v3.23.1
Investments (Tables)
 12 Months Ended
Dec. 31, 2022
Equity Method Investments, Joint Ventures, Investments, Debt And Equity Securities [Abstract]  
Schedule of Amortized Cost and Fair Value of Available For Sale Securities
The following table presents the amortized cost or cost and fair value of our available-for-sale securities:
(in millions)
Amortized
Cost or
Costs(a)
Allowance
for Credit
Losses(b)
Gross
Unrealized
Gains		Gross
Unrealized
Losses
Fair
Value(a)
December 31, 2022
Bonds available for sale:
U.S. government and government sponsored entities$1,405 $— $17 $(224)$1,198 
Obligations of states, municipalities and political subdivisions6,808 — 42 (924)5,926 
Non-U.S. governments5,251 (5)25 (879)4,392 
Corporate debt124,068 (116)729 (19,989)104,692 
Mortgage-backed, asset-backed and collateralized:
RMBS12,267 (27)574 (870)11,944 
CMBS11,176 — 7 (1,115)10,068 
CLO8,547 — 15 (376)8,186 
ABS11,752 — 15 (1,380)10,387 
Total mortgage-backed, asset-backed and collateralized43,742 (27)611 (3,741)40,585 
Total bonds available for sale(c)
$181,274 $(148)$1,424 $(25,757)$156,793 
(in millions)
Amortized
Cost or
Costs(a)
Allowance
for Credit
Losses(b)
Gross
Unrealized
Gains		Gross
Unrealized
Losses
Fair
Value(a)
December 31, 2021
Bonds available for sale:
U.S. government and government sponsored entities$1,406 $— $306 $— $1,712 
Obligations of states, municipalities and political subdivisions7,321 — 1,362 (7)8,676 
Non-U.S. governments6,026 — 495 (124)6,397 
Corporate debt128,417 (72)12,674 (956)140,063 
Mortgage-backed, asset-backed and collateralized:
RMBS13,236 (6)1,762 (34)14,958 
CMBS10,903 — 451 (54)11,300 
CLO7,382 — 73 (53)7,402 
ABS7,902 — 205 (47)8,060 
Total mortgage-backed, asset-backed and collateralized39,423 (6)2,491 (188)41,720 
Total bonds available for sale(c)
$182,593 $(78)$17,328 $(1,275)$198,568 
(a)     The table above includes available-for-sale securities issued by related parties. This includes RMBS which had a fair value of $39 million and $47 million, and an amortized cost of $43 million and $44 million as of December 31, 2022 and December 31, 2021, respectively. Additionally, this includes CDOs which had a fair value of $862 million and an amortized cost of $823 million as of December 31, 2021. There were no available-for-sale CDO securities issued by related parties as of December 31, 2022.
(b)    Represents the allowance for credit losses that have been recognized. Changes in the allowance for credit losses are recorded through Net realized gains (losses) and are not recognized in Other comprehensive income (loss).
(c)     At December 31, 2022 and December 31, 2021, the fair value of bonds available for sale held by us that were below investment grade or not rated totaled $16.7 billion and $20.4 billion, respectively.
Schedule of Unrealized Loss on Investments
The following table summarizes the fair value and gross unrealized losses on our available-for-sale securities, aggregated by major investment category and length of time that individual securities have been in a continuous unrealized loss position for which no allowance for credit loss has been recorded:
Less Than 12 Months
12 Months or More
Total
(in millions)
Fair Value
Gross Unrealized Losses
Fair Value
Gross Unrealized Losses
Fair Value
Gross Unrealized Losses
December 31, 2022
Bonds available for sale:
U.S. government and government sponsored entities$761 $224 $— $— $761 $224 
Obligations of states, municipalities and political subdivisions5,076 924 — — 5,076 924 
Non-U.S. governments3,932 868 — — 3,932 868 
Corporate debt82,971 16,866 11,143 3,070 94,114 19,936 
RMBS6,227 653 903 171 7,130 824 
CMBS7,902 797 1,708 318 9,610 1,115 
CLO5,573 234 2,007 142 7,580 376 
ABS6,998 854 2,271 526 9,269 1,380 
Total bonds available for sale$119,440 $21,420 $18,032 $4,227 $137,472 $25,647 
December 31, 2021
Bonds available for sale:
U.S. government and government sponsored entities$— $— $— $— $— $— 
Obligations of states, municipalities and political subdivisions201 4 48 3 249 7 
Non-U.S. governments1,198 58 376 66 1,574 124 
Corporate debt19,916 513 6,922 387 26,838 900 
RMBS1,235 30 27 2 1,262 32 
CMBS2,498 36 79 18 2,577 54 
CLO3,829 48 21 5 3,850 53 
ABS2,540 43 140 4 2,680 47 
Total bonds available for sale$31,417 $732 $7,613 $485 $39,030 $1,217 
Fixed Maturity Securities Available For Sale by Contractual Maturity
The following table presents the amortized cost and fair value of fixed maturity securities available for sale by contractual maturity:
Total Fixed Maturity Securities
Available for sale
(in millions)Amortized Cost,
Net of Allowance		Fair Value
December 31, 2022
Due in one year or less$2,334 $2,290 
Due after one year through five years22,500 21,650 
Due after five years through ten years28,376 25,452 
Due after ten years84,201 66,816 
Mortgage-backed, asset-backed and collateralized43,715 40,585 
Total$181,126 $156,793 
Actual maturities may differ from contractual maturities because certain borrowers have the right to call or prepay certain obligations with or without call or prepayment penalties.
Realized Gain (Loss) on Investments
The following table presents the gross realized gains and gross realized losses from sales or maturities of our available-for-sale securities:
Years Ended December 31,
202220212020
(in millions)Gross
Realized
Gains		Gross
Realized
Losses		Gross
Realized
Gains		Gross
Realized
Losses		Gross
Realized
Gains		Gross
Realized
Losses
Fixed maturity securities$120 $(677)$894 $(144)$1,022 $(440)
Fixed Maturity Securities and Equity Securities at Fair Value
The following table presents the fair value of fixed maturity securities measured at fair value, including securities in the modco agreement with Fortitude Re, based on our election of the fair value option and equity securities measured at fair value:
December 31, 2022December 31, 2021
(in millions)
Fair
Value*
Percent
of Total
Fair
Value*
Percent
of Total
Fixed maturity securities:
Obligations of states, municipalities and political subdivisions$37 1 %$50 2 %
Non-U.S. governments22 1 %17 1 %
Corporate debt2,222 56 %1,000 43 %
Mortgage-backed, asset-backed and collateralized:
RMBS165 4 %199 9 %
CMBS232 6 %234 10 %
CLO279 7 %283 12 %
ABS812 21 %299 13 %
Total mortgage-backed, asset-backed and collateralized1,488 38 %1,015 44 %
Total fixed maturity securities3,769 96 %2,082 90 %
Equity securities170 4 %242 10 %
Total$3,939 100 %$2,324 100 %
* The table above includes other securities measured at fair value issued by related parties, which are primarily Corebridge affiliates that are not consolidated. There were no equity securities with related parties as of December 31, 2022 or December 31, 2021.
Schedule Of Other Invested Assets
The following table summarizes the carrying amounts of other invested assets:
(in millions)December 31, 2022December 31, 2021
Alternative investments(a) (b)
$8,014 $7,527 
Investment real estate (c)
1,831 2,349 
All other investments (d)
573 691 
Total (e)
$10,418 $10,567 
(a)At December 31, 2022, included hedge funds of $884 million and private equity funds of $7.1 billion. At December 31, 2021, included hedge funds of $1.0 billion and private equity funds of $6.5 billion.
(b)At December 31, 2022, approximately 77% of our hedge fund portfolio is available for redemption in 2023. The remaining 23% will be available for redemption between 2024 and 2028. At December 31, 2021, approximately 73% of our hedge fund portfolio is available for redemption in 2022. The remaining 27% will be available for redemption between 2023 and 2028.
(c)Represents values net of accumulated depreciation of $616 million and $493 million as of December 31, 2022 and December 31, 2021, respectively. The accumulated depreciation related to the investment real estate held by legacy assets owned by us was $124 million and $123 million as of December 31, 2022 and December 31, 2021, respectively.
(d)Includes Corebridge’s ownership interest in Fortitude Holdings, which is recorded using the measurement alternative for equity securities. Our investment in Fortitude Holdings totaled $156 million and $100 million at December 31, 2022 and December 31, 2021, respectively.
(e)Includes investments in related parties, which totaled $6 million and $11 million as of December 31, 2022 and December 31, 2021, respectively.
Equity Method Investments Summarized Financial Information
The following is the aggregated summarized financial information of our equity method investees, including those for which the fair value option has been elected:
Years Ended December 31,
(in millions)202220212020
Operating results:
Total revenues$6,316 $9,425 $2,375 
Total expenses(579)(674)(778)
Net income$5,737 $8,751 $1,597 
December 31,
(in millions)20222021
Balance sheet:
Total assets$39,181 $33,894 
Total liabilities$(3,551)$(4,453)
Carrying Amount and Ownership Percentage of Equity Method Investments
The following table presents the carrying amount and ownership percentage of equity method investments at December 31, 2022 and December 31, 2021:
December 31, 2022December 31, 2021
(in millions)Carrying
Value		Ownership
Percentage		Carrying
Value		Ownership
Percentage
Equity method investments$3,185 Various$2,797  Various
Summarized financial information for these equity method investees may be presented on a lag, due to the unavailability of information for the investees at our respective balance sheet dates and is included for the periods in which we held an equity method ownership interest.
Other Investments
Also included in Other invested assets are real estate held for investment. These investments are reported at cost, less depreciation and are subject to impairment review, as discussed below.
Components of Net Investment Income
Years Ended December 31,
202220212020
(in millions)Excluding
Fortitude
Re Funds
Withheld
Assets		Fortitude
Re Funds
Withheld
Assets		TotalExcluding
Fortitude
Re Funds
Withheld
Assets		Fortitude
Re Funds
Withheld
Assets		TotalExcluding
Fortitude
Re Funds
Withheld
Assets		Fortitude
Re Funds
Withheld
Assets		Total
Available-for-sale fixed maturity securities, including short-term investments$6,725 $954 $7,679 $6,837 $1,296 $8,133 $6,841 $1,279 $8,120 
Other bond securities(30)(378)(408)17 9 26 66 6 72 
Equity securities(82)— (82)(290)— (290)255 — 255 
Interest on mortgage and other loans1,703 176 1,879 1,479 184 1,663 1,489 166 1,655 
Alternative investments*
675 170 845 1,851 318 2,169 584 12 596 
Real estate43 — 43 204 — 204 177 — 177 
Other investments100 — 100 115 — 115 13 — 13 
Total investment income9,134 922 10,056 10,213 1,807 12,020 9,425 1,463 10,888 
Investment expenses449 31 480 316 32 348 336 36 372 
Net investment income$8,685 $891 $9,576 $9,897 $1,775 $11,672 $9,089 $1,427 $10,516 
* Included income from hedge funds, private equity funds and affordable housing partnerships. Hedge funds are recorded as of the balance sheet date. Private equity funds are generally reported on a one-quarter lag.
Components of Unrealized Gain (Loss) on Investments
The following table presents the components of Net realized gains (losses):
Years Ended December 31,
202220212020
(in millions)Excluding Fortitude
Re Funds
Withheld
Assets		Fortitude
Re Funds
Withheld
Assets		TotalExcluding
Fortitude
Re Funds
Withheld
Assets		Fortitude
Re Funds
Withheld
Assets		TotalExcluding
Fortitude
Re Funds
Withheld
Assets		Fortitude
Re Funds
Withheld
Assets		Total
Sales of fixed maturity securities$(325)$(232)$(557)$103 $647 $750 $(78)$660 $582 
Change in allowance for credit losses on fixed maturity securities(115)(31)(146)8 3 11 (186)17 (169)
Change in allowance for credit losses on loans(76)(44)(120)133 8 141 (61)3 (58)
Foreign exchange transactions, net of related hedges (a)
695 61 756 310 20 330 89 (5)84 
Variable annuity embedded derivatives, net of related hedges(a) (b)
— — — — — — 159 — 159 
Fixed index annuity and index life embedded derivatives, net of related hedges(a)
(117)— (117)(3)— (3)(766)— (766)
All other derivatives and hedge accounting(b)
(43)(181)(224)(6)9 3 (94)423 329 
Sales of alternative investments and real estate investments179 43 222 794 237 1,031 158 (96)62 
Other
(57)(13)(70)176 — 176 14 — 14 
Net realized gains (losses) – excluding Fortitude Re funds withheld embedded derivative141 (397)(256)1,515 924 2,439 (765)1,002 237 
Net realized gains (losses) on Fortitude Re funds withheld embedded derivative— 6,347 6,347 — (687)(687)— (3,978)(3,978)
Net realized gains (losses)$141 $5,950 $6,091 $1,515 $237 $1,752 $(765)$(2,976)$(3,741)
The following table presents the increase (decrease) in unrealized appreciation (depreciation) of our available-for-sale securities:
Years Ended December 31,
(in millions)
20222021
Increase (decrease) in unrealized appreciation (depreciation) of investments:
Fixed maturity securities
$(40,386)$(7,457)
Other investments(15)—
Total increase (decrease) in unrealized appreciation (depreciation) of investments
$(40,401)$(7,457)
The following table summarizes the unrealized gains and losses recognized in Net investment income during the reporting period on equity securities and other invested assets still held at the reporting date:
Years Ended December 31,
20222021
(in millions)
Equities
Other Invested Assets
Total
Equities
Other Invested Assets
Total
Net gains (losses) recognized during the period on equity securities and other investments
$(82)$353 $271 $(290)$1,362 $1,072 
Less: Net gains (losses) recognized during the period on equity securities and other investments sold during the period
(46)(11)(57)(255)30 (225)
Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date
$(36)$364 $328 $(35)$1,332 $1,297 
Rollforward of the Changes In Allowance for Credit Losses
Years Ended December 31,
202220212020
(in millions)
Structured
Non-Structured
Total
Structured
Non-Structured
Total
Structured
Structured
Non-Structured
Total
Balance, beginning of year
$8 $70 $78 $14 $117 $131 $5 $— $5 
Additions:
Securities for which allowance for credit losses were not previously recorded
36 139 175 3 46 49 28 211 239 
Purchases of available for sale debt securities accounted for as purchased credit deteriorated assets— — — — — — 25 — 25 
Accretion of available for sale debt securities accounted for as purchased credit deteriorated assets— — — — — — 1 — 1 
Reductions:
Securities sold during the period
(3)(48)(51)(4)(19)(23)(3)(21)(24)
Additional net increases or decreases to the allowance for credit losses on securities that had an allowance recorded in a previous period, for which there was no intent to sell before recovery, amortized cost basis
(14)(15)(29)(5)(55)(60)(42)(4)(46)
Write-offs charged against the allowance
— (25)(25)— (19)(19)— (69)(69)
Balance, end of year
$27 $121 $148 $8 $70 $78 $14 $117 $131 
Schedule of Financial Instruments Owned and Pledged as Collateral
The following table presents the fair value of securities pledged to counterparties under secured financing transactions, including repurchase and securities lending agreements:
(in millions)December 31, 2022December 31, 2021
Fixed maturity securities available for sale$2,968 $3,582 
The following table presents the fair value of securities pledged under our repurchase agreements by collateral type and by remaining contractual maturity:
Remaining Contractual Maturity of the Repurchase Agreements
(in millions)Overnight and ContinuousUp to 30 Days31 - 90 Days91 - 364 Days365 Days or GreaterTotal
December 31, 2022
Bonds available for sale:
Non-U.S. governments$— $21 $— $— $— $21 
Corporate debt— 2,370 577 — — 2,947 
Total$— $2,391 $577 $— $— $2,968 
December 31, 2021
Bonds available for sale:
Non-U.S. governments$48 $— $— $— $— $48 
Corporate debt128 61 22 — — 211 
Total$176 $61 $22 $— $— $259 
The following table presents the fair value of securities pledged under our securities lending agreements by collateral type and by remaining contractual maturity:
Remaining Contractual Maturity of the Securities Lending Agreements
(in millions)Overnight and ContinuousUp to 30 Days31 - 90 Days91 - 364 Days365 Days or GreaterTotal
December 31, 2021
Bonds available for sale:
Obligations of states, municipalities and political subdivisions$— $— $106 $— $— $106 
Non-U.S. government— — 43 — — 43 
Corporate debt— 534 2,640 — — 3,174 
Total$— $534 $2,789 $— $— $3,323