale4,204(135)(1,941)2,128
Other bond securities:
Corporate debt29(3)132158
RMBS38—(14)24
CMBS————
CLO16(123)(24)(131)
ABS675—(22)653
Total other bond securities758(126)72704
Equity securities22—123
Other invested assets652—(847)(195)
Total assets$5,636$(261)$(2,715)$2,660
Liabilities:
Policyholder contract deposits$—$923$(21)$902
Derivative liabilities, net(421)—(125)(546)
Fortitude Re funds withheld payable——(364)(364)
Debt of consolidated investment entities——11
Total liabilities$(421)$923$(509)$(7)
(in millions)PurchasesSales
Issuances
and
Settlements(a)
Purchases, Sales,
Issuances and
Settlements,
Net(a)
December 31, 2021
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions$36$(212)$(166)$(342)
Corporate debt424(36)(279)109
RMBS637(1)(1,418)(782)
CMBS334(15)(66)253
CLO923— (875)48
ABS3,202(21)(1,239)1,942
Total bonds available for sale5,556(285)(4,043)1,228
Other bond securities:
Corporate debt86—49 135
RMBS28—(20)8
CMBS—(17)—(17)
CLO7— (47)(40)
ABS207— (2)205 
Total other bond securities328(17)(20)291
Equity securities2—(122)(120)
Other invested assets578—(1,147)(569)
Total assets$6,464$(302)$(5,332)$830
Liabilities:
Policyholder contract deposits$—$710$(390)$320
Derivative liabilities, net(272)—48(224)
Fortitude Re funds withheld payable——(462)(462)
Debt of consolidated investment entities——(1,125)(1,125)
Total liabilities$(272)$710$(1,929)$(1,491)
(a) There were no issuances during the years ended December 31, 2022 and 2021.
Schedule of Liabilities Measured on a Recurring Basis
The following tables present changes during the years ended December 31, 2022 and 2021 in Level 3 assets and liabilities measured at fair value on a recurring basis, and the realized and unrealized gains (losses) related to the Level 3 assets and liabilities in the Consolidated Balance Sheets at December 31, 2022 and 2021:
(in millions)Fair Value
 Beginning
 of Year		Net
 Realized
 and
Unrealized Gains
 (Losses)
 Included
in Income		Other
 Comprehensive
Income (Loss)		Purchases,
 Sales,
 Issuances
 and
 Settlements,
Net		Gross
Transfers
 In		Gross
 Transfers
 Out		OtherFair Value
 End
of Year		Changes in
 Unrealized
Gains
 (Losses)
 Included in
Income on
Instruments
Held at
End of Year		Changes in
Unrealized
Gain (Losses)
Included in
 Other Comprehensive Income (Loss)
for Recurring
 Level 3 Instruments
 Held at
 End of Year
December 31, 2022
Assets:
Bonds available for sale:
Obligations of states,
  municipalities and
  political subdivisions		$1,395 $1 $(525)$(95)$40 $(11)$— $805 $— $(221)
Corporate debt1,907 17 (192)(159)911 (516)— 1,968 — (174)
RMBS7,595 322 (986)(834)7 (434)— 5,670 — (610)
CMBS1,072 9 (140)38 45 (306)— 718 — (115)
CLO3,038 (31)(163)(105)1,305 (1,673)(701)1,670 — (76)
ABS7,400 131 (1,417)3,283 218 (20)— 9,595 — (1,369)
Total bonds available for sale22,407 449 (3,423)2,128 2,526 (2,960)(701)20,426 — (2,565)
Other bond securities:
Corporate debt134 (5)— 158 335 (205)— 417 (2)— 
RMBS106 (23)— 24 — — — 107 (22)— 
CMBS33 (5)— — — — — 28 (4)— 
CLO149 1 — (131)70 (78)— 11 (5)— 
ABS205 (117)— 653 — — — 741 (132)— 
Total other bond securities627 (149)— 704 405 (283)— 1,304 (165)— 
Equity securities2 (1)— 23 2 — — 26 (1)— 
Other invested assets1,892 313 (22)(195)24 (180)— 1,832 329 — 
Total(a)
$24,928 $612 $(3,445)$2,660 $2,957 $(3,423)$(701)$23,588 $163 $(2,565)
(in millions)Fair Value
 Beginning
 of Year		Net
 Realized
 and
Unrealized (Gains)
 Losses
 Included
in Income		Other
 Comprehensive
(Income) Loss		Purchases,
 Sales,
 Issuances
 and
 Settlements,
Net		Gross
Transfers
 In		Gross
 Transfers
 Out		OtherFair Value
 End
of Year		Changes in
 Unrealized
Gains
 (Losses)
 Included in Income on Instruments Held at
End of Year		Changes in
Unrealized
Gain (Losses)
Included in
 Other Comprehensive Income (Loss)
for Recurring
 Level 3 Instruments
 Held at
 End of Year
Liabilities:
Policyholder contract deposits$5,572 $(1,107)$— $902 $— $— $— $5,367 $1,363 $— 
Derivative liabilities, net:
Interest rate contracts— 1 — (304)— — — (303)(1)— 
Foreign exchange contracts— (1)— 1 — — — — — — 
Equity contracts(457)494 — (304)— — — (267)(249)— 
Credit contracts(1)1 — — — — — — — — 
Other contracts(12)(63)— 61 — — — (14)63 — 
Total derivative liabilities, net(b)
(470)432 — (546)— — — (584)(187)— 
Fortitude Re funds withheld payable7,974 (6,348)— (364)— — — 1,262 6,689 — 
Debt of consolidated investment entities5 — — 1 — — — 6 (1)— 
Total(c)
$13,081 $(7,023)$— $(7)$— $— $— $6,051 $7,864 $— 
(in millions)Fair Value
 Beginning
 of Year		Net
 Realized
 and
Unrealized Gains
 (Losses)
 Included
in Income		Other
 Comprehensive
Income (Loss)		Purchases,
 Sales,
 Issuances
 and
 Settlements,
Net		Gross
Transfers
 In		Gross
 Transfers
 Out		OtherFair Value
 End
of Year		Changes in
 Unrealized
Gains
 (Losses)
Included in
Income on
Instruments
Held at
End of Year		Changes in
Unrealized
Gain (Losses)
Included in
 Other Comprehensive Income (Loss)
for Recurring
 Level 3 Instruments
 Held at
 End of Year
December 31, 2021
Assets:
Bonds available for sale:
Obligations of states,
  municipalities and
  political subdivisions		$2,057 $7 $(5)$(342)$— $(260)$(62)$1,395 $— $36 
Corporate debt1,709 (10)(25)109 373 (249)— 1,907 — 31 
RMBS8,104 415 (104)(782)8 (46)— 7,595 — 787 
CMBS886 25 (45)253 53 (100)— 1,072 — 21 
CLO3,362 (5)(173)48 655 (849)— 3,038 — (164)
ABS5,526 29 (97)1,942 — — — 7,400 — 80 
Total bonds available for sale21,644 461 (449)1,228 1,089 (1,504)(62)22,407 — 791 
Other bond securities:
Corporate debt— (1)— 135 — — — 134 (1)— 
RMBS96 2 — 8 — — — 106 — — 
CMBS45 — — (17)5 — — 33 (2)— 
CLO193 (4)— (40)— — — 149 15 — 
ABS— — — 205 — — — 205 (1)— 
Total other bond securities334 (3)— 291 5 — — 627 11 — 
Equity securities42 11 — (120)70 (1)— 2 — — 
Other invested assets1,771 641 (15)(569)64 — — 1,892 612 — 
Total(a)
$23,791 $1,110 $(464)$830 $1,228 $(1,505)$(62)$24,928 $623 $791 
(in millions)Fair Value
 Beginning
 of Year		Net
 Realized
 and
Unrealized (Gains)
 Losses
 Included
in Income		Other
 Comprehensive
(Income) Loss		Purchases,
 Sales,
 Issuances
 and
 Settlements,
Net		Gross
Transfers
 In		Gross
 Transfers
 Out		OtherFair Value
 End
of Year		Changes in
 Unrealized
Gains
 (Losses)
Included in
Income on
Instruments
Held at
End of Year		Changes in
 Unrealized
Gains
 (Losses)
 Included in Income on Instruments Held at
End of Year
Liabilities:
Policyholder contract deposits$4,830 $476 $— $320 $— $(54)$— $5,572 $837 $— 
Derivative liabilities, net:
Interest rate contracts— — — — — — — — — — 
Foreign exchange contracts— — — — — — — — — — 
Equity contracts(146)(22)— (271)(71)53 — (457)19 — 
Credit contracts(2)11 — (10)— — — (1)(2)— 
Other contracts(7)(62)— 57 — — — (12)63 — 
Total derivative liabilities, net(b)
(155)(73)— (224)(71)53 — (470)80 — 
Fortitude Re funds withheld payable7,749 687 — (462)— — — 7,974 1,766 — 
Debt of consolidated investment entities951 179 — (1,125)— — — 5 4 — 
Total(c)
$13,375 $1,269 $— $(1,491)$(71)$(1)$— $13,081 $2,687 $— 
(a)Excludes MRB assets of $796 million and $610 million for the years ended December 31, 2022 and 2021, respectively. Refer to Note 13 for additional information.
(b)Total Level 3 derivative exposures have been netted in these tables for presentation purposes only.
(c)Excludes MRB liabilities of $4.7 billion and $7.5 billion for the years ended December 31, 2022 and 2021, respectively. Refer to Note 13 for additional information.
The following table presents the gross components of purchases, sales, issuances and settlements, net, shown above, for years ended December 31, 2022 and 2021 related to Level 3 assets and liabilities in the Consolidated Balance Sheets:
(in millions)PurchasesSales
Issuances
and
Settlements(a)
Purchases, Sales,
Issuances and
Settlements,
Net(a)
December 31, 2022
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions$—$(60)$(35)$(95)
Corporate debt85(39)(205)(159)
RMBS377—(1,211)(834)
CMBS118(9)(71)38
CLO514(27)(592)(105)
ABS3,110—1733,283
Total bonds available for sale4,204(135)(1,941)2,128
Other bond securities:
Corporate debt29(3)132158
RMBS38—(14)24
CMBS————
CLO16(123)(24)(131)
ABS675—(22)653
Total other bond securities758(126)72704
Equity securities22—123
Other invested assets652—(847)(195)
Total assets$5,636$(261)$(2,715)$2,660
Liabilities:
Policyholder contract deposits$—$923$(21)$902
Derivative liabilities, net(421)—(125)(546)
Fortitude Re funds withheld payable——(364)(364)
Debt of consolidated investment entities——11
Total liabilities$(421)$923$(509)$(7)
(in millions)PurchasesSales
Issuances
and
Settlements(a)
Purchases, Sales,
Issuances and
Settlements,
Net(a)
December 31, 2021
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions$36$(212)$(166)$(342)
Corporate debt424(36)(279)109
RMBS637(1)(1,418)(782)
CMBS334(15)(66)253
CLO923— (875)48
ABS3,202(21)(1,239)1,942
Total bonds available for sale5,556(285)(4,043)1,228
Other bond securities:
Corporate debt86—49 135
RMBS28—(20)8
CMBS—(17)—(17)
CLO7— (47)(40)
ABS207— (2)205 
Total other bond securities328(17)(20)291
Equity securities2—(122)(120)
Other invested assets578—(1,147)(569)
Total assets$6,464$(302)$(5,332)$830
Liabilities:
Policyholder contract deposits$—$710$(390)$320
Derivative liabilities, net(272)—48(224)
Fortitude Re funds withheld payable——(462)(462)
Debt of consolidated investment entities——(1,125)(1,125)
Total liabilities$(272)$710$(1,929)$(1,491)
(a) There were no issuances during the years ended December 31, 2022 and 2021.
Net Realized and Unrealized Gains and Losses Included in Income Related to Level 3 Assets and Liabilities et realized and unrealized gains and losses included in income related to Level 3 assets and liabilities shown above are reported in the Consolidated Statements of Income (Loss) as follows:
(in millions)Policy
Fees		Net Investment IncomeNet Realized and Unrealized Gains
(Losses)		Interest Expense
Change in the Fair Value of Market Risk Benefits, net(a)
Total
December 31, 2022
Assets:
Bonds available for sale$—$516$(67)$—$—$449
Other bond securities—(149)———(149)
Equity securities—(1)———(1)
Other invested assets—321(8)——313
December 31, 2021
Assets:
Bonds available for sale$—$472$(11)$—$— $461
Other bond securities—(3)——— (3)
Equity securities—11——— 11
Other invested assets—63011——641
(in millions)Policy
Fees		Net Investment IncomeNet Realized and Unrealized Gains
(Losses)		Interest Expense
Change in the Fair Value of Market Risk Benefits(a)
Total
December 31, 2022
Liabilities:
Policyholder contract deposits(b)
$—$—$1,107$—$—$1,107
Derivative liabilities, net61—(577)—84(432)
Fortitude Re funds withheld payable——6,348——6,348
Market risk benefit liabilities, net(c)
————
(2,344)
(2,344)
Debt of consolidated investment entities(d)
——————
December 31, 2021
Liabilities:
Policyholder contract deposits(b)
$—$—$(476)$—$—$(476)
Derivative liabilities, net59 —30 —(16)73
Fortitude Re funds withheld payable——(687)——(687)
Market risk benefit liabilities, net(c)
————
(2,264)
(2,264)
Debt of consolidated investment entities(d)
———179—179
    
(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.
(d) For the year ended December 31, 2021, includes $145 million of loss on extinguishment of debt, and $34 million of interest expense.
Fair Value Measurement Inputs and Valuation Techniques The table below presents information about the significant unobservable inputs used for recurring fair value measurements for certain Level 3 instruments, and includes only those instruments for which information about the inputs is reasonably available to us, such as data from independent third-party valuation service providers and from internal valuation models. Because input information from third parties with respect to certain Level 3 instruments (primarily CLO/ABS) may not be reasonably available to us, balances shown below may not equal total amounts reported for such Level 3 assets and liabilities:
(in millions)Fair Value at December 31, 2022Valuation
Technique
Unobservable Input(a)
Range
(Weighted Average)(b)
Assets:
Obligations of states, municipalities and political subdivisions$780Discounted cash flowYield
5.33%-5.92% (5.63%)
Corporate debt1,988Discounted cash flowYield
4.90% - 9.54% (7.22%)
RMBS(c)
3,725Discounted cash flowConstant 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)
1,547Discounted cash flowYield
7.13% - 7.59% (7.36%)
ABS(c)
6,591Discounted cash flowYield
6.01% - 7.96% (6.98%)
CMBS663Discounted cash flowYield
4.72% - 10.21% (7.46%)
Market risk benefit assets796Discounted cash flowEquity 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%
Liabilities(d):
Market risk benefit liabilities
Variable annuities guaranteed benefits$2,358Discounted cash flowEquity 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 benefits680Discounted cash flowBase 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%
(in millions)Fair Value at December 31, 2022Valuation
Technique
Unobservable Input(a)
Range
(Weighted Average)(b)
Fixed index annuities guaranteed benefits1,698Discounted cash flowEquity 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)
4,657Discounted cash flowEquity 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 Life710Discounted cash flowBase lapse rate
0.00% - 37.97%
Mortality rate
0.00% - 100.00%
Equity volatility
5.75%- 23.63%
NPA(g)
0.00% - 2.03%
(in millions)Fair Value at December 31, 2021Valuation
Technique
Unobservable Input(a)
Range
(Weighted Average)(b)
Assets:
Obligations of states, municipalities and political subdivisions$1,364Discounted cash flow Yield
 2.92% - 3.27% (3.10%)
Corporate debt1,789Discounted cash flow Yield
  1.75% - 7.05% (4.40%)
RMBS(c)
7,141Discounted cash flow Constant prepayment
 5.18% - 18.41% (11.79%)
 Loss severity
 24.87% - 72.64% (48.75%)
 Constant default rate
 1.01% - 5.74% (3.37%)
 Yield
  1.72% - 4.08% (2.90%)
CLO(c)
3,174Discounted cash flowYield
 2.94% - 4.93% (3.94%)
ABS(c)
5,077Discounted cash flowYield
1.89% - 3.36% (2.63%)
CMBS887Discounted cash flow Yield
  1.54% - 4.49% (3.02%)
Market risk benefit assets610Discounted cash flowEquity volatility
5.95% - 46.65%
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% - 40.00%
NPA (g)
0.01% - 1.40%
Liabilities(d):
Market risk benefit liabilities
Variable annuities guaranteed benefits$3,912Discounted cash flowEquity volatility
5.95% - 46.65%
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% - 40.00%
NPA (g)
0.01% - 1.40%
(in millions)Fair Value at December 31, 2021Valuation
Technique
Unobservable Input(a)
Range
(Weighted Average)(b)
Fixed annuities guaranteed benefits992 Discounted cash flowBase 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)
0.01% - 1.40%
Fixed index annuities guaranteed benefits2,595 Discounted cash flowEquity volatility
5.95% - 46.65%
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% - 4.00%
Equity / interest-rate correlation
0.00% - 40.00%
NPA (g)
0.01% - 1.40%
Embedded derivatives within Policyholder contract deposits:
Index credits on fixed index annuities(i)
4,807 Discounted cash flowEquity volatility
5.95% - 46.65%
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% - 4.00%
Equity / interest-rate correlation
0.00% - 40.00%
NPA (g)
0.01% - 1.40%
Index Life765 Discounted cash flow Base lapse rate
 0.00% - 37.97%
 Mortality rate
 0.00% - 100.00%
Equity volatility
7.65% - 20.70%
NPA(g)
 0.01% - 1.40%
(a)Represents discount rates, estimates and assumptions that we believe would be used by market participants when valuing these assets and liabilities.
(b)The weighted averaging for fixed maturity securities is based on the estimated fair value of the securities. Because the valuation methodology for embedded derivatives within policyholder contract deposits 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. Information received from third-party valuation service providers.
(c)Information received from third-party valuation service providers. The ranges of the unobservable inputs for constant prepayment rate, loss severity and constant default rate relate to each of the individual underlying mortgage loans that comprise the entire portfolio of securities in the RMBS and CLO securitization vehicles and not necessarily to the securitization vehicle bonds (tranches) purchased by us. The ranges of these inputs do not directly correlate to changes in the fair values of the tranches purchased by us because there are other factors relevant to the fair values of specific tranches owned by us, including, but not limited to, purchase price, position in the waterfall, senior versus subordinated position and attachment points.
(d)The Fortitude Re funds withheld payable has been excluded from the above table. As discussed in Note 7, the Fortitude Re funds withheld payable is created through modco and funds withheld reinsurance arrangements where the investments supporting the reinsurance agreements are withheld by and continue to reside on Corebridge’s balance sheet. This embedded derivative is valued as a total return swap with reference to the fair value of the invested assets held by Corebridge. Accordingly, the unobservable inputs utilized in the valuation of the embedded derivative are a component of the invested assets supporting the reinsurance agreements that are held on Corebridge’s balance sheet.
(e)The ranges for these inputs vary due to the different GMWB product specification and policyholder characteristics across in force policies. Policyholder characteristics that affect these ranges include age, policy duration, and gender.
(f)Mortality inputs are shown as multipliers of the 2012 Individual Annuity Mortality Basic table.
(g)The non-performance risk adjustment (“NPA”) applied as a spread over risk-free curve for discounting.
(h)The partial withdrawal utilization unobservable input range shown applies only to policies with guaranteed minimum withdrawal benefit riders. The total embedded derivative liability at December 31, 2022 and 2021 was approximately $1.1 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 $1,078 million and $1,075 million at December 31, 2022 and 2021, 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.
December 31, 2022December 31, 2021
(in millions)Investment Category IncludesFair Value
Using NAV
Per Share (or
its equivalent)		Unfunded
Commitments		Fair Value
Using NAV
Per Share (or
its equivalent)		Unfunded
Commitments
Investment Category
Private equity funds:
Leveraged buyoutDebt and/or equity investments made as part of a transaction in which assets of mature companies are acquired from the current shareholders, typically with the use of financial leverage$2,014 $1,719 $1,762 $1,229 
Real estateInvestments in real estate properties and infrastructure positions, including power plants and other energy generating facilities1,082 549 490 365 
Venture capitalEarly-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 company212 118 194 135 
Growth equityFunds that make investments in established companies for the purpose of growing their businesses510 40 637 37 
MezzanineFunds that make investments in the junior debt and equity securities of leveraged companies443 78 306 268 
OtherIncludes distressed funds that invest in securities of
companies that are in default or under bankruptcy protection, as well as funds that have multi-strategy, and other strategies		902 284 921 324 
Total private equity funds5,163 2,788 4,310 2,358 
Hedge funds:
Event-drivenSecurities of companies undergoing material structural changes, including mergers, acquisitions and other reorganizations5 — 18 — 
Long-shortSecurities that the manager believes are undervalued, with corresponding short positions to hedge market risk335 — 404 — 
MacroInvestments that take long and short positions in financial instruments based on a top-down view of certain economic and capital market conditions366 — 370 — 
OtherIncludes investments held in funds that are less liquid, as well as other strategies which allow for broader allocation between public and private investments178 — 110 — 
Total hedge funds884 — 902 — 
Total$6,047 $2,788 $5,212 $2,358 
Fair Value Option
The following table presents the gains or losses recorded related to the eligible instruments for which we elected the fair value option:
Years Ended December 31,Gain (Loss)
(in millions)202220212020
Assets:
Other bond securities(a)
$(408)$26 $72 
Alternative investments(b)
191 1,083 290 
Total assets(217)1,109 362 
Liabilities:
Policyholder contract deposits(c)
20 7 (9)
Debt of consolidated investment entities(d)
— (179)(102)
Total liabilities20 (172)(111)
Total gain (loss)$(197)$937 $251 
(a)Includes certain securities supporting the funds withheld arrangements with Fortitude Re. For additional information regarding the gains and losses for Other bond securities, see Note 5. For additional information regarding the funds withheld arrangements with Fortitude Re, see Note 7.
(b)Includes certain hedge funds, private equity funds and other investment partnerships.
(c)Represents GICs.
(d)Primarily related to six transactions securitizing certain debt portfolios previously owned by Corebridge and its affiliates and were terminated during 2021. For additional information, see Note 10.
Fair Value Measurements, Nonrecurring
The following table presents assets measured at fair value on a non-recurring basis at the time of impairment and the related impairment charges recorded during the periods presented:
Assets at Fair ValueImpairment Charges
Non-Recurring BasisDecember 31,
(in millions)Level 1Level 2Level 3Total202220212020
December 31, 2022
Other investments$— $— $12 $12 $25 $6$77
Other assets— — — — — 15
Total$— $— $12 $12 $25 $7$82
December 31, 2021
Other investments$—$—$89$89
Mortgage and other loans receivable*——1515
Other assets—14—14
Total$—$14$104$118
Fair Value, by Balance Sheet Grouping
The following table presents the carrying amounts and estimated fair values of our financial instruments not measured at fair value and indicates the level in the fair value hierarchy of the estimated fair value measurement based on the observability of the inputs used:
Estimated Fair Value
(in millions)Level 1Level 2Level 3TotalCarrying
Value
December 31, 2022
Assets:
Mortgage and other loans receivable$— $31 $40,936 $40,967 $44,403 
Other invested assets— 222 — 222 222 
Short-term investments— 3,043 — 3,043 3,043 
Cash552 — — 552 552 
Other assets4 8 — 12 12 
Liabilities:
Policyholder contract deposits associated with investment-type contracts— 119 129,174 129,293 137,086 
Fortitude Re funds withheld payable— — 25,289 25,289 25,289 
Other liabilities— 3,056 — 3,056 3,056 
Short-term debt— 1,500 — 1,500 1,500 
Long-term debt— 7,172 — 7,172 7,868 
Debt of consolidated investment entities— 3,055 2,488 5,543 5,952 
Separate account liabilities - investment contracts— 80,649 — 80,649 80,649 
December 31, 2021
Assets:
Mortgage and other loans receivable$— $52 $41,077 $41,129 $39,373 
Other invested assets— 193 — 193 193 
Short-term investments— 4,016 — 4,016 4,016 
Cash537 — — 537 537 
Other assets7 — — 7 7 
Liabilities:
Policyholder contract deposits associated with investment-type contracts— 169 139,464 139,633 132,142 
Fortitude Re funds withheld payable— — 27,170 27,170 27,170 
Other liabilities— 3,704 — 3,704 3,704 
Short-term debt— — 8,317 8,317 8,317 
Long-term debt— 586 — 586 427 
Debt of consolidated investment entities— 3,077 3,810 6,887 6,931 
Separate account liabilities - investment contracts— 104,126 — 104,126 104,126