Corebridge Financial, Inc. [CRBG] Filings

10-K 1 crbg-20231231.htm 10-K crbg-20231231

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2023

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number 001-41504

Corebridge Financial, Inc.

(Exact name of registrant as specified in its charter)


Delaware			95-4715639
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

2919 Allen Parkway, Woodson Tower, Houston, Texas			77019
(Address of principal executive offices)			(Zip Code)

Registrant’s telephone number, including area code: 1-877-375-2422

____________________

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock, Par Value $0.01 Per Share	CRBG	New York Stock Exchange

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☒ No ☐

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports),and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☒

Accelerated filer ☐

Non-accelerated filer ☐

Smaller reporting company ☐

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of

an error to previously issued financial statements.☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s

executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of June 30, 2023, the aggregate market value of the voting and nonvoting common equity held by nonaffiliates of the registrant, determined using the per share closing price on that date on the New York Stock Exchange of $17.66, was approximately $2.79 billion.

As of February 8, 2024, there were 622,549,838 shares outstanding of the registrant’s common stock.

DOCUMENTS INCORPORATED BY REFERENCE


Document of the Registrant			Form 10-K Reference Locations
Portions of the registrant’s definitive proxy statement for the 2024 Annual Meeting of Shareholders			Part III, Items 10, 11, 12, 13 and 14

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COREBRIDGE FINANCIAL, INC.

ANNUAL REPORT ON FORM 10-K FOR THE YEAR ENDED DECEMBER 31, 2023

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FORM 10-K


Item Number	Description	Page
















































Part I
ITEM 1.	Business	4












ITEM 1A.	Risk Factors	40
ITEM 1B.	Unresolved Staff Comments	69
ITEM 1C.	Cybersecurity	69
ITEM 2.	Properties	70
ITEM 3.	Legal Proceedings	70
ITEM 4.	Mine Safety Disclosures	70
Part II
ITEM 5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	71
ITEM 6.	[Reserved]	72
ITEM 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	73












ITEM 7A.	Quantitative and Qualitative Disclosures About Market Risk	154
ITEM 8.	Financial Statements and Supplementary Data	157
	Reference to Financial Statements and Schedules	157
ITEM 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	283
ITEM 9A.	Controls and Procedures	283
ITEM 9B.	Other Information	283
ITEM 9C.	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	283
Part III
ITEM 10.	Directors, Executive Officers and Corporate Governance	284
ITEM 11.	Executive Compensation	284
ITEM 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	284
ITEM 13.	Certain Relationships and Related Transactions, and Director Independence	284
ITEM 14.	Principal Accounting Fees and Services	284
Part IV
ITEM 15.	Exhibits, Financial Statement Schedules	285
ITEM 16.	Form 10-K Summary	285
Signatures		290

Corebridge | 2023 Form 10-K 1

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Cautionary Statement Regarding Forward-Looking Information

This Annual Report on Form 10-K may include statements, which, to the extent they are not statements of historical or present fact, constitute “forward looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the use of terms such as “believes,” “expects,” “may,” “will,” “shall,” “should,” “would,” “could,” “seeks,” “aims,” “projects,” “is optimistic,” “intends,” “targets,” “plans,” “estimates,” “anticipates” or other comparable terms. Forward-looking statements include, without limitation, all matters that are not historical facts. They appear in a number of places throughout this Annual Report on Form 10-K and include, without limitation, statements regarding our intentions, beliefs, assumptions or current plans and expectations concerning, among other things, financial position and future financial condition; results of operations; expected operating and non-operating relationships; ability to meet debt service obligations and financing plans; product sales; distribution channels; retention of business; investment yields and spreads; investment portfolio and ability to manage asset-liability cash flows; financial goals and targets; prospects; growth strategies or expectations; laws and regulations; customer retention; the outcome (by judgment or settlement) and costs of legal, administrative or regulatory proceedings, investigations or inspections, including, without limitation, collective, representative or class action litigation; the impact of our separation from AIG; geopolitical events, including the ongoing armed conflicts between Ukraine and Russia and in the Middle East; and the impact of prevailing capital markets and economic conditions.

Forward-looking statements are subject to known and unknown risks and uncertainties, many of which may be beyond our control. We caution you that forward-looking statements are not guarantees of future performance or outcomes and that actual performance and outcomes, including, without limitation, our actual results of operations, financial condition, liquidity and cash flows, and the development of the markets in which we operate, may differ materially from those made in or suggested by the forward-looking statements contained in this Annual Report on Form 10-K. In addition, even if our results of operations, financial condition, liquidity and cash flows, and the development of the markets in which we operate, are consistent with the forward-looking statements contained in this Annual Report on Form 10-K, those results or developments may not be indicative of results or developments in subsequent periods. A number of important factors, including, without limitation, the risks and uncertainties discussed in “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in this Annual Report on Form 10-K could cause actual results and outcomes to differ materially from those reflected in the forward-looking statements. Factors that could cause actual results and outcomes to differ from those reflected in forward-looking statements include, without limitation:

•changes in interest rates and changes to credit spreads;

•the deterioration of economic conditions, an economic slowdown or recession, changes in market conditions, weakening in capital markets, volatility in equity markets, inflationary pressures, pressures on the commercial real estate market, uncertainty regarding a potential U.S. federal government shutdown, and geopolitical tensions, including the ongoing armed conflicts between Ukraine and Russia and in the Middle East;

•the unpredictability of the amount and timing of insurance liability claims;

•unavailable, uneconomical or inadequate reinsurance or recaptures of reinsured liabilities;

•uncertainty and unpredictability related to our reinsurance agreements with Fortitude Reinsurance Company Ltd. (“Fortitude Re”) and its performance of its obligations under these agreements;

•our limited ability to access funds from our subsidiaries;

•our ability to incur indebtedness, our potential inability to refinance all or a portion of our indebtedness or our ability to obtain additional financing on favorable terms or at all;

•our inability to generate cash to meet our needs due to the illiquidity of some of our investments;

•the inaccuracy of the methodologies, estimations and assumptions underlying our valuation of investments and derivatives;

•a downgrade in our Insurer Financial Strength (“IFS”) ratings or credit ratings;

•exposure to credit risk due to non-performance or defaults by our counterparties or our use of derivative instruments to hedge market risks associated with our liabilities;

•our ability to adequately assess risks and estimate losses related to the pricing of our products;

•the failure of third parties that we rely upon to provide and adequately perform certain business, operations, investment advisory, functional support and administrative services on our behalf;

•the impact of risks associated with our arrangement with Blackstone ISG-I Advisors LLC (“Blackstone IM”), BlackRock Financial Management, Inc. (“BlackRock”) or any other asset manager we retain, including their historical performance not being indicative of the future results of our investment portfolio and the exclusivity of certain arrangements with Blackstone IM;

•our inability to maintain the availability of critical technology systems and the confidentiality of our data, including challenges associated with a variety of privacy and information security laws;

•the ineffectiveness of our risk management policies and procedures;

•significant legal, governmental or regulatory proceedings;

Corebridge | 2023 Form 10-K 2

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•the intense competition we face in each of our business lines and the technological changes, including the use of artificial intelligence (“AI”), that may present new and intensified challenges to our business;

•catastrophes, including those associated with climate change and pandemics;

•business or asset acquisitions and dispositions that may expose us to certain risks;

•our ability to protect our intellectual property;

•our ability to compete effectively in a heavily regulated industry in light of new domestic or international laws and regulations or new interpretations of current laws and regulations;

•impact on sales of our products and taxation of our operations due to changes in U.S. federal income or other tax laws or the interpretation of tax laws;

•the ineffectiveness of our productivity improvement initiatives in yielding our expected expense reductions and improvements in operational and organizational efficiency;

•recognition of an impairment of our goodwill or the establishment of an additional valuation allowance against our deferred income tax assets as a result of our business lines underperforming or their estimated fair values declining;

•differences between actual experience and the estimates used in the preparation of financial statements and modeled results used in various areas of our business;

•our inability to attract and retain key employees and highly skilled people needed to support our business;

•our failure to replicate or replace functions, systems and infrastructure provided by AIG (including through shared service contracts) or our loss of benefits from AIG’s global contracts, and AIG’s failure to perform the services provided for in the transition services agreement entered into between us and AIG on September 14, 2022 (the “Transition Services Agreement”);

•the significant influence that AIG has over us and conflicts of interests arising due to such relationship;

•the indemnification obligations we have to AIG;

•potentially higher U.S. federal income taxes due to our inability to file a single U.S. consolidated federal income tax return for five years following our initial public offering (“IPO”) and our separation from AIG causing an “ownership change” for U.S. federal income tax purposes;

•risks associated with the Tax Matters Agreement with AIG and our potential liability for U.S. income taxes of the entire AIG Consolidated Tax Group for all taxable years or portions thereof in which we (or our subsidiaries) were members of such group;

•the risk that anti-takeover provisions could discourage, delay, or prevent our change in control, even if the change in control would be beneficial to our shareholders; and

•challenges related to compliance with applicable laws incident to being a public company, which is expensive and time-consuming.

Other risks, uncertainties and factors, including those discussed in “Risk Factors” could cause our actual results to differ materially from those projected in any forward-looking statements we make. You should read carefully the factors described in “Risk Factors” to better understand the risks and uncertainties inherent in our business and underlying any forward-looking statements.

You should read this Annual Report on Form 10-K completely and with the understanding that actual future results may be materially different from expectations. All forward-looking statements made in this Annual Report on Form 10-K are qualified by these cautionary statements. These forward-looking statements are made only as of the date of this Annual Report on Form 10-K, and we do not undertake any obligation to update or revise any forward-looking statements to reflect the occurrence of events, unanticipated or otherwise, other than as may be required by law.

Corporate Information

We encourage investors and others to frequently visit our website (www.corebridgefinancial.com), including our Investor Relations web pages (www.investors.corebridgefinancial.com). We announce significant financial and other information to our investors and the public on the Investor Relations web pages, as well as in U.S. Securities and Exchange Commission (“SEC”) filings, in news releases, public conference calls and webcasts, fact sheets and other documents and media. The information found on our website is not incorporated by reference into this Annual Report on Form 10-K or in any other report or document we submit to the SEC, and any references to our website are intended to be inactive textual references only.

Corebridge | 2023 Form 10-K 3

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ITEM 1 | Business

Part I

Item 1. | Business

Index to Business


						Page
Our Company						5








Our Segments						6
Investment Management						21
Human Capital Management						24
Environmental, Social and Governance						25
Intellectual Property						26
Regulation						26
Information about our Executive Officers						37

Corebridge | 2023 Form 10-K 4

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ITEM 1 | Business

Our Company

OVERVIEW

We are one of the largest providers of retirement solutions and insurance products in the United States, committed to helping individuals plan, save for and achieve secure financial futures. Our addressable markets are large, with powerful, long-term secular trends given an aging U.S. population and a growing need for retirement solutions. We offer a broad set of products and services through our market leading Individual Retirement, Group Retirement, Life Insurance and Institutional Markets businesses, each of which features capabilities and industry experience we believe are difficult to replicate. These four businesses collectively seek to enhance stockholder returns while maintaining our attractive risk profile, which has historically resulted in consistent and strong cash flow generation.

Our strong competitive position is supported by:

•our scaled platform and position as a leading life and annuity company across a broad range of products, managing or administering $383.8 billion in client assets as of December 31, 2023;

•our four businesses, which provide a diversified and attractive mix of spread income, fee income and underwriting margin;

•our broad distribution platform, which gives us access to end customers, consultants, retirement plan sponsors, banks, broker-dealers, general agencies, independent marketing organizations and independent insurance agents;

•our proven expertise in product design, which positions us to optimize risk-adjusted returns as we grow our business;

•our strategic partnership with Blackstone Inc. and its subsidiaries (“Blackstone”), which we believe will allow us to further grow both our retail and institutional product lines, and enhance risk-adjusted returns;

•our high-quality liability profile, supported by our strong balance sheet and disciplined approach to risk management, which has limited our exposure to product features and portfolios with less attractive risk-adjusted returns;

•our ability to deliver attractive cash flows and financial returns; and

•our strong and experienced senior management team.

We believe we have an attractive business mix that balances spread-based income, fee income and underwriting margin sources and is diversified across our broad product suite. For the year ended December 31, 2023, our businesses generated spread income of $3.9 billion, fee income of $1.9 billion and underwriting margin of $1.5 billion, resulting in a balanced mix of 53%, 26% and 21%, respectively, among these income sources. We are well-diversified across our operating businesses with our Individual Retirement, Group Retirement, Life Insurance and Institutional Markets businesses representing 60%, 20%, 10% and 10% of associated Adjusted Pre-Tax Operating Income (“APTOI”), respectively, for the year ended December 31, 2023.

Our diversified business model is enabled by our long-standing distribution relationships that are distinguished through both their breadth and depth. We have large distribution platforms in the U.S. life and retirement market, with a wide range of relationships with financial advisors, insurance agents and plan sponsors, as well as our own employee financial advisors and direct-to-consumer platform. Corebridge Financial Distributors, our Retail sales platform, serves as a valuable partner to our third-party distributors, including banks, broker-dealers, general agencies, independent marketing organizations and independent insurance agents.

A disciplined approach to investment management is at the core of our business. We believe our strategic partnership with Blackstone will allow us to leverage Blackstone’s ability to originate attractive and privately sourced fixed-income oriented assets that we believe are well suited for liability-driven investing within an insurance company framework. Additionally, we believe BlackRock's scale and fee structure make BlackRock an excellent outsourcing partner for certain asset classes and will allow us to further optimize our investment management operating model while improving overall performance.

We believe we have a strong balance sheet that has resulted from disciplined growth and effective and prudent risk management practices. We have employed a consistent, disciplined approach to product design and risk selection, resulting in a high-quality liability profile. Our broad retail and institutional product suite allows us to be selective in liability origination, and our ability to quickly refine our offerings in response to market dynamics allows us to be opportunistic when we identify areas of attractive risk-adjusted returns. We have a well-managed annuity liability portfolio, with product structures and hedging strategies designed to manage our exposure to guaranteed benefits.

Corebridge | 2023 Form 10-K 5

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ITEM 1 | Business

Our Segments

INDIVIDUAL RETIREMENT

Overview

Our three product categories, fixed, fixed index and variable annuities, address a range of savings, investment, and income needs. We offer a variety of optional benefits within these products, including lifetime income guarantees and death benefits and sell our annuity products through our extensive distribution platform. For the year ended December 31, 2023, we recorded $18.2 billion in total individual annuity sales.

Diversified product portfolio

Our diverse and broad product suite allows us to quickly adapt our offerings in response to shifting customer needs and economic and competitive dynamics, targeting areas where we see the greatest opportunity for risk-adjusted returns. As an example, we typically re-price our full fixed annuity product suite on a weekly basis to respond to market conditions, distributor preferences and competitive actions and can re-price more frequently if needed. Our product diversification, as evidenced by balanced new business sales across all three annuity product categories, allows for further new business flexibility in meeting customer demand and changing macroeconomic conditions.

Disciplined product risk management

Our products and product features are designed with both customer needs and our risk management in mind. We have a disciplined approach designed to manage risk exposure to our balance sheet by managing margins and capital and stress testing results under varied market conditions. As an example, our fixed index annuities are designed purposefully so that we can effectively manage the index crediting risk through our hedging program. Further, our fixed annuity block reflects a history of disciplined rate setting, with minimal exposure to guaranteed crediting rates above 4.0%. Our variable annuity business has pioneered risk-mitigating features such as volatility index (“VIX”)-indexed fees and flexible income choices which offer value for our customers while tailoring to our risk profile. Additionally, our variable annuity block reflects a history of disciplined product design, with limited exposure to legacy variable annuities with living benefits written before 2009, which account for 4.9% of our overall variable annuity portfolio as of December 31, 2023. Our product diversification further mitigates potential adverse outcomes that could impact our portfolio.

Products

Fixed annuities

We offer a range of fixed annuity products that offer principal protection and a specified rate of return over a single year or multi-year time periods. Beyond the guaranteed return periods, we offer renewal crediting rates that are dynamically managed in coordination with our investment team. We also offer optional living benefits for some of our fixed annuity products. The market risk associated with these living benefits is mitigated as the return on fixed annuities uses the guaranteed minimum interest rate as a floor, which prevents the account value from declining due to market returns.

We bear the risk of investment performance for fixed annuity products. These products primarily generate spread-based income on the difference between the investment income earned on the assets backing the policy (which are held in our general account) and the interest credited to the policyholder. Our product teams closely coordinate with our investment management function to efficiently manage this spread income. Such coordination provides us with the ability to quickly reprice and reposition our market offerings as new asset opportunities are sourced and as market conditions change in addition to closely managed renewal rates.

Fixed index annuities

We offer fixed index annuity products that provide our customers with returns linked to the underlying returns of various market indices. In recent years, we have primarily sold modified single premium contracts that generally allow for multiple premium payments in the first 30 contract days. Virtually all of the policies in force at December 31, 2023 are single premium contracts. Our products can include a range of optional benefits including guaranteed minimum death benefits (“GMDBs”) and guaranteed minimum withdrawal benefits (“GMWBs”). The market risk associated with these guarantees is mitigated as fixed index annuity account values generally do not decrease even when the chosen index has negative performance. In addition, after a contractual holding period, policyholders generally have an option to annuitize their contract and receive annual annuity payments for a stated term or for the life of the annuitant, based upon their annuitization election. Policyholders with a GMWB rider may take annual withdrawals at a stated contractual percentage after a required holding period without the need to elect annuitization.

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ITEM 1 | Business

Similar to our fixed annuities, our fixed index annuities generate spread-based income on the difference between the investment income earned on the general account assets backing the policy and the interest credits our clients earn. We bear the risk associated with the interest credits that our clients earn, which is managed through hedging (as discussed below) in order to minimize the index exposure on our balance sheet. This is in addition to the pricing and renewal rate management that we employ against both fixed annuity and fixed index annuity products.

Variable annuities

We offer variable annuities that allow a customer to choose from a selection of investment options. Our variable annuity products generate fee-based income that is typically paid as a percentage of the assets in the investment options selected by the policyholder and held in one of our separate accounts. Policyholders generally bear the risk of the investment performance of assets held in a separate account. These products typically offer, and in some cases in order to limit volatility, require a portion of the account value to be allocated to general account investment options.

Our variable annuity products offer guaranteed benefit features (collectively known as “GMxBs”), including GMDBs and living benefits which provide guaranteed lifetime income, such as GMWBs. We presently offer simple GMDBs, with 88% of our variable annuity GMDB account value as of December 31, 2023 either providing for a return of premium or locking-in a maximum anniversary value, and have limited exposure to legacy GMDB options, including rollups which represented 4% of variable annuity GMDB account value as of December 31, 2023. As of December 31, 2023, 76% of our variable annuity account value has a GMWB and we have a small portion of in-force contracts with guaranteed minimum income benefits (“GMIBs”), although as of 2006 we no longer offer this guaranteed benefit feature and the majority of this exposure has been reinsured. We seek to mitigate the market risk associated with certain guaranteed benefit features through a dynamic hedging program that is designed to reduce the equity market and interest rate risk associated with offering the benefits.

While only one living benefit can be purchased for a variable annuity contract, a contract can include both a GMDB and a living benefit. However, a policyholder can only receive payouts from one guaranteed feature on a contract containing both a GMDB and a living benefit, with the exception of a surviving spouse in spousal continuation status who has a rider to potentially collect both a GMDB upon his or her spouse’s death and a GMWB during the surviving spouse’s lifetime. As of December 31, 2023, 2.1% of our joint annuity contracts with living benefits are in spousal continuation status.

Individual Retirement Spread and Fee Income

Our fixed annuity and fixed index annuity products generate spread-based income on the difference between crediting rates paid and yields earned on assets we invest in our general account. Our variable annuity products generate fee-based income that is typically paid as a percentage of the assets in the investment options selected by the policyholder and held in our separate accounts.

The following table presents Individual Retirement spread and fee income:


	For the years ended December 31,
(in millions)	2023				2022				2021
Net base spread income	$	2,638	68.9	%	$	1,864	57.9	%	$	1,743	44.3	%
Variable investment income, excluding affordable housing	56		1.5	%	163		5.1	%	711		18.1	%
Affordable housing	—		—	%	—		—	%	145		3.7	%
Total spread income(a)	$	2,694	70.4	%	$	2,027	63.0	%	$	2,599	66.1	%
Fee income(b)	1,134		29.6	%	1,192		37.0	%	1,335		33.9	%
Total	$	3,828	100.0	%	$	3,219	100.0	%	$	3,934	100.0	%

(a) Total spread income represents net investment income less interest credited to policyholder account balances, exclusive of amortization of deferred sales inducements (“DSI”) of $55 million, $55 million and $58 million for the years ended December 31, 2023, 2022 and 2021, respectively.

(b) Fee income is defined as policy fees plus advisory fee and other income.

Distribution

Individual Retirement has a large and diverse distribution platform, allowing the business to reach and serve a wide range of consumers. Individual Retirement’s annuity products are offered through a longstanding, multichannel distribution network of approximately 552 third-party firms including banks, broker-dealers, general agencies, independent marketing organizations and independent insurance agents as of December 31, 2023. At Corebridge Financial Distributors, we have approximately 433 professionals who work with these firms and their associated advisors to market and sell our products.

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ITEM 1 | Business

The following table presents our Individual Retirement premiums and deposits by distribution channel:


	For the years ended December 31,
(in millions)	2023				2022				2021
Broker-dealer(a)	$	7,959	43.8	%	$	5,876	38.9	%	$	7,137	52.3	%
Banks	7,334		40.4	%	7,446		49.2	%	4,756		34.8	%
Independent non-registered marketing organizations/ brokerage general agencies (“BGAs”)(b)	2,878		15.8	%	1,798		11.9	%	1,764		12.9	%
Total	$	18,171	100.0	%	$	15,120	100.0	%	$	13,657	100.0	%

(a) Includes wirehouses, independent and regional broker-dealers.

(b) Includes employee financial advisors.

Our distribution strategy is built around our approximately 433 professionals maintaining long-term relationships with the firms that distribute our products and the individual agents and registered representatives within those firms. Corebridge Financial Distributors’ coordinated wholesaling approach positions us to go to market as “one firm,” thereby better serving our distribution partners and increasing our relevance and perceived value to them. As of December 31, 2023, our top 25 third-party distribution partners have been on our platform for an average of approximately 24 years, with eight of them for 30 years or more. We also develop customized products and specialized strategies for our channels as appropriate, including variations of our fixed annuity products that better align with partner business models and variable annuity products with specialized rider options. These customized products comprised 53.3% of our annuity sales for the year ended December 31, 2023.The strong relationships formed through these collaborations are fundamental to our ability to continue to generate attractive risk-adjusted returns.

Markets

Our individual annuity products are primarily sold to mass affluent and high net worth individuals for retirement accumulation, retirement income and legacy planning. Increasing life expectancy and reduced expectations for traditional retirement income from defined benefit programs and fixed income securities are leading Americans to seek additional financial security as they approach retirement. As the retirement age population in the United States continues to grow, we expect the need for these retirement savings and income products to expand.

Competition

Our Individual Retirement business competes with traditional life insurers and financial services companies, including banks and asset management companies. Competition is based on pricing, product design, distribution, financial strength, brand and reputation, customer service and ease of doing business, among other factors. We expect the robust competition in our space to continue from traditional insurance companies, newer entrants into the insurance space, and substitute products such as certificates of deposit, mutual funds and other investment products. Newer entrants have frequently been owned or affiliated with alternative asset managers, which provide an enhanced investment strategy compared to traditional competitors. We expect our partnership with Blackstone to give us access to enhanced investment capabilities, enabling us to compete effectively in this changing environment. In parallel, several insurance company competitors have changed their focus away from the individual life and retirement market, which has created an opportunity for us to gain market share in product and distribution areas that others are de-emphasizing.

Strategy

Deepen distribution relationships

We continue to focus on leveraging our distribution strategy to expand the breadth and depth of our distribution relationships. This strategy broadens our product penetration with existing distribution partners and coordinates our sales activities through our strategic account managers and customized wholesaling model. Using both external and proprietary data, we seek to identify the highest value opportunities at both the distribution partner and financial professional level. We also target new high-impact distributors looking to grow and utilize our broad product set to better serve their end customers.

Continue to innovate products and features

Continuing to offer well-designed products with attractive risk-return profiles and customer appeal is fundamental to our success. For example, we recently broadened our product portfolio to include a fee-based fixed index annuity to meet the needs of our investment advisor distribution partners. Additionally, we are continuously evaluating adding product features and options that have the potential to enhance our overall risk-return profile and add value for our clients and distributors.

Corebridge | 2023 Form 10-K 8

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ITEM 1 | Business

Target opportunistic and profitable growth

Our strong market positions and distribution relationships allow us to opportunistically target growth in products where market dynamics provide for attractive returns. We identify and pursue growth opportunities based on our assessment of the opportunity to generate both attractive returns and drive volume. We believe the growth in the U.S. retirement market driven by the aging of the population, reduced access to private pensions, inter-generational wealth transfers and improved life expectancy, presents an opportunity to fuel growth in the market for U.S. retirement assets, and in turn demand for our Individual Retirement products. We believe we are well-positioned to capture this growing market opportunity through our robust and balanced product line-up, our distribution platform and our partnership with Blackstone.

Risk Management

Our Individual Retirement risk management philosophy begins with the way we approach new business generation. We seek to prioritize long-term value over sales volume and adapt our product focus and product designs in the face of changing market dynamics. Over time, this approach has resulted in a well-diversified annuity business that generates attractive earnings through a combination of spread and fee-based income and has minimal exposure to unprofitable legacy lines of business. We have several risk management features that are embedded in the majority of our in-force business as described above. Finally, we deploy a sophisticated dynamic hedging program that aggregates risk at the portfolio level to realize efficiencies across our platform and seeks to produce consistently strong results through a variety of economic environments.

Diversified Business

The breadth of our individual annuity offerings allows us to generate earnings that are driven by a well-balanced source of spread and fee-based income. We believe our strong fixed, fixed index and variable annuity products position us to weather economic uncertainty and adapt to competitive pressure better than a concentrated, single-product portfolio.

GROUP RETIREMENT

Overview

Our Group Retirement business is a leading provider of retirement plans and services to employees of tax-exempt and public sector organizations as they plan and save for their financial futures. We provide products and services through our fully integrated product manufacturing and distribution model to employees that are individuals in employer defined contribution plans (“in-plan”), as well as individuals outside of the traditional employer-sponsored plans (“out-of-plan”). Our in-plan products include an open architecture recordkeeping platform and group annuities supported by plan administrative and compliance services. We offer financial planning advice to employees participating in retirement plans through our employee financial advisors. In addition to engaging with participants in-plan, as permitted by employer guidelines, we seek to manage employees’ other assets and retain rollover assets when employees separate from their employer. Our out-of-plan offering includes proprietary and limited non-proprietary annuities, financial planning, and brokerage and advisory services, and continues to be a key contributing factor to our fee-based revenue.

Our target markets include K-12 schools, higher education institutions, healthcare providers, government employers and other tax-exempt institutions, where we serve nearly 21,000 plan sponsors across all 50 states in the 403(b), 457(b), 401(a) and 401(k) markets as of December 31, 2023. We offer customized versions of our in-plan annuities and certain of our Individual Retirement annuity products to our customers for their out-of-plan assets, primarily through the large individual retirement account (“IRA”) market.

Through our broad product and service offerings, we create relationships with both plan sponsors (employers) and plan participants (employees). Our retirement plan solutions are delivered to employers by our business development professionals, in coordination with third-party plan consultants, who deliver customized retirement plan solutions to employers that cater to the specific needs of their employees. Our subsidiary broker-dealer, VALIC Financial Advisors, engages directly with individual employees, ensuring their readiness for retirement through plan guidance, assistance with enrollment, expert advice and comprehensive financial planning that prioritizes holistic financial wellness. Our financial advisors, augmented by digital self-service tools, enable us to reach the full range of employees, making retirement planning accessible to all.

Differentiated employee financial advisors network and long-term customer relationships: Our employee financial advisors allow us to develop strong, long-term relationships with our clients by engaging with them early in their careers and providing education, customized solutions and financial guidance through the entire savings and retirement financial journey. The strength of our customer relationships is evidenced by our large customer base and strong persistency rates; 29% of in-plan individual customers and 45% of out-of-plan individual customers have been customers of our Group Retirement Business for more than 20 years.

Diversified asset base: The strong relationships and retention rates we have developed with our clients have translated into diversified spread-based and fee-based assets across our Group Retirement business. Our advisory and brokerage assets are increasingly becoming a larger portion of our assets under management and administration (“AUMA”) and a source of fee-based revenue.

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Products and Services

Our Group Retirement offerings are segmented into in-plan and out-of-plan products and services.

In-plan products and services: We offer a variety of options for employer defined contribution plans, including products, plan administrative and compliance services, retirement education, financial planning and advisory solutions.

•In-plan recordkeeping: We offer an open architecture recordkeeping platform that allows plan participants to allocate money to a variety of mutual fund options or a fixed interest account. A fixed investment only option can also be provided on this platform for plans where we are not the recordkeeper. We receive fee income for our provision of recordkeeping services and generate spread income on the fixed interest account.

•In-plan annuity: We offer a flexible group variable and fixed annuity that allows plan sponsors to select from a variety of fee structures, liquidity provisions and fund options. Several variations of our in-plan annuity are available based on plan characteristics, market, size and preferences. Customers receive additional protection from a modest guaranteed minimum death benefit and minimum guaranteed credited rates on the fixed account option. We receive fee income on the variable assets and generate spread income on the fixed annuity assets.

•Investment advisory: Through our employee financial advisors and with approval from the plan sponsor, we offer an in-plan investment advisory service to participants for an additional fee.

Out-of-plan products and services: Through our employee financial advisors, we offer a variety of annuity, advisory and brokerage products to help clients meet their retirement savings goals outside of traditional employer sponsored pension plans. Our solutions reach clients primarily through their IRAs, which represent the fastest growing segment of the U.S. retirement asset landscape.

•Annuities: We offer a suite of proprietary annuities for accumulation and guaranteed lifetime income. In addition, we offer a non-proprietary annuity as needed to ensure we have a broad range of solutions available to our clients. Several of the proprietary annuities and living benefits are customized versions of products offered by our Individual Retirement business. Our proprietary annuities include:

•Fixed annuities: We offer a fixed annuity with a multi-year guaranteed fixed rate and another version with a guaranteed lifetime income benefit;

•Fixed index annuities: We offer a fixed index annuity providing accumulation and guaranteed lifetime income with a variety of index crediting strategies and multiple indexes; and

•Variable annuities: We offer a variable annuity for asset accumulation in both a brokerage and investment advisory account, including a version with an optional guaranteed lifetime income rider.

•Advisory and brokerage products:

•Our investment advisory solution offers fiduciary, fee-based investments with a variety of asset managers and strategists; and

•Our full-service brokerage offering supports a limited non-proprietary variable annuity, securities brokerage accounts, mutual funds and 529 plans.

Group Retirement Spread and Fee Income

Our revenue is generated by a combination of spread and fee income. We generate fee-based income by providing plan administration on our open architecture recordkeeping platform, from our variable annuity separate account and from investment advisory services. We generate spread-based income from fixed annuity, fixed index annuity and variable annuity general account assets. Fee-based income is primarily based on the assets under administration and spread-based income is based on the difference between crediting rates and yields earned on assets we invest in our general account. While the spread and fee income mix remains balanced, we have increased our fee-based income over the last several years. A key contributing factor to our expanding fee-based income exposure has been the growth of our out-of-plan offerings, which are well-positioned to capitalize on the growing consumer demand for advisory services and the strong growth in the IRA market. These products supplement our in-plan offerings and provide strong risk-adjusted returns and attractive cash flow generation.

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The following table presents Group Retirement spread and fee income:


	For the years ended December 31,
(in millions)	2023				2022				2021
Net base spread income	$	778	50.5	%	$	749	47.2	%	$	761	36.5	%
Variable investment income, excluding affordable housing	50		3.2	%	118		7.4	%	424		20.3	%
Affordable housing	—		—	%	—		—	%	84		4.0	%
Total spread income(a)	$	828	53.7	%	$	867	54.6	%	$	1,269	60.8	%
Fee income(b)	715		46.3	%	720		45.4	%	817		39.2	%
Total	$	1,543	100.0	%	$	1,587	100.0	%	$	2,086	100.0	%

(a) Total spread income represents base net investment income less interest credited to policyholder accounts balances, exclusive of amortization of DSI assets of $14 million, $14 million and $15 million for the years ended December 31, 2023, 2022 and 2021, respectively.

(b) Fee income is defined as policy fees plus advisory fee and other income.

Distribution

Since we started our first K-12 retirement plan relationship in 1964, Group Retirement has built a large, well-diversified business with many long-tenured partnerships. Group Retirement is supported by institutional business development professionals that partner with the plan consultant community and maintain relationships with existing plan sponsors. The team is structured to engage effectively across our different employer markets to acquire, retain and meet the different needs of exclusive and multi-vendor relationships.

We offer plan sponsors actionable insights through SponsorFIT, our intuitive plan sponsor portal, helping plan sponsors use data to make well-informed decisions. With real-time data on participant engagement, advisor activity, and investment selection, plan sponsors can spot trends and adjust for improved retirement outcomes. Our relationship management team works closely with plan sponsors to leverage plan data and other key metrics from SponsorFIT to build comprehensive business plans aimed at improving their overall plan health.

As of December 31, 2023, we employed more than 1,000 employee financial advisors, averaging approximately 11 years of tenure with our company. These advisors are able to engage plan participants early in their careers and serve them throughout their entire savings and retirement journey. To meet plan sponsor preferences and client needs, we have a range of financial professionals, including salaried retirement plan consultants, financial advisors and phone-based financial professionals to provide the right level of support. These professionals provide a wide range of services, including enrollment support, details on plan design, financial plans and individual financial wellness programs.

Our clients have access to self-service tools and education on our participant digital service platform specific to our Group Retirement business. In addition, we offer an interactive financial planning tool, Retirement Pathfinder, a do-it-yourself option or the choice to build a financial plan with an advisor. Retirement Pathfinder considers the individual’s entire financial picture and enables real-time decision-making relative to savings levels, investment allocation, retirement date, and personal goals, putting our clients in control of their financial futures. Our advisors seek to meet our clients early on in their careers and advocate for good financial planning habits, drive increased contributions and asset levels and provide support into and through retirement. As of December 31, 2023, approximately 1.6 million of our in-plan participants did not have an out-of-plan product, resulting in a significant pipeline of potential clients for deeper engagement with our employee financial advisors. Over time, we support our clients entering the spending phase of their financial journey by reviewing solutions such as remaining in-plan or other out-of-plan options, with approximately 23% of rollovers out of their retirement plans being retained by our advisors in an out-of-plan IRA in the year ended December 31, 2023.

Group Retirement has been actively investing in technology and contemporary digital solutions to improve the client experience and optimize our platform. These investments have led to broad-based improvements, efficiencies and client satisfaction.

Markets

We see significant growth opportunities in two of the fastest growing segments of the U.S. retirement market. Our core in-plan business targets tax-exempt and public sector institutions spanning K-12 schools, higher education institutions, healthcare providers, government employers and other tax-exempt institutions. Our out-of-plan business targets IRAs, which we believe, is expected to be the largest and fastest-growing segment of U.S. retirement assets. The end consumers in our core in-plan business are primarily mass market and mass affluent, with smaller average account sizes and are younger than our Individual Retirement clients.

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Competition

Our Group Retirement segment sells annuities and other brokerage and advisory services and competes for plan sponsor and out-of-plan clients. In the plan sponsor market, Group Retirement competes to provide retirement plan products, primarily to serve tax-exempt and public sector employers, with other insurance companies and asset managers. We have a history of providing competitive products with a high-touch service model to employers; however, pressure on fees and need for high tech solutions can impact new business sales and ability to grow profitably. In the out-of-plan market, Group Retirement competes with other broker-dealers and registered investment advisors in serving individuals’ holistic retirement planning needs. We meet these needs through the financial planning process with a combination of proprietary and limited non-proprietary annuities, brokerage services and investment advisory services offering mutual fund and exchange traded fund (“ETF”) portfolio models.

Strategy

Continue to grow our sophisticated advisory platform

We intend to continue to grow our high-margin, capital-efficient in-plan and out-of-plan advisory platform by providing comprehensive financial planning services through approximately 1,000 employee financial advisors as of December 31, 2023. We believe our employee financial advisors will continue to play an important role in growing the advisory platform by providing full-service investment and retirement planning advice to long-term clients and their families. By continuing to offer third-party mutual funds and expanding the annuity offerings, we expect to capture additional fee-based revenue while providing our clients attractive financial solutions outside of the scope of our own product suite.

Increase penetration in core markets and expand into new markets and solutions

We plan to continue to target certain sub-markets with a strong need for in-plan advice, attractive profitability and alignment to our business strengths, including tax-exempt and public sector employees in the K-12, higher education, healthcare provider, government employer and other tax-exempt institution markets. We intend to leverage our strong market positioning, platform capabilities and relationships with plans and plan consultants to continue to drive new plan relationships, secure exclusive vendor status and expand participation rates. In addition, we expect to continue to build new businesses and solutions to access adjacent market opportunities.

Build deeper, broader and longer-term client relationships

We expect to continue to develop meaningful, long-term relationships with clients earlier in their financial life cycle of accumulating retirement savings by leveraging our in-plan market share, broad suite of end-to-end capabilities and highly experienced in-house advisor network. Our goal is to build trust with our clients over time and tailor our engagement based on their ongoing needs. As our client’s financial needs mature, we will look for additional opportunities to serve our clients’ interests with a diverse range of financial products and services.

Invest in technology and digitization to enhance the client experience

We intend to continue to invest in technology and digitization to meet the rapidly changing consumer expectations for responsiveness and personalization. We have already made significant investments in digitizing our advisors’ end-to-end toolkits to provide differentiated interactive experiences, which we expect will help us win new business and drive participant enrollment and enhance financial wellness. In addition, we are actively developing tools for plan sponsors to drive plan utilization, educate on plan benefits, and enhance and monitor participant engagement.

Risk Management

Our Group Retirement risk management philosophy begins with the way we generate business, recognizing the opportunity for long-term, multi-product relationships with plan sponsors and individuals. Our in-plan solutions are open architecture or annuity-based record-keeping platforms that generate a combination of fee- and spread-based income and have minimal exposure to guaranteed living benefits. Similarly, most of our out-of-plan business is in accumulation-oriented annuities, brokerage and advisory solutions. For the proprietary annuity with living benefits that we sell, we leverage the product, design, pricing, hedging and administrative capabilities of Individual Retirement. Our Group Retirement risk management approach is also designed to integrate and account for our VALIC Financial Advisors brokerage and advisory business.

Retirement plan recordkeeping and administration, brokerage and advisory services are complex and highly regulated. As a result, our Group Retirement business faces a variety of operational risks, including people, process, technology and external events risk. We have a risk and control team to facilitate the identification and mitigation of operational risks along with a dedicated Enterprise Risk Management (“ERM”) team to provide review and challenge of management’s risk and control self-assessments, as well as oversight and monitoring of operational risk. Additionally, Group Retirement has a dedicated team of compliance professionals who bring a variety of regulatory expertise to bear as part of the overall operational risk management program.

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Diversified Business Mix

The broad scope of our products and services, including recordkeeping, proprietary and limited non-proprietary annuities, mutual funds and advisory services provides a diverse source of fee and spread income and includes solutions with differing capital needs. We do not have any significant concentration of earnings, given the large number of plans and individual clients across multiple market segments and geographies.

LIFE INSURANCE

Overview

We develop and distribute life insurance products in the U.S. market. We are a key player in the term life insurance (“Term”), index universal life insurance (“IUL”) and smaller face amount whole life insurance (“Whole Life”) markets. We are also expanding our presence in transactional segments of the Whole Life market with new product offerings. Our distribution relationships provide us with access to a broad range of customers from the middle market to high net worth and present us with growth opportunities across our customer base.

To further simplify our business model and to focus on our core businesses with leading market positions in the U.S. Life and Retirement markets, on October 31, 2023 Corebridge completed the sale of its subsidiary, Laya Healthcare Limited (“Laya”), to AXA S.A. Additionally on September 25, 2023, Corebridge announced that it entered into a definitive agreement to sell its subsidiary, AIG Life Limited (“AIG Life”), to Aviva plc.

Versatile and competitive product suite: We offer a competitive and flexible product suite that is designed to meet the needs of our specific customer segments and actively manage new product margins and in-force profitability. We actively participate in chosen product lines that we believe have better growth and margin prospects for our offerings, including Term and IUL, and have reduced our exposure to interest rate sensitive products, including guaranteed universal life insurance (“GUL”) and guaranteed variable universal life insurance (“VUL”), the latter of which we no longer offer. Our dynamic product offerings and design expertise are complemented by our (i) long-term commitment to the U.S. market; (ii) robust distribution capabilities, which enable us to expand our presence in key pockets of growth, such as guaranteed issuance whole life (“GIWL”) and simplified issue whole life (“SIWL”); and (iii) disciplined underwriting profile. We continue to execute our multi-year strategies to enhance returns, including building state-of-the-art digital platforms and underwriting innovations, which are expected to continue to bring process improvements and cost efficiencies.

Products

We are focused on providing financial security for our policyholders and their loved ones when they need it most. Our life insurance and protection products include Term, IUL and Whole Life. Our product suite was historically positioned towards higher net worth customers, but our more recent mix of products has expanded our presence in the middle market with the introduction of GIWL and SIWL products, more emphasis on selected distribution channels and de-emphasis of GUL.

Our traditional life insurance (“Traditional Life”) products include Term and Whole Life. Our universal life insurance (“Universal Life”) products include IUL and GUL.

Traditional Life

Term Life Insurance: Term provides death benefit coverage and level premiums for a specified number of years. A focus area for our business, we offer Term products with coverage durations and coverage tailored to serve our customers’ financial plans. We have a strong reputation as a top Term insurance provider, with key focus ages between 20 and 70 years old.

Whole Life Insurance: Whole Life provides permanent death benefit coverage and a tax-advantaged savings component that accumulates at a fixed rate. We offer a GIWL product focused on the senior final expense market at low face amounts. With the aging U.S. population, we see this as an area that we expect to meaningfully contribute to our growth. We also offer a SIWL product for this market, offering flexibility for this growing senior final expense market. For both GIWL and SIWL products, we target customers between the ages of 50 and 80 years old.

GIWL is underwritten with a 100% acceptance rate regardless of an individual’s underlying health. This underwriting methodology is typically paired with a graded death benefit product that limits death benefit proceeds during the first few years of a life insurance policy to minimize adverse mortality impacts and keep coverage affordable. SIWL underwriting requires limited applicant information relative to traditional underwriting, requiring an abbreviated application without a physical examination or laboratory testing. This streamlined structure is typically associated with simpler products and lower death benefit amounts to ensure the product offering is made available at an affordable price and meeting different client needs.

Universal Life

Index Universal Life Insurance: IUL provides permanent death benefit coverage and a tax-advantaged savings component that accumulates with performance tied to a chosen index. We provide two main IUL products, Max Accumulator+ and Value+ Protector, to

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meet the accumulation and protection needs of our policyholders in a wide range of target ages from younger to middle-aged. These products allow the statutory policyholder to participate in a portion of the performance of an index price movement while also protecting them from negative return risk. Both of our IUL products provide some customers with a fluid-less option up to a $2 million face amount, offering a streamlined customer experience. The Max Accumulator+ product has key focus ages between 30 and 55 years old, while the Value+ Protector product has key focus ages between 45 and 70 years old.

Guaranteed Universal Life Insurance: GUL provides permanent death benefit coverage and a tax-advantaged savings component that accumulates at a crediting rate set by the insurance company. We issue a guaranteed death benefit product that provides low-cost permanent death benefit protection. Beginning in 2019, we began to diversify our sales away from GUL to focus on less interest rate sensitive market segments, resulting in a steep decline in sales. We do not anticipate this product line to be a large contributor to our portfolio over the near term.

Underwriting Margin

Underwriting margin represents premiums, policy fees, net investment income and other income, less policyholder benefits and interest credited to policyholder account balances. Underwriting margin is also exclusive of the impacts from the annual assumption update.

The following table presents Life Insurance underwriting margin:


	Years Ended December 31,
(in millions)		2023		2022		2021







Underwriting margin		$	1,442	$	1,561	$	1,614

Distribution

We have a strong and well-balanced distribution platform through which we reach and serve a wide range of customers. Our products are sold primarily through independent distribution channels and our direct-to-consumer platform, AIG Direct.

The breadth of our distribution platform enables us to match our products with appropriate channels. For example, we sell final expense coverage for seniors primarily through our Transactional Markets Groups (“TMG”) and a specialized IUL product primarily through Partners Group (“PG”). Furthermore, our strategy is to continue to expand our presence in underserved, higher growth areas, notably in the middle market. We also intend to strengthen our presence in channels exhibiting strong sales growth in products that we believe offer superior risk-adjusted returns, including TMG and PG. Regardless of the market, we seek to provide our policyholders with meaningful value for their premium dollars.

Our current distribution channel structure is outlined below:

AIG Direct: Our direct-to-consumer channel employs approximately 120 salaried agents as of December 31, 2023, and sells Term products through a call center model. AIG Direct primarily markets to middle market consumers through a variety of direct channels, including several types of digital channels such as search advertising, display advertising and email as well as direct mail.

Brokerage: A variety of traditional intermediaries market our Term and IUL products to middle market, mass affluent, affluent and some high net worth markets. Our broker intermediaries typically sell through a mix of digital, direct and in-person methods. We have de-emphasized GUL products in the brokerage channel over the last several years.

Partners Group: We partner with independent managing general agents (“MGAs”) who tend to work with a smaller number of carriers to sell our Term and IUL products to middle market, mass affluent and affluent markets. Our independent MGA partners distribute products primarily face-to-face.

Transactional Markets Group: We partner with senior market-focused BGAs and direct marketers to provide GIWL and SIWL products for middle market seniors.

Markets

Our life insurance products are sold to a diverse demographic including high net worth, affluent, mass affluent and middle market consumers. We continue to see significant growth opportunities in the market, with nearly half of American adults not owning any form of life insurance, despite the growing number who recognize the importance of coverage. As a result, we anticipate expansion of life insurance and protection products.

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Competition

We compete in a mature market with other large, well-established carriers including mutual, private and public insurance companies. Over the past several years, low interest rates decreased the returns on spread-based life products, causing several of our peers to reevaluate their portfolio strategy and exit from select operations. Nevertheless, the life insurance industry remains highly competitive, with existing players and new entrants competing on factors such as product design, scale, pricing, financial strength, service, digital capabilities and name brand.

Strategy

Diverse distribution channels: We intend to continue to expand on our history of innovation to offer high value and transparent products to consumers. We expect to place enhanced focus on driving growth through our Transaction Markets Group, Partners Group and direct-to-consumer channels.

Meet consumer demand from protection gap: We believe that our distribution footprint and product suite position us well to address the life insurance protection gap that is prevalent across the United States. We have a long history of strong performance in the Term market that we expect to grow through enhanced consumer awareness of life insurance coupled with an improved new business process. We are well positioned for growth in the IUL and final expense markets through a combination of innovative products and processes delivering value for the end consumer.

Digitization and modernization of purchase and underwriting processes: We seek to streamline and improve the client and agent experience through digital engagement, process digitization and continued implementation of underwriting innovation. We recognize the inconveniences that traditional underwriting processes can present to consumers and endeavor to make the purchase experience easier and more seamless for potential clients while maintaining our focus on risk management and go-forward profitability. We have and will continue to expand our life insurance underwriting data sources to help us augment application information and obtain more precise underwriting data. The traditional and invasive medical exam and fluid analysis can, in certain situations, be replaced and/or confirmed with available data tools that provide automated and historic applicant information. Using this information in our internally built model allows us to expedite and refine underwriting outcomes. We plan to continue to innovate in the underwriting and customer acquisition process, while focusing on fair, transparent and reasonable use of new technologies in the life insurance underwriting process. For a discussion of risks associated with such technological changes, see “Risk Factors—Risks Relating to Business and Operations—We may be unable to maintain the availability of our critical technology systems and data and safeguard the confidentiality and integrity of our data.” We utilize our risk management and governance frameworks to support this innovation. See “Risk Management” below for additional information.

Generate strong cash flows through reduction of interest sensitive and capital intensive products: We are continuing to transition our products away from capital-intensive and highly interest sensitive products and towards more focused, protection-oriented products such as GIWL, SIWL, IUL and Term.

Risk Management

Our approach to risk management begins with the selection of liabilities that we choose to generate. Our Life Insurance portfolio provides a balanced source of returns with a focus on segments of the life insurance market with less capital intensity and interest rate sensitivity. We use sophisticated and well-developed underwriting procedures to price the risks we originate and a measured approach to reinsurance to determine the exposures we chose to retain. Our enterprise-wide asset liability management and hedging practices are leveraged to further improve the risk profile of our Life Insurance business.

Diversified Business Mix

Our Life Insurance business is diversified by our multi-channel distribution approach, accessing both direct-to-consumer and third-party channels.

Product Design and Pricing

We aim to provide protection-focused products through our Term, Whole Life and IUL products, which have less capital intensity than other segments of the market, such as Universal Life products with secondary guarantees. We believe this product set provides significant consumer value through financial protection and results in an attractive and well-managed liability portfolio.

Product pricing is part of a robust product development process that takes into consideration a balance of market positioning, risk analysis and profitability. A disciplined approach is taken to actively manage new product margins and in-force profitability. For new product sales, we target top quartile market performance with strong margins with the goal of providing a good consumer value for the cost of the product.

Detailed review of all assumptions is conducted and approved with a formal committee structure supported by a wide group of internal stakeholders to ensure risk mitigation and alignment to company objectives.

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Our legacy universal life block contains secondary guarantees which become more valuable to the policyholder as interest rates decrease. We have established additional policyholder liabilities (in addition to the base liabilities) to account for future policyholder benefits resulting from these guarantees. We have recently deprioritized the sale of guaranteed universal life and it is expected to continue to account for a small portion of our product portfolio in the future.

Underwriting

We have a disciplined underwriting process designed to perform a comprehensive risk analysis and final assessment on each individual file, assessing the relative risk from both a medical and financial standpoint. The process is designed to meet individual product pricing, mortality and profitability expectations while adhering to our carefully formulated internal medical and nonmedical underwriting guidelines as well as all legislative directives and requirements.

Throughout our history, we have tried to continually improve our underwriting. Since the mid-2000s, we have integrated several newly available sources of data to confirm and refine our traditional underwriting, including databases that house pharmaceutical data, medical claims data and historical lab test data. These additional data sources and analytics include prescription drug databases, medical claims data, historical medical lab data and lab scoring (third-party and in-house scoring across other sources of medical data to incorporate cross-effects, in addition to single measurements of various indications), all of which are now used in various ways across our underwriting process. These sources help augment more traditional data sources such as application questions, lab data gathered via a paramedical visit and physical medical records reviews. We have also continued to refine our process of evaluation within existing data sources, such as gathering more refined data on cardiac conditions and opioid use. We expect to continue to improve our underwriting standards and refine our underwriting guidelines once or more per year.

We remain focused on continually incorporating the latest evidence, data and risk experience to enhance our underwriting efficiency through more accurate risk assessments, faster service and enhanced customer satisfaction for both distribution and policyholders — all contributing to increased profitability.

Maintaining strong controls is very important and includes such rigor as periodic audits from our reinsurers, regular internal audit review, comprehensive and continual underwriter training, and in-force risk reviews such as post-issue prescription drug checks, contestable claims and living benefit assessments.

We have also been working to automate certain underwriting reviews so as to make decisions on applications in a similar manner as underwriters today, but without human intervention. Accelerated Underwriting (“AU”), underwriting without a traditional medical exam and lab profile, is increasingly a strategic imperative to maintain our core market position. A key focus is on using data sources and analytics to replicate the value of traditional medical information, while maintaining risk discipline. We offer AU on Term insurance products that have face amounts up to $1 million, and IUL insurance products that have face amounts up to $2 million.

While expansion of automated decisioning applications and AU is part of our strategy, we are moving forward carefully with control and compliance processes in place to minimize risk and leverage key learnings. Performance monitoring, risk metrics and exposure limits, back-testing and audits are in place. We conduct due diligence on the distributors and other third parties that are involved with our automated decisioning and AU programs to reduce the risks associated with these new technologies and practices, promote quality and profitable business and avoid potential exploitive practices. We continue to engage through industry trade groups with our regulators with the intention of maximizing optimal customer outcomes. In addition, active involvement in industry thought leadership allows us to learn from best practices and obtain new tools for success as well as mitigate any potential reputational and regulatory risks that arise in this new territory.

Reinsurance

We mitigate our exposure to any particular product by proactively managing our retention policy. We utilize our internal retention, auto-bind and facultative reinsurance capabilities to meet the needs of high net worth customers who require larger face amount policies. We generally limit our exposure on any single life to no greater than $3.5 million for Term, no greater than $10 million on any UL issued in 2022 and later, and no greater than $5 million for the majority of UL issued prior to 2022. These reinsurance partners are consulted frequently from product development and pricing to post-issue audits and reviews.

Hedging

We use hedges to reduce a portion of the market risk contained in our IUL products. To support our obligations under the index account options, we enter into derivatives contracts. The payouts from these contracts, in combination with returns from the underlying fixed income investments, seek to replicate those returns promised to a customer within the products.

We also hedge a portion of the interest rate risk exposure for our GUL products. Interest rate risk for these policies generally emerges due to changes in interest rates between the time a policy is sold and the time annual premiums are paid. In order to mitigate a portion of this interest rate risk, we enter into derivatives contracts whose payouts, in combination with returns from the underlying fixed income investments, seek to replicate the interest rate environment that existed at the time of sale, which helps to stabilize our margins.

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INSTITUTIONAL MARKETS

Overview

Our Institutional Markets business provides sophisticated, bespoke risk management solutions to both financial and non-financial institutions. Institutional Markets complements our retail businesses by targeting large institutional clients. Institutional Markets allows us to opportunistically source long-term liabilities with attractive risk-adjusted return profiles that are consistent with our overall risk management philosophy.

Our Institutional Markets products are distributed in very specialized markets. Our product portfolio consists of annuities sold through the pension risk transfer (“PRT”) markets and annuities sold in the structured settlements markets, life insurance sold through the corporate-owned life insurance (“COLI”) and bank-owned life insurance (“BOLI”) markets and capital market products, including guaranteed investment contracts (“GICs”) and synthetic products such as stable value wrap (“SVW”) contracts. Institutional Markets also offers reinsurance for pension liabilities, mainly from cedants based in the United Kingdom (“UK”).

The breadth of our Institutional Markets offering allows us to be selective in our liability generation and allocate capital towards the areas where we see the greatest risk-adjusted returns. Over time, this approach has resulted in a collection of strong business lines that each contribute to Institutional Markets’ earnings.

Scale and operating leverage: The transaction sizes across our Institutional Markets products are much larger than in our retail businesses, allowing us to generate significant new business volumes by winning only a few new transactions, while maintaining a small and efficient operational footprint. Our products generate earnings primarily through net investment spread, with a smaller portion of fee-based income and underwriting margin.

Positioned to capture growth: Favorable market trends point to continued demand for our institutional products. We believe the shift away from defined benefit plans will continue to fuel a strong pipeline of mid-sized to jumbo (greater than $1 billion in premium) PRT opportunities, in both the U.S. market, with direct to plan sponsors, and the UK market, via reinsurance, as plan sponsors increasingly seek bespoke options to exit or decrease liabilities and the related administration. The growth in retirement assets and an aging U.S. population will continue to drive growth in our SVW product, which allows qualified professional asset managers (“QPAMs”) managing stable value funds primarily for defined contribution plans and BOLI providers to offer participants a stable return option, which is increasingly valuable as consumers near retirement. Our SVW product provides a tailored alternative to money market funds that is countercyclical in nature and provides incremental opportunities during equity and credit market turbulence.

New asset capabilities: Our ability to generate profitable new business is dependent on our ability to source large specialized asset portfolios that support our product value propositions while generating attractive net investment spreads. We believe our strategic partnership with Blackstone will help us unlock further opportunities in this market through Blackstone’s ability to source and originate scaled and specialized assets both domestically and internationally. We expect this strategic partnership to offer a competitive advantage for our PRT and GIC businesses.

Products

Our Institutional Markets business develops, markets and distributes the following products and solutions.

Pension Risk Transfer

PRT provides solutions for employers who have decided to exit or defease all or a portion of their pension plan by transferring the accrued benefit liabilities and administrative responsibilities to an insurer. Such transfers can reduce obligations to pay future pension benefits to plan participants, eliminate risks and provide for outside administration. Our PRT products are comparable to income annuities, as we generally receive an upfront premium in exchange for paying guaranteed retirement benefits. These products primarily create earnings through spread income. We are active in both the domestic and international PRT markets. In the domestic market, we offer group annuity contracts to employers for defined benefit pension plan terminations, such as terminal funding, as well as the settlement of partial benefit liabilities. We are cash-balance plan specialists and handle underwriting and administration of unique provisions and deliberately avoid commoditized areas of the all-retiree middle market that are highly competitive, and instead focus on the larger end of the plan termination market. This specialized focus allows us to utilize the scale of our balance sheet, as well as our asset selection and derivative hedging capabilities to win transactions. We offer contracts of various sizes, historically ranging from mid-market sized transactions to transactions with premiums in excess of $1 billion. Transaction types include buy-in and buy-out transactions which may utilize guaranteed separate accounts. These transactions are often purchased by plan sponsors with assets-in-kind. The majority of our PRT transactions involve full plan terminations. PRT liabilities have a longer duration which allows them to be backed with higher yielding assets benefiting from duration and illiquidity premium. In the international market, we provide funded reinsurance solutions to primary writers in the bulk purchase annuities (“BPA”) market where there is an appetite to cede risk due to capital constraints and requirements.

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We are also a premier group annuity underwriter and administrator of customized PRT contracts. We believe plan advisors and their clients appreciate our expertise, flexibility and collaborative approach in developing tailored, cost-effective contracts for all sizes and types of defined benefit pension plans, along with unique benefit provisions and special administrative services. We notably created the industry’s first group annuity guide for pension plan terminations and settlements, which contains details on financial quality (criteria defined by the Department of Labor (“DOL”) concerning rules for insurer selection), annuity contract experience and service capabilities, contract installation procedures and data requirements, sample participant correspondence and notification, and a sample group annuity contract.

Guaranteed Investment Contracts

GICs are single premium accumulation products that provide a guaranteed repayment of principal and a fixed or floating interest rate for a predetermined period of time. Our primary product in the GIC space is a Funding Agreement Backed Notes (“FABN”) program. We opportunistically issue FABNs, which are sold to institutional investors through investment banks and other third-party broker-dealers. We also borrow from the Federal Home Loan Bank (“FHLB”) utilizing their funding agreement program. These products generate spread-based income without significant longevity or mortality exposure, which enables us to optimize our asset portfolio and improve our returns given the certainty in liability profile. The profitability of our GIC portfolio is largely dependent on market conditions and asset origination.

Structured Settlement Annuities

Structured settlement annuities provide periodic payments specifically designed to meet an injured party’s needs over time. These periodic payments consist of recurring payment streams and lump-sum payments on both a guaranteed and life contingent basis. We focus on term certain funding, standard lives, and the lightly underwritten portion of the market, and avoid the highly competitive areas of the market that involve large case, highly underwritten, sub-standard lives.

Defined Contribution and BOLI Stable Value Wraps

SVW contracts are synthetic contracts that provide limited guarantees for stable value fund portfolios or corporate- and bank-owned life insurance (“COLI-BOLI”) separate account portfolios, preserving the principal while providing steady, positive returns for participants or institutions. They are typically issued to QPAMs that manage stable value funds, typically for employee benefit plans and life insurance company separate accounts with respect to certain underlying VUL BOLI investment fund options. These products generate earnings through fee income without significant longevity or mortality exposure. We primarily offer group annuity contracts and are among the leading providers of stable value wrap products to defined contribution employee benefit plans. Our product design does not provide non-zero guarantees, mitigates credit default risk and allows for portfolio immunization at the discretion of the wrap provider.

Corporate Markets

COLI-BOLI comprises universal and variable universal life insurance products that are issued to both non-financial and financial corporate clients to provide financial efficiencies and offset rising costs of programs such as health and welfare benefits, post-retirement benefits and supplemental income to key individuals.

We offer a number of COLI-BOLI products, including money center BOLIs and insurance COLIs. Our BOLI products are sold on a universal life or variable universal life product with exposure to spread and mortality, while our COLI products are sold on a variable universal life product that generates earnings through spread, fee and mortality exposure.

Within Corporate Markets, we also manage a portfolio of private placement variable annuity and universal life insurance products historically offered in the high net worth market.

Our SVW products, for both the defined contribution market as well as the separate account BOLI market (“SVW-BOLI”), generate fee-based income as a percentage of assets. Our general account PRT, GIC and structured settlement products generate spread-based income on the difference between crediting rates paid and yields earned on assets we invest. Our Corporate Markets products generate underwriting margin, a combination of premiums net of policyholder benefits, spread income and fee income.

Institutional Markets Spread Income, Underwriting Margin and Fee Income

The following table presents Institutional Markets spread income, underwriting margin and fee income:


	For the years ended December 31,
(in millions)	2023				2022				2021
Spread income	$	355	72.4	%	$	285	67.1	%	$	487	74.9	%
Underwriting margin	71		14.5	%	77		18.1	%	102		15.7	%
Fee income	64		13.1	%	63		14.8	%	61		9.4	%
Total	$	490	100.0	%	$	425	100.0	%	$	650	100.0	%

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Distribution

Institutional Markets distributes products through the channels described below:

PRT: We source PRT liabilities through our long-standing relationships with insurance and reinsurance brokers and consultants, and through our assumed reinsurance channel from primary insurance partners.

GICs: We have a FABN program, which is a medium term note program under which funding agreements are issued to a special-purpose trust that issues marketable notes. The notes are underwritten and marketed by major investment banks’ broker-dealer operations and are sold to institutional investors. We also borrow from FHLBs by utilizing their funding agreement program and may issue GICs directly to institutional clients or special purpose vehicles.

Structured settlement annuities: We distribute structured settlement products through independent insurance agencies.

Corporate Markets and SVW-BOLI: We distribute COLI-BOLI and SVW-BOLI through specialized brokers representing large money center banks and corporations.

Stable Value Wrap Defined Contribution (“SVW-DC”): We distribute SVW products through QPAMs, trustees of stable value funds and defined contribution plan sponsors.

Markets

Our Institutional Markets business provides sophisticated, bespoke risk management solutions to both financial and non-financial institutions. In PRT, large industry participants compete for a growing pool of assets driven by corporations seeking to transfer longevity and asset risks associated with their pension obligations to insurance companies; in structured settlements, these companies compete to help defendants or insurers of defendants in legal settlements provide long-term streams of payments to plaintiffs; in SVW-DC, QPAMs compete to provide value-added solutions to asset and wealth managers to satisfy growing demand for stable retirement income.

Competition

Institutional Markets operates in a competitive market and competes with large industry participants. In each product category, we face strong competition from domestic and international insurance and reinsurance companies, as well as from other financial institutions in the SVW markets. We face a growing set of competitors in the PRT market as more insurers, many backed by alternative asset managers, look to capitalize on a growing trend of defined benefit plan sponsors looking to pass on the risk of their pension fund liabilities in both the United States and internationally. We also face robust competition in other businesses, mainly from other insurance companies. Main points of competition are price, credibility and financial strength, and the ability to execute and administer complex transactions. We offer tailored solutions ranging from complete buyouts to reinsurance arrangements that allow us to compete on a wider set of opportunities in customized ways. We believe that our partnership with Blackstone and the associated asset origination capabilities will help us compete in several of our businesses, particularly PRT.

Strategy

Expand FABN program to accelerate cash flows: We plan to grow our GIC portfolio by expanding our FABN program through FABN issuances. We will continue to evaluate expanding both capacity and utilization. We believe this strategy will also serve as a strong and attractive funding source as we continue to put Blackstone originated and managed assets to work.

Improve PRT market position through new products and unique capabilities: In PRT, we plan to continue our focus on the larger end of the full plan termination market. This sub-segment of the market allows us to demonstrate our differentiated capabilities around managing market risks, asset-in-kind portfolios and deferred participant longevity. We have developed new product offerings and solutions to participate in buy-in-to-buy-out plan termination solutions. Internationally, we intend to continue to provide reinsurance for UK PRT transactions focused on the larger end of the BPA market, and are evaluating longevity swap products to enhance our deal execution capabilities. We expect to continue to expand our list of cedant insurers and our asset origination capabilities to support UK PRT transactions. We believe that our Blackstone partnership will differentiate our competitive position by providing assets with a duration, liquidity and return profile that are well-suited to the PRT market. Additionally, we will continue to opportunistically enter other international markets that are aligned with our core competencies and expertise when favorable market and regulatory conditions exist.

Grow and maintain strong market presence in the SVW and Bank-Owned Life Insurance markets: We plan to grow the sales of our SVW-DC product by adding new QPAM partners, developing new SVW-DC products as alternative offerings to traditional money market funds, and developing new products in response to regulatory and tax law changes. Additionally, we expect to continue to consolidate our position with respect to our share of the SVW-BOLI market as larger banks look to restructure their current programs. We also intend to opportunistically grow our market share in the new issue, general or separate account COLI-BOLI market as market conditions and tax laws evolve.

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Maintain presence in structured settlement annuities market: We plan to focus our product development and solutions on both qualified and non-qualified markets as we continue to concentrate on term-certain and lightly underwritten lives. We will seek to optimize efficiencies in the administration of our current portfolio and reinsured block.

Risk Management

Our Institutional Markets business takes a holistic approach to risk management spanning product diversification and asset-liability management. Also, our pricing strategy prioritizes long-term value over sales volumes and targets specific segments where we believe we can find superior risk-adjusted returns. This approach has historically produced consistently strong results across a variety of economic environments.

Diversified Business

Our product breadth and varied distribution channels allow us to focus our new business generation towards the areas where we see the highest risk-adjusted returns, and away from areas where we believe pricing pressure has reduced returns to an unattractive level. This helps us remain disciplined in pricing and to diversify the concentration risk created by the large case sizes in the market. The spread income generated by the funded businesses within Institutional Markets is balanced with the fee income produced by the SVW businesses. In addition, the longevity risk generated from the PRT and structured settlements businesses helps diversify the mortality risk generated from our Life Insurance business.

Reinsurance

All payout annuities (PRT and structured settlements) in Institutional Markets issued prior to 2012 have been reinsured to Fortitude Re. From a counterparty credit perspective, the reinsurance transactions were structured as modified coinsurance with funds withheld, so the assets remain on our balance sheet. In addition, the majority of the mortality risk in the COLI-BOLI segment is either experience rated, or has been reinsured to third-party reinsurers.

CORPORATE AND OTHER

Overview

Our Corporate and Other segment consists primarily of corporate expenses not attributable to our other segments, our institutional asset management business, which includes managing assets for non-consolidated AIG affiliates, the results of our consolidated investment entities and the results of our legacy insurance lines ceded to Fortitude Re.

Fortitude Re

Fortitude Re is a Bermuda reinsurance company which was established in 2018 by AIG to enter into a series of reinsurance transactions related to AIG’s run-off portfolio. In two transactions in 2018 and 2020, AIG sold substantially all of its ownership interest in Fortitude Re’s parent company to Carlyle FRL, an investment fund advised by an affiliate of The Carlyle Group and T&D Investments, Inc., a subsidiary of T&D Holdings, Inc. We currently hold a less than 3% indirect interest in Fortitude Re.

As of December 31, 2023, $26.8 billion of our liabilities representing a mix of run-off life and annuity risks had been ceded to Fortitude Re under these reinsurance transactions. Effective as of January 1, 2022, certain AIG subsidiaries sold to an affiliate of Fortitude Re all of the outstanding capital stock of two servicing companies. The ceding insurers entered into administrative services agreements pursuant to which AIG transferred administration of certain of our ceded business to those companies.

Through this series of transactions, Fortitude Re has become our largest reinsurance counterparty. Accordingly, the reinsurance agreements between us and Fortitude Re provide us with certain protections in the event that Fortitude Re becomes unable to meet its obligations related to the transactions. For example, the agreements were structured as modified coinsurance with funds withheld. Under this type of reinsurance structure, the investments supporting the reinsurance agreements continue to be held by us. Accordingly, the applicable reserve balances are fully collateralized. Also, we have the right to recapture the ceded business in the case of certain events, including certain regulatory ratios applicable to Fortitude Re falling below certain thresholds. Further, we have the right to one seat on Fortitude Re’s board of managers.

The investment assets supporting the reinsurance agreements with Fortitude Re mostly consist of available-for-sale securities. Because these assets continue to be held by us, they continue to be reflected on our balance sheet and in our GAAP results of operations. Meanwhile, Fortitude Re receives or makes quarterly payments that represent the net gain or loss under the treaty for the relevant quarter, including any net investment gain or loss on the assets in the modified coinsurance account, which can lead to volatility in our net income.

Similarly, because the investments supporting the reinsurance transaction are held on our balance sheet, changes in the fair value of these assets are included in the embedded derivative of the Fortitude Re funds withheld arrangements and introduce volatility into our balance sheet. While our net income experiences volatility as a result of the Fortitude Re reinsurance arrangements, it is almost entirely offset by changes in other comprehensive income (“OCI”) resulting in minimal impact to our shareholder’s equity.

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Investment Management

OVERVIEW

Investment Management is an integral part of our business model. We aim to support our liabilities with a high quality and diversified portfolio taking into consideration the liability duration, convexity and liquidity profile. In addition, we seek to originate assets that enable us to further manage our asset-liability profile, generate enhanced risk-adjusted returns and iterate our product designs to improve our risk profile. We manage general and separate account assets across markets, including public fixed income, structured products, public and private equity, private debt and commercial real estate. We have produced steady returns on invested assets and minimized the volatility of our earnings through different market environments.

Currently, we manage a diverse array of corporate, municipal, infrastructure and government bonds, sourced from public and private markets in developed and emerging economies as well as various structured product asset classes including asset-backed securities (“ABS”), collateralized loan obligations (“CLOs”) and mortgage-backed securities (“MBS”). We also originate commercial and residential mortgage loans and middle market commercial loans. In addition, we manage, oversee and originate certain types of equity and alternative investments.

Historically, our investments have largely been managed by affiliated investment managers. We aim to further leverage reputable third-party managers for various asset classes, particularly where we can increase our access to attractive investments or benefit from scale and market-leading capabilities. For example, in November 2021 we entered into a strategic partnership with Blackstone as described below in “Our Strategic Partnership with Blackstone.” In addition, we have entered into investment management agreements with BlackRock, as described below in “Our Investment Management Agreements with BlackRock.”

Regardless of whether our investments are managed by an internal or external provider, our Chief Investment Officer will continue to be responsible for overseeing our overall portfolio, including decisions surrounding asset allocation, risk composition and investment strategy. Also, specialized internal teams will work closely with business personnel to develop asset strategies tied to insurance company objectives so that our investment operations will continue to be integrated with our pricing and product development. Monitoring and oversight of external providers will be performed by our Chief Investment Officer in conjunction with our Finance, Legal, Enterprise Risk Management and Compliance Departments. All externally managed assets will be folded into our credit, market, capital, liquidity and foreign exchange risk monitoring frameworks.

In addition, we are in the process of implementing BlackRock’s “Aladdin,” an investment management technology platform that will provide an end-to-end investment solution spanning trade capture, analytics, back office capabilities and other services which are currently performed across many systems at Corebridge.

We intend to evolve our investments organization, which we expect will create additional efficiencies, to reflect our relationships with key external partners, our expected implementation of BlackRock’s “Aladdin” investment management technology platform and our expected reduction in fees for asset management services that we provide to AIG and third parties.

HIGH QUALITY PORTFOLIO

The fixed maturity security portfolio of our insurance operating subsidiaries, excluding the Fortitude Re funds withheld assets, was 95% investment grade as of December 31, 2023. The fixed maturity security portfolio of our insurance operating subsidiaries excludes $121 million of securities related to consolidated investment entities that do not represent direct investments of Corebridge’s insurance subsidiaries and $732 million of eliminations primarily related to the consolidated investment entities and the insurance operating subsidiaries.

Our investment process includes fundamental analysis coupled with our long term economic and market view anchored by our asset-liability management (“ALM”) objectives and risk appetite. We incorporate both internal and external rating assessments into our process and we stress test the underwritten assets and asset classes under various adverse scenarios.

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The following chart depicts the National Association of Insurance Commissioners (“NAIC”) designation of fixed maturity assets held in our insurance operating subsidiaries, excluding the Fortitude Re funds withheld assets, as of December 31, 2023:

The following chart depicts our portfolio by credit rating of fixed maturity assets held in our insurance operating subsidiaries, excluding the Fortitude Re funds withheld assets as of December 31, 2023:

Our asset portfolio is managed within the limits and constraints set forth in our investment and risk policies. These policies set limits on investments in our portfolio by asset class, such as corporate bonds, residential mortgage backed securities (“RMBS”), commercial mortgage backed securities (“CMBS”), CLOs, commercial and residential mortgage whole loans and alternative investments. We also set credit risk limits for exposure to single issuers and countries that vary based on ratings, as well as limits on aggregate investments in below investment grade assets. In addition, our asset portfolio is constructed to withstand both liquidity and capital stresses that may arise due to market dislocations.

Our credit risks are managed by credit professionals (both internally and externally), subject to ERM oversight and various control processes. Their primary role is to ensure appropriate credit risk management in accordance with our credit policies and procedures relative to our credit risk parameters. We monitor and control our company-wide credit risk concentrations and attempt to avoid unwanted or excessive risk accumulations.

Our underwriting practices for investing in mortgage loans, mortgage-backed securities and structured securities take into consideration the quality of the issuer, the originator, the manager, the servicer, security credit ratings, characteristics of the underlying collateral and the level of credit enhancement in the transaction, as applicable.

In commercial real estate, we seek out opportunities with low leverage and strong sponsorship. Our commercial mortgage loans portfolio is focused on multi-family as its largest property type allocation. Our CMBS portfolio is focused on North America and includes high quality securities, with an average rating of ‘‘AA,’’ 95% of which are designated NAIC 1.

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Our RMBS portfolio is a mix of agency and non-agency securities of which 98% are designated NAIC 1. The non-agency RMBS portfolio is a seasoned portfolio, reflecting a borrower mix that has seen and survived previous housing credit stress, and provides a stable return profile across a range of internal stress scenarios. Our smaller residential mortgage loans portfolio continues to be centered on high credit quality jumbo loans underwritten with full documentation, low loan-to-value ratios and high FICO scores.

Our ABS and CLO portfolios are focused on investment grade assets with structural credit enhancement in pools of collateral that are managed by experienced investment managers. Our CLO portfolio consists of 99% investment grade and 93% NAIC 1 assets and the underlying collateral pools predominantly consist of first lien senior secured loans. Our ABS portfolio is focused on private ABS that are secured by high-quality assets with recurring cash flow streams and consists of approximately 99% investment grade and 64% NAIC 1 assets.

In addition to our core fixed income portfolio, we opportunistically allocate a portion of our portfolio to alternative investments where we primarily focus on private equity, real estate equity and direct private equity investments and co-investments, and to a lesser extent, hedge fund investments. Our alternative investment strategy is subject to internal concentration limits and designed to provide diversification away from fixed income markets and support growth of our surplus portfolio.

INVESTMENT STRATEGY

Our investment strategy is to provide net investment income to support liabilities that result in stable distributable earnings and enhance portfolio value, subject to asset-liability management, capital, liquidity, regulatory, legal and rating agency constraints, overall market and economic conditions and our risk appetite. Insurance liabilities are supported by mainly investment grade fixed maturity securities that meet our duration, risk-return, tax, liquidity, credit quality and diversification objectives. We assess fixed maturity asset classes, including credit (public and private), commercial real estate and residential real estate, based on their fundamental underlying risk factors.

We maintain a diversified, high quality portfolio of fixed maturity securities issued by corporations, municipalities and other governmental agencies; structured securities collateralized by, among other assets, residential and commercial real estate; and commercial mortgage loans that, to the extent practicable, match the currency and duration characteristics of our liabilities. As part of our Risk Management framework, we seek to diversify the portfolio across asset classes, sectors and issuers to mitigate idiosyncratic portfolio risks. The investment portfolio of each product line is tailored to the specific characteristics of its insurance liabilities, and as a result, duration varies between distinct portfolios. We also utilize derivatives to manage our asset and liability duration as well as currency exposures.

CREDIT RISK

Credit risk is the risk that our customers or counterparties are unable or unwilling to repay their contractual obligations when they become due. Credit risk may also result from a downgrade of a counterparty’s credit ratings or a widening of its credit spreads.

We devote considerable resources to managing our direct and indirect credit exposures. These exposures may arise from, but are not limited to, fixed income investments, corporate and consumer loans and leases, reinsurance and retrocessional insurance recoverables and counterparty risk arising from derivatives activities.

Our credit risks are managed by our credit professionals, subject to various control processes. Their primary role is to ensure appropriate credit risk management in accordance with our credit policies and procedures relative to our credit risk parameters. Our credit risk management framework includes the following elements related to our credit risks:

•developing and implementing our company-wide credit policies and procedures;

•approving delegated credit authorities to our credit executives and qualified credit professionals;

•developing methodologies for quantification and assessment of credit risks;

•managing a system of credit and program limits, as well as the approval process for credit transactions, above limit exposures and concentrations of risk that may exist or be incurred;

•evaluating, monitoring, reviewing and reporting of credit risks and concentrations regularly with senior management; and

•approving appropriate credit reserves, credit-related other-than-temporary impairments and corresponding methodologies for all credit portfolios.

We monitor and control our company-wide credit risk concentrations and attempt to avoid unwanted or excessive risk accumulations, whether funded or unfunded. To minimize the level of credit risk in some circumstances, we may require mitigants, such as third-party guarantees, reinsurance or collateral, including commercial bank-issued letters of credit and trust collateral accounts. We treat these guarantees, reinsurance recoverables, and letters of credit as credit exposure and include them in our risk concentration exposure data. We also monitor the quality of any trust collateral accounts.

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OUR STRATEGIC PARTNERSHIP WITH BLACKSTONE

The investments underlying the original $50 billion mandate with Blackstone IM began to run-off in 2022 and will be reinvested over time. As these assets run-off, we expect Blackstone to reinvest primarily in Blackstone-originated investments across a range of asset classes, including private and structured credit, and commercial and residential real estate securitized and whole loans. Blackstone’s preferred credit and lending strategy is to seek to control all significant components of the underwriting and pricing processes with the goal of facilitating bespoke opportunities with historically strong credit protection and attractive risk-adjusted returns. Blackstone seeks to capture enhanced economics to those available in the traditional fixed income markets by going directly to the borrowers.

We believe that Blackstone’s ability to originate attractive and privately sourced, fixed-income oriented assets, will be accretive to our businesses and provide us with an enhanced competitive advantage as we have been able to expand our investment capabilities, access new asset classes and improve our investment yields. We continue to manage asset allocation and portfolio-level risk management decisions with respect to any assets managed by Blackstone, ensuring that we maintain a consistent level of oversight across our entire investment portfolio considering our asset-liability matching needs, risk appetite and capital position.

As of December 31, 2023, Blackstone managed approximately $55.4 billion in book value of assets in our investment portfolio.

OUR INVESTMENT MANAGEMENT AGREEMENTS WITH BLACKROCK

Since April 2022, we entered into investment management agreements with BlackRock and its investment advisory affiliates. Under the investment management agreements with BlackRock, we completed the transfer of the management of liquid fixed income and certain private placement assets to BlackRock in 2022. As of December 31, 2023, BlackRock managed approximately $85.3 billion in book value of assets in our investment portfolio. In addition, liquid fixed income assets associated with the Fortitude Re portfolio were separately transferred to BlackRock for management in 2023. The investment management agreements contain detailed investment guidelines and reporting requirements. These agreements also contain reasonable and customary representations and warranties, standard of care, expense reimbursement, liability, indemnity and other provisions.

The investment management agreements are not linked to our implementation of BlackRock’s “Aladdin” investment management technology platform.

Human Capital Management

We believe that our employees’ dedication, commitment, and engagement are key to our success and that we foster a constructive and collaborative work environment. Our principal human capital management objectives include attracting, developing and retaining the highest quality talent. As of December 31, 2023, we had over 5,700 employees the majority of whom are based in the United States, with a smaller number of employees in Ireland and the UK.

Historically, as a subsidiary of AIG, we have operated under the AIG umbrella of strategies, policies and programs governing human capital management. The following provides examples of key programs and initiatives we have implemented to attract, develop and retain our diverse workforce.

COMPETITIVE COMPENSATION AND BENEFITS

We continue to align our employees’ compensation with the Company’s overall performance and provide competitive compensation opportunities to attract and retain highly skilled employees for our various business needs. We provide a performance-driven compensation structure that consists of a base salary and short-term and long-term incentive programs. In addition, we offer comprehensive benefits to support our employees’ health and wellness needs, including subsidized health-care plans, life insurance and disability, wellness and mental health benefits, paid time off and parental leave policies, and matching 401(k) contributions.

HEALTH AND SAFETY

We take appropriate measures to provide a safe and healthy work environment and meet our responsibilities regarding health, safety and welfare of employees engaging in Corebridge Financial business activities. Our benefits and wellness programs focus on physical, social and financial wellness of our employees and we provide an Employee Assistance program that provides confidential support, counselling, mental health resources and information to help employees and their dependents through times of stress and anxiety.

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TALENT DEVELOPMENT

We believe that professional development is a positive investment in our talent. Our goal is to build the skills of our employees by providing meaningful opportunities to access learning and development that enhances their abilities to perform in their current or future roles. Accordingly, we have established a library of on-demand learning options, combined with immersive learning experiences, that build skills at all levels. We also offer tuition, certification, and training reimbursement programs to encourage employees to enhance their education, skills and knowledge for continued growth. We place significant importance and attention on promoting internal talent and succession planning. We conduct an annual review of our talent development and succession plans for each of our functions and operating segments to identify and develop a talent pipeline for positions at all levels of the organization.

DIVERSITY AND INCLUSION

We have created an inclusive workplace focused on attracting, retaining, and developing diverse talent that fosters a culture of inclusion and belonging for all employees. Our management team leads our Company’s diversity, equity, inclusion and belonging (“DEI”) efforts. Our Diversity Council, is focused on supporting, driving and monitoring DEI initiatives as an integral part of our business strategies. In addition, our talent acquisition team has established strategic partnerships with third-party organizations such as HBCU First, Rock the Street, Wall Street, International Associates of Black Actuaries (“IABA”) and Organization Latino Actuaries (“OLA”) to ensure diverse talent pools for our early and mid-career opportunities. We continue to enhance and expand our strategic partnership with both Texas Southern University and Prairie View A&M University two leading Historically Black Colleges and Universities in the Houston area.

Employee Resource Groups (“ERGs”) are groups of employees who come together based on a shared interest in a specific dimension of diversity and are an essential means of reinforcing a culture of inclusion and belonging in our organization. Our ERG network spans multiple geographies and dimensions and is open to all employees. The ERGs form a cornerstone of our DEI efforts by representing our diverse workforce, facilitating networking and connections with peers, and supporting a culture of inclusion and engagement within the Company.

Environmental, Social and Governance

Our parent company, AIG, has a strong environmental, social and governance (“ESG”) foundation focused on community resilience, financial security, and sustainable operations. As we become a stand-alone business, we plan to leverage this framework as a starting point, and evolve our approach over time in line with our industry, geographic and business focus.

COMMUNITY RESILIENCE: TAKING ACTION THROUGH PHILANTHROPY AND VOLUNTEERISM

Operating as a responsible corporate citizen is central to our success as a business. We are committed to making a positive difference in the communities where we work, live and serve our customers. We create charitable partnerships designed to extend financial wellness to all, support healthy and resilient communities, and develop a diverse and inclusive workforce.

We partner with local and national organizations to deliver financial education programs to students and adults, with a focus on serving diverse populations. Through our sponsorship with Junior Achievement USA our employees deliver financial literacy and career readiness lessons to under-served K-12 students. We empower young women through leadership, education, advocacy and mentoring with Rock the Street, Wall Street, a financial and investment literacy program designed to bring both gender and racial equity to the financial markets and spark the interest of high school students into careers of finance. We developed FutureU Scholars, a multi-faceted initiative that has reached more than 10,000 students at 59 Houston-area high schools and two Texas universities, delivering financial education, career readiness training, mentoring and scholarships for students.

Our partnerships with HBCU First, Prairie View A&M University and Texas Southern University leverage the skills, expertise, and enthusiasm of our employees to provide career exploration and preparation, along with coaching and mentoring opportunities, to underrepresented college students.

We also offer programs that empower employees to take action in their local communities, including 16 hours of paid Volunteer Time Off. In 2023, employees volunteered more than 14,000 hours and personally donated to causes and initiatives important to them and Corebridge.

As part of our commitment to promoting financial wellness and community resilience more broadly, we also partner with the Foundation for Financial Planning to increase pro bono financial planning for at-risk Americans. Our Legal Pro Bono provides various pro bono services, including legal advice and counsel to low-income clients, helping them take action to help secure their families’ financial futures.

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FINANCIAL SECURITY: HELPING MORE PEOPLE TAKE ACTION IN THEIR FINANCIAL LIVES THROUGH POWERFUL PRODUCTS, SOLUTIONS AND PARTNERSHIPS

We proudly partner with financial professionals and institutions to help more people take action in their financial lives. We offer products, resources and information to assist people with their financial planning, including access to professional guidance, financial literacy and education and online tools and resources.

With fewer individuals covered by traditional pension plans, annuities can fill a gap in retirement portfolios by providing a monthly check for as long as a person lives, no matter how the market performs. We are a leading provider of annuity products that offer the opportunity for growth, principal protection and protected income for life. We are also a founding member of the Alliance for Lifetime Income, a non-profit educational organization that educates Americans about the value and importance of having protected lifetime income in retirement.

As a life insurance and annuity provider, we help customers think about “longevity risk” — the possibility that people could deplete their retirement savings as they manage the healthcare, long-term care (“LTC”) and financial planning challenges that come with longer lifespans. In the United States, we offer life insurance products with accelerated death benefits that can be used to cover financial needs during one’s later retirement years.

We will continue to be an industry leader and advocate for insurance products and services that will serve the needs of our customers and partners, and help ensure financial security for all.

SUSTAINABLE OPERATIONS: A FOCUS ON SUSTAINABILITY

Sustainability is focused on protecting the future, and that’s at the heart of what we do: With a broad portfolio of products offered through partners and advisors, we help people envision their future.

Long-term business sustainability is critical to our ability to meet our customers’ needs, particularly in light of demographic trends driving the need for longer-term financial wellness. The backbone of our sustainability is a diversified, well-managed product line with a balanced and diverse approach to product distribution. Our multi-layered approach also relies on responsible governance, capital management with a view toward our long-term commitments, dynamic pricing, a risk-managed investment portfolio and hedging of market risks where applicable and economically prudent.

Intellectual Property

We rely on a combination of copyright, patent, trademark, trade secret and internet domain laws to establish and protect our intellectual property rights. We maintain a portfolio of trademarks that we consider important to the marketing of our products and business, some of which are registered with the U.S. Patent and Trademark Office and in other jurisdictions. These trademarks include product names that appear in this Annual Report on Form 10-K. We also protect aspects of our business as trade secrets, where appropriate. We believe that the value associated with our intellectual property is significant to our business.

Regulation

Overview

Our businesses and operations are subject to regulation and supervision by many different types of regulatory authorities, including insurance, securities, derivatives and investment advisory regulators in the United States and abroad. We expect that the U.S. and international regulations applicable to us and our regulated entities will continue to evolve for the foreseeable future. Additionally, in the United States, where the majority of our businesses are based, while the federal government does not directly regulate insurance business, federal legislation and administrative policies in several areas, including pension regulation, age and sex discrimination, financial services regulation, securities regulation and federal taxation, can significantly affect the insurance industry and certain of our other operations. See “Risk Factors—Risks Relating to Regulation—Our business is heavily regulated.” Legislators, regulators and self-regulatory organizations may also consider changes to existing laws or regulations impacting our business, such as, for example, changes to reserving and accounting requirements, standard of care for financial professionals, and permitted investments. See “Risk Factors—Risks Relating to Regulation—New domestic or international laws and regulations, or new interpretations of current laws and regulations, may affect our ability to compete effectively.” Further, insurance and other regulatory authorities and law enforcement agencies, attorneys general and other governmental authorities from time to time make inquiries and conduct examinations or investigations regarding our compliance, as well as compliance by other companies in our industry, with applicable laws.

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U.S. REGULATION

State Insurance Regulation

Our U.S. insurance subsidiaries are licensed to transact insurance business and are subject to extensive regulation and supervision by insurance regulators in the jurisdictions in which they do business, including the 50 states, the District of Columbia, and U.S. territories. The primary regulator of an insurance company, however, is located in its state of domicile. AGC is domiciled in Missouri and is primarily regulated by the Missouri Department of Commerce and Insurance, each of AGL and VALIC is domiciled in Texas and is primarily regulated by the Texas Department of Insurance, and USL is domiciled in New York and is primarily regulated by the New York State Department of Financial Services (“NYDFS”).

The method of regulation of our insurance subsidiaries varies by jurisdiction but generally has its source in statutes that delegate regulatory and supervisory powers to state insurance officials. Such regulation and supervision relate primarily to the financial condition of the insurers, licensing, corporate conduct, including transactions among affiliates, market conduct activities, investments and operational security and resiliency, including data security and privacy. In general, such regulation is for the protection of policyholders rather than the creditors or equity owners of these companies.

As a holding company with no significant business operations of its own, Corebridge Parent depends on dividends from its subsidiaries to meet its obligations. State insurance statutes typically place restrictions and limitations on the amount of dividends or other distributions payable by insurance company subsidiaries to their parent companies, as well as on transactions between an insurer and its affiliates, which transactions may be used to upstream funds. For example, the insurance statutes of Missouri and Texas generally permit without regulatory approval the payment of dividends that, together with dividends paid during the preceding twelve months, do not exceed the greater of (i) 10% of statutory policyholders’ surplus as of the preceding December 31 and (ii) statutory net gain from operations for the preceding calendar year. Additionally, under the Missouri and Texas insurance statutes, dividends may be paid only to the extent the insurer has unassigned surplus (as opposed to contributed surplus). New York has similar dividend restrictions, in some cases with more restrictive requirements. Dividends in excess of applicable prescribed limits established by the applicable state regulations, which are based on the prior year’s earnings and surplus of the insurance company, are considered to be extraordinary transactions and require prior approval or non-disapproval from the applicable insurance regulator.

In the United States, the NAIC is a standard-setting and regulatory support organization created and governed by the chief insurance regulators from the 50 states, the District of Columbia and U.S. territories. Among other things, the NAIC develops and recommends adoption of model insurance laws and regulations. With assistance from the NAIC, state insurance regulators establish standards and best practices, conduct peer reviews and coordinate regulatory oversight. Model laws and regulations promulgated by the NAIC become effective in a state once formally adopted and are subject to modification by each state. NAIC Accreditation Standards place limits on modifications by states to certain model law and regulation adoptions. Certain of such model laws and regulations are noted in more detail below.

The NAIC’s Insurance Holding Company System Regulatory Act and the Insurance Holding Company System Model Regulation (together, the “Holding Company Models”), versions of which have been enacted by all of the states in which we have domestic insurers, generally require registration and periodic reporting by insurance companies that are licensed in such jurisdictions and are controlled by other entities. They also require periodic disclosure concerning the entity that controls the registered insurer and the other companies in the holding company system and prior approval of intercompany transactions, including transfers of assets. Insurance holding company laws also generally provide that no person, corporation or other entity may acquire control of an insurance company, or a controlling interest in any direct or indirect parent company of an insurance company, without the prior approval of such insurance company’s domiciliary state insurance regulator. Under the laws of each of the domiciliary states of our U.S. insurance subsidiaries, Missouri, New York and Texas, any person acquiring, directly or indirectly, 10% or more of the voting securities of an insurance company is presumed to have acquired “control” of the company, which may consider voting securities held at both the parent company and subsidiaries collectively. This statutory presumption of control may be rebutted by a showing that control does not exist in fact. State insurance regulators, however, may find that “control” exists even in certain circumstances in which a person owns or controls less than 10% of the voting securities of an insurance company.

In December 2020, the NAIC amended the Holding Company Models to incorporate a liquidity stress test (“LST”) requirement for large life insurers based on a set of scope criteria and a Group Capital Calculation (“GCC”). LST is intended to support macroprudential surveillance by the NAIC regulators, including to assess the potential impact on broader financial markets of aggregate asset sales within a liquidity stress scenario. The NAIC encouraged states to implement the GCC provisions by November7, 2022, to satisfy group capital assessment requirements of covered agreements the United States reached with the EU and UK. Further, in December 2023, the NAIC adopted the GCC and LST amendments to the Holding Company Models accreditation standards, effective January 1, 2026. Our domiciliary insurance regulators have adopted the GCC requirements.

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The NAIC’s Risk Management and Own Risk and Solvency Assessment Model Act (“ORSA”) requires that insurers maintain a risk management framework and conduct an internal own risk and solvency assessment of the insurer’s material risks in normal and stressed environments and submit annual ORSA summary reports to the insurance group’s lead U.S.-state regulator. The NAIC has also adopted a Corporate Governance Annual Disclosure Model Act that requires insurers to submit an annual filing regarding their corporate governance structure, policies and practices.

Further, the NAIC has had an increased focus on private equity-owned life insurers following sizeable increases in the number of private equity-owned life insurers, as noted by its Capital Markets Bureau and the Federal Insurance Office in 2021. The NAIC adopted Regulatory Considerations Applicable (But Not Exclusive) to Private Equity (“PE”) Owned Insurers (the “Regulatory Considerations”) in 2022, intended to identify areas where existing disclosures, policies, control and affiliation requirements, and other procedures should be modified, or new ones created, to address any gaps based on the increase in the number of private equity-owned insurers, the role of asset managers in insurance and the potential for control via asset management arrangements, and the increase of private investments in insurers’ portfolios, among other potential gaps. Many of the Regulatory Considerations have been referred to NAIC working groups and task forces, including analysis of the definition and evaluation of control and review of the insurance industry’s reliance on rating agency ratings, while others, such as new reporting on investment schedules relative to investment transactions with related parties and additional disclosures relative to private equity and complex assets, are already effective. As part of these efforts, the NAIC recently exposed a Framework for Regulation of Insurer Investments. Their stated goal is to provide a holistic review of the NAIC groups and initiatives, which are focused on investments, and determine the most effective use of regulatory resources. Changes to model laws and regulations or NAIC handbooks resulting from an analysis for the Regulatory Considerations may impact our insurance company subsidiaries’ affiliate relationships and pursuit of strategic transactions, investment portfolios and financial condition.

Every state has adopted, in substantial part, the Risk-Based Capital (“RBC”) Model Law promulgated by the NAIC that allows states to act upon the results of RBC ratio calculations and provides four incremental levels of regulatory action regarding insurers whose RBC ratio calculations fall below specific thresholds. Those levels of action range from the requirement to submit a plan describing how an insurer would regain a specified RBC ratio to a mandatory regulatory takeover of the company. The RBC ratio formula is designed to measure the adequacy of an insurer’s statutory surplus in relation to the risks inherent in its business. The RBC formula computes a risk-adjusted surplus level by applying discrete factors to various asset, premium, reserve and other financial statement items, or in the case of interest rate and equity return (C-3) market risk, applying stochastic scenario analyses. These factors are developed to be risk-sensitive so that higher RBC requirements are applied to items exposed to greater risk. Further, state insurance regulators have discretion in interpreting their reserving and valuation laws and regulations, which may impact the RBC ratio calculation. Certain such regulators have, from time to time, taken more stringent positions than other state insurance regulators on matters affecting, among other things, statutory capital and reserves as applied to their licensed insurance companies. The RBC ratio of each of our U.S. based insurance companies, determined in accordance with NAIC instructions, exceeded minimum required levels as of December 31, 2023. Additionally, the NAIC has adopted, or is considering, several changes impacting how RBC is calculated, including initiatives aimed at a comprehensive review of RBC investment framework as well as using modeling methodology to determine RBC charges for structured securities, potentially replacing the use of rating agency ratings in certain cases. There are also efforts in progress to implement a new Generator of Economic Scenarios for the RBC C-3 stochastic scenario analyses mentioned above, and the Principle-Based Reserves (“PBR”) mentioned below. We will continue to monitor these developments and evaluate their potential impact to our business, financial condition and legal entities.

The NAIC also provides standardized insurance industry accounting and reporting guidance through the NAIC Accounting Practices and Procedures Manual. Statutory accounting principles promulgated by the NAIC, including for our insurance company subsidiaries, have been, or may be, modified by individual state laws, regulations and permitted practices granted by our domiciliary insurance regulators. Changes to the NAIC Accounting Practices and Procedures Manual or modifications by the various state insurance departments may impact the investment portfolios and the statutory capital and surplus of our U.S. insurance companies.

The NAIC has adopted a proposal to allow some portion of net negative interest maintenance reserve to be an admitted asset, for the first time. The treatment expires in 2026 unless extended and the NAIC is working toward a long-term plan. A limit of 10% of an insurer’s capital and surplus applies, subject to certain adjustments and a minimum RBC ratio of 300% following such adjustments.

The NAIC Valuation Manual contains a principle-based approach to life insurance company reserves. PBR is designed to tailor the reserving process to more closely reflect the risks of specific products, rather than the factor-based approach employed historically. Subsection 20 of the Valuation Manual (“VM-20”) applies to individual life insurance reserves, most notably term insurance and universal life policies with secondary guarantees (“ULSGs”), and Subsection 21 (“VM-21”) applies to variable annuities. The NAIC’s work to update the Valuation Manual and address issues relating to the PBR framework, including VM-20, VM-21, and Subsection 22 of the Valuation Manual related to PBR for non-variable annuities, is ongoing, and we will continue to monitor such developments as they evolve. See also Notes 8 and 21 to the Consolidated Financial Statements for additional information related to these statutory reserving requirements.

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In addition to the NAIC’s model laws and regulations, state insurance and consumer protection laws and regulations also include numerous provisions governing the marketplace activities of life and annuity insurers, including provisions governing the form and content of disclosure to consumers, illustrations, advertising, sales practices, customer privacy protection, permissible use of data in insurance practices, and complaint handling. The regulatory landscape is developing with respect to the use of external data and artificial intelligence in insurance practices, including underwriting, marketing and claims practices. The NAIC adopted Artificial Intelligence Principles in August 2020, and a number of states have had legislative or regulatory initiatives relating to the use of external data and artificial intelligence in the insurance industry, including Colorado’s algorithmic and external data accountability law. The NAIC has adopted a model bulletin with regulatory guidance on the use of big data and artificial intelligence. We continue to engage through industry trade groups with our regulators with the intention of maximizing optimal customer outcomes.

Insurance regulators have also shown interest in climate change risk and disclosure. In 2022, the NAIC adopted revisions to its Climate Risk Disclosure Survey, which numerous states mandate for insurers with premiums exceeding certain thresholds. The NAIC Climate and Resiliency (EX) Task Force Solvency Workstream is also considering potential enhancements to existing regulatory tools relative to the solvency effects of climate change (e.g., on underwriting and investments) which may be incorporated into the NAIC’s Financial Analysis Handbook, the Financial Condition Examiners Handbook and the ORSA Guidance Manual, and recently adopted the NAIC National Climate Resilience Strategy for Insurance, a forward-looking climate strategy document. In addition, in 2021, the NYDFS issued final Guidance for New York Domestic Insurers on Managing the Financial Risks from Climate Change, detailing the NYDFS’s expectations related to insurers’ management of the financial risks from climate change and integration into their governance frameworks, risk management frameworks, and business and investment strategies. See “Environmental, Social and Governance Regulation” for further information.

State regulatory authorities generally enforce provisions relating to marketplace activities through periodic market conduct inquiries, data calls, investigations and examinations. Further, as part of their regulatory oversight process, state insurance departments conduct periodic financial examinations, generally once every three to five years, of the books, records, accounts and business practices of insurers domiciled in their states. Examinations are generally carried out under guidelines promulgated by the NAIC and, in the case of financial exams, in cooperation with the insurance regulators of other domiciliary states of an insurance holding company group.

Unclaimed Property

We are subject to the laws and regulations of states and other jurisdictions concerning identification, reporting and escheatment of unclaimed or abandoned funds, and are subject to audit and examination for compliance with these requirements.

State Guaranty Associations

U.S. states have state insurance guaranty associations in which insurers doing business in the state are required by law to be members. Member insurers may be assessed by the associations for certain obligations of insolvent insurance companies to policyholders and claimants. Typically, states assess member insurers in amounts related to the member’s proportionate share of the relevant type of business written by all members in the state. Some jurisdictions permit member insurers to recover assessments that they paid through full or partial premium tax offsets, usually over a period of years. The protection afforded by a state’s guaranty association to policyholders of insolvent insurers varies from state to state. The aggregate assessments levied against us have not been material to our financial condition in any of the past three years.

Dodd-Frank

The Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”), signed into law in 2010, brought about extensive changes to financial regulation in the United States and established the Financial Stability Oversight Council. Dodd-Frank also established the Federal Insurance Office (“FIO”) to serve as the central insurance authority in the federal government. While not serving a regulatory function, FIO performs certain duties related to the business of insurance, represents the U.S. in international insurance forums, and has authority to collect information on the insurance industry and recommend prudential standards. Certain parts of Dodd-Frank are noted below in more detail.

Title V of Dodd-Frank authorizes the United States to enter into covered agreements with foreign governments or regulatory entities regarding the business of insurance and reinsurance. On September 22, 2017, the United States and the EU entered into such an agreement to address, among other things, reinsurance collateral and group capital requirements, and on December 18, 2018, the United States signed a covered agreement with the UK, which is similar to the agreement with the EU. The NAIC adopted amendments to the credit for reinsurance model law and regulation and adopted GCC to conform to the requirements of the covered agreements. Numerous states, including our domiciliary states, have adopted the GCC requirements in their statutes.

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Title VII of Dodd-Frank provides for significantly increased regulation of, and restrictions on, swap and security-based swap markets and transactions. This regulation has affected and, as additional regulations come into effect, could further affect, various activities of insurance and other financial services companies. Relevant regulatory requirements include (i) margin and collateral requirements, (ii) regulatory reporting and (iii) mandated clearing through central counterparties and execution through regulated swap execution facilities for certain swaps (other than security-based swaps, which are not currently subject to mandatory execution or clearing requirements but could be in the future). The Commodities Futures Trading Commission (“CFTC”), which oversees and regulates the U.S. swap, commodities and futures markets, and the SEC, which oversees and regulates the U.S. securities and security-based swap markets, have finalized the majority of the rules to carry out their mandates under Title VII of Dodd-Frank. Increased regulation of, and restrictions on, derivatives markets and transactions, including regulations related to initial margin for swaps and securities-based swaps, could increase the cost of our trading and hedging activities, reduce liquidity and reduce the availability of customized hedging solutions and derivatives.

Dodd-Frank also mandated a study to determine whether stable value contracts should be included in the definition of “swap.” If that study concludes that stable value contracts are swaps, Dodd-Frank authorizes certain federal regulators to determine whether an exemption from the definition of a swap for stable value contracts is appropriate and in the public interest. Our Institutional Markets business issues stable value contracts. We cannot predict what regulations might emanate from the aforementioned study or be promulgated applicable to this business in the future. In the event that the study determines that stable value contracts should be included in the definition of “swap,” Section 719(d)(1)(C) of Dodd-Frank provides that such determination would only apply to newly issued stable value contracts.

Title II of Dodd-Frank provides that a financial company whose largest United States subsidiary is an insurer may be subject to a special orderly liquidation process outside the Bankruptcy Code. U.S. insurance subsidiaries of any such financial company, however, would be subject to rehabilitation and liquidation proceedings under state insurance law.

Pursuant to Dodd-Frank, federal banking regulators adopted regulations that apply to certain qualified financial contracts, including many derivatives contracts, securities lending agreements and repurchase agreements, with certain banking institutions and certain of their affiliates. These regulations, which became effective on January 1, 2019, generally require the covered banking institutions and affiliates to include contractual provisions in their qualified financial contracts that limit or delay certain counterparty rights that may arise in connection with the banking institution or affiliate becoming subject to a bankruptcy or similar proceeding or impose such provisions as a matter of law in certain circumstances. Nearly all of our derivatives, securities lending agreements and repurchase agreements with certain banking institutions and certain of their affiliates are subject to these regulations, and as a result, we may be required to delay terminating transactions, realizing collateral posted, or otherwise mitigating exposures under these agreements. We are subject to greater risk and could receive a more limited or delayed recovery in the event of a default by such bank institution or the applicable affiliates.

ERISA

We provide products and services to certain employee benefit plans that are subject to the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and/or the Internal Revenue Code of 1986, as amended (the “Code”). Plans subject to ERISA include certain pension and profit sharing plans and welfare plans, including health, life and disability plans. As a result, our activities are subject to the restrictions imposed by ERISA and the Code, including the requirement under ERISA that fiduciaries must perform their duties solely in the interests of ERISA plan participants and beneficiaries, and that fiduciaries may not cause a covered plan to engage in certain prohibited transactions. The applicable provisions of ERISA and the Code are subject to enforcement by the DOL, the Internal Revenue Service (“IRS”) and the Pension Benefit Guaranty Corporation.

Standard of Care Developments

We and our distributors are subject to laws and regulations regarding the standard of care applicable to sales of our products and the provision of advice to our customers. In recent years, many of these laws and regulations have been revised or reexamined while others have been newly adopted. We closely monitor these legislative and regulatory activities and evaluate the impact of these requirements on us and our customers, distribution partners and financial advisers. Where needed, we have made significant investments to implement and enhance our tools, processes and procedures, to comply with the final rules and interpretations. These efforts and enhancements have resulted in increased compliance costs and may impact sales results and increase regulatory and litigation risk. Additional changes in standard of care requirements or new standards issued by governmental authorities, such as the DOL, the SEC, the NAIC or state regulators and/or legislators, have impacted, and may impact our businesses, results of operations and financial condition.

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DOL Fiduciary Rule

On October 31, 2023, the DOL announced proposed changes to the regulatory criteria for determining whether a person is an “investment advice fiduciary” for purposes of transactions with ERISA qualified plans, related plan participants and IRAs. Significant changes were also proposed with respect to existing prohibited transaction exemptions (“PTEs”) relating to such advice, including PTE 84-24 and PTE 2020-02. The DOL’s proposed regulation changes would increase the number of recommendations that would be considered fiduciary, including retirement plan rollover recommendations. The DOL’s proposed revisions to applicable PTEs generally would:

•add certain obligations similar to those currently found in PTE 2020-02 to PTE 84-24, but limit PTE 84-24 so it is available only to independent insurance producers who offer non-securities products of two or more insurers. Under the proposed changes to PTE 84-24, insurers would be required to undertake significant supervisory responsibilities with respect to recommendations and sales of the insurer’s own products; however the insurer would not become a fiduciary solely by performing those supervisory responsibilities; and

•require that all other parties requiring exemptive relief with respect to covered transactions comply with PTE 2020-02, and also make additional substantive changes to the exemption.

The final DOL rule is currently expected in 2024. The provisions of that final rule could have an adverse effect on sales of annuities generally, and particularly through our independent insurance distribution channel.

SEC Best Interest Regulation

In June 2020, the SEC's Regulation Best Interest (“Regulation BI”) went into effect. Regulation BI established new duties of care, compliance, disclosure, and conflict mitigation that broker-dealers and their associated persons must meet when making a recommendation of a securities transaction or investment strategy involving securities to a retail customer. As part of the rulemaking package, Form CRS also went into effect, which requires enhanced disclosures by broker-dealers and investment advisers regarding retail client relationships and certain conflicts of interest. Regulation BI and Form CRS continue to be identified as examination priorities for the SEC and the Financial Industry Regulatory Authority (“FINRA”). We have implemented the requirements of Regulation BI and Form CRS, and continue to monitor interpretative guidance and enforcement activity from federal securities regulators.

State Standard of Care Developments

In 2020, the NAIC adopted revisions to its Suitability in Annuity Transactions Model Regulation (#275) (“NAIC Model”) implementing a best interest standard of care applicable to sales and recommendations of annuities. The new NAIC Model conforms in large part to Regulation BI, providing that all recommendations by agents and insurers must be in the best interest of the consumer under known circumstances at the time an annuity recommendation is made, without placing agents’ or insurers’ financial interests ahead of the consumer’s interest in making a recommendation. A substantial majority of states have adopted amendments to their suitability rules based on the NAIC Model revisions. In addition, certain state insurance and/or securities regulators and legislatures have adopted, or are considering adopting, their own standards of conduct, some of which are broader in scope than the NAIC Model. For example, in 2018, the NYDFS adopted the First Amendment to Insurance Regulation 187 — Suitability and Best Interests in Life Insurance and Annuity Transactions (“Regulation 187”). As amended, Regulation 187 requires producers to act in their client’s best interest when making both point-of-sale and in-force recommendations and to deliver to the client the written basis for the recommendation, as well as the facts and analysis to support the recommendation. The amended regulation also imposes additional duties on life insurance companies in relation to these transactions, such as requiring insurers to establish and maintain procedures designed to prevent financial exploitation and abuse. Besides New York, other states have also adopted, or are considering adopting, legislative and/or regulatory proposals implementing fiduciary duty standards with applicability to insurance producers, agents, financial advisors, investment advisers, broker-dealers and/or insurance companies. The proposals vary in scope, applicability and timing of implementation. We cannot predict whether any such proposals will be adopted. However, changes in standards of care could impose additional costs in the areas of compliance and employee training and affect how we manage our business and overall costs.

Federal Retirement Legislation

On December 20, 2019, the Setting Every Community Up for Retirement Enhancement (“SECURE”) Act was signed into law. The SECURE Act includes many provisions affecting qualified contracts, some of which became effective upon enactment on January 1, 2020, or later, and some of which were retroactively effective.

In December 2022, Congress enacted comprehensive retirement legislation known as “SECURE 2.0.” SECURE 2.0 included many provisions affecting qualified contracts, many of which became effective in 2023, and additional ones that become effective in 2024 or subsequent years. Some of the SECURE 2.0 provisions that became effective in 2023 include, without limitation: an increase in the age at which required minimum distributions generally must commence, to age 73 from the previous age of 72; elimination of the first day of the month requirement for governmental Section 457(b) plans; and optional treatment of employer contributions as Roth sources. We are implementing new processes and procedures, where needed, designed to comply with the new requirements.

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Securities, Investment Adviser, Broker-Dealer and Investment Company Regulations

Our investment products and services are subject to applicable federal and state securities, investment advisory, fiduciary, and other laws and regulations. The principal U.S. regulators of these operations include the SEC, FINRA, CFTC, Municipal Securities Rulemaking Board, state securities commissions, state insurance departments and the DOL.

Our variable life insurance, variable annuity and mutual fund products generally are subject to regulation as “securities” under applicable federal securities laws, except where exempt. Such regulation includes registration of the offerings of these products with the SEC, unless exempt from such registration, and requirements of distribution participants to be registered as broker-dealers, as well as recordkeeping, reporting and other requirements. This regulation also involves the registration of mutual funds and other investment products offered by our businesses, and the separate accounts through which our variable life insurance and variable annuity products are issued, as investment companies under the Investment Company Act, except where exempt. The Investment Company Act imposes requirements relating to compliance, corporate governance, disclosure, recordkeeping, registration and other matters. In addition, the offering of these products may involve filing and other requirements under the securities, corporate, or other laws of the states and other jurisdictions where offered or organized, including the District of Columbia and U.S. territories. Our separate account investment products are also subject to applicable state insurance regulation.

We have several subsidiaries that are registered as broker-dealers under the Exchange Act and are members of FINRA and/or are registered as investment advisers under the Investment Advisers Act of 1940, as amended (the ‘‘Advisers Act’’). Certain of these broker-dealers and investment advisers are involved in our life and annuity product sales, including participating in their distribution and/or serving as an investment adviser to mutual funds that underlie variable products offered by us. Other subsidiaries are registered with the SEC as investment advisers under the Advisers Act and serve as an investment adviser to out-of-plan and in-plan participant customers, act as investment advisers to our insurance subsidiaries and certain non-insurance subsidiaries and also provide investment management and advisory services to unaffiliated institutional clients. In addition to registration requirements, the Exchange Act, the Advisers Act and the regulations thereunder impose various compliance, disclosure, qualification, recordkeeping, reporting and other requirements on these subsidiaries and their operations. State securities laws also impose filing and other requirements on broker-dealers, investment advisers and/or their licensed representatives, except where exempt. The SEC, FINRA and other regulatory bodies also have the authority to examine regulated entities, such as our broker-dealer and investment adviser subsidiaries, and to institute administrative or judicial proceedings that may result in censure, fines, prohibitions or restrictions on activities, or other administrative sanctions.

Further, our licensed sales professionals appointed with certain of our broker-dealer and/or investment adviser subsidiaries and our other employees, insofar as they sell products that are securities, including wholesale and retail activity, are subject to the Exchange Act and to examination requirements and regulation by the SEC, FINRA and state securities commissioners. Regulation and examination requirements also extend to our subsidiaries that employ or control those individuals.

The business of our investment adviser subsidiaries will be impacted by SEC regulatory initiatives with respect to the investment management business. The SEC is engaged in various initiatives and reviews that seek to modernize the regulatory structure governing the investment management industry, including investment advisers registered under the Advisers Act and investment companies registered under the Investment Company Act. The SEC has also adopted comprehensive rules changing the regulation of investment advisers to private funds, and has proposed rules that prohibit investment advisers from outsourcing certain services or functions without meeting minimum requirements, address investment adviser custody of client assets and require investment advisers (and broker-dealers) to neutralize or eliminate conflicts of interests associated with advisers’ use of predictive data analytics in connection with certain investor interactions. In November 2022, the SEC proposed a rule and related amendments that, among other things, change how open-end funds, other than money market funds and ETFs, manage their liquidity risk. The proposed rule requires these funds to use a liquidity management tool called “swing pricing” and to implement a “hard close,” and compelling funds to provide timelier and more detailed public reporting of fund information. If adopted as proposed, the regulatory, compliance, and operational burdens associated with these proposals will be costly and may impede the growth of certain investment adviser subsidiaries, and the hard close and swing pricing proposal in particular raises significant operational challenges for mutual funds and intermediaries that offer fund shares, including our insurance company and recordkeeping subsidiaries.

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Environmental, Social and Governance Regulation

Federal and state laws and regulations regarding ESG issues may be applicable to our operations. At the federal level, the SEC has instituted a comprehensive regulatory agenda focusing on ESG issues. The SEC commissioners and staff announced a number of actions, including forming an enforcement task force designed to harmonize the efforts of the SEC’s divisions and offices, proposed comprehensive rulemakings for ESG disclosure for investment advisers and funds registered under the Investment Company Act and climate-specific disclosure for public issuers and addressing stockholder rights and creating accountability in statements and conduct. The SEC’s Division of Examinations issued a risk alert in 2021 highlighting ESG deficiencies, internal control weaknesses and effective practices identified during recent examinations of investment advisers, registered investment companies and private funds. The SEC’s Division of Examinations has continued to focus on ESG-related advisory services and investment products and the ESG has continued to pursue ESG related enforcement actions. The increased regulatory and compliance burdens that we expect would result from the implementation of any of these initiatives could be costly.

On March 21, 2022, the SEC released proposed rule changes on climate-related disclosure, among other items. The proposed rule changes would require registrants, including public issuers such as us, to include certain climate-related disclosures in registration statements and periodic reports. These proposed disclosures include information about climate-related risks that are reasonably likely to have a material impact on the registrant’s business, results of operations, or financial condition, and include a new note to their audited financial statements that provides certain climate-related metrics and impacts on a line-item basis. The required information about climate-related risks also would include disclosure of a registrant’s greenhouse gas emissions (including Scope 3 emissions), information about climate-related targets and goals, and transition plan, if any, and would require extensive attestation requirements. If adopted as proposed, the rule changes are expected to result in additional compliance and reporting costs.

At the state level, California adopted climate disclosure and financial reporting legislation, the Climate Corporate Data Accountability Act, and the Climate Related Financial Risk Act, in 2023, which will require, beginning in 2026, reporting from large U.S. public and private companies doing business in California on greenhouse gas emissions and biennial climate-related financial risk reports. States continue to adopt laws and regulations governing corporate ESG activity and there is increasing scrutiny and evolving expectations from investors, customers, regulators and other stakeholders on ESG practices and disclosures, including those related to environmental stewardship, climate change, diversity, equity and inclusion, racial justice, workplace conduct and other social and political mandates.

Privacy, Data Protection and Cybersecurity

We are subject to U.S. federal and state laws and regulations that require financial institutions and other businesses to implement and maintain technical, organizational and physical measures designed to protect the confidentiality, availability and integrity of personal information and sensitive non-public information and the information systems used to process this information and conduct important business operations. These laws and regulations impose a broad range of obligations including collecting , disclosing, using, transferring, retaining, deleting, and otherwise processing (collectively, “Processing”) personal information in compliance with certain restrictions; notifying data subjects regarding our personal information Processing practices; and maintaining a security program designed to protect the confidentiality, availability and integrity of personal information, sensitive non-public information and our information systems. Some of these laws and regulations require us to notify affected individuals, regulators and self-regulatory bodies of certain events involving the unauthorized access to, use of or loss of, personal information, sensitive non-public information and information systems.

On November 1, 2023, the NYDFS published an amendment to its Part 500 Cybersecurity Regulation (“NYDFS Cybersecurity Regulation”). The amended NYDFS Cybersecurity Regulation went into effect upon publication and compliance with the amended requirements occurs in phases starting December 1, 2023 and continuing through December 2025 and includes additional certification obligations, enhanced governance requirements, new audit requirements, additional technology and business continuity requirements, enhanced security control and training requirements and new notification obligations. Requirements under the NYDFS Cybersecurity Regulation are similar in certain respects to those under the NAIC Insurance Data Security Model Law (“Model Law”), which requires insurers, insurance producers and other entities required to be licensed under state insurance laws to develop and maintain a written information security program, conduct risk assessments, oversee the data security practices of third-party service providers and other related requirements. Approximately 22 U.S. states have adopted a version of the Model Law as of the end of 2023.

The SEC continues to focus on cybersecurity for a range of regulated entities, including public companies, registered investment companies, broker-dealers, investment advisers and funds and has published periodic guidance on the topic, recommending periodic assessments of information, how it is stored and how vulnerable it is, as well as strategies to prevent, detect and respond to cyber threats, including as it relates to risks faced by the advisers’ third-party service providers. In July 2023, the U.S. Securities and Exchange Commission adopted the Risk Management, Strategy, Governance, and Incident Disclosure Final Rule (the “Cybersecurity Final Rule”) that enhances the disclosure requirements for registered companies covering cybersecurity risk and management and requires registrants to disclose material cybersecurity incidents on Form 8-K within four business days of a determination that the

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impact of a cybersecurity incident is material. These disclosure requirements under the Cybersecurity Final Rule became effective in December 2023.

On January 1, 2023, the California Privacy Rights Act (“CPRA”), which amends the California Consumer Privacy Act of 2018 (“CCPA”) became effective. The CCPA imposes a number of requirements on businesses that collect the personal information of California consumers, including requirements that provide individuals with certain rights to their personal information and make mandatory disclosures regarding how the businesses use and disclose consumers’ personal information, establishes a private right of action in some cases if consumers’ personal information is subject to a data breach as a result of the business’s violation of the duty to implement and maintain reasonable security practices and creates the California Privacy Protection Agency which is charged with drafting and adopting regulations in furtherance of the CCPA and enforcing the CCPA , as amended by the CPRA. Similar consumer privacy legislation has been enacted in other states and became effective in 2023, such as Virginia, Colorado, Connecticut and Utah.

U.S. federal and state legislatures and government agencies and self-regulatory bodies are expected to continue to consider additional laws, regulations and guidelines relating to privacy and other aspects of customer information and to protecting the ongoing confidentiality, availability and integrity of personal information, sensitive non-public information and information systems. These continued changes in the U.S. privacy and cybersecurity regulatory landscape will require additional compliance investment, including changes to policies, procedures, information systems and operations.

INTERNATIONAL REGULATION

Insurance and Financial Services Regulation

A portion of our business is conducted in foreign countries. Generally, our subsidiaries operating in foreign jurisdictions must satisfy local regulatory requirements; licenses issued by foreign authorities to our subsidiaries are subject to modification or revocation by such authorities, and therefore these subsidiaries could be prevented from conducting business in certain of the jurisdictions where they currently operate. For our international operations, a decline in capital and surplus over capital requirements would limit the ability of our insurance subsidiaries to make dividend payments or distributions. Additionally, regulators in the countries in which such subsidiaries operate may deem it necessary to impose restrictions on dividend distributions in the event of a significant financial market or insurance event which creates uncertainty over our future capital and solvency position.

Our UK insurance subsidiary, AIG Life, which is currently subject to a definitive agreement signed on September 25, 2023 to sell the company to Aviva, subject to the required regulatory approvals being obtained (see “Our Segments—Life Insurance—Overview”), is subject to dual regulation by the UK Prudential Regulation Authority (the “PRA”) and the UK Financial Conduct Authority (the “FCA”). The PRA oversees the financial health and stability of insurance companies and is responsible for the prudential regulation and day-to-day supervision of insurance companies. The PRA also oversees statutory requirements for UK insurers, including capital adequacy and liquidity requirements and minimum solvency margins, to which AIG Life must adhere. The FCA seeks to protect consumers and is responsible for conduct regulation and oversees financial services products and practices, including those governing insurance companies in the UK.

The Bermuda Monetary Authority (the “BMA”) regulates our insurance subsidiary in Bermuda, Corebridge Insurance Company of Bermuda, Ltd. (“CRBG Bermuda”). The Insurance Act 1978, as amended, (the “Bermuda Insurance Act”) and its related regulations and other applicable Bermuda law, impose a variety of requirements and restrictions including the filing of annual and quarterly statutory financial returns; compliance with minimum enhanced capital requirements; compliance with the BMA’s Insurance Code of Conduct; provisional restrictions on the payment of dividends and distributions; and restrictions on certain changes in control of regulated (re)insurers. The term “insurer” includes “reinsurer” in the Bermuda Insurance Act.

CRBG Bermuda, which is currently licensed to carry on long-term business, is registered as a Class E insurer which is the license class for long-term insurers with total assets of more than $500 million. CRBG Bermuda is not licensed to carry on general business. CRBG Bermuda has received authorization as a reciprocal jurisdiction reinsurer from the state of Texas.

Pursuant to the terms of the Bermuda Insurance Act, as a Class E insurer, CRBG Bermuda will not be permitted to engage in non-insurance business unless that non-insurance business is ancillary to its core business. Non-insurance business means any business other than insurance business and includes carrying on investment business, underwriting debt or securities or otherwise engaging in investment banking and carrying on the business of management, sales or leasing of real property.

A Class E insurer must refrain from declaring or paying any dividends during any financial year if it would cause the company to fail to meet its minimum margin of solvency or enhanced capital requirement. Furthermore, a long‐term insurer may not declare or pay a dividend to any person other than a policyholder unless the value of the assets of its long‐term business fund (as certified by the company’s approved actuary) exceeds the value of the liabilities of its long‐term business and the amount of any such dividend shall not exceed the aggregate of that excess and any other funds properly available for the payment of dividends arising out of the company’s non- long‐term business. In addition to the foregoing restrictions under the Bermuda Insurance Act, as an incorporated Bermuda company, CRBG Bermuda remains subject to the provisions of the Bermuda Companies Act 1981, as amended, which has restrictions on when a company is able to pay dividends and distributions.

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On March 9, 2023, the BMA released a Guidance Note entitled “Management of Climate Change Risks for Commercial Insurers,” which focuses on the BMA’s expectations for commercial insurers, such as CRBG Bermuda, regarding their management and reporting of climate change risks.

Derivatives

Regulation of, and restrictions on, derivatives markets and transactions were adopted outside the United States in conjunction with similar regulation promulgated by U.S. regulators. (For U.S. derivatives discussion, see “U.S. Regulation—Dodd-Frank” for further information.) For instance, the EU and UK established a set of regulatory requirements for EU and UK derivatives activities and EU- and UK-regulated entities under the European Market Infrastructure Regulation (“EMIR”) and English law, respectively. These requirements include, among other things, various risk mitigation, risk management, margin posting, regulatory reporting and, for certain categories of derivatives, clearing requirements, that are broadly similar to, but also deviate in certain respects from, U.S. regulations of these activities.

Markets in Financial Instruments Directive II

The Markets in Financial Instruments Directive II (“MiFID II”) and Markets in Financial Instruments Regulation took effect in Europe on January 3, 2018. MiFID II and the related regulations are intended to create transparency in market trading by, for example, imposing trade and transaction reporting and other requirements. Corebridge Institutional Investments (Europe), Limited has implemented and continues to implement new policies, procedures and reporting protocols required to ensure compliance with this legislation and its related rules.

EMIR, which governs derivatives, and MiFID II were adopted by the UK government as part of the Brexit legislative “onshoring” process. The MiFID II requirements were implemented in the UK before the UK’s exit from the EU and then amended to reflect the UK’s exit from the EU. The Markets in Financial Instruments Regulation (“MiFIR”) and EMIR were “onshored” to become part of English law. The UK government has announced intended reforms to the MiFID II rules governing trading venues and equity markets in the UK, onshored versions of MiFID II and MiFIR in the Wholesale Markets Review and minor changes to EMIR. At present, it is anticipated that substantive obligations on Corebridge Institutional Investments (Europe), Limited arising from EMIR and MIFID II are unlikely to change in the UK context in the near future.

Securities, Investment Adviser, Broker-Dealer and Investment Company Regulation

We operate investment-related businesses in, among other jurisdictions, the UK. These businesses may advise on and market investment management products and services, investment funds and separately managed accounts. The regulatory authorities for these businesses include securities, investment advisory, financial conduct and other regulators that typically oversee such issues as: (1) company licensing; (2) the approval of individuals with positions of responsibility; (3) conduct of business to customers, including sales practices; (4) solvency and capital adequacy; (5) fund product approvals and related disclosures; and (6) securities, commodities and related laws, among other items. For example, our regulated asset manager in the UK is subject to the Senior Managers and Certification Regime (“SMCR”), which aims to reduce harm to consumers and strengthen market integrity by making senior individuals more accountable for their conduct and competence. The SMCR is currently being reviewed by HM Treasury, the PRA and the FCA following a joint Discussion Paper published by the PRA and the FCA. We also participate in investment-related joint ventures in jurisdictions outside the United States, primarily in Europe and Asia. In some cases, our international investment operations are also subject to U.S. securities laws and regulations.

FSB and IAIS

The Financial Stability Board (the “FSB”) consists of representatives of national financial authorities of the G20 countries. The FSB is not a regulator but is focused primarily on promoting international financial stability.

The International Association of Insurance Supervisors (“IAIS”) represents insurance regulators and supervisors of more than 200 jurisdictions (including regions and states) in nearly 140 countries and seeks to promote globally consistent insurance industry supervision. The IAIS is not a regulator, but one of its activities is to develop insurance regulatory standards for use by local authorities across the globe. The IAIS has adopted ComFrame, a Common Framework for the Supervision of Internationally Active Insurance Groups (“IAIGs”). ComFrame sets out qualitative and quantitative standards for group supervision, governance and internal controls, enterprise risk management, and recovery and resolution planning. As part of ComFrame, the IAIS is developing a risk-based global insurance capital standard applicable to IAIGs, with the purpose of creating a common language for supervisory discussions of group solvency of IAIGs. Although AIG has been designated as an IAIG, we are not to date separately designated as an IAIG.

The IAIS has adopted a holistic framework (“Holistic Framework”) for the assessment and mitigation of systemic risk in the insurance sector. The Holistic Framework recognizes that systemic risk can emanate from specific activities and exposures arising from either sector-wide trends or concentrations in individual insurers.

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In light of the IAIS adoption of the Holistic Framework, the FSB decided in December 2022 to discontinue the annual identification of Global Systematically Important Insurers in favor of instead applying the Holistic Framework to inform the FSB’s consideration of systemic risk in insurance.

The standards issued by the FSB and/or the IAIS are not binding on the United States or other jurisdictions around the world unless and until the appropriate local governmental bodies or regulators adopt laws and regulations implementing such standards. At this time, as these standards have been adopted only relatively recently and in some cases remain under development, it is not known how the IAIS’s frameworks and/or standards might be implemented in the United States and other jurisdictions around the world or how they might ultimately apply to us.

Privacy, Data Protection and Cybersecurity

Our UK entities, and potentially certain entities not established in the UK, are subject to data protection legislation, including the UK General Data Protection Regulation (“UK GDPR”) (i.e., Regulation (EU) 2016/679) (“EU GDPR”) as it forms part of retained EU law (as defined in the European Union (Withdrawal) Act 2018) and the UK Data Protection Act of 2018. The UK GDPR imposes a range of compliance obligations in relation to the processing of personal information, including the rights of data subjects to, in certain circumstances, request access, correction and deletion of their personal information and not to be subject to a decision based solely on automated processing, robust internal accountability controls and short timelines for data breach notifications.

Sanctions for non-compliance with the UK GDPR include fines of up to the higher of £17.5 million or 4% of global worldwide turnover for the most serious infringements. In March 2022, the UK introduced the International Data Transfer Agreement (“IDTA”) and International Data Transfer Addendum (“Addendum”) for the cross-border transfer of personal data. All contracts signed on or after September 22, 2022, must use the new IDTA or Addendum in place of the previously used Standard Contractual Clauses (“SCCs”) for cross-border data transfers. All contracts entered into prior to September 22, 2022, incorporating the previously used SCCs must be updated to include the IDTA or Addendum by March 22, 2024, onwards. While data protection law in the UK remains closely aligned with that in the EU, it is possible that they diverge in the future. Proposals for general reform of the current data protection regime are under consideration by the UK government. At present, there is no timescale for any changes to be made.

Our entities established within the European Economic Area countries (“EEA”), and certain entities not established in the EEA, are subject to data protection legislation, including the EU GDPR. The EU GDPR imposes a range of compliance obligations in relation to the processing of personal information, including the rights of data subjects to, in certain circumstances, request access, correction and deletion of their personal information and not to be subject to a decision based solely on automated processing, robust internal accountability controls, and shorten timelines for data breach notifications. Sanctions for non-compliance include fines of up to the higher of €20 million or 4% of global worldwide turnover for the most serious infringements. The Data Protection Commissioner in Ireland is an active regulator issuing a number of fines across industries including extensive fines against companies for data protection violations. The European Commission issued new EU SCCs for international data transfers to address the requirements arising out of the decision of the Court of Justice of the European Union in Data Prot. Comm’r, v. Facebook Ireland Ltd. and align with the corresponding guidance from the European Data Protection Board (“EDPB”). All existing SCCs entered into prior to September 27, 2021, were required to be replaced with the new EU SCCs by December 27, 2022. All new agreements executed on or after September 26, 2021 have had to use the new EU SCCs where relevant. The EDPB has issued additional guidance, further clarifying what constitutes international data transfers, and such international data transfers have been subject to increasing scrutiny by data protection supervisory authorities in the EU.

The EEA and the UK have also taken steps to regulate the use of personal data, including external data, and algorithms used for the purpose of AI and automated decision-making. On December 8, 2023, the European Commission, the European Parliament and the European Council reached an agreement on the terms of the European Union Artificial Intelligence Act (“EU AI Act”). It is anticipated that the EU AI Act will be finalized in the first quarter of 2024, with its various provisions coming into force at different points over a two-year period. As currently proposed, the EU AI Act will impose risk-based regulation of AI and, inter alia, (i) prohibit certain AI applications / use cases, (ii) impose potentially significant compliance burdens on designated “high risk” AI, and (iii) introduce specific transparency and labeling requirements for lower risk AI applications / use cases, but which still pose a risk of confusion (e.g., the use of chatbots).

The BMA introduced the Insurance Sector Operational Cyber Risk Management Code of Conduct (“Cyber Code of Conduct”) which became effective on January 1, 2021, and full compliance has been required since December 31, 2021. The Cyber Code of Conduct requires that registrants, such as AIGB, (i) comply with certain new requirements including being able to evidence that there is adequate board visibility and governance of cyber risk, (ii) maintain an operational cyber risk management program, and (iii) establish an asset inventory detailing all information assets.

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Available Information

Our corporate website is www.corebridgefinancial.com. We make available free of charge, through the Investor Relations section of our corporate website, the following reports (and related amendments as filed with the SEC) as soon as reasonably practicable after such materials are electronically filed with, or furnished to, the SEC:

•Annual Reports on Form 10-K

•Quarterly Reports on Form 10-Q

•Current Reports on Form 8-K

•Proxy Statements on Schedule 14A, as well as other filings with the SEC

Also available on our corporate website:

•Audit Committee Charter

•Corporate Governance Guidelines

•Director, Executive Officer and Senior Financial Officer Code of Business Conduct and Ethics (we will post on our website any amendment or waiver to this Code within the time period required by the SEC)

•Employee Code of Conduct

Except for the documents specifically incorporated by reference into this Annual Report on Form 10-K, information contained on our website or that can be accessed through our website is not incorporated by reference into this Annual Report on Form 10-K. Reference to our website is made as an inactive textual reference.

Information About Our Executive Officers

The following table sets forth certain information concerning our executive officers. The respective age of each individual in the table below is as of December 31, 2023.

Name

Age

Position

Kevin Hogan

Director, President and Chief Executive Officer

Elias Habayeb

Executive Vice President and Chief Financial Officer

John Byrne

Executive Vice President of Financial Distributors

Doug Caldwell

Executive Vice President and Chief Risk Officer

Elizabeth Cropper

Executive Vice President and Chief Human Resources Officer

David Ditillo

Executive Vice President and Chief Information Officer

Terri Fiedler

Executive Vice President and President of Retirement Services

Tim Heslin

Executive Vice President and President of Life Insurance

Lisa Longino

Executive Vice President and Chief Investment Officer

Amber Miller

Executive Vice President and Chief Auditor

Christine Nixon

Executive Vice President and General Counsel

Jonathan Novak

Executive Vice President and President of Institutional Markets

Elizabeth Palmer

Executive Vice President and Chief Marketing Officer

Bryan Pinsky

Executive Vice President and President of Individual Retirement

Christopher Smith

Executive Vice President and Chief Operating Officer

Kevin Hogan has served as a director of Corebridge since June 2021. Mr. Hogan also has served as President and Chief Executive Officer of Corebridge since December 2014. Mr. Hogan serves on the board of the American Council of Life Insurers. He was also a founding board member of Alliance for Lifetime Income, where he currently serves as a director. Mr. Hogan started his career in 1984 at AIG in New York and subsequently held management positions in AIG Property Casualty in Chicago, Tokyo, Hong Kong, Singapore and China and AIG Life & Retirement in China, Taiwan and New York. From 2009 until rejoining AIG in 2013, he was Chief Executive Officer, Global Life for the Zurich Insurance Group, Ltd. Prior to his current role, he served as Chief Executive Officer of AIG’s Consumer organization and senior officer for Japan.

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Elias Habayeb has served as Executive Vice President of Corebridge since October 2021 and Chief Financial Officer of Corebridge since November 2021. Prior to his current role, Mr. Habayeb served in a number of senior financial roles for AIG, most recently as Chief Financial Officer for General Insurance where he oversaw all finance activities supporting the General Insurance business. He also served as AIG’s Deputy Chief Financial Officer and AIG’s Chief Accounting Officer. His previous roles included Chief Financial Officer of International Lease Finance Corporation, a wholly-owned subsidiary of AIG, where he led efforts for its ultimate sale in 2014. Prior to AIG, Mr. Habayeb was a partner at Deloitte & Touche LLP and has more than 25 years of financial services experience in banking and insurance.

John Byrne has served as President of Financial Distributors at Corebridge Financial since October 2023. Prior to his current role, John served as Senior Vice President, National Sales Manager, Annuity Direct Distribution. He has a Chartered Retirement Planning Counselor designation from the College for Financial Planning.

Doug Caldwell has served as Chief Risk Officer of Corebridge Financial since July 2023. Prior to joining Corebridge, Mr. Caldwell held senior risk roles with MetLife, Transamerica, NN Group and ING Insurance. He has worked in actuarial, finance and risk roles in the insurance industry for more than 30 years. Mr. Caldwell is a Fellow of the Society of Actuaries and a Chartered Enterprise Risk Analyst.

Elizabeth Cropper has served as the Head of Human Resources of Corebridge since January 2024. Prior to her current role, Ms. Cropper served in a number of senior human resources roles for AIG, most recently as Global Head of Talent and Inclusion. She also served as Head of HR for General Insurance and Life and Retirement, Head of Human Resources for the Asia-Pacific region and HR Head for the UK businesses. Prior to AIG, Ms. Cropper held senior human resources positions at Banco Santander and Sainsbury’s. She is a fellow and graduate of the Chartered Institute of Personnel and Development.

David Ditillo has served as Chief Information Officer of Corebridge since 2020 and Executive Vice President since February 2022. Prior to joining AIG, Mr. Ditillo served in various technology executive management roles at MetLife, Inc., including Senior Vice President and Chief Information Officer for its U.S. business and Senior Vice President of U.S. Application Development.

Terri Fiedler has served as President, Retirement Services since October 2022. Previously, she was President of AIG Financial Distributors since May 2019. Ms. Fiedler served as Executive Vice President, Strategic Accounts for AIG Financial Distributors, responsible for working closely with the organization’s business teams to fully meet the product and services needs of AIG Life & Retirement’s largest clients from May 2012 through April 2019. Prior to joining AIG, Ms. Fiedler was the Senior Director of National Account Management at Invesco U.S. from September 2007 to May 2012 and, prior to that, spent 12 years at AIM Distributors. She currently serves as a director of Archer Holdco, LLC. and Immediate Past Chair of the Insured Retirement Institute and a Board Director for the Foundation for Financial Planning.

Tim Heslin has served as President of Life Insurance at Corebridge Financial since August 2021. Prior to his current role, Mr. Heslin served in a number of senior roles for AIG, most recently as Chief Life Product, Pricing and Underwriting Officer for AIG Life US. He also served as Head of Risk Selection for AIG's Global Life Business and Head of Life, Health and Disability for Europe, the Middle East and Africa. Mr. Heslin is a Fellow of the Society of Actuaries and a Member of the American Academy of Actuaries.

Lisa Longino has served as Chief Investment Officer of Corebridge Financial since February 2023. Prior to joining Corebridge, Ms. Longino was Head of Global Investment Strategy for Prudential Financial. Previously, she held several investment roles over more than 20 years at MetLife, including Head of Insurance Asset Management, Head of Portfolio Management and Head of Investment Grade Trading. Ms. Longino has been investing for insurance companies for over three decades with a focus on fixed income portfolios matched to insurance liabilities.

Amber Miller has served as Chief Auditor of Corebridge since July 2018 and Executive Vice President since February 2022. Ms. Miller joined AIG in September 2008, serving in various roles in internal audit covering various AIG products and functions. Prior to joining AIG, Ms. Miller served in various audit management roles at JPMorgan Chase for 15 years in the United States and the UK. Ms. Miller is a certified internal auditor.

Christine Nixon has served as General Counsel of Corebridge since 2010 and Executive Vice President since February 2022. Ms. Nixon has also served as Senior Vice President and Deputy General Counsel of AIG since 2010. Ms. Nixon joined AIG in 1999, when AIG acquired SunAmerica Inc., having been appointed to Vice President and Co-General Counsel in 2000 and Deputy Chief Legal Counsel and Secretary in 2001 for SunAmerica Inc., and General Counsel of AIG Retirement Services in 2006. Prior to joining AIG, Ms. Nixon served as Associate Counsel at SunAmerica Inc. Prior to joining SunAmerica Inc., Ms. Nixon was an associate at Sheppard, Mullin, Richter & Hampton LLP.

Jonathan Novak has served as President of Institutional Markets since April 2012 and Executive Vice President since February 2022. Mr. Novak also serves as Head of Life & Retirement Strategy, Corporate Development and Reinsurance of AIG. Mr. Novak joined AIG in April 2012. Prior to joining AIG, Mr. Novak served as Managing Director in the Financial Institutions Risk Management business at Goldman Sachs for 12 years. Prior to that, Mr. Novak served as an Associate in the Reinsurance Underwriting division at Berkshire Hathaway for four years. Mr. Novak holds the Chartered Financial Analyst professional designation.

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Elizabeth Palmer has served as the Chief Marketing Officer of Corebridge since March 2019 and Executive Vice President since February 2022. Prior to joining Corebridge, Ms. Palmer served as the Senior Vice President and Chief Communications Officer of the Teachers Insurance and Annuity Association from 2010 to 2019. Ms. Palmer serves on the board of the National Council on Aging and as the Treasurer for Alliance for Lifetime Income.

Bryan Pinsky has served as President of Individual Retirement at Corebridge Financial since August 2021. Prior to his current role, Mr. Pinksy was Senior Vice President of Individual Retirement Pricing and Product Development and led Individual Retirement Products at AIG. Prior to joining AIG in 2014, he led the Annuity Product team at Prudential, and, before that, held various life insurance and annuity product development positions with Allstate. Mr. Pinksy is a Chartered Financial Analyst and Fellow of the Society of Actuaries.

Christopher Smith has served as Chief Operating Officer of Corebridge Financial since July 2023. Prior to joining Corebridge, Mr. Smith was Head of Group Benefits for Guardian Life, and previously served as Head of Global Operations for MetLife. He has held the Chartered Financial Analyst designation since 2003.

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Item 1A. | Risk Factors

Risk Factors Summary

Our business is subject to a number of risks, including risks that could prevent us from achieving our business objectives or financial goals or that otherwise could adversely affect our business, results of operations, financial condition and liquidity, that you should carefully consider. These risks are discussed more fully in “Risk Factors.” These risks include the following:

•changes in interest rates and changes to credit spreads;

•the unpredictability of the amount and timing of insurance liability claims;

•unavailable, uneconomical or inadequate reinsurance or recaptures of reinsured liabilities;

•uncertainty and unpredictability related to our reinsurance agreements with Fortitude Re and its performance of its obligations under these agreements;

•our limited ability to access funds from our subsidiaries;

•our ability to incur indebtedness, our potential inability to refinance all or a portion of our indebtedness or our ability to obtain additional financing on favorable terms or at all;

•our inability to generate cash to meet our needs due to the illiquidity of some of our investments;

•the inaccuracy of the methodologies, estimations and assumptions underlying our valuation of investments and derivatives;

•a downgrade in our IFS ratings or credit ratings;

•exposure to credit risk due to non-performance or defaults by our counterparties or our use of derivative instruments to hedge market risks associated with our liabilities;

•our ability to adequately assess risks and estimate losses related to the pricing of our products;

•the failure of third parties that we rely upon to provide and adequately perform certain business, operations, investment advisory, functional support and administrative services on our behalf;

•the impact of risks associated with our arrangement with Blackstone IM, BlackRock or any other asset manager we retain, including their historical performance not being indicative of the future results of our investment portfolio and the exclusivity of certain arrangements with Blackstone IM;

•the ineffectiveness of our risk management policies and procedures;

•significant legal, governmental or regulatory proceedings;

•the intense competition we face in each of our business lines and the technological changes, including the use of AI, that may present new and intensified challenges to our business;

•catastrophes, including those associated with climate change and pandemics;

•business or asset acquisitions and dispositions that may expose us to certain risks;

•our ability to protect our intellectual property;

•our ability to compete effectively in a heavily regulated industry in light of new domestic or international laws and regulations or new interpretations of current laws and regulations;

•impact on sales of our products and taxation of our operations due to changes in U.S. federal income or other tax laws or the interpretation of tax laws;

•the ineffectiveness of our productivity improvement initiatives in yielding our expected expense reductions and improvements in operational and organizational efficiency;

•differences between actual experience and the estimates used in the preparation of financial statements and modeled results used in various areas of our business;

•our inability to attract and retain key employees and highly skilled people needed to support our business;

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•the significant influence that AIG has over us and conflicts of interests arising due to such relationship;

•the indemnification obligations we have to AIG;

•potentially higher U.S. federal income taxes due to our inability to file a single U.S. consolidated federal income tax return for five years following our IPO and our separation from AIG causing an “ownership change” for U.S. federal income tax purposes;

•the risk that anti-takeover provisions could discourage, delay, or prevent our change in control, even if the change in control would be beneficial to our shareholders; and

•challenges related to compliance with applicable laws incident to being a public company, which is expensive and time-consuming.

Risk Factors

Investing in Corebridge involves risk. In deciding whether to invest in Corebridge, you should carefully consider the following risk factors. Any of these risk factors could have a significant or material adverse effect on our businesses, results of operations, financial condition or liquidity. They could also cause significant fluctuations and volatility in the trading price of our securities. Readers should not consider any descriptions of these factors to be a complete set of all potential risks that could affect Corebridge. These factors should be considered carefully together with the other information contained in this report, including our financial statements, and the other reports and materials filed by us with the SEC. Further, many of these risks are interrelated and could occur under similar business and economic conditions, and the occurrence of certain of them may in turn cause the emergence or exacerbate the effect of others. Such a combination of risks could materially increase the severity of the impact of these risks on our businesses, results of operations, financial condition and liquidity above and beyond a risk’s singular impact. The risk factors described below are not necessarily presented in order of importance. This Annual Report on Form 10-K also contains forward-looking statements and estimates that involve risks and uncertainties. Our actual results could differ materially from those anticipated in the forward-looking statements as a result of specific factors, including the risks and uncertainties described below. See “Cautionary Statement Regarding Forward-Looking Information.”

Risks Relating to Market Conditions

We are exposed to risk from changes in interest rates.

Changes in interest rates have had, and could continue to have a material adverse effect on the value of our investment portfolio. For example, increases in interest rates have impacted our investment portfolio by decreasing the estimated fair values of the fixed income securities that constitute a substantial portion of our investment portfolio. This in turn has increased and could continue to increase the unrealized loss positions in our portfolio and adversely affect our ability to realize associated deferred tax assets, thereby materially and adversely affecting our business, results of operations, financial condition and liquidity.

We are exposed primarily to the following risks arising from, or exacerbated by, fluctuations in interest rates:

•mismatch between the expected duration of our liabilities and our assets;

•impairment to our ability to earn the returns or spreads assumed in the pricing and the reserving for our products;

•changes in certain statutory reserve or capital requirements that are based on formulas or models that consider interest rates or prescribed interest rates, such as cash flow testing reserves;

•changes in the costs of derivatives we use for hedging or increases in the volume of hedging we do;

•loss related to customer withdrawals following a sharp and sustained increase in interest rates;

•loss from reduced fee income, and changes in fair values of Market Risk Benefits (“MRBs”) and embedded derivatives;

•the reinvestment risk associated with more prepayments on mortgage-backed securities and other fixed income securities in decreasing interest rate environments and fewer prepayments in increasing interest rate environments;

•an increase in policy loans, surrenders and withdrawals as interest rates rise;

•volatility in our GAAP results of operations driven by interest rate-related components of liabilities and equity market-related components of optional guaranteed benefits and the cost of associated hedges in low interest rate environments; and

•higher credit losses on our investment portfolio in the event of higher interest rates.

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In periods of rapidly increasing interest rates, or sustained periods of elevated interest rates such as the current interest rate environment, we may not be able to purchase, in a timely manner, the higher yielding investments needed to fund the higher crediting rates necessary to keep interest rate-sensitive products that we offer competitive. Therefore, we may need to accept a lower investment spread and, thus, lower profitability, or face a decline in sales and greater loss of existing contracts and related assets. Policy loans, surrenders and withdrawals also tend to increase as policyholders seek investments with higher perceived returns in higher interest rate environments. These impacts may continue to result in significant cash outflows requiring that we sell investments at a time when the prices of those investments are adversely affected by the increase in interest rates, which could result in realized investment losses by selling assets in an unrealized loss position.

Conversely, sustained low interest rates as we experienced through early 2022 have negatively affected and could in the future negatively affect the performance of our investments and have reduced, and could in the future reduce, the level of investment income earned on our investment portfolios, resulting in net investment spread compression. We may experience lower investment income as well as lower sales of new products and policies when a low or declining U.S. interest rate and credit spread environment persists, and/or interest rates turn or, in certain circumstances, remain negative across various global economies. For example, low interest rate environments have negatively affected, and may in the future negatively affect, sales of interest rate sensitive products in our industry and have negatively impacted, and in the future may negatively impact, the profitability of our existing business as we reinvest cash flows from investments, including cash flows due to calls and prepayments of fixed-rate securities and mortgage loans, at rates below the average yield of our existing portfolios. As a result of such low interest rates, we de-emphasized sales of interest-sensitive products in our Life Insurance segment.

Volatility in credit spreads could have a material adverse effect on the valuation of our fixed income investments, our investment income and reserve calculations.

We are exposed to credit spread risk primarily as a result of market price volatility and investment risk associated with the fluctuation in credit spreads.

The primary source of our exposure to credit spreads is in the value of our fixed income securities. If credit spreads widen significantly, we could be exposed to higher levels of impairments. If credit spreads tighten significantly, it could result in reduced net investment income and in turn, reduced profitability associated with new purchases of fixed maturity securities.

Credit spreads also affect our variable annuity business. Widening credit spreads would reduce the value of certain bonds held within policyholder funds, decreasing the account value of affected annuity contracts and negatively impacting the fee income we earn. Tightening credit spreads would reduce the investment yields available on new asset purchases and the discount rates used in the principle-based statutory reserve calculation, potentially increasing statutory reserve requirements and, in turn, reducing statutory surplus. Although these effects on bond valuation, investment yields and reserve discount rates run in offsetting directions for either credit spread widening or tightening, it is possible for one of them to outweigh the other under certain market conditions.

Any of these risks could have a material adverse effect on our business, results of operations, financial condition and liquidity.

Our business is highly dependent on economic and capital market conditions.

Weakness in economic conditions and capital market volatility have in the past led to, and may in the future lead to, among other consequences, a poor operating environment, erosion of consumer and investor confidence, reduced business volumes, deteriorating liquidity of assets, declines in asset valuations, increased levels of credit losses and impairments, and impacts on policyholder behavior that could influence reserve valuations. Further, if our investment managers, including Blackstone IM and BlackRock, or any other asset managers we engage fail to react appropriately to difficult market or economic conditions, our investment portfolio could incur material losses.

Key ways in which we have in the past been, and could in the future be, negatively affected by economic conditions include:

•increases in policy withdrawals, lapses, surrenders and cancellations and other impacts from changes in policyholder behavior as compared to that assumed in pricing;

•increases in costs associated with third-party reinsurance, or decreased ability to obtain reinsurance at acceptable terms;

•increased likelihood of, or increased magnitude of, asset impairments caused by market fluctuations, deterioration in collateral values, or credit deterioration of borrowers; and

•reduced premium and deposits.

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Adverse economic conditions may result from a variety of factors, including domestic and global economic and political developments, including elevated interest rates, plateauing or decreasing economic growth and business activity, recessions, social inflation, inflationary or deflationary pressures in developed economies, including the United States, pressures on the commercial real estate market, recent stress in the banking sector, uncertainty regarding the U.S. government’s debt limit or a potential U.S. government shutdown, civil unrest, geopolitical tensions or military action, such as the ongoing armed conflicts between Ukraine and Russia and in the Middle East, and new or evolving legal and regulatory requirements on business investment, hiring, migration, labor supply and global supply chains. These and other market, economic, regulatory and political factors, including the prolonged effects of elevated inflation and macroeconomic uncertainty could have a material adverse effect on our business, results of operations, financial condition, capital and liquidity in many ways, including:

•lower levels of consumer demand for and ability to afford our products that decrease revenues and profitability;

•increased credit impairments, downgrades and losses across single or numerous asset classes due to lower collateral values or deteriorating cash flow and profitability by borrowers that could lead to higher defaults on the company’s investment portfolio, especially in geographic, industry or investment sectors where the company has higher concentrations of exposure, such as real estate related borrowings and widening of credit spreads that could reduce investment asset valuations, decrease fee income and increase statutory capital requirements;

•increased market volatility and uncertainty that could decrease liquidity with respect to our assets and increase borrowing costs and limit access to capital markets;

•the reduction of investment income generated by our investment portfolio;

•the reduction in the availability of investments that are attractive from a risk-adjusted perspective;

•increased likelihood of disruptions in one market or asset class spreading to other markets or asset classes;

•the reduction in the availability and effectiveness of hedging instruments;

•increased frequency of life insurance claims;

•increased likelihood of customers choosing to defer paying premiums or stop paying premiums altogether and other impacts to policyholder behavior beyond what was contemplated in our historical pricing of our products;

•increased policy withdrawals, surrenders and cancellations;

•impediments to our ability to execute strategic transactions or fulfill contractual obligations, including those under ceded or assumed reinsurance contracts;

•increased costs associated with third-party reinsurance, or decreased ability to obtain reinsurance on acceptable terms;

•recaptures of liabilities covered by certain reinsurance contracts, including our reinsurance contracts with Fortitude Re;

•increased costs related to our direct and third-party support services, labor and financing, increased credit risk and decreased sales as a result of inflationary pressures; and

•limitations on business activities and increased compliance risks with respect to economic sanctions regulations relating to jurisdictions in which our businesses operate.

We are exposed to risk from equity market declines or volatility.

Equity market declines or market volatility have, and could continue to have a material adverse effect on our investment returns, our business, results of operations, financial condition, capital and liquidity. For example, equity market declines or volatility have and could, among other things, decrease the asset value of our annuity, variable life and advisory and brokerage contracts which, in turn, would reduce the amount of revenue we derive from fees, including mortality and expense fees, charged on those account and asset values. While our variable annuity business is sensitive to interest rate and credit spreads, it is also highly sensitive to equity markets, and a sustained weakness or stagnation in equity markets could decrease our revenues and earnings with respect to those products and therefore our liquidity. At the same time, for annuity contracts that include guaranteed living benefits (“GLBs”), equity market declines increase the amount of our potential financial obligations related to such GLBs.

Equity market declines and market volatility can negatively impact the value of and returns on our equity investments, including private equity which could in turn reduce the statutory surplus of certain of our insurance company subsidiaries.

We hedge certain risks associated with equity market declines and volatility. Equity market declines could increase the cost of executing GLB-related hedges beyond what was anticipated in the pricing of the contracts being hedged. This has resulted in an increase in our potential financial obligations related to those contracts, net of any proceeds from our hedging strategies. We may not be able to effectively mitigate the equity market volatility of our portfolio. To the extent that we employ hedging strategies, we may not be able to fully mitigate equity market volatility with such hedges. We may sometimes choose based on economic considerations and other factors not to hedge and not to fully mitigate equity market volatility risks. Similarly, equity market declines have also impacted GMDBs which have also resulted in a decrease in revenues and increase in the amount of our potential financial obligation related to such GMDBs.

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Equity market declines and volatility may also influence policyholder behavior, adversely impacting the levels of surrenders and withdrawals, as well as the amounts withdrawn from our annuity, variable life and advisory and brokerage contracts. Such equity market declines and volatility may also cause policyholders to reallocate a portion of their account balances to more conservative investment options (which may have lower fees). As a result, our future profitability and liquidity could be negatively impacted, and our benefit obligations could increase, particularly if they were to remain in such options during an equity market increase.

In addition, equity market volatility could reduce demand for variable products relative to fixed products. Market volatility could result in changes to the fair value of our MRBs which include GLB and GMDB liabilities, which could increase the volatility of our earnings. Lastly, periods of high market volatility or adverse conditions could decrease the availability or increase the cost of hedges, including derivatives.

We are subject to the risk of declining real estate values which can impact the value of real estate equity, mortgage loans, structured securities and other assets.

A portion of our investment portfolio is at risk from falling real estate values including real estate equity, residential and commercial mortgage loans on real estate, structured securities with underlying real estate collateral, and real estate investment trusts. Although we manage credit risk and market valuation risk for our real estate assets through geographic, property type and product type diversification and asset allocation, general economic and business conditions in the real estate sector will influence the performance of these investments including the risk of declining equity values, loss of income, defaults, impairments, or other loss of market value. For example, these portfolios have in the past, and may in the future be, negatively impacted by work from home trends as well as significant changes in housing prices, interest rates and the availability of housing-related credits. These factors, which are beyond our control, could cause a decline in real estate values and have a material adverse effect on our business, results of operations, liquidity or financial condition.

Risks Relating to Insurance Risk and Related Exposures

The amount and timing of insurance liability claims are difficult to predict.

For our business, establishment and ongoing calculations of reserves for future policy benefits and related reinsurance assets, as well as embedded derivatives and MRBs, is a complex process, with significant judgmental inputs, assumptions and modeling techniques, each of which may yield corresponding results that are inaccurate or incorrect. We make assumptions, including regarding mortality, morbidity, discount rates, persistency and policyholder behavior at various points, including at the time of issuance and in subsequent reporting periods. An increase in the valuation of the liability could result to the extent emerging and actual experience deviates from these assumptions. The inputs and assumptions used in connection with calculations of reserves for future policy benefits are inherently uncertain. Experience may develop adversely such that additional reserves must be established or the value of MRBs or embedded derivatives may increase. Adverse experience could arise out of a number of factors, including, but not limited to, a severe short-term event, such as a pandemic or changes to policyholder behavior during stressed economic periods, or due to mis-estimation of long-term assumptions such as mortality, interest rates, credit spreads, equity market levels and volatility and persistency assumptions. Certain variables, such as policyholder behavior, are difficult to estimate and can have a significant impact on future policy benefits, MRBs and embedded derivatives. We review and update actuarial assumptions at least annually, typically in the third quarter for reserves, MRBs and embedded derivatives. Additionally, we regularly carry out cash flow testing for statutory reporting. If actual experience or revised future expectations result in projected future losses, we may be required to record additional liabilities through a charge to policyholder benefit expense, Net realized gains or losses, or changes in MRBs in the then-current period, which could negatively affect our business, results of operations, financial condition and liquidity. For a further discussion of our loss reserves for future policy benefits, see Note 14 to the Consolidated Financial Statements.

Reinsurance may not be available or economical and may not be adequate to protect us against losses.

We purchase third-party reinsurance and we use reinsurance as part of our overall risk management strategy. Reinsurers may attempt to increase rates with respect to our existing reinsurance arrangements, and their ability to increase rates depends upon the terms of each reinsurance contract and the market environment when we negotiate reinsurance arrangements for our in-force and new business. An increase in reinsurance rates may affect the profitability of our insurance business. Additionally, such a rate increase may lead to and has resulted in a recapture of the business, which may result in a need for additional reserves and increase our exposure to claims. Reinsurance for new business may be more difficult or costly to obtain in the event of prolonged or severe adverse mortality or morbidity experience. We may, at certain times, be forced to incur additional costs for reinsurance or may be unable to obtain sufficient reinsurance on acceptable terms. In the latter case, we would have to accept an increase in exposure to risk and the increase in volatility of mortality experience on a going-forward basis, reduce the maximum policy size and amount of business written by our subsidiaries going forward or seek alternatives in line with our risk limits or a combination thereof.

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The insolvency of one or more of our reinsurance counterparties, or the inability or unwillingness of such reinsurers to make timely payments under the terms of our contracts or payments in an amount equal to our expected reinsurance recoverables, could have a material adverse effect on our business, results of operations, financial condition and liquidity. Additionally, we are exposed to credit risk with respect to our reinsurers to the extent the reinsurance receivable is not secured, or is inadequately secured, by collateral or does not benefit from other credit enhancements. We bear the risk that a reinsurer is, or may be, unable to pay amounts we have recorded as reinsurance receivables for any reason, including that:

•the reinsurance transaction performs differently than we anticipated as compared to the original structure, terms or conditions;

•the terms of the reinsurance contract do not reflect the intent of the parties to the contract or there is a disagreement between the parties as to their intent;

•the terms of the contract are interpreted by a court or arbitration panel differently than expected;

•a change in laws and regulations or accounting principles, or in the interpretation of the laws and regulations or accounting principles, materially impacts a reinsurance transaction; or

•the terms of the contract cannot be legally enforced.

Further, we face the risk of financial responsibility for risks related to assumed reinsurance, including claims made by the ceding company.

Our subsidiaries also utilize intercompany reinsurance arrangements to provide capital benefits to their affiliated cedants. We have also pursued, and may continue to pursue, reinsurance transactions with external parties and permitted practices to manage the capital impact of statutory reserve requirements under applicable reserving rules. The application of actuarial guidelines involves numerous interpretations. If state insurance departments do not agree with our interpretations or if regulations change with respect to our ability to manage the capital impact of certain statutory reserve requirements, our statutory reserve requirements could increase, or our ability to take reserve credit for reinsurance transactions could be reduced or eliminated. Additionally, if our ratings decline, we could incur higher costs to obtain reinsurance, each of which could adversely affect sales of our products and our financial condition or results of operations.

We are exposed to risk from our agreements with Fortitude Re.

As of December 31, 2023, $26.8 billion of reserves related to business written by us had been ceded to Fortitude Re under reinsurance transactions. These reserve balances are fully collateralized pursuant to the terms of the reinsurance transactions. Our subsidiaries continue to remain primarily liable to policyholders under the business reinsured with Fortitude Re. As a result, if Fortitude Re is unable to successfully operate, or other issues arise that affect its financial condition or ability to satisfy or perform its obligations to our subsidiaries, we could experience a material adverse effect on our results of operations, financial condition and liquidity to the extent the amount of collateral posted in respect of our reinsurance receivable is inadequate. Further, as is customary in similar reinsurance agreements, upon the occurrence of certain termination and recapture triggers, our subsidiaries may elect or may be required, to recapture the business ceded under such reinsurance agreements, which would result in a substantial increase to our insurance liabilities and statutory capital requirements and may require us to raise capital to recapture such ceded business. These termination and recapture triggers include Fortitude Re becoming insolvent or being placed into liquidation, rehabilitation, conservatorship, supervision, receivership, bankruptcy or similar proceedings, certain regulatory ratios falling below certain thresholds, Fortitude Re’s failure to perform under the reinsurance agreements with us or its entry into certain transactions without receiving our consent. While we currently hold a less than 3% interest in, and are entitled to a seat on the board of Fortitude Re Bermuda, the indirect parent of Fortitude Re, our ability to influence Fortitude Re’s operations is limited.

As the reinsurance transactions between us and Fortitude Re are structured as modified coinsurance (“modco”), the manner in which we account for these reinsurance arrangements has led, and will continue to lead, to volatility in our results of operations. In modco arrangements, 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 insurance company subsidiaries) thereby creating an obligation for the ceding company to pay the reinsurer (i.e., Fortitude Re) at a later date. Additionally, as our applicable insurance company subsidiaries maintain ownership of these investments, we will maintain the existing accounting for these assets (e.g., the changes in fair value of available-for-sale securities will be recognized within OCI). Under the modco arrangement, our applicable insurance company subsidiaries have established a funds withheld payable to Fortitude Re while simultaneously establishing a reinsurance asset representing reserves for the insurance coverage that Fortitude Re has assumed. The funds withheld payable contains an embedded derivative and changes in fair value of the embedded derivative related to the funds withheld payable are recognized in earnings through realized gains (losses). This embedded derivative is considered a total return swap with contractual returns that are attributable to various assets and liabilities associated with these reinsurance agreements. As a result of changes in the fair value of the embedded derivative, we experience volatility in our GAAP net income.

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Risks Relating to Our Investment Portfolio, Liquidity, Capital and Credit

Gross unrealized losses on fixed maturity securities may be realized or result in future impairments.

Substantially all of the fixed maturity securities we hold are classified as available-for-sale and, as a result, are reported at fair value. Unrealized gains or losses on available-for-sale securities are recognized as a component of other comprehensive income (loss) and are, therefore, excluded from net earnings. The accumulated change in estimated fair value of these available-for-sale securities is recognized in net earnings when the gain or loss is realized upon the sale of the security, when it is determined that an allowance for credit losses is necessary or when all or a portion of the unrealized loss on a security is recognized. The determination of the amount of the allowance for credit losses varies by investment type and is based upon our periodic evaluation and assessment of known and inherent risks associated with the respective asset class. There can be no assurance that our management has accurately assessed the level of the allowance recorded sufficiently with respect to the actual realized losses in the future, which is reflected in our financial statements. With respect to unrealized losses, we establish deferred tax assets for the tax benefit we may receive in the event that losses are realized. The realization of significant realized losses could result in an inability to recover the tax benefits and may result in the establishment of valuation allowances against our deferred tax assets. Realized losses or increases in our allowance for credit losses may have a material adverse impact on our results of operations in a particular quarterly or annual period.

The occurrence of an economic downturn, changes in macroeconomic conditions, geopolitical events, acts of corporate malfeasance, widening credit spreads, or other events that adversely affect the issuers or guarantors of securities we own or the underlying collateral of structured securities we own could cause the estimated fair value of our fixed maturity securities portfolio and corresponding earnings to decline and cause the default rate of the fixed maturity securities in our investment portfolio to increase. A ratings downgrade affecting issuers or guarantors of particular securities we hold, or similar trends, could worsen the credit quality of issuers or guarantors and cause the valuation of such securities to decline. With economic uncertainty, credit quality of issuers or guarantors could be adversely affected. Similarly, a ratings downgrade affecting a security we hold could indicate the credit quality of that security has deteriorated and could increase statutory capital requirements. Write-downs or impairments, which are impacted by intent to sell, or our assessment of the likelihood that we will be required to sell, fixed maturity securities would cause a loss of earnings and a decrease in statutory surplus. Realized losses or allowances for credit losses on these securities may have a material adverse effect on our business, results of operations, financial condition and liquidity.

Corebridge Parent’s ability to access funds from our subsidiaries is limited.

Corebridge Parent is a holding company for all of our operations, and it is a legal entity separate from our subsidiaries. It depends on dividends, distributions and other payments from our subsidiaries to fund the return of capital to its shareholders, to pay corporate operating expenses, to make interest and principal payments due on outstanding debt and other obligations, to pay taxes and to make other investments. The majority of our assets are held by our regulated subsidiaries. The inability of Corebridge Parent to receive dividends, distributions or other payments from our subsidiaries could have a material adverse effect on our business, results of operations, financial condition and liquidity, and restrict our ability to meet our obligations or return capital to stockholders. It could also restrict our flexibility to meet capital and liquidity needs of our subsidiaries, maintain statutory capital requirements of our insurance company subsidiaries at target levels in times of stress, comply with rating agency requirements, meet unexpected cash flow obligations, satisfy capital maintenance and guarantee agreements and collateralize debt with respect to certain subsidiaries.

The ability of our subsidiaries to pay dividends, distributions or other payments to us in the future will depend on their earnings, tax considerations, covenants contained in any financing or other agreements and applicable regulatory restrictions or actions. In addition, such payments could be limited as a result of claims against our subsidiaries by their creditors, including policyholders, suppliers, vendors and lessors.

Specific to our insurance company subsidiaries, the ability to pay dividends, distributions or make other payments to Corebridge Parent depends on their ability to meet applicable regulatory standards and receive regulatory approvals, which are based in part on an insurance company subsidiary’s statutory income, capital and surplus and unassigned funds for the prior year. Changes in, or reinterpretations of, these regulatory standards could constrain the ability of our subsidiaries to pay dividends, distributions or make other payments in sufficient amounts and at times necessary to meet our obligations. Further, our subsidiaries have no obligation to pay amounts due on Corebridge Parent’s obligations or to make funds available to Corebridge Parent for such payments.

Our decision to pursue strategic changes or transactions in our business and operations may also subject our subsidiaries’ dividend plans to heightened regulatory scrutiny and could make obtaining regulatory approvals for extraordinary distributions by our subsidiaries, if any are sought, more difficult.

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If our liquidity is insufficient to meet our needs, we may draw on our credit facilities or seek third-party financing, including through the capital markets, or other sources of liquidity, which may not be available or could be prohibitively expensive. The availability and cost of any additional financing at any given time depends on a variety of factors, including general market conditions, the volume of trading activities, the overall availability of credit, regulatory actions, our credit ratings and our credit capacity. It is also possible that, as a result of such recourse to external financing, customers, lenders or investors could develop a negative perception of our short- or long-term financial prospects. Disruptions, volatility and uncertainty in the financial markets, and downgrades in our financial strength or credit ratings, may limit or prevent our ability to access external capital markets or other financing sources on favorable terms. If we are unable to satisfy the capital or liquidity needs of a subsidiary, the credit rating agencies could downgrade our subsidiary’s financial strength ratings or the subsidiary could become insolvent or, in certain cases, could be seized by its regulator.

We have incurred and may incur additional indebtedness.

We currently rely on, and may in the future rely on, the incurrence of indebtedness as a source of liquidity. In addition, despite our current indebtedness levels, we may incur substantially more indebtedness. As we are no longer able to rely on AIG’s earnings, assets or cash flows, we are responsible for servicing our own indebtedness.

Our ability to make payments on and to refinance our existing or future indebtedness will depend on our ability to generate cash in the future from operations, financing or asset sales.

If we are unable to satisfy our obligations with respect to our borrowings, comply with the covenants with respect to such borrowings or fulfill the conditions applicable to such borrowings, or the lenders fail to fund their lending commitments (whether due to insolvency, illiquidity or other reasons), our business, financial condition, results of operations, liquidity and our ability to meet our obligations or return capital to our stockholders could be adversely impacted. We may also be subject to increased regulatory supervision, and ultimately, receivership or similar proceedings, and we could be forced to take unfavorable actions, including business and legal entity restructuring, limited new business investment, asset sales or dedicating an unsustainable level of our cash flow from operations to the payment of principal and interest on our indebtedness.

If we seek to refinance our indebtedness, we may be unable to do so on terms acceptable to us or at all. Market disruptions, as well as our indebtedness level, may increase our cost of borrowing or adversely affect our ability to refinance our obligations as they become due. If we are unable to refinance our indebtedness or access additional credit, or if short-term or long-term borrowing costs dramatically increase, our ability to meet our short and long-term obligations could be adversely affected, which would have a material adverse effect on our business, financial condition, results of operations and liquidity and restrict our ability to meet our obligations or return capital to our stockholders.

In addition, the level of our indebtedness could put us at a competitive disadvantage compared to our competitors that are less leveraged than us. These competitors could have greater financial flexibility to pursue business strategies and secure financing for their operations. The level of our indebtedness could also impede our ability to withstand downturns in our industry or the economy in general.

We may not be able to generate cash to meet our needs due to the illiquidity of some of our investments.

We have a diversified investment portfolio. However, economic conditions, as well as adverse capital market conditions, including a lack of buyers, the inability of potential buyers to obtain financing on reasonable terms, general market volatility, credit spread changes, interest rate changes, foreign currency exchange rates and/or decline in collateral values have in the past impacted, and may in the future impact, the liquidity and value of our investments.

For example, we have made investments in certain securities that are generally considered less liquid, including certain fixed income and structured securities, privately placed securities, investments in private equity and hedge funds, mortgage loans, finance receivables and real estate. The reported values of our relatively less liquid types of investments do not necessarily reflect the values achievable in a stressed market environment for those investments. If we are forced to sell certain of our more illiquid assets on short notice, we could be unable to sell them for the prices at which we have recorded them or at all, and we could be forced to sell them at significantly lower prices, which could cause a material adverse effect on our business, results of operations, financial condition and liquidity and restrict our ability to meet our obligations or return capital to our stockholders. Additionally, adverse changes in the valuation of real estate and real estate-linked assets, volatility or deterioration of capital markets and widening credit spreads have in the past, and may in the future, materially adversely affect the liquidity and the value of our investment portfolios, including our residential and commercial mortgage-related securities portfolios.

In the event additional liquidity is required by one or more of our subsidiaries, it may be difficult for us to generate additional liquidity by selling, pledging or otherwise monetizing these or other of our investments at reasonable prices and time frames.

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Our valuation of investments and derivatives involves the application of methodologies and assumptions to derive estimates that may differ from actual experience.

It has been and may continue to be difficult to value certain of our investments or derivatives that are not actively traded. There also may be cases where certain assets in normally active markets with significant observable data become inactive with insufficient observable data due to the financial environment or market conditions in effect at that time. As a result, valuations may include inputs and assumptions that are less observable or require greater estimation and judgment, as well as valuation methods that are more complex. These values may not be realized in a market transaction, may not reflect the value of the asset and may change very rapidly as market conditions change and valuation assumptions are modified. Decreases in value and/or an inability to realize that value in a market transaction or other disposition may have a material adverse effect on our business, results of operations, financial condition and liquidity or lead to volatility in our profitability.

The IFS ratings of our insurance companies or our credit ratings could be downgraded.

Downgrades of the IFS ratings of our insurance company subsidiaries, including related to changes in rating agency methodologies, could prevent these companies from selling, or make it more difficult for them to succeed in selling, products and services, make it more difficult for them to enter into new reinsurance contracts or obtain it on reasonable terms, or result in increased policy cancellations, lapses and surrenders, termination of, or increased collateral posting obligations under, assumed reinsurance contracts, or return of premiums. A downgrade in our credit ratings could result in a downgrade of the IFS ratings of our insurance or reinsurance company subsidiaries. Similarly, a downgrade of the IFS ratings of our insurance and reinsurance company subsidiaries could result in a downgrade in our credit ratings.

In addition, a downgrade of our long-term debt ratings by one or more of the major rating agencies, including related to changes in rating agency methodologies, could increase our financing costs and collateral requirements and limit the availability of financing, making it more difficult to refinance maturing debt obligations, and support business and investment strategies. Specifically, a downgrade of our or CRBGLH’s long-term debt ratings below specified levels may require us and CRBGLH to collateralize the principal amount outstanding under the CRBGLH notes and our junior subordinated debt at any given time, any related accrued and unpaid interest, and the net present value of future interest payments with respect to such debt. Such collateralization could materially and adversely affect our business, results of operations, financial condition and liquidity.

A downgrade could also impede our ability to maintain or improve the IFS ratings of our insurance company subsidiaries. Additionally, a downgrade in our insurance company subsidiaries’ IFS ratings or our credit ratings could cause counterparties to limit or reduce their exposure to us and thus reduce our ability to manage our market risk exposures effectively during times of market stress. Such a downgrade could materially and adversely affect our business, results of operations, financial condition and liquidity.

For information on our credit ratings, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations —Liquidity and Capital Resources—Credit Ratings.”

We are exposed to risks from our participation in repurchase programs and securities lending programs.

We participate in a repurchase and reverse repurchase program for our investment portfolios whereby we sell, or purchase, fixed income securities to or from third-party repurchase counterparties, primarily major brokerage firms and commercial banks, with a concurrent agreement to repurchase or sell substantially similar securities at a predetermined price and future date. During the term of the repurchase agreements, cash collateral, received and returned on a daily basis, is required to be maintained at a level that is sufficient to fund substantially all of the cost of purchasing replacement securities. In some cases, the fair value of the securities could be below the agreed repurchase price and we must provide additional cash collateral. Additionally, we invest the cash collateral we receive from the repurchase program in certain long-dated corporate bonds. If we are required to return cash collateral under the repurchase program earlier than expected, we may need to sell those bonds at a price lower than anticipated and may have less cash available. Further, we may be unable to roll over each arrangement under the repurchase program if the relevant counterparty refuses such rollover.

We may also participate in securities lending programs whereby securities are loaned to third-party borrowers. We generally obtain cash collateral in an amount based upon the estimated fair value of the loaned securities. A return of loaned securities by a borrower requires us to return the cash collateral associated with such loaned securities. In some cases, the fair value of the loaned securities could be below the amount of cash collateral we received, and we must return some cash collateral. Additionally, we use the cash collateral we receive in cash management, contingent liquidity and hedging programs. In some cases, if our securities lending arrangements are terminated earlier than their maturity date, we may be required to return cash collateral earlier than anticipated, resulting in less cash available for such purposes.

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Under both securities lending and repurchase programs, defaults by third-party repurchase counterparties could result in the applicable counterparty failing to post cash collateral to us or complying with their other obligations under the relevant agreements. Also, market conditions on the maturity date could limit our ability to enter into new agreements. Our inability to enter into new securities lending or repurchase agreements would require us to return the cash collateral proceeds associated with such transactions on the maturity date.

If we are required to return significant amounts of cash collateral and are forced to sell securities to meet the return obligation, we could have difficulty selling securities in a timely manner, be forced to sell securities in a volatile or illiquid market for less than we otherwise would have been able to realize under normal market conditions, or both.

The repurchase and securities lending programs we manage are subject to technical and fundamental market risks which can broadly impact the financial markets. Under adverse capital market and economic conditions, liquidity could broadly deteriorate, which would further restrict our ability to sell securities and require us to provide additional collateral and sell securities for less than the price at which we recorded them, and third-party repurchase counterparties could fail to post cash collateral to us or default on their other obligations, which, in each case, could cause a material adverse effect on our business, results of operations, financial condition and liquidity.

We are exposed to counterparty credit risk.

We are exposed to credit risk arising from exposures to various counterparties related to investments, derivatives, premiums receivable and reinsurance recoverables. These counterparties include, but are not limited to, issuers of fixed income and equity securities we hold, borrowers of loans we hold, customers, plan sponsors, trading counterparties, counterparties under swaps and other derivative instruments, reinsurers, clearing agents, exchanges, clearing houses, custodians, brokers and dealers, commercial banks, investment banks, intra-group counterparties with respect to derivatives and other third parties, financial intermediaries and institutions and guarantors. These counterparties may default on their obligations to us due to bankruptcy, insolvency, receivership, financial distress, lack of liquidity, adverse economic conditions, operational failure, fraud, government intervention and other reasons.

In addition, for exchange-traded derivatives, such as futures, options as well as “cleared” over-the-counter derivatives, we are generally exposed to the credit risk of the relevant central counterparty clearing house and futures commission merchants through which we clear derivatives. For uncleared over-the-counter derivatives, we are also generally exposed to the credit risk of the third-party custodians at which margin collateral that we post, or is posted to us by our counterparties, is held as a result of regulatory or contractual requirements. With respect to transactions in which we acquire a security interest in collateral owned by the borrower, our credit risk could be exacerbated when the collateral cannot be realized or if we cannot offset our exposures through derivative transactions, reinsurance and underwriting arrangements, unsecured money market and prime funds and equity investments. Additionally, if the underlying assets supporting the structured securities we invest in are expected to default or actually default on their payment obligations, our securities may incur losses.

We assume pension obligations from plan sponsors, including obligations in respect of current employees of the plan sponsor. If the plan sponsor experiences financial distress that results in bankruptcy or significant terminations or otherwise experiences substantial turnover of employees active under the plan, its employees may be entitled to rights under the pension plan, such as lump-sum payments. To the extent that a plan sponsor experiences a significant turnover event, we may not achieve the targeted return expected at the time the PRT transaction was priced. Further, when we invest on a short-term basis, the cash collateral pledged to us by our derivative instruments counterparties in unsecured money markets, prime funds and bank demand deposit accounts, we are exposed to the credit risk of financial institutions where we invest funds received as collateral. Any resulting loss or impairments to the carrying value of these assets or defaults by these counterparties on their obligations to us could have a material adverse effect on our business, results of operations, financial condition and liquidity. See “Business—Regulation—U.S. Regulation—Dodd-Frank” for further discussion.

In the event of a credit risk event such as an insolvency of, or the appointment of a receiver to rehabilitate or liquidate, a significant competitor, such appointment may impact consumer confidence in the products and services we offer, which could negatively impact our business.

Our exposure to credit risk may be exacerbated in periods of market or credit stress, as derivative counterparties take a more conservative view of their acceptable credit exposure to us, resulting in reduced capacity to execute derivative-based hedges when we need it most.

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Risks Relating to Business and Operations

Pricing for our products is subject to our ability to adequately assess risks and estimate losses.

Our business is dependent on our ability to price our products effectively and charge appropriate fees and other policy charges. Pricing adequacy depends on a number of factors and assumptions, including proper evaluation of insurance risks, our expense levels, expected net investment income to be realized, our response to rate actions taken by competitors, our response to actions by distributors, legal and regulatory developments, and long-term assumptions regarding interest rates, credit spreads, investment returns, operating costs and the expected persistency of certain products, which is the probability that a policy will remain in force from one period to the next. For example, some of our life insurance policies and annuity contracts provide management the limited right to adjust certain non-guaranteed charges or benefits and interest crediting rates if necessary, subject to guaranteed minimums or maximums, and the exercise of these rights could result in reputational and/or litigation risk.

Management establishes target returns for each product based upon these factors, certain underwriting assumptions and capital requirements, including statutory, GAAP and economic capital models. We monitor and manage pricing and sales to achieve target returns on new business, but we may not be able to achieve those returns due to the factors discussed above. Profitability from new business emerges over a period of years, depending on the nature of the product, and is subject to variability as actual results may differ from pricing assumptions.

Our profitability depends on multiple factors, including the impact of actual mortality, longevity, morbidity and policyholder behavior experience as compared to our assumptions; the adequacy of investment margins; our management of market and credit risks associated with investments, including the cost of hedging; our ability to maintain premiums and contract charges at a level adequate to cover mortality, benefits and contract administration expenses; the adequacy of contract charges and availability of revenue from providers of investment options offered in variable contracts to cover the cost of product features and other expenses; and management of operating costs and expenses. Inadequate pricing and the difference between estimated results of the above factors compared to actual results could have a material adverse effect on our business, results of operations, financial condition and liquidity.

Guarantees within certain of our products may increase the volatility of our results.

Certain of our annuity and life insurance products include features that guarantee a certain level of benefits, including GMDB, guaranteed living benefits, including GMIB, and products with guaranteed interest crediting rates, including crediting rate guarantees tied to the performance of various market indices. Many of these features are accounted for at fair value as either MRBs or embedded derivatives under GAAP, and they have significant exposure to capital markets and insurance risks. An increase in valuation of liabilities associated with the guaranteed features results in a decrease in our profitability and depending on the magnitude of any such increase, could materially and adversely affect our financial condition, including our capitalization, as well as our financial strength ratings.

We employ a capital markets hedging strategy to partially offset the economic impacts of movements in equity, interest rate and credit markets; however, our hedging strategy may not effectively offset movements in our GAAP equity or our statutory surplus and capital requirements and may otherwise be insufficient in relation to our obligations. Furthermore, we are subject to the risk that changes in policyholder behavior or actual levels of mortality/longevity as compared to assumptions in pricing and reserving, combined with adverse market events, could produce losses not addressed by the risk management techniques employed. These factors, individually or collectively, may have a material adverse effect on our business, results of operations, financial condition and liquidity including our ability to receive dividends from our operating companies.

Changes in interest rates result in changes to the fair value liability. All else being equal, higher interest rates generally decrease the fair value of our liabilities, which increases our earnings, while low interest rates generally increase the fair value of our liabilities, which decreases our earnings. A prolonged low interest rate environment or a prolonged period of widening credit spreads may also subject us to increased hedging costs or an increase in the amount of statutory reserves that our insurance company subsidiaries are required to hold for our liabilities, lowering their statutory surplus, which would adversely affect their ability to pay dividends. In addition, it may also increase the perceived value of our benefits to our policyholders, which in turn may lead to a higher than expected benefit utilization and lower than expected surrender rates of those products over time as compared to pricing assumptions.

Differences between the change in fair value of the GAAP MRBs and embedded derivatives, as well as associated statutory and tax liabilities, and the value of the related hedging portfolio may occur and can be caused by movements in the level of equity, interest rate and credit markets, market volatility, policyholder behavior, and mortality/longevity rates that differ from our assumptions and our inability to purchase hedging instruments at prices consistent with the desired risk and return trade-off. In addition, we may sometimes choose not to hedge or fully mitigate these risks, based on economic considerations and other factors. The occurrence of one or more of these events has in the past resulted in, and could in the future result in, an increase in the fair value of liabilities associated with the guaranteed benefits without an offsetting increase in the value of our hedges, or a decline in the value of our hedges without an offsetting decline in our liabilities, thus reducing our results of operations and shareholders’ equity.

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We are exposed to risks from our use of derivative instruments to hedge market risks associated with our liabilities.

Our risk management strategy seeks to mitigate the potential adverse effects of changes in capital markets, specifically changes in equity markets, foreign exchange rates and interest rates on guarantees related to variable annuities, fixed index annuities and index universal life insurance, and liability guarantees associated with our GLBs for certain products such as variable annuities, fixed index annuities and fixed annuities. The strategy primarily relies on hedging strategies using derivatives instruments and, to a lesser extent, reinsurance.

Derivative instruments primarily composed of futures, swaps and options on equity indices and interest rates are an essential part of our hedging strategy and are selected to provide a measure of economic protection. We utilize a combination of short-term and longer-term derivative instruments to have a laddered maturity of protection and reduce rollover risk during periods of market disruption or higher volatility. As of December 31, 2023, notional amounts on our derivative instruments totaled $243 billion. We manage the potential credit exposure for derivative instruments through utilization of financial exchanges, ongoing evaluation of the creditworthiness of counterparties, the use of International Swap and Derivative Association, Inc. (“ISDA”) and collateral agreements, and other master netting agreements.

In connection with our hedging program, we may decide to seek the approval of applicable regulatory authorities to permit us to increase our limits with respect to derivatives transactions used for hedging purposes consistent with those contemplated by the program. No assurance can be given that any of our requested approvals will be obtained and whether, if obtained, any such approvals will not be subject to qualifications, limitations or conditions. If our capital is depleted in the event of persistent market downturns, we may need to replenish it by holding additional capital, which we may have allocated for other uses, or purchase additional hedging protection through the use of derivatives with strike levels at then-current market levels, which may result in additional costs. Under our hedging strategy, period-to-period changes in the valuation of our hedges relative to the guaranteed liabilities may result in significant volatility to certain of our profitability measures, which in certain circumstances could be more significant than has been the case historically.

In addition, hedging instruments we enter into may not effectively offset changes in economic values of the guarantees within certain of our annuity products or may otherwise be insufficient in relation to our obligations. For example, in the event that derivatives counterparties or central clearinghouses are unable or unwilling to honor their obligations, we remain liable for the guaranteed liability benefits. See “Risks Relating to Our Investment Portfolio, Liquidity, Capital and Credit—We are exposed to counterparty credit risk.”

The cost of our hedging program may be greater than anticipated if adverse market conditions were to limit the availability and increase the costs of the derivatives we intend to employ, and such costs may not be recovered in the pricing of the underlying products we offer. Our transactions with financial and other institutions generally specify the circumstances under which either party is required to pledge collateral related to any change in the market value of the derivative instruments. The amount of collateral, or a total of initial and variation margins, we are required to post under these agreements could increase under certain circumstances, which could materially and adversely affect our business, results of operations, financial condition and liquidity.

The above factors, individually or in the aggregate, may have a material adverse effect on our financial condition, results of operations and our profitability measures and may impact our capitalization, our distributable earnings, our ability to receive dividends from our operating companies and our liquidity. These impacts could then in turn impact our RBC ratios and our financial strength ratings.

We may experience difficulty in marketing and distributing our Individual Retirement and Life Insurance products and the use of third parties may result in additional liabilities.

Although we distribute our Individual Retirement and Life Insurance products through a wide variety of distribution channels, we maintain relationships with a number of key distributors, which results in certain distributor concentration. Distributors have in the past, and may in the future, elect to renegotiate the terms of existing relationships such that those terms may not remain attractive or acceptable to us, limit the products they sell, including the types of products offered by us, or otherwise reduce or terminate their distribution relationships with us with or without cause. This could be due to various reasons, industry consolidation of distributors or other industry changes that increase the competition for access to distributors, developments in laws or regulations that affect our business or industry, including the marketing and sale of our products and services, adverse developments in our business, the distribution of products with features that do not meet minimum thresholds set by the distributor, strategic decisions that impact our business, adverse rating agency actions or concerns about market-related risks.

Alternatively, renegotiated terms may not be attractive or acceptable to distributors, or we may terminate one or more distribution agreements due to, for example, a loss of confidence in, or a change in control of, one of the third-party distributors. An interruption or reduction in certain key relationships could materially affect our ability to market our products and could materially and adversely affect our business, results of operations, financial condition and liquidity.

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Key distribution partners could merge, consolidate, change their business models in ways that affect how our products are sold, or terminate their distribution contracts with us, or new distribution channels could emerge and adversely impact the effectiveness of our distribution efforts. For example, in the year ended December 31, 2023, our top 10 distribution partners in our Individual Retirement business represented 69% of our sales, and our largest distribution partner represented 18% of our sales. An increase in bank, wirehouse and broker-dealer consolidation activity could increase competition for access to distributors, result in greater distribution expenses and impair our ability to market our Individual Retirement annuity products through these channels.

Also, if we are unsuccessful in attracting, retaining and training key distribution partners, or are unable to maintain our distribution relationships, our sales could decline, which could have a material adverse effect on our business, results of operations, financial condition and liquidity. In addition, substantially all of our distributors are permitted to sell our competitors’ products. If our competitors offer products that are more attractive than ours or pay higher commission rates to the distribution partners than we do, these distribution partners could concentrate their efforts on selling our competitors’ products instead of ours.

In addition, we can, in certain circumstances, be held responsible for the actions of our third-party distributors, including broker-dealers, registered representatives, insurance agents and agencies and marketing organizations, and their respective employees, agents and representatives, in connection with the marketing and sale of our products by such parties, including the security of their operations and their handling of confidential information and personal data, in a manner that is deemed not compliant with applicable laws and regulations. This is particularly acute with respect to unaffiliated distributors where we may not be able to directly monitor or control the manner in which our products are sold through third-party firms despite our risk assessment, training and compliance programs. Further, misconduct by employees, agents and representatives of our broker-dealer subsidiaries in the sale of our products could also result in violations of laws by us or our subsidiaries, regulatory sanctions and serious reputational or financial harm to us. The precautions we take to prevent and detect the foregoing activities may not be effective. If our products are distributed to customers for whom they are unsuitable, distributed in a manner alleged to be inappropriate, or third-party distributors experience a security or data breach, including due to deficient operational controls, we could suffer reputational and/or other financial harm to our business.

We may experience difficulty in sales and asset retention with respect to our Retirement Services business.

Plan sponsors, our customers in our Retirement Services segment, have in the past, and may in the future, elect to renegotiate the terms of existing relationships on terms that are not attractive or acceptable to us, limit the products or services they offer to their plan participants, including the types of products and advisory services offered by us, or otherwise reduce or terminate their relationships with us. This could arise as a result of the consolidation of plan sponsors (particularly in the healthcare industry), changes in law and regulations with respect to the investments that may be offered under certain plans, such as collective investment trusts, the redirection of assets to other providers who may provide more favorable terms or products, the provision of operational support by other providers which may be viewed as more optimal for the plan or changes in our business model. The renegotiation or termination of plans that contribute significantly to our profitability could have a meaningful impact on our overall profitability. In the case of employer-sponsored plans, the impact of renegotiations can also vary depending on whether existing plan accounts remain with us, are transferred at the direction of the plan sponsor or are transferred at the direction of individual plan participants.

Additionally, both public and private plan sponsors, have in the past, and may in the future, experience financial difficulty and some may reduce costs, including through headcount reductions or the rebalancing of their workforce in favor of part-time employees who are ineligible for retirement benefits. The financial stress on such plan sponsors is often exacerbated by reductions in governmental funding sources.

Given these challenges, our premiums and deposits may decline or stagnate, which could adversely affect our business, results of operations, financial condition and liquidity.

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Third parties we rely upon to provide certain business and administrative services may not perform as anticipated.

As part of our continuing focus on reducing expenses, we have used and will continue to use outsourcing strategies and third-party providers to realize cost efficiencies through the transformation of operational and back office processes and the delivery of contracted services in a broad range of areas. Such areas include, but are not limited to, the administration or servicing of certain policies and contracts, finance, actuarial, information technology and operational functions, and investment advisory and management services for certain funds, plans and retail advisory programs we offer, as well as our own investments. In addition, we have engaged BlackRock for use of its investment management and risk analytics technology platform, Aladdin. The implementation of Aladdin is comprised of multiple workstreams that are complex and require significant time and resource prioritization. We may experience delays, including due to a lack of sufficient resources to execute the implementation process on a timely basis, inefficiencies stemming from changes that may be required to the program or sequencing, or a failure to meet operational and financial targets due to competing or unexpected priorities or other factors. These risks may impair our ability to achieve anticipated improvements in our businesses or may disrupt or otherwise harm our operations, which could materially and adversely affect our businesses, financial condition and operations.

Further, we have engaged Blackstone IM and BlackRock to serve as our investment managers for certain asset classes. For information regarding our reliance on Blackstone IM and BlackRock as a third-party investment managers, see “Risks Relating to Business and Operations—We are exposed to risks from our arrangements with Blackstone, BlackRock and any other asset manager we engage. Furthermore, historical performance should not be relied on as a predictor of future results” below.

We periodically negotiate provisions and renewals of many of these third-party relationships, and there can be no assurance that such terms will remain acceptable to us, such third parties or regulators. If our third-party providers experience disruptions, fail to meet applicable licensure requirements, do not integrate with our procedures or adapt to the systems associated with our facilities when providing services from our premises, do not perform as anticipated or in compliance with applicable laws and regulations, terminate or fail to renew our relationships, or such third-party providers in turn rely on services from other third-party providers, who experience disruptions, fail to meet licensure requirements, do not perform in compliance with the primary contractor’s terms with us or in compliance with applicable laws or regulations, or terminate or do not renew their contractual relationships, we may experience operational difficulties, an inability to meet obligations (including, but not limited to, contractual, legal, regulatory or policyholder obligations), a loss of business, increased costs, decreased profits or reputational harm, compromises to the security of our information systems or data, or suffer other negative consequences, all of which may have a material adverse effect on our business, consolidated results of operations, liquidity and financial condition. Some of these providers are located outside the United States, which exposes us to business disruptions and political risks inherent when conducting business outside of the United States.

For information regarding cybersecurity risk arising from third-party providers, see “Risks Relating to Business and Operations—We may be unable to maintain the availability of our critical technology systems and data and safeguard the confidentiality and integrity of our data” below.

We are exposed to risks from our arrangements with Blackstone, BlackRock and any other asset manager we engage. Furthermore, historical performance should not be relied on as a predictor of future results.

In 2021, we entered into a strategic partnership with Blackstone pursuant to which Blackstone acquired a 9.9% position in our common stock and we entered into a long-term asset management relationship with Blackstone IM. Blackstone IM initially managed $50 billion of our existing investment portfolio, with that amount to increase to an aggregate of $92.5 billion by the third quarter of 2027. In addition, since April 2022 we have entered into several investment management agreements with BlackRock. As of December 31, 2023, BlackRock managed approximately $85.3 billion in book value of assets in our investment portfolio, consisting of liquid fixed income and certain private placement assets. In addition, liquid fixed income assets associated with the Fortitude Re portfolio were separately transferred to BlackRock for management.

As part of our arrangements with Blackstone, Blackstone IM is serving as exclusive external investment manager for certain of our insurance company subsidiaries with respect to certain asset classes, which resulted in an increase in investment management fees payable by us and our insurance company subsidiaries, as compared to expenses we and they have historically incurred for similar services. Further, there are provisions that require minimum management fees to be paid by Corebridge Parent to Blackstone IM to the extent actual amounts charged to our insurance company subsidiaries are below specified minimum amounts and, if such agreements are terminated for reasons other than certain specified reasons, we could be required to continue paying investment advisory fees to Blackstone regardless of the termination. We may not have the funds available to pay any such fees and our insurance company subsidiaries may not be able or permitted to pay dividends or make other distributions to Corebridge Parent in an amount sufficient to pay any such fees or at all. Any requirement to pay such fees could adversely affect our business, results of operations, financial condition and liquidity.

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Further, Blackstone IM and BlackRock are generally compensated based solely on the value of our assets which they manage, rather than by investment return targets, and as a result, Blackstone IM and BlackRock are not directly incentivized to maximize investment returns. Our investment portfolio’s returns have benefited historically from investment opportunities and general market conditions that may not currently exist and may not be repeated. There can be no guarantee that Blackstone IM, BlackRock or any other investment manager we engage will be able to achieve any particular returns or generate investment opportunities with attractive, risk-adjusted returns for our investment portfolio in the future. Due to the concentration of assets in our portfolios that are managed by each of Blackstone and BlackRock, if Blackstone IM or BlackRock are unable to effectively manage our portfolio, such inability could adversely affect our business, results of operations, financial condition and liquidity.

In the case of the arrangements with Blackstone, the exclusivity provisions and termination provisions of such arrangements may prevent certain of our insurance company subsidiaries from retaining other external investment managers with respect to the relevant asset classes, who may produce better returns on investments than Blackstone IM. Further, agreements entered into with certain state insurance regulators prevent our insurance company subsidiaries from amending the terms of their existing agreements with Blackstone without prior approval of such insurance company’s domestic regulator.

We may be unable to maintain the availability of our critical technology systems and data and safeguard the confidentiality and integrity of our data.

We use information technology systems, infrastructure and networks and other operational systems to store, retrieve, evaluate and use customer, employee, and company data and information. Our business is highly dependent on our ability to access these systems to perform necessary business functions. In the event of a natural disaster, a computer virus, unauthorized access, a terrorist attack, cyber-attack or other disruption, our systems and networks may be inaccessible to our employees, customers or business partners for an extended period of time, and we may be unable to meet our business obligations for an extended period of time if our data or systems are disabled, manipulated, destroyed or otherwise compromised. Additionally, some of our systems and networks are older, legacy-type systems that are less efficient, more susceptible to cybersecurity risks and require an ongoing commitment of significant resources to maintain or upgrade. Supply chain disruptions or delays could prevent us from maintaining and implementing changes, updates and upgrades to our systems and networks in a timely manner or at all. System and network failures or outages could compromise our ability to perform business functions in a timely manner, which could harm our ability to conduct business, hurt our relationships with our business partners and customers and expose us to legal claims as well as regulatory investigations and sanctions, any of which could have a material adverse effect on our business, results of operations, financial condition and liquidity.

Some of these systems and networks also rely upon third-party systems and services, which themselves may rely on the systems and services of other third parties. Problems caused by, or occurring in relation to, our third-party providers’ systems and services, including those resulting from breakdowns or other disruptions in information security and technology services provided by our third-party providers and the other third-parties on which they rely, our inability to acquire third-party services on commercially acceptable terms, failure of a third-party provider to perform as anticipated or in compliance with applicable laws or regulations, inability of a third-party provider to provide the required volumes of services or third-party providers experiencing cyber-attacks, security breaches or data breaches continue to potentially, and could in the future materially and adversely affect our business, results of operations, financial condition and liquidity. See “Cybersecurity—Cybersecurity Risk Management—Board Oversight and Governance” below.

Like other companies, the systems and networks we maintain and third-party systems and networks we use have in the past been, and will likely in the future be, subject to or targets of unauthorized or fraudulent access, including physical or electronic break-ins or unauthorized tampering, as well as attempted cyber and other security threats and other attacks such as “denial of service” attacks, phishing, untargeted but sophisticated and automated attacks, ransomware and other disruptive software. Also, like other companies, we face an increasing challenge of attracting and retaining highly qualified security personnel to assist us in combating these security threats. Cybersecurity threats can originate from a broad range of sources including terrorists, nation states, state-sponsored actors, financially motivated actors, internal actors, or third-parties (including third-party providers), and the techniques used in these attacks may change, develop and evolve rapidly, including the use of emerging technologies, such as broader forms of artificial intelligence, and are frequently or are often not recognized until after they have been launched.

The frequency and sophistication of such threats continue to increase and often become further heightened in connection with geopolitical tensions. In light of these geopolitical events and dynamics, state-sponsored parties or their supporters have in the past and may in the future, launch cyberattacks, and attempt to cause supply chain disruptions, or carry out other geopolitically motivated actions that may adversely disrupt or degrade our operations and may result in data compromise.

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There is no assurance that our security measures, including information security and technology policies and standards, administrative, technical and physical controls, and other actions by us or contracted third-parties designed as preventative, will provide fully effective protection from threats to our data, systems and networks, including malware and computer virus attacks, ransomware, unauthorized access, business e-mail compromise, misuse, denial-of-service attacks, ransomware, system failures and disruptions, both independently and through contracts with third parties. There is no assurance that our security measures, including information security and technology policies and standards, administrative, technical and physical controls, and other actions designed as preventative, will provide fully effective protection from such events. We maintain insurance to cover operational risks, such as cyber risk and technology outages, but this insurance may not cover all costs associated with the consequences of information systems or personal, confidential or proprietary information being compromised. We cannot be certain that insurance coverage will continue to be available to us on economically reasonable terms, or at all, or that any insurer will not deny coverage of a future claim.

In the case of a successful ransomware or extortion attack in which our data and information systems are compromised and applicable restore control processes to restore access are not effective, our information could be held hostage until a ransom, which may be significant, is paid. In some cases, such a compromise may not be immediately detected, which may make it difficult to restore critical services, mitigate damage to assets and maintain the integrity and security of data, including our policyholder, employee, agent and other confidential information processed through our systems and networks. Additionally, since we rely heavily on information technology and systems and on the integrity and timeliness of data to run our businesses and service our customers, any such security event and resulting compromise of systems or data may impede or interrupt our business operations and our ability to offer products to and service our customers, and otherwise may materially and adversely affect our business, results of operations, financial condition and liquidity.

There can be no assurance that any actions taken by us to evaluate and enhance our information security and technology systems (which increasingly will include the use of artificial intelligence technology) and processes, including third-party systems and services on which we rely, as well as changes designed to update and enhance our protective measures to address new threats, will decrease the risk of a system or process failure, and there could be a gap in the associated security measures during the change period. Any such system or process failure or security measures gap could materially and adversely affect our business, results of operations, financial condition and liquidity.

We routinely transmit, receive and store personal, confidential and proprietary information by email and other electronic means. Although we attempt to keep such information confidential and secure, we may be unable to do so in all events, especially with clients, vendors, service providers, counterparties and other third parties who may not have or use appropriate controls to protect personal, confidential or proprietary information. Failure by us or any of our third party vendors to secure or appropriately handle personal, confidential or proprietary information could cause a loss of data or compromised data integrity, give rise to remediation or other expenses, expose us to liability under U.S. and international laws and regulations, and subject us to litigation, investigations, sanctions, and regulatory and law enforcement action, and result in reputational harm and loss of business, which could have a material adverse effect on our business, results of operations, financial condition and liquidity.

Furthermore, certain of our business lines are subject to laws and regulations enacted by U.S. federal and state governments, foreign governments, data protection authorities or other jurisdictions or enacted by various self-regulatory organizations or exchanges relating to the privacy and security of personal data of clients, employees or others and the security of information systems and non-public information (“Privacy and Information Security Laws”). The variety of applicable Privacy and Information Security Laws exposes us to heightened regulatory scrutiny and requires us to incur significant technical, legal and other expenses in an effort to ensure and maintain compliance and will continue to impact our business in the future by increasing legal, operational and compliance costs. While we have taken steps to comply with current Privacy and Information Security Laws, we cannot guarantee that our efforts will meet the evolving standards imposed by enforcement agencies and by courts in private rights of action and that in the future we will be able to timely comply with rapidly changing Privacy and Information Security Laws worldwide that may require significant technical, operational and administrative changes. If we are found not to be in compliance with current or future Privacy and Information Security Laws, we may be subject to potential private consumer, business partner or securities litigation, regulatory inquiries and governmental investigations and proceedings, including class-actions, and we may incur damage to our reputation. Any such developments may subject us to remediation expenses, governmental fines and other monetary penalties and damages, divert management’s time and attention and lead to enhanced regulatory oversight, any of which could have a material adverse effect on our business, results of operations, financial condition and liquidity. Additionally, we expect that increased political and social focus on privacy and cybersecurity risks globally will increase the financial and reputational implications should we or any of our third-party suppliers experience a significant security incident or data breach. New and currently unforeseen laws and regulatory issues could also arise from the increased use of emerging technologies, data analytics and digital services. If we are found not to be in compliance with these laws and regulations concerning emerging technology, data analytics and digital services, we could be subjected to significant civil and criminal liability and exposed to financial and reputational harm.

For additional information on data protection and cybersecurity regulations, see “Business—Regulation—U.S. Regulation—Privacy, Data Protection and Cybersecurity.”

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We may face increasing scrutiny and evolving expectations from investors, customers, regulators and other stakeholders regarding environmental, social and governance matters.

There is increasing scrutiny and evolving expectations from investors, customers, regulators and other stakeholders on ESG practices and disclosures, including those related to environmental stewardship, climate change, diversity, equity and inclusion, racial justice, workplace conduct and other social and political mandates. For example, the SEC has proposed new ESG reporting rules which will apply to us as a public company and which, if adopted as proposed, could result in additional compliance and reporting costs. In addition, California recently adopted climate disclosure and financial reporting legislation which will require, beginning in 2026, the reporting of greenhouse gas emissions and biennial climate-related financial risk reports and other states continue to adopt laws and regulations governing corporate environmental, social and governance activity, including limitations on the ability to enter into government contracts or requirements to make certain consumer disclosures based on stances on certain climate and social issues. Legislators and regulators have imposed and likely will continue to impose ESG-related legislation, rules and guidance, which may conflict with one another and impose additional costs on us, block or impede our business opportunities, including by restricting contracting with state governmental authorities or by imposing divestment requirements, or expose us to new or additional risks. See “Business—Regulation—U.S. Regulation” and “Business—Regulation—International Regulation.” Moreover, certain organizations that provide information to investors have developed ratings for evaluating companies on their approach to different ESG matters. A lack of ratings or unfavorable ratings of our company or our industry may lead to negative investor sentiment and the diversion of investment to other companies or industries. Additionally, federal, state and local environmental laws and regulations apply to our ownership and operation of real property and inherent in owning and operating real property exists the risk of hidden environmental liabilities and the costs of any required clean-up. The costs incurred to comply with these requirements, or our inability to meet these requirements, expectations, laws or regulations, some of which may be in contradiction with each other, could result in adverse publicity, reputational harm, loss of business opportunities, or loss of customer and/or investor confidence, each of which individually or in the aggregate could adversely affect our business, results of operations, financial condition and liquidity.

Our risk management policies, standards and procedures may prove to be ineffective and leave us exposed to unidentified or unanticipated risk.

We have developed and continue to enhance enterprise-wide risk management policies, standards and procedures to identify, monitor and mitigate risk to which we are exposed. Our risk management policies, standards and procedures may not be sufficiently comprehensive and may not identify or adequately protect us from every risk to which we are exposed. Many of our methods of identifying, measuring, underwriting and managing risks are based upon our study and use of historical market, applicant, customer, employee and bad actor behavior or statistics based on historical models. As a result, these methods may not accurately predict future exposures from events such as a major financial market disruption as the result of a natural or manmade disaster like a climate-related event or terrorist attack, which could be significantly different than the historical measures indicate, and could also result in a substantial change in policyholder behavior and claims levels not previously observed. We have and will continue to enhance our life insurance underwriting process, including, from time to time, considering and integrating newly available sources of data to confirm and refine our traditional underwriting methods. Our efforts to implement these improvements may not, however, be fully successful, which may adversely affect our competitive position. We have also introduced new product features designed to limit our risk and taken actions on in-force business, which may not be fully successful in limiting or eliminating risk. We may take additional actions on our in-force business, including adjusting crediting rates and cost of insurance, which may not be fully successful in maintaining profitability and which may result in litigation. In addition, our current business continuity and disaster recovery plans are based upon our use of historical market experiences and models, and customer, employee and bad actors’ behavior and statistics, and accordingly may not be sufficient to reduce the impact of cyber risks, including ransomware, natural catastrophic events or fraudulent attacks, such as account take-over, that are beyond the level that historical measures indicate and greater than our anticipated thresholds or risk tolerance levels. Other risk management methods depend upon the evaluation of information regarding markets, clients, or other matters that is publicly available or otherwise accessible to us, which may not always be accurate, complete, up-to-date or properly evaluated. Management of operational, legal and regulatory risks requires, among other things, policies and procedures to record and verify large numbers of transactions and events, such as new and frequently updated regulatory requirements across the United States and internationally, each jurisdiction mandating specified requirements with respect to artificial intelligence and environmental, social and governance legal and regulatory requirements. These policies and procedures may not be fully effective. Accordingly, our risk management policies, standards and procedures may not adequately mitigate the risks to our business, results of operations, financial condition and liquidity.

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If our risk management policies, standards and procedures are ineffective, we may suffer unexpected losses and could be materially adversely affected. As our business changes, the markets in which we operate evolve and new risks emerge, including, for example, the risks posed by the rapidly developing technology associated with artificial intelligence and the implementation thereof, risks related to climate change or meeting stakeholder expectations relating to environmental, social or governance issues, our risk management framework may not evolve at the same pace as those changes. The effectiveness of our risk management strategies may be limited, resulting in losses to us, which could materially adversely affect our business, results of operations, financial condition and liquidity and restrict our ability to meet our obligations or return capital to our stockholders. In addition, there can be no assurance that we can effectively review and monitor all risks or that all of our employees will understand and follow (or comply with) our risk management policies, standards and procedures.

We may be subject to significant legal, governmental or regulatory proceedings.

In the normal course of business, we are subject to regulatory and governmental investigations and civil actions, litigation and other forms of dispute resolution in various domestic and foreign jurisdictions. In addition, we are involved in litigation and arbitration concerning our rights and obligations under insurance policies issued by us and under reinsurance contracts with third parties. Additionally, from time to time, various regulatory and governmental agencies review the transactions and practices of us and our subsidiaries and in connection with industry-wide and other inquiries into, among other matters, the business practices of current and former operating insurance company subsidiaries. Such investigations, inquiries or examinations have in the past developed and could in the future develop into administrative, civil or criminal proceedings or enforcement actions, including class-actions, in which remedies could include fines, penalties, restitution, remedial actions, enhanced supervision or alterations in our business practices, and could result in additional expenses, limitations on certain business activities and reputational damage.

We and our officers and directors are also subject to, or may become subject to, a variety of additional types of legal disputes 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. Certain of these matters may also involve potentially significant risk of loss due to the possibility of significant jury awards, arbitration decisions and settlements, punitive damages or other penalties. Many of these matters are also highly complex and 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 them, and developments in these matters could have a material adverse effect on our financial condition or results of operations.

For a discussion of certain legal proceedings, see Note 18 to the Consolidated Financial Statements.

We face intense competition in each of our business lines and technological changes may present new and intensified challenges to our business.

Our businesses operate in highly competitive environments. Our principal competitors are major stock and mutual life insurance companies, advisory firms, broker-dealers, investment management firms, retirement plan recordkeepers, mutual fund organizations, banks, investment banks and other nonbank financial institutions. The financial services industry, including the insurance industry in particular, is highly competitive. We compete in the United States with life and retirement insurance companies and other participants in related financial services fields. Overseas, our subsidiaries compete for business with global insurance groups, local companies and the foreign insurance operations of large U.S. insurers.

Our business competes across a number of factors, which include scale, service, product features, price, investment performance and availability of originated assets, commission structures, distribution capacity, financial strength ratings, name recognition and reputation. Our ability to continue to compete across these factors depends on delivery of our business plan, competitor actions and overall environment, all of which carry inherent risks.

For further discussion regarding competition within each of our operating segments, see “Business—Our Segments—Individual Retirement—Markets,” “Business—Our Segments—Individual Retirement—Competition,” “Business—Our Segments—Group Retirement—Markets,” “Business—Our Segments—Group Retirement—Competition,” “Business—Our Segments—Institutional Markets—Markets” and “Business—Our Segments—Institutional Markets—Competition.”

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Technological advancements and innovation in the insurance, asset management, wealth management and financial planning industries, including those related to evolving customer preferences, the digitization of products and services, acceleration of automated underwriting, artificial intelligence and electronic processes present competitive risks. Technological advancements and innovation are occurring in distribution, underwriting, marketing, recordkeeping, advisory, claims and operations at a rapid pace, and that pace may increase, particularly as companies increasingly use advanced data analytics and innovate technologies as part of their business strategy. Further, our business and results of operations could be materially and adversely affected if external technological advances limit our ability to retain existing business, write new business or appropriate terms, or impact our ability to adapt or deploy current products as quickly and effectively as our competitors. Additional costs may also be incurred in order to comply with regulatory responses to the use of emerging technology or to implement changes to automate procedures critical to our distribution channels in order to increase flexibility of access to our services and products. Moreover, upon our separation from AIG, we may not retain the employees who were working on technological implementation efforts at AIG, which may make it more difficult and expensive for us to complete and maintain such implementations. If we are unsuccessful in implementing such changes, our competitive position and distribution relationships may be harmed. In addition, in recent years, there has been an increase in activity by venture capital funded “InsureTech” start-ups in the life insurance industry, which are seeking to disrupt traditional ways of doing business and we continue to monitor this emerging competitive risk.

Our investment advisory arrangements with AIG and Fortitude Re will be materially changed or terminated.

We have historically provided investment advisory services to AIG and Fortitude Re with respect to significant asset portfolios. The services that we historically provided to AIG with respect to certain investments have been, and will continue to be, substantially reduced, as AIG entities have retained and may in the future retain third-party asset managers. This will result in a decrease in our revenues. We may be unable to reduce our expenses in a timely manner, or at all, to offset such decrease. In 2022, for certain asset classes, AIG’s and Corebridge’s insurance company subsidiaries agreed to permit Fortitude Re to replace Corebridge Institutional Investments (U.S.), LLC (“CIIUS”) as asset manager with respect to the funds withheld assets in connection with the reinsurance provided by Fortitude Re. Fortitude Re has retained third-party asset managers to manage these assets. As of June 2023, subject to certain conditions, Fortitude Re is able to exercise certain rights to replace CIIUS as asset manager with respect to the remaining portion of the funds withheld assets managed by CIIUS. This could further disrupt our investment advisory capabilities, including as a result of the loss of our AUM and investment advisory resources and a reduction in management fees received by CIIUS, which could in turn result in a material adverse effect on our business, results of operations, financial condition and liquidity.

Catastrophes, including those associated with climate change and pandemics, may adversely affect our business and financial condition.

Any catastrophic event, such as pandemic diseases like COVID-19, terrorist attacks, acts of war, accidents, floods, wildfires, severe storms or hurricanes or cyber-terrorism, could have a material adverse effect on our business and operations. In the event of a disaster, unanticipated problems with our business continuity plans could cause a material adverse effect on our disaster recovery or business, results of operations, financial condition and liquidity. We could also experience a material adverse effect on our business, results of operations, financial condition and liquidity of our insurance business due to increased mortality and, in certain cases, morbidity rates and/or its impact on the economy and financial markets. For example, beginning in March 2020, due to COVID-19, we experienced an increase in mortality claims as compared to our historical pricing assumptions. In addition, COVID-19 adversely affected our premiums and deposits in some of our product lines. If there are any future surges of COVID-19 variants or an unrelated epidemic or pandemic, similar impacts may occur.

Additionally, catastrophic events could harm the financial condition of our reinsurers and thereby increase the probability of default on reinsurance recoveries. Accordingly, our ability to write new business could also be affected. Further, the impact of climate change has caused, and may continue to cause, changes in weather patterns, resulting in more severe and more frequent natural disasters such as forest fires, hurricanes, tornados, floods and storm surges, exacerbating the risks of a catastrophic event and its resulting impacts. Climate change-related risks may also adversely affect the value of the securities that we hold or lead to increased credit risk of other counterparties we transact business with, including reinsurers. There is a risk that some asset sectors could face significantly higher costs and a disorderly adjustment to asset values leading to an adverse impact on the value and future performance of investment assets as a result of climate change and regulatory or other responses. Our reputation or corporate brand could also be negatively impacted as a result of changing customer or societal perceptions of organizations that we do business with or invest in due to their actions (or lack thereof) with respect to climate change. A failure to identify and address these issues could cause a material adverse effect on the achievement of our strategies and potentially subject us to heightened regulatory scrutiny.

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ITEM 1A | Risk Factors

Business or asset acquisitions and dispositions may expose us to certain risks.

We have made acquisitions in the past and may pursue further acquisitions or other strategic transactions, including reinsurance, dispositions and joint ventures, in the future. For example, in the fourth quarter of 2023 we completed the sale of Laya and we expect to complete the sale of UK Life in the first half of 2024. The completion of any business or asset acquisition or disposition is subject to certain risks, including those relating to the receipt of required regulatory approvals, the terms and conditions of regulatory approvals, including any financial accommodations required by regulators, our ability to satisfy such terms, conditions and accommodations, the occurrence of any event, change or other circumstances that could give rise to the termination of a transaction and the risk that parties may not be willing or able to satisfy the conditions to a transaction. As a result, there can be no assurance that any business or asset acquisition or disposition will be completed as contemplated, or at all, or regarding the expected timing of the completion of the acquisition or disposition.

Once we complete acquisitions or dispositions, there can be no assurance that we will realize the anticipated economic, strategic or other benefits of any transaction. For example, the integration of businesses we acquire may not be as successful as we anticipate, or there may be undisclosed risks present in such businesses. Acquisitions involve a number of risks, including operational, strategic, financial, accounting, legal, compliance and tax risks, including difficulties in assimilating and retaining employees and intermediaries, difficulties in retaining the existing customers of the acquired entities, unforeseen liabilities that arise in connection with the acquired businesses, unfavorable market conditions that could negatively impact our expectations for the acquired businesses, and difficulties in integrating and realizing the projected results of acquisitions and managing the litigation and regulatory matters to which acquired entities are party. Such difficulties in integrating an acquired business may result in the acquired business performing differently than we expected (including through the loss of customers) or in our failure to realize anticipated expense-related efficiencies. Risks resulting from future acquisitions may have a material adverse effect on our results of operations and financial condition. Similarly, dispositions of a business also involve a number of risks, including operational and technology risks, risk of data loss or compromised data integrity, loss of talent and stranded costs, which could potentially have a negative impact on our business, results of operations, financial condition and liquidity. In connection with a business or asset disposition, we may also hold a concentrated position in securities of the acquirer as part of the consideration, which subjects us to risks related to the price of equity securities and our ability to monetize such securities. In addition, with respect to certain dispositions, we could be subject to restrictions on our use of proceeds or to non-compete or non-solicit arrangements. Strategies implemented to explore opportunities for acquisitions could also be materially and adversely affected by the increasingly competitive nature of the life insurance and annuity merger and acquisition market and the increased participation of non-traditional buyers in the life insurance and annuity merger and acquisition market. In addition, we have provided and may provide financial guarantees and indemnities in connection with the businesses we have sold or may sell, as described in greater detail in Note 18 to the Consolidated Financial Statements. While we do not currently believe that claims under these indemnities will be material, it is possible that significant indemnity claims could be made against us. If such a claim or claims were successful, it could have a material adverse effect on our results of operations, cash flows and liquidity.

We may not be able to protect our intellectual property and may be subject to infringement claims.

We rely on a combination of contractual rights and copyright, trademark, patent and trade secret laws to establish and protect our intellectual property. Effective intellectual property rights protection may be unavailable, limited, or subject to change in some countries where we do business. Although we use a broad range of measures to protect our intellectual property rights, third parties may infringe or misappropriate our intellectual property. We have, and may in the future, litigate to enforce and protect our intellectual property and to determine its scope, validity or enforceability, which could divert significant resources and may not prove successful. Litigation to enforce our intellectual property rights may not be successful and cost a significant amount of money. The loss of intellectual property protection or the inability to secure or enforce the protection of our intellectual property assets could harm our reputation and have a material adverse effect on our business and our ability to compete. Third parties may have, or may eventually be issued, patents or other protections that could be infringed by our products, methods, processes or services or could limit our ability to offer certain product features. Consequently, we also may be subject to costly litigation in the event that another party alleges our operations or activities infringe upon their intellectual property rights, including patent rights, or violate license usage rights. Any such intellectual property claims and any resulting litigation could result in significant expense and liability for damages, and in some circumstances we could be enjoined from providing certain products or services to our customers, or utilizing and benefiting from certain patents, copyrights, trademarks, trade secrets or licenses, or alternatively could be required to enter into costly licensing arrangements with third parties, all of which could have a material adverse effect on our business, consolidated results of operations and financial condition.

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Risks Relating to Regulation

Our business is heavily regulated.

Our operations generally, and certain of our subsidiaries in particular, are subject to extensive and potentially conflicting laws, regulations, and regulatory guidance in the jurisdictions in which we operate. For example, our products are subject to a complex and extensive array of domestic and foreign tax, securities, insurance and employee benefit plan laws and regulations, which are administered and enforced by a number of different governmental and self-regulatory authorities, including state insurance regulators, banking authorities and securities administrators, including the NYDFS, the SEC, the FINRA, the DOL and the IRS. The laws and regulations that apply to our business and operations generally grant regulatory agencies and/or self-regulatory organizations broad rule-making and enforcement powers, including the power to regulate: (i) the issuance, sale and distribution of our products, (ii) the manner in which we underwrite our policies, (iii) the delivery of our services, (iv) the nature or extent of disclosures required to be given to our customers, (v) the compensation of our distribution partners, (vi) the manner and methods by which we handle claims on our policies and the administration of our policies and contracts, (vii) the activities related to our investments and management of our investment portfolios, and (viii) certain agreements and arrangements between our insurance company subsidiaries and other affiliates. Such agencies and organizations are also generally granted the power to limit or restrict the conduct of business for failure to comply with applicable laws and regulations.

We and our distributors are also subject to laws and regulations governing the standard of care applicable to sales of our products, the provision of advice to our customers and the manner in which certain conflicts of interest arising from or related to such sales or giving of advice are to be addressed. Such laws and regulations, including the DOL’s proposed amendment to the fiduciary rule, which was announced in October 2023, continue to evolve. In addition, federal and state securities laws and regulations apply to certain of our insurance products that are considered “securities” under such laws, including our variable annuity contracts, variable life insurance policies and the separate accounts that issue them, as well as our broker-dealer, investment advisor and mutual fund operations.

The application of and compliance with the laws, regulations, and regulatory guidance applicable to our business, products, operations and legal entities may be subject to interpretation, evolving industry practices and regulatory expectations that could result in increased compliance costs. The relevant authorities may not agree with our interpretation of these laws and regulations, including, for example, our implementation of new or revised requirements related to capital, accounting treatment or reserving such as those governing PBR, or with our policies and procedures adopted to address evolving industry practices or meet regulatory expectations. Such authorities’ interpretations and views may also change from time to time. It is also possible that the laws, regulations and interpretations across various jurisdictions in which we do business may conflict with one another and affect how we do business in the United States and globally. If we are found not to have complied with applicable legal or regulatory requirements due to our interpretation of such requirements, these authorities could preclude or temporarily suspend us from carrying on some or all of our activities, impose substantial administrative penalties such as fines or require corrective actions to be taken, which individually or in the aggregate could interrupt our operations and materially and adversely affect our reputation, business, results of operations, financial condition and liquidity. Additionally, if such authorities’ new or existing interpretation of requirements related to capital, accounting treatment and/or valuation or reserving (such as PBR) materially differs from ours, we may incur higher operating costs and future sales of products subject to such requirement or treatment may be affected.

Regulators in the jurisdictions in which we do business have adopted capital and liquidity standards, such as the RBC ratio formula used in the United States, applicable to insurers and reinsurers operating in their jurisdiction. Failure to comply with such capital and liquidity standards and similar requirements set forth in law or regulation, or as otherwise may be agreed by us or one of our insurance company subsidiaries with an insurance regulator, would generally permit the insurance regulator to take certain regulatory actions that could materially impact the affected company’s operations. Those actions range from requiring an insurer to submit a plan describing how it would in the future comply with such capital and liquidity standard to a mandatory regulatory takeover of the company.

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Furthermore, as a company with certain operations outside of the U.S. and with certain vendors, service providers and customers in non-U.S. jurisdictions, we are subject to myriad regulations that govern items such as sanctions, bribery and anti-money laundering, for which failure to comply could expose us to significant penalties. The USA PATRIOT Act of 2001 requires companies to know certain information about their clients and to monitor their transactions for suspicious activities. The Foreign Corrupt Practices Act makes it unlawful for certain classes of persons and entities to make payments to foreign government officials to assist in obtaining or retaining business. Also, the Department of the Treasury’s Office of Foreign Assets Control administers regulations that restrict or prohibit dealings by U.S. companies and their branches and affiliates involving certain organizations, individuals and countries. The UK, the EU and other jurisdictions maintain similar laws and regulations, some of which may be in conflict with each other and may change rapidly, as demonstrated by the significant sanctions imposed against Russia resulting from the ongoing armed conflict in Ukraine. Such laws and regulations may pose compliance challenges and adversely impact our business, our investments and the business of our customers. We are also subject to various extraterritorial laws and regulations, the laws and regulations of which may sometimes conflict with those of the United States. Despite meaningful measures to ensure lawful conduct, which include training, audits and internal control policies and procedures, we may not always be able to prevent our employees or third parties acting on our behalf from violating these laws. As a result, we could be subject to criminal and civil penalties as well as disgorgement. We could be required to make changes or enhancements to our compliance measures that could increase our costs, and we could be subject to other remedial actions. Violations of these laws or allegations of such violations could disrupt our operations, cause reputational harm, cause management distraction and result in a material adverse effect on our competitive position, results of operations, financial condition or liquidity.

See “Business—Regulation—U.S. Regulation” and “Business—Regulation—International Regulation.”

New domestic or international laws and regulations, or new interpretations of current laws and regulations, may affect our ability to compete effectively.

Legislators, regulators and self-regulatory organizations have in the past and may in the future periodically consider various proposals that may affect or restrict, among other things, our business practices or eligibility to do business with certain public sector clients, underwriting methods and data utilization, product designs and distribution relationships, how we market, sell or service certain products we offer, our capital, reserving and accounting requirements, price competitiveness of the products we sell and consumer demand for our products or the profitability of certain of our business lines.

Further, new laws and regulations may even affect or significantly limit our ability to conduct certain business lines at all, including proposals relating to restrictions on the type of activities in which investment managers and other financial institutions, including insurance companies in particular, are permitted to engage, as well as the types of investments we hold or divest. For example, regulators have shown continued interest in how organizations within the financial services industry, including insurance companies, are managing climate risk within their business operations and investment portfolios. Resulting actions by governments, regulators and international standard setters could lead to additional reporting obligations concerning investment holdings that are exposed to climate change-related risk. They could also lead to substantial additional laws or regulations that limit or restrict investments in certain assets, such as thermal coal or other carbon-based investments, and impose additional compliance costs. As another example, rules on defined benefit pension plan funding may reduce the likelihood of, or delay corporate plan sponsors in, terminating their plans or engaging in transactions to partially or fully transfer pension obligations. This could affect the mix of our PRT business and increase non-guaranteed funding products.

There has also been increased regulatory scrutiny of the use of “big data” techniques, machine learning, predictive models and artificial intelligence, including in the insurance industry. Certain state and federal lawmakers, insurance regulators, including in Colorado and New York, and advisory groups are developing, or have developed, regulations or guidance applicable to insurance companies that use artificial intelligence, “big data” techniques, machine learning and predictive models in their operations. We cannot predict what, if any, regulatory actions may be taken in the future with regard to “big data,” artificial intelligence, machine learning or predictive models, but any limitations imposed as a result of or in response to any such regulatory actions could have a material impact on our business, processes, results of operations and financial condition.

It is difficult to predict the impact laws and regulations adopted in foreign jurisdictions may have on the financial markets generally or our business, results of operations or cash flows. It is possible such laws and regulations may significantly alter our business practices. See “Business—Regulation—U.S. Regulation” and “Business—Regulation—International Regulation.”

Changes in U.S. federal income or other tax laws or the interpretation of tax laws could affect sales of our products and impact the taxation of our operations.

Changes in tax laws could reduce demand in the United States for life insurance and annuity contracts, which could reduce our income due to lower sales of these products or changes in customer behavior, including potential increased surrenders of in-force business.

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Changes in tax laws could also impact the taxation of our operations. For example, the Inflation Reduction Act of 2022 (H.R. 5376) (the “Inflation Reduction Act”), enacted on August 16, 2022, 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. Although the U.S. Treasury and the IRS issued interim CAMT guidance during 2023, many details and specifics of application of the CAMT remain subject to future guidance. Our estimated CAMT liability may differ from the final liability based on further guidance, and Corebridge will continue to refine its liability calculations as guidance becomes available.

New tax laws outside the U.S., in particular those enacted in response to proposals by the Organisation for Economic Cooperation and Development, could make substantive changes to the global international tax regime. Such changes could increase our global tax costs. We continue to monitor and assess the impact of such proposals.

Finally, it is possible that tax laws will be further changed either in a technical corrections bill or entirely new legislation. It remains difficult to predict whether or when there will be any tax law changes or further guidance by the authorities in the U.S. or elsewhere in the world. New or proposed changes to tax laws may have a material adverse effect on our business, consolidated results of operations, liquidity and financial condition, as the impact of proposals on our business can vary substantially depending upon the specific changes or further guidance made and how the changes or guidance are implemented by the authorities.

Risks Relating to Estimates and Assumptions

Estimates, assumptions or data used in the preparation of financial statements and certain modeled results may differ materially from actual experience.

Our financial statements are prepared in conformity with GAAP, which requires the application of accounting policies that often involve a significant degree of judgment. The accounting policies that we consider most dependent on the application of estimates and assumptions, and therefore may be viewed as critical accounting estimates, are described in Note 2 to the Consolidated Financial Statements and “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Estimates.” These accounting estimates require the use of assumptions, some of which are highly uncertain at the time of estimation. These estimates are based on judgment, current facts and circumstances and, when applicable, models developed internally or with inputs from third parties. Therefore, actual results may differ from these estimates and models, possibly in the near term, and could have a material effect on our financial statements.

In addition, we employ models to price products, calculate future policy benefits and value assets and execute hedging strategies, as well as to assess risk and determine statutory capital requirements, among other uses. These models are complex and rely on estimates and projections that are inherently uncertain, may use incomplete, outdated or incorrect data or assumptions and may not operate properly or generate accurate results and information, regardless of any internal model validation processes employed. For example, significant changes in mortality, which could be impacted by natural or man-made disasters, or which could emerge gradually over time due to changes in the natural environment, significant changes in policyholder behavior assumptions such as lapses, surrenders and withdrawal rates as well as the amount of withdrawals, fund performance, equity market returns and volatility, interest rate levels, the health habits of the insured population, technologies and treatments for disease or disability, the economic environment, or other factors could negatively impact our assumptions and estimates. To the extent that any of our modeling practices do not accurately produce, or reproduce, data that we use to conduct any or all aspects of our business, such errors may negatively impact our business, reputation, results of operations and financial condition.

Our productivity improvement initiatives may not yield our expected expense reductions and improvements in operational and organizational efficiency.

We see opportunities to improve profitability across our businesses through operating expense reductions. We may not be able to fully realize the anticipated expense reductions and operational and organizational efficiency improvements we expect to result from our productivity improvement program and associated initiatives to, among other things, modernize our technology infrastructure, optimize our operating model, expand existing partnership arrangements, optimize our vendor relationships or rationalize our real estate footprint. In addition, we intend to evolve our investments organization, which we expect will create additional efficiencies, to reflect our relationships with key external partners, our ongoing implementation of the Aladdin investment management technology platform and our expected reduction in services to and fees for asset management services that we provide to AIG and third parties. Actual costs to implement these initiatives may exceed our estimates, or we may be unable to fully implement and execute these initiatives as planned. Further, the implementation of these initiatives may harm our relationships with customers or employees or our competitive position, thereby materially and adversely affecting our business, results of operations, financial condition and liquidity. The successful implementation of these initiatives may require us to effect technology enhancements, business process outsourcing, rationalizations, modifications to our operating model, and other actions, which depend on a number of factors, some of which are beyond our control.

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Our goodwill could become impaired.

Goodwill represents the excess of the amounts we paid to acquire subsidiaries and other businesses over the fair value of their net assets at the date of acquisition. We test goodwill at least annually for impairment and conduct interim qualitative assessments on a periodic basis. Impairment testing is performed based upon estimates of the fair value of the “reporting unit” to which the goodwill relates. The fair value of the reporting unit is impacted by the performance of the business and could be adversely impacted if new business, customer retention, profitability or other drivers of performance differ from expectations, or upon the occurrence of certain events, including a significant and adverse change in regulations, legal factors, accounting standards or business climate, or an adverse action or assessment by a regulator. Our goodwill balance was $117 million as of December 31, 2023. If it is determined that goodwill has been impaired, we must write down goodwill by the amount of the impairment, with a corresponding charge to net income (loss). These write-downs could have a material adverse effect on our consolidated results of operations, liquidity and financial condition. For further discussion regarding goodwill impairment, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Accounting Policies and Pronouncements—Critical Accounting Estimates—Goodwill Impairment” and Note 11 to the Consolidated Financial Statements.

Our deferred tax assets may not be realized.

Deferred income tax represents the tax effect of the differences between the book and tax basis of assets and liabilities. Deferred tax assets are assessed periodically by management to determine if they are realizable. As of December 31, 2023, we had net deferred tax assets, after valuation allowance, of $8.2 billion related to federal, foreign, and state and local jurisdictions. The performance of the business, the geographic and legal entity source of our income, tax planning strategies, and the ability to generate future taxable income from a variety of sources and planning strategies including capital gains, are factored into management’s determination. If, based on available evidence, it is more likely than not that the deferred tax asset will not be realized, then a valuation allowance must be established with a corresponding charge to profitability, which such action we have taken from time to time. Such charges could have a material adverse effect on our consolidated results of operations, liquidity and financial condition. For further discussion regarding deferred tax assets, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Accounting Policies and Pronouncements—Critical Accounting Estimates—Income Taxes—Recoverability of Net Deferred Tax Asset” and Note 24 to the Consolidated Financial Statements.

Risks Relating to Employees

We may not be able to attract and retain the key employees and highly skilled people we need to support our business.

Our success depends, in large part, on our ability to attract and retain talent, which may be difficult due to the intense competition in our industry for key employees with demonstrated ability. In addition, we may experience higher than expected employee turnover and difficulty attracting new employees as a result of uncertainty from strategic actions and organizational and operational changes. Losing any of our key people, including key sales or business personnel, could also have a material adverse effect on our operations given their skills, knowledge of our business, years of industry experience and the potential difficulty of promptly finding qualified replacement employees. Additionally, we may face increased costs if, as a result of the competitive market and recent inflationary pressures, we must offer and pay a greater level of remuneration to attract or replace certain critical employees or hire contractors to fill highly skilled roles while vacant. Our business, consolidated results of operations, financial condition and liquidity could be materially adversely affected if we are unsuccessful in attracting and retaining key employees.

We could also be adversely affected if we fail to adequately plan for the succession of our senior management and other key employees. While we have succession plans and long-term compensation plans designed to retain our employees, our succession plans may not operate effectively and our compensation plans cannot guarantee that the services of these employees will continue to be available to us.

Employee error and misconduct may be difficult to detect and prevent and may result in significant losses.

There have been a number of cases involving fraud or other misconduct by employees in the financial services industry in recent years and we are also exposed to the risk that fraud or misconduct by our employees or agents of third parties performing services and activities for us could occur. Our human resources and compliance departments work collaboratively to monitor for fraud and conduct extensive training for such employees and agents, however, employee misconduct may still occur. Instances of fraud, illegal acts, errors, failure to document transactions properly or to obtain proper internal authorization, misuse of customer or proprietary information or failure to comply with regulatory requirements or our internal policies may result in losses and/or reputational damage.

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ITEM 1A | Risk Factors

Risks Relating to Our Separation from AIG

We may fail to replicate or replace functions, systems and infrastructure provided by AIG or lose benefits from AIG’s global contracts, and AIG may fail to perform transitional services.

Historically, we have received services from AIG and have provided services to AIG, including through shared services contracts with various third-party service providers. Under the Transition Services Agreement, AIG has agreed to continue to provide us with certain services currently provided to us by or through AIG, and we have agreed to continue to provide AIG with certain services currently provided to AIG by or through us. The Transition Services Agreement does not continue indefinitely and services provided under the Transition Services Agreement generally terminate at various times specified in the agreement and the schedules thereto. Certain contracts and services between us and AIG are not covered by the Transition Services Agreement and will continue pursuant to the terms of such other contracts.

We are working to replicate or replace the services, and associated systems and data, and information security and cybersecurity procedures and systems, that we will continue to need in the operation of our business that are provided currently by or through AIG, including those we receive through shared service contracts AIG has with various third-party providers or through the Transition Services Agreement for applicable transitional periods. As a result, when AIG ceases to provide these services to us, either as a result of the termination of the Transition Services Agreement or individual services thereunder or a failure by AIG to perform its respective obligations under the Transition Services Agreement, our costs of performing or procuring these services or comparable replacement services could increase. In addition, in connection with our efforts to replicate or replace these services, certain third-party systems we are using may have imbedded risks such as cybersecurity susceptibility that we may not be able to resolve effectively or efficiently. As a result, we may need to purchase comparable replacement services on less favorable commercial and legal terms, and the cessation of such services could result in service interruptions and divert management attention from other aspects of our operations, including ongoing efforts to implement technological developments and innovations. We are also making infrastructure investments and hiring additional employees to operate without the same access to AIG’s existing operational and administrative infrastructure. Due to the scope and complexity of the underlying projects relative to these efforts, including the work to separate information systems and information security operations which is reliant on professional services from third party service providers, the amount of total costs could be materially higher than our estimate, and the timing of the incurrence of these costs may be subject to change. Conversely, we cannot assure you that we will be able to provide services at the same or better levels or at the same or lower costs, or at all, to AIG during the applicable transitional periods provided for in the Transition Services Agreement.

There is a risk that an increase in the costs associated with replicating and replacing the services provided to us by AIG prior to the separation and under the Transition Services Agreement, or continuing to provide services to AIG, and the diversion of management’s attention to these matters could have a material adverse effect on our business, results of operations, financial condition and liquidity. We may fail to replicate the services we currently receive from AIG on a timely basis, without interruption to or degradation of ongoing operations, or at all, which may put further constraints on our human resources, capital and other resources that are simultaneously working on the retention and replacement of the services and ongoing efforts to implement new technological developments and innovations; such additional constraints could jeopardize our ability to execute on any one of these specific work streams. In addition, AIG will be working on similar initiatives which may impact the level and quality of transition services we receive from them. Additionally, we may not be able to operate effectively if the transition to the replacement services causes interruptions to or degradation of operations or the quality of replacement services is inferior to the services we are currently receiving.

In connection with our separation from AIG, we have incurred and expect to continue to incur one-time and recurring expenses. These expenses primarily relate to replicating and replacing functions, systems and infrastructure provided by AIG; rebranding; and accounting advisory, consulting and actuarial fees. In addition to these separation costs, we expect to incur costs related to the evolution of our investments organization to reflect our strategic partnerships with key external managers, our implementation of the Aladdin investment management technology platform and our expected reduction in fees for asset management services. These expenses, any recurring expenses, including under the Transition Services Agreement, and any additional one-time expenses we incur, could be material. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations —Executive Summary—Significant Factors Impacting our Results—Separation Costs.”

AIG controls us and will have certain governance, consent and other rights for specified periods after it ceases to be our majority shareholder.

As of December 31, 2023, AIG owned approximately 52.2% of our common stock. As our majority shareholder, AIG continues to be able to control the election of our directors, determine our corporate and management policies and determine, without the consent of our other stockholders, the outcome of any corporate transaction or other matter submitted to our stockholders for approval, including potential mergers or acquisitions, asset sales and other significant corporate transactions. AIG also has sufficient voting power to approve amendments to our Organizational Documents. Although AIG has stated it intends to sell all of its interest in us over time, AIG is under no obligation to do so and retains the sole discretion to determine the timing of any future sales of shares of our common stock.

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ITEM 1A | Risk Factors

In addition, under the provisions of the separation agreement entered into with AIG on September 14, 2022 (the “Separation Agreement”), AIG has director designation rights, information rights, consent rights with respect to certain significant transactions and other rights during periods where AIG holds less than a majority of our common stock. Specifically, the Separation Agreement provides that, until the date on which AIG ceases to beneficially own at least 5% of our outstanding common stock, AIG will have the right to designate one or more members of our board of directors, with AIG entitled to representation generally proportionate to its common stock ownership, and until the date on which AIG ceases to beneficially own at least 25% of our outstanding common stock, AIG’s prior written consent is required before we may take certain corporate and business actions, including with respect to certain mergers, acquisitions, dispositions, issuances of capital stock or other securities, incurrences of debt, amendments to our Organizational Documents, hiring and firing of the chief executive or chief financial officers, share repurchases and other matters.

As a result of these consent rights, AIG will maintain significant control over our corporate and business activities until such rights cease. For additional discussion of AIG’s consent rights under the Separation Agreement, see Note 25 to the Consolidated Financial Statements.

We rely on exemptions from certain NYSE corporate governance requirements.

AIG currently controls the majority of the voting power of our outstanding common stock. Accordingly, we qualify as a “controlled company” within the meaning of the NYSE corporate governance standards. Under the NYSE rules, a company of which more than 50% of the voting power is held by an individual, group or another company is a “controlled company” and may elect not to comply with certain NYSE corporate governance standards, including:

•the requirement that a majority of the board consist of independent directors;

•the requirement to have a compensation committee that is composed entirely of independent directors with a written charter addressing the committee’s purpose and responsibilities;

•the requirement to have a nominating and governance committee that is composed entirely of independent directors with a written charter addressing the committee’s purpose and responsibilities, or otherwise have director nominees selected by vote of a majority of the independent directors; and

•the requirement for an annual performance evaluation of the nominating and governance and compensation committees.

We have availed ourselves of these exemptions. As a result, we do not have a majority of independent directors, a compensation committee or a nominating and governance committee. Consequently, you will not have the same protections afforded to stockholders of companies that are subject to all of the NYSE corporate governance rules and requirements. Our status as a controlled company could make our common stock less attractive to some investors or otherwise harm our stock price.

We and our stockholders may have conflicts of interest with AIG.

Conflicts of interest may arise between AIG and us, since AIG continues to engage in transactions with us. Further, AIG may, from time to time, acquire and hold interests in, or maintain business relationships with, businesses that compete directly or indirectly with us. In general, AIG could pursue business interests or exercise its voting power as stockholder in ways that are detrimental to us but beneficial to themselves or to other companies in which they invest or with whom they have relationships.

In addition, adverse publicity, regulator scrutiny and pending investigations by regulators or law enforcement agencies involving AIG could negatively impact our reputation due to our relationship with AIG, which could materially and adversely affect our business, results of operations, financial condition and liquidity.

Certain of our directors may have actual or potential conflicts of interest due to their AIG equity ownership or their current or former AIG positions.

A number of our directors have been, and will continue to be, AIG officers, directors or employees and, thus, have professional relationships with AIG’s executive officers, directors or employees. In addition, because of their current or former AIG positions, certain of our directors and executive officers own AIG common stock or other equity compensation awards. For some of these individuals, their individual holdings may be significant compared to their total assets. These relationships and financial interests may create, or may create the appearance of, conflicts of interest when these directors and officers are faced with decisions that could have different implications for AIG and us. For example, potential conflicts of interest could arise in connection with the resolution of any dispute that may arise between AIG and us regarding the terms of the agreements governing our relationship with AIG.

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ITEM 1A | Risk Factors

We and AIG have indemnification obligations to one another.

We and AIG have entered into certain agreements, including the Separation Agreement, a registration rights agreement (the “Registration Rights Agreement”), a trademark license agreement, the Transition Services Agreement and the Tax Matters Agreement, that govern our and AIG’s obligations to each other in respect of, among other things, governance rights, taxes, transition services and indemnification obligations. The amounts payable by us pursuant to such indemnification obligations could be significant. Alternatively, AIG’s failure to perform its indemnification or other obligations in favor of us could materially and adversely affect our business, results of operations, financial condition and liquidity.

We are not able to file a single U.S. consolidated federal income tax return for five years following our IPO.

We are no longer included in the U.S. federal income tax group of which AIG is the common parent (the “AIG Consolidated Tax Group”) as AIG’s ownership of Corebridge Parent shares is below 80%. In addition, the AGC Group is not 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 period of five full taxable years following our deconsolidation from AIG Inc. (the “five-year waiting period”). Instead, the AGC Group will file separately as members of the AGC consolidated U.S. federal income tax return during the five-year waiting period. Our ability to utilize tax deductions for interest expense may be diminished by our inability to file a single consolidated tax return for all of our subsidiaries during the five-year waiting period. Additionally, CAMT liability calculations are undertaken on a filing group basis.

As a result of the foregoing, the AGC Group and the Non-Life Group may pay more cash taxes than each would have paid if a single consolidated federal income tax return were permitted. Following the five-year waiting period, the AGC Group is expected to join the U.S. consolidated tax return with the Non-Life Group in 2028. Any net operating losses incurred by our non-insurance companies during the five-year waiting period generally will be unavailable to reduce the taxable income of our insurance companies following the five-year waiting period. Similar principles may apply to state and local income tax liabilities in jurisdictions that conform to the federal rules.

We are expected to undergo an “ownership change” for U.S. federal income tax purposes.

Under Section 382 of the Code, if a corporation or its parent that is a “loss” corporation undergoes an “ownership change” (very generally defined as a greater than 50% change, by value, in the corporation’s equity ownership by certain shareholders or groups of shareholders over a rolling three-year period), the corporation’s ability to use its pre-ownership change deferred tax assets to offset its post-ownership change income may be limited. Generally, a corporation is a loss corporation if, at the date of the ownership change, the corporation has tax loss carryforwards and other built-in losses or deductions which may be used in a tax year after the ownership change (“pre-change loss”).

Upon an ownership change, the amount of taxable income attributable to any post-change year which may be offset by a pre-change loss is subject to an annual limitation. Generally, the annual limitation is equal to the equity value of the corporation immediately before the ownership change, multiplied by the long-term, tax-exempt rate posted monthly by the IRS (subject to certain adjustments). The current year annual limitation imposed under Section 382 would be increased by the amount of any unused limitation in a prior year(s). In addition, to the extent that a company has a net unrealized built-in loss or deduction at the time of an ownership change, Section 382 of the Code limits the utilization of any such loss or deduction which is realized and recognized during the five-year period following the ownership change.

We expect that we will meet the definition of a loss corporation and undergo an ownership change due to AIG’s expected sell down of its ownership interest in us. We may experience further ownership changes upon future issuances of our stock or due to secondary trading of our stock which may be outside of our control, and which could result in the application of additional limitations under Section 382. The resulting limitations from these ownership changes could increase the tax liability to which we are subject.

We are subject to risks associated with the Tax Matters Agreement and income taxes for years in which we were members of the AIG Consolidated Tax Group.

The Tax Matters Agreement provides that we generally will remain responsible for any and all taxes arising in pre-separation periods attributable to us. Although we will not be liable for matters settled by AIG for which we did not provide our prior written consent (to the extent reasonably withheld), AIG generally will control both the tax return preparation and audits and contests relating to pre-separation tax periods, which will determine the amount of any taxes for which we are responsible.

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ITEM 1A | Risk Factors

Also, for certain tax years or portions thereof, we were included in the AIG Consolidated Tax Group, and we did not file separate federal income tax returns. Under U.S. federal income tax laws, regardless of the contractual terms of the Tax Matters Agreement, any entity that is a member of a consolidated group at any time during a taxable year is severally liable to the IRS for the group’s entire federal income tax liability for the entire taxable year. Thus, notwithstanding any contractual rights to be reimbursed or indemnified by AIG pursuant to the Tax Matters Agreement, to the extent AIG or other members of the AIG Consolidated Tax Group fail to make any federal income tax payments required of them by law in respect of taxable years for which we were a member of the AIG Consolidated Tax Group, we would be liable. Similar principles apply for state and local income tax purposes in certain states and localities and for value-added tax in certain non-U.S. jurisdictions.

Anti-takeover provisions could discourage, delay, or prevent our change in control, even if the change in control would be beneficial to our shareholders.

Our Organizational Documents include a number of provisions that could discourage, delay or prevent a change in our management or control over us that stockholders consider favorable, including provisions that:

•authorize the issuance of shares of our common stock that could be used by our Board to create voting impediments or to frustrate persons seeking to effect a takeover or gain control;

•authorize the issuance of “blank check” preferred stock that could be used by our Board to thwart a takeover attempt;

•provide that vacancies on our Board (other than vacancies created by the removal of a director by stockholder vote), including vacancies resulting from an enlargement of our Board, may be filled by a majority vote of directors then in office, even if less than a quorum; and

•establish advance notice requirements for nominations of candidates for election as directors or to bring other business before an annual meeting of our stockholders.

These provisions could prevent our stockholders from receiving the benefit from any premium to the market price of our common stock offered by a bidder in a takeover context. Even in the absence of a takeover attempt, the existence of these provisions could adversely affect the prevailing market price of our common stock if the provisions are viewed as discouraging takeover attempts in the future.

Our Organizational Documents could also make it difficult for stockholders to replace or remove our management. Furthermore, the existence of the foregoing provisions, as well as the significant amount of Corebridge Parent common stock that AIG beneficially owns, could limit the price that investors might be willing to pay in the future for shares of our common stock. These provisions could facilitate management entrenchment that could delay, deter, render more difficult or prevent a change in our control, which may not be in the best interests of our stockholders.

In addition to the anti-takeover provisions of our Organizational Documents, there are other factors that may delay, deter or prevent our change in control. As an insurance holding company, we are regulated as an insurance holding company and are subject to the insurance holding company acts of the states in which our insurance company subsidiaries are domiciled. The insurance holding company acts and regulations restrict the ability of any person to obtain control of an insurance company without prior regulatory approval. Under those statutes and regulations, without such approval (or an exemption), no person may acquire any voting security of a domestic insurance company, or an insurance holding company which controls an insurance company, or merge with such a holding company, if as a result of such transaction such person would “control” the insurance holding company or insurance company. “Control” is generally defined as the direct or indirect power to direct or cause the direction of the management and policies of a person and is presumed to exist if a person directly or indirectly owns or controls 10% or more of the voting securities of another person. State insurance regulators, however, may find that “control” exists in circumstances in which a person owns or controls less than 10% of the voting securities.

In addition, we are currently a subsidiary of AIG, the common stock (i.e., its voting securities) of which trades on the NYSE. Consequently, persons considering an investment in our common stock (i.e., our voting securities) should take into consideration their ownership of AIG voting securities and consult their own legal advisors regarding such insurance holding company laws relating to the purchase and ownership of our common stock in light of their particular circumstances.

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ITEM 1A | Risk Factors

Our amended and restated certificate of incorporation provides that we waive any interest or expectancy in corporate opportunities presented to AIG and Blackstone.

Our amended and restated certificate of incorporation provides that we renounce and waive any interest or expectancy in, or in being offered an opportunity to participate in, corporate opportunities that are from time to time presented to AIG, Blackstone or their respective officers, directors, agents, stockholders, members, partners, affiliates or subsidiaries, even if the opportunity is one that we might reasonably be deemed to have pursued or had the ability or desire to pursue if granted the opportunity to do so. None of AIG, Blackstone or their respective agents, stockholders, members, partners, affiliates or subsidiaries will generally be liable to us or any of our subsidiaries for breach of any fiduciary or other duty, as a director or otherwise, by reason of the fact that such person pursues, acquires or participates in such corporate opportunity, directs such corporate opportunity to another person or fails to present such corporate opportunity, or information regarding such corporate opportunity, to us unless, in the case of any such person who is a director or officer, such corporate opportunity is expressly offered to such director or officer in writing solely in his or her capacity as a director or officer. To the fullest extent permitted by law, by becoming a stockholder in our Company, stockholders are deemed to have notice of and consented to this provision of our amended and restated certificate of incorporation. This allows AIG and Blackstone to compete with us for investment and other opportunities which could result in fewer such opportunities for us. We likely will not always be able to compete successfully with AIG and Blackstone (or any of their portfolio companies). Further, AIG or Blackstone may pursue acquisition opportunities for their respective businesses that are complementary to our business. As a result, such acquisition opportunities may not be available to us, and neither AIG nor Blackstone would have any obligation to offer us corporate opportunities.

Fulfilling our obligations incident to being a public company, including with respect to the requirements of and related rules under the Sarbanes-Oxley Act of 2002, and the Dodd-Frank Act, is expensive and time-consuming.

We are subject to the reporting, accounting and corporate governance requirements of the NYSE and the Exchange Act, Sarbanes-Oxley Act of 2002 and Dodd-Frank that apply to issuers of listed equity, which impose certain compliance requirements, costs and obligations upon us. The expenses associated with being a public company include those related to auditing, accounting and legal fees, investor relations, directors’ fees and director and officer liability insurance costs, registrar and transfer agent fees and listing fees, as well as other expenses. In addition, if we are unable to maintain effective internal control over financial reporting, we may be unable to report our financial condition or financial results accurately or to report them within the timeframes required by the SEC.

As a public company, we are required, among other things, to have in place comprehensive governance, financial reporting, compliance and investor relations functions. Failure to comply with the requirements of being a public company could subject us to sanctions or investigations by the SEC, NYSE or other regulatory authorities and could potentially cause investors to lose confidence in the accuracy and completeness of our financial reports.

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ITEM 1B | Unresolved Staff Comments

Item 1B. | Unresolved Staff Comments

There are no unresolved written comments that were received from the SEC staff 180 days or more before the end of our fiscal year relating to periodic or current reports under the Exchange Act.

Item 1C. | Cybersecurity

CYBERSECURITY RISK MANAGEMENT

We have historically been dependent on AIG’s risk management, cybersecurity and privacy policies, standards and procedures to identify, monitor, mitigate and communicate to us and our Board of Directors the cybersecurity risks to which we are exposed and manage. As a result, during 2023, we primarily relied on AIG to provide cybersecurity risk management and cybersecurity services to us pursuant to the Transition Services Agreement with AIG. While we remain reliant on AIG for the provision of certain of these services, as part of our separation from, and in cooperation with, AIG, we have developed and are in the process of implementing an Information Security Program for Corebridge (the “Program”) that includes, among other things, conducting periodic risk assessments designed to evaluate potential security threats, to detect potential vulnerabilities, and to mitigate identified security risks. The Program is informed by industry standards and frameworks and is designed to protect the confidentiality, integrity, and availability of Corebridge’s information assets and systems that store, process, or transmit material non-public information. Where appropriate, we also engage third-parties to evaluate our Program and our cybersecurity risk management and to provide operational support for the Program.

The Program includes the following key elements:

•Network, Systems, and Data Security – Corebridge deploys technical and organizational safeguards that are designed to protect Corebridge’s networks, systems, and data from cybersecurity threats, including firewalls, intrusion prevention and detection systems, anti-malware functionality, software security assessments, and access and identity management controls;

•Threat and Vulnerability Management –Corebridge maintains a threat and vulnerability management program that leverages threat intelligence to proactively identify, assess, and address cybersecurity risks. This program incorporates vulnerability scanning, risk-based remediation and mitigation, penetration testing, and threat response capabilities to safeguard our information assets and ensure business continuity;

•Cybersecurity Incident Monitoring and Response – Corebridge has established and maintains incident response plans that address Corebridge’s response to a cybersecurity incident, utilizing a cross-functional approach;

•Third Party Assessment and Oversight – Corebridge maintains a third-party risk management program to identify and manage risks from third-party service providers, including initial due diligence, an assessment of the service provider’s control environment and periodic re-assessments; and

•Security Training and Awareness – Corebridge provides ongoing education and training to employees regarding information security threats, and their role and responsibility in detecting and responding to such threats.

The Program is evaluated on an ongoing basis to address the evolving cyber threat landscape and to comply with applicable legal and regulatory obligations. See “Business—Regulation—U.S. Regulation—Privacy, Data Protection and Cybersecurity” for further discussion. Control adequacy and design are reviewed periodically, and periodic audits assist in identifying areas for continued focus, improvement and/or inclusion, and are designed to provide assurance that controls are appropriately designed and operating effectively. Additionally, our Internal Audit group performs testing of Corebridge’s control environment, including the Program.

Our Chief Information Security Officer (“CISO”) provides oversight and direction for the Program and coordinates with other corporate functions and business segments to address all aspects of the Program, including recommending adjustments in response to changes in technology, internal or external threats, business processes, and regulatory or statutory requirements, and communicates the information security risk posture of Corebridge to the relevant internal individuals, committees and departments, including as further described below.

Board Oversight and Governance

As discussed above, we have historically relied upon AIG to provide oversight of cybersecurity risk management and cybersecurity services that AIG provides to us pursuant to the Transition Services Agreement. In connection with our separation from AIG we are in the process of implementing certain processes, including training and reporting, to help facilitate oversight of information security risks by Corebridge’s senior management and Board of Directors. These processes will enable our operations and risk management functions that monitor cybersecurity risks and examine control performance to report and escalate cybersecurity risks to senior management and the Board of Directors, as appropriate.

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ITEM 1B | Unresolved Staff Comments

One of the main forums for reporting and escalating cybersecurity risks is the Corebridge Risk and Capital Committee (“RCC”), which is comprised of senior management personnel and led by our Chief Risk Officer (“CRO”), who is the head of our ERM function. ERM supports the identification, measurement, management, monitoring and reporting of major risks, which include cybersecurity risks. The RCC is responsible for addressing significant risk issues reported by ERM, including those related to cybersecurity, to protect Corebridge’s financial strength, optimize Corebridge’s intrinsic value, and protect Corebridge’s reputation. Corebridge’s CRO reports to the Board Audit Committee on risk issues, including cybersecurity risks. In addition to the foregoing, we are implementing a practice whereby Corebridge’s Chief Information Officer (“CIO”) and/or CISO discuss Corebridge’s approach to cybersecurity risk management directly with the Board of Directors at least once a year. The CIO, CISO and business segment specific CIOs and CISOs also report to Corebridge’s subsidiary boards and the RCC as needed on material cyber risks and Corebridge’s security posture and information security strategy.

Corebridge’s CISO reports to our CIO and is principally responsible for overseeing the Program, in partnership with other business leaders across Corebridge including the respective business segments’ CIO, CISO and Chief Technology Officer. Our CISO has over 25 years of information security and risk management experience and has served in his current role since joining Corebridge in 2021. He previously served in numerous information security management roles, including as CISO, at various financial sector organizations. Our CIO also has over 25 years of experience and has served as CIO of Corebridge since 2020 and Executive Vice President since February 2022. Previously he served in various technology executive management roles at MetLife, Inc., including Senior Vice President and Chief Information Officer for its U.S. business and Senior Vice President of U.S. Application Development.

Corebridge’s cybersecurity personnel maintain current knowledge through training programs, professional certifications, and participation in industry and advisory groups (e.g., the Financial Services Information Sharing and Analysis Center and the Securities Industry and Financial Markets Association). Company cybersecurity personnel expand and test their knowledge of cyber threats and countermeasures through additional on-the-job training to practice their response to real-life threats. In addition, and as part of performance development, certain of our cybersecurity personnel obtain industry approved certifications as appropriate for their roles and responsibilities. Examples of certifications held by Company’s cybersecurity personnel include CISSP (“Certified Information Systems Security Professional”) and CISM (“Certified Information Security Manager”).

As one of our new processes, we have implemented a cybersecurity incident response plan that sets forth a specific framework for responding to and managing potential and actual cybersecurity incidents, provides guidance on the roles of, and interactions with, various departments within Corebridge, and defines certain processes and procedures for cybersecurity incident response and management. Our cybersecurity incident response plan and procedures also establish escalation protocols in connection with a potential cybersecurity incident. These protocols vary depending upon the specific factors involved, including the materiality of an incident, the related harms and risks associated therewith, any undertakings required to mitigate and remediate any such incident and any corresponding legal or regulatory actions. Under the cybersecurity incident response plan and its protocols, incidents are responded to by multidisciplinary teams and are further escalated to the attention of senior management and our Board of Directors when applicable.

While there have been no material cybersecurity incidents that have affected Corebridge for the period covered by this annual report, on June 16, 2023, our vendor, Pension Benefit Information, LLC (“PBI”), notified us that data specific to Corebridge customers had been compromised in a security incident that PBI experienced targeting a zero-day vulnerability in PBI’s instance of the MOVEit Transfer Application, a managed file transfer software used by thousands of organizations. While we continue to measure the impact of this incident, including certain remediation expenses and other potential liabilities, we do not currently believe this incident will have a material adverse effect on our business, operations, or financial results.

Fora discussion regarding risks associated with cybersecurity threats, see “Risk Factors—Risks Relating to Business and Operations—We may be unable to maintain the availability of our critical technology systems and data and safeguard the confidentiality and integrity of our data” and “Risk Factors—Risks Relating to Business and Operations — Our risk management policies, standards and procedures may prove to be ineffective and leave us exposed to unidentified or unanticipated risk.”

Item 2. | Properties

We currently own and occupy the buildings comprising our corporate headquarters campus and related properties in Houston, Texas. We also have the following significant office space leases: Brentwood, Tennessee; and Los Angeles, California.

Item 3. | Legal Proceedings

For information regarding certain legal proceedings pending against us, see Note 18 to the Consolidated Financial Statements included elsewhere in this Annual Report on Form 10-K. See ‘‘Risk Factors—Risks Relating to Business and Operations—We may be subject to significant legal, governmental, or regulatory proceedings.’’

Item 4. | Mine Safety Disclosures

Not applicable.

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ITEM 5 | Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Part II

Item 5. | Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

General

Our common stock, par value $0.01 per share, began trading on the New York Stock Exchange (“NYSE”) under the symbol “CRBG” on September 19, 2022. As of February 8, 2024, there were three shareholders of record, which differs from the number of beneficial owners of our common stock.

Purchases of Equity Securities by the Issuer

The following table provides information about purchases made by or on behalf of Corebridge Parent or any “affiliated purchaser” (as defined in Rule 10b-18(a)(3) under the Securities Exchange Act of 1934) of Corebridge Common Stock during the three months ended December 31, 2023:


Period	Total Number of Shares Repurchased	Average Price Paid per Share*		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (in millions)
10/01/23 through 10/31/23	2,711,115	$	20.41	2,711,115	$	699
11/01/23 through 11/30/23	1,224,857	20.38		1,224,857	674
12/01/23 through 12/31/23	7,888,029	21.72		7,888,029	502
Total	11,824,001	$	21.31	11,824,001	$	502

*Excludes excise tax of $2.5 million due to the Inflation Reduction Act of 2022 for the three months ended December 31, 2023.

During the three months ended December 31, 2023, Corebridge Parent repurchased approximately 11.8 million shares of Corebridge Common Stock, par value $0.01 per share for an aggregate purchase price of $252 million, pursuant to the share repurchase program under which Corebridge Parent may, from time to time, purchase up to $1.0 billion of its common stock but is not obligated to purchase any particular number of shares.

As of December 31, 2023, approximately $502 million of capacity to repurchase common stock remained under the share repurchase program authorization.

Shares may be repurchased from time to time in the open market, private purchases, through forward, derivative, accelerated repurchase or automatic repurchase transactions or otherwise. For instance, on December 18, 2023, we purchased an aggregate of approximately $150 million of shares from AIG and Argon in a privately negotiated transaction. In addition, certain of our share repurchases have been and may from time to time be effected through Exchange Act Rule 10b5-1 repurchase plans, including the share repurchase plan Corebridge Parent adopted on December 11, 2023, which, unless extended expires on February 15, 2024. The timing of any future share repurchases will depend on market conditions, our business and strategic plans, financial condition, results of operations, liquidity and other factors.

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ITEM 5 | Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Stock Performance Graph

The graph and table below present the cumulative total shareholder return on Corebridge common stock relative to the performance of the S&P’s 500 Index, the S&P Insurance Index and the S&P Financials Index, respectively, between the closing market price at the end of September 15, 2022 (the date our common stock commenced regular way trading on the NYSE) and December 31, 2023. The graph and table show the total return on a hypothetical $100 investment in our common stock and data for each index, respectively, on September 15, 2022, including the reinvestment of all dividends. The points on the graph and the values in the table represent quarter-end values based on the last trading day of each quarter. The comparisons are based on historical data and are not indicative of, nor intended to forecast, the future performance of our common stock.


	Sep 15, 2022		Sep 30, 2022		Dec 31, 2022		Mar 31, 2023		Jun 30, 2023		Sep 30, 2023		Dec 31, 2023
Corebridge Financial, Inc.	$	100.00	$	94.98	$	99.03	$	80.18	$	92.89	$	105.17	$	123.50
S&P 500	$	100.00	$	91.95	$	98.90	$	106.32	$	115.61	$	111.83	$	124.90
S&P 500 Financials	$	100.00	$	91.28	$	103.70	$	97.94	$	103.16	$	102.00	$	116.30
S&P 500 Insurance	$	100.00	$	93.61	$	109.12	$	103.46	$	108.06	$	111.73	$	119.23

Item 6. | [Reserved]

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Item 7 | Management’s Discussion and Analysis of Financial Condition and Results of Operations

Glossary and Acronyms of Selected Insurance Terms and References

Throughout this Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”), we use certain terms and abbreviations, which are summarized in the Glossary and Acronyms.

Corebridge has incorporated into this discussion a number of cross-references to additional information included throughout this Annual Report on Form 10-K to assist readers seeking additional information related to a particular subject.

In this Annual Report on Form 10-K, unless otherwise mentioned or unless the context indicates otherwise, we use the terms “Corebridge,” “we,” “us” and “our” to refer to Corebridge Financial, Inc., a Delaware corporation, and its consolidated subsidiaries. We use the term “Corebridge Parent” to refer solely to Corebridge Financial, Inc., and not to any of its consolidated subsidiaries.

This MD&A addresses the consolidated financial condition of Corebridge as of December 31, 2023, compared with December 31, 2022, and its consolidated results of operations for the years ended December 31, 2023, 2022 and 2021. In addition to historical data, this discussion contains forward-looking statements about our business operations and financial performance based on current expectations that involve risks, uncertainties and assumptions. Actual results may differ materially from those discussed in the forward-looking statements as a result of various factors. You should read the following analysis of our consolidated financial condition and results of operations in conjunction with the “Management’s Discussion and Analysis of Results of Operations and Financial Condition,” the audited Consolidated Financial Statements and the “Risk Factors” section and the statements under “Cautionary Statements Regarding Forward-Looking Information,” included elsewhere in this Annual Report on Form 10-K.

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Index to Item 7


			Page
Executive Summary			75
Overview			75
Revenues			75
Benefits and Expenses			75
Significant Factors Impacting our Results			76
Corebridge’s Outlook - Macroeconomic, Industry and Regulatory Trends			82
Use of Non-GAAP Measures			85
Key Operating Metrics			91
Consolidated Results of Operations			94
Business Segment Operations			96
Individual Retirement			98
Group Retirement			102
Life Insurance			105
Institutional Markets			107
Corporate and Other			109
Investments			111
Overview			111
Key Investment Strategies			111
Credit Ratings			114
Future Policy Benefits, Policyholder Contract Deposits and Market Risk Benefits			130
Liquidity and Capital Resources			133
Overview			133
Liquidity and Capital Resources of Corebridge Parent and Intermediate Holding Companies			133
Liquidity and Capital Resources of Corebridge insurance subsidiaries			134
Contractual Obligations			137
Short-Term and Long-Term Debt			138
Credit Ratings			139
Off-Balance Sheet Arrangements and Commercial Commitments			140
Accounting Policies and Pronouncements			141
Critical Accounting Estimates			141
Adoption of Accounting Pronouncements			148
Glossary			149
Certain Important Terms			151
Acronyms			153

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ITEM 7 | Executive Summary

Executive Summary

OVERVIEW

We are one of the largest providers of retirement solutions and insurance products in the United States, committed to helping individuals plan, save for and achieve secure financial futures. We offer a broad set of products and services through our market leading Individual Retirement, Group Retirement, Life Insurance and Institutional Markets businesses, each of which features capabilities and industry experience we believe are difficult to replicate. These four businesses collectively seek to enhance stockholder returns while maintaining our attractive risk profile, which has historically resulted in consistent and strong cash flow generation.

REVENUES

Our revenues come from five principal sources:

•Premiums are principally derived from our traditional life insurance and certain annuity products including PRT transactions and structured settlements with life contingencies. Our premium income is driven by growth in new policies and contracts written and persistency of our in-force policies, both of which are influenced by a combination of factors including our efforts to attract and retain customers and market conditions that influence demand for our products;

•Policy fees are principally derived from our individual retirement, group retirement, universal life insurance, Corporate Markets and SVW products. Our policy fees typically vary directly with the underlying account value or benefit base of our annuities. Account value and benefit base are influenced by changes in economic conditions, including changes in levels of equity prices, and changes in levels of interest rates and credit spreads, as well as net flows;

•Net investment income from our investment portfolio varies as a result of the yield, allocation and size of our investment portfolio, which are, in turn, a function of capital market conditions and net flows into our total investments, as well as the expenses associated with managing our investment portfolio;

•Net realized gains (losses), net include changes in the Fortitude Re funds withheld embedded derivative, risk management related derivative activities (excluding hedges of certain MRBs), changes in the fair value of embedded derivatives in certain of our insurance products and trading activity within our investment portfolio, including trading activity related to the Fortitude Re modco arrangement. Net realized gains (losses) vary due to the timing of sales of investments as well as changes in the fair value of embedded derivatives in certain of our insurance products and derivatives utilized to hedge certain embedded derivatives; and

•Advisory fee income and other income includes fees from registered investment advisory services, 12b-1 fees (marketing and distribution fees paid by mutual funds), other asset management fee income, and commission-based broker-dealer services.

BENEFITS AND EXPENSES

Our benefits and expenses come from six principal sources:

•Policyholder benefits are driven primarily by customer withdrawals and surrenders from traditional products which change in response to changes in capital market conditions and changes in policy reserves, as well as life contingent benefit payments on life and annuity contracts and updates to assumptions related to future policyholder behavior, mortality and longevity;

•Interest credited to policyholder account balances varies in relation to the amount of the underlying account value or benefit base and also includes changes in the fair value of certain embedded derivatives related to our insurance products and amortization of deferred sales inducement assets;

•Amortization of deferred policy acquisition costs (“DAC”) and value of business acquired (“VOBA”) for all contracts except for other investment contracts is amortized, on a constant level basis over the expected term of the related contracts, using assumptions consistent with those used in estimating the related liability for future policy benefits, or any other related balances, for those corresponding contracts, as applicable. VOBA is determined at the time of acquisition and is reported with DAC. This value is based on the present value of future pre-tax profits discounted at yields applicable at the time of purchase;

•General operating and other expenses include expenses associated with conducting our business, including salaries, other employee-related compensation and other operating expenses such as professional services or travel;

•Change in the fair value of market risk benefits, net represents the changes in fair value of MRBs contained within certain insurance contracts (excluding the impact of changes in our own credit risk), including attributed fees, along with the changes in the fair value of derivatives that economically hedge MRBs. Changes in our own credit risk are included in OCI; and

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ITEM 7 | Executive Summary

•Interest expense represents the charges associated with our external debt obligations, including debt of consolidated investment entities. This expense varies based on the amount of debt on our balance sheet, as well as the rates of interest associated with those obligations. Interest expense related to consolidated investment entities principally relates to variable interest entities (“VIEs”) for which we are the primary beneficiary; however, creditors or beneficial interest holders of VIEs generally only have recourse to the assets and cash flows of the VIEs and do not have recourse to us except in limited circumstances when we have provided a guarantee to the VIE’s interest holders.

SIGNIFICANT FACTORS IMPACTING OUR RESULTS

The following significant factors have impacted, and may in the future impact, our business, results of operations, financial condition and liquidity.

Impact of Fortitude Re

In 2018, AIG established Fortitude Re, a wholly-owned subsidiary of Fortitude Group Holdings, LLC (“Fortitude Holdings”), in a series of reinsurance transactions related to certain of AIG’s legacy operations. In February 2018, AGL, VALIC and USL entered into modco agreements with Fortitude Re, a registered Class 4 and Class E reinsurer in Bermuda.

In the modco arrangement, the investments supporting the reinsurance agreements, 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., AGL, VALIC and USL) thereby creating an obligation for the ceding company to pay the reinsurer (i.e., Fortitude Re) at a later date. Additionally, since we maintain ownership of these investments, we reflect our existing accounting for these assets, which consist primarily of available-for-sale securities (e.g., the changes in fair value of available-for-sale securities are recognized within OCI) on our balance sheet. We have 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 this derivative are recognized in Net realized gains (losses) on Fortitude Re funds withheld embedded derivative. This embedded derivative is considered a total return swap with contractual returns that are attributable to various assets, primarily available-for-sale securities, associated with these reinsurance agreements. As the majority of the invested assets supporting the modco are fixed income securities that are available-for-sale, there is a mismatch between the accounting for the embedded derivative as its changes in fair value are recorded through net income while changes in the fair value of the fixed maturity securities available-for-sale are recorded through OCI.

Following the sale of AIG’s majority ownership interest in Fortitude Holdings and a restructuring transaction involving Fortitude Holdings and Fortitude Re Bermuda, AIG retained a 3.5% ownership interest in Fortitude Re Bermuda and one seat on its Board of Managers. On October 1, 2021, AIG, Inc. contributed its remaining 3.5% ownership interest in Fortitude Re Bermuda to us. At March 31, 2022, our ownership interest in Fortitude Re Bermuda was reduced from 3.5% to 2.46% due to a round of equity financing by third-party investors, in which we did not participate, that closed on March 31, 2022. As of December 31, 2023, $30.6 billion of reserves related to business written by multiple wholly-owned AIG subsidiaries, including $26.8 billion of reserves related to Corebridge, had been ceded to Fortitude Re.

Our net income experiences ongoing volatility as a result of the reinsurance agreements, which, as described above, give rise to a funds withheld payable that contains an embedded derivative. However, this net income volatility is almost entirely offset with a corresponding change in OCI, which reflects the fair value change from the investment portfolio supporting the funds withheld payable, which is primarily available-for-sale securities, resulting in minimal impact to our comprehensive income (loss) and equity attributable to Corebridge. Beginning in the fourth quarter of 2021, the Company elected the fair value option on the acquisition of certain new fixed maturity securities, helping reduce the mismatch over time.

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ITEM 7 | Executive Summary

Fortitude Re funds withheld impact:


	Years Ended December 31,
(in millions)		2023		2022		2021
Net investment income - Fortitude Re funds withheld assets		$	1,368	$	891	$	1,775
Net realized gains (losses) on Fortitude Re funds withheld assets:
Net realized gains (losses) on Fortitude Re funds withheld assets		(224)		(397)		924
Net realized gains (losses) on Fortitude Re funds withheld embedded derivatives		(1,734)		6,347		(687)
Net realized gains (losses) on Fortitude Re funds withheld assets		(1,958)		5,950		237
Income (loss) before income tax expense (benefit)		(590)		6,841		2,012
Income tax expense (benefit)*		(124)		1,437		423
Net income (loss)		(466)		5,404		1,589
Change in unrealized appreciation (depreciation) of the invested assets supporting the Fortitude Re modco arrangement classified as available-for-sale*		491		(5,064)		(1,488)
Comprehensive income		$	25	$	340	$	101

* 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 (loss) reflected above.

For further details on this transaction, see Note 8 to the Consolidated Financial Statements.

Impact of Variable Annuity Guaranteed Benefit Riders and Hedging

For information regarding Corebridge’s impact of Variable Annuity Guaranteed Benefit Riders and Hedging for the year ended December 31, 2021 recast to reflect the adoption of LTDI, see Exhibit 99.1 to our Current Report on Form 8-K filed with the SEC on June 5, 2023

Our Individual Retirement and Group Retirement businesses offer variable annuity products with riders that provide guaranteed benefits. The liabilities are accounted for as MRBs and measured at fair value. The fair value of the MRBs may fluctuate significantly based on market interest rates, equity prices, credit spreads, market volatility, policyholder behavior and other factors.

In addition to risk-mitigating features in our variable annuity product design, we have an economic hedging program designed to manage market risk from GMWBs, including exposures to changes in interest rates, equity prices, credit spreads and volatility. The hedging program includes all in-force GMWB policies and utilizes derivative instruments, including, but not limited to, equity options, futures contracts and interest rate swap and option contracts, as well as fixed maturity securities.

Differences in Valuation of MRBs and Economic Hedge Target

Our variable annuity hedging program utilizes an economic hedge target, which represents an estimate of the underlying economic risks in our GMWB riders. The economic hedge target differs from the GAAP valuation of the MRBs, creating volatility in our net income (loss) primarily due to the following:

•the MRBs include both the GMWB riders and the GMDB riders while the hedge program is targeting the economic risks of just the GMWB rider;

•the hedge program is designed to offset moves in the GMWB economic liability and therefore has a lower sensitivity to equity market changes than the MRBs;

•the economic hedge target includes 100% of the GMWB rider fees in present value calculations;

•the GAAP valuation reflects those fees attributed to the MRBs such that the initial value at contract issue equals zero. Since the MRB includes GMWBs and GMDBs, these attributed fees are typically larger than just the GMWB rider fees;

•the economic hedge target uses best estimate actuarial assumptions and excludes explicit risk margins used for GAAP valuation, such as margins for policyholder behavior, mortality and volatility; and

•the economic hedge target excludes our own credit risk changes (non-performance risk adjustments (“NPA”)) used in the GAAP valuation, which are recognized in OCI. The GAAP valuation has different sensitivities to movements in interest rates and other market factors, and to changes from actuarial assumption updates, than the economic hedge target.

For more information on our valuation methodology for MRBs, see Note 5 to the Consolidated Financial Statements.

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ITEM 7 | Executive Summary

The market value of the hedge portfolio compared to the economic hedge target at any point in time may be different and is not expected to be fully offsetting. In addition to the derivatives held in conjunction with the variable annuity hedging program, we generally have cash and invested assets available to cover future claims payable under these guarantees. The primary sources of difference between the change in the fair value of the hedging portfolio and the economic hedge target include:

•basis risk due to the variance between expected and actual fund returns, which may be either positive or negative;

•realized volatility versus implied volatility;

•actual versus expected changes in the hedge target driven by assumptions not subject to hedging, particularly policyholder behavior; and

•risk exposures that we have elected not to explicitly or fully hedge.

The following table presents the impact on pre-tax income (loss) and Other comprehensive income (loss) of Variable Annuity MRBs and Hedging for the Individual Retirement and Group Retirement Segments:


	Year Ended December 31, 2023			Year Ended December 31, 2022						Year Ended December 31, 2021
(in millions)		MRB Liability(*)		Hedge Assets		Net		MRB Liability(*)		Hedge Assets		Net		MRB Liability(*)		Hedge Assets		Net
Issuances		$	(1)	$	—	$	(1)	$	(11)	$	—	$	(11)	$	(21)	$	—	$	(21)
Interest accrual		(43)		(243)		(286)		(79)		(283)		(362)		(70)		(235)		(305)
Attributed fees		(866)		—		(866)		(934)		—		(934)		(880)		—		(880)
Expected claims		93		—		93		84		—		84		55		—		55
Effect of changes in interest rates		121		5		126		3,328		(2,746)		582		946		(868)		78
Effect of changes in interest rate volatility		76		(46)		30		(288)		140		(148)		(80)		29		(51)
Effect of changes in equity markets		1,329		(832)		497		(1,499)		1,030		(469)		1,617		(942)		675
Effect of changes in equity index volatility		19		25		44		76		(32)		44		(56)		53		(3)
Actual outcome different from model expected outcome		(181)		—		(181)		(203)		—		(203)		(147)		—		(147)
Effect of changes in future expected policyholder behavior		—		—		—		87		—		87		(53)		—		(53)
Effect of changes in other future expected assumptions		115		—		115		16		—		16		36		—		36
Foreign exchange impact		1		—		1		7		—		7		6		—		6
Total impact on balance before other and changes in our own credit risk		663		(1,091)		(428)		584		(1,891)		(1,307)		1,353		(1,963)		(610)
Other		(2)		(43)		(45)		—		66		66		1		8		9
Effect of changes in our own credit risk		(347)		49		(298)		1,206		(56)		1,150		275		73		348
Total income (loss) impact on market risk benefits		314		(1,085)		(771)		1,790		(1,881)		(91)		1,629		(1,882)		(253)
Less: impact on OCI		(347)		59		(288)		1,206		(527)		679		275		(122)		153
Add: fees net of claims and ceded premiums and benefits		761		—		761		847		—		847		851		—		851
Net impact on pre-tax income (loss)		$	1,422	$	(1,144)	$	278	$	1,431	$	(1,354)	$	77	$	2,205	$	(1,760)	$	445
Net change in value of economic hedge target and related hedges
Net impact on economic gains (losses)						$	(512)					$	714					$	109

* MRB Liability is partially offset by MRB Assets.

Year Ended December 31, 2023

•Net impact on pre-tax income of $278 million was primarily driven by increases in equity markets and the impact of the London Interbank Offered Rate (“LIBOR”) to Secured Overnight Financing Rate (“SOFR”) transition.

•With the transition of risk free rates to the SOFR curve, our discounting of fees has been reduced, resulting in a one-time favorable impact to the MRB liability.

On an economic basis, the changes in the fair value of the hedge portfolio were partially offset by the changes in the economic hedge target. In the year ended December 31, 2023, we had a net mark-to-market loss of approximately $512 million from our hedging activities related to our economic hedge target primarily driven by aging of the business and tightening credit spreads.

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ITEM 7 | Executive Summary

Year Ended December 31, 2022

•Net impact on pre-tax income of $77 million was primarily driven by fund basis changes that impacted our actual to expected model outcomes, lower equity markets and term structure moves in the interest rate volatility market, partially offset by increases in interest rates.

On an economic basis, the changes in the fair value of the hedge portfolio were partially offset by the changes in the economic hedge target. In the year ended December 31, 2022, we had a net mark-to-market gain of approximately $714 million from our hedging activities related to our economic hedge target primarily driven by widening credit spreads and an update to actuarial assumptions.

Embedded Derivatives for Fixed Index Annuity and Index Universal Life Products

Fixed index annuity contracts contain index interest credits which are accounted for as embedded derivatives and our index universal life insurance products also contain embedded derivatives. Policyholders may elect to rebalance among the various accounts within the product at specified renewal dates. At the end of each index term, we generally have the opportunity to re-price the index component by establishing different participation rates or caps on index credited rates. The index crediting feature of these products results in the recognition of an embedded derivative that is required to be bifurcated from the host contract and carried at fair value with changes in the fair value of the liabilities recorded in Net realized gains (losses). Option pricing models are used to estimate fair value, taking into account 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 index credited rates in light of market conditions and policyholder behavior assumptions.

The following table summarizes the fair values of the embedded derivatives for fixed index annuity and index universal life products:


(in millions)	December 31, 2023		December 31, 2022
Fixed index annuities	$	6,953	$	4,657
Index universal life	$	989	$	710

Our Strategic Partnership with Blackstone

As of December 31, 2023, Blackstone managed approximately $55.4 billion in book value of assets in our investment portfolio.

Our Investment Management Agreements with BlackRock

Since April 2022, we entered into investment management agreements with BlackRock and its investment advisory affiliates. As of December 31, 2023, BlackRock managed approximately $85.3 billion in book value of assets in our investment portfolio, consisting of liquid fixed income and certain private placement assets. In addition, liquid fixed income assets associated with the Fortitude Re portfolio were separately transferred to BlackRock for management. The investment management agreements with BlackRock provide us with access to market-leading capabilities, including portfolio management, research and tactical strategies in addition to a larger pool of investment professionals. We believe BlackRock’s scale and fee structure make BlackRock an excellent outsourcing partner for certain asset classes and will allow us to further optimize our investment management operating model while improving overall performance.

See “Business—Investment Management—Our Investment Management Agreements with BlackRock.”

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ITEM 7 | Executive Summary

Actuarial Assumption Changes

Most of the fixed annuities, fixed index annuities, variable annuity products and universal life insurance products we offer maintain policyholder deposits that are reported as liabilities and classified within either separate account liabilities or policyholder contract deposits. Our products and riders also impact liabilities for future policyholder benefits and unearned revenues and assets for DAC and DSI. The valuation of these assets and liabilities (other than deposits) is based on differing accounting methods depending on the product, each of which requires numerous assumptions and considerable judgment. The accounting guidance applied in the valuation of these assets and liabilities includes, but is not limited to, the following: (i) traditional life and limited pay insurance products for which actual experience is reflected in the liability and assumptions are reviewed and updated at least annually, if necessary, with the recognition and parenthetical presentation of any resulting re-measurement gain or loss in policyholder benefits (except for discount rate changes) in the income statement; (ii) certain product guarantees for which benefit liabilities are accrued over the life of the contract in proportion to actual and future expected policy assessments; (iii) certain product guarantees reported as market risk benefits or index crediting features accounted for as embedded derivatives which are carried at fair value; and (iv) unearned revenue and assets for DAC, VOBA and DSI which are amortized on a constant level basis over the expected term of the related contracts using assumptions consistent with those used in estimating the related liability for future policy benefits, or any other related balances, for those corresponding contracts, as applicable.

At least annually, typically in the third quarter, we conduct a comprehensive review of the underlying assumptions within our actuarially determined assets and liabilities. These assumptions include, but are not limited to, policyholder behavior, mortality, expenses, investment returns and policy crediting rates. Changes in assumptions can result in a significant change to the carrying value of product liabilities and assets and, consequently, the impact could be material to earnings in the period of the change.

For further details of our accounting policies and related judgments pertaining to assumption updates, see “Future Policy Benefits, Policyholder Contract Deposits and Market Risk Benefits—Significant Reinsurance Agreements, Variable Annuity Guaranteed Benefits and Hedging Results and Actuarial Updates—Update of Actuarial Assumptions and Models” and “Accounting Policies and Pronouncements—Critical Accounting Estimates—Market Risk Benefits, Valuation of Embedded Derivatives for Fixed Index Annuity and Index Universal Life Products, Guaranteed Benefit Features of Variable Annuity, Fixed Annuity and Fixed Index Annuity Products, and Future Policy Benefits for Life, Accident and Health Insurance Contracts.”

The following table presents the increase in adjusted pre-tax operating income and pre-tax income resulting from the annual update of actuarial assumptions, which occurs in the third quarter of each year, by financial statement line item as reported in the Consolidated Statements of Income (Loss):


	Years Ended December 31,
(in millions)	2023		2022		2021
Premiums	$	—	$	—	$	(41)



Policyholder benefits	22		29		89
Increase in adjusted pre-tax operating income	22		29		48
Change in fair value of market risk benefits, net	7		105		(17)
Net realized gains losses	(7)		(2)		—
Increase in pre-tax income	$	22	$	132	$	31

The following table presents the increase in adjusted pre-tax operating income resulting from the annual update in actuarial assumptions, which occurs in the third quarter of each year, by segment and product line:


	Years Ended December 31,
(in millions)	2023		2022		2021
Individual Retirement	$	1	$	—	$	—





Life Insurance	19		25		48
Institutional Markets	2		4		—
Total increase in adjusted pre-tax operating income from update of assumptions*	$	22	$	29	$	48

* Liabilities ceded to Fortitude Re are reported in Corporate and Other. There is no impact to adjusted pre-tax operating income due to the annual update of actuarial assumptions as these liabilities are 100% ceded.

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ITEM 7 | Executive Summary

Adoption of Targeted Improvements to the Accounting for Long-Duration Contracts

In August 2018, the Financial Accounting Standards Board (“FASB”) issued an accounting standard update with the objective of making targeted improvements to the existing recognition, measurement, presentation and disclosure requirements for long-duration contracts issued by an insurance entity.

The Company adopted targeted improvements to the accounting for long duration contracts (the “standard” or “LDTI”) on January 1, 2023, with a transition date of January 1, 2021 (as described in additional detail below).

The Company adopted the standard using the modified retrospective transition method relating to liabilities for traditional and limited payment contracts and DAC. The Company also adopted the standard in relation to MRBs on a full retrospective basis. As of the January 1, 2021 transition date, the impact of the adoption of the standard was a net decrease to beginning AOCI of $2.3 billion and a net increase to beginning Shareholders’ net investment of $1.2 billion.

The net increase in Shareholders’ net investment resulted from:

•the reclassification of the cumulative effect of non-performance adjustments related to our products in Individual Retirement and Group Retirement operating segments that are currently measured at fair value (e.g., living benefit guarantees associated with variable annuities),

Partially offset by:

•a reduction from the difference between the fair value and carrying value of benefits not previously measured at fair value (e.g., death benefit guarantees associated with variable annuities).

The net decrease in AOCI resulted from:

•the reclassification of the cumulative effect of non-performance adjustments discussed above,

•changes to the discount rate which will most significantly impact our Life Insurance and Institutional Markets segments,

Partially offset by:

•the removal of DAC, unearned revenue reserves, sales inducement assets and certain future policyholder benefit balances recorded in AOCI related to changes in unrealized appreciation (depreciation) on investments.

Affordable Housing Sale

On December 15, 2021, Corebridge and Blackstone Real Estate Income Trust (“BREIT”), a long-term, perpetual capital vehicle affiliated with Blackstone, completed the acquisition by BREIT of Corebridge’s interests in a U.S. affordable housing portfolio for $4.9 billion, in an all cash transaction, resulting in a pre-tax gain of $3.0 billion. We recognized $186 million of APTOI related to the U.S. affordable housing portfolio, primarily consisting of net investment income of $309 million offset by interest expense of $107 million for the year ended December 31, 2021.

Fair Value Option Bond Securities

We elect the fair value option on certain bond securities. When the fair value option is elected, the realized and unrealized gains and losses on these securities are reported in net investment income.

The following table shows the net investment income reported on fair value option bond securities:


	Years Ended December 31,
(in millions)		2023		2022		2021
Net investment income - excluding Fortitude Re funds withheld assets		$	49	$	(30)	$	17
Net investment income - Fortitude Re funds withheld assets		291		(378)		9
Total		$	340	$	(408)	$	26

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Tax Impact from Separation

Following the IPO, AIG owns a less than 80% interest in Corebridge, resulting in tax deconsolidation of Corebridge Parent and its subsidiaries from the AIG Consolidated Tax Group. Upon the tax deconsolidation from the AIG Consolidated Tax Group, after assessing the relative weight of all positive and negative evidence, we concluded that absent any prudent and feasible tax planning strategies, our net operating losses and foreign tax credit carryforwards generated by the non-life insurance companies would more likely than not expire unutilized and at the time of tax deconsolidation a valuation allowance related to the tax attribute carryforwards and other deferred tax assets for the Non-Life Group was necessary. In addition, under applicable law, the AGC Group will not be permitted to join in the filing of a U.S. consolidated federal income tax return with the Non-Life Group for the five-year waiting period. Instead, the AGC Group is expected to file separately as members of the AGC consolidated U.S. federal income tax return during 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 in 2028. Principles similar to the foregoing may apply to state and local income tax liabilities in jurisdictions that conform to federal rules. We continue to assess our need for a valuation allowance and as of year ended December 31, 2023, the balance sheet reflects a valuation allowance of $162 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.

For further discussion on tax impacts from the IPO and valuation allowance, see Note 24 to the Consolidated Financial Statements.

Sale of Certain Assets of Our Retail Mutual Funds Business

On February 8, 2021, we announced the execution of a definitive agreement with Touchstone Investments, Inc. (“Touchstone”), an indirect wholly-owned subsidiary of Western & Southern Financial Group, to sell certain assets of our retail mutual funds business. This sale consisted of the reorganization of twelve of the retail mutual funds managed by our subsidiary SunAmerica Asset Management LLC (“SAAMCo”) into certain Touchstone funds and was subject to certain conditions, including approval of the fund reorganizations by the retail mutual fund boards of directors/trustees and fund shareholders. The transaction closed on July 16, 2021, at which time we received initial proceeds and recognized a gain on the sale of $103 million. Concurrently, the twelve retail mutual funds managed by SAAMCo, with $6.8 billion in assets, were reorganized into Touchstone funds. Additional consideration has been and may be earned over a three-year period based on asset levels in certain reorganized funds. Six retail mutual funds managed by SAAMCo and not included in the transaction were liquidated. We continue to retain our fund management platform and capabilities dedicated to our variable annuity insurance products.

Separation Costs

In connection with our separation from AIG, we have incurred and expect to continue to incur one-time and recurring expenses. We estimate that our one-time expenses will be between approximately $350 million and $450 million on a pre-tax basis from January 1, 2022. As of December 31, 2023, we have incurred approximately $425 million of one-time expenses on a pre-tax basis. These expenses primarily relate to replicating and replacing functions, systems and infrastructure provided by AIG; rebranding; and accounting advisory, consulting and actuarial fees. We expect to incur the majority of these costs by December 31, 2023. In addition to these separation costs, we expect to incur costs related to the evolution of our investments organization to reflect our strategic partnerships with key external managers, our implementation of BlackRock’s “Aladdin” investment management technology platform and our expected reduction in fees for asset management services.

In addition, as part of Corebridge Forward, we aim to achieve an annual run rate expense reduction of approximately $400 million on a pre-tax basis and expect the majority of the reduction to be achieved within 24 months of the IPO. Through December 31, 2023 we have acted upon or contracted approximately $351 million of exit run rate savings on a pre-tax basis. Corebridge Forward is expected to have a cumulative cost to achieve of approximately $300 million on a pre-tax basis. As of December 31, 2023, the cost to achieve has been approximately $168 million.

COREBRIDGE’S MACROECONOMIC, INDUSTRY AND REGULATORY TRENDS

Our business is affected by industry and economic factors such as interest rates; geopolitical stability (including the ongoing armed conflicts between Ukraine and Russia and in the Middle East); credit and equity market conditions; currency exchange rates; regulation; tax policy; competition; and general economic, market and political conditions. We continued to operate under challenging market conditions in 2023 and 2022 characterized by factors such as the impact of COVID-19 and the related governmental and societal responses, interest rate volatility, inflationary pressures, an uneven global economic recovery and global trade tensions. Responses by central banks and monetary authorities with respect to inflation, growth concerns and other macroeconomic factors have also affected global exchange rates and volatility.

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ITEM 7 | Executive Summary

Below is a discussion of certain industry and economic factors impacting our business:

Demographics

We expect our target market of individuals planning for retirement to continue to grow with the size of the U.S. population age 65 and over that is expected to increase by approximately 30% by 2030 from 2020. In addition, we believe that reduced employer-paid retirement benefits will drive an increasing need for our individual retirement solutions. Further, consumers in the United States continue to prefer purchasing life insurance and retirement products through an agent or advisor, which positions us favorably given our broad distribution platform and in-house advisory capabilities. We continue to seek opportunities to develop new products and adapt our existing products to the growing needs of individuals to plan, save for and achieve secure financial futures.

Equity Markets

Our financial results are impacted by the performance of equity markets, which impacts the performance of our alternative investment portfolio, fee income, MRBs and embedded derivatives. For instance, in our variable annuity separate accounts, mutual fund assets and brokerage and advisory assets, we generally earn fee income based on the account value, which fluctuates with the equity markets as a significant amount of these assets are invested in equity funds. The impact of equity market returns, both increases and decreases, is reflected in our results due to the impact on the account value and the fair values of equity-exposed securities in our investment portfolio.

Our hedging costs could also be significantly impacted by changes in the level of equity markets as rebalancing and option costs are tied to the equity market volatility. These hedging costs are partially offset by our rider fees that are tied to the level of the VIX. As rebalancing and option costs increase or decrease, the rider fees will increase or decrease partially offsetting the hedging costs incurred.

See “Risk Factors—Risks Relating to Market Conditions—We are exposed to risk from equity market declines or volatility.”

Market and other economic factors may result in increased credit impairments, downgrades and losses across single or numerous asset classes due to lower collateral values or deteriorating cash flow and profitability by borrowers could lead to higher defaults on our investment portfolio, especially in geographic, industry or investment sectors where we have higher concentrations of exposure, such as real estate related borrowings. These factors can also cause widening of credit spreads which could reduce investment asset valuations, decrease fee income and increase statutory capital requirements, as well as reduce the availability of investments that are attractive from a risk-adjusted perspective.

See “Risk Factors—Risks Relating to Market Conditions—Our business is highly dependent on economic and capital market conditions.”

Alternative investments include private equity funds which are generally reported on a one-quarter lag. Accordingly, changes in valuations driven by equity market conditions during the fourth quarter of 2023 may impact the private equity investments in the alternative investments portfolio in the first quarter of 2024.

Impact of Changes in the Interest Rate Environment

A rising interest rate environment benefits our spread income as we reinvest cash flows from existing business at higher rates and should have a positive impact on sales of spread-based products resulting in an increase in our base net investment spreads.

As of December 31, 2023, increases in key rates have improved yields on new investments, which are now higher than the yield on maturities and redemptions that we are experiencing on our existing portfolios. Furthermore, the impact of interest rate increases is further reflected in our results as these rate increases have also reduced the value of fixed income assets that are held in the variable annuity separate accounts and brokerage and advisory assets, and accordingly, have adversely impacted the fees that are charged on these accounts. We actively manage our exposure to the interest rate environment through portfolio construction and asset-liability management, including spread management strategies for our investment-oriented products and economic hedging of interest rate risk from guarantee features in our variable annuities, but we may not be able to fully mitigate our interest rate risk by matching exposure of our assets relative to our liabilities.

Fluctuations in interest rates may result in changes to certain statutory reserve or capital requirements that are based on formulas or models that consider interest rates or prescribed interest rates, such as cash flow testing. Rising interest rates can have a mixed impact on statutory financials due to higher surrender activity, particularly for fixed annuities, offset by potentially lower reserves for other products under various statutory reserving frameworks.

Regulatory Environment

The insurance and financial services industries are generally subject to close regulatory scrutiny and supervision. Our operations are subject to regulation by a number of different types of domestic and international regulatory authorities, including securities, derivatives and investment advisory regulators. Our insurance subsidiaries are subject to regulation and supervision by the states and jurisdictions in which they do business.

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ITEM 7 | Executive Summary

We expect that the domestic and international regulations applicable to us and our regulated entities will continue to evolve for the foreseeable future.

For information regarding our regulation and supervision by different regulatory authorities in the United States and abroad, see “Business—Regulation.”

Annuity Sales and Surrenders

The rising rate environment and our partnership with Blackstone have provided a strong tailwind for fixed and fixed index annuity sales, however, higher interest rates have also resulted in an increase in surrenders. Rising interest rates could continue to create the potential for increased sales but could also drive higher surrenders relative to what we have already experienced. Fixed annuities have surrender charge periods, generally in the three-to-seven-year range. Fixed index annuities have surrender charge periods, generally in the five-to-ten-year range, and within our Group Retirement segment, certain of our fixed investment options are subject to other withdrawal restrictions, which may help mitigate increased early surrenders in a rising rate environment. In addition, older contracts that have higher minimum interest rates and continue to be attractive to contract holders have driven better than expected persistency in fixed annuities, although the liabilities for such contracts have continued to decrease over time in amount and as a percentage of the total annuity portfolio. We closely monitor surrenders of fixed annuities as contracts with lower minimum interest rates come out of the surrender charge period.

Reinvestment and Spread Management

We actively monitor fixed income markets, including the level of interest rates, credit spreads and the shape of the yield curve. We also frequently review our interest rate assumptions and actively manage the crediting rates used for new and in-force business. Business strategies continue to evolve and we attempt to maintain profitability of the overall business in light of the interest rate environment. A rising interest rate environment results in improved yields on new investments and improves margins for our business while also making certain products, such as fixed annuities, more attractive to potential customers. However, the rising rate environment has resulted in lower values on general and separate account assets, mutual fund assets and brokerage and advisory assets that hold investments in fixed income assets.

For additional information on our investment and asset-liability management strategies, see “Investments.”

For investment-oriented products, including universal life insurance, and variable, fixed and fixed index annuities, in each of our operating and reportable segments, our spread management strategies include disciplined pricing and product design for new business, modifying or limiting the sale of products that do not achieve targeted spreads, using asset-liability management to match assets to liabilities to the extent practicable and actively managing crediting rates to help mitigate some of the pressure on investment spreads. Renewal crediting rate management is guided by specific contract provisions designed to allow crediting rates to be reset at pre-established intervals and subject to minimum crediting rate guarantees. We expect to continue to adjust crediting rates on in-force business, as appropriate, to be responsive to changing rate environments. As interest rates rise, we may need to raise crediting rates on in-force business for competitive and other reasons, potentially offsetting a portion of the additional investment income resulting from investing in a higher interest rate environment.

Of the aggregate fixed account values of our Individual Retirement and Group Retirement annuity products, 54% and 64% were crediting at the contractual minimum guaranteed interest rate at December 31, 2023 and December 31, 2022, respectively. The percentages of fixed account values of our annuity products that are currently crediting at rates above 1% were 50% and 55% at December 31, 2023 and December 31, 2022, respectively. In the universal life insurance products in our Life Insurance business, 59% and 62% of the account values were crediting at the contractual minimum guaranteed interest rate at December 31, 2023 and December 31, 2022, respectively. These businesses continue to focus on pricing discipline and strategies to manage the minimum guaranteed interest crediting rates offered on new sales in the context of regulatory requirements and competitive positioning.

For additional information on our investment and asset-liability management strategies, see Note 6 to the Consolidated Financial Statements.

Impact of Currency Volatility

In our life insurance business, we have an international location in the UK, whose local currency is the British pound. Trends in revenue and expense reported in U.S. dollars can differ significantly from those measured in original currencies. While currency volatility affects financial statement line item components of income and expenses, since our international businesses transact in local currencies, the impact is significantly mitigated. These currencies may continue to fluctuate, in either direction, and such fluctuations may affect premiums, fees and expenses reported in U.S. dollars, as well as financial statement line item comparability.

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ITEM 7 | Use of Non-GAAP Financial Measures and Key Operating Metrics

Use of Non-GAAP Financial Measures and Key Operating Metrics

NON-GAAP FINANCIAL MEASURES

Throughout this MD&A, we present our financial condition and results of operations in the way we believe will be most meaningful and representative of our business results. Some of the measurements we use are “non-GAAP financial measures” under SEC rules and regulations. We believe presentation of these non-GAAP financial measures allows for a deeper understanding of the profitability drivers of our business, results of operations, financial condition and liquidity. These measures should be considered supplementary to our results of operations and financial condition that are presented in accordance with GAAP and should not be viewed as a substitute for GAAP measures. The non-GAAP financial measures we present may not be comparable to similarly named measures reported by other companies. Reconciliations of non-GAAP financial measures for future periods are not provided as we do not currently have sufficient data to accurately estimate the variables and individual adjustments for such reconciliations.

Adjusted revenues exclude Net realized gains (losses) except for gains (losses) related to the disposition of real estate investments, income from non-operating litigation settlements (included in Other income for GAAP purposes) and changes in fair value of securities used to hedge guaranteed living benefits (included in Net investment income for GAAP purposes).

The following table presents a reconciliation of Total revenues to Adjusted revenues:


	Years Ended December 31,
(in millions)		2023		2022		2021
Total revenues		$	18,878	$	24,697	$	23,257
Fortitude Re related items:
Net investment income on Fortitude Re funds withheld assets		(1,368)		(891)		(1,775)
Net realized (gains) losses on Fortitude Re funds withheld assets		224		397		(924)
Net realized (gains) losses on Fortitude Re funds withheld embedded derivatives		1,734		(6,347)		687
Subtotal - Fortitude Re related items		590		(6,841)		(2,012)
Other non-Fortitude Re reconciling items:
Changes in fair value of securities used to hedge guaranteed living benefits		(55)		(56)		(60)
Non-operating litigation reserves and settlements		—		(25)		—
Other (income) - net		(28)		(51)		(37)
Net realized (gains) losses*		1,827		231		(687)
Subtotal - Other non-Fortitude Re reconciling items		1,744		99		(784)
Total adjustments		2,334		(6,742)		(2,796)
Adjusted revenues		$	21,212	$	17,955	$	20,461

* Represents all Net realized gains and losses except gains (losses) related to the disposition of real estate investments and earned income (periodic settlements and changes in settlement accruals) on derivative instruments used for non-qualifying (economic) hedging or for asset replication. Earned income for non-qualifying (economic) hedging or for asset replication is reclassified from Net realized gains and losses to specific APTOI line items (e.g., net investment income and interest credited to policyholder account balances) based on the economic risk being hedged.

Adjusted pre-tax operating income (“APTOI”) is derived by excluding the items set forth below 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 recording adjustments to APTOI that we believe to be common in our industry. We believe the adjustments to pre-tax income are useful for gaining an understanding of our overall results of operations.

APTOI excludes the impact of the following items:

FORTITUDE RE 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:

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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 BENEFIT ADJUSTMENTS:

Certain of our variable annuity, fixed annuity and fixed index annuity contracts contain GMWBs and/or 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.

Adjusted after-tax operating income attributable to our common shareholders (“Adjusted After-tax Operating Income” or “AATOI”) is derived by excluding the tax effected APTOI adjustments described above, as well as the following tax items from net income attributable to us:

•reclassifications of disproportionate tax effects from AOCI, changes in uncertain tax positions and other tax items related to legacy matters having no relevance to our current businesses or operating performance; and

•deferred income tax valuation allowance releases and charges.

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The following tables present a reconciliation of pre-tax income (loss)/net income (loss) attributable to Corebridge to adjusted pre-tax operating income (loss)/adjusted after-tax operating income (loss) attributable to Corebridge:


Years Ended December 31,	2023								2022								2021
(in millions)	Pre-tax		Total Tax (Benefit) Charge		Non- controlling Interests		After Tax		Pre-tax		Total Tax (Benefit) Charge		Non- controlling Interests		After Tax		Pre-tax		Total Tax (Benefit) Charge		Non- controlling Interests		After Tax
Pre-tax income/net income, including noncontrolling interests	$	940	$	(96)	$	—	$	1,036	$	10,491	$	2,012	$	—	$	8,479	$	11,254	$	2,082	$	—	$	9,172
Noncontrolling interests	—		—		68		68		—		—		(320)		(320)		—		—		(929)		(929)
Pre-tax income/net income attributable to Corebridge	940		(96)		68		1,104		10,491		2,012		(320)		8,159		11,254		2,082		(929)		8,243
Fortitude Re related items
Net investment income on Fortitude Re funds withheld assets	(1,368)		(291)		—		(1,077)		(891)		(187)		—		(704)		(1,775)		(373)		—		(1,402)
Net realized (gains) losses on Fortitude Re funds withheld assets	224		48		—		176		397		83		—		314		(924)		(194)		—		(730)
Net realized (gains) losses on Fortitude Re funds withheld embedded derivative	1,734		369		—		1,365		(6,347)		(1,370)		—		(4,977)		687		144		—		543
Net realized losses on Fortitude transactions	—		—		—		—		—		—		—		—		(26)		(5)		—		(21)
Subtotal Fortitude Re related items	590		126		—		464		(6,841)		(1,474)		—		(5,367)		(2,038)		(428)		—		(1,610)
Other Reconciling Items:
Reclassification of disproportionate tax effects from AOCI and other tax adjustments	—		89		—		(89)		—		95		—		(95)		—		174		—		(174)
Deferred income tax valuation allowance (releases) charges	—		(11)		—		11		—		(157)		—		157		—		(26)		—		26
Changes in fair value of market risk benefits, net	(6)		(1)		—		(5)		(958)		(199)		—		(759)		(447)		(95)		—		(352)
Changes in fair value of securities used to hedge guaranteed living benefits	16		3		—		13		(30)		(6)		—		(24)		(56)		(12)		—		(44)
Changes in benefit reserves related to net realized gains (losses)	(6)		(1)		—		(5)		(15)		(3)		—		(12)		15		3		—		12
Loss on extinguishment of debt	—		—		—		—		—		—		—		—		219		46		—		173
Net realized (gains) losses*	1,792		381		—		1,411		211		44		—		167		(711)		(149)		68		(494)
Non-operating litigation reserves and settlements	—		—		—		—		(25)		(5)		—		(20)		—		—		—		—
Separation costs	245		51		—		194		180		142		—		38		—		—		—		—
Restructuring and other costs	197		41		—		156		147		31		—		116		44		9		—		35
Non-recurring costs related to regulatory or accounting changes	18		4		—		14		12		3		—		9		31		7		—		24
Net (gain) loss on divestiture	(676)		(43)		—		(633)		1		—		—		1		(3,081)		(710)		—		(2,371)
Pension expense - non operating	15		3		—		12		1		—		—		1		12		3		—		9
Noncontrolling interests	68		—		(68)		—		(320)		—		320		—		(861)		—		861		—
Subtotal: Other non-Fortitude Re reconciling items	1,663		516		(68)		1,079		(796)		(55)		320		(421)		(4,835)		(750)		929		(3,156)
Total adjustments	2,253		642		(68)		1,543		(7,637)		(1,529)		320		(5,788)		(6,873)		(1,178)		929		(4,766)
Adjusted pre-tax operating income (loss)/Adjusted after-tax operating income (loss) attributable to Corebridge common shareholders	$	3,193	$	546	$	—	$	2,647	$	2,854	$	483	$	—	$	2,371	$	4,381	$	904	$	—	$	3,477

* Includes all net realized gains and losses except earned income (periodic settlements and changes in settlement accruals) on derivative instruments used for non-qualifying (economic) hedging or for asset replication. Additionally, gains (losses) related to the disposition of real estate investments are also excluded from this adjustment.

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ITEM 7 | Use of Non-GAAP Financial Measures and Key Operating Metrics

The following table presents a reconciliation of the GAAP tax rate to the adjusted tax rate:


Years Ended December 31,	GAAP						Non-GAAP Adjustments				Adjusted
	Pre-tax						Pre-tax
(in millions)	Income		Tax		Rate		Adjustments		Tax		APTOI		Tax		Rate
2023
U.S. federal income tax at statutory rate	$	940	$	197	21.0	%	$	2,253	$	474	$	3,193	$	671	21.0	%
Rate adjustments

Dispositions of subsidiaries	—		(99)		(10.5)		—		99		—		—		0.0
Reclassifications from accumulated other comprehensive income	—		(52)		(5.5)		—		52		—		—		0.0
Noncontrolling interest	—		14		1.5		—		(14)		—		—		0.0
Dividends received deduction	—		(59)		(6.3)		—		—		—		(59)		(1.8)

State and local income taxes	—		12		1.3		—		7		—		19		0.6
Other	—		(3)		(0.4)		—		(2)		—		(5)		(0.2)
Adjustments to deferred tax assets	—		(40)		(4.3)		—		—				(40)		(1.3)
Adjustments to prior year tax returns	—		(67)		(7.1)		—		37		—		(30)		(0.9)
Share based compensation payments excess tax deduction	—		(10)		(1.1)		—		—		—		(10)		(0.3)
Valuation allowance	—		11		1.2		—		(11)		—		—		0.0
Amount Attributable to Corebridge	$	940	$	(96)	(10.2)	%	$	2,253	$	642	$	3,193	$	546	17.1	%
2022
U.S. federal income tax at statutory rate	$	10,491	$	2,203	21.0	%	$	(7,637)	$	(1,604)	$	2,854	$	599	21.0	%
Rate adjustments
Uncertain tax positions	—		2		0.0		—		—		—		2		0.1
Reclassifications from accumulated other comprehensive income	—		(84)		(0.7)		—		84		—		—		0.0
Noncontrolling interest	—		(67)		(0.6)		—		67		—		—		0.0
Dividends received deduction	—		(36)		(0.3)		—		—		—		(36)		(1.3)
Tax deconsolidation and separation costs	—		(104)		(1.0)		—		104		—		—		0.0
State and local income taxes	—		24		0.2		—		(35)		—		(11)		(0.4)
Other	—		(29)		(0.3)		—		12		—		(17)		(0.6)
Adjustments to prior year tax returns	—		(48)		(0.5)		—		—		—		(48)		(1.7)
Share based compensation payments excess tax deduction	—		(6)		(0.1)		—		—		—		(6)		(0.2)
Valuation allowance	—		157		1.5		—		(157)		—		—		—
Amount Attributable to Corebridge	$	10,491	$	2,012	19.2	%	$	(7,637)	$	(1,529)	$	2,854	$	483	16.9	%
2021
U.S. federal income tax at statutory rate	$	11,254	$	2,363	21.0	%	$	(6,873)	$	(1,443)	$	4,381	$	920	21.0	%
Rate adjustments:
Uncertain tax positions	—		(69)		(0.6)		—		66		—		(3)		(0.1)
Reclassifications from accumulated other comprehensive income	—		(108)		(1.0)		—		108		—		—		0.0
Noncontrolling interest	—		(197)		(1.7)		—		181		—		(16)		(0.4)
Dividends received deduction	—		(37)		(0.3)		—		—		—		(37)		(0.8)
State and local income taxes	—		105		0.9		—		(55)		—		50		1.1
Other	—		(2)		0.0		—		(13)		—		(15)		(0.3)
Adjustments to prior year tax returns	—		(3)		0.0		—		4		—		1		0.0
Share based compensation payments excess tax deduction	—		4		0.0		—		—		—		4		0.1
Valuation allowance	—		26		0.2		—		(26)		—		—		—
Amount Attributable to Corebridge	$	11,254	$	2,082	18.5	%	$	(6,873)	$	(1,178)	$	4,381	$	904	20.6	%

Adjusted Book Value is derived by excluding AOCI, adjusted for the cumulative unrealized gains and losses related to Fortitude Re’s funds withheld assets. We believe this measure is useful to investors as it eliminates the asymmetrical impact resulting from changes in fair value of our available-for-sale securities portfolio for which there is largely no offsetting impact for certain related insurance liabilities that are not recorded at fair value with changes in fair value recorded through OCI. It also eliminates asymmetrical impacts where our own credit non-performance risk is recorded through OCI. In addition, we adjust for the cumulative unrealized gains and losses related to Fortitude Re’s funds withheld assets since these fair value movements are economically transferred to Fortitude Re.

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ITEM 7 | Use of Non-GAAP Financial Measures and Key Operating Metrics

The following table presents the reconciliation of Book value per common share to Adjusted book value per common share:


	December 31,
(in millions, except per common share data)	2023		2022		2021
Total Corebridge shareholders' equity (a)	$	11,766	$	9,380	$	27,230
Less: Accumulated other comprehensive income (loss)	(13,458)		(16,863)		8,233
Add: Cumulative unrealized gains and losses related to Fortitude Re funds withheld assets	(2,332)		(2,806)		2,629
Adjusted Book Value (b)	$	22,892	$	23,437	$	21,626

Total common shares outstanding (c)	621.7		645.0		645.0

Book value per common share (a/c)	$	18.93	$	14.54	$	42.22
Adjusted book value per common share (b/c)	$	36.82	$	36.34	$	33.53

Adjusted Return on Average Equity (“Adjusted ROAE”) is derived by dividing AATOI by average Adjusted Book Value and is used by management to evaluate our recurring profitability and evaluate trends in our business. We believe this measure is useful to investors as it eliminates the asymmetrical impact resulting from changes in fair value of our available-for-sale securities portfolio for which there is largely no offsetting impact for certain related insurance liabilities that are not recorded at fair value with changes in fair value recorded through OCI. It also eliminates asymmetrical impacts where our own credit non-performance risk is recorded through OCI. In addition, we adjust for the cumulative unrealized gains and losses related to Fortitude Re’s funds withheld assets since these fair value movements are economically transferred to Fortitude Re.

The following table presents the reconciliation of Adjusted ROAE:


	Years Ended December 31,
(in millions, unless otherwise noted)		2023			2022			2021
Actual or annualized net income (loss) attributable to Corebridge shareholders (a)		$	1,104		$	8,159		$	8,243
Actual or annualized adjusted after-tax operating income attributable to Corebridge shareholders (b)		2,647			2,371			3,477
Average Corebridge shareholders’ equity (c)		10,326			15,497			34,441
Less: Average AOCI		(15,773)			(8,143)			9,105
Add: Average cumulative unrealized gains and losses related to Fortitude Re funds withheld assets		(2,702)			(919)			2,994
Average Adjusted Book Value (d)		$	23,397		$	22,721		$	28,330

Return on Average Equity (a/c)		10.7		%	52.6		%	23.9		%
Adjusted ROAE (b/d)		11.3		%	10.4		%	12.3		%

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ITEM 7 | Use of Non-GAAP Financial Measures and Key Operating Metrics

Premiums and deposits is a non-GAAP financial measure that includes direct and assumed premiums received and earned on traditional life insurance policies and life-contingent payout annuities, as well as deposits received on universal life insurance, investment-type annuity contracts and GICs. We believe the measure of premiums and deposits is useful in understanding customer demand for our products, evolving product trends and our sales performance period over period.

The following table presents the premiums and deposits:


	Years Ended December 31,
(in millions)		2023		2022		2021
Individual Retirement
Premiums		$	213	$	235	$	195
Deposits(a)		17,971		14,900		13,473
Other(b)		(13)		(15)		(11)
Premiums and deposits		18,171		15,120		13,657
Group Retirement
Premiums		20		19		22
Deposits		8,063		7,923		7,744
Premiums and deposits(c)(d)		8,083		7,942		7,766
Life Insurance
Premiums		1,776		1,864		1,586
Deposits		1,583		1,601		1,635
Other(b)		941		771		1,007
Premiums and deposits		4,300		4,236		4,228
Institutional Markets
Premiums		5,607		2,913		3,774
Deposits		3,695		1,382		1,158
Other(b)		31		30		25
Premiums and deposits		9,333		4,325		4,957
Total
Premiums		7,616		5,031		5,577
Deposits		31,312		25,806		24,010
Other(b)		959		786		1,021
Premiums and deposits		$	39,887	$	31,623	$	30,608

(a)Excludes deposits from the assets of our retail mutual funds business that were sold to Touchstone on July 16, 2021, or otherwise liquidated in connection with the sale. Deposits from these retail mutual funds was $259 million for the year ended December 31, 2021.

(b)Other principally consists of ceded premiums, in order to reflect gross premiums and deposits.

(c)Excludes client deposits into advisory and brokerage accounts of $2.4 billion, $2.1 billion and $2.5 billion for the years ended December 31, 2023, 2022 and 2021, respectively.

(d)Includes inflows related to in-plan mutual funds of $3.2 billion, $3.5 billion and $3.1 billion for the years ended December 31, 2023, 2022 and 2021, respectively.

Normalized distributions are defined as dividends paid by the Life Fleet subsidiaries as well as the international insurance subsidiaries, less non-recurring dividends, plus dividend capacity that would have been available to Corebridge absent strategies that resulted in utilization of tax attributes. We believe that presenting normalized distributions is useful in understanding a significant component of our liquidity as a stand-alone company.

The following table presents a reconciliation of Dividends to Normalized distributions:


	Years Ended December 31,
(in millions)		2023		2022		2021
Subsidiary dividends paid		$	2,027	$	1,821	$	1,564
Less: Non-recurring dividends		—		—		(295)
Tax sharing payments related to utilization of tax attributes		—		401		902
Normalized distributions		$	2,027	$	2,222	$	2,171

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ITEM 7 | Use of Non-GAAP Financial Measures and Key Operating Metrics

Net investment income (APTOI basis) is the sum of base portfolio income and variable investment income.

The following table presents a reconciliation of net investment income (net income basis) to net investment income (APTOI basis):


	Years Ended December 31,
(in millions)		2023		2022		2021
Net investment income (net income basis)		$	11,078	$	9,576	$	11,672
Net investment (income) on Fortitude Re funds withheld assets		(1,368)		(891)		(1,775)
Change in fair value of securities used to hedge guaranteed living benefits		(55)		(56)		(60)
Other adjustments		(28)		(50)		(30)
Derivative income recorded in net realized gains (losses)		212		179		110
Total adjustments		(1,239)		(818)		(1,755)
Net investment income (APTOI basis) *		$	9,839	$	8,758	$	9,917

* Includes net investment income from Corporate and Other of $92 million, $473 million and $443 million for the years ended December 31, 2023, 2022 and 2021, respectively.

KEY OPERATING METRICS

Assets Under Management and Administration

Assets Under Management (“AUM”) include assets in the general and separate accounts of our subsidiaries that support liabilities and surplus related to our life and annuity insurance products.

Assets Under Administration (“AUA”) include Group Retirement mutual fund assets and other third-party assets that we sell or administer and the notional value of SVW contracts.

Assets Under Management and Administration (“AUMA”) is the cumulative amount of AUM and AUA.

The following table presents a summary of our AUMA:


	Years Ended December 31,
(in millions)	2023		2022		2021
Individual Retirement
AUM	$	149,691	$	136,696	$	160,244
AUA	—		—		—
Total Individual Retirement AUMA	149,691		136,696		160,244
Group Retirement
AUM	79,910		78,474		97,232
AUA	42,271		36,458		42,610
Total Group Retirement AUMA	122,181		114,932		139,842
Life Insurance
AUM	26,691		27,760		34,355
AUA	—		—		—
Total Life Insurance AUMA *	26,691		27,760		34,355
Institutional Markets
AUM	40,678		30,686		32,673
AUA	44,607		47,078		43,830
Total Institutional Markets AUMA	85,285		77,764		76,503
Total AUMA	$	383,848	$	357,152	$	410,944

* The December 31, 2023 AUMA excludes $181 million of assets that were reclassified to Assets held-for-sale in the Consolidated Balance Sheets. See Note 4 of Notes to the Consolidated Financial Statements for additional information.

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ITEM 7 | Use of Non-GAAP Financial Measures and Key Operating Metrics

Fee and Spread income and Underwriting Margin

Fee income is defined as policy fees plus advisory fees plus other fee income. For our Institutional Markets segment, its SVW products generate fee income.

Spread income is defined as net investment income less interest credited to policyholder account balances, exclusive of amortization of deferred sales inducement assets. Spread income is comprised of both base spread income and variable investment income. For our Institutional Markets segment, its structured settlements, PRT and GIC products generate spread income, which includes premiums, net investment income, less interest credited and policyholder benefits and excludes the annual assumption update.

Underwriting margin for our Life Insurance segment includes premiums, policy fees, other income, net investment income, less interest credited to policyholder account balances and policyholder benefits and excludes the annual assumption update. For our Institutional Markets segment, its Corporate Markets products generate underwriting margin, which includes premiums, net investment income, policy and advisory fee income, less interest credited and policyholder benefits and excludes the annual assumption update.

Base portfolio income includes interest, dividends and foreclosed real estate income, net of investment expenses and non-qualifying (economic) hedges.

Variable investment income includes call and tender income, commercial mortgage loan prepayments, changes in market value of investments accounted for under the fair value option, interest received on defaulted investments (other than foreclosed real estate), income from alternative investments, affordable housing investments and other miscellaneous investment income, including income of certain partnership entities that are required to be consolidated. Alternative investments include private equity funds which are generally reported on a one-quarter lag.

Base spread income means base portfolio income less interest credited to policyholder account balances, excluding the amortization of deferred sales inducement assets.

Base net investment spread means base yield less cost of funds, excluding the amortization of deferred sales inducement assets.

Base yield means the returns from base portfolio income including accretion and impacts from holding cash and short-term investments.

The following table presents a summary of our spread income, fee income and underwriting margin:


	Years Ended December 31,
(in millions)		2023		2022		2021
Individual Retirement
Spread income		$	2,694	$	2,027	$	2,599
Fee income*		1,134		1,192		1,335
Total Individual Retirement*		3,828		3,219		3,934
Group Retirement
Spread income		828		867		1,269
Fee income		715		720		817
Total Group Retirement		1,543		1,587		2,086
Life Insurance
Underwriting margin		1,442		1,561		1,614
Total Life Insurance		1,442		1,561		1,614
Institutional Markets
Spread income		355		285		487
Fee income		64		63		61
Underwriting margin		71		77		102
Total Institutional Markets		490		425		650
Total
Spread income		3,877		3,179		4,355
Fee income		1,913		1,975		2,213
Underwriting margin		1,513		1,638		1,716
Total		$	7,303	$	6,792	$	8,284

*Excludes fee income of $54 million for the year ended December 31, 2021, related to the assets of our retail mutual funds business that were sold to Touchstone on July 16, 2021, or otherwise liquidated in connection with the sale.

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ITEM 7 | Use of Non-GAAP Financial Measures and Key Operating Metrics

Net Investment Income (APTOI Basis)

The following table presents a summary of our four insurance operating businesses’ net investment income on an APTOI basis:


	Years Ended December 31,
(in millions)		2023		2022		2021
Individual Retirement
Base portfolio income		$	4,852	$	3,725	$	3,478
Variable investment income, excluding affordable housing		56		163		711
Affordable housing*		—		—		145
Net investment income		4,908		3,888		4,334
Group Retirement
Base portfolio income		1,946		1,882		1,905
Variable investment income, excluding affordable housing		50		118		424
Affordable housing*		—		—		84
Net investment income		1,996		2,000		2,413
Life Insurance
Base portfolio income		1,275		1,282		1,246
Variable investment income, excluding affordable housing		7		107		316
Affordable housing*		—		—		59
Net investment income		1,282		1,389		1,621
Institutional Markets
Base portfolio income		1,534		995		865
Variable investment income, excluding affordable housing		52		54		269
Affordable housing*		—		—		21
Net investment income		1,586		1,049		1,155
Total
Base portfolio income		9,607		7,884		7,494
Variable investment income, excluding affordable housing		165		442		1,720
Affordable housing*		—		—		309
Net investment income (APTOI basis) - Insurance operations		$	9,772	$	8,326	$	9,523

*Affordable housing is a component of variable investment income.

Net Flows

Net flows for annuity products in Individual Retirement and Group Retirement represent premiums and deposits less death, surrender and other withdrawal benefits. Net flows for mutual funds represent deposits less withdrawals. For Group Retirement, client deposits into advisory and brokerage accounts less total client withdrawals from advisory and brokerage accounts are not included in net flows.

The following table presents a summary of our Net Flows:


	Years Ended December 31,
(in millions)		2023		2022		2021
Individual Retirement
Fixed Annuities		$	(1,870)	$	(441)	$	(2,396)
Fixed Index Annuities		5,632		4,521		4,072
Variable Annuities		(3,429)		(1,672)		(864)
Total Individual Retirement		333		2,408		812
Group Retirement		(6,302)		(3,111)		(3,208)
Total Net Flows*		$	(5,969)	$	(703)	$	(2,396)

*Excludes net flows of $(1.4) billion for the year ended December 31, 2021, related to the retail mutual funds business that was sold to Touchstone on July 16, 2021, or otherwise liquidated in connection with the sale.

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ITEM 7 | Consolidated Results of Operations

Consolidated Results of Operations

The following section provides a comparative discussion of our consolidated results of operations on a reported basis for the years ended December 31, 2023, 2022 and 2021. For factors that relate primarily to a specific business, see “Business Segment Operations.”

For a comparative discussion regarding Corebridge’s results of operations for the year ended December 31, 2022 and the year ended December 31, 2021 recast to reflect the adoption of LTDI, see Exhibit 99.1 to our Current Report on Form 8-K filed with the SEC on June 5, 2023.


	Years Ended December 31,
(in millions)		2023		2022		2021
Revenues:
Premiums		$	7,691	$	5,091	$	5,653
Policy fees		2,797		2,914		3,005
Net investment income		11,078		9,576		11,672
Net realized gains (losses)		(3,572)		6,091		1,752
Advisory fee and other income		884		1,025		1,175
Total revenues		18,878		24,697		23,257
Benefits and expenses:
Policyholder benefits		9,362		6,720		7,387
Change in the fair value of market risk benefits, net		(6)		(958)		(447)
Interest credited to policyholder account balances		4,427		3,732		3,562
Amortization of deferred policy acquisition costs and value of business acquired		1,042		1,020		951
Non-deferrable insurance commissions		588		568		623
Advisory fee expenses		261		266		322
General operating expenses		2,360		2,323		2,104
Interest expense		580		534		389
(Gain) loss on extinguishment of debt		—		—		219
Net (gain) loss on divestitures		(676)		1		(3,081)
Net (gains) losses on Fortitude Re transactions		—		—		(26)
Total benefits and expenses		17,938		14,206		12,003
Income (loss) before income tax expense (benefit)		940		10,491		11,254
Income tax expense (benefit)		(96)		2,012		2,082
Net income (loss)		1,036		8,479		9,172
Less: Net income (loss) attributable to noncontrolling interests		(68)		320		929
Net income (loss) attributable to Corebridge		$	1,104	$	8,159	$	8,243

The following table presents certain balance sheet data:


(in millions, except per common share data)	December 31, 2023		December 31, 2022
Balance sheet data:
Total assets	$	379,270	$	360,322
Long-term debt	$	9,118	$	7,868
Debt of consolidated investment entities	$	2,504	$	5,958
Total Corebridge shareholders’ equity	$	11,766	$	9,380
Book value per common share	$	18.93	$	14.54
Adjusted book value per common share	$	36.82	$	36.34

Financial Highlights

2023 to 2022 Net Income Comparison

Income (loss) before income tax expense (benefit)

We recorded pre-tax income of $940 million in the year ended December 31, 2023 compared to pre-tax income of $10.5 billion in the year ended December 31, 2022. The change in pre-tax income was primarily due to:

•lower realized gains of $9.7 billion primarily driven by losses on the Fortitude Re funds withheld embedded derivative;

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ITEM 7 | Consolidated Results of Operations

•higher policyholder benefits of $2.6 billion primarily on new pension risk transfer business;

•lower favorable change in the fair value of market risk benefits, net of $952 million primarily driven by the impacts of changes in equity markets and interest rate volatility; and

•higher interest credited to policyholder account balances of $695 million primarily due to higher interest rates in fixed and fixed index annuities and increased interest rates on the growing GIC business.

Partially offset by:

•higher premiums of $2.6 billion primarily on new pension risk transfer business;

•higher net investment income of $1.5 billion primarily driven by higher base portfolio income and higher income related to the Fortitude Re funds withheld assets partially offset by lower variable investment income; and

•higher gain on divestitures of $677 million primarily resulting from the sale of Laya in 2023.

Income tax expense (benefit)

For the year ended December 31, 2023, there was an income tax benefit of $96 million on income from operations, resulting in an effective tax rate on income from operations of (10.2)%.

Refer to the reconciliation of the GAAP tax rate to the adjusted tax rate presented in “–– Use of Non-GAAP Financial Measures and Key Operating Metrics” presented herein.

Adjusted pre-tax operating income

The following table presents the impacts in connection with the adoption of LDTI on our previously reported APTOI for the years ended December 31, 2022 and 2021:


	Year Ended December 31, 2022					Year Ended December 31, 2021
		As Previously Reported		Effect of Change		Updated Balances Post-Adoption of LDTI		As Previously Reported		Effect of Change		Updated Balances Post-Adoption of LDTI
(in millions)

Revenues:
Premiums		$	5,115	$	(2)	$	5,113	$	5,646	$	17	$	5,663
Policy fees		2,972		(58)		2,914		3,051		(46)		3,005
Total adjusted revenues		18,015		(60)		17,955		20,490		(29)		20,461
Benefits and expenses:
Policyholder benefits		7,333		(599)		6,734		8,028		(655)		7,373
Interest credited to policyholder account balances		3,681		44		3,725		3,569		11		3,580
Amortization of deferred acquisition costs		1,128		(108)		1,020		975		(24)		951
Non-deferrable insurance commissions		636		(68)		568		680		(57)		623
Total benefits and expenses		15,512		(731)		14,781		15,944		(725)		15,219
Adjusted pre-tax operating income		2,183		671		2,854		3,685		696		4,381

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ITEM 7 | Consolidated Results of Operations

The following table presents total Corebridge’s adjusted pre-tax operating income:


	Years Ended December 31,
(in millions)		2023		2022		2021
Premiums		$	7,694	$	5,113	$	5,663
Policy fees		2,797		2,914		3,005
Net investment income		9,839		8,758		9,917
Net realized gains*		(2)		170		701
Advisory fee and other income		884		1,000		1,175
Total adjusted revenues		21,212		17,955		20,461



Policyholder benefits		9,368		6,734		7,373
Interest credited to policyholder account balances		4,391		3,725		3,580
Amortization of deferred policy acquisition costs		1,042		1,020		951
Non-deferrable insurance commissions		588		568		623
Advisory fee expenses		261		266		322
General operating expenses		1,885		1,984		2,016
Interest expense		552		484		354
Total benefits and expenses		18,087		14,781		15,219
Noncontrolling interests		68		(320)		(861)
Adjusted pre-tax operating income		$	3,193	$	2,854	$	4,381

* Net realized gains (losses) includes the gains (losses) related to the disposition of real estate investments.

2023 to 2022 APTOI Comparison

APTOI increased $339 million, primarily due to:

•higher premiums of $2.6 billion primarily on new pension risk transfer business; and

•higher net investment income of $1.1 billion primarily driven by higher base portfolio income partially offset by lower variable investment income reflecting lower alternative investment income.

Partially offset by:

•higher policyholder benefits of $2.6 billion primarily on new pension risk transfer business;

•higher interest credited to policyholder account balances of $666 million primarily due to higher sales activity in fixed and fixed index annuities and increased interest rates on the growing GIC business;

•lower policy and advisory fee income, net of advisory fee expenses, of $228 million primarily due to lower average variable annuity separate account asset values driven by negative net flows; and

•higher interest expense of $68 million primarily due to the issuance of senior unsecured notes, hybrid junior subordinated notes and borrowing under our unsecured Three-Year Delayed Draw Term Loan Agreement (the “Three-Year DDTL Facility”) beginning in April 2022 totaling $9.0 billion partially offset by the elimination of interest expense from the $8.3 billion affiliated promissory note to AIG that was repaid in 2022.

Business Segment Operations

Our business operations consist of five reportable segments:

•Individual Retirement – consists of fixed annuities, fixed index annuities, variable annuities and retail mutual funds. On February 8, 2021, we announced the execution of a definitive agreement with Touchstone to sell certain assets of our retail mutual funds business. This Touchstone transaction closed on July 16, 2021. For further information on this sale, see Note 1 to our Consolidated Financial Statements.

•Group Retirement – consists of record-keeping, plan administrative and compliance services, financial planning and advisory solutions offered in-plan, along with proprietary and limited non-proprietary annuities, advisory and brokerage products offered out-of-plan.

•Life Insurance – primary products in the United States include term life and universal life insurance. The International Life business issues individual and group life insurance in the United Kingdom, and distributed private medical insurance in Ireland. On October 31, 2023 Corebridge completed the sale of Laya and the AIG Life sale is expected to close in the first half of 2024.

•Institutional Markets – consists of SVW products, structured settlement and PRT annuities, Corporate Markets products that include COLI-BOLI, private placement variable universal life and private placement variable annuities products and GICs.

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ITEM 7 | Business Segment Operations

•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.

The following tables summarize adjusted pre-tax operating income (loss) from our segments:

See Note 3 to the Consolidated Financial Statements.


	Years Ended December 31,
(in millions)		2023		2022		2021
Individual Retirement		$	2,312	$	1,673	$	2,289
Group Retirement		754		783		1,249
Life Insurance		373		447		459
Institutional Markets		379		334		547
Corporate and Other		(617)		(395)		(161)
Consolidation and elimination		(8)		12		(2)
Adjusted pre-tax operating income		$	3,193	$	2,854	$	4,381

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ITEM 7 | Business Segment Operations

DISCUSSION OF SEGMENT RESULTS

Individual Retirement

Individual Retirement Results


	Years Ended December 31,
(in millions)		2023		2022		2021
Revenues:
Premiums		$	213	$	235	$	195
Policy fees		708		741		797
Net investment income:
Base portfolio income		4,852		3,725		3,478
Variable investment income (a)		56		163		856
Net investment income		4,908		3,888		4,334
Advisory fee and other income(b)(c)		426		451		592
Total adjusted revenues		6,255		5,315		5,918
Benefits and expenses:
Policyholder benefits		204		285		317
Interest credited to policyholder account balances		2,269		1,916		1,793
Amortization of deferred policy acquisition costs		572		523		451
Non-deferrable insurance commissions		355		351		396
Advisory fee expenses		141		141		189
General operating expenses		402		426		437
Interest expense		—		—		46
Total benefits and expenses		3,943		3,642		3,629
Adjusted pre-tax operating income		$	2,312	$	1,673	$	2,289

(a) Includes income from affordable housing of $145 million for the year ended December 31, 2021.

(b) Includes fee income of $54 million for the year ended December 31, 2021, related to assets of the retail mutual funds business that were sold to Touchstone on July 16, 2021, or otherwise liquidated, in connection with the sale.

(c) Includes advisory fee income from registered investment services, 12b-1 fees (i.e., marketing and distribution fee income), and other asset management fee income.

Individual Retirement Sources of Earnings

The following table presents the sources of earnings of the Individual Retirement segment. We believe providing APTOI using this view is useful for gaining an understanding of our overall results of operations and the significant drivers of our earnings:


	Years Ended December 31,
(in millions)		2023		2022		2021
Spread income(a)		$	2,694	$	2,027	$	2,599
Fee income(b)		1,134		1,192		1,335
Policyholder benefits, net of premiums		9		(50)		(122)
Non-deferrable insurance commissions		(355)		(351)		(396)
Amortization of DAC and DSI		(627)		(578)		(509)
General operating expenses		(402)		(426)		(437)
Other(c)		(141)		(141)		(181)
Adjusted pre-tax operating income		$	2,312	$	1,673	$	2,289

(a)Spread income represents net investment income less interest credited to policyholder account balances, exclusive of amortization of DSI of $55 million, $55 million and $58 million for the years ended December 31, 2023, 2022 and 2021 respectively.

(b)Fee income represents policy fees plus advisory fee and other income. Fee income excludes fee income of $54 million for the year ended December 31, 2021, related to assets of the retail mutual funds business that were sold to Touchstone on July 16, 2021, or otherwise liquidated, in connection with the sale.

(c)Other primarily represents advisory fee expenses. The year ended December 31, 2021, include fee income related to assets of the retail mutual funds business that were sold to Touchstone on July 16, 2021, or otherwise liquidated, in connection with the sale and interest expense.

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ITEM 7 | Business Segment Operations

Financial Highlights

2023 to 2022 APTOI Comparison

APTOI increased $639 million, primarily due to:

•higher spread income of $667 million primarily driven by higher base spread income of $774 million due to improved base yields and growth in invested assets driven by higher sales, partially offset by lower variable investment income of $107 million.

Partially offset by:

•lower fee income of $58 million, primarily due to a decrease in mortality and expense fees of $35 million and other fee income of $23 million due to lower average variable annuity separate account asset values driven by negative net flows.

AUMA

The following table presents Individual Retirement AUMA by product:


	December 31,
(in millions)	2023		2022		2021
Fixed annuities	$	53,570	$	51,806	$	57,823
Fixed index annuities	40,661		30,403		31,809
Variable annuities:
Variable annuities - General Account	7,715		9,443		12,862
Variable annuities - Separate Accounts	47,745		45,044		57,750
Variable annuities	55,460		54,487		70,612
Total	$	149,691	$	136,696	$	160,244

2023 to 2022 AUMA Comparison

AUMA increased $13.0 billion driven by an increase of $10.3 billion in the general account and higher separate accounts asset values of $2.7 billion. The general account increased mostly due to positive general account net flows and income. The separate account increased primarily due to increases in the equity markets, partially offset by outflows from separate accounts.

Spread and Fee Income

The following table presents Individual Retirement spread and fee income:


	Years Ended December 31,
(in millions)		2023		2022		2021
Spread income:
Total spread income
Base portfolio income		$	4,852	$	3,725	$	3,478
Interest credited to policyholder account balances		(2,214)		(1,861)		(1,735)
Base spread income		2,638		1,864		1,743
Variable investment income, excluding affordable housing		56		163		711
Affordable housing		—		—		145
Total spread income(a)		$	2,694	$	2,027	$	2,599
Fee income:
Policy fees		$	708	$	741	$	797
Advisory fees and other income(b)		426		451		538
Total fee income		$	1,134	$	1,192	$	1,335

(a) Excludes amortization of DSI assets of $55 million, $55 million and $58 million for the years ended December 31, 2023, 2022 and 2021, respectively

(b) Excludes fee income of $54 million for the year ended December 31, 2021, related to assets of the retail mutual funds business that were sold to Touchstone on July 16, 2021, or otherwise liquidated, in connection with the sale.

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ITEM 7 | Business Segment Operations

The following table presents Individual Retirement net investment spread:


	Years Ended December 31,
		2023		2022		2021
Fixed annuities base net investment spread:
Base yield*		5.05	%	4.03	%	3.94	%
Cost of funds		2.95		2.69		2.64
Fixed annuities base net investment spread		2.10		1.34		1.30
Fixed index annuities base net investment spread:
Base yield*		4.82		3.90		3.78
Cost of funds		2.01		1.54		1.39
Fixed index annuities base net investment spread		2.81		2.36		2.39
Variable annuities base net investment spread:
Base yield*		3.82		3.85		3.96
Cost of funds		1.48		1.43		1.42
Variable annuities base net investment spread		2.34		2.42		2.54
Total Individual Retirement base net investment spread:
Base yield*		4.89		3.98		3.89
Cost of funds		2.47		2.18		2.15
Total Individual Retirement base net investment spread		2.42	%	1.80	%	1.74	%

* Includes returns from base portfolio including accretion and income (loss) from certain other invested assets.

2023 to 2022 Comparison

See “Financial Highlights.”

Premiums and Deposits and Net Flows

For Individual Retirement, premiums primarily represent amounts received on life-contingent payout annuities, while deposits represent sales on investment-oriented products.

Net flows for annuity products in Individual Retirement represent premiums and deposits less death, surrender and other withdrawal benefits.


Premiums and Deposits	Years Ended December 31,
(in millions)		2023		2022		2021
Fixed annuities		$	7,880	$	5,695	$	3,011
Fixed index annuities		8,505		6,316		5,621
Variable annuities		1,786		3,109		5,025
Total*		$	18,171	$	15,120	$	13,657

*Excludes deposits of the retail mutual funds business that were sold to Touchstone on July 16, 2021, or otherwise liquidated, in connection with the sale. Deposits from retail mutual funds were $259 million for the year ended December 31, 2021.


Net Flows	Years Ended December 31,
(in millions)		2023		2022		2021
Fixed annuities		$	(1,870)	$	(441)	$	(2,396)
Fixed index annuities		5,632		4,521		4,072
Variable annuities		(3,429)		(1,672)		(864)
Total*		$	333	$	2,408	$	812

*Excludes net flows related to the assets of the retail mutual funds business that were sold to Touchstone on July 16, 2021, or otherwise liquidated, in connection with the sale. Net flows from retail mutual funds were $(1.4) billion for the year ended December 31, 2021. Net flows for retail mutual funds represent deposits less withdrawals.

2023 to 2022 Comparison

Fixed Annuities Net outflows increased by $1.4 billion over the prior year, primarily due to higher surrenders and withdrawals of $3.5 billion and death benefits of $85 million, partially offset by higher premiums and deposits of $2.2 billion due to strong sales execution as interest rates rose.

Fixed Index Annuities Net inflows increased by $1.1 billion primarily due to higher premiums and deposits of $2.2 billion due to strong sales execution as interest rates rose, partially offset by higher surrenders and withdrawals of $1.0 billion and higher death benefits of $69 million.

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ITEM 7 | Business Segment Operations

Variable Annuities Net outflows increased $1.8 billion primarily due to lower premium and deposits of $1.3 billion, due to market volatility and higher surrenders and withdrawals of $496 million, partially offset by lower death benefits of $62 million.

Surrenders

The following table presents Individual Retirement surrender rates:


	Years Ended December 31,
		2023		2022		2021
Fixed annuities		16.3	%	9.2	%	7.2	%
Fixed index annuities		6.7		4.8		4.7
Variable annuities		7.8		6.5		7.2

The following table presents account values for fixed annuities, fixed index annuities and variable annuities by surrender charge category:


	December 31,
	2023						2022						2021
(in millions)	Fixed Annuities		Fixed Index Annuities		Variable Annuities		Fixed Annuities		Fixed Index Annuities		Variable Annuities			Fixed Annuities		Fixed Index Annuities		Variable Annuities
No surrender charge	$	21,793	$	1,727	$	29,819	$	24,889	$	2,270	$	27,037		$	26,165	$	1,895	$	31,910
Greater than 0% - 2%	1,023		3,326		6,717		1,783		1,353		6,962			2,071		1,587		10,276
Greater than 2% - 4%	2,844		6,413		5,799		2,256		4,532		5,081			2,401		3,958		9,394
Greater than 4%	21,766		28,128		11,014		18,905		25,196		12,082			16,285		21,222		12,435
Non-surrenderable(a)	2,474		—		1,156		2,453		—		1,155			2,372		—		1,149
Total account value(b)	$	49,900	$	39,594	$	54,505	$	50,286	$	33,351	$	52,317		$	49,294	$	28,662	$	65,164

(a) The non-surrenderable portion of variable annuities relates to funding agreements.

(b) Includes payout Immediate Annuities and funding agreements.

Individual Retirement annuities are typically subject to a three- to ten-year surrender charge period, depending on the product. For fixed and fixed index annuities, the proportion of account value subject to surrender charge at December 31, 2023 increased compared to December 31, 2022 primarily due to growth in business. The increase in the proportion of account value with no surrender charge for variable annuities as of December 31, 2023 compared to December 31, 2022 was principally due to normal aging of business.

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ITEM 7 | Business Segment Operations

Group Retirement

Group Retirement Results


	Years Ended December 31,
(in millions)		2023		2022		2021
Revenues:
Premiums		$	20	$	19	$	22
Policy fees		406		415		480
Net investment income:
Base portfolio income		1,946		1,882		1,905
Variable investment income(a)		50		118		508
Net investment income		1,996		2,000		2,413
Advisory fee and other income(b)		309		305		337
Total adjusted revenues		2,731		2,739		3,252
Benefits and expenses:
Policyholder benefits		31		35		31
Interest credited to policyholder account balances		1,182		1,147		1,159
Amortization of deferred policy acquisition costs		82		80		78
Non-deferrable insurance commissions		124		123		122
Advisory fee expenses		118		124		133
General operating expenses		440		447		445
Interest expense		—		—		35
Total benefits and expenses		1,977		1,956		2,003
Adjusted pre-tax operating income		$	754	$	783	$	1,249

(a) Includes income from affordable housing of $84 million for the year ended December 31, 2021.

(b) Includes advisory fee income from registered investment services, 12b-1 fees (i.e., marketing and distribution fee income), other asset management fee income, and commission-based broker-dealer services.

Group Retirement Sources of Earnings

The following table presents the sources of earnings of the Group Retirement segment. We believe providing APTOI using this view is useful for gaining an understanding of our overall results of operations and the significant drivers of our earnings:


	Years Ended December 31,
(in millions)		2023		2022		2021
Spread income(a)		$	828	$	867	$	1,269
Fee income(b)		715		720		817
Policyholder benefits, net of premiums		(11)		(16)		(9)
Non-deferrable insurance commissions		(124)		(123)		(122)
Amortization of DAC and DSI		(96)		(94)		(93)
General operating expenses		(440)		(447)		(445)
Other(c)		(118)		(124)		(168)
Adjusted pre-tax operating income		$	754	$	783	$	1,249

(a) Spread income represents net investment income less interest credited to policyholder account balances. Excludes amortization of DSI assets of $14 million, $14 million and $15 million for the years ended December 31, 2023, 2022 and 2021, respectively

(b) Fee income represents policy fee and advisory fee and other income.

Financial Highlights

2023 to 2022 APTOI Comparison

APTOI decreased $29 million, primarily due to:

•lower spread income of $39 million driven by a decrease in variable investment income of $68 million primarily due to lower alternative investment income, partially offset by higher base spread income of $29 million primarily due to higher yields on the base portfolio assets.

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ITEM 7 | Business Segment Operations

AUMA

The following table presents Group Retirement AUMA by product:


	December 31,
(in millions)	2023		2022		2021
AUMA by asset type:
In-plan spread based	$	25,160	$	27,473	$	32,549
In-plan fee based	54,807		47,838		60,300
Total in-plan AUMA(a)	79,967		75,311		92,849
Out-of-plan proprietary - General Account	16,664		16,769		19,697
Out-of-plan proprietary - Separate Accounts	11,075		10,429		13,466
Total out-of-plan proprietary annuities	27,739		27,198		33,163
Advisory and brokerage assets	14,475		12,423		13,830
Total out-of-plan AUMA(b)	42,214		39,621		46,993
Total AUMA	$	122,181	$	114,932	$	139,842

(a) Includes $12.7 billion of AUMA at December 31, 2023, $12.5 billion of AUMA at December 31, 2022 and $15.1 billion of AUMA at December 31, 2021 that is associated with our in-plan investment advisory service that we offer to participants at an additional fee.

(b) Includes $12.0 billion of AUMA at December 31, 2023, $10.7 billion of AUMA at December 31, 2022 and $11.9 billion of AUMA at December 31, 2021 that is associated with our out-of-plan investment advisory service that we offer to participants at an additional fee.

2023 to 2022 AUMA Comparison

In-plan assets increased by $4.7 billion driven by a $7.0 billion increase in fee based assets, primarily due to higher equity markets, partially offset by $2.3 billion decrease in spread based assets, primarily due to negative net flows. Out-of-plan proprietary annuity assets increased by $0.5 billion, primarily due to positive net flows. The increase of advisory and brokerage assets of $2.1 billion was driven by net new client deposits and higher equity markets.

Spread and Fee Income

The following table presents Group Retirement spread and fee income:


	Years Ended December 31,
(in millions)		2023		2022		2021
Spread income:
Base portfolio income		$	1,946	$	1,882	$	1,905
Interest credited to policyholder account balances		(1,168)		(1,133)		(1,144)
Base spread income		778		749		761
Variable investment income, excluding affordable housing		50		118		424
Affordable housing		—		—		84
Total spread income*		$	828	$	867	$	1,269
Fee income:
Policy fees		$	406	$	415	$	480
Advisory fees and other income		309		305		337
Total fee income		$	715	$	720	$	817

*Excludes amortization of DSI assets of $14 million, $14 million and $15 million for the years ended December 31, 2023, 2022 and 2021, respectively


	Years Ended December 31,
		2023		2022		2021
Base net investment spread:
Base yield*		4.27	%	4.04	%	4.11	%
Cost of funds		2.76		2.60		2.62
Base net investment spread		1.51	%	1.44	%	1.49	%

*Includes returns from base portfolio, including accretion and income (loss) from certain other invested assets.

2023 to 2022 Comparison

See “Financial Highlights.”

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ITEM 7 | Business Segment Operations

Premiums and Deposits and Net Flows

For Group Retirement, premiums primarily represent amounts received on life-contingent payout annuities while deposits represent sales on investment-oriented products.

Net flows for annuity products included in Group Retirement represent premiums and deposits less death, surrender and other withdrawal benefits. Net flows for mutual funds represent deposits less withdrawals. For Group Retirement, client deposits into advisory and brokerage accounts less total client withdrawals from advisory and brokerage accounts are not included in net flows. Net new assets into these products contribute to growth in AUA rather than AUM.


Premiums and Deposits and Net Flows	Years Ended December 31,
(in millions)		2023		2022		2021
In-plan(a)(b)		$	5,165	$	5,818	$	5,911
Out-of-plan proprietary variable annuity		712		975		1,288
Out-of-plan proprietary fixed and index annuities		2,206		1,149		567
Premiums and deposits(c)		$	8,083	$	7,942	$	7,766
Net Flows		$	(6,302)	$	(3,111)	$	(3,208)

(a) In-plan premium and deposits include sales of variable and fixed annuities as well as mutual funds for 403(b), 401(a), 457(b) and 401(k) plans.

(b) Includes inflows related to in-plan mutual funds of $3.2 billion, $3.5 billion and $3.1 billion for the years ended December 31, 2023, 2022 and 2021, respectively.

(c) Excludes client deposits into advisory and brokerage accounts of $2.4 billion, $2.1 billion and $2.5 billion for the years ended December 31, 2023, 2022 and 2021, respectively.

2023 to 2022 Comparison

Net flows remained negative and declined by $3.2 billion primarily due to an increase in surrenders and withdrawals of $3.4 billion, partially offset by an increase in deposits of $141 million and a decrease in death and payout benefit annuity benefits of $65 million. Large plan acquisitions and surrenders resulted in lower net flows of $1.4 billion compared to the prior year. Excluding large plan acquisitions and surrenders, net outflows were concentrated in higher contractual guaranteed minimum crediting rates.

Surrenders

The following table presents Group Retirement surrender rates:


	Years Ended December 31,
		2023		2022		2021
Surrender rates		12.9	%	9.5	%	8.8	%

The following table presents account value for Group Retirement annuities by surrender charge category:


	December 31,
(in millions)	2023(a)		2022(a)		2021(a)
No surrender charge(b)	$	70,500	$	69,885	$	80,725
Greater than 0% - 2%	1,251		454		711
Greater than 2% - 4%	1,698		435		854
Greater than 4%	5,757		6,281		6,139
Non-surrenderable	490		945		802
Total account value(c)	$	79,696	$	78,000	$	89,231

(a) Excludes mutual fund assets under administration of $27.8 billion, $24.0 billion and $28.8 billion at December 31, 2023, December 31, 2022 and December 31, 2021, respectively.

(b) Group Retirement amounts in this category include account values in the general account of approximately $4.1 billion, $4.5 billion and $4.7 billion for the years ended December 31, 2023, 2022 and 2021, respectively, which are subject to 20 percent annual withdrawal limitations at the participant level and account values in the general account of $5.3 billion, $5.8 billion and $5.7 billion for the years ended December 31, 2023, 2022 and 2021, respectively, which are subject to 20 percent annual withdrawal limitations at the plan level.

2023 to 2022 Comparison

Group Retirement annuity deposits are typically subject to a four- to seven-year surrender charge period, depending on the product. In addition, for annuity assets held within an employer defined contribution plan, participants can only withdraw funds in certain circumstances without incurring tax penalties (for example, separation from service), regardless of surrender charges. At December 31, 2023, Group Retirement annuity account values with no surrender charge increased compared to December 31, 2022 primarily due to an increase in assets under management from higher equity markets partially offset by negative net flows.

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ITEM 7 | Business Segment Operations

Life Insurance

Life Insurance Results


	Years Ended December 31,
(in millions)		2023		2022		2021
Revenues:
Premiums		$	1,776	$	1,864	$	1,586
Policy fees		1,488		1,564		1,541
Net investment income:
Base portfolio income		1,275		1,282		1,246
Variable investment income*		7		107		375
Net investment income		1,282		1,389		1,621
Other income		93		121		110
Total adjusted revenues		4,639		4,938		4,858
Benefits and expenses:
Policyholder benefits		2,838		3,010		2,842
Interest credited to policyholder account balances		340		342		354
Amortization of deferred policy acquisition costs		379		410		416
Non-deferrable insurance commissions		88		72		80
Advisory fee expenses		2		1		—
General operating expenses		619		656		682
Interest expense		—		—		25
Total benefits and expenses		4,266		4,491		4,399
Adjusted pre-tax operating income		$	373	$	447	$	459

* Includes income from affordable housing of $59 million for the year ended December 31, 2021.

Life Insurance Sources of Earnings

The following table presents the sources of earnings of the Life Insurance segment. We believe providing APTOI using this view is useful for gaining an understanding of our overall results of operations and the significant drivers of our earnings:


	Years Ended December 31,
(in millions)		2023		2022		2021
Underwriting margin(a)		$	1,442	$	1,561	$	1,614
General operating expenses		(619)		(656)		(682)
Non-deferrable insurance commissions		(88)		(72)		(80)
Amortization of DAC		(379)		(410)		(416)
Impact of annual actuarial assumption update		19		25		48
Other(b)		(2)		(1)		(25)
Adjusted pre-tax operating income (loss)		$	373	$	447	$	459

(a) Underwriting margin represents premiums, policy fees, net investment income and other income, less policyholder benefits and interest credited to policyholder account balances. Underwriting margin is also exclusive of the impacts from the annual assumption update.

(b) Other primarily represents interest expense and advisory fee expenses and interest expense.

Financial Highlights

2023 to 2022 APTOI Comparison

APTOI decreased $74 million, primarily due to:

•lower underwriting margin of $119 million from:

–lower net investment income of $107 million driven by:

– $100 million lower variable investment income reflecting lower gains on call and tender income and reduced alternatives performance;

–lower other income of $28 million, primarily driven by the sale of Laya in October 2023.

Partially offset by:

–favorable premiums and fees, net of policyholder benefits, excluding actuarial assumptions update, of $14 million, primarily driven by favorable domestic mortality.

Partially offset by:

•lower general operating expenses of $37 million.

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ITEM 7 | Business Segment Operations

AUMA

The following table presents Life Insurance AUMA:


	December 31,
(in millions)	2023		2022		2021
Total AUMA*	$	26,691	$	27,760	$	34,355

* The December 2023 AUMA excludes $181 million of assets that were reclassified to Assets held-for-sale in the Consolidated Balance Sheets. See Note 4 of Notes to the Consolidated Financial Statements for additional information.

December 31, 2023 to December 31, 2022 AUMA Comparison

AUMA decreased $1.1 billion in the year ended December 31, 2023 compared to the prior year-end due to increasing interest rates and widening credit spreads resulting in unrealized losses from fixed maturities securities and transfer of assets to a reinsurer.

Underwriting Margin

The following table presents Life Insurance underwriting margin:


	Years Ended December 31,
(in millions)		2023		2022		2021
Premiums		$	1,776	$	1,864	$	1,586
Policy fees		1,488		1,564		1,541
Net investment income		1,282		1,389		1,621
Other income		93		121		110
Policyholder benefits		(2,838)		(3,010)		(2,842)
Interest credited to policyholder account balances		(340)		(342)		(354)
Less: Impact of annual actuarial assumption update		(19)		(25)		(48)
Underwriting margin		$	1,442	$	1,561	$	1,614

2023 to 2022 Comparison

See “Financial Highlights.”

Premiums and Deposits

Premiums and Deposits for Life Insurance represent amounts received on life and health policies. Premiums generally represent amounts received on traditional life products, while deposits represent amounts received on universal life products.


	Years Ended December 31,
(in millions)		2023		2022		2021
Traditional Life		$	1,811	$	1,820	$	1,804
Universal Life		1,583		1,600		1,635

Total U.S.		3,394		3,420		3,439
International		906		816		789
Premiums and deposits		$	4,300	$	4,236	$	4,228

2023 to 2022 Comparison

Premiums and deposits, excluding the effect of foreign exchange, increased $58 million in 2023 compared to the prior year primarily due to growth in international life premiums.

Corebridge | 2023 Form 10-K 106

TABLE OF CONTENTS

ITEM 7 | Business Segment Operations

Institutional Markets

Institutional Markets Results


	Years Ended December 31,
(in millions)		2023		2022		2021
Revenues:
Premiums		$	5,607	$	2,913	$	3,774
Policy fees		195		194		187
Net investment income:
Base portfolio income		1,534		995		865
Variable investment income*		52		54		290
Net investment income		1,586		1,049		1,155
Other income		2		2		2
Total adjusted revenues		7,390		4,158		5,118
Benefits and expenses:
Policyholder benefits		6,298		3,404		4,183
Interest credited to policyholder account balances		600		320		274
Amortization of deferred policy acquisition costs		9		7		6
Non-deferrable insurance commissions		19		20		22
General operating expenses		85		73		77
Interest expense		—		—		9
Total benefits and expenses		7,011		3,824		4,571
Adjusted pre-tax operating income		$	379	$	334	$	547

* Includes income from affordable housing of $21 million for the year ended December 31, 2021.

Institutional Markets Sources of Earnings

The following table presents the sources of earnings of the Institutional Markets segment. We believe providing APTOI using this view is useful for gaining an understanding of our overall results of operations and the significant drivers of our earnings:


	Years Ended December 31,
(in millions)		2023		2022		2021
Spread income(a)		$	355	$	285	$	487
Fee income(b)		64		63		61
Underwriting margin(c)		71		77		102
Non-deferrable insurance commissions		(19)		(20)		(22)
General operating expenses		(85)		(73)		(77)
Other(d)		(7)		2		(4)
Adjusted pre-tax operating income		$	379	$	334	$	547

(a) Represents spread income on GIC, PRT and structured settlement products.

(b) Represents fee income on SVW products.

(c) Represents underwriting margin from Corporate Markets products, including COLI-BOLI, private placement variable universal life insurance and private placement variable annuity products.

(d) Includes net investment income on SVW products of $0 million, $5 million and $11 million for the years ended December 31, 2023, 2022 and 2021, respectively 2021 includes interest expense.

Financial Highlights

2023 to 2022 APTOI Comparison

APTOI increased $45 million, primarily due to:

•higher spread income of $70 million driven by $61 million higher base portfolio spread income and $9 million higher variable investment income primarily from private equity investments and yield enhancements.

Partially offset by:

•higher general operating expenses of $12 million supporting the business growth;

•lower other activity of $9 million primarily driven by lower stable value wrap net investment income; and

•lower underwriting margin of $6 million primarily driven by lower variable investment income from private equity and call and tender income in the Corporate Markets business.

Corebridge | 2023 Form 10-K 107

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ITEM 7 | Business Segment Operations

AUMA

The following table presents Institutional Markets AUMA:


	December 31,
(in millions)	2023		2022		2021
SVW (AUA)	$	44,607	$	47,078	$	43,830
GIC, PRT and Structured settlements (AUM)	33,579		23,096		23,863
All other (AUM)	7,099		7,590		8,810
Total AUMA	$	85,285	$	77,764	$	76,503

2023 to 2022 AUMA Comparison

AUMA increased $7.5 billion due to premiums and deposits of $9.3 billion, primarily PRT and GIC products, and investment performance and other activity of $5.9 billion, partially offset by benefit payments on the GIC, PRT and structured settlement products of $4.1 billion and net outflows of $3.6 billion from SVW products.

Spread Income, Fee Income and Underwriting Margin

The following table presents Institutional Markets spread income, fee income and underwriting margin:


	Years Ended December 31,
(in millions)		2023		2022		2021
Premiums		$	5,642	$	2,950	$	3,810
Net investment income		1,446		901		969
Policyholder benefits		(6,243)		(3,352)		(4,126)
Interest credited to policyholder account balances		(490)		(213)		(166)
Less: impact of annual actuarial assumption update		—		(1)		—
Total spread income(a)		$	355	$	285	$	487
SVW fees		$	64	$	63	$	61
Total fee income		$	64	$	63	$	61
Premiums		$	(35)	$	(37)	$	(35)
Policy fees (excluding SVW)		131		131		126
Net investment income		140		143		175
Other income		2		2		1
Policyholder benefits		(55)		(52)		(57)
Interest credited to policyholder account balances		(110)		(107)		(108)
Less: impact of annual actuarial assumption update		(2)		(3)		—
Total underwriting margin(b)		$	71	$	77	$	102

(a)Represents spread income from GIC, PRT and structured settlement products.

(b)Represents underwriting margin from Corporate Markets products, including COLI-BOLI, private placement variable universal life insurance and private placement variable annuity products.

2023 to 2022 Comparison

See “Financial Highlights.”

Premiums and Deposits

The following table presents the Institutional Markets premiums and deposits:


	Years Ended December 31,
(in millions)		2023		2022		2021
PRT		$	5,401	$	2,749	$	3,667
GICs		3,344		1,000		1,000
Other*		588		576		290
Premiums and deposits		$	9,333	$	4,325	$	4,957

* Other principally consists of structured settlements, Corporate Markets and SVW product.

2023 to 2022 Comparison

Premiums and deposits increased compared to the prior year period by $5.0 billion, primarily due to higher premiums on new PRT business of $2.7 billion and higher deposits on new GICs of $2.3 billion.

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ITEM 7 | Business Segment Operations

Corporate and Other

Corporate and Other primarily consists of interest expense on financial debt, parent expenses not attributable to other segments, institutional asset management business, which includes managing assets for non-consolidated affiliates, results of our consolidated investment entities, results of our legacy insurance lines ceded to Fortitude Re and intercompany eliminations.

Corporate and Other Results


	Years Ended December 31,
(in millions)		2023		2022		2021
Revenues:
Premiums(a)		$	78	$	82	$	86
Net investment income		92		473		443
Net realized gains (losses) on real estate investments		(2)		170		701
Other income		54		121		134
Total adjusted revenues		222		846		1,364
Benefits and expenses:
Policyholder benefits		(3)		—		—
Non-deferrable insurance commissions		2		2		3
General operating expenses:
Corporate and other(a)(b)		270		241		220
Asset management(c)		69		143		155
Total general operating expenses		339		384		375
Interest expense:
Corporate		431		299		57
Asset management and other(d)		138		236		229
Total interest expense		569		535		286
Total benefits and expenses		907		921		664
Noncontrolling interest(e)		68		(320)		(861)
Adjusted pre-tax operating loss before consolidation and eliminations		(617)		(395)		(161)
Consolidations and eliminations		(8)		12		(2)
Adjusted pre-tax operating loss		$	(625)	$	(383)	$	(163)

(a)Premiums include an expense allowance associated with Fortitude Re which is entirely offset in general and operating expenses – Corporate and Other.

(b)General and operating expenses - Corporate and Other include $143 million of expenses incurred by AIG which were not billed to Corebridge for the year ended December 31, 2021. As part of separation in 2022, these expenses are now directly incurred by Corebridge.

(c)General operating expenses – Asset management primarily represent the costs to manage the investment portfolio for affiliates that are not included in the consolidated financial statements of Corebridge.

(d)Interest expense - Asset management relates to consolidated investment entities, the VIEs, for which we are the primary beneficiary; however, creditors or beneficial interest holders of VIEs generally only have recourse to the assets and cash flows of the VIEs and do not have recourse to us except in limited circumstances when we have provided a guarantee to the VIE’s interest holders. As of December 31, 2021, the VIEs for which Corebridge previously provided guarantees have been terminated. Interest expense on consolidated investment entities was $216 million for the year ended December 31, 2021.

(e)Noncontrolling interests represent the third-party or Corebridge affiliated interest in internally managed consolidated investment vehicles and are almost entirely offset within net investment income, net realized gains (losses) and interest expense.

Corebridge | 2023 Form 10-K 109

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ITEM 7 | Business Segment Operations

Corporate and Other Sources of Earnings

The following table presents the sources of earnings of the Corporate and Other segment. We believe providing APTOI using this view is useful for gaining an understanding of our overall results of operations and the significant drivers of our earnings:


	Years Ended December 31,
(in millions)		2023		2022		2021
Corporate expenses		$	(175)	$	(160)	$	(143)
Interest expense on financial debt		(431)		(299)		(57)
Asset management		16		38		30
Consolidated investment entities(a)		2		24		19
Other(b)(c)		(37)		14		(12)
Adjusted pre-tax operating loss		$	(625)	$	(383)	$	(163)

(a) Includes $(25) million for the year ended December 31, 2021 of APTOI attributable to six transactions AIG entered into between 2012 and 2014 which securitized portfolios of certain debt securities, the majority of which were previously owned by Corebridge. During the year ended December 31, 2021, all six transactions were terminated. See Note 9 to the Consolidated Financial Statements.

(b) Includes $56 million for the year ended December 31, 2022 related to Corebridge’s ownership interest in Fortitude Re Bermuda, which is recorded using the measurement alternative for equity securities. Our investment in Fortitude Re Bermuda totaled $156 million and $100 million at December 31, 2022 and December 31, 2021, respectively.

(c) Includes $(32) million for the year ended December 31, 2022 related to non-recurring losses associated with the unwind of internal securitizations with AIG as part of separation.

Financial Highlights

2023 to 2022 APTOI Comparison

Adjusted pre-tax operating loss increased $242 million primarily due to:

•higher interest expense on financial debt of $132 million primarily due to the issuance of senior unsecured notes, hybrid junior subordinated notes and borrowing under our Three-Year DDTL Facility in 2022 totaling $9.0 billion partially offset by the elimination of interest expense from the $8.3 billion affiliated promissory note to AIG that was repaid in 2022;

•unfavorable change from other sources of earnings of $51 million primarily due to a $56 million gain related to a change in value of our minority investment in Fortitude Re Bermuda partially offset by net investment losses from certain legacy investments in 2022; and

•lower consolidated investment entities of $22 million driven by lower income on the real estate portfolio due to gains on sales in 2022 and mark-to-market adjustments.

Corebridge | 2023 Form 10-K 110

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ITEM 7 | Investments

Investments

OVERVIEW

Our investment strategies are tailored to the specific business needs of each operating unit by targeting an asset allocation mix that supports estimated cash flows of our outstanding liabilities and provides diversification from asset class, sector, issuer and geographic perspectives. The primary objectives are generation of investment income, preservation of capital, liquidity management and growth of surplus. The majority of assets backing our insurance liabilities consist of fixed maturity securities, RMBS, CMBS, CLOs, other ABS and fixed maturity securities issued by government-sponsored entities and corporate entities. At December 31, 2023, for $202.8 billion of invested assets supporting our insurance operating companies, approximately 47% are in corporate debt securities. Mortgage-backed securities (“MBS”), ABS and CLOs represent 31% of our fixed income securities, and 99% are investment grade. At December 31, 2022, for $186.5 billion of invested assets supporting our insurance operating companies, approximately 48% are in corporate debt securities. MBS, ABS and CLOs represent 29% of our fixed income securities and 99% are investment grade.

See “Business—Investment Management” for further information, including current and future management of our investment portfolio.”

Key Investment Strategies

Investment strategies are assessed at the segment level and involve considerations that include local and general market and economic conditions, duration and cash flow management, risk appetite and volatility constraints, rating agency and regulatory capital considerations, tax, regulatory and legal investment limitations, and, as applicable, environmental, social and governance considerations.

Some of our key investment strategies are as follows:

•our fundamental strategy across the portfolios is to seek investments with similar characteristics to the associated insurance liabilities to the extent practicable;

•we seek to purchase investments that offer enhanced yield through illiquidity premiums, such as private placements and commercial mortgage loans, which also add portfolio diversification. These assets typically afford credit protections through covenants, ability to customize structures that meet our insurance liability needs and deeper due diligence given information access;

•we seek investments that provide diversification from assets available in local markets. To the extent we purchase these investments, we generally hedge any currency risk using derivatives, which could provide opportunities to earn higher risk-adjusted returns compared to investments in the functional currency;

•we actively manage our assets and liabilities, counterparties and duration. Our liquidity sources are held primarily in the form of cash, short-term investments and publicly traded, investment grade rated fixed maturity securities that can be readily monetized through sales or repurchase agreements. Certain of our subsidiaries are members of the FHLBs in their respective districts, and we borrow from the FHLB utilizing its funding agreement program. Borrowings from FHLBs are used to supplement liquidity or for other uses deemed appropriate by management. This strategy allows us to both diversify our sources of liquidity and reduce the cost of maintaining sufficient liquidity;

•within the United States, investments are generally split between reserve-backing and surplus portfolios:

–insurance liabilities are backed mainly by investment grade fixed maturity securities that meet our duration, risk-return, tax liquidity, credit quality and diversification objectives. We assess asset classes based on their fundamental underlying risk factors, including credit (public and private), commercial real estate and residential real estate, regardless of whether such investments are bonds, loans or structured products; and

–surplus investments seek to enhance portfolio returns and are generally comprised of a mix of fixed maturity investment grade and below investment grade securities and various alternative asset classes, including private equity, real estate equity and hedge funds. Over the past few years, hedge fund investments have been reduced;

•outside of the United States, fixed maturity securities held by our insurance companies consist primarily of investment grade securities generally denominated in the currencies of the countries in which we operate; and

•we also utilize derivatives to manage our asset and liability duration as well as currency exposures.

Asset Liability Management

Our investment strategy is to invest in assets that generate net investment income to back policyholder benefit and deposit liabilities that result in stable distributable earnings and enhance portfolio value, subject to asset-liability management, capital, liquidity and regulatory constraints.

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ITEM 7 | Investments

We use asset-liability management as a primary tool to monitor and manage interest rate and duration risk in our businesses. We maintain a diversified, high to medium quality portfolio of fixed maturity securities issued by corporations, municipalities and other governmental agencies; structured securities collateralized by, among other assets, residential and commercial real estate; and commercial mortgage loans that, to the extent practicable, match the duration characteristics of the liabilities. We seek to diversify the portfolio across asset classes, sectors and issuers to mitigate idiosyncratic portfolio risks. The investment portfolio of each product line is tailored to the specific characteristics of its insurance liabilities, and as a result, duration varies between distinct portfolios. The interest rate environment has a direct impact on the asset liability management profile of the businesses, and changes in the interest rate environment may result in the need to lengthen or shorten the duration of the portfolio. In a rising rate environment, we may shorten the duration of the investment portfolio.

Fixed maturity securities of our domestic operations have an average duration of 6.9 years as of December 31, 2023.

In addition, we seek to enhance surplus portfolio returns through investments in a diversified portfolio of alternative investments. Although these alternative investments are subject to earnings fluctuations, they have historically achieved accumulative returns over time in excess of the fixed maturity portfolio returns.

Corebridge | 2023 Form 10-K 112

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ITEM 7 | Investments

Investment Portfolio

The following table presents carrying amounts of our total investments:


(in millions)	Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets		Total
December 31, 2023
Bonds available-for-sale:
U.S. government and government-sponsored entities	$	946	$	274	$	1,220
Obligations of states, municipalities and political subdivisions	5,178		653		5,831
Non-U.S. governments	3,782		275		4,057
Corporate debt	94,118		11,964		106,082
Mortgage-backed, asset-backed and collateralized:
RMBS	13,531		746		14,277
CMBS	9,493		488		9,981
CLO	10,938		206		11,144
ABS	13,337		598		13,935
Total mortgage-backed, asset-backed and collateralized	47,299		2,038		49,337
Total bonds available-for-sale	151,323		15,204		166,527
Other bond securities	366		4,212		4,578
Total fixed maturities	151,689		19,416		171,105
Equity securities	63		—		63
Mortgage and other loans receivable:
Residential mortgages	8,428		—		8,428
Commercial mortgages	30,354		3,204		33,558
Life insurance policy loans	1,416		330		1,746
Commercial loans, other loans and notes receivable	2,961		174		3,135
Total mortgage and other loans receivable(a)	43,159		3,708		46,867
Other invested assets(b)	8,163		2,094		10,257
Short-term investments	4,207		129		4,336
Total(c)	$	207,281	$	25,347	$	232,628
December 31, 2022
Bonds available-for-sale:
U.S. government and government-sponsored entities	$	925	$	273	$	1,198
Obligations of states, municipalities and political subdivisions	5,195		731		5,926
Non-U.S. governments	3,977		415		4,392
Corporate debt	91,939		12,753		104,692
Mortgage-backed, asset-backed and collateralized:
RMBS	11,122		822		11,944
CMBS	9,528		540		10,068
CLO	7,994		192		8,186
ABS	9,774		613		10,387
Total mortgage-backed, asset-backed and collateralized	38,418		2,167		40,585
Total bonds available-for-sale	140,454		16,339		156,793
Other bond securities	284		3,485		3,769
Total fixed maturities	140,738		19,824		160,562
Equity securities	170		—		170
Mortgage and other loans receivable:
Residential mortgages	5,851		—		5,851
Commercial mortgages	29,190		3,272		32,462
Life insurance policy loans	1,395		355		1,750
Commercial loans, other loans and notes receivable	4,285		218		4,503
Total mortgage and other loans receivable(a)	40,721		3,845		44,566
Other invested assets(b)	8,392		2,026		10,418
Short-term investments	4,331		69		4,400
Total(c)	$	194,352	$	25,764	$	220,116

(a) Net of total allowance for credit losses for $698 million and $600 million at December 31, 2023 and December 31, 2022, respectively.

(b) Other invested assets, excluding Fortitude Re funds withheld assets, include $5.6 billion and $5.3 billion of private equity funds as of December 31, 2023 and December 31, 2022, respectively, which are generally reported on a one-quarter lag.

(c) Includes the consolidation of approximately $5.9 billion and $9.7 billion of consolidated investment entities at December 31, 2023 and December 31, 2022, respectively.

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ITEM 7 | Investments

The following table presents carrying amounts of our total investments for our insurance operating subsidiaries excluding the Fortitude Re funds withheld assets:


(in millions)	December 31, 2023		December 31, 2022
Bonds available-for-sale:
U.S. government and government-sponsored entities	$	945	$	928
Obligations of states, municipalities and political subdivisions	5,178		5,194
Non-U.S. governments	3,782		3,978
Corporate debt
Public credit	73,014		68,135
Private credit	21,388		20,741
Total corporate debt	94,402		88,876
Mortgage-backed, asset-backed and collateralized:
RMBS	13,941		11,546
CMBS	9,493		9,527
CLO	10,893		8,292
ABS	13,337		9,775
Total mortgage-backed, asset-backed and collateralized	47,664		39,140
Total bonds available-for-sale	151,971		138,116
Other bond securities	329		357
Total fixed maturities	152,300		138,473
Equity securities	55		119
Mortgage and other loans receivable:
Residential mortgages	6,869		4,181
Commercial mortgages	30,892		29,632
Commercial loans, other loans and notes receivable	3,040		4,465
Total mortgage and other loans receivable(a)(b)	40,801		38,278
Other invested assets
Hedge funds	222		796
Private equity(c)	5,012		4,529
Real estate investments	270		266
Other invested assets - All other	290		254
Total other invested assets	5,794		5,845
Short-term investments	3,881		3,781
Total(d)	$	202,831	$	186,496

(a) Does not reflect allowance for credit loss on mortgage loans of $623 million and $509 million at December 31, 2023 and December 31, 2022, respectively.

(b) Does not reflect policy loans of $1.4 billion and $1.4 billion at December 31, 2023 and December 31, 2022, respectively.

(d) Excludes approximately $5.9 billion and $9.7 billion of consolidated investment entities as well as $2.3 billion and $2.7 billion of eliminations primarily between the consolidated investment entities and the insurance operating companies at December 31, 2023 and December 31, 2022, respectively.

Credit Ratings

At December 31, 2023, nearly all our fixed maturity securities were held by our U.S. entities and 93% of these securities were rated investment grade by one or more of the principal rating agencies.

Moody’s, S&P, Fitch or similar foreign rating services rate a significant portion of our foreign entities’ fixed maturity securities portfolio. Rating services are not available for some foreign-issued securities. Our Investments team, with oversight from credit risk management, closely reviews the credit quality of the foreign portfolio’s non-rated fixed maturity securities.

Corebridge | 2023 Form 10-K 114

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ITEM 7 | Investments

NAIC Designations of Fixed Maturity Securities

The Securities Valuation Office (“SVO”) of the NAIC evaluates the investments of U.S. insurers for statutory reporting purposes and assigns fixed maturity securities to one of six categories called ‘NAIC Designations.’ In general, NAIC Designations of ‘1,’ highest quality, or ‘2,’ high quality, include fixed maturity securities considered investment grade, while NAIC Designations of ‘3’ through ‘6’ generally include fixed maturity securities referred to as below investment grade. NAIC Designations for non-agency RMBS and CMBS are calculated using third-party modeling results provided through the NAIC. These methodologies result in an improved NAIC Designation for such securities compared to the rating typically assigned by the three major rating agencies. The following tables summarize the ratings distribution of our subsidiaries’ fixed maturity security portfolio by NAIC Designation, and the distribution by composite our credit rating, which is generally based on ratings of the three major rating agencies. As of December 31, 2023 and December 31, 2022, 95% and 91%, respectively, of our fixed maturity security portfolio, excluding Fortitude Re funds withheld assets, were investment grade. The fixed maturity security portfolio of our insurance operating subsidiaries, excluding the Fortitude Re funds withheld assets, was 95% and 94% investment grade as of December 31, 2023 and December 31, 2022, respectively. The remaining below investment grade securities that are not included in consolidated investment entities relate to middle market and high yield bank loans securities.

The following tables present the fixed maturity security portfolio categorized by NAIC Designation, at fair value:


NAIC Designation Excluding Fortitude Re Funds Withheld Assets (in millions)	1		2		Total Investment Grade		3		4(a)		5(a)		6		Total Below Investment Grade		Total
December 31, 2023
Other fixed maturity securities	$	49,628	$	46,891	$	96,519	$	4,104	$	2,983	$	389	$	58	$	7,534	$	104,053
Mortgage-backed, asset-backed and collateralized	41,165		5,806		46,971		307		224		44		11		586		47,557
Total(b)	$	90,793	$	52,697	$	143,490	$	4,411	$	3,207	$	433	$	69	$	8,120	$	151,610
Fortitude Re funds withheld assets																	$	19,416
Total fixed maturities																	$	171,026
December 31, 2022
Other fixed maturity securities	$	44,981	$	45,166	$	90,147	$	5,058	$	5,915	$	655	$	268	$	11,896	$	102,043
Mortgage-backed, asset-backed and collateralized	33,031		5,330		38,361		227		73		3		10		313		38,674
Total(b)	$	78,012	$	50,496	$	128,508	$	5,285	$	5,988	$	658	$	278	$	12,209	$	140,717
Fortitude Re funds withheld assets																	$	19,824
Total fixed maturities																	$	160,541

(a)Includes $63 million and $6 million of consolidated CLOs that are rated NAIC 4 and 5, respectively, as of December 31, 2023 and $2.8 billion and $142 million of NAIC 4 and 5 securities, respectively, as of December 31, 2022. These are assets of consolidated investment entities and do not represent direct investment of Corebridge’s insurance subsidiaries.

(b)Excludes $79 million and $21 million of fixed maturity securities for which no NAIC Designation is available at December 31, 2023 and December 31, 2022, respectively.

The following table presents the fixed maturity security portfolio categorized by NAIC Designation, at fair value, for our insurance operating subsidiaries excluding the Fortitude Re funds withheld assets:


(in millions)	December 31, 2023		December 31, 2022
NAIC 1	$	91,207	$	78,518
NAIC 2	53,029		50,946
NAIC 3	4,408		4,860
NAIC 4	3,147		3,224
NAIC 5 and 6	496		904
Total(a)(b)	$	152,287	$	138,452

(a) Excludes approximately $121 million and $3.4 billion of consolidated investment entities and $732 million and $1.2 billion of eliminations primarily related to the consolidated investment entities and the insurance operating subsidiaries at December 31, 2023 and December 31, 2022, respectively.

(b) Excludes $13 million and $21 million of fixed maturity securities for which no NAIC Designation is available at December 31, 2023 and December 31, 2022, respectively.

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ITEM 7 | Investments

Composite Corebridge Credit Ratings

With respect to our fixed maturity securities, the credit ratings in the table below and in subsequent tables reflect: (i) a composite of the ratings of the three major rating agencies, or when agency ratings are not available, the rating assigned by the NAIC SVO (100% of total fixed maturity securities), or (ii) our equivalent internal ratings when these investments have not been rated by any of the major rating agencies or the NAIC. The “Non-rated” category in those tables consists of fixed maturity securities that have not been rated by any of the major rating agencies, the NAIC or us.

The following tables present the fixed maturity security portfolio categorized by composite Corebridge credit rating (as described below), at fair value:


Composite Corebridge Credit Rating Excluding Fortitude Re Funds Withheld Assets (in millions)	AAA/AA/A		BBB		Total Investment Grade		BB		B		CCC and Lower		Total Below Investment Grade (a)(b)		Total
December 31, 2023
Other fixed maturity securities	$	49,833	$	46,706	$	96,539	$	4,083	$	3,014	$	417	$	7,514	$	104,053
Mortgage-backed, asset-backed and collateralized	37,795		6,439		44,234		430		335		2,558		3,323		47,557
Total(c)	$	87,628	$	53,145	$	140,773	$	4,513	$	3,349	$	2,975	$	10,837	$	151,610
Fortitude Re funds withheld assets															$	19,416
Total fixed maturities															$	171,026
December 31, 2022
Other fixed maturity securities	$	46,059	$	44,068	$	90,127	$	5,081	$	5,910	$	925	$	11,916	$	102,043
Mortgage-backed, asset-backed and collateralized	29,367		5,768		35,135		336		273		2,930		3,539		38,674
Total(c)	$	75,426	$	49,836	$	125,262	$	5,417	$	6,183	$	3,855	$	15,455	$	140,717
Fortitude Re funds withheld assets															$	19,824
Total fixed maturities															$	160,541

(a) Includes $2.7 billion and $3.0 billion at December 31, 2023 and December 31, 2022, respectively, of certain RMBS that had experienced deterioration in credit quality since its origination but prior to Corebridge’s acquisition. These securities are currently rated as investment grade under the NAIC SVO framework.

(b) Includes $76 million of consolidated CLOs as of December 31, 2023 and $3.4 billion as of December 31, 2022. These are assets of consolidated investment entities and do not represent direct investment of Corebridge’s insurance subsidiaries.

(c) Excludes $79 million and $21 million of fixed maturity securities for which no NAIC Designation is available at December 31, 2023 and December 31, 2022, respectively.

The following table presents the fixed maturity security portfolio categorized by composite Corebridge credit rating (as described below), at fair value for our insurance operating subsidiaries:


Composite Corebridge Credit Rating For Our Insurance Operating Subsidiaries (in millions)	AAA/AA/A		BBB		Total Investment Grade		BB		B		CCC and Lower		Total Below Investment Grade		Total
December 31, 2023
Other fixed maturity securities	$	49,836	$	47,056	$	96,892	$	4,079	$	2,957	$	408	$	7,444	$	104,336
Mortgage-backed, asset-backed and collateralized	38,204		6,422		44,626		434		338		2,553		3,325		47,951
Total fixed maturities*	$	88,040	$	53,478	$	141,518	$	4,513	$	3,295	$	2,961	$	10,769	$	152,287
December 31, 2022
Other fixed maturity securities	$	46,060	$	44,410	$	90,470	$	4,577	$	3,236	$	700	$	8,513	$	98,983
Mortgage-backed, asset-backed and collateralized	29,869		5,886		35,755		401		276		3,037		3,714		39,469
Total fixed maturities*	$	75,929	$	50,296	$	126,225	$	4,978	$	3,512	$	3,737	$	12,227	$	138,452

* Excludes $13 million and $21 million of fixed maturity securities for which no NAIC Designation is available at December 31, 2023 and December 31, 2022, respectively.

For a discussion of credit risks associated with investments, see “Business—Investment Management—Credit Risk.”

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ITEM 7 | Investments

The following tables present the composite Corebridge credit ratings of our fixed maturity securities calculated based on their fair value:


	Available-for-Sale				Other Fixed Maturity Securities, at Fair Value				Total
Excluding Fortitude Funds Withheld Assets (in millions)	December 31, 2023		December 31, 2022		December 31, 2023		December 31, 2022		December 31, 2023		December 31, 2022
Rating:
Other fixed maturity securities*
AAA	$	1,656	$	2,493	$	—	$	—	$	1,656	$	2,493
AA	21,970		17,600		14		16		21,984		17,616
A	26,193		25,950		—		—		26,193		25,950
BBB	46,688		44,065		18		3		46,706		44,068
Below investment grade	7,506		11,855		10		7		7,516		11,862
Non-rated	11		73		—		2		11		75
Total	$	104,024	$	102,036	$	42	$	28	$	104,066	$	102,064
Mortgage-backed, asset-
backed and collateralized
AAA	$	9,720	$	11,418	$	19	$	22	$	9,739	$	11,440
AA	20,577		11,737		83		90		20,660		11,827
A	7,293		6,009		103		91		7,396		6,100
BBB	6,383		5,736		56		32		6,439		5,768
Below investment grade	3,297		3,391		19		21		3,316		3,412
Non-rated	29		127		44		—		73		127
Total	$	47,299	$	38,418	$	324	$	256	$	47,623	$	38,674
Total
AAA	$	11,376	$	13,911	$	19	$	22	$	11,395	$	13,933
AA	42,547		29,337		97		106		42,644		29,443
A	33,486		31,959		103		91		33,589		32,050
BBB	53,071		49,801		74		35		53,145		49,836
Below investment grade	10,803		15,246		29		28		10,832		15,274
Non-rated	40		200		44		2		84		202
Total	$	151,323	$	140,454	$	366	$	284	$	151,689	$	140,738

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ITEM 7 | Investments


	Available-for-Sale				Other Fixed Maturity Securities, at Fair Value				Total
Fortitude Re Funds Withheld Assets (in millions)	December 31, 2023		December 31, 2022		December 31, 2023		December 31, 2022		December 31, 2023		December 31, 2022
Rating:
Other fixed maturity securities*
AAA	$	387	$	439	$	23	$	22	$	410	$	461
AA	3,603		3,272		795		706		4,398		3,978
A	3,559		4,022		158		168		3,717		4,190
BBB	5,084		5,734		1,225		935		6,309		6,669
Below investment grade	533		705		457		420		990		1,125
Non-rated	—		—		6		2		6		2
Total	$	13,166	$	14,172	$	2,664	$	2,253	$	15,830	$	16,425
Mortgage-backed, asset- backed and collateralized
AAA	$	141	$	222	$	117	$	88	$	258	$	310
AA	770		727		555		478		1,325		1,205
A	238		289		225		146		463		435
BBB	361		348		591		459		952		807
Below investment grade	526		581		59		60		585		641
Non-rated	2		—		1		1		3		1
Total	$	2,038	$	2,167	$	1,548	$	1,232	$	3,586	$	3,399
Total
AAA	$	528	$	661	$	140	$	110	$	668	$	771
AA	4,373		3,999		1,350		1,184		5,723		5,183
A	3,797		4,311		383		314		4,180		4,625
BBB	5,445		6,082		1,816		1,394		7,261		7,476
Below investment grade	1,059		1,286		516		480		1,575		1,766
Non-rated	2		—		7		3		9		3
Total	$	15,204	$	16,339	$	4,212	$	3,485	$	19,416	$	19,824

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ITEM 7 | Investments


	Available-for-Sale				Other Fixed Maturity Securities, at Fair Value				Total
Total (in millions)	December 31, 2023		December 31, 2022		December 31, 2023		December 31, 2022		December 31, 2023		December 31, 2022
Rating:
Other fixed maturity securities*
AAA	$	2,043	$	2,932	$	23	$	22	$	2,066	$	2,954
AA	25,573		20,872		809		722		26,382		21,594
A	29,752		29,972		158		168		29,910		30,140
BBB	51,772		49,799		1,243		938		53,015		50,737
Below investment grade	8,039		12,560		467		427		8,506		12,987
Non-rated	11		73		6		4		17		77
Total	$	117,190	$	116,208	$	2,706	$	2,281	$	119,896	$	118,489
Mortgage-backed, asset-backed and collateralized
AAA	$	9,861	$	11,640	$	136	$	110	$	9,997	$	11,750
AA	21,347		12,464		638		568		21,985		13,032
A	7,531		6,298		328		237		7,859		6,535
BBB	6,744		6,084		647		491		7,391		6,575
Below investment grade	3,823		3,972		78		81		3,901		4,053
Non-rated	31		127		45		1		76		128
Total	$	49,337	$	40,585	$	1,872	$	1,488	$	51,209	$	42,073
Total
AAA	$	11,904	$	14,572	$	159	$	132	$	12,063	$	14,704
AA	46,920		33,336		1,447		1,290		48,367		34,626
A	37,283		36,270		486		405		37,769		36,675
BBB	58,516		55,883		1,890		1,429		60,406		57,312
Below investment grade	11,862		16,532		545		508		12,407		17,040
Non-rated	42		200		51		5		93		205
Total	$	166,527	$	156,793	$	4,578	$	3,769	$	171,105	$	160,562

* Consists of assets including U.S. government and government sponsored entities, obligations of states, municipalities and political subdivisions, non-U.S. governments, and corporate debt.

The following table presents the fair value of our aggregate credit exposures to non-U.S. governments for our fixed maturity securities:


	December 31, 2023						December 31, 2022
(in millions)	Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets		Total		Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets		Total
Chile	$	357	$	13	$	370	$	343	$	19	$	362
Indonesia	344		23		367		381		34		415
Mexico	257		13		270		239		27		266
France	229		18		247		149		17		166
United Arab Emirates	221		4		225		298		12		310
Qatar	204		61		265		218		87		305
Saudi Arabia	185		20		205		200		22		222
Norway	160		—		160		162		—		162
Colombia	155		26		181		132		25		157
Panama	145		19		164		150		29		179
Other	1,525		91		1,616		1,705		165		1,870
Total*	$	3,782	$	288	$	4,070	$	3,977	$	437	$	4,414

* Includes bonds available-for-sale and other bond securities.

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ITEM 7 | Investments

Investments in Corporate Debt Securities

The following table presents the industry categories of our available-for-sale corporate debt securities:


	December 31, 2023						December 31, 2022
	Fair Value						Fair Value
(in millions)	Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets		Total		Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets		Total
Industry Category:
Financial institutions	$	25,875	$	2,429	$	28,304	$	23,751	$	2,699	$	26,450
Utilities	14,108		2,545		16,653		13,579		2,708		16,287
Communications	5,957		730		6,687		5,718		767		6,485
Consumer noncyclical	12,093		1,444		13,537		12,466		1,525		13,991
Capital goods	4,230		412		4,642		4,491		462		4,953
Energy	8,323		1,096		9,419		7,361		1,126		8,487
Consumer cyclical	5,114		520		5,634		6,820		581		7,401
Basic materials	3,141		350		3,491		3,285		467		3,752
Other	15,277		2,438		17,715		14,468		2,418		16,886
Total*	$	94,118	$	11,964	$	106,082	$	91,939	$	12,753	$	104,692

* 93% and 89% of investments were rated investment grade at December 31, 2023 and December 31, 2022, respectively.

Our investments in the energy category, as a percentage of total investments in available-for-sale fixed maturities, were 9% and 8% at December 31, 2023 and December 31, 2022, respectively. While the energy investments are primarily investment grade and are actively managed, the category continues to experience volatility that could adversely affect credit quality and fair value.

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ITEM 7 | Investments

Investments in RMBS

The following table presents our RMBS available-for-sale securities:


	December 31, 2023				December 31, 2022
(in millions)	Fair Value		Percent of Total		Fair Value		Percent of Total
Agency RMBS	$	4,218	31%		$	4,478	40%
AAA	20				4,345
AA	4,198				133
A	—				—
BBB	—				—
Below investment grade	—				—
Non-rated	—				—
Alt-A RMBS	3,147		23%		2,641		24%
AAA	692				24
AA	685				689
A	38				35
BBB	54				41
Below investment grade	1,678				1,852
Non-rated	—				—
Sub-prime RMBS	1,124		8%		1,217		11%
AAA	—				—
AA	78				68
A	60				65
BBB	50				51
Below investment grade	936				1,033
Non-rated	—				—
Prime non-agency	2,399		18%		1,471		13%
AAA	1,163				331
AA	847				803
A	198				136
BBB	76				57
Below investment grade	113				144
Non-rated	2				—
Other housing related	2,643		20%		1,315		12%
AAA	1,822				795
AA	465				230
A	246				206
BBB	93				77
Below investment grade	13				6
Non-rated	4				1
Total RMBS excluding Fortitude Re funds withheld assets	13,531		100	%	11,122		100%
Total RMBS Fortitude Re funds withheld assets	746				822
Total RMBS(a)(b)	$	14,277			$	11,944

(a) Includes $2.7 billion and $3.0 billion at December 31, 2023 and December 31, 2022, respectively, of certain RMBS that had experienced deterioration in credit quality since their origination but prior to Corebridge’s acquisition. These securities are currently rated as investment grade under the NAIC SVO framework.

(b) The weighted average expected life was 7 years at December 31, 2023 and 6 years at December 31, 2022.

Our underwriting principles for investing in RMBS, other ABS and CLOs take into consideration the quality of the originator, the manager, the servicer, security credit ratings, underlying characteristics of the mortgages, borrower characteristics and the level of credit enhancement in the transaction.

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ITEM 7 | Investments

Investments in CMBS

The following table presents our CMBS available-for-sale securities:


	December 31, 2023				December 31, 2022
(in millions)	Fair Value		Percent of Total		Fair Value		Percent of Total
CMBS (traditional)	$	8,265	87	%	$	8,085	85	%
AAA	3,691				3,875
AA	2,855				2,642
A	753				732
BBB	621				564
Below investment grade	345				272
Non-rated	—				—
Agency	815		9	%	1,017		11	%
AAA	3				484
AA	812				525
A	—				—
BBB	—				8
Below investment grade	—				—
Non-rated	—				—
Other	413		4	%	426		4	%
AAA	91				105
AA	130				131
A	100				97
BBB	92				93
Below investment grade	—				—
Non-rated	—				—
Total excluding Fortitude Re funds withheld assets	9,493		100	%	9,528		100	%
Total Fortitude Re funds withheld assets	488				540
Total	$	9,981			$	10,068

The fair value of CMBS holdings decreased slightly during the year ended December 31, 2023. The majority of our investments in CMBS are in tranches that contain substantial protection features through collateral subordination. The majority of CMBS holdings are traditional conduit transactions, broadly diversified across property types and geographical areas.

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ITEM 7 | Investments

Investments in ABS/CLOs

The following table presents our ABS/CLO available-for-sale securities by collateral type:


	December 31, 2023				December 31, 2022
(dollars in millions)	Fair Value		Percent of Total		Fair Value		Percent of Total
CDO - bank loan (CLO)	$	10,808	44	%	$	7,893	44	%
AAA	1,741				1,056
AA	5,246				4,049
A	3,058				2,384
BBB	727				400
Below investment grade	13				4
Non-rated	23				—
CDO - other	130		1	%	100		1	%
AAA	1				—
AA	125				100
A	—				—
BBB	1				—
Below investment grade	3				—
Non-rated	—				—
ABS	13,337		55	%	9,775		55	%
AAA	496				403
AA	5,136				2,367
A	2,840				2,354
BBB	4,669				4,445
Below investment grade	196				80
Non-rated	—				126
Total excluding Fortitude Re funds withheld assets	24,275		100	%	17,768		100	%
Total Fortitude Re funds withheld assets	804				805
Total	$	25,079			$	18,573

Unrealized Losses of Fixed Maturity Securities

The following tables show the aging of the unrealized losses on available-for-sale fixed maturity securities, the extent to which the fair value is less than amortized cost or cost, and the number of respective items in each category:


December 31, 2023	Less Than or Equal to 20% of Cost(b)					Greater Than 20% to 50% of Cost(b)					Greater Than 50% of Cost(b)					Total
Aging(a) (dollars in millions)	Cost(c)		Unrealized Loss		Items(d)	Cost(c)		Unrealized Loss		Items(d)	Cost(c)		Unrealized Loss		Items(d)	Cost(c)		Unrealized Loss		Items(d)
Investment grade bonds
0-6 months	$	8,072	$	358	964	$	2,687	$	779	209	$	6	$	3	—	$	10,765	$	1,140	1,173
7-11 months	9,583		490		880	2,176		628		178	4		2		—	11,763		1,120		1,058
12 months or more	74,309		6,603		7,899	28,479		7,968		2,391	79		42		10	102,867		14,613		10,300
Total	91,964		7,451		9,743	33,342		9,375		2,778	89		47		10	125,395		16,873		12,531
Below investment grade bonds
0-6 months	1,635		64		449	110		40		41	8		7		8	1,753		111		498
7-11 months	497		18		98	47		13		4	1		1		2	545		32		104
12 months or more	5,127		325		1,066	606		177		104	39		25		8	5,772		527		1,178
Total	7,259		407		1,613	763		230		149	48		33		18	8,070		670		1,780
Total bonds
0-6 months	9,707		422		1,413	2,797		819		250	14		10		8	12,518		1,251		1,671
7-11 months	10,080		508		978	2,223		641		182	5		3		2	12,308		1,152		1,162
12 months or more	79,436		6,928		8,965	29,085		8,145		2,495	118		67		18	108,639		15,140		11,478
Total excluding Fortitude Re funds withheld assets	$	99,223	$	7,858	11,356	$	34,105	$	9,605	2,927	$	137	$	80	28	$	133,465	$	17,543	14,311
Total Fortitude Re funds withheld assets																$	16,725	$	2,934	891
Total																$	150,190	$	20,477	15,202

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ITEM 7 | Investments


December 31, 2022	Less Than or Equal to 20% of Cost(b)					Greater than 20% to 50% of Cost(b)					Greater than 50% of Cost(b)					Total
Aging(a) (dollars in millions)	Cost(c)		Unrealized Loss		Items(d)	Cost(c)		Unrealized Loss		Items(d)	Cost(c)		Unrealized Loss		Items(d)	Cost(c)		Unrealized Loss		Items(d)
Investment grade bonds
0-6 months	$	58,919	$	5,036	6,736	$	30,974	$	9,161	2,999	$	447	$	238	25	$	90,340	$	14,435	9,760
7-11 months	22,018		2,112		2,197	3,126		836		159	21		13		1	25,165		2,961		2,357
12 months or more	7,759		942		716	9,398		2,667		690	20		11		3	17,177		3,620		1,409
Total	88,696		8,090		9,649	43,498		12,664		3,848	488		262		29	132,682		21,016		13,526
Below Investment grade bonds
0-6 months	5,310		354		1,492	823		235		222	39		28		17	6,172		617		1,731
7-11 months	3,544		182		1,201	95		24		51	7		5		7	3,646		211		1,259
12 months or more	3,395		225		1,017	321		87		73	9		8		9	3,725		320		1,099
Total	12,249		761		3,710	1,239		346		346	55		41		33	13,543		1,148		4,089
Total bonds
0-6 months	64,229		5,390		8,228	31,797		9,396		3,221	486		266		42	96,512		15,052		11,491
7-11 months	25,562		2,294		3,398	3,221		860		210	28		18		8	28,811		3,172		3,616
12 months or more	11,154		1,167		1,733	9,719		2,754		763	29		19		12	20,902		3,940		2,508
Total excluding Fortitude Re funds withheld assets	$	100,945	$	8,851	13,359	$	44,737	$	13,010	4,194	$	543	$	303	62	$	146,225	$	22,164	17,615
Total Fortitude Re funds withheld assets																$	18,296	$	3,593	1,057
Total																$	164,521	$	25,757	18,672

(a)Represents the number of consecutive months that fair value has been less than amortized cost or cost by any amount.

(b)Represents the percentage by which fair value is less than amortized cost or cost at December 31, 2023 and December 31, 2022.

(c)For bonds, represents amortized cost net of allowance.

(d)Item count is by CUSIP by subsidiary.

The allowance for credit losses was $7 million and $7 million for investment grade bonds, and $121 million and $141 million for below investment grade bonds as of December 31, 2023 and December 31, 2022, respectively.

Change in Unrealized Gains and Losses on Investments

The change in net unrealized gains and losses on investments for the year ended December 31, 2023, was primarily attributable to increase in the fair value of fixed maturity securities. For the year ended December 31, 2023, net unrealized gains were $6.1 billion primarily due to narrowing of credit spreads.

The change in net unrealized gains and losses on investments for the year ended December 31, 2022 was primarily attributable to decreases in the fair value of fixed maturity securities. For the year ended December 31, 2022, net unrealized losses were $40.4 billion due to an increase in interest rates and spreads.

For further discussion of our investment portfolio, see Notes 5 and 6 to the Consolidated Financial Statements.

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ITEM 7 | Investments

Commercial Mortgage Loans

At December 31, 2023 and December 31, 2022, we had direct commercial mortgage loan exposure of $34.2 billion and $33.0 billion, respectively. At December 31, 2023 and December 31, 2022, we had an allowance for credit losses of $614 million and $531 million, respectively.

The following tables present the commercial mortgage loan exposure by location and class of loan based on amortized cost:


	Number of Loans	Class													Total		Percent of Total
Excluding Fortitude Re Funds Withheld Assets (dollars in millions)			Apartments		Offices		Retail		Industrial		Hotel		Others
December 31, 2023
State:
New York	69		$	1,301	$	3,577	$	276	$	392	$	70	$	1	$	5,617	18	%
California	57		665		837		102		1,153		579		12		3,348		11	%
New Jersey	73		2,012		73		256		650		—		21		3,012		10	%
Texas	38		760		609		131		221		18		—		1,739		6	%
Florida	44		632		107		361		97		455		—		1,652		5	%
Massachusetts	19		550		567		492		15		—		—		1,624		5	%
Illinois	20		503		353		3		39		—		20		918		3	%
Colorado	15		285		61		87		70		157		—		660		2	%
Pennsylvania	19		128		94		206		188		23		—		639		2	%
Ohio	19		78		6		80		407		—		—		571		2	%
Other States	105		2,273		221		505		699		144		47		3,889		13	%
Foreign	72		3,479		1,069		728		1,432		291		224		7,223		23	%
Total(a)	550		$	12,666	$	7,574	$	3,227	$	5,363	$	1,737	$	325	$	30,892	100	%
Fortitude Re funds withheld assets															$	3,280
Total Commercial Mortgages															$	34,172
December 31, 2022
State:
New York	72		$	1,355	$	3,820	$	282	$	357	$	71	$	—	$	5,885	20	%
California	51		507		653		112		1,129		611		13		3,025		10	%
New Jersey	59		1,829		143		322		436		7		22		2,759		9	%
Texas	41		692		687		137		155		143		—		1,814		6	%
Florida	51		344		119		212		151		355		—		1,181		4	%
Massachusetts	16		465		328		470		15		—		—		1,278		4	%
Illinois	20		487		353		3		41		—		20		904		3	%
Colorado	12		261		63		—		—		145		—		469		2	%
Pennsylvania	16		77		94		189		190		24		—		574		2	%
Ohio	19		80		7		83		408		—		—		578		1	%
Other States	108		1,827		270		550		652		121		19		3,439		12	%
Foreign	90		4,212		1,423		327		1,264		284		216		7,726		27	%
Total(a)	555		$	12,136	$	7,960	$	2,687	$	4,798	$	1,761	$	290	$	29,632	100	%
Fortitude Re funds withheld assets															$	3,361
Total Commercial Mortgages															$	32,993

(a) Does not reflect allowance for credit losses.

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ITEM 7 | Investments

The following tables present debt service coverage ratios and loan-to-value ratios for commercial mortgages:


	Debt Service Coverage Ratios(a)
(in millions)	>1.20X		1.00X - 1.20X		<1.00X		Total
December 31, 2023
Loan-to-value ratios(b)
Less than 65%	$	17,301	$	3,141	$	285	$	20,727
65% to 75%	5,577		1,337		44		6,958
76% to 80%	938		64		47		1,049
Greater than 80%	1,349		402		407		2,158
Total commercial mortgages excluding Fortitude Re(c)	$	25,165	$	4,944	$	783	$	30,892
Total commercial mortgages including Fortitude Re							$	3,280
Total commercial mortgages							$	34,172
December 31, 2022
Loan-to-value ratios(b)
Less than 65%	$	18,524	$	2,817	$	628	$	21,969
65% to 75%	4,497		429		435		5,361
76% to 80%	314		—		46		360
Greater than 80%	1,338		154		450		1,942
Total commercial mortgages excluding Fortitude Re(c)	$	24,673	$	3,400	$	1,559	$	29,632
Total commercial mortgages including Fortitude Re							$	3,361
Total commercial mortgages							$	32,993

(a)The debt service coverage ratio compares a property’s net operating income to its debt service payments, including principal and interest. Our weighted average debt service coverage ratio was 1.9X and 1.9X at December 31, 2023 and December 31, 2022, respectively. The debt service coverage ratios have been updated within the last three months.

(b)The loan-to-value ratio compares the current unpaid principal balance of the loan to the estimated fair value of the underlying property collateralizing the loan. Our weighted average loan-to-value ratio was 59% and 59% at December 31, 2023 and December 31, 2022, respectively. The loan-to-value ratios have been updated within the last three to nine months.

(c)Does not reflect allowance for credit losses.

Residential Mortgage Loans

At December 31, 2023 and December 31, 2022, we had direct residential mortgage loan exposure of $8.4 billion and $5.9 billion, respectively.

The following tables present credit quality performance indicators for residential mortgages by year of vintage:


December 31, 2023
(in millions)	2023		2022		2021		2020		2019		Prior		Total
FICO:(a)
780 and greater	$	514	$	528	$	2,280	$	619	$	239	$	497	$	4,677
720 - 779	1,121		608		558		168		99		209		2,763
660 - 719	313		256		113		40		37		120		879
600 - 659	2		20		11		8		9		51		101
Less than 600	—		—		2		2		4		17		25
Total residential mortgages(b)(c)	$	1,950	$	1,412	$	2,964	$	837	$	388	$	894	$	8,445

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ITEM 7 | Investments


December 31, 2022
(in millions)	2022		2021		2020		2019		2018		Prior		Total
FICO:(a)
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(b)(c)	$	995	$	2,935	$	849	$	322	$	119	$	636	$	5,856

(a)Fair Isaac Corporation (“FICO”) is the credit quality indicator used to evaluate consumer credit risk for residential mortgage loan borrowers and have been updated within the last three months.

(b)There are no residential mortgage loans under Fortitude Re funds withheld assets.

(c)Does not include allowance for credit losses.

For additional discussion on commercial mortgage loans, see Note 7 to the Consolidated Financial Statements.

For additional discussion on credit losses, see Note 6 to the Consolidated Financial Statements.

Net Realized Gains and Losses


Years Ended December 31,	2023						2022						2021
(in millions)	Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets		Total		Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets		Total		Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets		Total
Sales of fixed maturity securities	$	(278)	$	(73)	$	(351)	$	(325)	$	(232)	$	(557)	$	103	$	647	$	750
Change in allowance for credit losses on fixed maturity securities	(162)		(9)		(171)		(115)		(31)		(146)		8		3		11
Change in allowance for credit losses on loans	(138)		(66)		(204)		(76)		(44)		(120)		133		8		141
Foreign exchange transactions, net of related hedges	(195)		(10)		(205)		695		61		756		310		20		330
Index-linked interest credited embedded derivatives, net of related hedges	(776)		—		(776)		(117)		—		(117)		(3)		—		(3)
All other derivatives and hedge accounting*	(53)		(66)		(119)		(43)		(181)		(224)		(6)		9		3
Sales of alternative investments and real estate investments	50		(2)		48		179		43		222		794		237		1,031
Other	(62)		2		(60)		(57)		(13)		(70)		176		—		176
Net realized gains (losses) – excluding Fortitude Re funds withheld embedded derivative	(1,614)		(224)		(1,838)		141		(397)		(256)		1,515		924		2,439
Net realized gains (losses) on Fortitude Re funds withheld embedded derivative	—		(1,734)		(1,734)		—		6,347		6,347		—		(687)		(687)
Net realized gains (losses)	$	(1,614)	$	(1,958)	$	(3,572)	$	141	$	5,950	$	6,091	$	1,515	$	237	$	1,752

* Derivative activity related to hedging MRBs is recorded in Change in the fair value of MRBs, net. For additional disclosures about MRBs, see Note 16 to the Consolidated Financial Statements.

Net realized losses excluding Fortitude Re funds withheld assets in the year ended December 31, 2023 compared to Net realized gains excluding Fortitude Re withheld assets in the year ended December 31, 2022 were due primarily to lower derivative gains in the current year compared to the prior year. Lower Net realized gains excluding Fortitude Re funds withheld assets in the year ended December 31, 2022 compared to the year ended December 31, 2021 were primarily due to losses on sales of securities versus gains in 2021.

Index-linked interest credited embedded derivatives, net of related hedges, reflected higher losses in the year ended December 31, 2023 compared to the year ended December 31, 2022 and higher losses in the year ended December 31, 2022 compared to the year ended December 31, 2021. Fair value gains or losses in the hedging portfolio are typically not fully offset by increases or decreases in liabilities due to the non-performance or ‘‘own credit’’ risk adjustment used in the valuation of the index-linked interest credited embedded derivatives, which are not hedged as part of our economic hedging program and other risk margins used for valuation that caused the embedded derivatives to be less sensitive to changes in market rates than hedge portfolio.

Net realized gains (losses) on Fortitude Re funds withheld assets primarily reflect changes in the valuation of the modified coinsurance and funds withheld assets. Increases in the valuation of these assets result in losses to Corebridge as the appreciation on the assets must under those reinsurance arrangements be transferred to Fortitude Re. Decreases in valuation of the assets result in gains to Corebridge as the depreciation on the assets under those reinsurance agreements must be transferred to Fortitude Re.

For further discussion of our investment portfolio, see Note 6 to the Consolidated Financial Statements.

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ITEM 7 | Investments

Other Invested Assets

We seek to enhance returns through investment in a diversified portfolio of alternative asset classes, including private equity, real estate equity and hedge funds.

The following table presents the carrying value of our other invested assets by type:


	December 31, 2023						December 31, 2022
(in millions)	Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets		Total		Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets		Total
Alternative investments(a)(b)	$	5,780	$	1,910	$	7,690	$	6,121	$	1,893	$	8,014
Investment real estate(c)	1,748		184		1,932		1,698		133		1,831
All other investments(d)	635		—		635		573		—		573
Total	$	8,163	$	2,094	$	10,257	$	8,392	$	2,026	$	10,418

(a)At December 31, 2023, included hedge funds of $299 million and private equity funds of $7.4 billion. At December 31, 2022, included hedge funds of $884 million and private equity funds of $7.1 billion.

(b)The majority of our hedge fund investments are redeemable upon a single month or quarter’s notice, though redemption terms vary from single, immediate withdrawals, to withdrawals staggered up to eight quarters. Some of the portfolio consists of illiquid run-off or “side-pocket” positions whose liquidation horizons are uncertain and likely beyond a year after submission of the redemption notice.

(c)Net of accumulated depreciation of $680 million and $616 million as of December 31, 2023 and December 31, 2022, respectively.

(d)Includes Corebridge’s ownership interest in Fortitude Re Bermuda, which is recorded using the measurement alternative for equity securities. Our investment in Fortitude Re Bermuda totaled $156 million and $156 million at December 31, 2023 and December 31, 2022, respectively.

Derivatives and Hedge Accounting

We use derivatives and other financial instruments as part of our financial risk management programs and as part of our investment operations. Interest rate derivatives (such as interest rate swaps) are used to manage interest rate risk associated with both embedded derivatives and MRBs contained in insurance contract liabilities and fixed maturity securities as well as other interest rate sensitive assets and liabilities. Foreign exchange derivatives (principally foreign exchange forwards and swaps) are used to economically mitigate risk associated with foreign denominated investments, net capital exposures and foreign currency transactions. Equity derivatives are used to mitigate financial risk embedded in certain insurance liabilities and economically hedge certain investments. We use credit derivatives to manage our credit exposures. The derivatives are effective economic hedges of the exposures that they are meant to offset. In addition to hedging activities, we also enter into derivative instruments with respect to investment operations, which may include, among other things, credit default swaps (“CDS”) and purchases of investments with embedded derivatives, such as equity linked notes and convertible bonds.

We designated certain derivatives entered into with related parties as fair value hedges of available-for-sale investment 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.

Credit risk associated with derivative counterparties exists for a derivative contract when that contract has a positive fair value to us. The maximum potential exposure may increase or decrease during the life of the derivative commitments as a function of maturity and market conditions. All derivative transactions must be transacted within counterparty limits.

We utilize various credit enhancements, including guarantees, collateral, credit triggers and margin agreements, to reduce the credit risk related to outstanding financial derivative transactions. We require credit enhancements in connection with specific transactions based on, among other things, the creditworthiness of the counterparties and the transaction size and maturity. Furthermore, we enter into certain agreements that have the benefit of set-off and close-out netting provisions, such as ISDA Master Agreements. These provisions provide that, in the case of an early termination of a transaction, we can set off receivables from a counterparty against payables to the same counterparty arising out of all covered transactions. As a result, where a legally enforceable netting agreement exists, the fair value of the transaction with the counterparty represents the net sum of estimated fair values.

For additional information on embedded derivatives, see Notes 5 and 10 to the Consolidated Financial Statements.

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ITEM 7 | Investments

The following table presents the notional amounts of our derivatives and the fair value of derivative assets and liabilities in the Consolidated Balance Sheets:


	December 31, 2023								December 31, 2022
	Gross Derivative Assets				Gross Derivative Liabilities				Gross Derivative Assets				Gross Derivative Liabilities
(in millions)	Notional Amount		Fair Value		Notional Amount		Fair Value		Notional Amount		Fair Value		Notional Amount		Fair Value
Derivatives designated as hedging instruments(a)
Interest rate contracts	$	2,213	$	238	$	833	$	18	$	155	$	202	$	1,798	$	77
Foreign exchange contracts	2,765		336		4,670		159		3,166		523		3,095		162
Derivatives not designated as hedging instruments(a)
Interest rate contracts	41,056		2,709		41,225		3,260		23,916		481		16,263		1,859
Foreign exchange contracts	6,229		584		7,523		379		4,357		643		6,126		428
Equity contracts	76,561		2,017		14,144		745		26,041		417		9,962		27
Credit contracts	305		8		5		—		—		—		—		—
Other contracts(b)	44,640		13		47		2		47,128		15		48		—
Total derivatives, excluding Fortitude Re funds withheld	$	173,769	$	5,905	$	68,447	$	4,563	$	104,763	$	2,281	$	37,292	$	2,553
Total derivatives, Fortitude Re funds withheld	$	184	$	20	$	514	$	25	$	4,382	$	971	$	6,096	$	782
Total derivatives, gross	$	173,953	$	5,925	$	68,961	$	4,588	$	109,145	$	3,252	$	43,388	$	3,335
Counterparty netting(c)			(3,646)				(3,646)				(2,547)				(2,547)
Cash collateral(d)			(1,886)				(801)				(406)				(691)
Total derivatives on Consolidated Balance Sheets(e)			$	393			$	141			$	299			$	97

(a)Fair value amounts are shown before the effects of counterparty netting adjustments and offsetting cash collateral.

(b)Consists primarily of SVWs and contracts with multiple underlying exposures.

(c)Represents netting of derivative exposures covered by a qualifying master netting agreement.

(d)Represents cash collateral posted and received that is eligible for netting.

(e)Freestanding derivatives only, excludes embedded derivatives. Derivative instrument assets and liabilities are recorded in Other assets and Other liabilities, respectively. Fair value of assets related to bifurcated embedded derivatives was zero at both December 31, 2023 and December 31, 2022. Fair value of liabilities related to bifurcated embedded derivatives was $10.2 billion and $6.7 billion, respectively, at December 31, 2023 and December 31, 2022. A bifurcated embedded derivative is generally presented with the host contract in the Consolidated Balance Sheets. Embedded derivatives are primarily related to guarantee features in 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 8 to the Consolidated Financial Statements.

For additional information, see Note 10 to the Consolidated Financial Statements.

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ITEM 7 | Future Policy Benefits, Policyholder Contract Deposits and Market Risk Benefit

Future Policy Benefits, Policyholder Contract Deposits and Market Risk Benefits

SIGNIFICANT REINSURANCE AGREEMENTS, VARIABLE ANNUITY GUARANTEED BENEFITS AND HEDGING RESULTS AND ACTUARIAL UPDATES

The following section provides discussion of our significant reinsurance agreements, variable annuity guaranteed benefits and hedging results and actuarial updates regarding our business segments.

Significant Reinsurance Agreements

In the first quarter of 2018, AIG entered into a series of reinsurance transactions with Fortitude Re related to certain run-off operations (i.e., non-core insurance lines for which policies are still in force until they lapse or otherwise terminate but new policies are no longer issued). As of December 31, 2023 and December 31, 2022, approximately $26.8 billion and $26.8 billion, respectively, of liabilities from our run-off lines (i.e., certain annuities written prior to April 2013, along with exposures to whole life, LTC and exited accident and health product lines) related to business written by multiple wholly-owned AIG subsidiaries had been ceded to Fortitude Re under these reinsurance transactions. We currently own a less than 3% indirect interest in Fortitude Re.

Refer to “Significant Factors Impacting our Results” for additional information on the Fortitude Re reinsurance agreements.

Effective July 1, 2016, AGL entered into an agreement to cede approximately $5 billion of statutory reserves for certain whole life policies to an unaffiliated reinsurer. Effective December 31, 2016, AGL recaptured term and universal life reserves of $16 billion from AGC, subject to the NAIC’s Model Regulation “Valuation of Life Insurance Policies” (“Regulation XXX”) and NAIC Actuarial Guideline 38 (“Guideline AXXX”) and ceded approximately $14 billion of such statutory reserves to the same unaffiliated reinsurer under an amendment to the July 1, 2016 agreement. Effective March 31, 2023, AGL recaptured term life reserves of $1 billion issued from 2017 to 2019 from AGC subject to Regulation XXX and ceded approximately $2 billion of such statutory reserves to the same unaffiliated reinsurer under an amendment to the July 1, 2016 agreement. Effective September 30, 2023, AGL recaptured universal life reserves of $1 billion issued from 2017 to 2019 from AGC subject to Guideline AXXX and ceded approximately $2 billion of such statutory reserves to the same unaffiliated reinsurer under an amendment to the July 1, 2016 agreement.

For a summary of significant reinsurers, see “Accounting Policies and Pronouncements—Critical Accounting Estimates—Reinsurance Recoverable.”

For a summary of statutory permitted practices, see Note 21 to the Consolidated Financial Statements.

Variable Annuity Guaranteed Benefits and Hedging Results

In addition to risk-mitigating features in our variable annuity product design, we have an economic hedging program designed to manage market risk from GMWBs, including exposures to changes in interest rates, equity prices, credit spreads and volatility. The hedging program includes all in-force GMWB policies and utilizes derivative instruments, including but not limited to equity options, futures contracts and interest rate swap and option contracts, as well as fixed maturity securities.

For additional discussion of market risk management related to these product features, see “Quantitative and Qualitative Disclosures about Market Risk.”

Differences in Valuation of MRBs and Economic Hedge Target

•the MRBs include both the GMWB riders and the GMDB riders while the hedge program is targeting the economic risks of just the GMWB rider;

•the hedge program is designed to offset moves in the GMWB economic liability and therefore has a lower sensitivity to equity market changes than the MRBs;

•the economic hedge target includes 100% of the GMWB rider fees in present value calculations;

•the GAAP valuation reflects those fees attributed to the MRBs such that the initial value at contract issue equals zero. Since the MRB includes GMWBs and GMDBs these attributed fees are typically larger than just the GMWB rider fees;

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ITEM 7 | Future Policy Benefits, Policyholder Contract Deposits and Market Risk Benefit

•the economic hedge target excludes our own credit risk changes (NPAs) used in the GAAP valuation, which are recognized in OCI. The GAAP valuation has different sensitivities to movements in interest rates and other market factors, and to changes from actuarial assumption updates, than the economic hedge target.

For additional information on our valuation methodology for MRBs, see Note 5 to the Consolidated Financial Statements.

•basis risk due to the variance between expected and actual fund returns, which may be either positive or negative;

•realized volatility versus implied volatility;

•actual versus expected changes in the hedge target driven by assumptions not subject to hedging, particularly policyholder behavior; and

•risk exposures that we have elected not to explicitly or fully hedge.

The following table presents a reconciliation between the fair value of the GAAP MRBs and the value of our economic hedge target:


	December 31,		December 31,
(in millions)	2023		2022
Reconciliation of market risk benefits and economic hedge target:
Market risk benefits liability, net	$	1,340	$	1,657
Exclude NPA	(826)		(479)
Market risk benefits liability, excluding NPA	514		1,178
Adjustments for risk margins and differences in valuation	522		(281)
Economic hedge target liability	$	1,036	$	897

Impact on Pre-tax Income (Loss)

The impact on our pre-tax income (loss) of variable annuity guaranteed benefits and related hedging results includes changes in the fair value of MRBs and changes in the fair value of related derivative hedging instruments, and along with attributed rider fees and net of benefits associated with MRBs are together recognized in Change in the fair value of market risk benefits, net, with the exception of NPA changes, which are recognized in OCI. Changes in the fair value of market risk benefits, net are excluded from APTOI of Individual Retirement and Group Retirement.

The change in the fair value of the MRBs and the change in the value of the hedging portfolio are not expected to be fully offsetting, primarily due to the differences in valuation between the economic hedge target, the GAAP MRBs and the fair value of the hedging portfolio, as discussed above. When corporate credit spreads widen, the change in the NPA spread generally reduces the fair value of the MRBs liabilities, resulting in a gain in AOCI, and when corporate credit spreads tighten, the change in the NPA spread generally increases the fair value of the MRBs liabilities, resulting in a loss in AOCI. In addition to changes driven by credit market-related movements in the NPA spread, the NPA balance also reflects changes in business activity and in the net amount at risk from the underlying guaranteed living benefits.

Change in Economic Hedge Target

The increase in the economic hedge target liability in the year ended December 31, 2023, was primarily driven by higher equity markets partially offset by aging of the business and tightening credit spreads. The decrease in the economic hedge target liability in 2022 was primarily driven by higher interest rates and widening credit spreads, offset by lower equity markets.

Update of Actuarial Assumptions and Models

Our life insurance companies review and update actuarial assumptions at least annually, generally in the third quarter.

Investment-oriented products

We review and update assumptions used to value our universal life product with secondary guarantees at least annually. These benefit reserves are also adjusted to reflect the changes in the fair value of available-for-sale securities with an offset to OCI. DAC and related items (which may include VOBA, DSI and unearned revenue reserves) are amortized on a constant level basis.

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ITEM 7 | Future Policy Benefits, Policyholder Contract Deposits and Market Risk Benefit

We also review assumptions related to variable annuities, fixed annuities, and fixed index annuities guaranteed benefits that are accounted for as MRBs or embedded derivatives and measured at fair value. The fair value of these MRBs or embedded derivatives is based on actuarial assumptions, including policyholder behavior, as well as capital market assumptions.

Traditional long-duration products

For traditional long-duration products discussed below, which includes whole life insurance, term life insurance, accident and health insurance, PRT, and life-contingent single premium immediate annuities and structured settlements, cash flow assumptions are reviewed at least annually to determine any changes in the liability for future policy benefits. DAC and related items (which may include VOBA) are amortized on a constant level basis.

The net impacts to pre-tax income and APTOI because of the update of actuarial assumptions for the years ended December 31, 2023, 2022 and 2021 are shown in the following tables.

The following table presents the increase in pre-tax income resulting from the annual update of actuarial assumptions, by line item as reported in Results of Operations:


	Years Ended December 31,
(in millions)	2023		2022		2021
Premiums	$	—	$	—	$	(41)



Policyholder benefits	22		29		89
Increase in adjusted pre-tax operating income	22		29		48
Change in the fair value of market risk benefits, net	7		105		(17)
Net realized losses	(7)		(2)		—
Increase in pre-tax income	$	22	$	132	$	31

The following table presents the increase in adjusted pre-tax operating income resulting from the annual update of actuarial assumptions, by segment and product line:


	Years Ended December 31,
(in millions)	2023		2022		2021
Individual Retirement	$	1	$	—	$	—





Life Insurance	19		25		48
Institutional Markets	2		4		—
Total increase in adjusted pre-tax operating income from the update of assumptions*	$	22	$	29	$	48

*Liabilities ceded to Fortitude Re are reported in Corporate and Other. There is no impact to adjusted pre-tax operating income due to the annual update of actuarial assumptions as these liabilities are 100% ceded.

Update of Actuarial Assumptions Impact to Consolidated pre-tax income (loss)

Corebridge recognized favorable impacts to pre-tax income of $22 million, $132 million, and $31 million for the years ended December 31, 2023, 2022 and 2021, respectively, attributable to the annual actuarial assumption review. For 2023, the assumption update impacts were primarily driven by updates to the portfolio yield assumption, refinements to the modeling for universal life with secondary guarantees and similar features, and mortality assumption updates, partially offset by updated premium assumptions, and other refinements on life insurance products. For 2022, the assumption update impacts were driven by updates to the relationship between projected equity growth and interest rates, and updates to premium and withdrawal assumption for annuities, partially offset by updated investments spreads on life insurance products. For 2021, the assumption update impacts were mainly due to updated lapse and mortality expectations for annuities, along with updates to mortality assumptions on traditional life products and updated universal life product reserving methodology.

Update of Actuarial Assumptions Impact to Consolidated APTOI

Corebridge recognized favorable impacts to adjusted pre-tax operating income of $22 million, $29 million and $48 million for the years ended December 31, 2023, 2022 and 2021, respectively, attributable to the annual actuarial assumption review. For 2023, the assumption update impacts were primarily driven by updates to the portfolio yield assumption, refinements to the modeling for universal life with secondary guarantees and similar features, and mortality assumption updates, partially offset by updated premium assumptions, and other refinements on life insurance products. For 2022, the assumption update impacts were primarily driven by modeling refinements to reflect actual versus expected asset data related to calls and capital gains for life insurance products. For 2021, the assumption update impacts were primarily driven by updates to mortality assumptions on traditional life products and updated universal life product reserving methodology.

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ITEM 7 | Liquidity and Capital Resources

Liquidity and Capital Resources

OVERVIEW

Liquidity is defined as cash and unencumbered assets that can be monetized in a short period of time at a reasonable cost. In addition to the on-balance-sheet liquid assets, liquidity resources include availability under committed bank credit facilities.

Capital refers to the long-term financial resources available to support the operation of our businesses, fund business growth, and cover financial and operational needs that arise from adverse circumstances.

We aim to manage our liquidity and capital resources prudently through a well-defined risk management framework that involves various target operating thresholds, as well as minimum requirements during periods of stress.

We believe that we have sufficient liquidity and capital resources to satisfy future requirements and meet our obligations to policyholders, customers, creditors and debt-holders, including those arising from reasonably foreseeable contingencies or events.

For a discussion regarding risks associated with liquidity and capital, see “Risk Factors—Risks Relating to Our Investment Portfolio, Liquidity, Capital and Credit.”

LIQUIDITY AND CAPITAL RESOURCES OF COREBRIDGE PARENT AND INTERMEDIATE HOLDING COMPANIES

As of December 31, 2023 and December 31, 2022, Corebridge Parent and its non-regulated intermediate holding companies (“Corebridge Hold Cos.”) had $4.1 billion and $4.0 billion, respectively, in liquidity sources. These liquidity sources were primarily held in the form of cash and short-term investments and included a $2.5 billion committed revolving credit facility as of December 31, 2023 and December 31, 2022. Corebridge Hold Cos.’ primary sources of liquidity are dividends, loans and other payments from subsidiaries, sales of businesses and credit facilities. Corebridge Hold Cos.’ primary uses of liquidity are for debt service, capital and liability management, and operating expenses.

Corebridge Parent expects to maintain liquidity that is sufficient to cover one year of its expenses. We expect the Corebridge Hold Cos. may access the debt and preferred equity markets from time to time to meet funding requirements as needed.

We utilize our capital resources to support our businesses, with the majority of capital held by our insurance businesses. Corebridge Hold Cos. intend to manage capital between Corebridge Hold Cos. and our insurance companies through internal, Board-approved policies as well as management standards. In addition, AIG had an unconditional capital maintenance agreement (“CMA”) in place with AGC. Effective December 31, 2023, the CMA was terminated. Nevertheless, regulatory and other legal restrictions could limit our ability to transfer capital freely, either to or from our subsidiaries.

As of December 31, 2023, Corebridge Parent and certain of our subsidiaries were parties to several letter of credit agreements with various financial institutions which issue letters of credit from time to time in support of our insurance companies. Letters of credit issued in support of our subsidiaries (primarily, insurance companies) totaled $151 million and $272 million at December 31, 2023 and December 31, 2022, respectively.

The following table presents Corebridge Hold Cos.’ liquidity sources:


	Years Ended December 31,
(in millions)	2023		2022		2021
Cash and short-term investments	$	1,591	$	1,495	$	1,016
Total Corebridge Hold Cos. liquidity	1,591		1,495		1,016
Available capacity under uncommitted borrowing facilities with AIG*	—		—		1,025
Available capacity under committed, revolving credit facility	2,500		2,500		—
Total Corebridge Hold Cos. liquidity sources	$	4,091	$	3,995	$	2,041

* The uncommitted borrowing facilities with AIG were terminated on September 19, 2022, for further information, see Note 17 to the Consolidated Financial Statements.

COREBRIDGE HOLD COS. LIQUIDITY AND CAPITAL RESOURCES HIGHLIGHTS

SOURCES

Liquidity to Corebridge Parent from Subsidiaries

During the years ended December 31, 2023 and 2022, Corebridge Hold Cos. received $2.0 billion and $1.8 billion, respectively in dividends from subsidiaries.

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Senior Notes Offering

On December 8, 2023, Corebridge Parent issued and sold $750 million aggregate principal amount of senior notes.

On September 15, 2023, Corebridge Parent issued and sold $500 million aggregate principal amount of senior notes.

For further information, see “Short-term and Long-term debt” below.

Sale of Laya

On October 31, 2023, Corebridge completed the sale of Laya to AXA and received gross proceeds (i.e., net cash before transaction costs) of €691 million ($731 million).

USES

Debt Reduction

On December 8, 2023 and September 15, 2023, Corebridge Parent repaid $750 million and $500 million, respectively, of the $1.5 billion aggregate principal amount which had been drawn under the Three-Year DDTL Facility on September 15, 2022.

In 2022, we repaid the $8.3 billion promissory note issued in November 2021 to AIG.

Interest Payments

We made interest payments on our debt instruments totaling $438 million during the year ended December 31, 2023.

Dividends

During the year ended December 31, 2023, Corebridge Parent paid cash dividends totaling $1,722 million, including four quarterly dividend of $0.23 per share of its common stock, a special dividend of $0.62 per share of its common stock paid during the second quarter 2023 and a special dividend of $1.16 per share of its common stock paid in fourth quarter 2023.

Repurchase of Common Stock

During the year ended December 31, 2023, Corebridge Parent repurchased approximately 26.5 million of shares of its common stock, for an aggregate purchase price of approximately $498 million.

For additional information, see Note 19 to the Consolidated Financial Statements.

Tax Sharing Payments

Following the IPO, AIG owned less than 80% interest in Corebridge, resulting in tax deconsolidation of Corebridge from the AIG Consolidated Tax Group. As such, as of September 15, 2022, we are no longer distributing tax sharing payments to AIG for tax liabilities of subsequent periods. With respect to historic tax periods and tax periods prior to the tax deconsolidation from AIG, Corebridge and AIG will make tax payments to each other pursuant to the Tax Matters Agreement dated September 14, 2022.

LIQUIDITY AND CAPITAL RESOURCES OF COREBRIDGE INSURANCE SUBSIDIARIES

Insurance Companies

We believe that our insurance companies have sufficient liquidity and capital resources to satisfy reasonably foreseeable future liquidity requirements and meet their obligations, including those arising from reasonably foreseeable contingencies or events, through cash from operations and, to the extent necessary, monetization of invested assets. Our insurance companies’ liquidity resources are primarily held in the form of cash, short-term investments and publicly traded, investment grade-rated fixed maturity securities.

The liquidity of each of our material insurance companies is monitored through various internal liquidity risk measures. The primary sources of liquidity are premiums, deposits, fees, reinsurance recoverables, investment income and maturities. The primary uses of liquidity are paid losses, reinsurance payments, benefit claims, surrenders, withdrawals, interest payments, dividends, expenses, investment purchases and collateral requirements.

Certain of our U.S. insurance companies are members of the FHLBs in their respective districts. Our borrowings from FHLBs are non-puttable and are used to supplement liquidity or for other uses deemed appropriate by management. Our U.S. insurance companies had $5.7 billion which were due to FHLBs in their respective districts at December 31, 2023, under funding agreements which were reported in policyholder contract deposits. These investment contracts do not have mortality or morbidity risk. Proceeds from funding agreements are generally invested in investments intended to generate spread income. In addition, our U.S. insurance companies had no outstanding borrowings in the form of cash advances from FHLBs at December 31, 2023.

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Certain of our U.S. insurance companies have securities lending programs that lend securities from their investment portfolios to supplement liquidity or for other uses deemed appropriate by management. Under these programs, these U.S. insurance companies lend securities to financial institutions and receive cash as collateral equal to 102% of the fair value of the loaned securities. Cash collateral received is kept in cash or invested in short-term investments or used for short-term liquidity purposes.

The aggregate amount of securities that a U.S. insurance company can lend under its program at any time is limited to 5% of its general account statutory-basis admitted assets. Our U.S. insurance companies had no securities subject to these agreements at December 31, 2023 and no liabilities to borrowers for collateral received at December 31, 2023.

There were no tax sharing payments related to the utilization of tax attributes distributed from our U.S. insurance companies to AIG in the year ended December 31, 2023.

We manage the capital of our Life Fleet RBC ratio targeting above 400%. AGC serves as an affiliate reinsurance company. The surplus of AGC is comprised predominantly of the statutory surplus of the Life Fleet. Given that AGC has no primary operations outside of this internal reinsurance, we believe that excluding AGC from the Life Fleet RBC ratio calculation presents a more accurate view of the overall capital position of our U.S. operating entities. Although not yet filed, our Life Fleet RBC ratio is expected to be above our target Life Fleet RBC ratio of 400% as of December 31, 2023.

The following table presents normalized distributions:


	Years Ended December 31,
(in millions)		2023		2022		2021
Subsidiary dividends paid		$	2,027	$	1,821	$	1,564
Less: Non-recurring dividends		—		—		(295)
Tax sharing payments related to utilization of tax attributes		—		401		902
Normalized distributions		$	2,027	$	2,222	$	2,171

Dividend Restrictions

Payments of dividends to Corebridge Hold Cos. by our U.S. insurance subsidiaries are subject to certain restrictions imposed by laws and regulations of their respective states. With respect to our domestic insurance subsidiaries, the payment of a dividend may require formal notice to the insurance department of the state in which the particular insurance subsidiary is domiciled, and prior approval of such insurance regulator is required when the amount of the dividend is above certain regulatory thresholds. See “Business — Regulation — U.S. Regulation — State Insurance Regulation.” Other foreign jurisdictions may restrict the ability of our foreign insurance subsidiaries to pay dividends.

To our knowledge, no Corebridge insurance company is currently on any regulatory or similar “watch list” with regard to solvency.

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ANALYSIS OF SOURCES AND USES OF CASH

Our primary sources and uses of liquidity are summarized as follows:


	Years Ended December 31,
(in millions)	2023		2022		2021
Sources:
Operating activities, net	$	3,357	$	2,621	$	2,405

Net changes in policyholder account balances	5,058		5,860		2,962
Issuance of long-term debt	1,240		7,451		—
Issuance of debt of consolidated investment entities	221		946		4,683
Contributions from noncontrolling interests	96		146		296
Financing other, net	139		299		81
Issuance of short-term debt	—		1,512		345
Net change in securities lending and repurchase agreements	—		—		9
Effect of exchange rate changes on cash and restricted cash	3		—		—
Total Sources	10,114		18,835		10,781

Uses:


Investing activities, net	(5,476)		(7,253)		(1,967)
Repayments of debt of consolidated investment entities	(535)		(1,228)		(5,125)
Repayments of long-term debt	—		—		(568)
Repayments of short-term debt	(1,250)		(8,312)		(248)
Distributions to AIG	—		—		(1,543)
Distributions to noncontrolling interests	(91)		(477)		(1,611)
Dividends paid on common stock	(1,722)		(876)		—
Net change in securities lending and repurchase agreements	(544)		(647)		—
Repurchase of common stock	(498)		—		—

Distributions to Class B shareholder	—		—		(34)
Effect of exchange rate changes on cash and restricted cash	—		(10)		(2)
Total Uses	(10,116)		(18,803)		(11,098)
Net increase (decrease) in cash and cash equivalents	$	(2)	$	32	$	(317)

Operating Activities

Cash inflows from operating activities primarily include insurance premiums, fees and investment income. Cash outflows from operating activities primarily include benefit payments, general operating expenses and servicing of debt. Operating cash flow will fluctuate based on the timing of premiums received and benefit payments to policyholders, as well as other core business activities.

Investing Activities

Cash inflows from investing activities primarily include sales and maturities of underlying assets, mainly fixed maturities available-for-sale and principal payments on mortgage and other loans. The primary cash outflows for investing activities relate to the purchases of new securities, mainly fixed maturities available-for-sale.

Financing Activities

Cash inflows from financing activities primarily include policyholder deposits on investment-type contracts, issuances of debt and inflows from the settlement of securities lending and repurchase agreements. Cash outflows primarily relate to policyholder withdrawal activity on investment-type contracts, repayments of debt of consolidated investment entities, repayments of short and long-term debt, repurchases of common stock, shareholder dividends, distributions to noncontrolling interests and outflows for the settlement of securities lending and repurchase agreements.

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ITEM 7 | Liquidity and Capital Resources

CONTRACTUAL OBLIGATIONS

The following tables summarize contractual obligations in total, and by remaining maturity:


December 31, 2023			Payments due by Period
(in millions)	Total Payments		2024		2025 - 2026		Thereafter




Short-term and Long-term debt (a)	$	9,427	$	250	$	1,101	$	8,076
Interest payments on Short-term and Long-term debt	6,031		416		798		4,817
Insurance and investment contract liabilities (b)	319,395		26,774		48,996		243,625
Total	$	334,853	$	27,440	$	50,895	$	256,518

(a) The current interest period for the Three-Year DDTL Facility continues through February 29, 2024. We have the ability to further continue this borrowing through February 25, 2025.

(b) Excludes insurance and investment contract liabilities associated with AIG Life that have been reclassified to held for sale.

Insurance and Investment Contract Liabilities

We expect liquidity needs related to insurance and investment contract liabilities to be funded through cash flows generated from maturities and sales of invested assets, including various investment-type products with contractually scheduled maturities, including periodic payments. These liabilities also include benefit and claim liabilities, of which a significant portion represents policies and contracts that do not have stated contractual maturity dates and may not result in any future payment obligations. For these policies and contracts (i) we are not currently making payments until the occurrence of an insurable event, such as death or disability, (ii) payments are conditional on survivorship or (iii) payment may occur due to a surrender or other non-scheduled event beyond our control.

We have made significant assumptions to determine the estimated undiscounted cash flows of these contractual policy benefits. These assumptions include mortality, morbidity, future lapse rates, expenses, investment returns and interest crediting rates, offset by expected future deposits and premiums on in-force policies. Due to the significance of the assumptions, the periodic amounts presented could be materially different from actual required payments. The amounts presented in the table above are undiscounted and exceed the future policy benefits and policyholder contract deposits included in the Consolidated Financial Statements.

We believe that our insurance companies have adequate financial resources to meet the payments required under these obligations. These subsidiaries have substantial liquidity in the form of cash and short-term investments. In addition, our insurance companies maintain significant levels of investment grade-rated fixed maturity securities, including substantial holdings in government and corporate bonds, and could seek to monetize those holdings in the event operating cash flows are insufficient.

Indemnification Arrangements

We are subject to indemnity arrangements which may be triggered by declines in asset values; specified business contingencies; the realization of contingent liabilities; litigation developments; or breaches of representations, warranties or covenants provided by us. These arrangements are typically subject to time limitations, defined by contract or by operation of law, such as by prevailing statutes of limitations. Depending on the specific terms of the arrangements, the maximum potential obligation may or may not be subject to contractual limitations. We have recorded liabilities for certain of these arrangements where it is possible to estimate them. These liabilities are not material in the aggregate. We are unable to develop a reasonable estimate of the maximum potential payout under some of these arrangements. Overall, we believe the likelihood that we will have to make any material payments under these arrangements is remote.

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ITEM 7 | Liquidity and Capital Resources

SHORT-TERM AND LONG-TERM DEBT

We expect to repay the short-term and long-term debt maturities and interest accrued on these borrowings through cash flows generated from invested assets, future cash flows from operations, and future debt and other financing arrangements.

The following tables provide the rollforward of our total debt outstanding:


(in millions)	Maturity Date(s)	Balance at December 31, 2022		Issuances		Maturities and Repayments		Other Changes		Balance at December 31, 2023
Short-term debt issued by Corebridge:


Three-Year DDTL Facility*	2024	$	1,500	$	—	$	(1,250)	$	—	$	250
Total short-term debt		1,500		—		(1,250)		—		250
Long-term debt issued by Corebridge:
Senior unsecured notes	2025-2052	6,500		1,250		—		—		7,750
Hybrid junior subordinated notes	2052	1,000		—		—		—		1,000
Long-term debt issued by Corebridge subsidiaries:
CRBGLH notes	2025-2029	200		—		—		—		200
CRBGLH junior subordinated debentures	2030-2046	227		—		—		—		227
Total long-term debt		7,927		1,250		—		—		9,177
Debt issuance costs		(59)		—		—		—		(59)
Total long-term debt, net of debt issuance costs		7,868		1,250		—		—		9,118
Total debt, net of issuance costs		$	9,368	$	1,250	$	(1,250)	$	—	$	9,368

* The current interest period for the Three-Year DDTL Facility continues through February 29, 2024. We have the ability to further continue this borrowing through February 25, 2025.

SENIOR UNSECURED NOTES AND DELAYED DRAW TERM LOAN

On April 5, 2022, Corebridge Parent issued $6.5 billion of senior unsecured notes consisting of: $1.0 billion aggregate principal amount of its 3.50% Senior Notes due 2025, $1.25 billion aggregate principal amount of its 3.65% Senior Notes due 2027, $1.0 billion aggregate principal amount of its 3.85% Senior Notes due 2029, $1.5 billion aggregate principal amount of its 3.90% Senior Notes due 2032, $500 million aggregate principal amount of its 4.35% Senior Notes due 2042 and $1.25 billion aggregate principal amount of its 4.40% Senior Notes due 2052.

On September 15, 2022, Corebridge Parent borrowed an aggregate principal amount of $1.5 billion under the Three-Year DDTL Facility. On December 8, 2023 and September 15, 2023, Corebridge Parent used the net proceeds of the issuance of the Senior Notes and cash on hand to repay $750 million and $500 million, respectively, on the Three-Year DDTL Facility. As of December 31, 2023, a total of $250 million of borrowings are outstanding under the Three-Year DDTL Facility. For the current interest period, the Three-Year DDTL Facility will end on February 29, 2024, unless prior to that date Corebridge Parent elects to continue the loan, or a portion of it, for an additional interest period.

The Three-Year DDTL Facility bears interest at a rate per annum equal to the Adjusted Term SOFR Rate (as defined in terms of the Three-Year DDTL Facility) plus the Applicable Rate (as defined in the Three-Year DDTL Agreement, which is currently 1.000%, and is based on the applicable credit ratings of our senior unsecured long-term indebtedness). The Three-Year DDTL Facility matures on February 25, 2025.

On September 15, 2023, Corebridge Parent issued and sold $500 million of 6.050% Senior Notes due 2033.

On December 8, 2023, Corebridge Parent issued and sold $750 million of 5.750% Senior Notes due 2034.

HYBRID JUNIOR SUBORDINATED NOTES

On August 23, 2022, Corebridge Parent issued $1.0 billion aggregate principal amount of 6.875% fixed-to-fixed reset rate hybrid junior subordinated notes due 2052. Subject to certain redemption provisions and other terms of the hybrid junior subordinated notes, the interest rate and interest payment date reset every five years based on the average of the yields on five-year U.S. Treasury securities, as of the most recent interest rate determination on a reset plus a spread, payable semi-annually.

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ITEM 7 | Liquidity and Capital Resources

REVOLVING CREDIT AGREEMENT

On May 12, 2022, Corebridge Parent entered into a revolving credit agreement (the “Revolving Credit Agreement”). The Revolving Credit Agreement provides for a five-year total commitment of $2.5 billion, consisting of standby letters of credit and/or revolving credit borrowings without any limits on the type of borrowings. Under circumstances described in the Revolving Credit Agreement, the aggregate commitments may be increased by up to $500 million, for a total commitment under the Revolving Credit Agreement of $3.0 billion. Loans under the Revolving Credit Agreement will mature on May 12, 2027. Under the Revolving Credit Agreement, the applicable rate, commitment fee and letter of credit fee are determined by reference to the credit ratings of Corebridge Parent’s senior, unsecured, long-term indebtedness. Borrowings bear interest at a rate per annum equal to (i) in the case of U.S. dollar borrowings, Term SOFR plus an applicable credit spread adjustment plus an applicable rate or an alternative base rate plus an applicable rate; (ii) in the case of Sterling borrowings, sterling overnight index average plus an applicable credit spread adjustment plus an applicable rate; (iii) in the case of Euro borrowings, European Union interbank Offer Rate plus an applicable rate; and (iv) in the case of Japanese Yen, Tokyo Interbank Offered Rate plus an applicable rate. The alternative base rate is equal to the highest of (a) the New York Federal Reserve Bank Rate plus 0.50%, (b) the rate of interest in effect as quoted by The Wall Street Journal as the “Prime Rate” in the United States and (c) Term SOFR plus a credit spread adjustment of 0.100% plus an additional 1.00%.

For additional information on debt outstanding and revolving credit facilities, see Note 17 to the Consolidated Financial Statements.

DEBT OF CONSOLIDATED INVESTMENT ENTITIES

Our non-financial debt includes debt of consolidated investment entities and such debt does not represent our contractual obligation and is non-recourse to Corebridge. This non-financial debt includes notes and bonds payables supported by cash and investments held by us and certain of our non-insurance subsidiaries for the repayment of those obligations.


(in millions)	Balance at December, 2022		Issuances		Maturities and Repayments		Effect of Foreign Exchange		Other Changes(c)		Balance at December 31, 2023
Debt of consolidated investment entities – not guaranteed by Corebridge(a)(b)	$	5,958	$	221	$	(535)	$	32	$	(3,172)	$	2,504

(a)At December 31, 2023, includes debt of consolidated investment entities related to real estate investments of $1.1 billion and other securitization vehicles of $1.1 billion.

(b)In relation to the debt of consolidated investment entities not guaranteed by Corebridge, creditors or beneficial interest holders of VIEs generally only have recourse to the assets and cash flows of the VIEs and do not have recourse to us.

(c)During the year ended December 31, 2023, Corebridge deconsolidated certain consolidated investment entities, as part of the sale of AIG Credit Management, LLC with $3.2 billion in liabilities.

CREDIT RATINGS

Credit ratings estimate a company’s ability to meet its obligations and may directly affect the cost and availability of financing to that company.

The following table presents the credit ratings of Corebridge Parent as of the date of this filing:

Hybrid Junior Subordinated Long-Term Debt

Senior Unsecured Long-Term Debt

Moody’s(a)

S&P(b)

Fitch(c)

Moody’s(a)

S&P(b)

Fitch(c)

Baa3 (Stable)

BBB- (Stable)

Baa2 (Stable)

BBB+ (Stable)

(a)Moody’s appends numerical modifiers 1, 2 and 3 to the generic rating categories to show relative position within the rating categories.

(b)S&P ratings may be modified by the addition of a plus or minus sign to show relative standing within the major rating categories.

(c)Fitch ratings may be modified by the addition of a plus or minus sign to show relative standing within the major rating categories.

These credit ratings are current opinions of the rating agencies. They may be changed, suspended or withdrawn at any time by the rating agencies because of changes in, or unavailability of, information or based on other circumstances. Ratings may also be withdrawn at our request.

We are party to some agreements that contain “ratings triggers.” Depending on the ratings maintained by one or more rating agencies, these triggers could result in (i) the termination or limitation of credit availability or a requirement for accelerated repayment, (ii) the termination of business contracts or (iii) a requirement to post collateral for the benefit of counterparties.

In the event of a downgrade of our long-term debt ratings or our insurance subsidiaries’ IFS ratings, we would be required to post additional collateral under some derivative and other transactions, or certain of the counterparties of such other of our subsidiaries would be permitted to terminate such transactions early.

The actual amount of collateral that we or certain of our subsidiaries would be required to post to counterparties in the event of such downgrades, or the aggregate amount of payments that we could be required to make, depends on market conditions, the fair value of outstanding affected transactions and other factors prevailing at the time of the downgrade.

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ITEM 7 | Liquidity and Capital Resources

INSURER FINANCIAL STRENGTH RATINGS

IFS ratings estimate an insurance company’s ability to pay its obligations under an insurance policy.

The following table presents the ratings of our primary insurance subsidiaries as of the date of this filing:

A.M. Best

S&P

Fitch

Moody’s

American General Life Insurance Company

A+

The Variable Annuity Life Insurance Company

A+

The United States Life Insurance Company in the City of New York

A+

These IFS ratings are current opinions of the rating agencies. They may be changed, suspended or withdrawn at any time by the rating agencies as a result of changes in, or unavailability of, information or based on other circumstances.

OFF-BALANCE SHEET ARRANGEMENTS AND COMMERCIAL COMMITMENTS

The following tables summarize Off-Balance Sheet Arrangements and Commercial Commitments in total, and by remaining maturity:


December 31, 2023			Amount of Commitment Expiring
(in millions)	Total Amounts Committed		2024		2025-2026		Thereafter
Commitments:
Investment commitments(a)	$	4,302	$	2,175	$	1,685	$	442
Commitments to extend credit	4,115		1,338		2,382		395
Total(b)	$	8,417	$	3,513	$	4,067	$	837

(a)Includes commitments to invest in private equity funds, hedge funds and other funds and commitments to purchase and develop real estate in the United States and abroad. The commitments to invest in private equity funds, hedge funds and other funds are called at the discretion of each fund, as needed for funding new investments or expenses of the fund. The expiration of these commitments is estimated in the table above based on the expected life cycle of the related fund, consistent with past trends of requirements for funding. Investors under these commitments are primarily insurance and real estate subsidiaries.

(b)We have no guarantees related to liquid facilities or indebtedness.

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ITEM 7 | Accounting Policies and Pronouncements

Accounting Policies and Pronouncements

CRITICAL ACCOUNTING ESTIMATES

The preparation of financial statements in accordance with GAAP requires the application of accounting policies that often involve a significant degree of judgment. On a regular basis, we review estimates and assumptions used in the preparation of financial statements. Actual results may differ from these estimates under different assumptions or conditions. For a detailed discussion of our significant accounting policies and accounting pronouncements, see Note 2 to the Consolidated Financial Statements.


The accounting policies that we believe are most dependent on the application of estimates and assumptions, which are critical accounting estimates, are related to the determination of:

•fair value measurements of certain financial assets and liabilities;

•valuation of MRBs related to guaranteed benefit features of variable annuity, fixed annuity 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 business, results of operations, financial condition and liquidity could be materially affected.

FAIR VALUE MEASUREMENTS OF CERTAIN FINANCIAL ASSETS AND FINANCIAL LIABILITIES

Assets and liabilities recorded at fair value in the Consolidated Balance Sheets are measured and classified in a hierarchy for disclosure purposes consisting of three levels based on the observability of inputs available in the marketplace used to measure the fair value. We classify fair value measurements for certain assets and liabilities as Level 3 when they require significant unobservable inputs in their valuation. We consider unobservable inputs to be those for which market data is not available. Our assessment of the significance of a particular input to the fair value measurement of an asset or liability requires judgment.

For a discussion of the valuation methodologies for assets and liabilities measured at fair value, and a discussion of transfers of Level 3 assets and liabilities, see Note 5 to the Consolidated Financial Statements.

MARKET RISK BENEFITS

Annuity products offered by our Individual Retirement and Group Retirement segments offer GMxBs. These guaranteed features include GMDBs that are payable in the event of death and GMWBs that guarantee lifetime withdrawals regardless of fixed account and separate account value performance.

For additional information on these features, see Note 16 to the Consolidated Financial Statements.

GMxBs are recognized as MRBs and can be assets or liabilities and represent the expected value of benefits in excess of the projected account value, with changes in fair value of MRBs recognized in the Consolidated Statements of Income (Loss) and the portion of the fair value change attributable to our own credit risk recognized in OCI.

The Company’s exposure to the guaranteed amounts is equal to the amount by which the contract holder’s account balance is below the amount provided by the guaranteed feature. A deferred annuity contract may include more than one type of GMxB; for example, it may have both a GMDB and a GMWB. However, a policyholder can generally only receive payout from one guaranteed feature on a contract containing a death benefit and a living benefit, i.e., the features are generally 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 his or her lifetime). A policyholder cannot purchase more than one living benefit on one contract. Declines in the equity markets, increased volatility and a low interest rate environment generally increase the Company’s exposure to potential benefits under the guaranteed features, leading to an increase in the liabilities for those benefits.

For sensitivity analysis which includes the sensitivity of liabilities for guaranteed benefit features to changes in the assumptions for interest rates, equity returns, volatility, and mortality, see “Guaranteed Benefit Features of Variable Annuity, Fixed Annuity and Fixed Index Annuity Products.”

For additional discussion of market risk management related to these product features, see “Quantitative and Qualitative Disclosures about Market Risk” included herein.

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ITEM 7 | Accounting Policies and Pronouncements

The valuation methodology and assumptions used to measure our GMxBs is presented in the following table:



Fair Value Methodology			Guaranteed minimum benefits on annuity products are MRBs that are required to be measured at fair value with changes in the fair value of the liabilities recorded in change in the fair value of market risk benefits, net, except for changes related to the Company’s own credit risk which are recorded in AOCI. The fair value of these benefits is based on assumptions that a market participant would use in valuing these MRBs. The Company applies a non-option-based approach for variable products, and an option-based approach for fixed index and fixed products. Under the non-option-based approach, a portion of actual fees (i.e., attributed fees) is determined such that the present value of expected benefits less attributed fees is zero at issue. This calculated ratio is locked in and utilized in each policy valuation going forward and results in an MRB value of zero at policy issue. Under the option-based approach, the MRB value at issue represents the present value of expected benefits after account value exhaustion. There is no calculated attributed fee ratio under this approach; as such, the calculated MRB liability at inception requires an equal and offsetting adjustment to the underlying host contract. Consistent with the non-option-based approach, this results in no gains or losses recognized upon policy issuance. The fair value of the MRBs, which are Level 3 assets and liabilities, is based on a risk-neutral framework and incorporates actuarial and capital market assumptions related to projected cash flows over the expected lives of the contracts. For additional information on how we value for MRBs, see Note 16 to the Consolidated Financial Statements, and for information on fair value measurement of these MRBs, including how we incorporate our own non-performance risk, see Note 5 to the Consolidated Financial Statements.
Key Assumptions			Key assumptions include: • interest rates; • equity market returns; • market volatility; • credit spreads; • equity / interest rate correlation; • policyholder behavior, including mortality, lapses, withdrawals and benefit utilization. Estimates of future policyholder behavior are subject to judgment and based primarily on our historical experience; and • in applying asset growth assumptions for the valuation of MRBs, we use market-consistent assumptions calibrated to observable interest rate and equity option prices For the fixed index annuity GMxB liability, policyholder funds are projected assuming growth equal to current option values for the current crediting period followed by option budgets for all subsequent crediting periods. Policyholder fund growth projected assuming credited rates are expected to be maintained at a target pricing spread, subject to guaranteed minimums.

VALUATION OF EMBEDDED DERIVATIVES FOR FIXED INDEX ANNUITY AND INDEX UNIVERSAL LIFE PRODUCTS

Fixed index annuity and life products provide growth potential based in part on the performance of market indices. Certain fixed index annuity products offer optional guaranteed benefit features similar to those offered on variable annuity products. Policyholders may elect to rebalance among the various accounts within the product at specified renewal dates. At the end of each index term, we generally have the opportunity to re-price the index component by establishing different participation rates or caps on index credited rates. The index crediting feature of these products results in the recognition of an embedded derivative that is required to be bifurcated from the host contract and carried at fair value with changes in the fair value of the liabilities recorded in Net realized gains (losses). Option pricing models are used to estimate fair value, taking into account 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 index credited rates in light of market conditions and policyholder behavior assumptions.

For additional discussion of market risk management related to these product features, see “Quantitative and Qualitative Disclosures about Market Risk” included herein.

GUARANTEED BENEFIT FEATURES OF VARIABLE ANNUITY, FIXED ANNUITY AND FIXED INDEX ANNUITY PRODUCTS

Variable annuity products offered by our Individual Retirement and Group Retirement segments offer guaranteed benefit features. These guaranteed features include GMDB that are payable in the event of death and living benefits that guarantee lifetime withdrawals regardless of fixed account and separate account value performance. Living benefit features primarily include GMWB.

For additional information on these features, see Note 14 to the Consolidated Financial Statements.

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ITEM 7 | Accounting Policies and Pronouncements

The liability for GMDB, which is recorded in future policy benefits, represents the expected value of benefits in excess of the projected account value, with the excess recognized ratably through policyholder benefits over the accumulation period based on total expected assessments. The liabilities for variable annuity GMWB, which are recorded in Policyholder contract deposits, are accounted for as embedded derivatives measured at fair value, with changes in the fair value of the liabilities recorded in Net realized gains (losses).

Certain of our fixed annuity and fixed index annuity contracts, which are not offered through separate accounts, contain optional GMWB benefits. Different versions of these GMWB riders contain different guarantee provisions. The liability for GMWB benefits in fixed annuity and fixed index annuity contracts for which the rider guarantee is considered to be clearly and closely related to the host contract are recorded in future policy benefits. This GMWB liability represents the expected value of benefits in excess of the projected account value, with the excess recognized ratably over the accumulation period based on total expected assessments, through policyholder benefits. For rider guarantees in certain fixed index annuity contracts that are linked to equity indices that are considered to be embedded derivatives that are not clearly and closely related to the host contract, the GMWB liability is recorded in Policyholder contract deposits and measured at fair value, with changes in the fair value of the liabilities recorded in Net realized gains (losses).

Our exposure to the guaranteed amounts is equal to the amount by which the contract holder’s account balance is below the amount provided by the guaranteed feature. A deferred 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 generally only receive payout from one guaranteed feature on a contract containing a death benefit and a living benefit, i.e., the features are generally 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 his or her lifetime). A policyholder cannot purchase more than one living benefit on one contract. Declines in the equity markets, increased volatility and a low interest rate environment increase our exposure to potential benefits under the guaranteed features, leading to an increase in the liabilities for those benefits.

For sensitivity analysis which includes the sensitivity of reserves for guaranteed benefit features to changes in the assumptions for interest rates, equity returns, volatility, and mortality, see below.

For additional discussion of market risk management related to these product features, see “Quantitative and Qualitative Disclosures about Market Risk” included herein.

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ITEM 7 | Accounting Policies and Pronouncements

The reserving methodology and assumptions used to measure the liabilities of our two largest guaranteed benefit features are presented in the following table:


Guaranteed Benefit Feature			Reserving Methodology and Key Assumptions
GMDB and Fixed Annuity and Certain Fixed Index Annuity GMWB			We determine the GMDB liability at each balance sheet date by estimating the expected value of death benefits in excess of the projected account balance and recognizing the excess ratably over the accumulation period based on total expected assessments. For certain fixed and fixed index annuity products, we determine the GMWB liability at each balance sheet date by estimating the expected withdrawal benefits once the projected account balance has been exhausted ratably over the accumulation period based on total expected assessments. These GMWB features are deemed to not be embedded derivatives as the GMWB feature is determined to be clearly and closely related to the host contract. The present value of the total expected excess payments (e.g., payments in excess of account value) over the life of contract divided by the present value of total expected assessments is referred to as the benefit ratio. The magnitude and direction of the change in reserves may vary over time based on the emergence of the benefit ratio and the level of assessments. For additional information on how we reserve for variable and fixed index annuity products with guaranteed benefit features, see Note 16 to the Consolidated Financial Statements.
			Key assumptions and projections include: •interest credited that varies by year of issuance and products; •actuarial determined assumptions for mortality rates that are based upon industry and our historical experience modified to allow for variations in policy features and experience anomalies; •actuarially determined assumptions for lapse rates that are based upon industry and our historical experience modified to allow for variations in policy features and experience anomalies; •investment returns, based on stochastically generated scenarios; and •asset returns that include a reversion to the mean methodology. In applying separate account asset growth assumptions for the variable annuity GMDB liability, we use a reversion to the mean methodology that reflects our expectation that market fluctuations tend to stabilize over time. Pursuant to this methodology, actual deviations from expected market performance (favorable or unfavorable) are assumed to reverse in subsequent years in support of our long-term asset growth assumptions. For the fixed index annuity GMWB liability, policyholder funds are projected assuming growth equal to current Option Values for the current crediting period followed by Option Budgets for all subsequent crediting periods. For the fixed annuity GMWB liability, policyholder fund growth projected assuming credited rates are expected to be maintained at a target pricing spread, subject to guaranteed minimums. For a description of this methodology, see “Update of Actuarial Assumptions and Models —Investment-oriented products.”
Variable Annuity and Certain Fixed Index Annuity GMWB			GMWB living benefits on variable annuities and GMWB living benefits linked to equity indices on fixed index annuities are embedded derivatives that are required to be bifurcated from the host contract and carried at fair value with changes in the fair value of the liabilities recorded in realized gains (losses). The fair value of these embedded derivatives is based on assumptions that a market participant would use in valuing these embedded derivatives. For additional information on how we reserve for variable and fixed index annuity products with guaranteed benefit features, see Note 16 to the Consolidated Financial Statements, and for information on fair value measurement of these embedded derivatives, including how we incorporate our own non-performance risk, see Note 5 to the Consolidated Financial Statements. The fair value of the embedded derivatives, which are Level 3 liabilities, is based on a risk-neutral framework and incorporates actuarial and capital market assumptions related to projected cash flows over the expected lives of the contracts. Key assumptions include: •interest rates; •equity market returns; •market volatility; •credit spreads; •equity / interest rate correlation; •policyholder behavior, including mortality, lapses, withdrawals and benefit utilization. Estimates of future policyholder behavior are subjective and based primarily on our historical experience; •in applying asset growth assumptions for the valuation of GMWBs, we use market-consistent assumptions calibrated to observable interest rate and equity option prices; and •allocation of fees between the embedded derivative and host contract.

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ITEM 7 | Accounting Policies and Pronouncements

The following table summarizes the sensitivity of changes in certain assumptions for MRBs, Liability for future policyholder benefits, net of reinsurance and embedded derivatives related to index-linked interest credited features, measured as the related hypothetical impact for the December 31, 2023 balances and the resulting hypothetical impact on pre-tax income and OCI, before hedging:


	Increase (Decrease) due to changes in MRBs, Liability for future policyholder benefits, and Embedded derivatives related to index-linked interest credited features
December 31, 2023	Pre-Tax Income		OCI
(in millions)
Assumptions:
Equity Return(a)
Effect of an increase by 20%	$	157	$	153
Effect of a decrease by 20%	$	(238)	$	(126)
Interest Rate(b)
Effect of an increase by 1%	$	2,323	$	2,902
Effect of a decrease by 1%	$	(3,087)	$	(3,465)

(a)Represents the net impact of a 20% increase or decrease in the S&P 500 index.

(b)Represents the net impact of a 1% parallel shift in the yield curve.

The sensitivities of 20% and 1% are included for illustrative purposes only and do not reflect the changes in net investment spreads, equity return, volatility, interest rate, mortality or lapse used by us in our fair value analyses to value other applicable liabilities. Changes different from those illustrated may occur in any period and by different products.

The change in pre-tax income due to variances in equity returns or interest rates reflects the impact to MRBs using the at-issue NPA and the change in embedded derivatives related to index-linked interest credit features. The change in OCI due to equity returns solely reflects the impact on MRBs due to changes in the NPA, while the change in OCI due to interest rates also reflects the impact to the Liability for future policyholder benefits, net of reinsurance.

The analysis of MRBs and embedded derivatives is a dynamic process that considers all relevant factors and assumptions described above. We estimate each of the above factors individually, without the effect of any correlation among the key assumptions. An assessment of sensitivity associated with changes in any single assumption would not necessarily be an indicator of future results. The effects on pre-tax income in the sensitivity analysis table above do not reflect the related effects from our economic hedging program, which utilizes derivative and other financial instruments and is designed so that changes in value of those instruments move in the opposite direction of changes in the guaranteed benefit MRBs and embedded derivative liabilities.

For a further discussion on guaranteed benefit product features and the related hedging program, see “Quantitative and Qualitative Disclosures about Market Risk” included herein and Notes 5, 10, 15 and 16 to the Consolidated Financial Statements.

FUTURE POLICY BENEFITS FOR LIFE, ACCIDENT AND HEALTH INSURANCE CONTRACTS

Long-duration traditional products: primarily include whole life insurance, term life insurance, and certain payout annuities for which the payment period is life-contingent, which include certain of our single premium immediate annuities, including PRT business and structured settlements. In addition, these products also include accident and health, and LTC insurance. The LTC block is in run-off and has been fully reinsured with Fortitude Re.

Updating Net Premium Ratio (“NPR”) - Remeasurement gains and losses: Generally, future policy benefits are payable over an extended period of time and related liabilities are calculated as the present value of future benefits less the present value of future net premiums (portion of the gross premium required to provide for all benefits and expenses). The assumptions used to calculate the benefit liabilities are initially set when a policy is issued and an NPR is established. Benefit liabilities are subsequently remeasured periodically to reflect changes in policy assumptions and actual versus expected experience and are recognized as remeasurement gains and losses, a component of policyholder benefits. The assumptions include mortality, morbidity and persistency. These assumptions are typically consistent with pricing inputs at policy issuance. Liabilities are accreted using an upper-medium grade (low credit risk) fixed income instrument yield that is locked-in at policy issuance. The liabilities are remeasured at the balance sheet date using a current upper-medium grade yield with changes in the liabilities reported in OCI.

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ITEM 7 | Accounting Policies and Pronouncements

For universal life policies with secondary guarantees: We recognize certain liabilities in addition to policyholder account balances. For universal life policies with secondary guarantees, as well as other universal life policies for which profits followed by losses are expected at contract inception, a liability is recognized based on a benefit ratio of (a) the present value of total expected payments, in excess of the account value, over the life of the contract, divided by (b) the present value of total expected assessments over the life of the contract. Universal life account balances are reported in Policyholder contract deposits, while these additional liabilities related to universal life products are reported within Future policy benefits in the Consolidated Balance Sheets. These additional liabilities are also adjusted to reflect the effect of unrealized gains or losses on fixed maturity securities available-for-sale on accumulated assessments, with related changes recognized through OCI. 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.

REINSURANCE RECOVERABLE

The estimation of reinsurance recoverable 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 significant judgments and uncertainties.

We assess the collectability of reinsurance recoverable balances on a regular basis, through either historical trends of disputes and credit events or financial analysis of the credit quality of the reinsurer. We record adjustments to reflect the results of these assessments through an allowance for credit losses and disputes on uncollectable reinsurance that reduces the carrying amount of reinsurance. 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 determined by the Obligor Risk Ratings (“ORRs”) we assign to each reinsurer based upon our financial reviews; reinsurers 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 are expected to generate significant allowance; and

•whether collateral and collateral arrangements exist.

An estimate of the reinsurance recoverables’ lifetime expected credit losses is established utilizing a probability of default and loss given default method, which reflects the reinsurer’s ORR rating. 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.

At December 31, 2023 and December 31, 2022, the allowance for credit losses and disputes on reinsurance recoverable was $30 million and $84 million, respectively or less than 1% of the reinsurance recoverable.

Fortitude Re

In February 2018, AGL, VALIC and USL entered into modco reinsurance agreements with Fortitude Re a registered Class 4 and Class E reinsurer in Bermuda.

These reinsurance transactions between us and Fortitude Re were structured as modco. In modco reinsurance agreements, 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., AGL, VALIC, USL) thereby creating an obligation for the ceding company to pay the reinsurer (i.e., Fortitude Re) at a later date. Additionally, as we maintain ownership of these investments, we intend to maintain our existing accounting for these assets (e.g., the changes in fair value of available-for-sale securities will be recognized within OCI). We have 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 Net 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.

For additional information on reinsurance, see Notes 8 to the Consolidated Financial Statements.

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ITEM 7 | Accounting Policies and Pronouncements

ALLOWANCE FOR CREDIT LOSSES AND GOODWILL IMPAIRMENT

Allowance for Credit Losses

Available-for-sale securities

If we intend to sell a fixed maturity security, or it is more likely than not that we will be required to sell a fixed maturity security, before recovery of its amortized cost basis and the fair value of the security is below amortized cost, an impairment has occurred and the amortized cost is written down to current fair value, with a corresponding charge to realized losses. No allowance is established in these situations and any previously recorded allowance is reversed. When assessing our intent to sell a fixed maturity security, or whether it is more likely than not that we will be required to sell a fixed maturity security before recovery of its amortized cost basis, management evaluates relevant facts and circumstances including, but not limited to, decisions to reposition our investment portfolio, sales of securities to meet cash flow needs and sales of securities to take advantage of favorable pricing.

For fixed maturity securities for which a decline in the fair value below the amortized cost is due to credit related factors, an allowance is established for the difference between the estimated recoverable value and amortized cost with a corresponding charge to realized losses. The allowance for credit losses is limited to the difference between amortized cost and fair value. The estimated recoverable value is the present value of cash flows expected to be collected, as determined by management. The difference between fair value and amortized cost that is not associated with credit related factors is presented in unrealized appreciation (depreciation) of fixed maturity securities on which an allowance for credit losses was previously recognized (a separate component of AOCI). Accrued interest is excluded from the measurement of the allowance for credit losses.

Commercial and residential mortgage loans

This allowance reflects the risk of loss, even when that risk is remote, and reflects losses expected over the remaining contractual life of the loan. The allowance for credit losses considers available relevant information about the collectability of cash flows, including information about past events, current conditions, and reasonable and supportable forecasts of future economic conditions. We revert to historical information when we determine that we can no longer reliably forecast future economic assumptions.

The allowances for the commercial mortgage loans and residential mortgage loans in our portfolio are estimated utilizing a probability of default and loss given default model. Loss rate factors are determined based on historical data and adjusted for current and forecasted information. The loss rates are applied based on individual loan attributes and considering such data points as loan-to-value ratios, FICO scores, and debt service coverage.

The estimate of credit losses also reflects management’s assumptions on certain macroeconomic factors that include, but are not limited to, gross domestic product growth, employment, inflation, housing price index, interest rates and credit spreads.

For additional information on the methodology and significant inputs, by investment type, that we use to determine the amount of impairment and allowances for loan losses, see Notes 6 and 7 to the Consolidated Financial Statements.

GOODWILL IMPAIRMENT

Goodwill represents the future economic benefits arising from assets acquired in a business combination that are not individually identified and separately recognized. Goodwill is tested for impairment annually, or more frequently if circumstances indicate an impairment may have occurred. A qualitative assessment may be performed, considering whether events or circumstances exist that lead to a determination that it is not more likely than not that the fair value of an operating segment is less than its carrying value. If management elects to perform a quantitative assessment to determine recoverability of carrying value or is compelled to do so based on the results of a qualitative assessment, the estimate of fair value may involve applying one or a combination of common valuation approaches. To determine fair value, we primarily use a discounted expected future cash flow analysis that estimates and discounts projected future distributable earnings. Such analysis is principally based on our business projections that inherently include judgments regarding business trends.

For a discussion of goodwill impairment, see “Risk Factors—Risks Relating to Estimates and Assumptions” and Note 11 to the Consolidated Financial Statements.

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ITEM 7 | Accounting Policies and Pronouncements

INCOME TAXES

Deferred income taxes represent the tax effect of differences between the amounts recorded in our Consolidated Financial Statements and the tax basis of assets and liabilities. Our assessment of net deferred income taxes represents management’s best estimate of the tax consequences of various events and transactions, which can themselves be based on other accounting estimates, resulting in incremental uncertainty in the estimation process.

Recoverability of Net Deferred Tax Asset

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.

We consider a number of factors to reliably estimate future taxable income so we can determine the extent of our ability to realize net operating losses, foreign tax credits, realized capital loss and other carryforwards. These factors include forecasts of future income for each of our businesses, which incorporate forecasts of future statutory income for our insurance companies, and actual and planned business and operational changes, both of which include assumptions about future macroeconomic and our specific conditions and events.

Recent events, including the IPO, multiple changes in target interest rates by the Board of Governors of the Federal Reserve System and significant market volatility, continued to impact 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 macro-economic and our specific conditions and events, and any impact these conditions and events may have on our prudent and feasible tax planning strategies.

For a discussion of our framework for assessing the recoverability of our deferred tax asset, see Note 24 to the Consolidated Financial Statements.

Uncertain Tax Positions

Our accounting for income taxes, including uncertain tax positions, represents management’s best estimate of various events and transactions, and requires judgment. FASB Interpretation No. 48, “Accounting for Uncertainty in Income Taxes” now incorporated into Accounting Standards Codification, 740, “Income Taxes” prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of an income tax position taken or expected to be taken in a tax return. The standard also provides guidance on derecognition, classification, interest and penalties and additional disclosures. We determine whether it is more likely than not that a tax position will be sustained, based on technical merits, upon examination by the relevant taxing authorities before any part of the benefit can be recognized in the financial statements. A tax position is measured at the largest amount of benefit that is greater than 50% likely to be realized upon settlement.

We classify interest expense and penalties recognized on income taxes as a component of income taxes.

For an additional discussion, see Note 24 to the Consolidated Financial Statements.

ADOPTION OF ACCOUNTING PRONOUNCEMENTS

See Note 2 to the Consolidated Financial Statements for a complete discussion of adoption of accounting pronouncements.

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ITEM 7 | Glossary

Glossary

AIG Consolidated Tax Group — the U.S. federal income tax group of which AIG is the common parent.

Credit support annex — a legal document generally associated with an ISDA Master Agreement that provides for collateral postings which could vary depending on ratings and threshold levels.

Deferred policy acquisition costs — deferred costs that are incremental and directly related to the successful acquisition of new business or renewal of existing business.

Deferred sales inducement — represents enhanced crediting rates or bonus payments to contract holders on certain annuity and investment contract products that meet the criteria to be deferred and amortized over the life of the contract.

Fee income — is defined as policy fees plus advisory fees plus other fee income. For our Institutional Markets segment, its SVW products generate fee income.

Financial debt — represents the sum of short-term debt and long-term debt, net of debt issuance costs, not including (x) debt of consolidated investment entities—not guaranteed by Corebridge; (y) debt supported by assets and issued for purposes of earning spread income, such as GICs and FABNs; and (z) operating debt utilized to fund daily operations, i.e., self-liquidating forms of financing such as securities lending, reverse repurchase and captive reinsurance reserve financing arrangements.

Guaranteed investment contract — a contract whereby the issuer provides a guaranteed repayment of principal and a fixed or floating interest rate for a predetermined period of time.

Guaranteed minimum death benefit — a benefit that guarantees the annuity beneficiary will receive a certain value upon death of the annuitant. 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.

Guaranteed minimum withdrawal benefit — a type of living benefit that guarantees that withdrawals from the contract may be taken up to a contractually guaranteed amount, even if the account value subsequently falls to zero, provided that during each contract year total withdrawals do not exceed an annual withdrawal amount specified in the contract. Once the account value is depleted under the conditions of the GMWB, the policy continues to provide a protected income payment.

ISDA Master Agreement — an agreement between two counterparties, which may have multiple derivative transactions with each other governed by such agreement, that generally provides for the net settlement of all or a specified group of these derivative transactions, as well as pledged collateral, through a single payment, in a single currency, in the event of a default on, or affecting any, one derivative transaction or a termination event affecting all, or a specified group of, derivative transactions.

Loan-to-value ratio — principal amount of loan amount divided by appraised value of collateral securing the loan.

Market risk benefit — is an amount that a policyholder would receive 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.

Master netting agreement — an agreement between two counterparties who have multiple derivative contracts with each other that provides for the net settlement of all contracts covered by such agreement, as well as pledged collateral, through a single payment, in a single currency, in the event of default on or upon termination of any one such contract.

Non-performance Risk Adjustment — adjusts the valuation of derivatives and MRBs to account for non-performance risk in the fair value measurement of all MRBs and derivative net liability positions.

Noncontrolling interests — the portion of equity ownership in a consolidated subsidiary not attributable to the controlling parent company.

Policy fees — an amount added to a policy premium, or deducted from a policy cash value or contract holder account, to reflect the cost of issuing a policy, establishing the required records and sending premium notices and other related expenses.

Reinsurance — the practice whereby one insurer, the reinsurer, in consideration of a premium paid to that insurer, agrees to indemnify another insurer, the ceding company, for part or all of the liability of the ceding company under one or more policies or contracts of insurance which it has issued.

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ITEM 7 | Glossary

Risk-based capital — a formula designed to measure the adequacy of an insurer’s statutory surplus compared to the risks inherent in its business.

Spread income — is defined as net investment income less interest credited to policyholder account balances, exclusive of amortization of deferred sales inducement assets. Spread income is comprised of both base spread income and variable investment income. For our Institutional Markets segment, its structured settlements, PRT and GIC products generate spread income, which includes premiums, net investment income, less interest credited and policyholder benefits and excludes the annual assumption update.

Surrender charge — a charge levied against an investor for the early withdrawal of funds from a life insurance or annuity contract, or for the cancellation of the agreement.

Surrender rate — represents annualized surrenders and withdrawals as a percentage of average reserves and Group Retirement mutual fund assets under administration.

Underwriting margin — for our Life Insurance segment includes premiums, policy fees, other income, net investment income, less interest credited to policyholder account balances and policyholder benefits and excludes the annual assumption update. For our Institutional Markets segment, its Corporate Markets products generate underwriting margin, which includes premiums, net investment income, policy and advisory fee income, less interest credited and policyholder benefits and excludes the annual assumption update.

Value of business acquired — present value of projected future gross profits from in-force policies of acquired businesses.

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ITEM 7 | Certain Important Terms

Certain Important Terms

We use the following capitalized terms in this report

“AGC” means AGC Life Insurance Company, a Missouri insurance company;

“AGC Group” means AGC and its directly owned life insurance subsidiaries;

“AGL” means American General Life Insurance Company, a Texas insurance company;

“AGREIC” means AIG Global Real Estate Investment Corporation;

“AHAC” means American Home Assurance Company, a consolidated subsidiary of AIG;

“AIG” means AIG, Inc. and its subsidiaries, other than Corebridge and Corebridge’s subsidiaries, unless the context refers to AIG, Inc. only;

“AIG Group” means American International Group, Inc. and its subsidiaries, including Corebridge Parent and Corebridge Parent’s subsidiaries;

“AIG, Inc.” means American International Group, Inc., a Delaware corporation;

“AIG Life” means AIG Life Limited, a U.K. insurance company, and its subsidiary;

“AIGM” means AIG Markets, Inc., a consolidated subsidiary of AIG;

“AIGT” means AIG Technologies, Inc., a New Hampshire corporation;

“AIRCO” means American International Reinsurance Company, Ltd., a consolidated subsidiary of AIG;

“BlackRock” means BlackRock Financial Management, Inc.;

“Blackstone” means Blackstone Inc. and its subsidiaries;

“Blackstone IM” means Blackstone ISG-1 Advisors L.L.C.;

“Board” means the Corebridge Financial, Inc. Board of Directors;

“CIIUS” means Corebridge Institutional Investments (U.S), LLC (formerly known as AIG Asset Management (U.S.), LLC.(“AMG”));

“Corebridge”, “we,” “us,” “our” or the “Company” means Corebridge and its subsidiaries, unless the context refers to Corebridge Parent;

“Corebridge FD” means Corebridge Financial Distributors;

“Corebridge Forward” means Corebridge’s expense savings initiative aimed at improving profitability across its businesses through operating expense reductions;

“Corebridge Parent” means Corebridge Financial, Inc. (formerly known as SAFG Retirement Services, Inc.), a Delaware corporation;

“CRBG Bermuda” means Corebridge Insurance Company of Bermuda, Ltd. (formerly known as AIG Life of Bermuda, Ltd.), a Bermuda insurance company;

“CRBGLH” means Corebridge Life Holdings, Inc. (formerly known as AIG Life Holdings, Inc.), a Texas corporation;

“Eastgreen” means Eastgreen Inc.;

“Fortitude Re” means Fortitude Reinsurance Company Ltd., a Bermuda insurance company;

“Fortitude Re Bermuda” means FGH Parent, L.P., a Bermuda exempted limited partnership and the indirect parent of Fortitude Re;

“Laya” means Laya Healthcare Limited, an Irish insurance intermediary, and its subsidiary;

“Lexington” means Lexington Insurance Company, an AIG subsidiary;

“Life Fleet” means AGL, USL and VALIC;

“Majority Interest Fortitude Sale” means the sale by AIG of substantially all of its interests in Fortitude Re's parent company to Carlyle FRL, L.P., an investment fund advised by an affiliate of The Carlyle Group Inc., and T&D United Capital Co., Ltd., a subsidiary of T&D Holdings, Inc., under the terms of a membership interest purchase agreement entered into on November 25, 2019 by and among AIG; Fortitude Group Holdings, LLC; Carlyle FRL, L.P.; The Carlyle Group Inc.; T&D United Capital Co., Ltd.; and T&D Holdings, Inc. We currently own less than a 3% indirect interest in Fortitude Re;

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ITEM 7 | Certain Important Terms

“NUFIC” means National Union Fire Insurance Company of Pittsburgh, PA, a consolidated subsidiary of AIG;

“NYSE” means the New York Stock Exchange;

“Reorganization” means the transactions described under “The Reorganization Transactions”;

“SAFG Capital” means SAFG Capital LLC (formerly known as Cap Corp.), a Delaware corporation;

“USL” means The United States Life Insurance Company in the City of New York, a New York insurance company;

“VALIC” means The Variable Annuity Life Insurance Company, a Texas insurance company; and

“VALIC Financial Advisors” means VALIC Financial Advisors, Inc., a Texas corporation.

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ITEM 7 | Acronyms

Acronyms

•“AATOI” — adjusted after-tax operating income attributable to our common stockholders;

•“ABS” — asset-backed securities;

•“APTOI” — adjusted pre-tax operating income;

•“AUA” — assets under administration;

•“AUM” — assets under management;

•“AUMA” — assets under management and administration;

•“BMA” — Bermuda Monetary Authority;

•“CDO” — collateralized debt obligations;

•“CDS” — credit default swap;

•“CLO” — collateralized loan obligations;

•“CMBS” — commercial mortgage-backed securities;

•“DAC” — deferred policy acquisition costs;

•“DSI” — deferred sales inducement;

•“FABN”— funding-agreement back notes;

•“FASB” — the Financial Accounting Standards Board;

•“GAAP” — accounting principles generally accepted in the United States of America;

•“GIC” — guaranteed investment contract;

•“GMDB” — guaranteed minimum death benefits;

•“GMWB” — guaranteed minimum withdrawal benefits;

•“ISDA” — the International Swaps and Derivatives Association, Inc.;

•“MBS” — mortgage-backed securities;

•“MRB” — market risk benefits;

•“NAIC” — National Association of Insurance Commissioners;

•“NPA” — Non-performance risk adjustment;

•“NPR” — Net premium ratio;

•“PRT” — pension risk transfer;

•“RBC” — Risk-Based Capital;

•“RMBS” — residential mortgage-backed securities;

•“S&P” — Standard & Poor’s Financial Services LLC;

•“SEC” — the U.S. Securities and Exchange Commission;

•“SVW” — stable value wrap;

•“URR” — unearned revenue reserve;

•“VIE” — variable interest entity;

•“VIX” — volatility index; and

•“VOBA” — value of business acquired.

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ITEM 7A | Quantitative and Qualitative Disclosures about Market Risk

Item 7A | Quantitative and Qualitative Disclosures About Market Risk

The following provides information regarding the Company’s market risk. For further discussion of the Company’s risk management practices, see “Business—Our Segments—Individual Retirement—Risk Management,” “Business—Our Segments—Group Retirement—Risk Management,” “Business—Our Segments—Life Insurance—Risk Management,” “Business—Our Segments—Institutional Markets—Risk Management” and “Business—Investment Management.”

Overview

Market risk is the risk of adverse impact due to systemic movements in one or more of the following market risk drivers: equity and commodity prices, residential and commercial real estate values, interest rates, credit spreads, foreign exchange, inflation, and their respective levels of volatility.

We are engaged in a variety of insurance, investment and other financial services businesses that expose us to market risk, directly and indirectly. We are exposed to market risks primarily within our insurance and capital markets activities, on both the asset and the liability sides of our balance sheet through on- and off-balance sheet exposures. Many of the market risk exposures, including exposures to changes in levels of interest rates and equity prices, are generally long-term in nature. Examples of liability-related market risk exposures include interest rate sensitive surrenders in the fixed annuity and universal life product portfolios. Also, we have equity market risk sensitive surrenders in the variable annuity product portfolio. These interactive asset-liability types of risk exposures are regularly monitored in accordance with the risk governance framework.

The scope and magnitude of our market risk exposures are managed under a robust framework that contains defined risk limits and minimum standards for managing market risk. The market risk management framework focuses on quantifying the financial repercussions to us of changes in the above-mentioned market risk drivers.

Risk Management and Mitigation

In addition to an established governance framework, we rely on a variety of tools and techniques to manage market risk-exposures. Our market risk mitigation framework incorporates the following primary elements:

Product design: Product design is the first step in managing insurance liability exposure to market risks.

Asset/liability management: We manage assets using an approach that is liability driven. Asset portfolios are managed to target durations based on liability characteristics and the investment objectives of that portfolio within defined ranges. Where liability cash flows exceed the maturity of available assets, we may support such liabilities with derivatives, interest rate curve mismatch strategies or equity and alternative investments.

Hedging: Our hedging strategies include the use of derivatives to offset certain changes in the economic value of MRBs and embedded derivatives associated with the variable annuity, fixed index annuity and index universal life liabilities, within established thresholds. These hedging programs are designed to provide additional protection against large and consolidated movements in levels of interest rates, equity prices, credit spreads and market volatility under multiple scenarios.

Currency matching: We manage our foreign currency exchange rate exposures within our risk tolerance levels. In general, investments backing specific liabilities are currency matched. This is achieved through investments in currency matching assets or the use of derivatives.

Management of portfolio concentration risk: We perform regular monitoring and management of key rate, foreign exchange, equity prices and other risk concentrations to support efforts to improve portfolio diversification to mitigate exposures to individual markets and sources of risk.

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ITEM 7A | Quantitative and Qualitative Disclosures about Market Risk

Market Risk Sensitivities

The following table provides estimates of sensitivity to changes in yield curves and equity prices on our financial instruments and excludes approximately $76.3 billion and $70.0 billion as of December 31, 2023 and December 31, 2022, respectively, of insurance liabilities. We believe that the interest rate sensitivities of these insurance and other liabilities serve as an offset to the net interest rate risk of the financial assets presented in the table below. In addition, the table excludes $23.1 billion of interest rate sensitive assets and $0.2 million of equity investments supporting the Fortitude Re funds withheld arrangements as the contractual returns related to the assets are transferred to Fortitude Re, as well as $26.0 billion of related funds withheld payable.

December 31, 2023 and 2022 Comparison:(a)


December 31,	Balance Sheet Exposure						Economic Effect				Economic Effect
(in millions)	2023			2022			2023		2022		2023		2022
Sensitivity factor							100 bps parallel increase in all yield curves				100 bps parallel decrease in all yield curves
Interest rate sensitive assets:
Fixed maturity securities	$	150,809		$	139,363		$	(10,081)	$	(9,474)	$	11,636	$	10,966
Mortgage and other loans receivable(b)	40,931			38,520			(1,703)		(1,630)		1,836		1,772
Derivatives:
Interest rate contracts	1,338			(84)			(860)		(652)		1,584		1,284
Total interest rate sensitive assets	$	193,078	(a)	$	177,799	(a)	$	(12,644)	$	(11,756)	$	15,056	$	14,022
Interest rate sensitive liabilities:

Policyholder contract deposits -Investment-type contracts(b)	$	(138,619)		$	(134,874)		$	5,933	$	6,552	$	(7,694)	$	(8,693)
Market risk benefits and embedded derivatives(c)	(12,790)			(9,348)			2,600		1,970		(3,428)		(2,585)
Short-term and long-term debt(b)	(9,368)			(9,368)			535		469		(603)		(531)
Total interest rate sensitive liabilities	$	(160,777)		$	(153,590)		$	9,068	$	8,991	$	(11,725)	$	(11,809)
Sensitivity factor:							20% decline in stock prices				20% increase in stock prices
Derivatives:
Derivative contracts(c)	$	1,338		$	(84)		$	(446)	$	552	$	1,464	$	366
Equity investments:
Common equity	16			142			(3)		(28)		3		28
Total derivatives and equity investments	$	1,354		$	58		$	(449)	$	524	$	1,467	$	394
Policyholder contract deposits:
Market risk benefits and embedded derivatives(c)	$	(12,790)		$	(9,348)		$	(350)	$	(1,008)	$	296	$	594
Total liability	$	(12,790)		$	(9,348)		$	(350)	$	(1,008)	$	296	$	594

(a)At December 31, 2023, the analysis covers $193.1 billion of $219.4 billion interest rate sensitive assets. As indicated above, excluded were $19.4 billion and $3.7 billion of fixed maturity securities and loans, respectively, supporting the Fortitude Re funds withheld arrangements. In addition, $2.6 billion of loans and $1.0 billion of assets across various asset categories were excluded due to modeling limitations. At December 31, 2022, the analysis covers $177.8 billion of $205.1 billion interest rate sensitive assets. As indicated above, excluded were $19.8 billion and $3.8 billion of fixed maturity securities and loans, respectively, supporting the Fortitude Re funds withheld arrangements. In addition, $2.7 billion of loans and $1.6 billion of assets across various asset categories were excluded due to modeling limitations.

(b)The economic effect is the difference between the estimated fair value and the effect of a 100 bps parallel increase or decrease in all yield curves on the estimated fair value. The estimated fair values for mortgage and other loans receivable, Policyholder contract deposits (Investment-type contracts) and Short-term and Long-term debt were $41.3 billion, $130.2 billion and $9.0 billion at December 31, 2023, respectively. The estimated fair values for mortgage and other loans receivable, Policyholder contract deposits (Investment-type contracts) and Short term and Long term debt were $38.4 billion, $132.0 billion and $8.7 billion at December 31, 2022, respectively.

(c)The balance sheet exposures for derivatives and variable annuity and other embedded derivatives are also reflected under “Interest rate sensitive assets” and “interest rate sensitive liabilities” above and are not additive.

We manage our foreign currency exchange rate exposures within the approved risk tolerance levels. In general, investments backing specific liabilities are currency matched. This is achieved through investments in matching currency assets or through the use of derivatives.

The sensitivity analysis is an estimate and should not be viewed as predictive of our future financial condition or financial performance. We cannot ensure that actual financial impacts in any particular period will not exceed the amounts indicated above.

Interest rate sensitivity is defined as change in value with respect to a 100 basis point parallel shift up or down in the interest rate environment, calculated as: scenario value minus base value, where base value is the value under the yield curves as of the period end and scenario value is the value reflecting a 100 basis point parallel increase or decline in all yield curves.

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ITEM 7A | Quantitative and Qualitative Disclosures about Market Risk

Our interest rate risk is evaluated without considering effects of correlation of changes in levels of interest rate with other key market risks or other assumptions used for calculating the values of financial assets and liabilities. This scenario does not measure changes in values resulting from non-parallel shifts in the yield curves, which could produce different results.

Equity sensitivity is defined as change in value with respect to a 20 percentage point increase or decline in equity prices and scenario value is the value reflecting a 20% increase or decrease in equity prices.

Our equity price risk is evaluated without considering effects of correlation of changes in equity prices with other key market risks or other assumptions used for calculating the values of financial assets and liabilities. These scenarios do not reflect the impact of basis risk, such as projections about the future performance of the underlying contract holder funds and actual fund returns, which is used as a basis for developing our hedging strategy.

For illustrative purposes, sensitivities are modeled based on a 100 basis point parallel increase or decline in yield curves, and a 20% increase or decline in equity prices. The estimated results presented in the table above should not be taken as a prediction, but only as a demonstration of the potential effects of such events.

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Item 8 | Financial Statements and Supplementary Data

COREBRIDGE FINANCIAL, INC.

REFERENCE TO FINANCIAL STATEMENTS AND SCHEDULES


Financial Statements
Report of Independent Registered Public Accounting Firm (PCAOB ID 238)		158
Consolidated Balance Sheets at December 31, 2023 and 2022		161
Consolidated Statements of Income (Loss) for the years ended December 31, 2023, 2022 and 2021		162
Consolidated Statements of Comprehensive Income (Loss) for the years ended December 31, 2023, 2022 and 2021		163
Consolidated Statements of Equity for the years ended December 31, 2023, 2022 and 2021		164
Consolidated Statements of Cash Flows for the years ended December 31, 2023, 2022 and 2021		166
Notes to Consolidated Financial Statements
NOTE 1.	Overview and Basis of Presentation	169
NOTE 2.	Summary of Significant Accounting Policies	169
NOTE 3.	Segment Information	176
NOTE 4.	Held-For-Sale Classification	180
NOTE 5 .	Fair Value Measurements	181
NOTE 6 .	Investments	202
NOTE 7 .	Lending Activities	212
NOTE 8 .	Reinsurance	216
NOTE 9.	Variable Interest Entities	220
NOTE 10 .	Derivatives and Hedge Accounting	223
NOTE 11.	Goodwill and Other Intangible Assets	227
NOTE 1 2 .	Deferred Policy Acquisition Costs	228
NOTE 1 3 .	Separate Account Assets and Liabilities	231
NOTE 1 4 .	Future Policy Benefits	233
NOTE 1 5 .	Policyholder Contract Deposits and Other Policyholder Funds	240
NOTE 1 6 .	Market Risk Benefits	245
NOTE 1 7 .	Debt	250
NOTE 1 8 .	Contingencies, Commitments and Guarantees	253
NOTE 1 9 .	Equity	256
NOTE 20 .	Earnings Per Common Share	260
NOTE 2 1 .	Statutory Financial Data and Restrictions	261
NOTE 2 2 .	Share-Based Compensation Plans	263
NOTE 23.	Employee Benefits	265
NOTE 24 .	Income Taxes	266
NOTE 25 .	Related Parties	270


Schedules
SCHEDULE I	Summary of Investments – Other than Investments in Related Parties at December 31, 2023	275
SCHEDULE II	Condensed Financial Information of Registrant at December 31, 2023 and 2022 and for the years ended December 31, 2023, 2022 and 2021	276
SCHEDULE III	Supplementary Insurance Information at December 31, 2023 and 2022 and for the years ended December 31, 2023, 2022 and 2021	281
SCHEDULE IV	Reinsurance at December 31, 2023 and 2022 and for the years ended December 31, 2023, 2022 and 2021	282

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ITEM 8 | Report of Independent Registered Public Accounting Firm

Report of Independent Registered Public Accounting Firm

To the Board of Directors and Shareholders of Corebridge Financial, Inc.

Opinions on the Financial Statements and Internal Control over Financial Reporting

We have audited the accompanying consolidated balance sheets of Corebridge Financial, Inc. and its subsidiaries (the “Company”) as of December 31, 2023 and 2022, and the related consolidated statements of income (loss), comprehensive income (loss), of equity and of cash flows for each of the three years in the period ended December 31, 2023, including the related notes and financial statement schedules listed in the accompanying index (collectively referred to as the “consolidated financial statements”). We also have audited the Company's internal control over financial reporting as of December 31, 2023, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2023 and 2022, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2023 in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2023, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO.

Change in Accounting Principle

As discussed in Note 2 to the consolidated financial statements, the Company changed the manner in which it accounts for long-duration insurance contracts in 2023.

Basis for Opinions

The Company's management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in Management’s Report on Internal Control over Financial Reporting appearing under Item 9A. Our responsibility is to express opinions on the Company’s consolidated financial statements and on the Company's internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.

Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.

Definition and Limitations of Internal Control over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

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ITEM 8 | Report of Independent Registered Public Accounting Firm

Critical Audit Matters

The critical audit matters communicated below are matters arising from the current period audit of the consolidated financial statements that were communicated or required to be communicated to the audit committee and that (i) relate to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

Valuation of Certain Level 3 Fixed Maturity Securities

As described in Note 5 to the consolidated financial statements, as of December 31, 2023, the total fair value of the Company’s level 3 fixed maturity securities, including bonds available-for-sale and other bond securities, was $24.7 billion, comprised of residential mortgage backed securities, commercial mortgage backed securities, collateralized loan obligations, other asset-backed securities, and fixed maturity securities issued by corporations (including private placements), states, municipalities, and other governmental agencies. As the volume or level of market activity for these securities is limited, management determines fair value either by requesting brokers who are knowledgeable about the particular security to provide a price quote, which according to management is generally non-binding, or by employing market accepted valuation models. In both cases, certain inputs used by management to determine fair value may not be observable in the market. For certain private placement securities, fair value is determined by management based on discounted cash flow models using discount rates based on credit spreads, yields or price levels of comparable securities, adjusted for illiquidity and structure. For other level 3 fixed maturity securities, such assumptions may include loan delinquencies and defaults, loss severity, and prepayments. As disclosed by management, fair value estimates are subject to management review to ensure valuation models and related inputs are reasonable.

The principal considerations for our determination that performing procedures relating to the valuation of certain level 3 fixed maturity securities is a critical audit matter are (i) the significant judgment by management to determine the fair value of these securities, which in turn led to a high degree of auditor subjectivity and judgment in performing the audit procedures relating to the aforementioned assumptions that are used to determine the fair value, (ii) the significant audit effort and judgment in evaluating the audit evidence related to the valuation and (iii) the audit effort involved the use of professionals with specialized skill and knowledge.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to the valuation of level 3 fixed maturity securities, including controls related to (i) management’s review over the pricing function and (ii) identifying and resolving pricing exceptions. These procedures also included, among others, obtaining independent third party vendor pricing, where available, and the involvement of professionals with specialized skill and knowledge to assist in developing an independent range of prices for a sample of securities. Developing the independent range of prices involved testing the completeness and accuracy of data provided by management on a sample basis and evaluating the reasonableness of management’s assumptions noted above. The independent third party vendor pricing and the independently developed ranges were compared to management’s recorded fair value estimates.

Valuation of Market Risk Benefits (MRBs) on Individual Retirement Variable and Fixed Index Annuity contracts and the valuation of Embedded Derivatives (EDs) for certain Guaranteed Benefit Features on Fixed Index Annuity contracts

As described in Notes 5, 15, and 16 to the consolidated financial statements, the total fair value of the individual retirement MRB assets and liabilities were $740 million and $5,225 million, respectively and the fair value of the embedded derivatives for certain guaranteed features on fixed index annuity contracts was $1.5 billion at December 31, 2023. Certain variable annuity and fixed index annuity contracts contain MRBs related to guaranteed benefit features that management separates from the host contracts and accounts for at fair value. As disclosed by management, the fair value of MRBs contained in certain variable and fixed index annuity contracts and the associated EDs for certain guaranteed features on fixed index annuities is measured based on policyholder behavior and capital market assumptions related to projected cash flows over the expected lives of the contracts. The projected cash flows incorporate best estimate assumptions for policyholder behavior (including lapses, withdrawals and benefit utilization), along with an explicit risk margin to reflect a market participant’s estimates of the fair value of projected cash flows and policyholder behavior. Estimating the underlying cash flows for these features also involves judgments regarding the capital market assumptions including expected market rates of return, market volatility, credit spreads, correlations of certain market variables, fund performance and discount rates. The guaranteed product features in the fixed index annuity contracts that are not MRBs and are accounted for as EDs utilize option pricing models to estimate fair value, taking into account the capital market assumptions for future index growth rates, volatility of the index, future interest rates, and the Company’s ability to adjust the participation rate and the cap on fixed index credited rates in light of market conditions and policyholder behavior assumptions.

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ITEM 8 | Report of Independent Registered Public Accounting Firm

The principal considerations for our determination that performing procedures relating to the valuation of MRBs on individual retirement variable and fixed index annuity contracts and EDs for certain guaranteed benefit features on fixed index contracts is a critical audit matter are (i) the significant judgment by management in developing policyholder behavior assumptions relating to the individual retirement variable and fixed index annuity lapses, withdrawals and benefit utilization, along with an explicit risk margin, as well as capital market assumptions related to market volatility, used in the valuation of the MRBs and EDs for certain guaranteed benefit features on fixed index contracts (collectively the “significant assumptions”), (ii) a high degree of auditor judgment, subjectivity and effort in performing procedures and evaluating management’s significant assumptions, and (iii) the audit effort involved the use of professionals with specialized skill and knowledge.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to the development of assumptions used in the valuation of MRBs on individual retirement variable and fixed index annuity contracts and the EDs for certain guaranteed benefit features on fixed index contracts. These procedures also included, among others, (i) testing management’s process for developing the valuation of the MRBs and EDs for certain guaranteed benefit features on fixed index contracts, (ii) testing, on a sample basis, the completeness and accuracy of data used by management to develop the significant assumptions, (iii) testing that the significant assumptions are accurately reflected in the models, and (iv) the involvement of professionals with specialized skill and knowledge to assist in evaluating the reasonableness of management’s judgments used in developing the significant assumptions based on industry knowledge and data.

/s/ PricewaterhouseCoopers LLP

New York, New York

February 15, 2024

We have served as the Company’s auditor since 2020.

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Corebridge Financial, Inc.

Consolidated Balance Sheets


(in millions, except for share data)	December 31, 2023		December 31, 2022
Assets:
Investments:
Fixed maturity securities:
Bonds available-for-sale, at fair value, net of allowance for credit losses of $128 in 2023 and $148 in 2022 (amortized cost: 2023 - $184,946; 2022 - $181,274)*	$	166,527	$	156,793
Other bond securities, at fair value (See Note 6)*	4,578		3,769
Equity securities, at fair value (See Note 6)*	63		170
Mortgage and other loans receivable, net of allowance for credit losses of $698 in 2023 and $600 in 2022*	46,867		44,566
Other invested assets (portion measured at fair value: 2023 - $7,690; 2022 - $7,879)*	10,257		10,418
Short-term investments, including restricted cash of $3 in 2023 and $69 in 2022 (portion measured at fair value: 2023 - $1,408; 2022 - $1,357)*	4,336		4,400
Total investments	232,628		220,116
Cash*	612		552
Accrued investment income*	2,008		1,813
Premiums and other receivables, net of allowance for credit losses and disputes of $1 in 2023 and $1 in 2022	594		916
Reinsurance assets - Fortitude Re, net of allowance for credit losses and disputes of $0 in 2023 and $0 in 2022	26,772		26,844
Reinsurance assets - other, net of allowance for credit losses and disputes of $30 in 2023 and $84 in 2022	1,620		2,517
Deferred income taxes	8,577		8,831
Deferred policy acquisition costs and value of business acquired	10,011		10,563
Market risk benefit assets, at fair value	912		796
Other assets, including restricted cash of $13 in 2023 and $12 in 2022 (portion measured at fair value: 2023 - $393; 2022 - $299)*	2,294		2,521
Separate account assets, at fair value	91,005		84,853
Assets held-for-sale	2,237		—
Total assets	$	379,270	$	360,322
Liabilities:
Future policy benefits for life and accident and health insurance contracts	$	57,108	$	50,518
Policyholder contract deposits (portion measured at fair value: 2023 - $8,050; 2022 - $5,464)	162,050		156,058
Market risk benefit liabilities, at fair value	5,705		4,736
Other policyholder funds	2,862		2,885
Fortitude Re funds withheld payable (portion measured at fair value: 2023 - $2,182; 2022 - $1,262)	25,957		26,551
Other liabilities (portion measured at fair value: 2023 - $141; 2022 - $97)*	8,330		9,076
Short-term debt	250		1,500
Long-term debt	9,118		7,868
Debt of consolidated investment entities (portion measured at fair value: 2023 - $0; 2022 - $6)*	2,504		5,958
Separate account liabilities	91,005		84,853
Liabilities held-for-sale	1,746		—
Total liabilities	$	366,635	$	350,003
Contingencies, commitments and guarantees (See Note 18)



Corebridge Shareholders' equity:
Common stock, $0.01 par value; 2,500,000,000 shares authorized; shares issued: 2023 - 648,148,737 and 2022 645,000,000	$	6	$	6
Treasury stock, at cost; 2023 - 26,484,411 shares and 2022 - 0 shares	(503)		—
Additional paid-in capital	8,149		8,030
Retained earnings	17,572		18,207
Accumulated other comprehensive loss	(13,458)		(16,863)
Total Corebridge Shareholders' equity	11,766		9,380
Non-redeemable noncontrolling interests	869		939
Total equity	12,635		10,319
Total liabilities and equity	$	379,270	$	360,322

*See Note 9 for details of balances associated with variable interest entities.

See accompanying Notes to Consolidated Financial Statements

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Corebridge Financial, Inc.

Consolidated Statements of Income (Loss)


	Years Ended December 31,
(in millions, except per common share data)		2023		2022		2021
Revenues:
Premiums		$	7,691	$	5,091	$	5,653
Policy fees		2,797		2,914		3,005
Net investment income:
Net investment income - excluding Fortitude Re funds withheld assets		9,710		8,685		9,897
Net investment income - Fortitude Re funds withheld assets		1,368		891		1,775
Total net investment income		11,078		9,576		11,672
Net realized gains (losses):
Net realized gains (losses) - excluding Fortitude Re funds withheld assets and embedded derivative		(1,614)		141		1,515
Net realized gains (losses) on Fortitude Re funds withheld assets		(224)		(397)		924
Net realized gains (losses) on Fortitude Re funds withheld embedded derivative		(1,734)		6,347		(687)
Total net realized gains (losses)		(3,572)		6,091		1,752
Advisory fee income		467		475		597
Other income		417		550		578
Total revenues		18,878		24,697		23,257
Benefits and expenses:
Policyholder benefits (includes remeasurement (gains) losses of $342, $298 and $233 for the years ended December 31, 2023, 2022 and 2021, respectively)		9,362		6,720		7,387
Change in the fair value of market risk benefits, net		(6)		(958)		(447)
Interest credited to policyholder account balances		4,427		3,732		3,562
Amortization of deferred policy acquisition costs and value of business acquired		1,042		1,020		951
Non-deferrable insurance commissions		588		568		623
Advisory fee expenses		261		266		322
General operating expenses		2,360		2,323		2,104
Interest expense		580		534		389
(Gain) loss on extinguishment of debt		—		—		219
Net (gain) loss on divestitures		(676)		1		(3,081)
Net (gain) loss on Fortitude Re transactions		—		—		(26)
Total benefits and expenses		17,938		14,206		12,003
Income (loss) before income tax expense (benefit)		940		10,491		11,254
Income tax expense (benefit):
Current		306		878		1,946
Deferred		(402)		1,134		136
Income tax expense (benefit)		(96)		2,012		2,082
Net income (loss)		1,036		8,479		9,172
Less:
Net income (loss) attributable to noncontrolling interests		(68)		320		929
Net income (loss) attributable to Corebridge		$	1,104	$	8,159	$	8,243

Income (loss) per common share attributable to Corebridge common shareholders:
Basic:
Common stock		$	1.72	$	12.63	N/A
Common stock Class A		N/A		N/A		$	13.18
Common stock Class B		N/A		N/A		$	9.14
Diluted:
Common stock		$	1.71	$	12.60	N/A
Common stock Class A		N/A		N/A		$	13.18
Common stock Class B		N/A		N/A		$	9.14

Weighted averages shares outstanding:
Common stock - Basic		643.3		646.1		N/A
Common stock - Diluted		645.2		647.4		N/A
Common stock Class A - Basic and diluted		N/A		N/A		581.1
Common stock Class B - Basic and diluted		N/A		N/A		63.9

See accompanying Notes to Consolidated Financial Statements

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Corebridge Financial, Inc.

Consolidated Statements of Comprehensive Income (Loss)


	Years Ended December 31,
(in millions)		2023		2022		2021
Net income (loss)		$	1,036	$	8,479	$	9,172
Other comprehensive income (loss), net of tax
Change in unrealized appreciation (depreciation) of fixed maturity securities on which allowance for credit losses was taken		13		(61)		31
Change in unrealized appreciation (depreciation) of all other investments		4,730		(31,695)		(5,638)
Change in fair value of market risk benefits attributable to changes in our own credit risk		(544)		1,294		179
Change in the discount rates used to measure traditional and limited payment long-duration insurance contracts		(813)		5,298		1,356
Change in cash flow hedges		(11)		157		—
Change in foreign currency translation adjustments		48		(101)		(20)
Change in retirement plan liabilities		(7)		2		1
Other comprehensive income (loss)		3,416		(25,106)		(4,091)
Comprehensive income (loss)		4,452		(16,627)		5,081
Less:
Comprehensive income (loss) attributable to noncontrolling interests		(57)		310		929
Comprehensive income (loss) attributable to Corebridge		$	4,509	$	(16,937)	$	4,152

See accompanying Notes to Consolidated Financial Statements

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Corebridge Financial, Inc. Consolidated Statements of Equity


(in millions)	Common Stock		Common Stock Class A		Common Stock Class B		Treasury Stock		Additional Paid-In Capital		Retained Earnings		Shareholders’ Net Investment		Accumulated Other Comprehensive Income (Loss)		Total Corebridge Shareholders' Equity		Non- Redeemable Noncontrolling Interests		Total Shareholders' Equity
Balance, December 31, 2020	$	—	$	5	$	1	$	—	$	—	$	—	$	22,573	$	14,653	$	37,232	$	2,549	$	39,781
Cumulative effect of change in accounting principle, net of tax	—		—		—		—		—		—		1,192		(2,349)		(1,157)		—		(1,157)
Change in net investment	—		—		—		—		—		—		(13,004)		—		(13,004)		—		(13,004)
Net income attributable to Corebridge or noncontrolling interests	—		—		—		—		—		—		8,243		—		8,243		929		9,172
Other comprehensive loss, net of tax	—		—		—		—		—		—		—		(4,091)		(4,091)		—		(4,091)
Changes in noncontrolling interests due to divestitures and acquisitions	—		—		—		—		—		—		—		—		—		(373)		(373)
Contributions from noncontrolling interests	—		—		—		—		—		—		—		—		—		264		264
Distributions to noncontrolling interests	—		—		—		—		—		—		—		—		—		(1,611)		(1,611)
Other	—		—		—		—		—		—		(13)		20		7		1		8
Reorganization transactions	—		—		—		—		8,054		10,937		(18,991)		—		—		—		—
Balance, December 31, 2021	$	—	$	5	$	1	$	—	$	8,054	$	10,937	$	—	$	8,233	$	27,230	$	1,759	$	28,989



Net income attributable to Corebridge or noncontrolling interests	—		—		—		—		—		8,159		—		—		8,159		320		8,479
Dividends on common stock	—		—		—		—		—		(876)		—		—		(876)		—		(876)
Other comprehensive loss, net of tax	—		—		—		—		—		—		—		(25,096)		(25,096)		(10)		(25,106)
Changes in noncontrolling interests due to divestitures and acquisitions	—		—		—				—		—		—		—		—		(104)		(104)
Contributions from noncontrolling interests	—		—		—		—		—		—		—		—		—		155		155
Distributions to noncontrolling interests	—		—		—		—		—		—		—		—		—		(1,181)		(1,181)
Other	—		—		—		—		(24)		(13)		—		—		(37)		—		(37)
Reorganization transactions	6		(5)		(1)		—		—		—		—		—		—		—		—
Balance, December 31, 2022	$	6	$	—	$	—	$	—	$	8,030	$	18,207	$	—	$	(16,863)	$	9,380	$	939	$	10,319

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Corebridge Financial, Inc. Consolidated Statements of Equity (continued)


(in millions)	Common Stock		Common Stock Class A		Common Stock Class B		Treasury Stock		Additional Paid-In Capital		Retained Earnings		Shareholders’ Net Investment		Accumulated Other Comprehensive Income (Loss)		Total Corebridge Shareholders' Equity		Non- Redeemable Noncontrolling Interests		Total Shareholders' Equity
Balance, December 31, 2022	$	6	$	—	$	—	$	—	$	8,030	$	18,207	$	—	$	(16,863)	$	9,380	$	939	$	10,319


Purchase of common stock	—		—		—		(503)		—		—		—		—		(503)		—		(503)
Net income (loss) attributable to Corebridge or noncontrolling interests	—		—		—		—		—		1,104		—		—		1,104		(68)		1,036
Dividends on common stock	—		—		—		—		—		(1,722)		—		—		(1,722)		—		(1,722)
Other comprehensive loss, net of tax	—		—		—		—		—		—		—		3,405		3,405		11		3,416
Changes in noncontrolling interests due to divestitures and acquisitions	—		—		—		—		—		—		—		—		—		(19)		(19)
Contributions from noncontrolling interests	—		—		—		—		—		—		—		—		—		96		96
Distributions to noncontrolling interests	—		—		—		—		—		—		—		—		—		(91)		(91)
Other	—		—		—		—		119		(17)		—		—		102		1		103

Balance, December 31, 2023	$	6	$	—	$	—	$	(503)	$	8,149	$	17,572	$	—	$	(13,458)	$	11,766	$	869	$	12,635

See accompanying Notes to Consolidated Financial Statements

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Corebridge Financial, Inc.

Consolidated Statements of Cash Flows


	Years Ended December 31,
(in millions)	2023		2022		2021
Cash flows from operating activities:
Net income (loss)	$	1,036	$	8,479	$	9,172
Adjustments to reconcile net income to net cash provided by operating activities:
Non-cash revenues, expenses, gains and losses included in income (loss):
Net (gain) loss on Fortitude Re transactions	—		—		(26)
Net losses (gains) on sales of securities available-for-sale and other assets	304		377		(1,737)
Net (gain) loss on divestitures	(676)		1		(3,081)
Loss on extinguishment of debt	—		—		219
Unrealized (gains) losses in earnings - net	1,797		864		(556)
Change in the fair value of market risk benefits in earnings, net	(348)		(1,481)		(1,427)
Equity in income from equity method investments, net of dividends or distributions	8		(97)		33
Depreciation and other amortization	366		585		413
Impairments of assets	69		25		32
General operating and other expenses	—		—		122
Changes in operating assets and liabilities:
Insurance liabilities	770		996		1,536
Premiums and other receivables and payables - net	(265)		40		156
Funds held relating to Fortitude Re Reinsurance contracts	(137)		(8,497)		(1,160)
Reinsurance assets and funds held under reinsurance treaties	675		1,086		307
Capitalization of deferred policy acquisition costs	(1,260)		(1,059)		(1,058)
Current and deferred income taxes - net	(116)		912		169
Other, net	1,134		390		(709)
Total adjustments	2,321		(5,858)		(6,767)
Net cash provided by operating activities	3,357		2,621		2,405
Cash flows from investing activities:
Proceeds from (payments for)
Sales or distributions of:
Available-for-sale securities	7,400		10,566		10,762
Other securities	988		2,181		318
Other invested assets	1,367		1,888		4,615
Divestitures, net	747		—		1,084
Maturities of fixed maturity securities available-for-sale	8,859		9,621		20,420
Principal payments received on mortgage and other loans receivable	6,164		7,814		6,646
Purchases of:
Available-for-sale securities	(18,321)		(19,499)		(36,641)
Other securities	(1,379)		(3,694)		(1,591)
Other invested assets	(1,172)		(1,662)		(2,498)
Mortgage and other loans receivable	(9,168)		(14,203)		(7,930)
Acquisition of businesses, net of cash and restricted cash acquired	(5)		(107)		—
Net change in short-term investments	(334)		883		3,439
Net change in derivative assets and liabilities	(884)		(754)		(507)
Other, net	262		(287)		(84)
Net cash used in investing activities	(5,476)		(7,253)		(1,967)

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Corebridge Financial, Inc.

Consolidated Statements of Cash Flows (continued)


	Years Ended December 31,
(in millions)	2023		2022		2021
Cash flows from financing activities:
Proceeds from (payments for):
Policyholder contract deposits	33,015		26,582		25,443
Policyholder contract withdrawals	(27,957)		(20,722)		(22,481)
Issuance of long-term debt	1,240		7,451		—
Issuance of short-term debt	—		1,512		345
Issuance of debt of consolidated investment entities	221		946		4,683
Repayments of long-term debt	—		—		(568)
Repayments of short-term debt	(1,250)		(8,312)		(248)
Maturities and repayments of debt of consolidated investment entities	(535)		(1,228)		(5,125)
Dividends paid on common stock	(1,722)		(876)		—
Distributions to Class B shareholder	—		—		(34)
Distributions to AIG	—		—		(1,543)
Distributions to noncontrolling interests	(91)		(477)		(1,611)
Contributions from noncontrolling interests	96		146		296
Net change in securities lending and repurchase agreements	(544)		(647)		9

Repurchase of common stock	(498)		—		—
Other, net	139		299		81
Net cash provided by (used in) financing activities	2,114		4,674		(753)
Effect of exchange rate changes on cash and restricted cash	3		(10)		(2)
Net increase (decrease) in cash and restricted cash	(2)		32		(317)
Cash and restricted cash at beginning of year	633		601		918
Change in cash of businesses held for sale	(3)		—		—
Cash and restricted cash at end of year	$	628	$	633	$	601

See accompanying Notes to Consolidated Financial Statements

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Corebridge Financial, Inc.

Consolidated Statements of Cash Flows (continued)


Supplementary Disclosure of Consolidated Cash Flow Information

	Years Ended December 31,
(in millions)	2023		2022		2021
Cash	$	612	$	552	$	537
Restricted cash included in short-term investments*	3		69		57
Restricted cash included in other assets*	13		12		7
Total cash and restricted cash shown in the Consolidated Statements of Cash Flows	$	628	$	633	$	601

Cash (received) paid during the period for:
Interest	$	583	$	472	$	364
Taxes	20		1,101		1,913
Non-cash investing activities:
Fixed maturity securities, designated available-for-sale, received in connection with pension risk transfer transactions	(4,317)		(1,121)		(2,284)
Fixed maturity securities, designated available-for-sale, received in connection with reinsurance transactions	—		(108)		(161)
Fixed maturity securities, designated fair value option, received in connection with reinsurance transactions	(93)		—		—
Fixed maturity securities, designated available-for-sale, transferred in connection with reinsurance transactions	439		204		647

Corebridge distribution of AIG common stock to AIG	—		—		38
Fixed maturity securities, designated as fair value option, transferred to repay debt of consolidated investment entities	—		—		1,257
Fixed maturity securities, designated available-for-sale, transferred to repay debt of consolidated investment entities	—		458		605
Investment assets transferred in conjunction with fund establishment	—		19		85
Investment assets received in conjunction with fund establishment	—		(49)		(85)
Real estate investments transferred in conjunction with fund establishment	—		305		—
Equity securities distributed in lieu of cash to non-consolidated Corebridge affiliate	—		94		—
Other invested assets securities distributed in lieu of cash to non-consolidated Corebridge affiliate	—		694		—
Other invested assets securities, transferred in connection with reinsurance transactions	111		—		—
Minority ownership acquired in Fortitude Re Bermuda	—		—		(100)
Divestiture of certain Cap Corp legal entities	—		—		56
Consideration received from divested businesses	—		—		3,740
Fixed maturity securities, designated available-for-sale, transferred to non-consolidated Corebridge affiliate	—		—		423
Fixed maturity securities, designated available-for-sale, transferred from a non-consolidated Corebridge affiliate	—		—		(423)
Non-cash financing activities:
Interest credited to policyholder contract deposits included in financing activities	4,501		3,676		3,642
Fee income debited to policyholder contract deposits included in financing activities	(2,122)		(1,694)		(1,690)

Repayments of debt of consolidated investment entities utilizing fixed maturity securities	—		(474)		(1,862)

Issuance of short-term debt by AIG	—		—		8,300
Short-term debt forgiven by AIG	—		—		(96)
Non-cash capital contributions	16		—		728
Non-cash capital distributions	—		—		(12,197)
Distribution in lieu of cash, in equity securities, to non-consolidated Corebridge affiliate	—		(94)		—
Distribution in lieu of cash, in Other invested assets securities, to non-consolidated Corebridge affiliate	—		(694)		—
Extinguishment of debt in exchange for partnership interest	—		(172)		—
Redemption of noncontrolling interests in exchange for partnership interest	—		(104)		—

*Primarily includes funds held for tax sharing payments to Corebridge Parent, security deposits.

See accompanying Notes to Consolidated Financial Statements

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ITEM 8 | Notes to Consolidated Financial Statements | 1. Overview and Basis of Presentation

1. Overview and Basis of Presentation

OVERVIEW

Corebridge Financial, Inc. (“Corebridge Parent”) is a leading provider of retirement solutions and life insurance products in the United States. Our primary business operations consist of sales of individual and group annuities products, life insurance products to individuals and institutional markets products. 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.

On September 19, 2022, we completed an initial public offering (the “IPO”) in which American International Group, Inc. (“AIG Parent”) sold 80.0 million shares of Corebridge Parent common stock to the public. Since our IPO, AIG has sold 159.8 million shares of Corebridge Parent common stock and we have repurchased 17.2 million shares of our common stock from AIG. As of December 31, 2023, AIG owns 52.2% 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.

BASIS OF PRESENTATION

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 accompanying Consolidated Financial Statements reflect all normal recurring adjustments, necessary in the opinion of management for a fair presentation of our financial position, results of operations and cash flows for the periods presented.

These Consolidated Financial Statements include the results of operations, financial condition and cash flows 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.

We recorded affiliated transactions with certain AIG subsidiaries that are not subsidiaries of Corebridge which have not been eliminated in our Consolidated Financial Statements.

Prior to the IPO, we underwent a reorganization (the “Reorganization”) to ensure that Corebridge held all of AIG’s life and retirement business and substantially all of its investment management operations. The Reorganization, completed on December 31, 2021, included the contribution of various subsidiaries of AIG into Corebridge. AIG Life Limited (“AIG Life”) was contributed to Corebridge on May 1, 2021. Effective May 1, 2021, Corebridge subscribed for an ordinary share in Laya Healthcare Ltd. (“Laya”), and Laya redeemed the only other share then in issue which was held by AIG, resulting in Corebridge being the sole shareholder of Laya.

On December 31, 2021, certain direct and indirect subsidiaries of AIG Capital Corporation (“Cap Corp”) were transferred to a newly created holding company and subsidiary of Cap Corp, SAFG Capital LLC (“SAFG Capital”). On December 31, 2021, Cap Corp’s interest in SAFG Capital was distributed from Cap Corp to AIG and AIG subsequently contributed its interest to Corebridge. Cap Corp and certain of its subsidiaries remain consolidated subsidiaries of AIG. The contribution of SAFG Capital to Corebridge was treated as a common control transaction with Corebridge being the receiving entity, and the subsidiaries not contributed were treated as common control transactions with Corebridge being the transferring entity, both during the year ended December 31, 2021.

In connection with the Reorganization, Corebridge and AIG entered into agreements under which we purchased AIG Technologies, Inc. (“AIGT”) and Eastgreen, Inc. (“Eastgreen”) from AIG on February 28, 2022 for total consideration of $107 million. AIGT provides data processing, technology and infrastructure services to Corebridge and AIG entities in the United States, including management of AIG hardware and networks. To the extent needed, AIGT will continue to provide services to AIG for a transition period.

The year ended December 31, 2021 Consolidated Financial Statements reflected certain corporate expenses allocated to us by AIG for certain corporate functions and for shared services provided by AIG. These expenses have been allocated to us based on direct usage or benefit where specifically identifiable, with the remainder allocated based upon other reasonable allocation measures. We consider the expense methodology and results to be reasonable for all periods presented.

SIGNIFICANT TRANSACTIONS

AIG Life

On September 25, 2023 Corebridge announced that it has entered into a definitive agreement to sell AIG Life, to Aviva plc for a total consideration of £460 million in cash, subject to certain adjustments. The sale is expected to close in the first half of 2024, subject to customary closing conditions including regulatory approvals. For further details on this transaction, see Note 4.

Laya

On October 31, 2023, Corebridge completed the sale of Laya to AXA and received gross proceeds (i.e., net cash before transaction costs) of €691 million ($731 million), resulting in a pre-tax gain of $652 million.

Sale of Certain Assets of Our Retail Mutual Funds Business

On February 8, 2021, we announced the execution of a definitive agreement with Touchstone Investments, Inc. (“Touchstone”), an indirect wholly-owned subsidiary of Western & Southern Financial Group, to sell certain assets of our retail mutual funds business. This sale consisted of the reorganization of twelve of the retail mutual funds managed by our subsidiary SunAmerica Asset Management, LLC (“SAAMCo”) into certain Touchstone funds. The transaction closed on July 16, 2021, at which time we received initial proceeds and recognized a gain on the sale of $103 million. Concurrently, the twelve retail mutual funds managed by SAAMCo, with $6.8 billion in assets, were reorganized into Touchstone funds. Additional consideration has been and may be earned over a three-year period based on asset levels in certain reorganized funds. Six retail mutual funds managed by SAAMCo and not included in the transaction were liquidated. We continue to retain our fund management platform and capabilities dedicated to our variable annuity insurance products.

Strategic Partnership with Blackstone

On November 2, 2021, Argon Holdco LLC (“Argon”), a wholly-owned subsidiary of Blackstone, Inc. (“Blackstone”), acquired a 9.9% position in our common stock and we entered into a long-term asset management relationship with Blackstone ISG-1 Advisors L.L.C (“Blackstone IM”). Blackstone IM initially managed $50 billion of our existing investment portfolio, with that amount to increase to an aggregate of $92.5 billion by the third quarter of 2027. As of December 31, 2023, Blackstone managed approximately $55.4 billion in book value of assets in our investment portfolio.

Pursuant to the Stockholders’ Agreement that we entered into with AIG Parent and Argon at the time of acquisition of Argon’s equity stake in Corebridge, Argon may not sell its ownership interest in Corebridge, subject to certain exceptions. These exceptions, among others, permit Argon to sell 25%, 67% and 75% of its shares after the first, second and third anniversaries, respectively, of the closing of the Corebridge IPO (September 19, 2023, 2024 and 2025, respectively), with the transfer restrictions terminating in full on September 19, 2027. Additionally, until Argon no longer owns at least 50% of its initial investment in Corebridge, it will have the right to designate for nomination for election one member of the Corebridge board of directors.

Dividend and Affiliated Note

On November 1, 2021, Corebridge Parent declared a dividend payable to AIG in the amount of $8.3 billion. In connection with that dividend, Corebridge Parent issued a promissory note to AIG Parent in the amount of $8.3 billion. The promissory note to AIG Parent was paid in full during 2022.

Sale of Fortitude Holdings by AIG

Following the sale of AIG’s majority ownership interest in Fortitude Group Holdings, LLC (“Fortitude Holdings”) and a restructuring transaction involving Fortitude Holdings and FHG Parent, L.P. (“Fortitude Re Bermuda”), AIG retained a 3.5% ownership interest in Fortitude Holdings and one seat on its Board of Managers. On October 1, 2021, AIG, Inc. contributed its remaining 3.5% ownership interest in Fortitude Re Bermuda to Corebridge. On March 31, 2022, our ownership interest in Fortitude Re Bermuda was reduced to 2.46% due to a round of equity financing by third-party investors, in which we did not participate.

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, fixed annuity 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

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.

2. Summary of Significant Accounting Policies

The following identifies our significant accounting policies presented in other Notes to these Consolidated Financial Statements, with a reference to the Note where a detailed description can be found:

Note 6. Investments

•Fixed maturity and equity securities

•Other invested assets

•Short-term investments

•Net investment income

•Net realized gains (losses)

•Allowance for credit losses/Other-than-temporary impairments

Note 7. Lending Activities

•Mortgage and other loans receivable – net of allowance

Note 8. Reinsurance

•Reinsurance assets – net of allowance

Note 9. Variable Interest Entities

Note 10. Derivatives and Hedge Accounting

•Derivative assets and liabilities, at fair value

Note 11. Goodwill and Other Intangible Assets

Note 12. Deferred Policy Acquisition Costs

•Deferred policy acquisition costs (“DAC”)

•Value of business acquired (“VOBA”)

•Deferred sales inducements (“DSI”)

•Non-deferrable insurance commissions

Note 13. Separate Account Assets and Liabilities

Note 14. Future Policy Benefits

Note 15. Policyholder Contract Deposits and Other Policyholder Funds

•Policyholder contract deposits

•Other policyholder funds

•Variable annuities

•Fixed annuity and fixed index annuities

Note 16. Market Risk Benefits

Note 17. Debt

•Short-term and Long-term debt

•Debt of consolidated investment entities

Note 18. Contingencies, Commitments and Guarantees

•Legal contingencies

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ITEM 8 | Notes to Consolidated Financial Statements | 2. Summary of Significant Accounting Policies

Note 20. Earnings Per Common Share

Note 24. Income Taxes

OTHER SIGNIFICANT ACCOUNTING POLICIES

Insurance revenues include premiums and policy fees. All premiums and policy fees are presented net of reinsurance, as applicable. Premiums from long-duration life products, other than universal and variable life contracts, are recognized as revenues when due. Premiums from individual and group annuity contracts that are life contingent are recognized as revenues when due.

For limited payment contracts, premiums are due over a significantly shorter period than the period over which benefits are provided. 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 (“DPL“) is recorded in the 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 Consolidated Balance Sheets in Other policyholder funds.

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.

Amounts received as payment for investment-oriented contracts such as universal life, variable annuities, fixed annuities, and fixed index annuities, are reported as deposits to Policyholder contract deposits or Separate account liabilities, as applicable. Revenues from these contracts are recorded in policy fees and consist of policy charges for the cost of insurance, policy administration charges, surrender charges and amortization of URR. Policy fees are recognized as revenues in the period in which they are assessed against policyholders, unless the fees are designed to compensate Corebridge for services to be provided in the future. Fees deferred as unearned revenue are amortized on a constant level basis over the estimated lives of the contracts, consistent with the amortization of deferred acquisition costs. This URR is recorded in the Consolidated Balance Sheets in Other policyholder funds.

Advisory fee income includes fees from registered investment services.

Other income includes 12b-1 fees (i.e. marketing and distribution fee income), other asset management fee income, and commission-based broker-dealer services.

Advisory fee expense includes primarily sub-advisory fee expenses.

Cash represents cash on hand and demand deposits.

Short-term investments include highly liquid securities and other investments with remaining maturities of one year or less, but greater than three months, at the time of purchase. Securities included within short-term investments are stated at estimated fair value, while other investments included within short-term investments are stated at amortized cost, which approximates estimated fair value.

Premiums and other receivables – net of allowance include premium balances receivable, amounts due from agents and brokers and policyholders, and other receivables.

Other assets consist of deferred sales inducement assets, prepaid expenses, deposits, other deferred charges, other fixed assets, capitalized software costs, goodwill, intangible assets other than goodwill, restricted cash and derivative assets.

Capitalized software costs represent costs directly related to obtaining, developing or upgrading internal use software, are capitalized and amortized using the straight-line method over a period generally not exceeding ten years.

Real estate includes the cost of buildings and furniture and fixtures which is depreciated principally using the straight-line basis over their estimated useful lives (maximum of 40 years for buildings, 10 years for furniture and fixtures and 5 years for office equipment). Expenditures for maintenance and repairs are charged to income as incurred and expenditures for improvements are capitalized and depreciated. We periodically assess the carrying amount of our real estate for purposes of determining any asset impairment.

Separate accounts represent funds for which investment income and investment gains and losses accrue directly to the policyholders who bear the investment risk. Each account has specific investment objectives and the assets are carried at fair value. The assets of each account are legally segregated and are not subject to claims that arise from any of our other businesses. The liabilities for these accounts are equal to the account assets. Separate accounts may also include deposits for funds held under stable

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ITEM 8 | Notes to Consolidated Financial Statements | 2. Summary of Significant Accounting Policies

value wrap funding agreements, although the majority of stable value wrap sales are measured based on the notional amount included in assets under management and do not include the receipt of funds.

For a more detailed discussion of separate accounts see Note 13.

Other liabilities consist of other funds on deposit, other payables, securities sold under agreements to repurchase, securities sold but not yet purchased and derivative liabilities.

Securities sold but not yet purchased represent sales of securities not owned at the time of sale. The obligations arising from such transactions are recorded on a trade-date basis and carried at fair value. Fair values of securities sold but not yet purchased are based on current market prices.

Foreign currency: Financial statement accounts expressed in foreign currencies are translated into U.S. dollars. Functional currency assets and liabilities are translated into U.S. dollars generally using rates of exchange prevailing at the balance sheet date of each respective subsidiary and the related translation adjustments are recorded as a separate component of Accumulated other comprehensive income, net of any related taxes, in Shareholders’ Equity. Income statement accounts expressed in functional currencies are translated using average exchange rates during the period. Functional currencies are generally the currencies of the local operating environment. Financial statement accounts expressed in currencies other than the functional currency of a consolidated entity are remeasured into that entity’s functional currency resulting in exchange gains or losses recorded in income, except for remeasurement gains or losses attributable to available-for-sale securities which are included in Accumulated other comprehensive income (“AOCI”).

Non-redeemable noncontrolling interest is the portion of equity (net assets) and net income (loss) in a subsidiary not attributable, directly or indirectly, to Corebridge.

Redeemable noncontrolling interest represents noncontrolling interest holders in certain consolidated investment entities where the noncontrolling interest holder has the ability to redeem its interest in the consolidated investment entity at its option.

ADOPTION OF LONG DURATION TARGETED IMPROVEMENTS

Targeted Improvements to the Accounting for Long-Duration Contracts

In August 2018, the Financial Accounting Standards Board’s (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.

We adopted 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”). We adopted the standard using the modified retrospective transition method relating to liabilities for traditional and limited payment contracts and deferred policy acquisition costs. We 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 (“NPA”) 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 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 modified coinsurance (“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 16.

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

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ITEM 8 | Notes to Consolidated Financial Statements | 2. Summary of Significant Accounting Policies

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 LDTI, see Note 14.

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 Consolidated Statements of Income (Loss). For additional information, see Note 14.

•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 12.

•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 8 for additional information on the transition impacts associated with LDTI.

(b) 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 12 for additional information on the transition impacts associated with LDTI.

(e) Refer to Note 15 for additional information on the transition impacts associated with LDTI.

(f) Other policyholder funds include URR. Refer to Note 15 for additional information on the transition impacts associated with LDTI.

(g) Other liabilities include deferred cost of reinsurance liabilities. Refer to Note 8 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.

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ITEM 8 | Notes to Consolidated Financial Statements | 2. Summary of Significant Accounting Policies

The following table presents the impacts in connection with the adoption of LDTI, effective as of January 1, 2021, on our previously reported 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

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ITEM 8 | Notes to Consolidated Financial Statements | 2. Summary of Significant Accounting Policies

The following table presents the impacts in connection with the adoption of LDTI on our previously reported Consolidated Statements of Income (Loss) for the years ended December 31, 2022 and 2021:


	Year Ended December 31, 2022						Year Ended December 31, 2021
	As Previously Reported		Effect of Change		Updated Balances Post-Adoption of LDTI		As Previously Reported		Effect of Change		Updated Balances Post-Adoption of LDTI
(in millions, except per common share data)
Revenues:
Premiums	$	5,093	$	(2)	$	5,091	$	5,637	$	16	$	5,653
Policy fees	2,972		(58)		2,914		3,051		(46)		3,005
Total net realized gains (losses)	8,013		(1,922)		6,091		1,855		(103)		1,752
Total revenues	26,679		(1,982)		24,697		23,390		(133)		23,257
Benefits and expenses:
Policyholder benefits	7,332		(612)		6,720		8,050		(663)		7,387
Change in the fair value of market risk benefits, net	—		(958)		(958)		—		(447)		(447)
Interest credited to policyholder account balances	3,696		36		3,732		3,549		13		3,562
Amortization of deferred acquisition costs and value of business acquired	1,431		(411)		1,020		1,057		(106)		951
Non-deferrable insurance commissions	636		(68)		568		680		(57)		623
Total benefits and expenses	16,219		(2,013)		14,206		13,263		(1,260)		12,003
Income (loss) before income tax expense (benefit)	10,460		31		10,491		10,127		1,127		11,254
Income tax expense (benefit):	1,991		21		2,012		1,843		239		2,082
Net income (loss)	8,469		10		8,479		8,284		888		9,172
Net income (loss) attributable to Corebridge	8,149		10		8,159		7,355		888		8,243
Income (loss) per common share attributable to Corebridge common shareholders:
Basic:
Common stock	$	12.61	$	0.02	$	12.63	N/A		N/A		N/A
Common stock Class A	N/A		N/A		N/A		$	11.80	$	1.38	$	13.18
Common stock Class B	N/A		N/A		N/A		$	7.77	$	1.37	$	9.14
Diluted:
Common stock	$	12.59	$	0.01	$	12.60	N/A		N/A		N/A
Common stock Class A	N/A		N/A		N/A		$	11.80	$	1.38	$	13.18
Common stock Class B	N/A		N/A		N/A		$	7.77	$	1.37	$	9.14

The following table presents the impacts in connection with the adoption of LDTI on our previously reported Consolidated Statements of Comprehensive Income (Loss) for the years ended December 31, 2022 and 2021:


	Year Ended December 31, 2022						Year Ended December 31, 2021
	As Previously Reported		Effect of Change		Updated Balances Post-Adoption of LDTI		As Previously Reported		Effect of Change		Updated Balances Post-Adoption of LDTI
(in millions)

Net income	$	8,469	$	10	$	8,479	$	8,284	$	888	$	9,172
Other comprehensive income (loss), net of tax
Change in unrealized appreciation (depreciation) of fixed maturity securities on which allowance for credit losses was taken	(54)		(7)		(61)		22		9		31
Change in unrealized appreciation (depreciation) of all other investments	(26,128)		(5,567)		(31,695)		(4,509)		(1,129)		(5,638)
Change in fair value of market risk benefits attributable to changes in our own credit risk	—		1,294		1,294		—		179		179
Change in the discount rates used to measure traditional and limited payment long-duration insurance contracts	—		5,298		5,298		—		1,356		1,356

Other comprehensive income (loss)	(26,124)		1,018		(25,106)		(4,506)		415		(4,091)
Comprehensive income (loss)	(17,655)		1,028		(16,627)		3,778		1,303		5,081


Comprehensive income (loss) attributable to Corebridge	(17,965)		1,028		(16,937)		2,849		1,303		4,152

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ITEM 8 | Notes to Consolidated Financial Statements | 2. Summary of Significant Accounting Policies

The following table presents the impacts in connection with the adoption of LDTI on our previously reported Consolidated Statement of Cash Flows for the years ended December 31, 2022 and 2021:


	Year Ended December 31, 2022						Year Ended December 31, 2021
	As Previously Reported		Effect of Change		Updated Balances Post-Adoption of LDTI		As Previously Reported		Effect of Change		Updated Balances Post-Adoption of LDTI
(in millions)
Cash flows from operating activities:
Net income	$	8,469	$	10	$	8,479	$	8,284	$	888	$	9,172
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	(1,621)		2,485		864		(1,573)		1,017		(556)
Change in the fair value of market risk benefits in earnings, net	—		(1,481)		(1,481)		—		(1,427)		(1,427)
Depreciation and other amortization	1,021		(436)		585		562		(149)		413
Changes in operating assets and liabilities:
Insurance liabilities	2,064		(1,068)		996		2,161		(625)		1,536
Premiums and other receivables and payables - net	68		(28)		40		226		(70)		156
Reinsurance assets and funds held under reinsurance treaties	409		677		1,086		155		152		307
Capitalization of deferred policy acquisition costs	(991)		(68)		(1,059)		(1,000)		(58)		(1,058)
Current and deferred income taxes - net	890		22		912		(70)		239		169
Other, net	577		(187)		390		(686)		(23)		(709)
Total adjustments	(5,774)		(84)		(5,858)		(5,823)		(944)		(6,767)
Net cash provided by operating activities	2,695		(74)		2,621		2,461		(56)		2,405
Cash flows from financing activities:
Policyholder contract deposits	$	26,508	$	74	$	26,582	$	25,387	$	56	$	25,443
Net cash provided by financing activities	$	4,600	$	74	$	4,674	$	(809)	$	56	$	(753)

OTHER ACCOUNTING STANDARDS ADOPTED DURING 2023

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 7.

FUTURE APPLICATION OF ACCOUNTING STANDARDS

Income Taxes

In December 2023, the FASB issued an accounting standard update to address improvements to income tax disclosures. The standard requires disaggregated information about a company’s effective tax rate reconciliation as well as information on income taxes paid. The standard is effective for public companies for annual periods beginning after December 15, 2024, with early adoption permitted. The standard will be applied on a prospective basis with the option to apply the standard retrospectively. We are assessing the impact of this standard.

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ITEM 8 | Notes to Consolidated Financial Statements | 2. Summary of Significant Accounting Policies

Segment Reporting

In November 2023, the FASB issued an accounting standard update to address improvements to reportable segment disclosures. The standard primarily requires the following disclosure on an annual and interim basis: i) significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss, and ii) other segment items and description of its composition. The standard also requires all current annual disclosures about a reportable segments profits or losses and assets to be disclosed in interim periods and the title and position of the CODM with an explanation of how the CODM uses the reported measure(s) of segment profits or losses in assessing segment performance. The guidance is effective for public companies for fiscal years beginning after December 15, 2023 and interim periods in fiscal years within fiscal years beginning after December 15, 2024, with early adoption permitted. The amendment is applied retrospectively to all prior periods presented. We are assessing the impact of this standard.

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.

3. Segment Information

We report our results of operations consistent with the manner in which our chief operating decision maker reviews the business to assess performance and allocate resources.

We report our results of operations as five reportable segments:

•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.

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ITEM 8 | Notes to Consolidated Financial Statements | 3. Segment Information

APTOI excludes the impact of the following items:

Fortitude Re related adjustments:

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)”, 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:

•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.

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ITEM 8 | Notes to Consolidated Financial Statements | 3. Segment Information

The following table presents Corebridge’s operations by segment:


(in millions)	Individual Retirement		Group Retirement		Life Insurance		Institutional Markets		Corporate & Other		Eliminations		Total Corebridge		Adjustments		Total Consolidated
Year Ended December 31, 2023
Premiums	$	213	$	20	$	1,776	$	5,607	$	78	$	—	$	7,694	$	(3)	$	7,691
Policy fees	708		406		1,488		195		—		—		2,797		—		2,797
Net investment income(a)	4,908		1,996		1,282		1,586		92		(25)		9,839		1,239		11,078
Net realized gains (losses)(a)(b)	—		—		—		—		(2)		—		(2)		(3,570)		(3,572)
Advisory fee and other income	426		309		93		2		54		—		884		—		884
Total adjusted revenues	6,255		2,731		4,639		7,390		222		(25)		21,212		(2,334)		18,878
Policyholder benefits	204		31		2,838		6,298		(3)		—		9,368		(6)		9,362
Change in the fair value of market risk benefits, net	—		—		—		—		—		—		—		(6)		(6)
Interest credited to policyholder account balances	2,269		1,182		340		600		—		—		4,391		36		4,427
Amortization of deferred policy acquisition costs	572		82		379		9		—		—		1,042		—		1,042
Non-deferrable insurance commissions	355		124		88		19		2		—		588		—		588
Advisory fee expenses	141		118		2		—		—		—		261		—		261
General operating expenses	402		440		619		85		339		—		1,885		475		2,360
Interest expense	—		—		—		—		569		(17)		552		28		580

Net (gain) loss on divestitures	—		—		—		—		—		—		—		(676)		(676)

Total benefits and expenses	3,943		1,977		4,266		7,011		907		(17)		18,087		(149)		17,938
Noncontrolling interests	—		—		—		—		68		—		68
Adjusted pre-tax operating income (loss)	$	2,312	$	754	$	373	$	379	$	(617)	$	(8)	$	3,193
Adjustments to:
Total revenue													(2,334)
Total expenses													(149)
Noncontrolling interests													(68)
Income before income tax expense (benefit)													$	940			$	940

Year Ended December 31, 2022
Premiums	$	235	$	19	$	1,864	$	2,913	$	82	$	—	$	5,113	$	(22)	$	5,091
Policy fees	741		415		1,564		194		—		—		2,914		—		2,914
Net investment income(a)	3,888		2,000		1,389		1,049		473		(41)		8,758		818		9,576
Net realized gains (losses)(a)(b)	—		—		—		—		170		—		170		5,921		6,091
Advisory fee and other income	451		305		121		2		121		—		1,000		25		1,025
Total adjusted revenues	5,315		2,739		4,938		4,158		846		(41)		17,955		6,742		24,697
Policyholder benefits	285		35		3,010		3,404		—		—		6,734		(14)		6,720
Change in the fair value of market risk benefits, net	—		—		—		—		—		—		—		(958)		(958)
Interest credited to policyholder account balances	1,916		1,147		342		320		—		—		3,725		7		3,732
Amortization of deferred policy acquisition costs	523		80		410		7		—		—		1,020		—		1,020
Non-deferrable insurance commissions	351		123		72		20		2		—		568		—		568
Advisory fee expenses	141		124		1		—		—		—		266		—		266
General operating expenses	426		447		656		73		384		(2)		1,984		339		2,323
Interest expense	—		—		—		—		535		(51)		484		50		534

Net (gain) loss on divestitures	—		—		—		—		—		—		—		1		1
Total benefits and expenses	3,642		1,956		4,491		3,824		921		(53)		14,781		(575)		14,206
Noncontrolling interests	—		—		—		—		(320)		—		(320)
Adjusted pre-tax operating income (loss)	$	1,673	$	783	$	447	$	334	$	(395)	$	12	$	2,854
Adjustments to:
Total revenue													6,742
Total expenses													(575)
Noncontrolling interests													320
Income before income tax expense (benefit)													$	10,491			$	10,491

Corebridge | 2023 Form 10-K 178

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ITEM 8 | Notes to Consolidated Financial Statements | 3. Segment Information


(in millions)	Individual Retirement		Group Retirement		Life Insurance		Institutional Markets		Corporate & Other		Eliminations		Total Corebridge		Adjustments		Total Consolidated
Year Ended December 31, 2021
Premiums	$	195	$	22	$	1,586	$	3,774	$	86	$	—	$	5,663	$	(10)	$	5,653
Policy fees	797		480		1,541		187		—		—		3,005		—		3,005
Net investment income(a)	4,334		2,413		1,621		1,155		443		(49)		9,917		1,755		11,672
Net realized gains (losses)(a)(b)	—		—		—		—		701		—		701		1,051		1,752
Advisory fee and other income	592		337		110		2		134		—		1,175		—		1,175
Total adjusted revenues	5,918		3,252		4,858		5,118		1,364		(49)		20,461		2,796		23,257
Policyholder benefits	317		31		2,842		4,183		—		—		7,373		14		7,387
Change in the fair value of market risk benefits, net	—		—		—		—		—		—		—		(447)		(447)
Interest credited to policyholder account balances	1,793		1,159		354		274		—		—		3,580		(18)		3,562
Amortization of deferred policy acquisition costs	451		78		416		6		—		—		951		—		951
Non-deferrable insurance commissions	396		122		80		22		3		—		623		—		623
Advisory fee expenses	189		133		—		—		—		—		322		—		322
General operating expenses	437		445		682		77		375		—		2,016		88		2,104
Interest expense	46		35		25		9		286		(47)		354		35		389
Loss on extinguishment of debt	—		—		—		—		—		—		—		219		219
Net (gain) loss on divestitures	—		—		—		—		—		—		—		(3,081)		(3,081)
Net (gain) loss on Fortitude Re transactions	—		—		—		—		—		—		—		(26)		(26)
Total benefits and expenses	3,629		2,003		4,399		4,571		664		(47)		15,219		(3,216)		12,003
Noncontrolling interests	—		—		—		—		(861)		—		(861)
Adjusted pre-tax operating income (loss)	$	2,289	$	1,249	$	459	$	547	$	(161)	$	(2)	$	4,381
Adjustments to:
Total revenue													2,796
Total expenses													(3,216)
Noncontrolling interests													861
Income before income tax expense (benefit)													$	11,254			$	11,254

(a)Adjustments include Fortitude Re activity of $(590) million, $6,841 million and $2,012 million for the years ended December 31, 2023, 2022 and 2021, respectively.

(b)Net realized gains (losses) includes the gains (losses) related to the disposition of real estate investments.

Corebridge does not report total assets by segment, as we do not use this metric to allocate resources or evaluate segment performance.

The following table presents Corebridge’s consolidated total revenues by major geographic area:


	Total Revenues*
(in millions)	2023		2022		2021
North America	$	18,299	$	24,160	$	22,733
International	579		537		524
Consolidated	$	18,878	$	24,697	$	23,257

* Revenues are generally reported according to the geographic location of the legal entity. International revenues consist of revenues from Laya and AIG Life.

Corebridge | 2023 Form 10-K 179

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ITEM 8 | Notes to Consolidated Financial Statements | 4. Held-For-Sale Classification

4. Held-For-Sale Classification

HELD-FOR-SALE CLASSIFICATION

We report and classify a business as held-for-sale (“Held-For-Sale Business”) when management has approved or received approval to sell the business and is committed to a formal plan, the business is available for immediate sale, the business is being actively marketed, the sale is anticipated to occur during the next 12 months and certain other specified criteria are met. A Held-For-Sale Business is recorded at the lower of its carrying amount or estimated fair value less cost to sell. If the carrying amount of the business exceeds its estimated fair value less cost to sell, a loss is recognized.

Assets and liabilities related to a Held-For-Sale Business are segregated and reported in Assets held-for-sale and Liabilities held-for-sale, respectively, in our Consolidated Balance Sheets beginning in the period in which the business is classified as held-for-sale. At December 31, 2023, the following businesses were reported and classified as held-for-sale:

AIG Life

To further simplify Corebridge’s business model, on September 25, 2023, Corebridge announced that it entered into a definitive agreement to sell its subsidiary, AIG Life, to Aviva plc for £460 million in cash, subject to certain adjustments. The sale is expected to close in the first half of 2024, subject to regulatory approvals and other customary closing conditions. The results of AIG Life are reported in the Life segment.

Other

Other primarily consists of real estate.

The following table summarizes the components of assets and liabilities held-for-sale on the Consolidated Balance Sheet at December 31, 2023 after elimination of intercompany balances:


December 31, 2023	AIG Life		Other		Total
(in millions)
Assets:
Bonds available-for-sale	$	167	$	—	$	167
Other invested assets	—		67		67
Short-term investments, including restricted cash of $0 million	11		—		11
Cash	3		—		3
Accrued investment income	3		—		3
Premiums and other receivables, net of allowance for credit losses and disputes	116		—		116
Reinsurance assets - other, net of allowance for credit losses and disputes	899		—		899
Deferred income taxes	47		—		47
Deferred policy acquisition costs	814		—		814
Other assets, net of allowance for credit losses	83		27		110
Total assets held-for-sale	$	2,143	$	94	$	2,237
Liabilities:
Future policy benefits for life and accident and health insurance contracts	$	838	$	—	$	838

Other liabilities	908		—		908
Total liabilities held-for-sale	$	1,746	$	—	$	1,746

Corebridge | 2023 Form 10-K 180

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ITEM 8 | Notes to Consolidated Financial Statements | 5. Fair Value Measurements

5. Fair Value Measurements

FAIR VALUE MEASUREMENTS ON A RECURRING BASIS

We carry certain of our financial instruments at fair value. We define the fair value of a financial instrument as the amount that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. We are responsible for the determination of the value of the investments carried at fair value and the supporting methodologies and assumptions.

The degree of judgment used in measuring the fair value of financial instruments generally inversely correlates with the level of observable valuation inputs. We maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Financial instruments with quoted prices in active markets generally have more pricing observability and less judgment is used in measuring fair value. Conversely, financial instruments for which no quoted prices are available have less observability and are measured at fair value using valuation models or other pricing techniques that require more judgment. Pricing observability is affected by a number of factors, including the type of financial instrument, whether the financial instrument is new to the market and not yet established, the characteristics specific to the transaction, liquidity and general market conditions.

Assets and liabilities recorded at fair value in the Consolidated Balance Sheets are measured and classified in accordance with a fair value hierarchy consisting of three “levels” based on the observability of valuation inputs:

•Level 1: Fair value measurements based on quoted prices (unadjusted) in active markets that we have the ability to access for identical assets or liabilities. Market price data generally is obtained from exchange or dealer markets. We do not adjust the quoted price for such instruments.

•Level 2: Fair value measurements based on inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals.

•Level 3: Fair value measurements based on valuation techniques that use significant inputs that are unobservable. Both observable and unobservable inputs may be used to determine the fair values of positions classified in Level 3. The circumstances for using these measurements include those in which there is little, if any, market activity for the asset or liability. Therefore, we must make certain assumptions about the inputs a hypothetical market participant would use to value that asset or liability.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The following is a description of the valuation methodologies used for instruments carried at fair value. These methodologies are applied to assets and liabilities across the levels discussed above, and it is the observability of the inputs used that determines the appropriate level in the fair value hierarchy for the respective asset or liability.

VALUATION METHODOLOGIES OF FINANCIAL INSTRUMENTS MEASURED AT FAIR VALUE

Incorporation of credit risk in fair value measurements

•Our own credit risk: Fair value measurements for certain liabilities incorporate our own credit risk by determining the explicit cost for each counterparty to protect against its net credit exposure to us at the balance sheet date by reference to observable AIG credit default swaps (“CDS”) or cash bond spreads. We calculate the effect of credit spread changes using discounted cash flow techniques that incorporate current market interest rates. A derivative counterparty’s net credit exposure to us is determined based on master netting agreements, when applicable, which take into consideration all derivative positions with us, as well as collateral we post with the counterparty at the balance sheet date. We also incorporate our own risk of non-performance in the valuation of market risk benefits associated with variable annuity, fixed annuity and fixed index annuity contracts and embedded derivatives associated with fixed index annuity and life contracts. The non-performance risk adjustment (“NPA”) reflects a market participant’s view of our claims-paying ability by incorporating an additional spread to the swap curve used to discount projected benefit cash flows in the valuation of market risk benefits and embedded derivatives. The non-performance risk adjustment is calculated by constructing forward rates based on a weighted average of observable corporate credit indices to approximate the claims-paying ability rating of our insurance operations companies.

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ITEM 8 | Notes to Consolidated Financial Statements | 5. Fair Value Measurements

•Counterparty credit risk: Fair value measurements for freestanding derivatives incorporate counterparty credit by determining the explicit cost for us to protect against our net credit exposure to each counterparty at the balance sheet date by reference to observable counterparty CDS spreads, when available. When not available, other directly or indirectly observable credit spreads will be used to derive the best estimates of the counterparty spreads. Our net credit exposure to a counterparty is determined based on master netting agreements, which take into consideration all derivative positions with the counterparty, as well as collateral posted by the counterparty at the balance sheet date.

Fair values for fixed maturity securities based on observable market prices for identical or similar instruments implicitly incorporate counterparty credit risk. Fair values for fixed maturity securities based on internal models incorporate counterparty credit risk by using discount rates that take into consideration cash issuance spreads for similar instruments or other observable information.

For fair values measured based on internal models, the cost of credit protection is determined under a discounted present value approach considering the market levels for single name CDS spreads for each specific counterparty, the mid-market value of the net exposure (reflecting the amount of protection required) and the weighted average life of the net exposure. CDS spreads are provided to us by an independent third party. We utilize an interest rate based on the appropriate benchmark curve to derive our discount rates.

While this approach does not explicitly consider all potential future behavior of the derivative transactions or potential future changes in valuation inputs, we believe this approach provides a reasonable estimate of the fair value of the assets and liabilities, including consideration of the impact of non-performance risk.

Fixed maturity securities

Whenever available, we obtain quoted prices in active markets for identical assets at the balance sheet date to measure fixed maturity securities at fair value. Market price data is generally obtained from dealer markets.

We employ independent third-party valuation service providers to gather, analyze, and interpret market information to derive fair value estimates for individual investments, based upon market-accepted methodologies and assumptions. The methodologies used by these independent third-party valuation service providers are reviewed and understood by management, through periodic discussion with and information provided by the independent third-party valuation service providers. In addition, as discussed further below, control processes are applied to the fair values received from independent third-party valuation service providers to ensure the accuracy of these values.

Valuation service providers typically obtain data about market transactions and other key valuation model inputs from multiple sources and, through the use of market-accepted valuation methodologies, which may utilize matrix pricing, financial models, accompanying model inputs and various assumptions, provide a single fair value measurement for individual securities. The inputs used by the valuation service providers include, but are not limited to, market prices from completed transactions for identical securities and transactions for comparable securities, benchmark yields, interest rate yield curves, credit spreads, prepayment rates, default rates, recovery assumptions, currency rates, quoted prices for similar securities and other market-observable information, as applicable. If fair value is determined using financial models, these models generally take into account, among other things, market observable information as of the measurement date as well as the specific attributes of the security being valued, including its term, interest rate, credit rating, industry sector, and when applicable, collateral quality and other security or issuer-specific information. When market transactions or other market observable data is limited, the extent to which judgment is applied in determining fair value is greatly increased.

We have control processes designed to ensure that the fair values received from independent third-party valuation service providers are accurately recorded, that their data inputs and valuation techniques are appropriate and consistently applied and that the assumptions used appear reasonable and consistent with the objective of determining fair value. We assess the reasonableness of individual security values received from independent third-party valuation service providers through various analytical techniques and have procedures to escalate related questions internally and to the independent third-party valuation service providers for resolution. To assess the degree of pricing consensus among various valuation service providers for specific asset types, we conduct comparisons of prices received from available sources. We use these comparisons to establish a hierarchy for the fair values received from independent third-party valuation service providers to be used for particular security classes. We also validate prices for selected securities through reviews by members of management who have relevant expertise and who are independent of those charged with executing investing transactions.

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ITEM 8 | Notes to Consolidated Financial Statements | 5. Fair Value Measurements

When our independent third-party valuation service providers are unable to obtain sufficient market observable information upon which to estimate the fair value for a particular security, fair value is determined either by requesting brokers who are knowledgeable about these securities to provide a price quote, which is generally non-binding, or by employing market accepted valuation models internally or via our third party asset managers. Broker prices may be based on an income approach, which converts expected future cash flows to a single present value amount, with specific consideration of inputs relevant to particular security types. For structured securities, such inputs may include ratings, collateral types, geographic concentrations, underlying loan vintages, loan delinquencies and defaults, loss severity assumptions, prepayments, and weighted average coupons and maturities. When the volume or level of market activity for a security is limited, certain inputs used to determine fair value may not be observable in the market. Broker prices may also be based on a market approach that considers recent transactions involving identical or similar securities. Fair values provided by brokers are subject to similar control processes to those noted above for fair values from independent third-party valuation service providers, including management reviews. For those corporate debt instruments (for example, private placements) that are not traded in active markets or that are subject to transfer restrictions, valuations reflect illiquidity and non-transferability, based on available market evidence. When observable price quotations are not available, fair value is determined based on discounted cash flow models using discount rates based on credit spreads, yields or price levels of comparable securities, adjusted for illiquidity and structure. Fair values determined internally or via our third party asset managers are also subject to management review to ensure that valuation models and related inputs are reasonable.

The methodology above is relevant for all fixed maturity securities including residential mortgage backed securities (“RMBS”), commercial mortgage backed securities (“CMBS”), collateralized loan obligations (“CLOs”), other asset-backed securities (“ABS”) and fixed maturity securities issued by government sponsored entities and corporate entities.

Equity securities traded in active markets

Whenever available, we obtain quoted prices in active markets for identical assets at the balance sheet date to measure equity securities at fair value. Market price data is generally obtained from exchange or dealer markets.

Mortgage and other loans receivable

We estimate the fair value of mortgage and other loans receivable that are measured at fair value by using dealer quotations, discounted cash flow analyses and/or internal valuation models. The determination of fair value considers inputs such as interest rate, maturity, the borrower’s creditworthiness, collateral, subordination, guarantees, past-due status, yield curves, credit curves, prepayment rates, market pricing for comparable loans and other relevant factors.

Other invested assets

We initially estimate the fair value of investments in certain hedge funds, private equity funds and other investment partnerships by reference to the transaction price. Subsequently, we generally obtain the fair value of these investments from net asset value information provided by the general partner or manager of the investments, the financial statements of which are generally audited annually. We consider observable market data and perform certain control procedures to validate the appropriateness of using the net asset value as a fair value measurement. The fair values of other investments carried at fair value, such as direct private equity holdings, are initially determined based on transaction price and are subsequently estimated based on available evidence such as market transactions in similar instruments, other financing transactions of the issuer and other available financial information for the issuer, with adjustments made to reflect illiquidity as appropriate.

Short-term investments

For short-term investments that are measured at amortized cost, the carrying amounts of these assets approximate fair values because of the relatively short period of time between origination and expected realization, and their limited exposure to credit risk. Securities purchased under agreements to resell (reverse repurchase agreements) are generally treated as collateralized receivables. We report certain receivables arising from securities purchased under agreements to resell as Short-term investments in the Consolidated Balance Sheets. When these receivables are measured at fair value, we use market-observable interest rates to determine fair value.

Separate account assets

Separate account assets are composed primarily of registered and unregistered open-end mutual funds that generally trade daily and are measured at fair value in the manner discussed above for equity securities traded in active markets.

Freestanding derivatives

Derivative assets and liabilities can be exchange-traded or traded over-the-counter (“OTC”). We generally value exchange-traded derivatives such as futures and options using quoted prices in active markets for identical derivatives at the balance sheet date. We use these OTC derivatives as part of fair value hedges.

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ITEM 8 | Notes to Consolidated Financial Statements | 5. Fair Value Measurements

OTC derivatives are valued using market transactions and other market evidence whenever possible, including market-based inputs to models, model calibration to market clearing transactions, broker or dealer quotations or alternative pricing sources with reasonable levels of price transparency. When models are used, the selection of a particular model to value an OTC derivative depends on the contractual terms of, and specific risks inherent in the instrument, as well as the availability of pricing information in the market. We generally use similar models to value similar instruments. Valuation models require a variety of inputs, including contractual terms, market prices and rates, yield curves, credit curves, measures of volatility, prepayment rates and correlations of such inputs. For OTC derivatives that trade in liquid markets, such as generic forwards, swaps and options, model inputs can generally be corroborated by observable market data by correlation or other means, and model selection does not involve significant management judgment.

For certain OTC derivatives that trade in less liquid markets, where we generally do not have corroborating market evidence to support significant model inputs and cannot verify the model to market transactions, the transaction price may provide the best estimate of fair value. Accordingly, when a pricing model is used to value such an instrument, the model is adjusted so the model value at inception equals the transaction price. We will update valuation inputs in these models only when corroborated by evidence such as similar market transactions, independent third-party valuation service providers and/or broker or dealer quotations, or other empirical market data. When appropriate, valuations are adjusted for various factors such as liquidity, bid/offer spreads and credit considerations. Such adjustments are generally based on available market evidence. In the absence of such evidence, management’s best estimate is used.

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 the fair value 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, Secured Overnight Financing Rate (“SOFR”) 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 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 NPA 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 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 NPA that is a locked-in estimate of our claims-paying ability at policy issue (“locked-in NPA”) as well as a NPA that reflects an estimate of our current claims-paying ability (“current NPA”).

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ITEM 8 | Notes to Consolidated Financial Statements | 5. Fair Value Measurements

When MRBs are remeasured each period, both the interest rates and current NPA are updated. Changes in the swap curve and the time value accretion of the at-issue NPA are recorded to net income while the difference between the MRBs measured using the at-issue NPA and the current NPA is recorded to OCI. For embedded derivatives, changes in the interest rates and the period-over-period change in the NPA are recorded to net income.

Policyholder contract deposits at fair value option

We have elected fair value option on certain GICs recorded using discounted cash flow calculations based on interest rates currently being offered for similar contracts and our current market observable implicit credit spread rates with maturities consistent with those remaining for the contracts being valued. Obligations may be called at various times prior to maturity at the option of the counterparty. Interest rates on these borrowings are primarily fixed, vary by maturity and range up to 5.04%.

Fortitude Re funds withheld payable

The reinsurance transactions between AIG and Fortitude Re were structured as modco arrangements. Corebridge has established a funds withheld payable to Fortitude Re while simultaneously establishing a reinsurance asset representing liabilities for the insurance coverage that Fortitude Re has assumed. The funds withheld payable contains an embedded derivative. Changes in fair value of the embedded derivative related to the funds withheld payable are recognized in earnings through realized gains (losses). This embedded derivative is considered a total return swap with contractual returns that are attributable to various assets and liabilities associated with these reinsurance agreements. The fair value of the underlying assets is generally based on market observable inputs using industry standard valuation techniques. The valuation also requires certain significant inputs, which are generally not observable and accordingly, the valuation is considered Level 3 in the fair value hierarchy.

Debt of consolidated investment entities

The fair value of debt of consolidated investment entities was determined using independent third-party valuation service providers that gather, analyze, and interpret market information to derive fair value estimates for individual securities, based upon market-accepted methodologies and assumptions. Previously, there were six consolidated investment entities which securitized portfolios of certain debt securities previously owned by Corebridge and its affiliates. These were valued using a discounted cash flow model. The discount rate considered current market spreads for U.S. Collateralized Loan Obligations, as well as our own considerations including duration, credit risk, and liquidity.

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ITEM 8 | Notes to Consolidated Financial Statements | 5. Fair Value Measurements

ASSETS AND LIABILITIES MEASURED AT FAIR VALUE ON A RECURRING BASIS

The following table presents information about assets and liabilities measured at fair value on a recurring basis and indicates the level of the fair value measurement based on the observability of the inputs used:


December 31, 2023	Level 1		Level 2		Level 3		Counterparty Netting(a)		Cash Collateral		Total
(in millions)
Assets:
Bonds available-for-sale:
U.S. government and government sponsored entities	$	20	$	1,200	$	—	$	—	$	—	$	1,220
Obligations of states, municipalities and political subdivisions	—		4,987		844		—		—		5,831
Non-U.S. governments	—		4,057		—		—		—		4,057
Corporate debt	—		104,725		1,357		—		—		106,082
RMBS(b)	—		8,423		5,854		—		—		14,277
CMBS	—		9,373		608		—		—		9,981
CLO	—		9,301		1,843		—		—		11,144
ABS	—		1,029		12,906		—		—		13,935
Total bonds available-for-sale	20		143,095		23,412		—		—		166,527
Other bond securities:
U.S. government and government sponsored entities	—		—		—		—		—		—
Obligations of states, municipalities and political subdivisions	—		39		1		—		—		40
Non-U.S. governments	—		13		—		—		—		13
Corporate debt	—		2,486		167		—		—		2,653
RMBS(c)	—		63		107		—		—		170
CMBS	—		211		17		—		—		228
CLO	—		354		69		—		—		423
ABS	—		89		962		—		—		1,051
Total other bond securities	—		3,255		1,323		—		—		4,578
Equity securities	21		—		42		—		—		63
Other invested assets(d)	—		—		1,850		—		—		1,850
Derivative assets:
Interest rate contracts	—		2,498		449		—		—		2,947
Foreign exchange contracts	—		940		—		—		—		940
Equity contracts	7		1,186		824		—		—		2,017
Credit contracts	—		8		—		—		—		8
Other contracts	—		1		12		—		—		13
Counterparty netting and cash collateral	—		—		—		(3,646)		(1,886)		(5,532)
Total derivative assets	7		4,633		1,285		(3,646)		(1,886)		393
Short-term investments	21		1,387		—		—		—		1,408
Market risk benefit assets	—		—		912		—		—		912
Separate account assets	87,813		3,192		—		—		—		91,005
Total (g)	$	87,882	$	155,562	$	28,824	$	(3,646)	$	(1,886)	$	266,736
Liabilities:
Policyholder contract deposits(e)	$	—	$	108	$	7,942	$	—	$	—	$	8,050
Derivative liabilities:
Interest rate contracts	—		3,278		—		—		—		3,278
Foreign exchange contracts	—		563		—		—		—		563
Equity contracts	2		680		63		—		—		745
Credit contracts	—		—		—		—		—		—
Other contracts	—		—		2		—		—		2
Counterparty netting and cash collateral	—		—		—		(3,646)		(801)		(4,447)
Total derivative liabilities	2		4,521		65		(3,646)		(801)		141
Fortitude Re funds withheld payable(f)	—		—		2,182		—		—		2,182
Market risk benefit liabilities	—		—		5,705		—		—		5,705
Debt of consolidated investment entities	—		—		—		—		—		—
Total	$	2	$	4,629	$	15,894	$	(3,646)	$	(801)	$	16,078

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ITEM 8 | Notes to Consolidated Financial Statements | 5. Fair Value Measurements


December 31, 2022	Level 1		Level 2		Level 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	—		5,121		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	—		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(c)	—		58		107		—		—		165
CMBS	—		204		28		—		—		232
CLO	—		268		11		—		—		279
ABS	—		71		741		—		—		812
Total other bond securities	—		2,465		1,304		—		—		3,769
Equity securities	141		3		26		—		—		170
Other invested assets(d)	—		—		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(e)	$	—	$	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(f)	—		—		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 $36 million and $7 million classified as Level 2 and Level 3, respectively, as of December 31, 2023. Additionally, 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.

(c)Includes less than $1 million of investments in RMBS issued by related parties classified as Level 2 as of December 31, 2023 and December 31, 2022.

(d)Excludes investments that are measured at fair value using the net asset value (“NAV”) per share (or its equivalent), which totaled $5.8 billion and $6.0 billion as of December 31, 2023 and December 31, 2022, respectively.

(e)Excludes basis adjustments for fair value hedges.

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ITEM 8 | Notes to Consolidated Financial Statements | 5. Fair Value Measurements

(f)As discussed in Note 8, 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 Consolidated Balance Sheets. 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.

(g)Excludes $167 million of assets that were reclassified to Assets held-for-sale in the Consolidated Balance Sheets. See Note 4 for additional information.

CHANGES IN LEVEL 3 RECURRING FAIR VALUE MEASUREMENTS

The following tables present changes during the years ended December 31, 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 Consolidated Balance Sheets at December 31, 2023 and 2022:


(in millions)	Fair Value Beginning of Period		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		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gain (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Year Ended December 31, 2023
Assets:
Bonds available-for-sale:
Obligations of states, municipalities and political subdivisions	$	805	$	(2)	$	66	$	(15)	$	—	$	(10)	$	—	$	844	$	—	$	35
Corporate debt	1,968		(96)		13		(58)		583		(1,037)		(16)		1,357		—		(19)
RMBS	5,670		316		22		(103)		33		(84)		—		5,854		—		(45)
CMBS	718		9		(53)		(53)		179		(192)		—		608		—		(83)
CLO	1,670		(18)		53		(29)		76		(172)		263		1,843		—		(19)
ABS	9,595		263		323		2,144		590		(9)		—		12,906		—		260
Total bonds available-for-sale	20,426		472		424		1,886		1,461		(1,504)		247		23,412		—		129
Other bond securities:
Obligations of states, municipalities and political subdivisions	—		—		—		1		—		—		—		1		—		—
Corporate debt	417		(15)		—		(43)		—		(192)		—		167		(16)		—
RMBS	107		6		—		(6)		—		—		—		107		2		—
CMBS	28		(5)		—		(6)		—		—		—		17		—		—
CLO	11		17		—		(52)		39		(44)		98		69		6		—
ABS	741		49		—		207		—		(35)		—		962		(18)		—
Total other bond securities	1,304		52		—		101		39		(271)		98		1,323		(26)		—
Equity securities	26		—		—		23		1		(7)		(1)		42		—		—
Other invested assets	1,832		(153)		11		126		34		—		—		1,850		(150)		—
Total (a)	$	23,588	$	371	$	435	$	2,136	$	1,535	$	(1,782)	$	344	$	26,627	$	(176)	$	129

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ITEM 8 | Notes to Consolidated Financial Statements | 5. Fair Value Measurements


(in millions)	Fair Value Beginning of Period		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		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gain (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Liabilities:
Policyholder contract deposits	$	5,367	$	1,464	$	—	$	1,111	$	—	$	—	$	—	$	7,942	$	(733)	$	—
Derivative liabilities, net:
Interest rate contracts	(303)		(88)		—		(157)		—		—		99		(449)		33		—
Foreign exchange contracts	—		—		—		—		—		—		—		—		—		—
Equity contracts	(267)		(389)		—		(537)		—		—		432		(761)		438		—
Credit contracts	—		—		—		—		—		—		—		—		—		—
Other contracts	(14)		(61)		—		65		—		—		—		(10)		62		—
Total derivative liabilities, net(b)	(584)		(538)		—		(629)		—		—		531		(1,220)		533		—
Fortitude Re funds withheld payable	1,262		1,734		—		(814)		—		—		—		2,182		(721)		—
Debt of consolidated investment entities	6		1		—		(7)		—		—		—		—		—		—
Total (c)	$	6,051	$	2,661	$	—	$	(339)	$	—	$	—	$	531	$	8,904	$	(921)	$	—


(in millions)	Fair Value Beginning of Period		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		Other (d)		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gain (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Year Ended 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 debt	1,907		17		(192)		(159)		911		(516)		—		1,968		—		(174)
RMBS	7,595		322		(986)		(834)		7		(434)		—		5,670		—		(610)
CMBS	1,072		9		(140)		38		45		(306)		—		718		—		(115)
CLO	3,038		(31)		(163)		(105)		1,305		(1,673)		(701)		1,670		—		(76)
ABS	7,400		131		(1,417)		3,283		218		(20)		—		9,595		—		(1,369)
Total bonds available-for-sale	22,407		449		(3,423)		2,128		2,526		(2,960)		(701)		20,426		—		(2,565)
Other bond securities:
Obligations of states, municipalities and political subdivisions	—		—		—		—		—		—		—		—		—		—
Corporate debt	134		(5)		—		158		335		(205)		—		417		(2)		—
RMBS	106		(23)		—		24		—		—		—		107		(22)		—
CMBS	33		(5)		—		—		—		—		—		28		(4)		—
CLO	149		1		—		(131)		70		(78)		—		11		(5)		—
ABS	205		(117)		—		653		—		—		—		741		(132)		—
Total other bond securities	627		(149)		—		704		405		(283)		—		1,304		(165)		—
Equity securities	2		(1)		—		23		2		—		—		26		(1)		—
Other invested assets	1,892		313		(22)		(195)		24		(180)		—		1,832		329		—
Total (a)	$	24,928	$	612	$	(3,445)	$	2,660	$	2,957	$	(3,423)	$	(701)	$	23,588	$	163	$	(2,565)

Corebridge | 2023 Form 10-K 189

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ITEM 8 | Notes to Consolidated Financial Statements | 5. Fair Value Measurements


(in millions)	Fair Value Beginning of Period		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		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gain (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
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 payable	7,974		(6,348)		—		(364)		—		—		—		1,262		6,689		—
Debt of consolidated investment entities	5		—		—		1		—		—		—		6		(1)		—
Total (c)	$	13,081	$	(7,023)	$	—	$	(7)	$	—	$	—	$	—	$	6,051	$	7,864	$	—

(a)Excludes MRB assets of $912 million at December 31, 2023 and $796 million at December 31, 2022. Refer to Note 16 for additional information.

(b)Total Level 3 derivative exposures have been netted in these tables for presentation purposes only.

(c)Excludes MRB liabilities of $5.7 billion at December 31, 2023 and $4.7 billion at December 31, 2022. Refer to Note 16 for additional information.

(d)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. As a result of these transactions, we own all of the interests related to these investments and consolidate them in our financial statements.

Change in the fair value of market risk benefits, net and net realized and unrealized gains and losses included in income related to Level 3 assets and liabilities shown above are reported in the Consolidated Statements of Income (Loss) as follows:


(in millions)	Policy Fees		Net Investment Income		Net Realized and Unrealized Gains (Losses)		Interest Expense		Change in the Fair Value of Market Risk Benefits, net(a)		Total
Year Ended December 31, 2023
Assets:
Bonds available-for-sale	$	—	$	491	$	(19)	$	—	$	—	$	472
Other bond securities	—		52		—		—		—		52
Equity securities	—		—		—		—		—		—
Other invested assets	—		(150)		(3)		—		—		(153)
Year Ended 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

Corebridge | 2023 Form 10-K 190

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ITEM 8 | Notes to Consolidated Financial Statements | 5. Fair Value Measurements


(in millions)	Policy Fees		Net Investment Income		Net Realized and Unrealized Gains (Losses)		Interest Expense		Change in the Fair Value of Market Risk Benefits, net(a)		Total
Year Ended December 31, 2023
Liabilities:
Policyholder contract deposits (b)	$	—	$	—	$	(1,464)	$	—	$	—	$	(1,464)
Derivative liabilities, net	62		—		517		—		(41)		538
Fortitude Re funds withheld payable	—		—		(1,734)		—		—		(1,734)
Market risk benefit liabilities, net(c)	—		—		3		—		1,125		1,128
Debt of consolidated investment entities	—		(1)		—		—		—		(1)
Year Ended December 31, 2022
Liabilities:
Policyholder contract deposits (b)	$	—	$	—	$	1,107	$	—	$	—	$	1,107
Derivative liabilities, net	61		—		(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	—		—		—		—		—		—

(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.

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ITEM 8 | Notes to Consolidated Financial Statements | 5. Fair Value Measurements

The following table presents the gross components of purchases, sales, issuances and settlements, net, shown above, for the year ended December 31, 2023 and 2022 related to Level 3 assets and liabilities in the Consolidated Balance Sheets:


(in millions)	Purchases		Sales		Issuances and Settlements		Purchases, Sales, Issuances and Settlements, Net
Year Ended December 31, 2023
Assets:
Bonds available-for-sale:
Obligations of states, municipalities and political subdivisions	$	—	$	(12)	$	(3)	$	(15)
Corporate debt	223		(30)		(251)		(58)
RMBS	706		(42)		(767)		(103)
CMBS	9		(27)		(35)		(53)
CLO	226		(18)		(237)		(29)
ABS	2,523		(4)		(375)		2,144
Total bonds available-for-sale	3,687		(133)		(1,668)		1,886
Other bond securities:
Obligations of states, municipalities and political subdivisions	3		(2)		—		1
Corporate debt	185		—		(228)		(43)
RMBS	6		—		(12)		(6)
CMBS	—		(6)		—		(6)
CLO	1		(9)		(44)		(52)
ABS	256		(8)		(41)		207
Total other bond securities	451		(25)		(325)		101
Equity securities	25		—		(2)		23
Other invested assets	262		—		(136)		126

Total assets*	$	4,425	$	(158)	$	(2,131)	$	2,136
Liabilities:
Policyholder contract deposits	$	—	$	1,428	$	(317)	$	1,111
Derivative liabilities, net	(127)		—		(502)		(629)
Fortitude Re funds withheld payable	—		—		(814)		(814)

Debt of consolidated investment entities	—		—		(7)		(7)
Total liabilities	$	(127)	$	1,428	$	(1,640)	$	(339)

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ITEM 8 | Notes to Consolidated Financial Statements | 5. Fair Value Measurements


(in millions)	Purchases		Sales		Issuances and Settlements		Purchases, Sales, Issuances and Settlements, Net
Year Ended December 31, 2022
Assets:
Bonds available-for-sale:
Obligations of states, municipalities and political subdivisions	$	—	$	(60)	$	(35)	$	(95)
Corporate debt	85		(39)		(205)		(159)
RMBS	377		—		(1,211)		(834)
CMBS	118		(9)		(71)		38
CLO	514		(27)		(592)		(105)
ABS	3,110		—		173		3,283
Total bonds available-for-sale	4,204		(135)		(1,941)		2,128
Other bond securities:
Obligations of states, municipalities and political subdivisions	—		—		—		—
Corporate debt	29		(3)		132		158
RMBS	38		—		(14)		24
CMBS	—		—		—		—
CLO	16		(123)		(24)		(131)
ABS	675		—		(22)		653
Total other bond securities	758		(126)		72		704
Equity securities	22		—		1		23
Other invested assets	652		—		(847)		(195)

Total assets*	$	5,636	$	(261)	$	(2,715)	$	2,660
Liabilities:
Policyholder contract deposits	$	—	$	923	$	(21)	$	902
Derivative liabilities, net	(421)		—		(125)		(546)
Fortitude Re funds withheld payable	—		—		(364)		(364)

Debt of consolidated investment entities	—		—		1		1
Total liabilities	$	(421)	$	923	$	(509)	$	(7)

* There were no issuances during the year ended December 31, 2023 and 2022 for invested assets.

Both observable and unobservable inputs may be used to determine the fair values of positions classified in Level 3 in the tables above. As a result, the unrealized gains (losses) on instruments held at December 31, 2023 and 2022 may include changes in fair value that were attributable to both observable (e.g., changes in market interest rates) and unobservable inputs (e.g., changes in unobservable long-dated volatilities).

Transfers of Level 3 Assets and Liabilities

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 $23 million and $(92) million of net gains (losses) related to assets transferred into Level 3 during the years ended December 31, 2023 and 2022, respectively, and includes $(10) million and $(142) million of net gains (losses) related to assets transferred out of Level 3 during the years ended December 31, 2023 and 2022, respectively.

Transfers of Level 3 Assets

During the years ended December 31, 2023 and 2022, transfers into Level 3 assets primarily included certain investments in private placement corporate debt, commercial mortgage backed securities (“CMBS”), CLO and asset-backed securities (“ABS”). 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.

Corebridge | 2023 Form 10-K 193

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ITEM 8 | Notes to Consolidated Financial Statements | 5. Fair Value Measurements

During the years ended December 31, 2023 and 2022, transfers out of Level 3 assets primarily included private placement and other corporate debt, CMBS, RMBS, CLO, ABS and certain investments in municipal securities. 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 significant transfers of derivative or other liabilities into or out of Level 3 for the years ended December 31, 2023 and December 31, 2022.

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 December 31, 2023		Valuation Technique	Unobservable Input(a)	Range (Weighted Average)(b)
Assets:
Obligations of states, municipalities and political subdivisions	$	821	Discounted cash flow	Yield	4.97% - 5.31% (5.14%)
Corporate debt	$	1,471	Discounted cash flow	Yield	5.26% - 8.16% (6.71%)
RMBS(c)	$	3,315	Discounted cash flow	Prepayment Speed	4.31% - 9.86% (7.09%)
				Default Rate	0.73% - 2.52% (1.63%)
				Yield	6.11% - 7.40% (6.75%)
				Loss Severity	30.64% - 91.03% (60.83%)
CLO(c)	$	1,697	Discounted cash flow	Yield	6.06% - 7.81% (6.93%)
ABS(c)	$	11,367	Discounted cash flow	Yield	5.63% - 7.82% (6.73%)
CMBS	$	565	Discounted cash flow	Yield	5.49% - 17.84% (11.66%)
Market risk benefit assets	$	912	Discounted cash flow	Equity volatility	6.25% - 49.75%
				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% - 2.29%
Liabilities(d):
Market risk benefit liabilities
Variable annuities guaranteed benefits	$	2,174	Discounted cash flow	Equity volatility	6.25% - 49.75%
				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% - 2.29%
Fixed annuities guaranteed benefits	$	1,111	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)	0.00% - 2.29%

Corebridge | 2023 Form 10-K 194

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ITEM 8 | Notes to Consolidated Financial Statements | 5. Fair Value Measurements


(in millions)	Fair Value at December 31, 2023		Valuation Technique	Unobservable Input(a)	Range (Weighted Average)(b)
Fixed index annuities guaranteed benefits	$	2,420	Discounted cash flow	Equity volatility	6.25% - 49.75%
				Base lapse rate	0.20% - 50.00%
				Dynamic lapse multiplier(e)	20.00% - 186.18%
				Mortality multiplier(e)(f)	24.00% - 146.00%
				Utilization(h)	60.00% - 97.50%
				Option budget	0.00% - 6.00%
				Equity / interest-rate correlation	0.00% - 30.00%
				NPA(g)	0.00% - 2.29%
Embedded derivatives within Policyholder contract deposits:
Index credits on fixed index annuities(i)	$	6,953	Discounted cash flow	Equity volatility	6.25% - 49.75%
				Base lapse rate	0.20% - 50.00%
				Dynamic lapse multiplier(e)	20.00% - 186.18%
				Mortality multiplier(e)(f)	24.00% - 146.00%
				Utilization(h)	60.00% - 97.50%
				Option Budget	0.00% - 6.00%
				Equity / interest-rate correlation	0.00% - 30.00%
				NPA(g)	0.00% - 2.29%

Index universal life	$	989	Discounted cash flow	Base lapse rate	0.00% - 37.97%
				Mortality rates	0.00% - 100.00%
				Equity Volatility	5.85% - 20.36%
				NPA(g)	0.00% - 2.29%


(in millions)	Fair Value at December 31, 2022		Valuation Technique	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%

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%

Corebridge | 2023 Form 10-K 195

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ITEM 8 | Notes to Consolidated Financial Statements | 5. Fair Value Measurements


(in millions)	Fair Value at December 31, 2022		Valuation Technique	Unobservable Input(a)	Range (Weighted Average)(b)
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 universal life	$	710	Discounted cash flow	Base lapse rate	0.00% - 37.97%
				Mortality rates	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 8, 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 Consolidated Balance Sheets. 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 Consolidated Balance Sheets.

(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 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, 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 December 31, 2023 and December 31, 2022, respectively.

The ranges of reported inputs for obligations of states, municipalities and political subdivisions, corporate debt, RMBS, CLO/ABS and CMBS valued using a discounted cash flow technique consist of one standard deviation in either direction from the value-weighted average. The preceding table does not give effect to our risk management practices that might offset risks inherent in these Level 3 assets and liabilities.

Corebridge | 2023 Form 10-K 196

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ITEM 8 | Notes to Consolidated Financial Statements | 5. Fair Value Measurements

Interrelationships Between Unobservable Inputs

We consider unobservable inputs to be those for which market data is not available and that are developed using the best information available to us about the assumptions that market participants would use when pricing the asset or liability. Relevant inputs vary depending on the nature of the instrument being measured at fair value. The following paragraphs provide a general description of significant unobservable inputs along with interrelationships between and among the significant unobservable inputs and their impact on the fair value measurements. In practice, simultaneous changes in assumptions may not always have a linear effect on the inputs discussed below. Interrelationships may also exist between observable and unobservable inputs. Such relationships have not been included in the discussion below. For each of the individual relationships described below, the inverse relationship would also generally apply.

Fixed Maturity Securities

The significant unobservable input used in the fair value measurement of fixed maturity securities is yield. The yield is affected by the market movements in credit spreads and U.S. Treasury yields. The yield may be affected by other factors, including constant prepayment rates, loss severity and constant default rates. In general, increases in the yield would decrease the fair value of investments, and conversely, decreases in the yield would increase the fair value of investments.

MRBs and Embedded Derivatives within Policyholder Contract Deposits

For MRBs and embedded derivatives, the assumptions for unobservable inputs vary throughout the period over which cash flows are projected for valuation purposes. The following are applicable unobservable inputs:

•Long-term equity volatilities represent equity volatility beyond the period for which observable equity volatilities are available. Increases in assumed volatility will generally increase the fair value of both the projected cash flows from rider fees as well as the projected cash flows related to benefit payments. Therefore, the net change in the fair value of the liability may be either a decrease or an increase, depending on the relative changes in projected rider fees and projected benefit payments.

•Equity and interest rate correlation estimates the relationship between changes in equity returns and interest rates in the economic scenario generator used to value our MRBs. In general, a higher positive correlation assumes that equity markets and interest rates move in a more correlated fashion, which generally increases the fair value of the liability. Only our fixed index annuities with a GMWB rider are subject to the equity and interest correlation assumption. Other policies such as accumulation fixed index annuity and life products do not use a correlation assumption.

•Base lapse rate assumptions are determined by company experience and judgment and are adjusted at the contract level using a dynamic lapse function, which reduces the base lapse rate when the contract is in-the-money (when the contract holder’s guaranteed value, as estimated by the company, is worth more than their underlying account value). Lapse rates are also generally assumed to be lower in periods when a surrender charge applies. Increases in assumed lapse rates will generally decrease the fair value of the liability as fewer policyholders would persist to collect guaranteed benefit amounts.

•Mortality rate assumptions, which vary by age and gender, are based on company experience and include a mortality improvement assumption. Increases in assumed mortality rates will decrease the fair value of the GMWB liability, while lower mortality rate assumptions will generally increase the fair value of the liability because guaranteed withdrawal payments will be made for a longer period of time and generally exceed any decrease in guaranteed death benefits.

•Utilization assumptions estimate the timing when policyholders with a GMWB will elect to utilize their benefit and begin taking withdrawals. The assumptions may vary by the type of guarantee, tax-qualified status, the contract’s withdrawal history and the age of the policyholder. Utilization assumptions are based on company experience, which includes partial withdrawal behavior. Increases in assumed utilization rates will generally increase the fair value of the liability.

•Non-performance or “own credit” risk adjustment used in the valuation of MRBs and embedded derivatives, which reflects a market participant’s view of our claims-paying ability by incorporating a different spread (the NPA spread) to the curve used to discount projected benefit cash flows. When corporate credit spreads widen, the change in the NPA spread generally reduces the fair value of the MRBs and embedded derivatives, resulting in a gain in AOCI or Net realized gains (losses), respectively, and when corporate credit spreads narrow or tighten, the change in the NPA spread generally increases the fair value of the MRBs and embedded derivatives, resulting in a loss in AOCI or Net realized (losses), respectively.

•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 the fair value of projected cash flows and policyholder behavior. Estimates of future policyholder behavior assumptions are subjective and based primarily on our historical experience.

•For embedded derivatives, option budgets estimate the expected long-term cost of options used to hedge exposures associated with index price changes. The level of option budgets determines future costs of the options, which impacts the growth in account value and the valuation of embedded derivatives.

Corebridge | 2023 Form 10-K 197

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ITEM 8 | Notes to Consolidated Financial Statements | 5. Fair Value Measurements

Embedded Derivatives within Reinsurance Contracts

The fair value of embedded derivatives associated with funds withheld reinsurance contracts is determined based upon a total return swap technique with reference to the fair value of the investments held by Corebridge related to Corebridge’s funds withheld payable. The fair value of the underlying assets is generally based on market observable inputs using industry standard valuation techniques. The valuation also requires certain significant inputs, which are generally not observable, and accordingly, the valuation is considered Level 3 in the fair value hierarchy.

INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING 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, 2023				December 31, 2022
(in millions)	Investment Category Includes	Fair 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 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	$	2,445	$	1,755	$	2,014	$	1,719
Real estate	Investments in real estate properties and infrastructure positions, including power plants and other energy generating facilities	1,074		540		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	203		91		212		118
Growth equity	Funds that make investments in established companies for the purpose of growing their businesses	485		109		510		40
Mezzanine	Funds that make investments in the junior debt and equity securities of leveraged companies	152		42		443		78
Other	Includes 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	1,182		233		902		284
Total private equity funds		5,541		2,770		5,163		2,788
Hedge funds:
Event-driven	Securities of companies undergoing material structural changes, including mergers, acquisitions and other reorganizations	4		—		5		—
Long-short	Securities that the manager believes are undervalued, with corresponding short positions to hedge market risk	161		—		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	69		—		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	65		—		178		—
Total hedge funds		299		—		884		—
Total		$	5,840	$	2,770	$	6,047	$	2,788

Private equity fund investments included above are not redeemable, because distributions from the funds will be received when underlying investments of the funds are liquidated. Private equity funds are generally expected to have 10-year lives at their inception, but these lives may be extended at the fund manager’s discretion, typically in one-year or two-year increments.

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ITEM 8 | Notes to Consolidated Financial Statements | 5. Fair Value Measurements

The majority of our hedge fund investments are redeemable upon a single month or quarter’s notice, though redemption terms vary from single, immediate withdrawals, to withdrawals staggered up to eight quarters. Some of the portfolio consists of illiquid run-off or “side-pocket” positions whose liquidation horizons are uncertain and likely beyond a year after submission of the redemption notice.

FAIR VALUE OPTION

Under the fair value option, we may elect to measure at fair value financial assets and financial liabilities that are not otherwise required to be carried at fair value. This includes fixed income securities subject to modco agreements with Fortitude Re for which we have elected the fair value option. Subsequent changes in fair value for designated items are reported in earnings. We elect the fair value option for certain hybrid securities given the complexity of bifurcating the economic components associated with the embedded derivatives.

For additional information related to embedded derivatives refer to Note 10.

Additionally, we elect the fair value option for certain alternative investments when such investments are eligible for this election. We believe this measurement basis is consistent with the applicable accounting guidance used by the respective investment company funds themselves.

For additional information on securities and other invested assets for which we have elected the fair value option refer to Note 6.

The following table presents the gains or losses recorded related to the eligible instruments for which we elected the fair value options:


Years Ended December 31,	Gain (Loss)
(in millions)	2023		2022		2021
Assets:
Other bond securities(a)	$	340	$	(408)	$	26
Alternative investments(b)	115		191		1,083
Total assets	455		(217)		1,109
Liabilities:
Policyholder contract deposits(c)	3		20		7
Debt of consolidated investment entities(d)	—		—		(179)
Total liabilities	3		20		(172)
Total gain (loss)	$	458	$	(197)	$	937

(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 6. For additional information regarding the funds withheld arrangements with Fortitude Re, see Note 8.

(b)Includes certain hedge funds, private equity funds and other investment partnerships.

(c)Represents GICs.

(d)Primarily related to six transactions securitizing certain debt portfolios previously owned by Corebridge and its affiliates and were terminated during 2021. For additional information, see Note 9.

Interest income and dividend income on assets measured under the fair value option are recognized and included in Net investment income in the Consolidated Statements of Income (Loss). Interest expense on liabilities measured under the fair value option is reported in Interest Expense in the Consolidated Statements of Income (Loss).

For additional information about our policies for recognition, measurement, and disclosure of interest and dividend income see Note 6.

We are required to record unrealized gains and losses attributable to the observable effect of changes in credit spreads on our liabilities for which the fair value option was elected in Other comprehensive income (loss). We calculate the effect of these credit spread changes using discounted cash flow techniques that incorporate current market interest rates, our observable credit spreads on these liabilities and other factors that mitigate the risk of non-performance such as cash collateral posted.

We calculate the effect of these credit spread changes using discounted cash flow techniques that incorporate current market interest rates, our observable credit spreads on these liabilities and other factors that mitigate the risk of non-performance such as cash collateral posted.

We have elected the fair value option on certain debt securities issued by Corebridge or its affiliates. As of December 31, 2023, and December 31, 2022, the fair value was $0 million and $6 million, respectively. This relates to interest only notes issued by residential mortgage loan securitization structures for which the principal of the notes is a reference amount only and its repayment is not expected. The aforementioned principal reference amounts are $0 million and $655 million as of December 31, 2023 and December 31, 2022, respectively.

Corebridge | 2023 Form 10-K 199

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ITEM 8 | Notes to Consolidated Financial Statements | 5. Fair Value Measurements

FAIR VALUE MEASUREMENTS ON A NON-RECURRING BASIS

We measure the fair value of certain assets on a non-recurring basis, generally quarterly, annually or when events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. These assets include cost and equity-method investments, commercial mortgage loans and commercial loans, investments in real estate and other fixed assets, goodwill and other intangible assets.

For additional information about how we test various asset classes for impairment see Notes 6 and 7.

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								Years Ended December 31,
(in millions)	Level 1		Level 2		Level 3		Total		2023		2022		2021
December 31, 2023
Other investments	$	—	$	—	$	80	$	80	$	13	$	25	$	6


Other assets	—		—		—		—		—		—		1
Total	$	—	$	—	$	80	$	80	$	13	$	25	$	7
December 31, 2022
Other investments	$	—	$	—	$	12	$	12
Other assets	—		—		—		—
Total	$	—	$	—	$	12	$	12

In addition to the assets presented in the table above, at December 31, 2023 and 2022, Corebridge had $0 million and $163 million, respectively, of loans held for sale which are carried at fair value, determined on an individual loan basis. There is no associated impairment charge.

FAIR VALUE INFORMATION ABOUT FINANCIAL INSTRUMENTS NOT MEASURED AT FAIR VALUE

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.

Corebridge | 2023 Form 10-K 200

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ITEM 8 | Notes to Consolidated Financial Statements | 5. Fair Value Measurements

•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: Only the portion of separate account liabilities related to products that are investment contracts are reflected in the table below. Separate account liabilities are recorded at the amount credited to the contract holder, which reflects the change in fair value of the corresponding separate account assets, including contract holder deposits less withdrawals and fees; therefore, carrying value approximates fair value.

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 Value
December 31, 2023
Assets:
Mortgage and other loans receivable	$	—	$	30	$	43,919	$	43,949	$	46,867
Other invested assets	—		268		—		268		268
Short-term investments(a)	—		2,928		—		2,928		2,928
Cash(b)	612		—		—		612		612
Other assets	13		—		—		13		13
Liabilities:
Policyholder contract deposits associated with investment-type contracts	—		90		130,094		130,184		140,652
Fortitude Re funds withheld payable	—		—		23,775		23,775		23,775
Other liabilities	—		2,467		—		2,467		2,467
Short-term debt	—		250		—		250		250
Long-term debt	—		8,722		—		8,722		9,118
Debt of consolidated investment entities	—		43		2,230		2,273		2,504
Separate account liabilities - investment contracts	—		87,215		—		87,215		87,215
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

(a) Excludes $11 million of assets that were reclassified to Assets held-for-sale in the Consolidated Balance Sheets. See Note 4 for additional information.

(b) Excludes $3 million of assets that were reclassified to Assets held-for-sale in the Consolidated Balance Sheets. See Note 4 for additional information.

Corebridge | 2023 Form 10-K 201

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ITEM 8 | Notes to Consolidated Financial Statements | 6. Investments

6. Investments

FIXED MATURITY SECURITIES

Bonds held to maturity are carried at amortized cost when we have the ability and positive intent to hold these securities until maturity. When we do not have the ability or positive intent to hold bonds until maturity, these securities are classified as available-for-sale or the fair value option has been elected. None of our fixed maturity securities met the criteria for held to maturity classification at December 31, 2023 or 2022.

Unrealized gains and losses from available-for-sale investments in fixed maturity securities carried at fair value are reported as a separate component of AOCI, net of policy related amounts and deferred income taxes, in Shareholders’ equity. Realized and unrealized gains and losses from fixed maturity securities for which the fair value option has been elected are reflected in Net investment income. Investments in fixed maturity securities are generally recorded on a trade-date basis.

Interest income is recognized using the effective yield method and reflects amortization of premium and accretion of discount. Premiums and discounts arising from the purchase of bonds classified as available-for-sale are treated as yield adjustments over their estimated holding periods, until maturity, or call date, if applicable. For investments in certain structured securities, recognized yields are updated based on current information regarding the timing and amount of expected undiscounted future cash flows. For high credit quality structured securities, effective yields are recalculated based on actual payments received and updated prepayment expectations, and the amortized cost is adjusted to the amount that would have existed had the new effective yield been applied since acquisition with a corresponding charge or credit to net investment income. For structured securities that are not high credit quality, the structured securities yields are based on expected cash flows which take into account both expected credit losses and prepayments.

An allowance for credit losses is not established upon initial recognition of the asset (unless the security is determined to be a purchased credit deteriorated asset which is discussed in more detail below). Subsequently, differences between actual and expected cash flows and changes in expected cash flows are recognized as adjustments to the allowance for credit losses. Changes that cannot be reflected as adjustments to the allowance for credit losses are accounted for as prospective adjustments to yield.

Corebridge | 2023 Form 10-K 202

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ITEM 8 | Notes to Consolidated Financial Statements | 6. 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 Unrealized Gains		Gross Unrealized Losses		Fair Value(a)
December 31, 2023
Bonds available-for-sale:
U.S. government and government sponsored entities	$	1,436	$	—	$	17	$	(233)	$	1,220
Obligations of states, municipalities and political subdivisions	6,466		—		58		(693)		5,831
Non-U.S. governments	4,695		(2)		43		(679)		4,057
Corporate debt	120,654		(71)		1,294		(15,795)		106,082
Mortgage-backed, asset-backed and collateralized:
RMBS	14,491		(25)		599		(788)		14,277
CMBS	11,045		(30)		22		(1,056)		9,981
CLO	11,203		—		90		(149)		11,144
ABS	14,956		—		63		(1,084)		13,935
Total mortgage-backed, asset-backed and collateralized	51,695		(55)		774		(3,077)		49,337
Total bonds available-for-sale	$	184,946	$	(128)	$	2,186	$	(20,477)	$	166,527

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 $43 million and $39 million, and an amortized cost of $45 million and $43 million as of December 31, 2023 and December 31, 2022, respectively.

(b) Changes in the allowance for credit losses are recorded through Net realized gains (losses) and are not recognized in OCI.

Corebridge | 2023 Form 10-K 203

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ITEM 8 | Notes to Consolidated Financial Statements | 6. Investments

Securities Available-for-Sale in a Loss Position for Which No Allowance for Credit Loss Has Been Recorded

The following table summarizes the fair value and gross unrealized losses on our available-for-sale securities, aggregated by major investment category and length of time that individual securities have been in a continuous unrealized loss position for which no allowance for credit loss has been recorded:


	Less Than 12 Months				12 Months or More				Total
(in millions)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
December 31, 2023
Bonds available-for-sale:
U.S. government and government sponsored entities	$	22	$	3	$	746	$	230	$	768	$	233
Obligations of states, municipalities and political subdivisions	1,124		110		3,676		583		4,800		693
Non-U.S. governments	470		82		2,981		592		3,451		674
Corporate debt	11,338		1,760		75,045		14,009		86,383		15,769
RMBS	2,676		174		4,855		577		7,531		751
CMBS	1,840		159		6,570		886		8,410		1,045
CLO	2,992		60		3,823		89		6,815		149
ABS	2,599		110		8,138		974		10,737		1,084
Total bonds available-for-sale	$	23,061	$	2,458	$	105,834	$	17,940	$	128,895	$	20,398

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 December 31, 2023, we held 15,034 individual fixed maturity securities that were in an unrealized loss position and for which no allowance for credit losses has been recorded (including 12,787 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 and for which no allowance for credit losses has been recorded (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 December 31, 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 Available-for-sale
(in millions)	Amortized Cost, Net of Allowance		Fair Value
December 31, 2023
Due in one year or less	$	2,618	$	2,585
Due after one year through five years	22,387		21,863
Due after five years through ten years	24,395		22,630
Due after ten years	83,778		70,112
Mortgage-backed, asset-backed and collateralized	51,640		49,337
Total	$	184,818	$	166,527

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.

Corebridge | 2023 Form 10-K 204

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ITEM 8 | Notes to Consolidated Financial Statements | 6. 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,
	2023				2022				2021
(in millions)	Gross Realized Gains		Gross Realized Losses		Gross Realized Gains		Gross Realized Losses		Gross Realized Gains		Gross Realized Losses
Fixed maturity securities	$	100	$	(451)	$	120	$	(677)	$	894	$	(144)

For the years ended December 31, 2023, 2022, and 2021, the aggregate fair value of available-for-sale securities sold was $7.6 billion, $10.0 billion, and $11.4 billion respectively, which resulted in Net realized gains (losses) of $(351) million, $(557) million, and $750 million respectively. Included within the Net realized gains (losses) are $(73) million, $(232) million, and $647 million of realized gains (losses) for the years ended December 31, 2023, 2022, and 2021 respectively, which relate to the Fortitude Re funds withheld assets held by Corebridge in support of Fortitude Re’s reinsurance obligations to Corebridge (Fortitude Re funds withheld assets). These realized gains (losses) are included in Net realized gains (losses) on Fortitude Re funds withheld assets.

OTHER SECURITIES MEASURED AT FAIR VALUE

The following table presents the fair value of fixed maturity securities measured at fair value, including securities in the modco agreement with Fortitude Re, based on our election of the fair value option and equity securities measured at fair value:


	December 31, 2023				December 31, 2022
(in millions)	Fair Value		Percent of Total		Fair Value		Percent of Total
Fixed maturity securities:

U.S. government and government sponsored entities	$	—	—	%	$	—	—	%
Obligations of states, municipalities and political subdivisions	40		1	%	37		1	%
Non-U.S. governments	13		—	%	22		1	%
Corporate debt	2,653		57	%	2,222		56	%
Mortgage-backed, asset-backed and collateralized:
RMBS	170		4	%	165		4	%
CMBS	228		5	%	232		6	%
CLO	423		9	%	279		7	%
ABS	1,051		23	%	812		21	%
Total mortgage-backed, asset-backed and collateralized	1,872		41	%	1,488		38	%
Total fixed maturity securities	4,578		99	%	3,769		96	%
Equity securities	63		1	%	170		4	%
Total	$	4,641	100	%	$	3,939	100	%

OTHER INVESTED ASSETS

The following table summarizes the carrying amounts of other invested assets:


(in millions)	December 31, 2023		December 31, 2022
Alternative investments(a)(b)	$	7,690	$	8,014
Investment real estate(c)	1,932		1,831
All other investments(d)	635		573
Total(e)	$	10,257	$	10,418

(c)Net of accumulated depreciation of $680 million and $616 million as of December 31, 2023 and December 31, 2022, respectively.

(e)Includes investments in related parties, which totaled $0.6 million and $6 million as of December 31, 2023 and December 31, 2022, respectively.

Corebridge | 2023 Form 10-K 205

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ITEM 8 | Notes to Consolidated Financial Statements | 6. Investments

Other Invested Assets Carried at Fair Value

Certain hedge funds, private equity funds, and other investment partnerships for which we have elected the fair value option are reported at fair value with changes in fair value recognized in Net investment income.

Other Invested Assets – Equity Method Investments

We account for hedge funds, private equity funds, certain affordable housing partnerships and other investment partnerships using the equity method of accounting unless our interest is so minor that we may have virtually no influence over partnership operating and financial policies, or we have elected the fair value option. Under the equity method of accounting, our carrying amount generally is our share of the net asset value of the funds or the partnerships, and changes in our share of the net asset values are recorded in Net investment income. In applying the equity method of accounting, we consistently use the most recently available financial information provided by the general partner or manager of each of these investments. Hedge funds are reported as of the balance sheet date. Private equity funds are generally reported on a one-quarter lag. The financial statements of these investees are generally audited annually. The carrying amount of equity method investments totaled $2.9 billion and $3.2 billion as of December 31, 2023 and December 31, 2022, respectively, representing various ownership percentages each period.

Summarized Financial Information of Equity Method Investees

The following is the aggregated summarized financial information of our equity method investees, including those for which the fair value option has been elected:


Years Ended December 31,
(in millions)	2023		2022		2021
Operating results:
Total revenues	$	2,319	$	6,316	$	9,425
Total expenses	(521)		(579)		(674)
Net income	$	1,798	$	5,737	$	8,751
December 31,
(in millions)			2023		2022
Balance sheet:
Total assets			$	33,168	$	39,181
Total liabilities			$	(1,672)	$	(3,551)

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.

NET INVESTMENT INCOME

Net investment income represents income primarily from the following sources:

•Interest income and related expenses, including amortization of premiums and accretion of discounts with changes in the timing and the amount of expected principal and interest cash flows reflected in yield, as applicable.

•Dividend income from common and preferred stocks.

•Realized and unrealized gains and losses from investments in other securities and investments for which we elected the fair value option.

•Earnings from alternative investments.

•Prepayment premiums.

Corebridge | 2023 Form 10-K 206

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ITEM 8 | Notes to Consolidated Financial Statements | 6. Investments

The following table presents the components of Net investment income:


	Years Ended December 31,
	2023						2022						2021
(in millions)	Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets		Total		Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets		Total		Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets		Total

Available-for-sale fixed maturity securities, including short-term investments	$	7,894	$	822	$	8,716	$	6,725	$	954	$	7,679	$	6,837	$	1,296	$	8,133
Other bond securities	49		291		340		(30)		(378)		(408)		17		9		26
Equity securities	40		—		40		(82)		—		(82)		(290)		—		(290)
Interest on mortgage and other loans	2,160		199		2,359		1,703		176		1,879		1,479		184		1,663
Alternative investments*	18		86		104		675		170		845		1,851		318		2,169
Real estate	38		—		38		43		—		43		204		—		204
Other investments	61		(1)		60		100		—		100		115		—		115
Total investment income	10,260		1,397		11,657		9,134		922		10,056		10,213		1,807		12,020
Investment expenses	550		29		579		449		31		480		316		32		348
Net investment income	$	9,710	$	1,368	$	11,078	$	8,685	$	891	$	9,576	$	9,897	$	1,775	$	11,672

* 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

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, 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.

Corebridge | 2023 Form 10-K 207

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ITEM 8 | Notes to Consolidated Financial Statements | 6. Investments

The following table presents the components of Net realized gains (losses):


	Years Ended December 31,
	2023						2022						2021
(in millions)	Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets		Total		Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets		Total		Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets		Total
Sales of fixed maturity securities	$	(278)	$	(73)	$	(351)	$	(325)	$	(232)	$	(557)	$	103	$	647	$	750

Change in allowance for credit losses on fixed maturity securities	(162)		(9)		(171)		(115)		(31)		(146)		8		3		11
Change in allowance for credit losses on loans	(138)		(66)		(204)		(76)		(44)		(120)		133		8		141
Foreign exchange transactions, net of related hedges	(195)		(10)		(205)		695		61		756		310		20		330
Index-Linked interest credited embedded embedded derivatives, net of related hedges	(776)		—		(776)		(117)		—		(117)		(3)		—		(3)
All other derivatives and hedge accounting*	(53)		(66)		(119)		(43)		(181)		(224)		(6)		9		3
Sales of alternative investments and real estate investments	50		(2)		48		179		43		222		794		237		1,031
Other	(62)		2		(60)		(57)		(13)		(70)		176		—		176
Net realized gains (losses) – excluding Fortitude Re funds withheld embedded derivative	(1,614)		(224)		(1,838)		141		(397)		(256)		1,515		924		2,439
Net realized gains (losses) on Fortitude Re funds withheld embedded derivative	—		(1,734)		(1,734)		—		6,347		6,347		—		(687)		(687)
Net realized gains (losses)	$	(1,614)	$	(1,958)	$	(3,572)	$	141	$	5,950	$	6,091	$	1,515	$	237	$	1,752

* Derivative activity related to hedging MRBs is recorded in Change in the fair value of MRBs, net. For additional disclosures about MRBs, see Note 16.

CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENTS

The following table presents the increase (decrease) in unrealized appreciation (depreciation) of our available-for-sale securities:


	Years Ended December 31,
(in millions)	2023		2022
Increase (decrease) in unrealized appreciation (depreciation) of investments:
Fixed maturity securities	$	6,042	$	(40,386)
Other investments	13		(15)
Total increase (decrease) in unrealized appreciation (depreciation) of investments	$	6,055	$	(40,401)

Corebridge | 2023 Form 10-K 208

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ITEM 8 | Notes to Consolidated Financial Statements | 6. 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:


	Years Ended December 31,
	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	$	41	$	240	$	281	$	(82)	$	353	$	271
Less: Net gains (losses) recognized during the period on equity securities and other investments sold during the period	57		1		58		(46)		(11)		(57)
Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date	$	(16)	$	239	$	223	$	(36)	$	364	$	328

EVALUATING INVESTMENTS FOR AN ALLOWANCE FOR CREDIT LOSSES AND IMPAIRMENTS

Fixed Maturity Securities

If we intend to sell a fixed maturity security or it is more likely than not that we will be required to sell a fixed maturity security before recovery of its amortized cost basis and if the fair value of the security is below amortized cost, an impairment has occurred and the amortized cost is written down to current fair value, with a corresponding charge to Net realized gains (losses). No allowance is established in these situations and any previously recorded allowance is reversed. The new cost basis is not adjusted for subsequent increases in estimated fair value. When assessing our intent to sell a fixed maturity security, or whether it is more likely than not that we will be required to sell a fixed maturity security before recovery of its amortized cost basis, management evaluates relevant facts and circumstances including, but not limited to, decisions to reposition our investment portfolio, sales of securities to meet cash flow needs and sales of securities to take advantage of favorable pricing.

For fixed maturity securities for which a decline in the fair value below the amortized cost is due to credit related factors, an allowance is established for the difference between the estimated recoverable value and amortized cost with a corresponding charge to Net realized gains (losses). The allowance for credit losses is limited to the difference between amortized cost and fair value. The estimated recoverable value is the present value of cash flows expected to be collected, as determined by management. The difference between fair value and amortized cost that is not associated with credit related factors is presented in unrealized appreciation (depreciation) of fixed maturity securities on which an allowance for credit losses was previously recognized (a separate component of AOCI). Accrued interest is excluded from the measurement of the allowance for credit losses.

When estimating future cash flows for structured fixed maturity securities (e.g., RMBS, CMBS, CLO, ABS) 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, which vary by asset class:

•Current delinquency rates;

•Expected default rates and the timing of such defaults;

•Loss severity and the timing of any recovery; and

•Expected prepayment speeds.

When estimating future cash flows for corporate, municipal and sovereign fixed maturity securities determined to be credit impaired, management considers:

•Expected default rates and the timing of such defaults;

•Loss severity and the timing of any recovery; and

•Scenarios specific to the issuer and the security, which may also include estimates of outcomes of corporate restructurings, political and macroeconomic factors, stability and financial strength of the issuer, the value of any secondary sources of repayment and the disposition of assets.

We consider severe price declines in our assessment of potential credit impairments. We may also modify our model inputs when we determine that price movements in certain sectors are indicative of factors not captured by the cash flow models.

Corebridge | 2023 Form 10-K 209

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ITEM 8 | Notes to Consolidated Financial Statements | 6. Investments

Under the current expected credit loss (“CECL”) model, credit losses are reassessed each period. The allowance for credit losses and the corresponding charge to Net realized gains (losses) can be reversed if conditions change, however, the allowance for credit losses will never be reduced below zero. When we determine that all or a portion of a fixed maturity security is uncollectable, the uncollectable amortized cost amount is written off with a corresponding reduction to the allowance for credit losses. If we collect cash flows that were previously written off, the recovery is recognized by recording a gain in Net realized gains (losses).

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:


	Years Ended December 31,
	2023						2022						2021
(in millions)	Structured		Non-Structured		Total		Structured		Non-Structured		Total		Structured		Non-Structured		Total
Balance, beginning of year	$	27	$	121	$	148	$	8	$	70	$	78	$	14	$	117	$	131
Additions:
Securities for which allowance for credit losses were not previously recorded	59		84		143		36		139		175		3		46		49
Purchases of available-for-sale debt securities accounted for as purchased credit deteriorated assets	—		—		—		—		—		—		—		—		—
Accretion of available-for-sale debt securities accounted for as purchased credit deteriorated assets	—		—		—		—		—		—		—		—		—


Reductions:
Securities sold during the period	(2)		(30)		(32)		(3)		(48)		(51)		(4)		(19)		(23)
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	(10)		38		28		(14)		(15)		(29)		(5)		(55)		(60)
Write-offs charged against the allowance	(19)		(140)		(159)		—		(25)		(25)		—		(19)		(19)

Balance, end of year	$	55	$	73	$	128	$	27	$	121	$	148	$	8	$	70	$	78

Purchased Credit Deteriorated Securities

We purchase certain RMBS securities that have experienced more-than-insignificant deterioration in credit quality since origination. These are referred to as purchased credit deteriorated assets. At the time of purchase an allowance is recognized for these purchased credit deteriorated 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 purchased credit deteriorated 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 purchased credit deteriorated assets follow the same accounting as other structured securities that are not of high credit quality.

We did not purchase securities with more-than-insignificant credit deterioration since their origination during the years ended December 31, 2023, 2022 and 2021.

Other Invested Assets

Our equity method investments in private equity funds, hedge funds and other entities are evaluated for impairment each reporting period. Such evaluation considers market conditions, events and volatility that may impact the recoverability of the underlying investments within these private equity funds and hedge funds and is based on the nature of the underlying investments and specific inherent risks. Such risks may evolve based on the nature of the underlying investments.

Corebridge | 2023 Form 10-K 210

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ITEM 8 | Notes to Consolidated Financial Statements | 6. Investments

Our investments in real estate are periodically evaluated for recoverability whenever changes in circumstances indicate the carrying amount of an asset may be impaired. When impairment indicators are present, we compare expected investment cash flows to carrying amount. When the expected cash flows are less than the carrying amount, the investments are written down to fair value with a corresponding charge to earnings.

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)	December 31, 2023		December 31, 2022
Fixed maturity securities available-for-sale	$	2,655	$	2,968

At December 31, 2023 and December 31, 2022, amounts borrowed under repurchase agreements totaled $2.5 billion 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
December 31, 2023
Bonds available-for-sale:


Non-U.S. governments	$	—	$	209	$	—	$	—	$	—	$	209
Corporate debt	38		2,408		—		—		—		2,446
Total	$	38	$	2,617	$	—	$	—	$	—	$	2,655




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 December 31, 2023 and December 31, 2022.

There were no reverse repurchase agreements at December 31, 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 $8.1 billion and $3.5 billion at December 31, 2023 and December 31, 2022, respectively.

Corebridge | 2023 Form 10-K 211

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ITEM 8 | Notes to Consolidated Financial Statements | 6. Investments

Other Pledges and Restrictions

Certain of our subsidiaries are members of FHLBs and such membership requires the members to own stock in these FHLBs. We owned an aggregate of $268 million and $222 million of stock in FHLBs at December 31, 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 $4.8 billion and $3.0 billion, respectively, at December 31, 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 $53 million and $56 million at December 31, 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 $63 million and $63 million at December 31, 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 $490 million and $144 million at December 31, 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.

7. Lending Activities

Mortgage and other loans receivable include commercial mortgages, residential mortgages, policy loans on life and annuity contracts, commercial loans, and other loans and notes receivable. Commercial mortgages, residential mortgages, commercial loans, and other loans and notes receivable are carried at unpaid principal balances less allowance for credit losses and plus or minus adjustments for the accretion or amortization of discount or premium. Interest income on such loans is accrued as earned.

Direct costs of originating commercial mortgages, commercial loans, and other loans and notes receivable, net of nonrefundable points and fees, are deferred and included in the carrying amount of the related receivables. The amount deferred is amortized to income as an adjustment to earnings using the interest method. Premiums and discounts on purchased residential mortgages are also amortized to income as an adjustment to earnings using the interest method.

Policy loans on life and annuity contracts are carried at unpaid principal balances. There is no allowance for policy loans because these loans serve to reduce the death benefit paid when the death claim is made, and the balances are effectively collateralized by the cash surrender value of the policy or annuity.

The following table presents the composition of Mortgage and other loans receivable, net:


(in millions)	December 31, 2023		December 31, 2022
Commercial mortgages(a)	$	34,172	$	32,993
Residential mortgages	8,445		5,856
Life insurance policy loans	1,746		1,750
Commercial loans, other loans and notes receivable(b)	3,202		4,567
Total mortgage and other loans receivable	47,565		45,166
Allowance for credit losses(c)	(698)		(600)
Mortgage and other loans receivable, net	$	46,867	$	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 December 31, 2023, and 20% and 11%, respectively, at December 31, 2022). The weighted average loan-to-value ratio for NY and CA was 61% and 55% at December 31, 2023, respectively, and 59% and 53% at December 31, 2022, respectively. The debt service coverage ratio for NY and CA was 1.9X and 2.1X at December 31, 2023, respectively, and 2.0X and 2.1X at December 31, 2022, respectively.

(b)There were no loans that were held for sale which are carried at lower of cost or market as of December 31, 2023. The net carrying value of these loans was $170 million as of December 31, 2022.

(c)Does not include allowance for credit losses of $58 million and $60 million at December 31, 2023 and December 31, 2022, respectively, in relation to off-balance-sheet commitments to fund commercial mortgage loans, which is recorded in Other liabilities.

Corebridge | 2023 Form 10-K 212

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ITEM 8 | Notes to Consolidated Financial Statements | 7. Lending Activities

Interest income is not accrued when payment of contractual principal and interest is not expected. Any cash received on impaired loans is generally recorded as a reduction of the current carrying amount of the loan. Accrual of interest income is generally resumed when delinquent contractual principal and interest are repaid or when a portion of the delinquent contractual payments are made, and the ongoing required contractual payments have been made for an appropriate period. As of December 31, 2023, $27 million and $419 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 Consolidated Balance Sheets. As of December 31, 2023, accrued interest receivable was $20 million and $162 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*:


December 31, 2023
(in millions)	2023		2022		2021		2020		2019		Prior		Total
>1.2X	$	2,156	$	6,042	$	1,955	$	1,252	$	4,813	$	11,675	$	27,893
1.00 - 1.20X	291		1,077		1,320		312		156		2,334		5,490
<1.00X	—		40		—		—		—		749		789
Total commercial mortgages	$	2,447	$	7,159	$	3,275	$	1,564	$	4,969	$	14,758	$	34,172
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 December 31, 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*:


December 31, 2023
(in millions)	2023		2022		2021		2020		2019		Prior		Total
Less than 65%	$	2,088	$	4,470	$	2,249	$	1,126	$	2,676	$	10,186	$	22,795
65% to 75%	280		1,748		658		287		1,916		2,853		7,742
76% to 80%	—		343		89		—		377		340		1,149
Greater than 80%	79		598		279		151		—		1,379		2,486
Total commercial mortgages	$	2,447	$	7,159	$	3,275	$	1,564	$	4,969	$	14,758	$	34,172

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 59% at December 31, 2023, and 59% at December 31, 2022. The loan-to-value ratios have been updated within the last three months to reflect the current carrying values of the loans. We update the valuations of collateral properties by obtaining independent appraisals, generally at least once per year.

Corebridge | 2023 Form 10-K 213

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ITEM 8 | Notes to Consolidated Financial Statements | 7. Lending Activities

The following table presents the credit quality performance indicators for commercial mortgages:


(dollars in millions)	Number of Loans	Class														Percent of Total
		Apartments		Offices		Retail		Industrial		Hotel		Others		Total
December 31, 2023
Credit Quality Performance Indicator:
In good standing	600	$	13,861	$	8,468	$	3,787	$	5,908	$	1,805	$	325	$	34,154	100%

90 days or less delinquent	1	—		18		—		—		—		—		18		—%
>90 days delinquent or in process of foreclosure(a)	—	—		—		—		—		—		—		—		—%
Total(b)	601	$	13,861	$	8,486	$	3,787	$	5,908	$	1,805	$	325	$	34,172	100%
Allowance for credit losses		$	85	$	340	$	74	$	83	$	27	$	5	$	614	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 of Office loans supporting the Fortitude Re funds withheld arrangements, greater than 90 days delinquent or in process of foreclosure, at December 31, 2022. Office loans supporting the Fortitude Re funds have been foreclosed and are reported in Other invested assets in the Condensed Consolidated Balance sheets, at December 31, 2023.

(b) Does not reflect allowance for credit losses.

The following table presents credit quality performance indicators for residential mortgages by year of vintage:


December 31, 2023
(in millions)	2023		2022		2021		2020		2019		Prior		Total
FICO*:
780 and greater	$	514	$	528	$	2,280	$	619	$	239	$	497	$	4,677
720 - 779	1,121		608		558		168		99		209		2,763
660 - 719	313		256		113		40		37		120		879
600 - 659	2		20		11		8		9		51		101
Less than 600	—		—		2		2		4		17		25
Total residential mortgages	$	1,950	$	1,412	$	2,964	$	837	$	388	$	894	$	8,445

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.

METHODOLOGY USED TO ESTIMATE THE ALLOWANCE FOR CREDIT LOSSES

At the time of origination or purchase, an allowance for credit losses is established for mortgage and other loan receivables and is updated each reporting period. Changes in the allowance for credit losses are recorded in net realized gains (losses). This allowance reflects the risk of loss, even when that risk is remote, and reflects losses expected over the remaining contractual life of the loan. The allowance for credit losses considers available relevant information about the collectability of cash flows, including information about past events, current conditions, and reasonable and supportable forecasts of future economic conditions. We revert to historical information when we determine that we can no longer reliably forecast future economic assumptions.

Corebridge | 2023 Form 10-K 214

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ITEM 8 | Notes to Consolidated Financial Statements | 7. Lending Activities

The allowances for the commercial mortgage loans and residential mortgage loans are estimated utilizing a probability of default and loss given default model. Loss rate factors are determined based on historical data and adjusted for current and forecasted information. The loss rates are applied based on individual loan attributes and considering such data points as loan-to-value ratios, FICO scores, and debt service coverage.

Accrued interest is excluded from the measurement of the allowance for credit losses and accrued interest is reversed through interest income once a loan is placed on non-accrual.

When all or a portion of a loan is deemed uncollectible, the uncollectible portion of the carrying amount of the loan is charged off against the allowance.

We also have off-balance sheet commitments related to our commercial mortgage loans. The liability for expected credit losses related to these commercial mortgage loan commitments is reported in Other liabilities in the Consolidated Balance Sheets. When a commitment is funded, we record a loan receivable and reclassify the liability for expected credit losses related to the commitment into loan allowance for expected credit losses. Other changes in the liability for expected credit losses on loan commitments are recorded in Net realized gains (losses) in the Consolidated Statements of Income (Loss).

The following table presents a rollforward of the changes in the allowance for credit losses on Mortgage and other loans receivable*:


Years Ended December 31,	2023				2022				2021
(in millions)	Commercial Mortgages		Other Loans		Total		Commercial Mortgages		Other Loans		Total		Commercial Mortgages		Other Loans		Total
Allowance, beginning of year	$	531	$	69	$	600	$	423	$	73	$	496	$	546	$	111	$	657
Loans charged off	(106)		—		(106)		(13)		—		(13)		(1)		—		(1)

Net charge-offs	(106)		—		(106)		(13)		—		(13)		(1)		—		(1)
Addition to (release of) allowance for loan losses	189		15		204		121		(4)		117		(122)		(19)		(141)

Divestitures	—		—		—		—		—		—		—		(19)		(19)

Allowance, end of year	$	614	$	84	$	698	$	531	$	69	$	600	$	423	$	73	$	496

* Does not include allowance for credit losses of $58 million, $60 million and $57 million, respectively, at December 31, 2023, 2022 and 2021 in relation to the off-balance-sheet commitments to fund commercial mortgage loans, which is recorded in Other liabilities in the Consolidated Balance Sheets.

Our expectations and models used to estimate the allowance for losses on commercial and residential mortgage loans are regularly updated to reflect the current economic environment.

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.

Corebridge | 2023 Form 10-K 215

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ITEM 8 | Notes to Consolidated Financial Statements | 7. Lending Activities

During the year ended December 31, 2023, commercial mortgage loans with an amortized cost of $66 million (including $54 million supporting the funds withheld arrangements with Fortitude Re) and commercial loans, other loans and notes receivable, with an amortized cost of $168 million (none of which were supporting the funds withheld arrangements with Fortitude Re) were granted term extensions. The modified loans represent less than 1 percent of each of these two portfolio segments. These modifications added less than one year to the weighted average life of loans in each of these two portfolio segments.

No loans defaulted during the year ended December 31, 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 year ended December 31, 2022, loans with a carrying value of $143 million were modified as TDRs. Effective January 1, 2023, we are no longer required to assess whether loan modifications are TDRs.

8. Reinsurance

In the ordinary course of business, our insurance companies may use ceded reinsurance to limit potential losses, provide additional capacity for growth, minimize exposure to significant risks or to provide greater diversification of our businesses. We may also use assumed reinsurance to diversify our business. Our reinsurance is principally under yearly renewable term (“YRT”) treaties, along with a large modco treaty reinsuring the majority of our legacy business to 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).

Reinsurance recoverables are recognized in a manner consistent with the liabilities relating to the underlying reinsured contracts. The reinsurance recoverables for coinsurance and modco contracts, along with amounts recoverable on YRT treaties are determined based on updated NPRs, reflecting updated actuarial assumptions using locked-in upper-medium investment instrument yield discount rates with changes recognized as remeasurement gains and losses reported in income. In addition, reinsurance recoverables are remeasured at the balance sheet date using current upper-medium grade discount rates with changes reported in OCI. For reinsurance agreements that reinsure existing, or non-contemporaneous (in-force) traditional and limited payment long-duration insurance contracts, the reinsurance recoverable is measured using the upper-medium grade fixed-income instrument yield discount rate assumption related to the effective date of the reinsurance contract. Therefore, for non-contemporaneous reinsurance agreements executed after January 1, 2021, the locked-in rate to accrete interest into the income statement related to the reinsurance recoverable would be different from the locked-in rate used for accreting interest on the direct reserve for future policy benefits. Certain reinsured guaranteed benefits previously reported as reinsurance recoverables are classified as Market risk benefit assets in the Consolidated Balance Sheets and are measured at fair value.

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 Consolidated Balance Sheets.

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ITEM 8 | Notes to Consolidated Financial Statements | 8. Reinsurance


	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 the impacts of reinsurance ceded and the corresponding gross liabilities on the Consolidated Balance Sheets:


December 31,
(in millions)	2023		2022
Assets
Reinsurance assets, net of allowance	$	1,620	$	2,517
Reinsurance assets - Fortitude Re, net of allowance	26,772		26,844
Total Assets	$	28,392	$	29,361
Liabilities
Future policy benefits for life and accident and health insurance contracts	$	57,108	$	50,518
Policyholder contract deposits	162,050		156,058
Other policyholder funds	2,862		2,885
Total Liabilities	$	222,020	$	209,461

The following table presents premiums earned and policy fees for our long-duration life insurance and annuity operations:


Years Ended December 31,
(in millions)	2023		2022		2021
Premiums
Direct	$	4,706	$	4,739	$	4,603
Assumed*	4,111		1,318		2,265
Ceded	(1,126)		(966)		(1,215)
Net	$	7,691	$	5,091	$	5,653
Policy Fees
Direct	$	2,873	$	2,992	$	3,090
Assumed	—		—		—
Ceded	(76)		(78)		(85)
Net	$	2,797	$	2,914	$	3,005

* Assumed premiums includes premium from pension risk transfer agreements of $4.1 billion, $1.3 billion, and $2.3 billion for the years ended December 31, 2023, 2022 and 2021, respectively.

FORTITUDE RE

In February 2018, American General Life Insurance Company (“AGL”), The Variable Annuity Life Insurance Company (“VALIC”) and The United States Life Insurance Company in the City of New York (“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 are structured as modco arrangements. In the modco, the investments supporting the reinsurance agreements, which consist mostly of available-for-sale securities, 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.

As our accounting policy is to include reinsurance balances when performing loss recognition testing and as there will be no future profits recognized on this business, we will not incur any future loss recognition events related to business ceded to Fortitude Re.

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ITEM 8 | Notes to Consolidated Financial Statements | 8. Reinsurance

As of December 31, 2023, and 2022, respectively, approximately $26.8 billion and $26.8 billion of liabilities related to business written by Corebridge, had been ceded to Fortitude Re under these reinsurance transactions. As of closing of the Majority Interest Fortitude Sale, these reinsurance transactions are no longer considered affiliated transactions.

There is a diverse pool of assets supporting the funds withheld arrangements with Fortitude Re. The following summarizes the composition of the pool of assets:


	December 31, 2023				December 31, 2022
(in millions)	Carrying Value		Fair Value		Carrying Value		Fair Value		Corresponding Accounting Policy
Fixed maturity securities - available-for-sale	$	15,204	$	15,204	$	16,339	$	16,339	Fair value through other comprehensive income
Fixed maturity securities - fair value option	4,212		4,212		3,485		3,485		Fair value through net investment income
Commercial mortgage loans	3,378		3,157		3,490		3,241		Amortized cost
Real estate investments	184		329		133		348		Amortized cost
Private equity funds/hedge funds	1,910		1,910		1,893		1,893		Fair value through net investment income
Policy loans	330		330		355		355		Amortized cost
Short-term Investments	129		129		69		69		Fair value through net investment income
Funds withheld investment assets	25,347		25,271		25,764		25,730
Derivative assets, net(a)	45		45		90		90		Fair value through realized gains (losses)
Other(b)	641		641		731		731		Amortized cost
Total	$	26,033	$	25,957	$	26,585	$	26,551

(a) The derivative assets and liabilities have been presented net of cash collateral. The derivative assets and liabilities supporting the Fortitude Re funds withheld arrangements had a fair market value of $62 million and $6 million, respectively, as of December 31, 2023. The derivative assets supporting the Fortitude Re funds withheld arrangements had a fair market value of $189 million as of December 31, 2022. These derivative assets and liabilities are fully collateralized either by cash or securities.

(b) Primarily comprised of Cash and Accrued investment income.

The impact of the funds withheld arrangements with Fortitude Re was as follows:


	Years Ended December 31,
(in millions)	2023		2022		2021
Net investment income - Fortitude Re funds withheld assets	$	1,368	$	891	$	1,775
Net realized gains (losses) on Fortitude Re funds withheld assets:
Net realized gains (losses) Fortitude Re funds withheld assets	(224)		(397)		924
Net realized losses Fortitude Re funds withheld embedded derivatives	(1,734)		6,347		(687)
Net realized gains (losses) on Fortitude Re funds withheld assets	(1,958)		5,950		237
Income before income tax benefit (expense)	(590)		6,841		2,012
Income tax expense (benefit)*	(124)		1,437		423
Net income (loss)	(466)		5,404		1,589
Change in unrealized appreciation (depreciation) of the invested assets supporting the Fortitude Re modco arrangement classified as available-for-sale*	491		(5,064)		(1,488)
Comprehensive income	$	25	$	340	$	101

* The income tax expense (benefit) and the tax impact in accumulated other comprehensive income was computed using Corebridge’s U.S. statutory tax rate of 21%.

REINSURANCE SECURITY

Our third-party reinsurance arrangements do not relieve us from our direct obligations to our beneficiaries. Thus, a credit exposure exists to the extent that any reinsurer fails to meet the obligations assumed under any reinsurance agreement. We hold substantial collateral as security under related reinsurance agreements in the form of funds, securities, and/or letters of credit, as well as funds withheld reinsurance structures. A provision has been recorded for estimated unrecoverable reinsurance. Fortitude Re is our only reinsurer where the amount due from the reinsurer is in excess of 5% of our total reinsurance assets. Our reinsurance asset with Fortitude Re was $26.8 billion and $26.8 billion as of December 31, 2023 and 2022, respectively. Assets held by Corebridge with a fair value of $26.0 billion and $26.6 billion as of December 31, 2023 and 2022, respectively, provide collateral supporting funds withheld balances due to Fortitude Re in excess of the respective reinsurance recoverable assets. We believe that no exposure to a single reinsurer represents an inappropriate concentration of credit risk to Corebridge.

Corebridge | 2023 Form 10-K 218

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ITEM 8 | Notes to Consolidated Financial Statements | 8. Reinsurance

STATUTORY REINSURANCE

In addition to contracts which qualify for reinsurance accounting under U.S. GAAP, the Company also manages its risks through contracts which follow deposit accounting. Expenses associated with these contracts are recorded in General operating and other expenses within the Consolidated Statements of Income (Loss). For example, certain of our insurance companies manage the capital impact of their statutory reserve requirements, including those resulting from the NAIC Model Regulation “Valuation of Life Insurance Policies” (“Regulation XXX”) and NAIC Actuarial Guideline 38 (“Guideline AXXX”), through reinsurance transactions which do not qualify for reinsurance accounting under U.S. GAAP. Effective July 1, 2016, AGL entered into an agreement to cede approximately $5 billion of statutory reserves for certain whole life and universal life policies to an unaffiliated reinsurer. Effective December 31, 2016, AGL recaptured term and universal life reserves of $16 billion from AGC, subject to Regulation XXX and Guideline AXXX, and ceded approximately $14 billion of such statutory reserves to an unaffiliated reinsurer under an amendment to the July 1, 2016 agreement. Effective March 31, 2023, AGL recaptured term life reserves of $1 billion issued from 2017 to 2019 from AGC subject to Regulation XXX and ceded approximately $2 billion of such statutory reserves to the same unaffiliated reinsurer under an amendment to the July 1, 2016 agreement. Effective September 30, 2023, AGL recaptured universal life reserves of $1 billion issued from 2017 to 2019 from AGC subject to Guideline AXXX and ceded approximately $2 billion of such statutory reserves to the same unaffiliated reinsurer under an amendment to the July 1, 2016 agreement. Under one affiliated reinsurance arrangement, USL obtains letters of credit to support statutory recognition of the ceded reinsurance. As of December 31, 2023 USL had one bilateral letter of credit currently in the amount of $125 million, which was issued on May 9, 2022 and expires on February 7, 2027. As of May 12, 2022, this letter of credit is subject to reimbursement by Corebridge Parent in the event of a drawdown.

For additional information on the use of affiliated reinsurance for Regulation XXX and Guideline AXXX reserves see Note 21.

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 Consolidated Balance Sheets (collectively, the reinsurance recoverable balances). This estimate requires significant judgment for which key considerations include:

•paid and unpaid amounts recoverable;

•whether the balance is in dispute or subject to legal collection;

•the relative financial health of the reinsurer as classified by the Obligor Risk Ratings (“ORRs”) we assign to each reinsurer based upon our financial reviews; insurers that are financially troubled (i.e., in run-off, have voluntarily or involuntarily been placed in receivership, are insolvent, are in the process of liquidation or otherwise subject to formal or informal regulatory restriction) are assigned ORRs that will generate a significant allowance; and

•whether collateral and collateral arrangements exist.

An estimate of the reinsurance recoverable’s lifetime expected credit losses is established utilizing a probability of default and loss given default method, which reflects the reinsurer’s ORR. The allowance for credit losses excludes disputed amounts. An allowance for disputes is established for a reinsurance recoverable using the losses incurred model for contingencies.

The total reinsurance recoverables as of December 31, 2023 were $28.4 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:


	Years Ended December 31,
(in millions)	2023		2022		2021
Balance, beginning of year	$	84	$	101	$	83
Addition to (release of) allowance for expected credit losses and disputes, net	(5)		8		18
Write-offs charged against the allowance for credit losses and disputes	(49)		—		—
Other changes	—		(25)		—
Balance, end of year	$	30	$	84	$	101

Corebridge | 2023 Form 10-K 219

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ITEM 8 | Notes to Consolidated Financial Statements | 8. Reinsurance

There were no material recoveries of credit losses previously written off for the year ended December 31, 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 18.

9. 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.

Corebridge | 2023 Form 10-K 220

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ITEM 8 | Notes to Consolidated Financial Statements | 9. Variable Interest Entities

BALANCE SHEET CLASSIFICATION AND EXPOSURE TO LOSS

Creditors or beneficial interest holders of VIEs for which the Company is the primary beneficiary generally have recourse only to the assets and cash flows of the VIEs and do not have recourse to the Company. The following table presents the total assets and total liabilities associated with our variable interests in consolidated VIEs, as classified in the Consolidated Balance Sheets:


(in millions)	Real Estate and Investment Entities(c)		Securitization and Repackaging Vehicles(d)		Total
December 31, 2023
Assets:
Bonds available-for-sale	$	36	$	76	$	112
Other bond securities	45		—		45
Equity securities	8		—		8
Mortgage and other loans receivable	—		1,941		1,941
Other invested assets
Alternative investments(a)	2,695		—		2,695
Investment real estate	1,488		—		1,488
Short-term investments	125		5		130
Cash	61		—		61
Accrued investment income	2		5		7
Other assets	93		2		95
Total assets(b)	$	4,553	$	2,029	$	6,582
Liabilities:
Debt of consolidated investment entities	$	1,117	$	1,149	$	2,266
Other liabilities	82		1		83
Total liabilities	$	1,199	$	1,150	$	2,349
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 December 31, 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 December 31, 2023 and December 31, 2022, together, the Company and AIG affiliates have commitments to internal parties of $1.8 billion and $2.1 billion and commitments to external parties of $0.4 billion and $0.6 billion, respectively. At December 31, 2023, $1.2 billion out of the internal commitments was from subsidiaries of Corebridge entities and $0.6 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 year ended December 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.

Corebridge | 2023 Form 10-K 221

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ITEM 8 | Notes to Consolidated Financial Statements | 9. Variable Interest Entities

The following table presents the revenue, net income (loss) attributable to noncontrolling interests and net income (loss) attributable to Corebridge associated with our variable interests in consolidated VIEs, as classified in the Consolidated Income Statements:


	Real Estate and Investment Entities		Securitization and Repackaging Vehicles		Affordable Housing Partnerships

(in millions)							Total
December 31, 2023
Total revenue	$	11	$	131	$	—	$	142
Net (loss) attributable to noncontrolling interests	(68)		—		—		(68)
Net income attributable to Corebridge	13		94		—		107
December 31, 2022
Total revenue	$	681	$	229	$	—	$	910
Net income attributable to noncontrolling interests	318		3		—		321
Net income attributable to Corebridge	314		47		—		361
December 31, 2021
Total revenue	$	1,639	$	247	$	450	$	2,336
Net income attributable to noncontrolling interests	858		3		68		929
Net income (loss) attributable to Corebridge	525		(33)		304		796

We calculate our maximum exposure to loss to be (i) the amount invested in the debt or equity of the VIE, (ii) the notional amount of VIE assets or liabilities where we have also provided credit protection to the VIE with the VIE as the referenced obligation and (iii) other commitments and guarantees to the VIE.

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 Assets			On-Balance Sheet(b)		Off-Balance Sheet (c)		Total
December 31, 2023
Real estate and investment entities(a)	$	398,978		$	5,532	$	2,870	$	8,402

Total	$	398,978		$	5,532	$	2,870	$	8,402
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 December 31, 2023 and December 31, 2022, $5.5 billion and $5.6 billion, respectively, of our total unconsolidated VIE assets were recorded as other invested assets.

REAL ESTATE AND INVESTMENT ENTITIES

Through our insurance operations and Corebridge Real Estate Investors Inc., we are an investor in various real estate investment entities, some of which are VIEs. These investments are typically with unaffiliated third-party developers via a partnership or limited liability company structure. The VIEs’ activities consist of the development or redevelopment of commercial, industrial and residential real estate. Our involvement varies from being a passive equity investor or finance provider to actively managing the activities of the VIEs.

Our insurance operations participate as passive investors in the equity interests issued by certain third party-managed hedge and private equity funds that are VIEs. Our insurance operations typically are not involved in the design or establishment of these VIEs, nor do they actively participate in the management of the VIEs.

Corebridge | 2023 Form 10-K 222

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ITEM 8 | Notes to Consolidated Financial Statements | 9. Variable Interest Entities

SECURITIZATION AND REPACKAGING VEHICLES

We created certain VIEs that hold investments, primarily in investment grade debt securities and loans, and issued beneficial interests in these investments. Some of these VIEs were created to facilitate our purchase of asset-backed securities. In these situations, all of the beneficial interests are owned by Corebridge and affiliated entities and are consolidated by Corebridge. In other instances, we have created VIEs that are securitizations of residential mortgage loans or other forms of collateralized loan obligations or we repackage loans and other assets into pass-through securities. Corebridge subsidiaries or affiliated entities own some of the beneficial interests of these VIEs, and we maintain the power to direct the activities of the VIEs that most significantly impact their economic performance. Accordingly, we consolidate these entities and those beneficial interests issued to third parties are reported as debt of consolidated investment entities. This debt is non-recourse to Corebridge.

AFFORDABLE HOUSING PARTNERSHIPS

Affordable Housing organized and invested in limited partnerships that develop and operate affordable housing qualifying for federal, state, and historic tax credits, in addition to a few market rate properties across the United States. The operating partnerships are VIEs, whose debt is generally non-recourse in nature, and the general partners of which are mostly unaffiliated third-party developers. We account for our investments in operating partnerships using the equity method of accounting, unless they are required to be consolidated. We consolidate an operating partnership if the general partner is an affiliated entity, or we otherwise have the power to direct activities that most significantly impact the entities’ economic performance. In December 2021, Corebridge completed the sale of affordable housing portfolio to Blackstone Real Estate Income Trust.

For additional information on the sale of Corebridge’s interests in a U.S. affordable housing portfolio, see Note 1.

RMBS, CMBS, OTHER ABS AND CLOs

Primarily through our insurance operations, we are a passive investor in RMBS, CMBS, other ABS and CLOs, the majority of which are issued by domestic special purpose entities. We generally do not sponsor or transfer assets to, or act as the servicer to these asset-backed structures and were not involved in the design of these entities.

Our maximum exposure in these types of structures is limited to our investment in securities issued by these entities and, where applicable, any unfunded commitments to these entities. Conditional unfunded commitments for these unconsolidated entities are $331 million at December 31, 2023. Based on the nature of our investments and our passive involvement in these types of structures, we have determined that we are not the primary beneficiary of these entities. We have not included these entities in the above tables; however, the fair values of our investments in these structures are reported in Notes 5 and 6.

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 5 and 6. As of December 31, 2023, the total VIE assets of these securitizations are $3.1 billion, of which Corebridge’s maximum exposure to loss including unfunded commitments is $2.2 billion. As of December 31, 2022, the total VIE assets of these securitizations are $3.2 billion, of which Corebridge’s maximum exposure to loss is $1.5 billion.

10. 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.

Corebridge | 2023 Form 10-K 223

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ITEM 8 | Notes to Consolidated Financial Statements | 10. Derivatives and Hedge Accounting

Interest rate, currency and equity swaps, credit contracts, swaptions, options and forward transactions are accounted for as derivatives, recorded on a trade-date basis and carried at fair value. Unrealized gains and losses are generally reflected in income, except in certain situations in which hedge accounting is applied and unrealized gains and losses are reflected in AOCI. Aggregate asset or liability positions are netted on the Consolidated Balance Sheets only to the extent permitted by qualifying master netting arrangements in place with each respective counterparty. Cash collateral posted with counterparties in conjunction with transactions supported by qualifying master netting arrangements is reported as a reduction of the corresponding net derivative liability, while cash collateral received in conjunction with transactions supported by qualifying master netting arrangements is reported as a reduction of the corresponding net derivative asset.

Derivatives, with the exception of embedded derivatives, are reported at fair value in the Consolidated Balance Sheets in Other assets and Other liabilities. Embedded derivatives are generally presented with the host contract in the Consolidated Balance Sheets. A bifurcated embedded derivative is measured at fair value and accounted for in the same manner as a freestanding derivative contract. The corresponding host contract is accounted for according to the accounting guidance applicable for that instrument.

For additional information on embedded derivatives and MRBs, see Notes 5, 15 and 16.

The following table presents the notional amounts of our derivatives and the fair value of derivative assets and liabilities in the Consolidated Balance Sheets:


	December 31, 2023								December 31, 2022
	Gross Derivative Assets				Gross Derivative Liabilities				Gross Derivative Assets				Gross Derivative Liabilities
(in millions)	Notional Amount		Fair Value		Notional Amount		Fair Value		Notional Amount		Fair Value		Notional Amount		Fair Value
Derivatives designated as hedging instruments:(a)
Interest rate contracts	$	2,213	$	238	$	833	$	18	$	155	$	202	$	1,798	$	77
Foreign exchange contracts	2,918		354		4,829		164		3,535		575		3,354		176
Derivatives not designated as hedging instruments:(a)
Interest rate contracts	41,056		2,709		41,225		3,260		27,656		1,371		21,553		2,599
Foreign exchange contracts	6,260		586		7,878		399		4,630		672		6,673		456
Equity contracts	76,561		2,017		14,144		745		26,041		417		9,962		27
Credit contracts	305		8		5		—		—		—		—		—
Other contracts(b)	44,640		13		47		2		47,128		15		48		—
Total derivatives, gross	$	173,953	$	5,925	$	68,961	$	4,588	$	109,145	$	3,252	$	43,388	$	3,335
Counterparty netting(c)			(3,646)				(3,646)				(2,547)				(2,547)
Cash collateral(d)			(1,886)				(801)				(406)				(691)
Total derivatives on Condensed Consolidated Balance Sheets(e)			$	393			$	141			$	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.

(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 December 31, 2023 and December 31, 2022. The fair value of liabilities related to bifurcated embedded derivatives was $10.2 billion and $6.7 billion at December 31, 2023 and December 31, 2022, respectively. A bifurcated embedded derivative is generally presented with the host contract in the Consolidated Balance Sheets. Embedded derivatives are primarily related to guarantee features in 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 8.

The following table presents the gross notional amounts of our derivatives and the fair value of derivative assets and liabilities with related parties and third parties:


	December 31, 2023								December 31, 2022
	Gross Derivative Assets				Gross Derivative Liabilities				Gross Derivative Assets				Gross Derivative Liabilities
(in millions)	Notional Amount		Fair Value		Notional Amount		Fair Value		Notional Amount		Fair Value		Notional Amount		Fair Value
Total derivatives with related parties	$	53,163	$	622	$	5,720	$	232	$	60,633	$	3,177	$	42,109	$	3,154
Total derivatives with third parties	120,790		5,303		63,241		4,356		48,512		75		1,279		181
Total derivatives, gross	$	173,953	$	5,925	$	68,961	$	4,588	$	109,145	$	3,252	$	43,388	$	3,335

Corebridge | 2023 Form 10-K 224

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ITEM 8 | Notes to Consolidated Financial Statements | 10. Derivatives and Hedge Accounting

As of December 31, 2023 and December 31, 2022, the following amounts were recorded on the Consolidated Balance Sheets related to the carrying amount of the hedged assets (liabilities) and cumulative basis adjustments included in the carrying amount for fair value hedges:


	December 31, 2023				December 31, 2022
(in millions)	Carrying Amount of the Hedged Assets (Liabilities)		Cumulative Amount of Fair Value Hedging Adjustments Included In the Carrying Amount of the Hedged Assets Liabilities		Carrying Amount of the Hedged Assets (Liabilities)		Cumulative Amount of Fair Value Hedging Adjustments Included In the Carrying Amount of the Hedged Assets Liabilities
Balance sheet line item in which hedged item is recorded:
Fixed maturities, available-for-sale, at fair value	$	7,412	$	—	$	6,520	$	—
Commercial mortgage and other loans(a)	—		(24)		—		(25)
Policyholder contract deposits(b)	(4,756)		(31)		(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 $1.4 billion and $255 million at December 31, 2023 and December 31, 2022, respectively. Collateral posted by us to related parties for derivative transactions was zero and $1.5 billion at December 31, 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 $1.9 billion and $40 million at December 31, 2023 and December 31, 2022, respectively. Collateral provided to us from related parties for derivative transactions was $377 million and $380 million at December 31, 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 Consolidated Balance Sheets when a legally enforceable ISDA Master Agreement exists between us and our derivative counterparty. An ISDA Master Agreement is an agreement governing multiple derivative transactions between two counterparties. The ISDA Master Agreement generally provides for the net settlement of all, or a specified group, of these derivative transactions, as well as transferred collateral, through a single payment, and in a single currency, as applicable. The net settlement provisions apply in the event of a default on, or affecting any, one derivative transaction or a termination event affecting all, or a specified group of, derivative transactions governed by the ISDA Master Agreement.

HEDGE ACCOUNTING

We designated certain derivatives entered into with related parties as fair value hedges of available-for-sale securities held by our insurance subsidiaries. The fair value hedges include foreign currency forwards and cross-currency swaps designated as hedges of the change in fair value of foreign currency denominated available-for-sale securities attributable to changes in foreign exchange rates. We also designated certain interest rate swaps entered into with both third parties and related parties as fair value hedges of fixed rate GICs attributable to changes in benchmark interest rates.

Corebridge | 2023 Form 10-K 225

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ITEM 8 | Notes to Consolidated Financial Statements | 10. Derivatives and Hedge Accounting

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 year ended December 31, 2023, $28 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 $174 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 also designated certain interest rate swaps as cash flow hedges of floating-rate investment assets. Related to such swaps, for the year ended December 31, 2023, we recognized derivative gains (losses) of $13 million in AOCI and $(2) million in net investment income. As it relates to such hedges, we do not expect any reclassifications into net investment income over the next 12 months and 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 years ended December 31, 2023, 2022 and 2021 of $(3) million, $9 million and $8 million, respectively, included in Change in foreign currency translation adjustment in Other comprehensive income (loss) related to the net investment hedge relationships. The gains (losses) recognized primarily include transactions with related parties. A qualitative methodology is utilized to assess hedge effectiveness for net investment hedges, while regression analysis is employed for all other hedges.

The following table presents the gain (loss) recognized in earnings on our derivative instruments in fair value hedging relationships in the Consolidated Statements of Income (Loss):


	Gains/(Losses) Recognized in Earnings for:
(in millions)	Hedging Derivatives(a)(c)		Excluded Components(b)(c)		Hedged Items		Net Impact
Year Ended December 31, 2023
Interest rate contracts:
Realized gains (losses)	$	—	$	—	$	—	$	—
Interest credited to policyholder account balances	86		—		(98)		(12)
Net investment income	—		—		1		1
Foreign exchange contracts:
Realized gains (losses)	(243)		15		243		15
Year Ended December 31, 2022
Interest rate contracts:
Realized gains (losses)	$	—	$	—	$	—	$	—
Interest credited to policyholder account balances	(156)		—		151		(5)
Net investment income	11		—		(12)		(1)
Foreign exchange contracts:
Realized gains (losses)	459		171		(459)		171
Year Ended December 31, 2021
Interest rate contracts:
Realized gains (losses)	$	—	$	—	$	—	$	—
Interest credited to policyholder account balances	(62)		18		54		10
Net investment income	9		—		(11)		(2)
Foreign exchange contracts:
Realized gains (losses)	260		31		(260)		31

(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.

Corebridge | 2023 Form 10-K 226

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ITEM 8 | Notes to Consolidated Financial Statements | 10. Derivatives and Hedge Accounting

The following table presents the effect of derivative instruments not designated as hedging instruments in the Consolidated Statements of Income (Loss):


Years Ended December 31,	Gains (Losses) Recognized in Earnings
(in millions)	2023		2022		2021
By Derivative Type:
Interest rate contracts	$	(397)	$	(2,386)	$	(585)
Foreign exchange contracts	(215)		1,028		476
Equity contracts	(120)		(483)		(742)
Credit contracts	—		(1)		(11)
Other contracts	64		64		64
Embedded derivatives within policyholder contract deposits	(1,477)		1,120		(477)
Fortitude Re funds withheld embedded derivative	(1,734)		6,347		(687)
Total(a)	$	(3,879)	$	5,689	$	(1,962)
By Classification:
Policy fees	$	64	$	61	$	62
Net investment income	(10)		(10)		6
Net realized gains - excluding Fortitude Re funds withheld assets(b)	(990)		817		445
Net realized gains (losses) on Fortitude Re funds withheld assets	(90)		(121)		33
Net realized losses on Fortitude Re funds withheld embedded derivatives	(1,734)		6,347		(687)
Policyholder benefits	—		(19)		(4)
Change in Fair value of market risk benefits(c)	(1,119)		(1,386)		(1,817)
Total(a)	$	(3,879)	$	5,689	$	(1,962)

(a) Includes gains (losses) with related parties of $(1.1) billion, $(2.5) billion and $(0.4) billion for the Years Ended December 31, 2023, 2022 and 2021, respectively.

(b) Includes a $13 million gain (loss) related to the sale of Laya and AIG Life reported in Net (gain) loss on divestitures. For further details on these transactions, see Notes 1 and 4.

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 16. 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 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 Consolidated Balance Sheets. The fair values of these hybrid securities were both zero at December 31, 2023 and December 31, 2022. These securities have par amounts of $25 million and $25 million at December 31, 2023 and December 31, 2022, respectively, and have remaining stated maturity dates that extend to 2052.

11. Goodwill and Other Intangible Assets

Goodwill represents the future economic benefits arising from assets acquired in a business combination that are not individually identified and separately recognized. Goodwill is tested for impairment at the reporting unit level, which is defined as an operating segment or one level below, and the test is performed annually, or more frequently if circumstances indicate an impairment may have occurred.

The impairment assessment involves an option to first assess qualitative factors to determine whether events or circumstances exist that lead to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the qualitative assessment is not performed, or after assessing the totality of the events or circumstances, we determine it is more likely than not that the fair value of a reporting unit is less than its carrying amount, a quantitative assessment for potential impairment is performed.

Corebridge | 2023 Form 10-K 227

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ITEM 8 | Notes to Consolidated Financial Statements | 11. Goodwill and Other Intangible Assets

If the qualitative test is not performed or if the test indicates a potential impairment is present, we estimate the fair value of each reporting unit and compare the estimated fair value with the carrying amount of the reporting unit, including allocated goodwill. The estimate of a reporting unit’s fair value involves management judgment and is based on one or a combination of approaches including discounted expected future cash flows, market-based earnings multiples of the unit’s peer companies, external appraisals or, in the case of reporting units being considered for sale, third-party indications of fair value, if available. We consider one or more of these estimates when determining the fair value of a reporting unit to be used in the impairment test.

If the estimated fair value of a reporting unit exceeds its carrying amount, goodwill is not impaired. If the carrying value of a reporting unit exceeds its estimated fair value, goodwill associated with that reporting unit potentially is impaired. The amount of impairment, if any, is measured as the excess of a reporting unit’s carrying amount over its fair value not to exceed the total amount of goodwill allocated to that reporting unit and recognized in income.

The date of our annual goodwill impairment testing is July 1. We performed our annual goodwill impairment tests of all reporting units and concluded that our goodwill was not impaired.

The following table presents the changes in goodwill by operating segment:


(in millions)	Life Insurance		Corporate and Other Operations		Total







Balance at January 1, 2022:
Goodwill - gross	236		33		269
Accumulated impairments	(67)		(10)		(77)
Net goodwill	169		23		192
Increase (decrease) due to:
Dispositions	—		—		—
Other*	(16)		(1)		(17)
Balance at December 31, 2022:
Goodwill - gross	220		32		252
Accumulated impairments	(67)		(10)		(77)
Net goodwill	153		22		175
Increase (decrease) due to:
Dispositions	(30)		(9)		(39)
Other*	3		1		4
Reclassified to Assets held-for-sale	(23)		—		(23)
Balance at December 31, 2023:
Goodwill - gross	170		24		194
Accumulated impairments	(67)		(10)		(77)
Net goodwill	$	103	$	14	$	117

* Other primarily relates to changes in foreign currencies.

Indefinite lived intangible assets are not subject to amortization. Finite lived intangible assets are amortized over their useful lives. Finite lived intangible assets primarily include distribution networks and are recorded net of accumulated amortization. The Company tests intangible assets for impairment on an annual basis or whenever events or circumstances suggest that the carrying value of an intangible asset may exceed the sum of the undiscounted cash flows expected to result from its use and eventual disposition. If this condition exists and the carrying value of an intangible asset exceeds its fair value, the excess is recognized as an impairment and is recorded as a charge against net income (loss). Other intangible assets at December 31, 2023 and 2022 was zero and $12 million, respectively.

12. 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 Consolidated Statements of Income (Loss).

Corebridge | 2023 Form 10-K 228

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ITEM 8 | Notes to Consolidated Financial Statements |12. Deferred Policy Acquisition Costs

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.

DAC for all contracts, except for those with limited to no exposure to policyholder behavior risk, (i.e., certain investment contracts), is grouped and amortized on a constant level basis (i.e., approximating straight line amortization with adjustments for expected terminations) over the expected term of the related contracts using assumptions consistent with those used in estimating the related liability for future policy benefits, or any other related balances, for those corresponding contracts, as applicable. Capitalized expenses are only included in DAC amortization as expenses are incurred. For amortization purposes, contracts are grouped into annual cohorts by issue year and product and to segregate reinsured and non-reinsured contracts. For life insurance contracts, amortization is based on insurance in-force, while initial deposits are used for deferred annuity contracts, structured settlements and pension risk transfer products. Changes in future assumptions (e.g., expected duration of contracts or amount of coverage expected to be in force) are applied by adjusting the amortization rate prospectively. The Company has elected to implicitly account for actual experience, whether favorable or unfavorable, in its amortization expense each period. DAC is capped at the amount of expenses capitalized as the DAC balance does not accrue interest. DAC is not subject to recoverability testing.

Value of Business Acquired (“VOBA”): VOBA is determined at the time of acquisition and is reported in the Consolidated Balance Sheets with DAC. This value is based on the present value of future pre-tax profits discounted at yields applicable at the time of purchase. 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: 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.

The following table presents the transition rollforward for deferred policy acquisition costs for long-duration contracts:


	Individual Retirement		Group Retirement		Life Insurance		Institutional Markets		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 reduced DAC.

The following table presents the transition rollforward for value of business acquired for long-duration contracts:


	Individual Retirement			Group Retirement		Life Insurance		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 reduced VOBA.

Corebridge | 2023 Form 10-K 229

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ITEM 8 | Notes to Consolidated Financial Statements |12. Deferred Policy Acquisition Costs

The following table presents a rollforward of deferred policy acquisition costs and value of business acquired related to long-duration contracts for the years ended December 31, 2023, 2022 and 2021:


	Individual Retirement		Group Retirement		Life Insurance		Institutional Markets		Total
(in millions)
DAC:
Balance at January 1, 2023	$	4,643	$	1,060	$	4,718	$	51	$	10,472
Capitalization	705		77		450		28		1,260
Amortization expense	(571)		(82)		(372)		(9)		(1,034)
Other, including foreign exchange	—		—		36		—		36
Reclassified to Assets held-for-sale	—		—		(740)		—		(740)
Balance at December 31, 2023	$	4,777	$	1,055	$	4,092	$	70	$	9,994

Balance at January 1, 2022	$	4,604	$	1,078	$	4,765	$	38	$	10,485
Capitalization	562		62		414		21		1,059
Amortization expense	(523)		(80)		(401)		(7)		(1,011)
Other, including foreign exchange	—		—		(60)		(1)		(61)
Balance at December 31, 2022	$	4,643	$	1,060	$	4,718	$	51	$	10,472

Balance at January 1, 2021	$	4,476	$	1,093	$	4,773	$	33	$	10,375
Capitalization	579		63		404		10		1,056
Amortization expense	(451)		(78)		(406)		(6)		(941)
Other, including foreign exchange	—		—		(6)		1		(5)
Balance at December 31, 2021	$	4,604	$	1,078	$	4,765	$	38	$	10,485

VOBA:
Balance at January 1, 2023	$	3	$	1	$	87	$	—	$	91

Amortization expense	(1)		—		(7)		—		(8)
Other, including foreign exchange	—		—		8		—		8
Reclassified to Assets held-for-sale	—		—		(74)		—		(74)
Balance at December 31, 2023	$	2	$	1	$	14	$	—	$	17

Balance at January 1, 2022	$	3	$	1	$	109	$	—	$	113

Amortization expense	—		—		(9)		—		(9)
Other, including foreign exchange	—		—		(13)		—		(13)
Balance at December 31, 2022	$	3	$	1	$	87	$	—	$	91

Balance at January 1, 2021	$	3	$	1	$	121	$	—	$	125
Amortization expense	—		—		(10)		—		(10)
Other, including foreign exchange	—		—		(2)		—		(2)
Balance at December 31, 2021	$	3	$	1	$	109	$	—	$	113

Total DAC and VOBA:
Balance at December 31, 2023									$	10,011
Balance at December 31, 2022									$	10,563
Balance at December 31, 2021									$	10,598

DEFERRED SALES INDUCEMENTS

We offer DSI which include enhanced crediting rates or bonus payments to contract holders (bonus interest) on certain annuity and investment contract products. To qualify for accounting treatment as an asset, 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.

Corebridge | 2023 Form 10-K 230

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ITEM 8 | Notes to Consolidated Financial Statements |12. Deferred Policy Acquisition Costs

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 Retirement		Group Retirement		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 reduced DSI.

The following table presents a rollforward of deferred sales inducement assets related to long-duration contracts for the years ended December 31, 2023, 2022, and 2021:


Years Ended December 31,	2023						2022						2021
	Individual Retirement		Group Retirement		Total		Individual Retirement		Group Retirement		Total		Individual Retirement		Group Retirement		Total
(in millions)


Balance, beginning of year	$	381	$	177	$	558	$	428	$	191	$	619	$	476	$	205	$	681
Capitalization	7		1		8		9		—		9		10		—		10
Amortization expense	(55)		(14)		(69)		(56)		(14)		(70)		(58)		(14)		(72)

Balance, end of period	$	333	$	164	$	497	$	381	$	177	$	558	$	428	$	191	$	619
Other reconciling items*					1,797						1,963						2,995
Other assets, including restricted cash					$	2,294					$	2,521					$	3,614

* Other reconciling items include prepaid expenses, goodwill, intangible assets and any similar items.

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 Consolidated Statements of Income (Loss).

For discussion of the fair value measurement of guaranteed benefits that are accounted for as MRBs, see Note 5.

Corebridge | 2023 Form 10-K 231

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ITEM 8 | Notes to Consolidated Financial Statements | 13. Separate Account Assets and Liabilities

The following table presents fair value of separate account investment options:


December 31, 2023	Individual Retirement		Group Retirement		Life Insurance		Institutional Markets		Total
(in millions)

Equity Funds	$	25,451	$	28,675	$	819	$	593	$	55,538
Bond Funds	4,037		3,292		44		1,303		8,676
Balanced Funds	17,711		5,479		53		1,923		25,166
Money Market Funds	694		742		16		173		1,625
Total	$	47,893	$	38,188	$	932	$	3,992	$	91,005


December 31, 2022	Individual Retirement		Group Retirement		Life Insurance		Institutional Markets		Total
(in millions)

Equity Funds	$	22,990	$	24,608	$	687	$	581	$	48,866
Bond Funds	3,802		4,081		46		1,321		9,250
Balanced Funds	17,663		5,113		49		1,939		24,764
Money Market Funds	723		559		17		674		1,973
Total	$	45,178	$	34,361	$	799	$	4,515	$	84,853

The following table presents the balances and changes in separate account liabilities:


Year Ended December 31, 2023	Individual Retirement		Group Retirement		Life Insurance		Institutional Markets		Total
(in millions)


Separate accounts balance, beginning of year	$	45,178	$	34,361	$	799	$	4,515	$	84,853
Premiums and deposits	1,408		1,374		36		41		2,859
Policy charges	(1,241)		(441)		(49)		(93)		(1,824)
Surrenders and withdrawals	(3,744)		(3,047)		(25)		(721)		(7,537)
Benefit payments	(844)		(557)		(7)		(68)		(1,476)
Investment performance	6,933		6,666		181		287		14,067
Net transfers from (to) general account and other	203		(168)		(3)		31		63

Separate accounts balance, end of period	$	47,893	$	38,188	$	932	$	3,992	$	91,005

Cash surrender value*	$	46,911	$	37,992	$	911	$	3,994	$	89,808


Year Ended December 31, 2022	Individual Retirement		Group Retirement		Life Insurance		Institutional Markets		Total
(in millions)


Separate accounts balance, beginning of year	$	57,927	$	45,138	$	1,044	$	5,002	$	109,111
Premiums and deposits	2,420		1,611		37		69		4,137
Policy charges	(1,325)		(461)		(51)		(100)		(1,937)
Surrenders and withdrawals	(3,320)		(2,452)		(22)		(131)		(5,925)
Benefit payments	(898)		(613)		(6)		(59)		(1,576)
Investment performance	(9,861)		(8,479)		(201)		(319)		(18,860)
Net transfers from (to) general account and other	235		(383)		(2)		53		(97)
Separate accounts balance, end of period	$	45,178	$	34,361	$	799	$	4,515	$	84,853

Cash surrender value*	$	44,124	$	34,169	$	777	$	4,518	$	83,588


Year Ended December 31, 2021	Individual Retirement		Group Retirement		Life Insurance		Institutional Markets		Total
(in millions)


Separate accounts balance, beginning of year	$	53,456	$	41,310	$	912	$	4,612	$	100,290
Premiums and deposits	4,081		1,979		49		76		6,185
Policy charges	(1,368)		(523)		(52)		(98)		(2,041)
Surrenders and withdrawals	(4,261)		(3,013)		(32)		(82)		(7,388)
Benefit payments	(1,039)		(615)		(10)		(23)		(1,687)
Investment performance	6,743		6,711		180		486		14,120
Net transfers from (to) general account and other	315		(711)		(3)		31		(368)
Separate accounts balance, end of period	$	57,927	$	45,138	$	1,044	$	5,002	$	109,111

Cash surrender value*	$	56,727	$	44,909	$	1,026	$	4,993	$	107,655

* 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.

Corebridge | 2023 Form 10-K 232

TABLE OF CONTENTS

ITEM 8 | Notes to Consolidated Financial Statements | 14. Future Policy Benefits

14. Future Policy Benefits

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. Structured settlement or other annuitization elections (e.g., certain single premium immediate annuities) that do not involve life contingent payments, but rather payments for a stated period are included in Policyholder contract deposits.

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 Consolidated Statements of Income (Loss).

The following table presents the transition rollforward of the liability for future policy benefits for nonparticipating contracts:


	Individual Retirement		Group Retirement		Life Insurance		Institutional Markets		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.

Corebridge | 2023 Form 10-K 233

TABLE OF CONTENTS

ITEM 8 | Notes to Consolidated Financial Statements | 14. Future Policy Benefits

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 Consolidated Balance Sheets:


Year Ended December 31, 2023	Individual Retirement		Group Retirement		Life Insurance		Institutional Markets		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	—		—		34		—		21		55
Effect of actual variances from expected experience	—		—		62		—		20		82
Adjusted beginning of year balance	—		—		13,622		—		1,098		14,720
Issuances	—		—		1,277		—		—		1,277
Interest accrual	—		—		437		—		46		483
Net premium collected	—		—		(1,464)		—		(118)		(1,582)
Foreign exchange impact	—		—		265		—		—		265
Other	—		—		11		—		(9)		2
Ending balance at original discount rate	—		—		14,148		—		1,017		15,165
Effect of changes in discount rate assumptions (AOCI)	—		—		(1,482)		—		(44)		(1,526)
Reclassified to Liabilities held-for-sale	—		—		(4,287)		—		—		(4,287)
Balance, end of year	$	—	$	—	$	8,379	$	—	$	973	$	9,352

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)	—		—		62		—		76		138
Effect of actual variances from expected experience(a)	(5)		(2)		122		15		—		130
Adjusted beginning of year balance	1,385		211		24,787		15,113		21,588		63,084
Issuances	173		18		1,266		5,339		4		6,800
Interest accrual	55		11		908		664		1,026		2,664
Benefit payments	(128)		(26)		(1,921)		(1,087)		(1,503)		(4,665)
Foreign exchange impact	—		—		345		359		—		704
Other	—		—		10		—		(24)		(14)
Ending balance at original discount rate	1,485		214		25,395		20,388		21,091		68,573
Effect of changes in discount rate assumptions (AOCI)	(132)		3		(2,745)		(1,906)		(437)		(5,217)
Reclassified to Liabilities held-for-sale	—		—		(5,119)		—		—		(5,119)
Balance, end of year	$	1,353	$	217	$	17,531	$	18,482	$	20,654	$	58,237
Net liability for future policy benefits, end of year	1,353		217		9,152		18,482		19,681		48,885
Liability for future policy benefits for certain participating contracts	—		—		13		—		1,300		1,313
Liability for universal life policies with secondary guarantees and similar features(b)	—		—		3,731		—		55		3,786


Deferred profit liability	84		10		19		1,543		855		2,511
Other reconciling items(c)	33		—		485		—		95		613
Future policy benefits for life and accident and health insurance contracts	1,470		227		13,400		20,025		21,986		57,108
Less: Reinsurance recoverable:	(4)		—		(719)		(39)		(21,986)		(22,748)
Net liability for future policy benefits after reinsurance recoverable	$	1,466	$	227	$	12,681	$	19,986	$	—	$	34,360

Weighted average liability duration of the liability for future policy benefits(d)(e)	7.8		6.8		12.8		12.1		11.5

Corebridge | 2023 Form 10-K 234

TABLE OF CONTENTS

ITEM 8 | Notes to Consolidated Financial Statements | 14. Future Policy Benefits


Year Ended December 31, 2022	Individual Retirement		Group Retirement		Life Insurance		Institutional Markets		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	—		—		123		—		—		123
Effect of actual variances from expected experience	—		—		(79)		—		7		(72)
Adjusted beginning of year balance	—		—		13,707		—		1,131		14,838
Issuances	—		—		1,358		—		—		1,358
Interest accrual	—		—		397		—		48		445
Net premium collected	—		—		(1,418)		—		(123)		(1,541)
Foreign exchange impact	—		—		(517)		—		—		(517)
Other	—		—		(1)		—		1		—
Ending balance at original discount rate	—		—		13,526		—		1,057		14,583
Effect of changes in discount rate assumptions (AOCI)	—		—		(1,872)		—		(66)		(1,938)
Balance, end of year	$	—	$	—	$	11,654	$	—	$	991	$	12,645

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)	—		—		140		(6)		—		134
Effect of actual variances from expected experience(a)	(30)		(2)		(94)		3		1		(122)
Adjusted beginning of year balance	1,248		216		24,771		13,017		22,002		61,254
Issuances	216		12		1,374		2,782		9		4,393
Interest accrual	42		10		876		459		1,233		2,620
Benefit payments	(116)		(26)		(1,757)		(821)		(1,483)		(4,203)
Foreign exchange impact	—		—		(657)		(339)		—		(996)
Other	—		1		(4)		—		(249)		(252)
Ending balance at original discount rate	1,390		213		24,603		15,098		21,512		62,816
Effect of changes in discount rate assumptions (AOCI)	(167)		(2)		(3,424)		(2,634)		(1,083)		(7,310)
Balance, end of year	$	1,223	$	211	$	21,179	$	12,464	$	20,429	$	55,506
Net liability for future policy benefits, end of year	1,223		211		9,525		12,464		19,438		42,861
Liability for future policy benefits for certain participating contracts	—		—		14		—		1,338		1,352
Liability for universal life policies with secondary guarantees and similar features(b)	—		—		3,300		—		55		3,355


Deferred profit liability	99		12		15		1,281		896		2,303
Other reconciling items(c)	37		—		500		—		110		647
Future policy benefits for life and accident and health insurance contracts	1,359		223		13,354		13,745		21,837		50,518
Less: Reinsurance recoverable:	(4)		—		(1,107)		(36)		(21,837)		(22,984)
Net liability for future policy benefits after reinsurance recoverable	$	1,355	$	223	$	12,247	$	13,709	$	—	$	27,534

Weighted average liability duration of the liability for future policy benefits(d)	7.6		6.9		12.2		10.8		11.4

Corebridge | 2023 Form 10-K 235

TABLE OF CONTENTS

ITEM 8 | Notes to Consolidated Financial Statements | 14. Future Policy Benefits


Year Ended December 31, 2021	Individual Retirement		Group Retirement		Life Insurance		Institutional Markets		Corporate and Other		Total
(in millions, except for liability durations)


Present value of expected net premiums
Balance, beginning of year	$	—	$	—	$	13,793	$	—	$	1,506	$	15,299
Effect of changes in discount rate assumptions (AOCI)	—		—		(1,374)		—		(249)		(1,623)
Beginning balance at original discount rate	—		—		12,419		—		1,257		13,676
Effect of changes in cash flow assumptions	—		—		164		—		(72)		92
Effect of actual variances from expected experience	—		—		371		—		14		385
Adjusted beginning of year balance	—		—		12,954		—		1,199		14,153
Issuances	—		—		1,727		—		—		1,727
Interest accrual	—		—		392		—		54		446
Net premium collected	—		—		(1,364)		—		(129)		(1,493)
Foreign exchange impact	—		—		(46)		—		—		(46)
Other	—		—		—		—		—		—
Ending balance at original discount rate	—		—		13,663		—		1,124		14,787
Effect of changes in discount rate assumptions (AOCI)	—		—		706		—		150		856
Balance, end of year	$	—	$	—	$	14,369	$	—	$	1,274	$	15,643

Present value of expected future policy benefits
Balance, beginning of year	$	1,323	$	279	$	27,919	$	11,630	$	30,519	$	71,670
Effect of changes in discount rate assumptions (AOCI)	(156)		(63)		(4,351)		(1,654)		(7,862)		(14,086)
Beginning balance at original discount rate	1,167		216		23,568		9,976		22,657		57,584
Effect of changes in cash flow assumptions(a)	—		—		193		—		(83)		110
Effect of actual variances from expected experience(a)	1		(1)		413		(3)		(121)		289
Adjusted beginning of year balance	1,168		215		24,174		9,973		22,453		57,983
Issuances	172		21		1,713		3,366		15		5,287
Interest accrual	41		11		876		380		1,085		2,393
Benefit payments	(101)		(28)		(1,981)		(696)		(1,530)		(4,336)
Foreign exchange impact	—		—		(60)		(3)		—		(63)
Other	(2)		(1)		3		—		(22)		(22)
Ending balance at original discount rate	1,278		218		24,725		13,020		22,001		61,242
Effect of changes in discount rate assumptions (AOCI)	95		46		2,717		870		5,673		9,401
Balance, end of year	$	1,373	$	264	$	27,442	$	13,890	$	27,674	$	70,643
Net liability for future policy benefits, end of year	1,373		264		13,073		13,890		26,400		55,000
Liability for future policy benefits for certain participating contracts	—		—		15		—		1,382		1,397
Liability for universal life policies with secondary guarantees and similar features(b)	—		—		4,952		—		55		5,007


Deferred profit liability	81		11		10		1,218		916		2,236
Other reconciling items(c)	42		—		485		1		102		630
Future policy benefits for life and accident and health insurance contracts	1,496		275		18,535		15,109		28,855		64,270
Less: Reinsurance recoverable:	(4)		—		(1,715)		(47)		(28,855)		(30,621)
Net liability for future policy benefits after reinsurance recoverable	$	1,492	$	275	$	16,820	$	15,062	$	—	$	33,649

Weighted average liability duration of the liability for future policy benefits (d)	8.6		7.8		14.4		13.0		13.7

(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.

(e) Includes balances that were reclassified to Liabilities held-for-sale in the Consolidated Balance Sheets. See Note 4 for additional information.

Corebridge | 2023 Form 10-K 236

TABLE OF CONTENTS

ITEM 8 | Notes to Consolidated Financial Statements | 14. Future Policy Benefits

For the years ended December 31, 2023, 2022 and 2021 in the traditional and term life insurance block, capping of net premium ratios at 100% caused a (credit)/charge to net income of $(1) million, $26 million and $15 million, respectively. The discount rate was updated based on market observable information. Relative to the 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:


		Years Ended December 31,
(in millions)		2023		2022		2021

Individual Retirement	Undiscounted expected future benefits and expense	$	2,131	$	1,959	$	1,747
	Undiscounted expected future gross premiums	$	—	$	—	$	—



Group Retirement	Undiscounted expected future benefits and expense	$	313	$	321	$	328
	Undiscounted expected future gross premiums	$	—	$	—	$	—



Life Insurance(a) (b)	Undiscounted expected future benefits and expense	$	40,489	$	38,909	$	38,869
	Undiscounted expected future gross premiums	$	30,458	$	29,035	$	29,272



Institutional Markets	Undiscounted expected future benefits and expense	$	38,253	$	25,066	$	20,839
	Undiscounted expected future gross premiums	$	—	$	—	$	—


Corporate and other (c)(d)	Undiscounted expected future benefits and expense	$	43,071	$	44,530	$	46,038
	Undiscounted expected future gross premiums	$	2,146	$	2,262	$	2,437

(a) Includes balances that have been reclassified to Liabilities held-for-sale in the Consolidated Balance Sheets. See Note 4 for additional information.

(b) Life insurance discounted expected future gross premiums (at current discount rate) for 2023 were $20.2 billion.

(d) Represents activity ceded to Fortitude Re.

The following table presents the amount of revenue and interest recognized in the Consolidated Statements of Income (Loss) for future policy benefits for nonparticipating contracts:


	Gross Premiums						Interest Accretion
	Years Ended December 31,						Years Ended December 31,
(in millions)	2023		2022		2021		2023		2022		2021

Individual Retirement	$	202	$	224	$	186	$	55	$	42	$	41

Group Retirement	19		19		21		11		10		11

Life Insurance	2,393		2,342		2,319		471		479		484

Institutional Markets	5,638		2,940		3,818		664		459		380
Corporate and Other	215		224		236		980		1,185		1,031
Total	$	8,467	$	5,749	$	6,580	$	2,181	$	2,175	$	1,947

The following table presents the weighted-average interest rate for future policy benefits for nonparticipating contracts:


	Individual Retirement		Group Retirement		Life Insurance		Institutional Markets		Corporate and Other



December 31, 2023
Weighted-average interest rate, original discount rate *	3.75	%	5.15	%	4.10	%	4.14	%	4.86	%
Weighted-average interest rate, current discount rate *	5.04	%	5.02	%	5.04	%	4.96	%	5.08	%

December 31, 2022
Weighted-average interest rate, original discount rate	3.58	%	5.17	%	4.08	%	3.56	%	4.88	%
Weighted-average interest rate, current discount rate	5.32	%	5.30	%	5.33	%	5.30	%	5.36	%
December 31, 2021
Weighted-average interest rate, original discount rate	3.23	%	4.96	%	4.11	%	3.22	%	4.83	%
Weighted-average interest rate, current discount rate	2.75	%	2.68	%	2.85	%	2.71	%	3.08	%

* Weighted-average interest rates for Life Insurance include balances that have been reclassified to Liabilities held-for-sale.

Corebridge | 2023 Form 10-K 237

TABLE OF CONTENTS

ITEM 8 | Notes to Consolidated Financial Statements | 14. Future Policy Benefits

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.

Actuarial Assumption Updates for Liability for Future Policy Benefits

In 2023, Corebridge recognized an unfavorable impact to net income due to other refinements on Life products offset in part by mortality assumption updates. In 2022, Corebridge recognized a favorable impact to net income (mostly offset by corresponding DPL adjustment) due to updates to mortality and retirement assumptions on certain pension risk transfer products. In 2021, Corebridge recognized an unfavorable impact to net income mainly due to updated mortality on Traditional Life products.

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.

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 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 Consolidated Statements of Income (Loss).

The following table presents the transition rollforward for deferred profit liability for long-duration contracts:


	Individual Retirement		Group Retirement		Life Insurance		Institutional Markets		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

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 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 Retirement		Group Retirement		Life Insurance		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 16.

(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.

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ITEM 8 | Notes to Consolidated Financial Statements | 14. Future Policy Benefits

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 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:


	Years Ended December 31,
	2023						2022						2021
	Life Insurance		Corporate and Other		Total		Life Insurance		Corporate and Other		Total		Life Insurance		Corporate and Other		Total
(in millions, except duration of liability)


Balance, beginning of year	$	3,300	$	55	$	3,355	$	4,952	$	55	$	5,007	$	5,117	$	55	$	5,172
Effect of changes in assumptions	(41)		—		(41)		(24)		—		(24)		(116)		—		(116)
Effect of changes in experience	319		(4)		315		303		(4)		299		331		(4)		327
Adjusted beginning balance	$	3,578	$	51	$	3,629	$	5,231	$	51	$	5,282	$	5,332	$	51	$	5,383

Assessments	671		2		673		687		2		689		669		2		671
Excess benefits paid	(943)		—		(943)		(909)		—		(909)		(859)		—		(859)
Interest accrual	132		2		134		126		2		128		136		2		138
Other	(9)		—		(9)		(11)		—		(11)		24		—		24
Changes related to unrealized appreciation (depreciation) of investments	302		—		302		(1,824)		—		(1,824)		(350)		—		(350)
Balance, end of year	$	3,731	$	55	$	3,786	$	3,300	$	55	$	3,355	$	4,952	$	55	$	5,007
Less: Reinsurance recoverable	(164)		—		(164)		(191)		—		(191)		(200)		—		(200)
Balance, end of year, net of Reinsurance recoverable	$	3,567	$	55	$	3,622	$	3,109	$	55	$	3,164	$	4,752	$	55	$	4,807

Weighted average duration of liability *	25.4		9.2				26.3		9.5				27.1		9.8

* 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 Consolidated Statements of Income (Loss) for the liability for universal life policies with secondary guarantees and similar features:


	Gross Assessments Years Ended December 31,						Interest Accretion Years Ended December 31,

(in millions)	2023		2022		2021		2023		2022		2021





Life Insurance	$	1,109	$	1,193	$	1,187	$	132	$	126	$	136

Corporate and Other	37		39		39		2		2		2
Total	$	1,146	$	1,232	$	1,226	$	134	$	128	$	138

The following table presents the calculation of weighted average interest rate for the liability for universal life policies with secondary guarantees and similar features:


December 31,	2023				2022				2021
	Life Insurance		Corporate and Other		Life Insurance		Corporate and Other		Life Insurance		Corporate and Other



Weighted-average interest rate	3.92	%	4.20	%	3.76	%	4.24	%	3.74	%	4.21	%

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.

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ITEM 8 | Notes to Consolidated Financial Statements | 14. Future Policy Benefits

The following table presents details concerning our universal life policies with secondary guarantees and similar features:


	Years Ended December 31,
(in millions, except for attained age of contract holders)	2023		2022
Account value	$	3,721	$	3,514
Net amount at risk	$	72,422	$	69,335
Average attained age of contract holders	53		53

Actuarial Assumption Updates for Liability for universal life policies with secondary guarantees and similar features

In 2023, Corebridge recognized a favorable impact to net income due to updates to the portfolio yield assumption and refinements to the modeling for universal life with secondary guarantees and similar features, partially offset by updated premium assumptions. In 2022, Corebridge recognized a favorable impact to net income due to modeling refinements to reflect actual versus expected asset data related to calls and capital gains. In 2021, Corebridge recognized a favorable impact to net income primarily due to the update in the reserving methodology, partially offset by assumption updates to mortality.

15. Policyholder Contract Deposits and Other Policyholder Funds

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 5.

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 Retirement		Group Retirement		Life Insurance		Institutional Markets		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

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ITEM 8 | Notes to Consolidated Financial Statements | 15. Policyholder Contract Deposits and Other Policyholder Funds

The following table presents the balances and changes in Policyholder contract deposits account balances(a):


	Individual Retirement			Group Retirement			Life Insurance			Institutional Markets			Corporate and other			Total
(in millions, except for average crediting rate)
Year Ended December 31, 2023
Policyholder contract deposits account balance, beginning of year	$	89,554		$	43,395		$	10,224		$	11,734		$	3,587		$	158,494
Deposits	18,188			5,352			1,632			3,813			44			29,029
Policy charges	(840)			(477)			(1,524)			(67)			(64)			(2,972)
Surrenders and withdrawals	(14,025)			(8,310)			(256)			(722)			(93)			(23,406)
Benefit payments	(3,770)			(2,518)			(281)			(2,405)			(300)			(9,274)
Net transfers from (to) separate account	3,617			2,705			3			792			—			7,117
Interest credited	2,188			1,141			413			507			168			4,417
Other	(16)			11			20			(3)			(9)			3
Policyholder contract deposits account balance, end of year	94,896			41,299			10,231			13,649			3,333			163,408
Other reconciling items(b)	(1,429)			(230)			208			93			—			(1,358)
Policyholder contract deposits	$	93,467		$	41,069		$	10,439		$	13,742		$	3,333		$	162,050

Weighted average crediting rate	2.68		%	2.91		%	4.41		%	4.08		%	4.99		%
Cash surrender value(c)	$	88,685		$	40,210		$	9,026		$	2,583		$	1,712		$	142,216

Year Ended December 31, 2022
Policyholder contract deposits account balance, beginning of year	$	84,097		$	43,902		$	10,183		$	10,804		$	3,823		$	152,809
Deposits	15,186			4,946			1,674			1,494			48			23,348
Policy charges	(870)			(462)			(1,570)			(69)			(65)			(3,036)
Surrenders and withdrawals	(8,921)			(5,712)			(211)			(134)			(64)			(15,042)
Benefit payments	(3,798)			(2,528)			(216)			(775)			(349)			(7,666)
Net transfers from (to) separate account	2,248			2,149			(5)			144			—			4,536
Interest credited	1,608			1,100			377			301			178			3,564
Other	4			—			(8)			(31)			16			(19)
Policyholder contract deposits account balance, end of year	89,554			43,395			10,224			11,734			3,587			158,494
Other reconciling items(b)	(2,136)			(319)			34			(16)			1			(2,436)
Policyholder contract deposits	$	87,418		$	43,076		$	10,258		$	11,718		$	3,588		$	156,058

Weighted average crediting rate	2.43		%	2.77		%	4.29		%	2.71		%	4.91		%
Cash surrender value(c)	$	83,278		$	41,831		$	8,866		$	2,537		$	1,808		$	138,320

Year Ended December 31, 2021
Policyholder contract deposits account balance, beginning of year	$	80,012		$	43,406		$	10,012		$	11,351		$	4,143		$	148,924
Deposits	13,774			5,146			1,702			1,272			53			21,947
Policy charges	(781)			(523)			(1,567)			(65)			(69)			(3,005)
Surrenders and withdrawals	(8,863)			(5,795)			(212)			(91)			(76)			(15,037)
Benefit payments	(4,031)			(2,329)			(245)			(1,948)			(374)			(8,927)
Net transfers from (to) separate account	1,531			2,750			(2)			61			—			4,340
Interest credited	2,444			1,249			447			263			191			4,594
Other	11			(2)			48			(39)			(45)			(27)
Policyholder contract deposits account balance, end of year	84,097			43,902			10,183			10,804			3,823			152,809
Other reconciling items(b)	(1,289)			(259)			117			165			2			(1,264)
Policyholder contract deposits	$	82,808		$	43,643		$	10,300		$	10,969		$	3,825		$	151,545

Weighted average crediting rate	2.42		%	2.79		%	4.28		%	2.41		%	4.92		%
Cash surrender value(c)	$	79,787		$	43,359		$	8,826		$	2,520		$	1,880		$	136,372

(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 16.

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ITEM 8 | Notes to Consolidated Financial Statements | 15. Policyholder Contract Deposits and Other Policyholder Funds

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:


December 31, 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%	$	6,498	$	2,078	$	26,873	$	35,449
	> 1% - 2%	3,749		22		1,771		5,542
	> 2% - 3%	8,046		11		972		9,029
	> 3% - 4%	6,610		37		5		6,652
	> 4% - 5%	426		—		4		430
	> 5%	32		—		3		35
	Total	$	25,361	$	2,148	$	29,628	$	57,137








Group Retirement	Range of Guaranteed Minimum Credited Rate
	<=1%	$	2,185	$	2,344	$	6,830	$	11,359
	> 1% - 2%	3,731		1,242		671		5,644
	> 2% - 3%	12,073		211		110		12,394
	> 3% - 4%	615		—		—		615
	> 4% - 5%	6,635		—		—		6,635
	> 5%	144		—		—		144
	Total	$	25,383	$	3,797	$	7,611	$	36,791

Life Insurance	Range of Guaranteed Minimum Credited Rate
	<=1%	$	—	$	—	$	—	$	—
	> 1% - 2%	—		132		346		478
	> 2% - 3%	9		855		1,082		1,946
	> 3% - 4%	1,170		496		26		1,692
	> 4% - 5%	2,851		—		—		2,851
	> 5%	216		—		—		216
	Total	$	4,246	$	1,483	$	1,454	$	7,183

Total*		$	54,990	$	7,428	$	38,693	$	101,111
Percentage of total		55%		7%		38%		100%

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ITEM 8 | Notes to Consolidated Financial Statements | 15. Policyholder Contract Deposits and Other Policyholder Funds


December 31, 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%	$	8,766	$	2,161	$	21,702	$	32,629
	> 1% - 2%	4,208		24		2,195		6,427
	> 2% - 3%	9,502		—		17		9,519
	> 3% - 4%	7,630		40		6		7,676
	> 4% - 5%	456		—		5		461
	> 5%	33		—		4		37
	Total	$	30,595	$	2,225	$	23,929	$	56,749









Group Retirement	Range of Guaranteed Minimum Credited Rate
	<=1%	$	3,611	$	1,427	$	5,609	$	10,647
	> 1% - 2%	5,628		727		150		6,505
	> 2% - 3%	13,968		3		—		13,971
	> 3% - 4%	666		—		—		666
	> 4% - 5%	6,843		—		—		6,843
	> 5%	154		—		—		154
	Total	$	30,870	$	2,157	$	5,759	$	38,786

Life Insurance	Range of Guaranteed Minimum Credited Rate
	<=1%	$	—	$	—	$	—	$	—
	> 1% - 2%	1		129		352		482
	> 2% - 3%	32		831		1,116		1,979
	> 3% - 4%	1,369		180		195		1,744
	> 4% - 5%	2,974		—		—		2,974
	> 5%	223		—		—		223
	Total	$	4,599	$	1,140	$	1,663	$	7,402

Total*		$	66,064	$	5,522	$	31,351	$	102,937
Percentage of total		64%		5%		30%		100%

* Excludes policyholder contract deposits account balances that are not subject to guaranteed minimum crediting rates.

Funding Agreements

USL is a member of the FHLB of New York, while VALIC and AGL are members of the FHLB of Dallas. Membership with both FHLBs provides us with collateralized borrowing opportunities, primarily as an additional source of liquidity or for other uses deemed appropriate by management, e.g., earning a spread on deposits. Our ownership in the FHLB stock is reported in Other invested assets within the Consolidated Balance Sheets. Pursuant to the membership terms, we elected to pledge such stock to the FHLB as collateral for our obligations under agreements with the FHLB.

Our net borrowing capacity under such facilities with FHLB of Dallas and FHLB of New York as of December 31, 2023 is $3.7 billion. As of December 31, 2023, we pledged $8.7 billion as collateral to the FHLB, including assets backing funding agreements.

Corebridge | 2023 Form 10-K 243

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ITEM 8 | Notes to Consolidated Financial Statements | 15. Policyholder Contract Deposits and Other Policyholder Funds

Corebridge issued the following funding agreements to the FHLB of Dallas and FHLB of New York; these obligations are reported in Policyholder contract deposits in the Consolidated Balance Sheets:

The following table presents details concerning our funding agreements as of December 31, 2023:


December 31, 2023			Payments due by period
(in millions)	Gross Amounts		2024		2025-2026		2027-2028		Thereafter		Stated Interest rates
FHLB Facility
FHLB of Dallas	$	3,357	$	52	$	254	$	3,051	$	—	DNA Auction* + 22 to 30 bps
FHLB of Dallas	$	2,027	$	—	$	—	$	1,506	$	521	3.53% to 4.77%
FHLB of New York	$	241	$	94	$	147	$	—	$	—	1.52% to 2.70%
	$	5,625	$	146	$	401	$	4,557	$	521

* Discount Note Advance (“DNA”) Auction is based on either a 4-Week or 3-Month tenor, depending on contractual terms of each borrowing.

OTHER POLICYHOLDER FUNDS

Other policyholder funds include URR, consisting of front-end loads on investment-oriented contracts, representing those policy loads that are non-level and typically higher in initial policy years than in later policy years. Amortization of URR is recorded in Policy fees.

URR for investment-oriented contracts are generally deferred and amortized into income using the same assumptions and factors used to amortize DAC (i.e., on a constant level basis). Changes in future assumptions are applied by adjusting the amortization rate prospectively. The Company has elected to implicitly account for actual experience, whether favorable or unfavorable, in its amortization of URR (i.e., policy fees) each period.

Other policyholder funds also include provisions for future dividends to participating policyholders, accrued in accordance with all applicable regulatory or contractual provisions. Participating life business represented approximately 0.5% and 0.7% of gross insurance in force at December 31, 2023 and December 31, 2022, respectively and 0.9%, 1.3% and 1.7% of gross premiums and other considerations in 2023, 2022 and 2021, respectively. The amount of annual dividends to be paid is approved locally by the Corebridge Boards of Directors. Provisions for future dividend payments are computed by jurisdiction, reflecting local regulations. The portions of current and prior net income and of current unrealized appreciation of investments that can inure to our benefit are restricted in some cases by the insurance contracts and by the local insurance regulations of the jurisdictions in which the policies are in force.

Certain products are subject to experience adjustments. These include group life and group medical products, credit life contracts, accident and health insurance contracts/riders attached to life policies and, to a limited extent, reinsurance agreements with other direct insurers. Ultimate premiums from these contracts are estimated and recognized as revenue with the unearned portions of the premiums recorded as liabilities in Other policyholder funds. Experience adjustments vary according to the type of contract and the territory in which the policy is in force and are subject to local regulatory guidance.

The following table presents the transition rollforward of URR:


	Life Insurance		Institutional Markets		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 reduced URR.

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ITEM 8 | Notes to Consolidated Financial Statements | 15. Policyholder Contract Deposits and Other Policyholder Funds

The following table presents a rollforward of the unearned revenue reserve for the years ended December 31, 2023, 2022 and 2021:


Year Ended December 31, 2023	Life Insurance		Institutional Markets		Corporate and Other		Total
(in millions)


Balance, beginning of year	$	1,727	$	2	$	105	$	1,834
Revenue deferred	153		—		—		153


Amortization	(110)		(1)		(11)		(122)

Balance, end of year	$	1,770	$	1	$	94	$	1,865
Other reconciling items*							997
Other policyholder funds							$	2,862
Year Ended December 31, 2022
Balance, beginning of year	$	1,693	$	2	$	116	$	1,811
Revenue deferred	143		—		—		143


Amortization	(109)		—		(11)		(120)

Balance, end of year	$	1,727	$	2	$	105	$	1,834
Other reconciling items*							1,051
Other policyholder funds							$	2,885
Year Ended December 31, 2021
Balance, beginning of year	$	1,661	$	2	$	132	$	1,795
Revenue deferred	140		—		—		140


Amortization	(108)		—		(15)		(123)
Other, including foreign exchange	—		—		(1)		(1)
Balance, end of year	$	1,693	$	2	$	116	$	1,811
Other reconciling items*							1,068
Other policyholder funds							$	2,879

* Other reconciling items include policyholders' dividend accumulations, provisions for future dividends to participating policyholders, dividends to policyholders and any similar items.

16. 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 represents 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, which 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. Generally 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.

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ITEM 8 | Notes to Consolidated Financial Statements | 16. Market Risk Benefits

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 variable annuity GMWB riders.

The following table presents the transition rollforward of MRBs:


	Individual Retirement		Group Retirement		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 Consolidated Balance Sheets at transition:


	Individual Retirement		Group Retirement		Total
(in millions)
MRB in an asset position	$	176	$	—	$	176
Reinsured MRB	162		—		162
MRB assets, at fair value	$	338	$	—	$	338

MRB liabilities, at fair value	7,937		802		8,739
MRB, net, January 1, 2021	$	7,599	$	802	$	8,401

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ITEM 8 | Notes to Consolidated Financial Statements | 16. Market Risk Benefits

The following table presents the balances of and changes in MRBs:


Year Ended December 31, 2023	Individual Retirement		Group Retirement		Total
(in millions, except for attained age of contract holders)
Balance, beginning of year	$	3,738	$	296	$	4,034
Effect of changes in our own credit risk	(441)		(24)		(465)
Balance, beginning of year, before effect of changes in our own credit risk	$	3,297	$	272	$	3,569
Issuances	681		37		718
Interest accrual	156		15		171
Attributed fees	803		63		866
Expected claims	(91)		(3)		(94)
Effect of changes in interest rates	(139)		(13)		(152)
Effect of changes in interest rate volatility	(69)		(3)		(72)
Effect of changes in equity markets	(1,236)		(109)		(1,345)
Effect of changes in equity index volatility	(14)		(5)		(19)
Actual outcome different from model expected outcome	188		7		195
Effect of changes in future expected policyholder behavior	(1)		1		—
Effect of changes in other future expected assumptions	(85)		(39)		(124)


Other, including foreign exchange	—		(3)		(3)
Balance, end of year, before effect of changes in our own credit risk	3,490		220		3,710
Effect of changes in our own credit risk	1,072		88		1,160

Balance, end of year	4,562		308		4,870


Less: Reinsured MRB, end of period	(77)		—		(77)
Net Liability Balance after reinsurance recoverable	$	4,485	$	308	$	4,793
Net amount at risk
GMDB only	$	758	$	160	$	918
GMWB only	$	152	$	13	$	165
Combined*	$	1,011	$	18	$	1,029
Weighted average attained age of contract holders	70		64

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ITEM 8 | Notes to Consolidated Financial Statements | 16. Market Risk Benefits


Year Ended December 31, 2022	Individual Retirement		Group Retirement		Total
(in millions, except for attained age of contract holders)


Balance, beginning of year	$	6,452	$	582	$	7,034
Effect of changes in our own credit risk	(1,934)		(167)		(2,101)
Balance, beginning of year, before effect of changes in our own credit risk	$	4,518	$	415	$	4,933
Issuances	263		25		288
Interest accrual	172		21		193
Attributed fees	864		70		934
Expected claims	(83)		(2)		(85)
Effect of changes in interest rates	(4,087)		(371)		(4,458)
Effect of changes in interest rate volatility	263		18		281
Effect of changes in equity markets	1,382		122		1,504
Effect of changes in equity index volatility	(75)		1		(74)
Actual outcome different from model expected outcome	164		(3)		161
Effect of changes in future expected policyholder behavior	(2)		(18)		(20)
Effect of changes in other future expected assumptions	(85)		—		(85)


Other, including foreign exchange	3		(6)		(3)
Balance, end of year before effect of changes in our own credit risk	3,297		272		3,569
Effect of changes in our own credit risk	441		24		465

Balance, end of year	3,738		296		4,034


Less: Reinsured MRB, end of period	(94)		—		(94)
Net liability balance after reinsurance recoverable	$	3,644	$	296	$	3,940
Net amount at risk
GMDB only	$	1,615	$	371	$	1,986
GMWB only	$	27	$	1	$	28
Combined*	$	2,084	$	39	$	2,123
Weighted average attained age of contract holders	70		64


Year Ended December 31, 2021	Individual Retirement		Group Retirement		Total
(in millions, except for attained age of contract holders)


Balance, beginning of year	$	7,761	$	802	$	8,563
Effect of changes in our own credit risk	(2,140)		(187)		(2,327)
Balance, beginning of year, before effect of changes in our own credit risk	$	5,621	$	615	$	6,236
Issuances	247		28		275
Interest accrual	142		21		163
Attributed fees	805		74		879
Expected claims	(54)		(2)		(56)
Effect of changes in interest rates	(1,098)		(107)		(1,205)
Effect of changes in interest rate volatility	74		4		78
Effect of changes in equity markets	(1,414)		(203)		(1,617)
Effect of changes in equity index volatility	33		20		53
Actual outcome different from model expected outcome	106		8		114
Effect of changes in future expected policyholder behavior	53		(36)		17
Effect of changes in other future expected assumptions	—		—		—


Other, including foreign exchange	3		(7)		(4)
Balance, end of year before effect of changes in our own credit risk	4,518		415		4,933
Effect of changes in our own credit risk	1,934		167		2,101

Balance, end of year	6,452		582		7,034


Less: Reinsured MRB, end of period	(145)		—		(145)
Net liability balance after reinsurance recoverable	$	6,307	$	582	$	6,889
Net amount at risk
GMDB only	$	684	$	159	$	843
GMWB only	$	831	$	118	$	949
Combined*	$	567	$	14	$	581
Weighted average attained age of contract holders	70		63

* Certain contracts contain both guaranteed GMDB and GMWB features and are modeled together for the purposes of calculating the MRB.

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ITEM 8 | Notes to Consolidated Financial Statements | 16. Market Risk Benefits

The following is a reconciliation of MRBs by amounts in an asset position and in a liability position to the MRBs amount in the Consolidated Balance Sheets:


	December 31, 2023						December 31, 2022
(in millions)	Asset*		Liability*		Net		Asset*		Liability*		Net
Individual Retirement	$	740	$	5,225	$	4,485	$	661	$	4,305	$	3,644
Group Retirement	172		480		308		135		431		296
Total	$	912	$	5,705	$	4,793	$	796	$	4,736	$	3,940

* 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 5.

Actuarial Assumption Updates for Market Risk Benefits

For 2023, Corebridge recognized a favorable impact to net income due to policyholder behavior assumptions. For 2022, Corebridge recognized a favorable impact to net income due to an update to the relationship between projected equity growth and interest rates for annuities. For 2021, the impacts were mainly due to updating the lapse rate expectations.

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

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.

Certain of our variable annuity contracts contain GMDB features and may also contain living benefit riders, which include optional GMWBs and, to a lesser extent, guaranteed minimum accumulation benefits (“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. GMDB is our most widely offered benefit.

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 5.

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ITEM 8 | Notes to Consolidated Financial Statements | 17. Debt

17. 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, 2023 and December 31, 2022. The interest rates presented in the following table are the range of contractual rates in effect at December 31, 2023, including fixed and variable rates:


(in millions)	Range of Interest Rate(s)		Maturity Date(s)	December 31, 2023		December 31, 2022
Short-term debt issued or borrowed by Corebridge:
Three-Year DDTL Facility	6.46	%	2024	$	250	$	1,500

Total short-term debt				$	250	$	1,500
Long-term debt issued by Corebridge:
Senior unsecured notes*	3.50% - 6.05%		2025 - 2052	$	7,750	$	6,500
Hybrid junior subordinated notes	6.875%		2052	1,000		1,000
Long-term debt issued by Corebridge subsidiaries:
CRBGLH notes	6.63% - 7.50%		2025 - 2029	200		200
CRBGLH junior subordinated debentures	7.57% - 8.50%		2030 - 2046	227		227
Total long-term debt				9,177		7,927
Debt issuance costs				(59)		(59)
Total long-term debt, net of debt issuance costs				$	9,118	$	7,868
Debt of consolidated investment entities - not guaranteed by Corebridge	0.00% - 8.52%		2024 - 2051	2,504		5,958
Total debt, net of issuance costs				$	11,872	$	15,326

* Interest rates reflect contractual amounts and do not reflect the effective borrowing rate after giving effect to the cash flow hedges.

The following table presents maturities of short-term and long-term debt (including unamortized original issue discount when applicable):


December 31, 2023			Year Ending
(in millions)	Total		2024		2025		2026		2027		2028		Thereafter
Short-term and Long-term debt issued by Corebridge:

Three-Year DDTL Facility*	$	250	$	250	$	—	$	—	$	—	$	—	$	—



Senior unsecured notes	7,750		—		1,000		—		1,250		—		5,500
Hybrid junior subordinated notes	1,000		—		—		—		—		—		1,000

CRBGLH notes	200		—		101		—		—		—		99
CRBGLH junior subordinated debentures	227		—		—		—		—		—		227
Total short-term and long-term debt issued by Corebridge	$	9,427	$	250	$	1,101	$	—	$	1,250	$	—	$	6,826

*The current interest period for the Three-Year DDTL Facility continues through February 29, 2024. We have the ability to further continue this borrowing through February 25, 2025.

SENIOR UNSECURED NOTES AND DELAYED DRAW TERM LOAN

On February 25, 2022, Corebridge Parent entered into an 18-Month Delayed Draw Term Loan Agreement (the “18-Month DDTL Facility”) among Corebridge Parent, as borrower, the lenders party thereto and the administrative agent thereto, and a Three-Year Delayed Draw Term Loan Agreement (the “Three-Year DDTL Facility”) among Corebridge Parent, as borrower, the lenders party thereto and the administrative agent thereto.

The 18-Month DDTL Facility and Three-Year DDTL Facility provided us with committed delayed draw term loan facilities in the aggregate principal amount of $6.0 billion and $3.0 billion, respectively. On April 5, 2022, Corebridge Parent issued $6.5 billion of senior unsecured notes consisting of: $1.0 billion aggregate principal amount of its 3.50% Senior Notes due 2025, $1.25 billion aggregate principal amount of its 3.65% Senior Notes due 2027, $1.0 billion aggregate principal amount of its 3.85% Senior Notes due 2029, $1.5 billion aggregate principal amount of its 3.90% Senior Notes due 2032, $500 million aggregate principal amount of its 4.35% Senior Notes due 2042 and $1.25 billion aggregate principal amount of its 4.40% Senior Notes due 2052.

On April 6, 2022, in connection with the issuance of the senior unsecured notes of Corebridge Parent, (i) the commitments under the 18-Month DDTL Facility were terminated in full and (ii) the commitments under the Three-Year DDTL Facility were reduced from $3.0 billion to $2.5 billion. On August 25, 2022, in connection with the issuance of the hybrid junior subordinated notes, the commitments under the Three-Year DDTL Facility were further reduced from $2.5 billion to $1.5 billion.

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ITEM 8 | Notes to Consolidated Financial Statements | 17. Debt

On September 15, 2022, Corebridge Parent borrowed an aggregate principal amount of $1.5 billion under the Three-Year DDTL Facility. On December 8, 2023 and September 15, 2023, Corebridge Parent used the net proceeds of the issuance of the Senior Notes and cash on hand to repay $750 million and $500 million, respectively, on the DDTL Facility. As of December 31, 2023, a total of $250 million of borrowings are outstanding under the DDTL Facility. For the current interest period, the Three-Year DDTL Facility will end on February 29, 2024, unless prior to that date Corebridge Parent elects to continue the loan, or a portion of it, for an additional interest period.

The Three-Year DDTL Facility bears interest at a rate per annum equal to the Adjusted Term SOFR Rate (as defined in the Three-Year DDTL Agreement) plus the Applicable Rate (as defined in the Three-Year DDTL Agreement, which is currently 1.000%, and is based on the applicable credit ratings of our senior unsecured long-term indebtedness). The Three-Year DDTL Facility matures on February 25, 2025.

On September 15, 2023, Corebridge Parent issued $500 million of 6.050% Senior Notes due 2033.

On December 8, 2023, Corebridge Parent issued $750 million of 5.750% Senior Notes due 2034.

HYBRID JUNIOR SUBORDINATED NOTES

On August 23, 2022, Corebridge Parent issued $1.0 billion of 6.875% fixed-to-fixed reset rate hybrid junior subordinated notes due 2052. Subject to certain redemption provisions and other terms of the hybrid junior subordinated notes, the interest rate and interest payment date reset every five years based on the average of the yields on five-year U.S. Treasury securities, as of the most recent interest rate determination on a reset plus a spread, payable semi-annually.

AFFILIATED NOTES

In November 2021, Corebridge issued an $8.3 billion senior promissory note to AIG. We used the net proceeds from the senior unsecured notes, the net proceeds from the hybrid junior subordinated notes and a portion of the borrowing of the Three-Year DDTL Facility, discussed above, 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.

In 2019, AIG Global Real Estate Investment Corporation (“AGREIC”) issued a note to Lexington in the amount of $250 million. Interest expense incurred specific to this note was $0.4 million for the year ended December 31, 2021. On February 12, 2021, AGREIC repaid the loan and interest in the amount of $254 million.

On June 23, 2022, AIG Life borrowed £10 million from AIG Transaction Execution Limited, which was repaid on July 7, 2022.

In 2013, AIG Property Company Limited issued an affiliated note to AIG Europe S.A. (Netherlands Branch) of $17 million for the purpose of purchasing a building. Interest expense incurred specific to this note was $0.3 million for the year ended December 31, 2021. On October 1, 2021, AIG Property Company Limited repaid the loan and interest of $9 million to AIG Europe S.A.

CRBGLH NOTES AND JUNIOR SUBORDINATED DEBENTURES

As of December 31, 2023, Corebridge Life Holdings, Inc. (“CRBGLH”) had outstanding $427 million aggregate principal amount, consisting of $227 million of junior subordinated debt due between 2030 and 2046 and $200 million of notes due between 2025 and 2029. At December 31, 2023, the junior subordinated debentures outstanding consisted of $54 million of 8.5% junior subordinated debentures due July 2030, $142 million of 8.125% junior subordinated debentures due March 2046 and $31 million of 7.57% junior subordinated debentures due December 2045, each guaranteed by AIG.

For details regarding guarantees provided by AIG related to these notes and debentures, see Note 18.

DEBT CASH TENDER OFFERS

During the year ended December 31, 2021, $216 million of aggregate principal amount of CRBGLH notes and CRBGLH junior subordinated debentures were repurchased through cash tender offers for an aggregate purchase price of $312 million.

REVOLVING CREDIT AGREEMENT

On May 12, 2022, Corebridge Parent entered into the Revolving Credit Agreement (the “Credit Agreement”).

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ITEM 8 | Notes to Consolidated Financial Statements | 17. Debt

The Credit Agreement provides for a five-year total commitment of $2.5 billion, consisting of standby letters of credit and/or revolving credit borrowings without any limits on the type of borrowings. Under circumstances described in the Credit Agreement, the aggregate commitments may be increased by up to $500 million, for a total commitment under the Credit Agreement of $3.0 billion. Loans under the Credit Agreement will mature on May 12, 2027. Under the Credit Agreement, the applicable rate, commitment fee and letter of credit fee are determined by reference to the credit ratings of Corebridge Parent’s senior, unsecured, long-term indebtedness. Borrowings bear interest at a rate per annum equal to (i) in the case of U.S. dollar borrowings, Term SOFR plus an applicable credit spread adjustment plus an applicable rate or an alternative base rate plus an applicable rate; (ii) in the case of Sterling borrowings, sterling overnight index average (“SONIA”) plus an applicable credit spread adjustment plus an applicable rate; (iii) in the case of Euro borrowings, European Union interbank Offer Rate plus an applicable rate; and (iv) in the case of Japanese Yen, Tokyo Interbank Offered Rate plus an applicable rate. The alternative base rate is equal to the highest of (a) the New York Federal Reserve Bank Rate plus 0.50%, (b) the rate of interest in effect as quoted by The Wall Street Journal as the “Prime Rate” in the United States and (c) Term SOFR plus a credit spread adjustment of 0.100% plus an additional 1.00%.

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. 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’s capital position and will be counted as Tier 2 capital under European Union (“EU”) Solvency II regulations as approved by the Prudential Regulation Authority. Effective February 17, 2023, the letter of credit was reduced from £80 million to £26 million, and further reduced to £20 million on September 22, 2023.

We have an intercompany reinsurance arrangement with Corebridge Insurance Company of Bermuda, Ltd. (“CRBG Bermuda”) whereby certain Regulation XXX and Guideline AXXX reserves related to a closed block of in-force business are ceded to CRBG Bermuda. CRBG Bermuda had a $250 million letter of credit guaranteed by AIG that is used to support the credit for reinsurance provided by CRBG 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. Effective May 25, 2023, the letter of credit was reduced from $175 million to $125 million.

CONSOLIDATED INVESTMENT ENTITIES CREDIT FACILITIES

We also maintain a revolving credit facility that can be utilized exclusively by certain consolidated investment entities to acquire assets related to securitizations. Draws under this credit facility cannot be utilized for general corporate purposes. Prior to the pricing of the related securitizations, this credit facility has a limit of up to $250 million. Subsequent to pricing of the related securitizations, the limit is expected to increase to up to approximately $450 million. As of December 31, 2023, we have drawn $43 million under the credit facility. This credit facility has a maturity date of seven years.

We also maintain revolving credit facilities that can exclusively be utilized by certain consolidated investment entities to acquire real estate assets. Draws under those credit facilities cannot be utilized for general corporate purposes. These credit facilities have consolidated limits of up to $396 million. As of December 31, 2023, we have drawn $231 million under the credit facilities. Each of these credit facilities have maturity dates ranging from one year to two years.

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ITEM 8 | Notes to Consolidated Financial Statements | 18. Contingencies, Commitments and Guarantees

18. 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 the scope of coverage under insurance and reinsurance contracts, and litigation and arbitration in which our subsidiaries defend or indemnify their insureds under insurance 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 respective 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.

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 8.

Corebridge | 2023 Form 10-K 253

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ITEM 8 | Notes to Consolidated Financial Statements | 18. Contingencies, Commitments and Guarantees

Moriarty Litigation

AGL continues to defend against Moriarty v. American General Life Insurance Co. (S.D. Cal.), a putative class action involving Sections 10113.71 and 10113.72 of the California Insurance Code which was instituted against AGL on July 18, 2017. In general, those statutes require that for life-insurance policies issued and delivered in California: (1) the policy must contain a 60-day grace period during which the policy remains in force; (2) the insurer must provide a 30-day pre-lapse notice; and (3) the insurer must notify policy owners of the right to designate a secondary recipient for lapse notices. The Moriarty plaintiff contends AGL did not comply with these requirements for a policy issued before these statutes went into effect. The plaintiff seeks damages and other relief. AGL asserts various defenses to the plaintiff’s claims and to class certification. In 2022, the District Court held a trial was necessary to determine whether AGL was liable, and it denied class certification. In May 2023, the case was reassigned to a new judge. On August 14, 2023, the District Court granted the plaintiff’s motion for summary judgment on the plaintiff’s breach-of-contract claim. On September 26, 2023, the District Court decided that good cause exists to allow the plaintiff to file a third motion for class certification. At the same time, however, the District Court certified its August 14, 2013 order for interlocutory appeal to the Ninth Circuit and stayed trial-court proceedings pending the outcome of AGL’s appeal. The Ninth Circuit granted AGL’s petition for interlocutory appeal on November 21, 2023. Briefing in the Ninth Circuit appeal is expected to be complete in mid-2024, with a decision by the Ninth Circuit at some time after that.

AGL is defending other actions in California involving similar issues: Allen v. Protective Life Insurance Co. (E.D. Cal.), filed on June 6, 2022, in which the individual plaintiff filed a motion on August 11, 2023 seeking leave to amend the complaint to add class-action allegations against AGL; and Chuck v. American General Life Insurance Co. (C.D. Cal.), which was filed on September 6, 2023 as a putative class action. However, Plaintiff filed an amended complaint on January 8, 2024 dropping the class action allegation against AGL and adding a sales agent as a defendant.

These cases are in the early stages, and we expect their progress will be influenced by future developments in Moriarty and cases against other insurers involving the same statutes.

We have accrued our current estimate of probable loss with respect to these litigation matters.

LEASE COMMITMENTS

We lease office space and equipment in various locations across jurisdictions in which the Company operates. The majority of the resulting obligation arising from these contracts is generated by our real estate portfolio, which only includes contracts classified as operating leases. As of December 31, 2023, the lease liability and corresponding right of use asset reflected in Other liabilities and Other assets were $26 million and $20 million, respectively, and we made cash payments of $18 million in 2023 in connection with these leases. As of December 31, 2022, the lease liability and corresponding right of use asset reflected in Other liabilities and Other assets were $43 million and $36 million, respectively, and we made cash payments of $20 million in 2022 in connection with these leases. The liability includes non-lease components, such as property taxes and insurance for our gross leases. Some of these leases contain options to renew after a specified period of time at the prevailing market rate; however, renewal options that have not been exercised as of December 31, 2023 are excluded until management attains a reasonable level of certainty. Some leases also include termination options at specified times and term; however, termination options are not reflected in the lease asset and liability balances until they have been exercised.

The weighted average discount rate and lease term assumptions used in determining the liability are 4.4% and 4.08 years, respectively. The primary assumption used to determine the discount rate is the cost of funding for the Company, which is based on the secured borrowing rate for terms similar to the lease term, and for the major financial markets in which Corebridge operates.

Rent expense was $17 million, $33 million and $21 million for the years ended December 31, 2023, 2022 and 2021, respectively.

The following table presents the future undiscounted cash flows under operating leases at December 31, 2023:


(in millions)
2024	$	9
2025	7
2026	6
2027	3
2028	2
Remaining years after 2028	1
Total undiscounted lease payments	28
Less: Present value adjustment	2
Net lease liabilities	$	26

Corebridge | 2023 Form 10-K 254

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ITEM 8 | Notes to Consolidated Financial Statements | 18. Contingencies, Commitments and Guarantees

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 $4.4 billion at December 31, 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 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 American Home Assurance Company (“AHAC”) or National Union Fire Insurance Company of Pittsburgh, PA (“NUFIC”) has unconditionally and irrevocably guaranteed all present and future obligations arising from certain insurance policies issued by these subsidiaries (a “Guaranteed Policy” or the “Guaranteed Policies”). AHAC and NUFIC are required to perform under the agreements if one of the insurance subsidiaries fails to make payments due under a Guaranteed Policy. These General Guarantee Agreements have all been terminated as to insurance policies issued after the date of termination. AHAC and NUFIC have not been required to perform under any of the agreements but remain contingently liable for all policyholder obligations associated with the Guaranteed Policies. We did not pay any fees under these agreements for the years ended December 31, 2023 or 2022.

AGC was a party to a Capital Maintenance Agreement (“CMA”) with AIG. Among other things, the CMA provided that AIG would maintain the total adjusted capital of AGC at or above a specified minimum percentage of AGC’s projected Company Action Level Risk Based Capital. AIG did not make any capital contributions to AGC under the CMA during the year ended December 31, 2023. As of December 31, 2023 and 2022, the specified minimum capital percentage in the CMA was 250%. Effective December 31, 2023, the CMA was terminated.

AIG Parent provides a full and unconditional guarantee of all outstanding notes and junior subordinated debentures of CRBGLH. This includes:

•a guarantee (the “CRBGLH External Debt Guarantee”) in connection with CRBGLH junior subordinated debentures and certain CRBGLH notes (the “CRBGLH External Debt”); and

•a guarantee in connection with a sale-leaseback transaction in 2020. Pursuant to this transaction, CRBGLH 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 years ended December 31, 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 CRBGLH 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 CRBGLH long-term unsecured indebtedness below specified levels or (ii) the failure by CRBGLH 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 CRBGLH External Debt.

•For additional discussion on commitments and guarantees associated with VIEs, see Note 9.

•For additional disclosures about derivatives, see Note 10.

•For additional disclosures about related parties, see Note 25.

Corebridge | 2023 Form 10-K 255

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ITEM 8 | Notes to Consolidated Financial Statements | 19. Equity

19. Equity

COMMON STOCK

The following table presents a rollforward of outstanding shares:


Year Ended December 31, 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	3,148,737	—	3,148,737
Shares repurchased	—	(26,484,411)	(26,484,411)
Shares, end of period	648,148,737	(26,484,411)	621,664,326

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 December 31, 2023, we repurchased approximately 26.5 million shares of Corebridge Common Stock for an aggregate purchase price of approximately $498 million. From December 31, 2023 to February 8, 2024, we repurchased approximately 1.2 million shares of Corebridge Common Stock for an aggregate purchase price of approximately $27 million, leaving approximately $475 million under the share repurchase authorization as of February 8, 2024.

RETAINED EARNINGS

Dividends


Declaration Date	Record Date	Payment Date	Dividend Paid Per Common Share

November 2, 2023	December 15, 2023	December 29, 2023	$	0.23
October 31, 2023(a)	November 13, 2023	November 22, 2023	$	1.16
August 3, 2023	September 15, 2023	September 29, 2023	$	0.23
June 1, 2023(b)	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

(a) On October 31, 2023, we declared a special dividend of $1.16 per share on our common stock, payable on November 22, 2023 to stockholders of record at the close of business on November 13, 2023.

(b) 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 year ended December 31, 2022, Corebridge paid cash dividends of $876 million.

Dividends Declared

On February 14, 2024, the Company declared a cash dividend on Corebridge common stock of $0.23 per share, payable on March 29, 2024 to shareholders of record at close of business on March 15, 2024.

Prior to completion of the Reorganization on December 31, 2021, the following significant transactions were recorded in Shareholders’s net investment.

Distributions

For the year ended December 31, 2021 Corebridge distributed dividends to AIG in the amount of $13.1 billion, including $8.3 billion on November 1, 2021, as well as a dividend from the sale of Corebridge’s interests in a U.S. affordable housing portfolio. Refer to Note 1 for additional information.

For the year ended December 31, 2021, SAFG Capital returned capital to AIG in the amount of $536 million.

Corebridge | 2023 Form 10-K 256

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ITEM 8 | Notes to Consolidated Financial Statements | 19. Equity

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

The following table presents a rollforward of Accumulated other comprehensive income (loss):


	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, December 31, 2020, net of tax	$	(62)	$	14,698	$	—	$	—	$	—	$	11	$	6	$	14,653
Cumulative effect of change in accounting principles	—		3,235		(1,838)		(3,746)		—		—		—		(2,349)
Change in unrealized depreciation of investments	39		(7,496)		—		—		—		—		—		(7,457)
Change in fair value of market risk benefits attributable to changes in our own credit risk	—		—		226		—		—		—		—		226
Change in discount rates assumptions of certain liabilities	—		—		—		1,719		—		—		—		1,719
Change in future policy benefits and other	—		458		—		—		—		—		—		458

Change in foreign currency translation adjustments	—		—		—		—		—		(22)		—		(22)
Change in net actuarial loss	—		—		—		—		—		—		1		1

Change in deferred tax asset (liability)	(8)		1,400		(47)		(363)		—		2		—		984

Total other comprehensive income (loss)	31		(5,638)		179		1,356		—		(20)		1		(4,091)
Other	—		20		—		—		—		—		—		20
Less: Noncontrolling interests	—		—		—		—		—		—		—		—
Balance, December 31, 2021, net of tax	$	(31)	$	12,315	$	(1,659)	$	(2,390)	$	—	$	(9)	$	7	$	8,233


Change in unrealized depreciation of investments	(78)		(40,323)		—		—		—		—		—		(40,401)
Change in fair value of market risk benefits attributable to changes in our own credit risk	—		—		1,635		—		—		—		—		1,635
Change in discount rates assumptions of certain liabilities	—		—		—		6,746		—		—		—		6,746
Change in future policy benefits and other	—		1,822		—		—		—		—		—		1,822
Change in cash flow hedges	—		—		—		—		203		—		—		203
Change in foreign currency translation adjustments	—		—		—		—		—		(109)		—		(109)
Change in net actuarial loss	—		—		—		—		—		—		2		2

Change in deferred tax asset (liability)	17		6,806		(341)		(1,448)		(46)		8		—		4,996

Total other comprehensive income (loss)	(61)		(31,695)		1,294		5,298		157		(101)		2		(25,106)

Less: Noncontrolling interests	—		—		—		—		—		(10)		—		(10)



Balance, December 31, 2022, net of tax	$	(92)	$	(19,380)	$	(365)	$	2,908	$	157	$	(100)	$	9	$	(16,863)

Change in unrealized depreciation of investments *	28		5,962		—		—		—		—		—		5,990
Change in fair value of market risk benefits attributable to changes in our own credit risk	—		—		(695)		—		—		—		—		(695)
Change in discount rates assumptions of certain liabilities	—		—		—		(1,029)		—		—		—		(1,029)
Change in future policy benefits and other	(11)		(347)		—		—		—		—		—		(358)
Change in cash flow hedges	—		—		—		—		(16)		—		—		(16)
Change in foreign currency translation adjustments	—		—		—		—		—		39		—		39
Change in net actuarial loss	—		—		—		—		—		—		(7)		(7)

Change in deferred tax asset (liability)	(4)		(885)		151		216		5		9		—		(508)

Total other comprehensive income (loss)	13		4,730		(544)		(813)		(11)		48		(7)		3,416
Less: Noncontrolling interests	—		—		—		—		—		11		—		11
Balance, December 31, 2023, net of tax	$	(79)	$	(14,650)	$	(909)	$	2,095	$	146	$	(63)	$	2	$	(13,458)

* Includes net unrealized gains and losses attributable to held-for-sale businesses at December 31, 2023.

Corebridge | 2023 Form 10-K 257

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ITEM 8 | Notes to Consolidated Financial Statements | 19. Equity

The following table presents the OCI reclassification adjustments for the years ended December 31, 2023, 2022, and 2021 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 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












Year Ended December 31, 2023
Unrealized change arising during period	$	—	$	5,281	$	(695)	$	(1,029)	$	(16)	$	39	$	—	$	3,580
Less: Reclassification adjustments included in net income	(17)		(334)		—		—		—		—		7		(344)
Total other comprehensive income (loss), before income tax expense (benefit)	17		5,615		(695)		(1,029)		(16)		39		(7)		3,924
Less: Income tax expense (benefit)	4		885		(151)		(216)		(5)		(9)		—		508
Total other comprehensive income (loss), net of income tax expense (benefit)	$	13	$	4,730	$	(544)	$	(813)	$	(11)	$	48	$	(7)	$	3,416
Year Ended December 31, 2022
Unrealized change arising during period	$	(89)	$	(39,049)	$	1,635	$	6,746	$	203	$	(109)	$	2	$	(30,661)
Less: Reclassification adjustments included in net income	(11)		(548)		—		—		—		—		—		(559)
Total other comprehensive income (loss), before income tax expense (benefit)	(78)		(38,501)		1,635		6,746		203		(109)		2		(30,102)
Less: Income tax expense (benefit)	(17)		(6,806)		341		1,448		46		(8)		—		(4,996)
Total other comprehensive income (loss), net of income tax expense (benefit)	$	(61)	$	(31,695)	$	1,294	$	5,298	$	157	$	(101)	$	2	$	(25,106)
Year Ended December 31, 2021
Unrealized change arising during period	$	39	$	(6,290)	$	226	$	1,719	$	—	$	(21)	$	1	$	(4,326)
Less: Reclassification adjustments included in net income	—		748		—		—		—		—		—		748
Total other comprehensive income (loss),before income tax expense (benefit)	39		(7,038)		226		1,719		—		(21)		1		(5,074)
Less: Income tax expense (benefit)	8		(1,400)		47		363		—		(1)		—		(983)
Total other comprehensive income (loss), net of income tax expense (benefit)	$	31	$	(5,638)	$	179	$	1,356	$	—	$	(20)	$	1	$	(4,091)

The following table presents the effect of the reclassification of significant items out of Accumulated other comprehensive income on the respective line items in the Consolidated Statements of Income (Loss)*:


		Amount Reclassified from AOCI						Affected Line Item in the Consolidated Statements of Income (Loss)
	Years Ended December 31,
(in millions)		2023		2022		2021
Unrealized appreciation (depreciation) of fixed maturity securities on which allowance for credit losses was taken
Investments		$	(17)	$	(11)	$	—	Net realized gains (losses)
Total		(17)		(11)		—
Unrealized appreciation (depreciation) of all other investments
Investments		(334)		(548)		748		Net realized gains (losses)
Total		(334)		(548)		748
Change in retirement plan liabilities adjustment

Actuarial losses		7		—		—		Net (gain) loss on divestitures and General operating expenses
Total		7		—		—
Total reclassifications for the period		$	(344)	$	(559)	$	748

* The following items are not reclassified out of AOCI and included in the 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.

Corebridge | 2023 Form 10-K 258

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ITEM 8 | Notes to Consolidated Financial Statements | 19. Equity

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:



	Years Ended December 31,
(in millions)		2023		2022		2021
Beginning balance		$	939	$	1,759	$	2,549
Net income attributable to redeemable noncontrolling interest		(68)		320		929
Other comprehensive loss, net of tax		11		(10)		—
Changes in noncontrolling interests due to divestitures and acquisitions		(19)		(104)		(373)
Contributions from noncontrolling interests		96		155		264
Distributions to noncontrolling interests		(91)		(1,181)		(1,611)
Other		1		—		1
Ending balance		$	869	$	939	$	1,759

Refer to Note 9 for additional information related to Variable Interest Entities.

REDEEMABLE NONCONTROLLING INTEREST

The Company has launched certain investment funds which non-consolidated Corebridge affiliates participate in. Certain of these funds are redeemable at the option of the holder and thus are accounted for as mezzanine equity. 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:



	Years Ended December 31,
(in millions)		2022		2021
Beginning balance		$	83	$	51
Distributions to noncontrolling interests		(83)		—
Contributions from noncontrolling interests		—		32
Net income attributable to redeemable noncontrolling interest		—		—
Ending balance		$	—	$	83

Corebridge | 2023 Form 10-K 259

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ITEM 8 | Notes to Consolidated Financial Statements 20. Earnings Per Common Share

20. Earnings Per Common Share

The basic earnings per common share (“EPS”) computation is based on the weighted average number of common shares outstanding, adjusted to reflect all stock splits. The diluted EPS computation is based on those shares used in the basic EPS computation plus common shares that would have been outstanding assuming issuance of common shares for all dilutive potential common shares outstanding and adjusted to reflect all stock splits, using the treasury stock method.

On September 6, 2022, Corebridge Parent effectuated a stock split and recapitalization of its 100,000 shares of common stock, of which 90,100 shares were Class A Common Stock and 9,900 shares were Class B Common Stock. Subsequent to September 6, 2022, there is a single class of Common Stock. Accordingly, the two-class method for allocating net income will no longer be applicable. Corebridge Parent split its 100,000 shares of Class A shares and Class B shares in a 6,450 to 1 stock split for a total of 645,000,000 shares of a single class of Common Stock.

The results of the stock split have been applied retroactively to the weighted average common shares outstanding for all periods prior to September 6, 2022. After closing the sale of a 9.9% equity stake in Corebridge to Blackstone on November 2, 2021, Blackstone owned 63,855,000 shares of Class B Common Stock. Prior to the sale of the Class B shares to Blackstone on November 2, 2021, Class B shares did not exist. The Class B Common Stock was pari passu to the Class A Common Stock except for distributions associated with the sale of the affordable housing portfolio. Prior to September 6, 2022, we used the two-class method for allocating net income to each class of our common stock.

The following table presents the computation of basic and diluted EPS for the years ended December 31, 2023, 2022 and 2021:


	Years Ended December 31,
(in millions, except per common share data)		2023		2022		2021
Numerator for EPS:
Net income (loss)		$	1,036	$	8,479	N/A
Less: Net income (loss) attributable to noncontrolling interests		(68)		320		N/A
Net income (loss) attributable to Corebridge common shareholders		$	1,104	$	8,159	N/A
Net income attributable to Class A shareholders		N/A		N/A		$	7,658
Net income attributable to Class B shareholders		N/A		N/A		$	584

Denominator for EPS(a):
Weighted average common shares outstanding - basic		643.3		646.1		N/A
Dilutive common shares(b)		1.9		1.3		N/A
Weighted average common shares outstanding - diluted		645.2		647.4		N/A
Common stock Class A - basic and diluted		N/A		N/A		581.1
Common stock Class B - basic and diluted		N/A		N/A		63.9

Income per common share attributable to Corebridge common shareholders(a)
Basic:
Common stock - Basic		$	1.72	$	12.63	N/A
Common stock Class A		N/A		N/A		$	13.18
Common stock Class B		N/A		N/A		$	9.14
Diluted:
Common stock - Diluted		$	1.71	$	12.60	N/A
Common stock Class A		N/A		N/A		$	13.18
Common stock Class B		N/A		N/A		$	9.14

(a) The results of the September 6, 2022 stock split have been applied retroactively for all periods prior to September 6, 2022.

(b) Potential dilutive common shares include our share-based employee compensation plans. The number of common shares excluded from dilutive shares outstanding was approximately and 0.9 million and 41 thousand for the years ended December 31, 2023 and 2022, respectively, because the effect of including those common shares in the calculation would have been anti-dilutive. There were no anti-dilutive instruments for the year ended December 31, 2021.

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ITEM 8 | Notes to Consolidated Financial Statements | 21. Statutory Financial Data and Restrictions

21. Statutory Financial Data and Restrictions

The following table presents statutory net income (loss) and capital and surplus for our insurance operations companies in accordance with statutory accounting practices:


(in millions)	2023		2022		2021
Years Ended December 31,
Statutory net income (loss)*:
Insurance Operations companies:
Domestic	$	3,354	$	3,091	$	2,588
Foreign	(51)		4		(4)
Total Insurance Operations companies	$	3,303	$	3,095	$	2,584
December 31,
Statutory capital and surplus*:
Insurance Operations companies:
Domestic	$	14,752	$	12,229
Foreign	467		476
Total Insurance Operations companies	$	15,219	$	12,705
Aggregate minimum required statutory capital and surplus:
Insurance Operations companies:
Domestic	$	4,025	$	4,057
Foreign	223		189
Total Insurance Operations companies	$	4,248	$	4,246

* These amounts reflect our best estimate of the statutory net income, capital and surplus as of the dates these financial statements were issued.

Our insurance subsidiaries file financial statements prepared in accordance with statutory accounting practices prescribed or permitted by domestic and foreign insurance regulatory authorities. The principal differences between statutory financial statements and financial statements prepared in accordance with U.S. GAAP for domestic companies are that statutory financial statements do not reflect DAC, most bond portfolios may be carried at amortized cost, investment impairments are determined in accordance with statutory accounting practices, assets and liabilities are presented net of reinsurance, policyholder liabilities are generally valued using more conservative assumptions and certain assets are non-admitted.

For domestic insurance subsidiaries, aggregate minimum required statutory capital and surplus is based on the greater of the Risk-Based Capital (“RBC”) level that would trigger regulatory action or minimum requirements per state insurance regulation. Capital and surplus requirements of our foreign subsidiaries differ from those prescribed in the United States and can vary significantly by jurisdiction. At both December 31, 2023 and 2022, all domestic and foreign insurance subsidiaries individually exceeded the minimum required statutory capital and surplus requirements and all domestic insurance subsidiaries individually exceeded RBC minimum required levels.

For foreign insurance companies, financial statements are prepared in accordance with local regulatory requirements. These accounting practices differ from U.S. GAAP primarily by different rules on deferral of policy acquisition costs, amortization of deferred acquisition costs, and establishing future policy benefit liabilities using different actuarial assumptions, as well as valuing for deferred taxes on a different basis.

Regulation XXX requires U.S. life insurers to establish additional statutory reserves for term life insurance policies with long-term premium guarantees and ULSGs. In addition, Guideline AXXX clarifies the application of Regulation XXX as to these guarantees, including certain ULSGs.

Domestic life insurance subsidiaries manage the capital impact of statutory reserve requirements under Regulation XXX and Guideline AXXX through unaffiliated and affiliated reinsurance transactions. The domestic affiliated life insurer providing reinsurance capacity for such transactions is a fully licensed insurance company and is not formed under captive insurance laws.

We have an intercompany reinsurance arrangement with CRBG Bermuda whereby certain Regulation XXX and Guideline AXXX reserves related to a closed block of in-force business are ceded to CRBG Bermuda. CRBG Bermuda had a $250 million letter of credit guaranteed by AIG that is used to support the credit for reinsurance provided by CRBG 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. Effective May 25, 2023, the letter of credit was reduced from $175 million to $125 million.

STATUTORY PERMITTED ACCOUNTING PRACTICE

At December 31, 2023 and 2022, AGL used the following permitted practice that resulted in reported statutory surplus or risk-based capital that is significantly different from the statutory surplus or risk based capital that would have been reported had National

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ITEM 8 | Notes to Consolidated Financial Statements | 21. Statutory Financial Data and Restrictions

Association of Insurance Commissioners (“NAIC”) statutory accounting practices or the prescribed regulatory accounting practices of their respective state regulator been followed in all respects:

•Effective December 31, 2020 and periods through September 30, 2023, AGL, a life insurance subsidiary domiciled in Texas, renewed a permitted statutory accounting practice to recognize an admitted asset related to the notional value of coverage defined in an excess of loss (“XOL”) reinsurance agreement with a 20-year term that provides coverage to AGL for aggregate claims incurred during the agreement term associated with guaranteed living benefits on certain fixed index annuities generally issued prior to April 2019 (“Block 1”) exceeding an attachment point as defined in the agreement. This permitted practice was previously expanded on October 1, 2020 to similarly recognize an additional admitted asset related to the net notional value of coverage as defined in a separate XOL reinsurance agreement with a 25-year term that provides coverage to the subsidiary for aggregate XOL claims associated with guaranteed living benefits on a block of fixed index annuities generally issued in April 2019 or later, including certain new business issued after the effective date (“Block 2”).

•Effective September 30, 2023, the permitted practice for Block 1 and Block 2 was extended through September 30, 2026 and the. maximum notional value of Block 2 was increased for certain new business.Effective October 1, 2022 and periods through September 30, 2023, this permitted practice was expanded to similarly recognize an additional admitted asset related to the net notional value of coverage as defined in a separate XOL agreement with a 25-year term that provides coverage to the subsidiary for aggregate XOL claims associated with the base contract along with the guaranteed living benefits rider on a block of fixed annuities inforce on the treaty effective date, including certain new business issued after the effective date (“Block 3”). Effective September 30, 2023, the permitted practice for Block 3 was extended through September 30, 2026 and the maximum notional value was increased for certain new business.

The permitted practice resulted in an increase in the statutory surplus of AGL of approximately $1.7 billion and $1.0 billion at December 31, 2023 and 2022, respectively.

SUBSIDIARY DIVIDEND RESTRICTIONS

Payments of dividends to us by our insurance subsidiaries are subject to certain restrictions imposed by laws and regulations of their respective domiciliary jurisdictions.

With respect to our domestic insurance subsidiaries, the payment of any dividend requires formal notice to the insurance department in which the particular insurance subsidiary is domiciled. Additionally, prior approval from such insurance regulator is required when the amount of the dividend is above certain regulatory thresholds.

For example, under the insurance law of the State of Texas, where two of our four domestic insurance subsidiaries are incorporated, our Texas-domiciled insurance companies (AGL and VALIC) are each permitted, without prior insurance regulatory approval, to pay a dividend to its shareholder as long as the amount of the dividend when aggregated with all other dividends made in the preceding 12 months does not exceed the greater of: (i) 10% of its policyholder surplus as of the end of the immediately preceding calendar year; or (ii) its net gain from operations for the immediately preceding calendar year (excluding realized gains), not including pro rata distributions of such insurance company’s own securities. AGL and VALIC, as the case may be, will be permitted to pay a dividend to its shareholder in excess of the greater of such two amounts (i.e., an extraordinary dividend) only if it files notice of the declaration of such an extraordinary dividend and the amount thereof with the Texas Commissioner of Insurance and the Texas Commissioner either approves the distribution of the extraordinary dividend or does not disapprove the distribution within 30 days of its filing. In addition, any dividend that exceeds earned surplus (generally defined as “unassigned funds (surplus)”) calculated as of the most recent financial information available requires insurance regulatory approval. Under the Texas insurance law, the Texas Commissioner has broad discretion in determining whether the financial condition of a stock life insurance company would support the payment of such dividends to its shareholder(s). Substantially similar provisions exist under Missouri law governing payment of dividends by our Missouri-domiciled insurance holding company (AGC Life), and more restrictive provisions exist under New York insurance laws governing payment of dividends by our New York-domiciled insurance company (USL). As our operating insurance subsidiaries (AGL, VALIC and USL) are wholly-owned by AGC Life, all dividends from these subsidiaries must be distributed through AGC Life to us and are, thus, subject to notice and/or prior approval or non-disapproval of the Missouri Department of Insurance.

The maximum amount, before considering the dividend tests discussed below, that would qualify as an ordinary dividend, which would consequently be free from restriction and available for payment of dividends to AGC Life (as immediate parent company), by AGL, VALIC and USL in 2024, based upon financial information as of December 31, 2023, is estimated to be $1.5 billion. Specific to AGC Life, the maximum amount that would qualify as an ordinary dividend, which would consequently be free from restriction and available for payment of dividends to Corebridge in 2024, based upon financial information as of December 31, 2023 is estimated to be $4.2 billion, subject to availability of earned surplus as required under Missouri insurance law. The estimated ordinary dividend capacities of our insurance companies in Texas and Missouri are further limited by the fact that dividend tests under Texas and Missouri insurance laws are based on dividends previously paid over rolling twelve-month periods. Consequently, depending on the actual payment dates during 2024, some or all of the dividends estimated to be ordinary in 2024 may require regulatory approval or non-disapproval.

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ITEM 8 | Notes to Consolidated Financial Statements | 21. Statutory Financial Data and Restrictions

Similar to our domestic insurance companies, our international insurance subsidiaries’ ability to pay dividends to us is also subject to regulatory requirements imposed by the jurisdictions in which they are domiciled. These requirements include, for example, prior notification of intent to pay a dividend, satisfying certain earnings, reserve or solvency thresholds in order to pay a dividend, and obtaining regulatory approval for payment of any dividend in excess of stated limits.

To our knowledge, no Corebridge insurance company is currently on any regulatory or similar “watch list” with regard to solvency.

COREBRIDGE DIVIDEND RESTRICTIONS

At December 31, 2023, Corebridge’s ability to pay dividends is not subject to any significant contractual restrictions but remains subject to customary regulatory restrictions.

22. Share-Based Compensation Plans

AIG Equity Awards

Prior to the IPO, certain of our employees received grants of equity awards under the AIG Long Term Incentive Plan (as amended) and its predecessor plan, the AIG 2013 Long Term Incentive Plan (each as applicable, the “LTIP”), which are governed by the AIG 2013 Omnibus Incentive Plan (“Omnibus Plan”). The value of AIG equity awards are linked to the performance of AIG’s common stock. AIG granted equity awards to our employees primarily in the form of AIG restricted stock units (“RSUs”) but also granted AIG performance share units (“PSUs”) and AIG stock options to certain executives.

AIG RSUs and AIG stock options granted to our employees by AIG will be earned based solely on continued service by the participant while AIG PSUs will be earned based on both continued service and AIG achieving specified performance goals at the end of a three-year performance period. These performance goals were pre-established by AIG’s Compensation and Management Resources Committee (“CMRC”) for each annual grant. The actual number of PSUs earned can vary from zero to 200% of the amount granted. Vesting occurs on January 1 of the year immediately following the end of the three-year performance period.

Prior to 2021, long term incentive (“LTI”) awards accrued dividend equivalent units (“DEUs”) in the form of additional PSUs and/or RSUs whenever a cash dividend is declared on shares of AIG Common Stock; the DEUs were subject to the same vesting terms and conditions as the underlying unit. Beginning in 2021, PSUs and RSUs granted via the annual 2021 LTI award (as of the date of grant), and those existing from the 2020 LTI awards (as of the third quarter) accrue dividend equivalent rights (“DERs”) as AIG’s dividends are declared. These DERs will be settled in cash only if the underlying units’ vesting conditions are met; previously accrued DEUs were not impacted by this change.

The fair value of AIG RSUs and AIG PSUs that are earned solely based on certain AIG-specific metrics was based on the closing price of AIG Common Stock on the grant date; while the fair value of AIG PSUs that are earned based on AIG’s relative total shareholder return (“TSR”) was determined on the grant date using a Monte Carlo simulation. The fair value of AIG stock options was estimated on the grant date using the Black-Scholes model.

Corebridge Equity Awards

The Company’s employees participated in several stock compensation programs under the Corebridge Financial, Inc. Long-term Incentive Plan (each as applicable, the “LTIP”), which are governed by the Corebridge Financial, Inc. 2022 Omnibus Incentive Plan, as amended and restated on February 16, 2023, (the “2022 Plan”, together with the LTIP, the “Corebridge Plans”). Equity awards may be granted under the Corebridge Plans to current employees or directors of the Company or, solely with respect to their final year of service, former employees.

Equity awards under the Corebridge Plans are linked to Corebridge Parent’s common stock (“CRBG Stock”). A total of 40,000,000 shares of CRBG Stock are authorized for delivery pursuant to awards granted or assumed under the Plans. Delivered shares may be newly-issued shares or shares held in treasury.

Corebridge’s 2023 LTIP provides for an annual award to certain employees, including our senior executive officers and other highly compensated employees, that may comprise a combination of one or more of the following units: RSUs or stock options. RSUs and stock options are earned based solely on continued service by the participant and vesting occurs in three equal installments on the first, second and third anniversaries of the grant date. Recipients must be employed at each vesting date to be entitled to share delivery, except upon the occurrence of an accelerated vesting event, such as an involuntary termination without cause, disability, retirement eligibility or death during the vesting period. However, for involuntarily terminated employees hired after April 1, 2022, unvested RSUs and stock options are forfeited on the termination date. Dividends on RSUs accrue in cash and vest over the three year service period.

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ITEM 8 | Notes to Consolidated Financial Statements | 22. Share-Based Compensation Plans

RSU Conversion

All AIG RSUs that were held by our active employees on September 14, 2022 (the pricing date for the IPO) were converted into RSUs linked to the performance of CRBG Stock (“Corebridge RSUs”), on terms and conditions that are substantially the same as the corresponding AIG RSUs, with the number of AIG RSUs adjusted in a manner intended to preserve their intrinsic value as of immediately before and immediately following the conversion (subject to rounding). Specifically, the AIG RSUs were converted to Corebridge RSUs based on a conversion factor of 2.580952. The conversion factor was determined by the AIG closing stock price on September 14 ($54.20) divided by the public offering price for CRBG Stock in the IPO ($21.00).

The following table presents our total direct share-based compensation expense which is settled as part of our quarterly intercompany process. This table reflects both AIG equity awards and Corebridge RSUs:


Years Ended December 31,
(in millions)	2023		2022		2021
Share-based compensation expense - pre-tax(a)	$	60	$	75	$	88
Share-based compensation expense - after tax(b)	$	48	$	59	$	70

(a) As a result of accelerated vesting events, such as retirement eligibility in the year of grant and involuntary terminations, we recognized $24 million, $25 million and $17 million in 2023, 2022, and 2021, respectively, prior to the end of the specified vesting periods. It is our policy to reverse compensation expense for forfeited awards when they occur.

(b) The income tax expense (benefit), excluding foreign jurisdictions, was computed using the U.S. statutory tax rate of 21%.

The following table summarizes outstanding share-settled LTI awards:


As of or for the Year Ended December 31,	2023			2022
	Number of Units	Weighted Average Grant Date Fair Value*		Number of Units	Weighted Average Grant Date Fair Value
Unvested, beginning of year	6,537,155	$	21.00	—	$	—
Granted	2,907,967	19.81		10,328,220	21.00
Vested	(4,725,911)	18.70		(3,674,973)	21.00
Forfeited	(565,681)	19.07		(116,092)	21.00
Unvested, end of year	4,153,530	$	19.64	6,537,155	$	21.00

* The fair value of RSUs granted was based on the average closing price of Corebridge common stock over the five trading days preceding the grant date.

At December 31, 2023, the total unrecognized compensation cost for outstanding RSUs was $35 million, the weighted-average period of years over which that cost is expected to be recognized is 1 year.

Stock Options

Stock options were granted to certain Corebridge employees beginning with the 2023 LTIP. Option awards are generally granted with an exercise price equal to the market price of the company’s stock on the grant date and are exercisable up to 10 years from the date of grant, or 3 years from the date of an involuntary termination or the option's expiration date, if earlier. The fair value of the time-vesting options was estimated on the grant date using the Black-Scholes model using the assumptions noted in the following table.

The following weighted-average assumptions were used for stock options granted:


	2023
Expected annual dividend yield (a)	4.63	%
Expected volatility (b)	43.26	%
Risk-free interest rate (c)	4.03	%
Expected term (d)	6.00 years

(a) The dividend yield is the last CRBG dividend from Bloomberg times 4 divided by the stock price.

(b) The expected volatility is based on the implied volatility of 24 months stock option estimated by the Bloomberg Professional service as of the valuation date.

(c) The risk-free interest rate is the continuously compounded interest rate for the term between the valuation date and the expiration date that is assumed to be constant and equal to the interpolated value between the closest data points on the U.S. Treasury curve as of the valuation date.

(d) The contractual term is 10 years from the date of grant.

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ITEM 8 | Notes to Consolidated Financial Statements | 22. Share-Based Compensation Plans

The following table provides a rollforward of stock option activity:


As of or for the Year Ended December 31,	2023
	Units	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life	Aggregate Intrinsic Values (in millions)
Outstanding, beginning of year	—	$	—	0.00	—
Granted	826,025	19.95
Exercised	—	—
Forfeited	(105,348)	20.30
Outstanding, end of year	720,677	$	20.12	9.12	1.27
Exercisable, end of year	393,961	$	20.30	9.08	$	0.54

The weighted average grant date fair value of stock options granted during 2023 was $5.93. As of December 31, 2023, we recognized $3 million of expense, while $1 million was unrecognized and is expected to be amortized up to 2.25 years. No options were exercised during 2023.

Non-Employee Plan

Our non-employee directors, who serve on our Board of Directors, receive share-based compensation in the form of fully vested deferred stock units (“DSUs”) with delivery deferred until retirement from the Board. DSUs accrue dividend equivalents from the award grant date until the shares are delivered, and are paid in cash upon issuance. In 2023 we granted to non-employee directors 71,356 DSUs, and recognized expense of $1 million.

23. Employee Benefits

PENSION PLANS

Certain employees and retirees participate in U.S. defined benefit pension plans sponsored by AIG that include participants from other affiliates of AIG (the “Pension Plans”). These plans are closed to new participants and current participants no longer earn benefits (i.e., the plans are frozen). As sponsor of these plans, AIG is ultimately responsible for maintenance of these plans in compliance with applicable laws.

Following the IPO, we have ceased to be a participating affiliate in, and do not have any liability with respect to, the Pension Plans. Prior to the IPO, we accounted for the Pension Plans as multiemployer benefit plans. Accordingly, we did not record an asset or liability to recognize the funded status of the Pension Plans. We recognized a liability only for any required contributions to the Pension Plans that were accrued and unpaid at the balance sheet date. The Company’s allocated share of AIG’s net pension credits recorded in the Consolidated Statements of Income (Loss) was $0.3 million, $27 million and $52 million for the years ended December 31, 2023, 2022 and 2021, respectively.

In addition, certain employees in Ireland participate in a defined benefit pension plan sponsored by the Company (the “Irish Plan”), registered with the Irish Pensions Board under the Pensions Act of 1990 in Ireland. The Irish Plan does not include participants from other affiliates of AIG and was closed to new participants after December 2005, and to future service accrual for active members after July 2017. Members with benefits under the Irish Plan are not required to contribute to it. Effective with the sale of Laya on October 31, 2023, Corebridge no longer has any obligations or liability with respect to the Irish Plan. The projected benefit obligation and the fair value of plan assets recorded in the Consolidated Balance Sheets was $15 million and $22 million, respectively, as of December 31, 2022.

POSTRETIREMENT PLANS

Prior to August 22, 2022, AIG provided postemployment medical and life benefits for certain retired employees (the “Benefits”). Since August 22, 2022, the Benefits are provided by Corebridge Parent with certain limited exceptions. The Company’s postretirement benefit expense recorded in the Consolidated Statements of Income (Loss) was $1 million, $1 million and $3 million for the years ended December 31, 2023, 2022 and 2021 respectively. The related projected benefit obligation recorded in the Consolidated Balance Sheets was $33 million and $37 million as of December 31, 2023 and 2022, respectively.

Corebridge | 2023 Form 10-K 265

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ITEM 8 | Notes to Consolidated Financial Statements | 23. Employee Benefits

The Benefits are based upon the employee attaining the age of 55 and having a minimum of ten years of service, which was reduced to 5 years in 2019 for medical coverage only. Eligible employees who have medical coverage can enroll in retiree medical upon termination of employment. Medical benefits are contributory, while the life insurance benefits, which are closed to new employees, are generally non-contributory. Retiree medical contributions vary from none for pre-1989 retirees to actual premium payments reduced by certain subsidies for post-1992 retirees. These retiree contributions are subject to annual adjustments. Other cost sharing features of the medical plan include deductibles, coinsurance, Medicare coordination, and an employer subsidy for grandfathered employees only.

DEFINED CONTRIBUTION PLANS

Prior to August 22, 2022, employees participated in AIG’s qualified defined contribution plan that provided for contributions by employees, as well as an employer contribution. On August 22, 2022, participants’ accounts in the AIG plan were transferred to the Corebridge Financial Inc. Retirement Savings 401(k) Plan. The Company’s contributions relating to these plans were $68 million, $76 million and $74 million for the years ended December 31, 2023, 2022 and 2021, respectively.

In addition, the Company sponsors defined contribution plans for certain non-U.S. employees which also provide for contributions by employees, as well as an employer contribution. The Company’s contributions relating to these plans were $7 million, $8 million and $8 million for the years ended December 31, 2023, 2022 and 2021, respectively.

24. 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. Although the U.S. Treasury and Internal Revenue Service (“IRS”) issued interim CAMT guidance during 2023, many details and specifics of application of the CAMT remain subject to future guidance. Our estimated CAMT liability will continue to be refined based on future guidance.

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 in 2028. The balance sheet classification of U.S. federal current and deferred tax assets/liabilities is based on the respective separate U.S. Federal tax filing groups.

Under the U.S. tax rules, tax attribute carryforwards at the time of tax deconsolidation remain with the relevant Corebridge entities and will be available for utilization by the respective Corebridge U.S. federal tax filing groups following tax deconsolidation from AIG. Our tax attribute carryforwards will continue to be adjusted based on changes to prior year tax returns in which Corebridge entities were included as part of the AIG consolidated federal income tax return,

Our provision for state income taxes includes jurisdictions in which we continue to file combined tax returns with AIG and certain other states in which we file separate tax returns. State and local net operating loss carryforwards represent separate company tax attribute carryforwards not utilized on a combined basis, as applicable.

As discussed in Note 1, SAFG Capital and certain of its subsidiaries were not transferred to Corebridge parent as part of the internal reorganization executed during the fourth quarter of 2021 and have therefore been adjusted through Shareholders’ equity in the Company’s Consolidated Financial Statements. This adjustment includes historical reserves for uncertain tax positions and deferred tax assets related to the tax attribute carryforwards of SAFG Capital and certain of its affiliates which were part of the prior period balance sheet.

We calculate our provision for income taxes using the asset and liability method. This method considers the future tax consequences of temporary differences between the financial reporting and the tax basis of assets and liabilities measured using currently enacted tax rates. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled.

Corebridge | 2023 Form 10-K 266

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ITEM 8 | Notes to Consolidated Financial Statements | 24. Income Taxes

RECLASSIFICATION OF CERTAIN TAX EFFECTS FROM ACCUMULATED OTHER COMPREHENSIVE INCOME

Corebridge uses an item-by-item approach to release the stranded or disproportionate income tax effects in AOCI related to our available-for-sale securities. Under this approach, a portion of the disproportionate tax effects is assigned to each individual security lot at the date the amount becomes lodged. When the individual securities are sold, mature, or are otherwise impaired on an other-than-temporary basis, the assigned portion of the disproportionate tax effect is reclassified from AOCI to income (loss) from operations.

EFFECTIVE TAX RATE

The following table presents income (loss) before income tax expense (benefit) by U.S. and foreign location in which such pre-tax income (loss) was earned or incurred:


Years Ended December 31,
(in millions)	2023		2022		2021
U.S.	$	972	$	10,449	$	10,600
Foreign	(32)		42		654
Total	$	940	$	10,491	$	11,254

The following table presents the income tax expense (benefit) attributable to pre-tax income (loss):


Years Ended December 31,
(in millions)	2023		2022		2021
U.S. and Foreign components of actual income tax expense:
U.S.:
Current	$	311	$	868	$	1,943
Deferred	(400)		1,150		146
Foreign:
Current	(5)		10		3
Deferred	(2)		(16)		(10)
Total	$	(96)	$	2,012	$	2,082

Our actual income tax (benefit) expense differs from the statutory U.S. federal amount computed by applying the federal income tax rate due to the following:


Years Ended December 31,	2023						2022						2021
(dollars in millions)	Pre-Tax Income (Loss)		Tax Expense/ (Benefit)		Percent of Pre-Tax Income (Loss)		Pre-Tax Income (Loss)		Tax Expense/ (Benefit)		Percent of Pre-Tax Income (Loss)		Pre-Tax Income		Tax Expense/ (Benefit)		Percent of Pre-Tax Income (Loss)

U.S. federal income tax at statutory rate	$	940	$	197	21	%	$	10,491	$	2,203	21	%	$	11,254	$	2,363	21	%
Adjustments:
Uncertain tax positions	—		—		—		—		2		—		—		(69)		(0.6)
Dispositions of subsidiaries	—		(99)		(10.5)		—		—		—		—		—		—
Reclassifications from accumulated other comprehensive income	—		(52)		(5.5)		—		(84)		(0.7)		—		(108)		(1.0)
Noncontrolling interest	—		14		1.5		—		(67)		(0.6)		—		(197)		(1.7)
Dividends received deduction	—		(59)		(6.3)		—		(36)		(0.3)		—		(37)		(0.3)
Tax deconsolidation and separation costs	—		—		—				(104)		(1.0)		—		—		—
State and local income taxes	—		12		1.3		—		24		0.2		—		105		0.9
Other	—		(3)		(0.4)		—		(29)		(0.3)		—		(2)		—
Adjustments to deferred tax assets	—		(40)		(4.3)		—		—		—		—		—		—
Adjustments to prior year tax returns	—		(67)		(7.1)		—		(48)		(0.5)		—		(3)		—
Share based compensation payments excess tax deduction	—		(10)		(1.1)		—		(6)		(0.1)		—		4		—
Valuation allowance	—		11		1.2		—		157		1.5		—		26		0.2
Consolidated total amounts	$	940	$	(96)	(10.2)	%	$	10,491	$	2,012	19.2	%	$	11,254	$	2,082	18.5	%

Corebridge | 2023 Form 10-K 267

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ITEM 8 | Notes to Consolidated Financial Statements | 24. Income Taxes

For the year ended December 31, 2023, there was a tax benefit on income from operations, resulting in an effective tax rate on income from operations of (10.2)%. The effective tax rate on income from operations differs from the statutory tax rate of 21% primarily due to tax benefits of $95 million of associated with the establishment of outside basis as a result of the held-for-sale designation of Laya and AIG Life, $67 million associated with tax adjustments related to prior year returns, $59 million dividends received deduction, $52 million reclassifications from accumulated other comprehensive income to income from operations related to the disposal of available-for-sale securities, and $40 million adjustments to deferred tax assets. These tax benefits were partially offset by tax charges of $14 million as a result of noncontrolling interest, $12 million related to state and local income taxes, and $11 million additional valuation allowance establishment.

For the year ended December 31, 2022, there was a tax expense on income from operations, resulting in an effective tax rate on income from operations of 19.2%. The effective tax rate on income from operations differs from the statutory tax rate of 21.0% primarily due to tax benefits of $104 million of associated with the tax deconsolidation from AIG, $84 million reclassifications from accumulated other comprehensive income to income from operations related to the disposal of available-for-sale securities, $67 million associated with noncontrolling interest, and $36 million dividends received deduction. These tax benefits were partially offset by a tax charge of $157 million additional valuation allowance establishment primarily as a result of the tax deconsolidation.

For the year ended December 31, 2021, there was a tax expense on income from operations, resulting in an effective tax rate on income from operations of 18.5%. The effective tax rate on loss from operations differs from the statutory tax rate of 21.0% primarily due to tax benefits of $108 million of reclassifications from accumulated other comprehensive income to income from operations related to the disposal of available-for-sale securities, $197 million associated with noncontrolling interest, $37 million dividends received deduction, and $69 million primarily associated with the release of reserves for uncertain tax positions, penalties and interest related to the recent completion of audit activity by the IRS. These tax benefits were partially offset by a tax charge of $105 million related to state and local income taxes and $18 million associated with the establishment of U.S. federal valuation allowance related to certain tax attribute carryforwards.

As a result of the held-for-sale designation of AIG Life and sale of Laya, as of December 31, 2023, we do not consider our foreign earnings with respect to our operations in Europe to be indefinitely reinvested. Deferred taxes, if necessary, have been provided on earnings of non-U.S. affiliates whose earnings are not indefinitely reinvested.

The following table presents the components of the net deferred tax assets (liabilities):


December 31,
(in millions)	2023		2022
Deferred tax assets:
Losses and tax credit carryforwards	$	453	$	572
Basis differences on investments	3,446		2,989

Life policy reserves	1,532		1,561
Accruals not currently deductible, and other	—		61
Investments in foreign subsidiaries	49		—

Fixed assets and intangible assets	1,328		885
Other	406		439
Employee benefits	72		81
Unrealized losses related to available-for-sale debt securities	3,751		4,928
Unearned premium reserve reduction	—		144
Market risk benefits	1,004		828
Total deferred tax assets	12,041		12,488
Deferred tax liabilities:

Fortitude Re funds withheld embedded derivative	(712)		(863)
Accruals not currently deductible, and other	(184)		—
Deferred policy acquisition costs	(1,546)		(1,504)

Total deferred tax liabilities	(2,442)		(2,367)
Net deferred tax assets before valuation allowance	9,599		10,121
Valuation allowance	(1,372)		(1,752)
Net deferred tax assets (liabilities)	$	8,227	$	8,369

As of December 31, 2023, on a U.S. GAAP basis, we have U.S. federal net operating loss carryforwards of $133 million and CAMT credit carryforwards of $215 million. Net operating loss carryforwards of the Non-Life Group of $101 million have carryforward periods expiring after 2028. Our remaining tax attribute carryforwards have unlimited carryforward periods. A valuation allowance has been recorded on net operating loss carryforwards of the Non-Life Group, as discussed below.

Corebridge | 2023 Form 10-K 268

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ITEM 8 | Notes to Consolidated Financial Statements | 24. Income Taxes

ASSESSMENT OF DEFERRED TAX ASSET VALUATION ALLOWANCE

Recent events, including the IPO, multiple changes in target interest rates by the Board of Governors of the Federal Reserve System and significant market volatility, impacted actual and projected results of our business operations as well as our views on potential effectiveness of certain prudent and feasible tax planning strategies. In order to demonstrate the predictability and sufficiency of future taxable income necessary to support the realizability of the net operating losses and foreign tax credit carryforwards, we have considered forecasts of future income for each of our businesses, including assumptions about future macroeconomic and Corebridge-specific conditions and events, and any impact these conditions and events may have on our prudent and feasible tax planning strategies.

The completion of the IPO resulted in the tax deconsolidation from the AIG Consolidated Tax Group. As discussed above, under applicable tax law, the AGC Group will not be permitted to join in the filing of a U.S. consolidated federal income tax return with the Non-Life Group for the five-year waiting period. Instead, the AGC Group is expected to file separately as members of the AGC consolidated U.S. federal income tax return during this period. Following the five-year waiting period, the AGC Group is expected to join the U.S. consolidated federal income tax return with the Non-Life Group in 2028. 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. During 2023 we recorded an increase in valuation allowance related to our tax attribute carryforwards and a portion of certain other deferred tax assets that are no longer more-likely-than-not to be realized. As of December 31, 2023, the balance sheet reflects a valuation allowance of $162 million related to our tax attribute carryforwards and a portion of certain other deferred tax assets that are no longer more-likely-than-not to be realized.

Estimates of future taxable income, including income generated from prudent and feasible actions and tax planning strategies, impact of settlements with taxing authorities, and any changes to interpretations and assumptions related to the impact of the Inflation Reduction Act or the Tax Act could change in the near term, perhaps materially, which may require us to consider any potential impact to our assessment of the recoverability of the deferred tax asset. Such potential impact could be material to our consolidated financial condition or results of operations for an individual reporting period.

For the year ended December 31, 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 December 31, 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 year ended December 31, 2023, we recorded a decrease in valuation allowance of $397 million associated with the unrealized tax capital losses in the U.S. Life Insurance Companies’ available-for-sale securities portfolio. As of December 31, 2023, the balance sheet reflects a valuation allowance of $1 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 U.S. consolidated tax group is currently under IRS examination for the tax years 2011 through 2019 and is continuing to engage in the appeals process for years 2007 through 2010.

We are periodically advised of certain IRS and other adjustments identified in AIG’s consolidated tax return which are attributable to our operations. Under our tax sharing arrangement, we provide a charge or credit for the effect of the adjustments and the related interest in the period we are advised of such adjustments and interest.

Corebridge | 2023 Form 10-K 269

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ITEM 8 | Notes to Consolidated Financial Statements | 24. Income Taxes

ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES

The following table presents a reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits:


Years Ended December 31,
(in millions)	2023		2022		2021
Gross unrecognized tax benefits, beginning of year	$	20	$	18	$	917
Increases in tax positions for prior years	—		3		—
Decreases in tax positions for prior years	—		(1)		(899)
Increases in tax positions for current year	—		—		—
Settlements	—		—		—
Gross unrecognized tax benefits, end of year	$	20	$	20	$	18

At December 31, 2023, 2022 and 2021, Corebridge subsidiaries had unrecognized tax benefits, excluding interest and penalties, which were $20 million, $20 million and $18 million, respectively, all of which would favorably affect the effective tax rate if recognized. The activity for the year ended December 31, 2021 is primarily attributable to the recent completion of audit activity by the IRS and includes decreases of $846 million related to amounts for SAFG Capital and certain of its affiliates that were adjusted through Shareholders’ equity in the Company’s Consolidated Financial Statements.

Interest and penalties related to unrecognized tax benefits are recognized in income tax expense. At December 31, 2023, 2022 and 2021, we had no accrued liabilities for the payment of interest and penalties. There was no interest activity related to unrecognized tax benefits for the years ended December 31, 2023 and 2022. For the year ended December 31, 2021, we decreased the accrual by $26 million related to amounts for SAFG Capital and certain of its affiliates that were adjusted through Shareholders’ equity in the Company’s Consolidated Financial Statements.

Although it is reasonably possible that a change in the balance of unrecognized tax benefits may occur within the next 12 months, based on the information currently available, we do not expect any change to be material to our consolidated financial condition.

Listed below are the tax years that remain subject to examination by major tax jurisdictions:


December 31, 2023			Open Tax Years
Major Tax Jurisdiction
United States			2007-2022
United Kingdom			2022

25. Related Parties

RELATED PARTY TRANSACTIONS

We may enter into a significant number of transactions with related parties in the normal course of business. Parties are considered to be related if one party has the ability to control or exercise significant influence over the other party in making financial or operating decisions, or if a party, directly or indirectly through one or more of its intermediaries, controls, is controlled by or is under common control with an entity. Our material transactions with related parties are described below.

The table below summarizes the material revenues and expenses of Corebridge, in connection with agreements with affiliated companies described below for the years ended December 31, 2023, 2022 and 2021:


	Years Ended December 31,
(in millions)		2023		2022		2021
Revenues:
Other income		$	34	$	95	$	85
Net investment income - excluding Fortitude Re funds withheld assets		(8)		(1)		(14)
Total revenues		$	26	$	94	$	71
Expenses:
General operating and other expenses		$	161	$	131	$	349
Interest expense		9		79		82
Loss on extinguishment of debt		—		—		145
Total expenses		$	170	$	210	$	576

Corebridge | 2023 Form 10-K 270

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ITEM 8 | Notes to Consolidated Financial Statements | 25. Related Parties

Related Party Transactions with AIG

We have historically entered into various transactions with AIG, some of which are continuing. These transactions are described below. In addition, on September 14, 2022, we entered into a separation agreement with AIG (the “Separation Agreement”). The Separation Agreement governs the relationship between AIG and us following the IPO, including matters related to the allocation of assets and liabilities between the parties, indemnification obligations, our corporate governance, information rights for each party and consent rights of AIG with respect to certain business activities that we may undertake.

Reorganization Transactions

Transfer of Investment Management Operations

In connection with the IPO, we and AIG entered into agreements to effectuate the transfer of substantially all of the entities that conducted AIG Group’s investment management operations from AIG to us. Specifically, AIG formed a new investment management holding company, SAFG Capital LLC, to which it transferred subsidiaries which conducted its investment management operations, subject to certain limited exceptions. SAFG Capital LLC was contributed to us, effective December 31, 2021.

Transfer of Fortitude Re Interest

On October 1, 2021, AIG contributed to us its entire 3.5% ownership interest in Fortitude Re Bermuda. Currently, we hold a less than 3% interest in Fortitude Re Bermuda.

Transfer of AIG Technologies, Inc. and Eastgreen, Inc.

We purchased AIGT and Eastgreen from AIG on February 28, 2022 for total consideration of $107 million. AIGT provides data processing, technology and infrastructure services to AIG entities in the United States, including management of AIG hardware and networks. AIGT utilizes two data centers to provide its services. The real estate related to the two data centers is owned by Eastgreen. To the extent needed, AIGT will continue to provide services to AIG for a transition period.

European Insurance Entities

In 2021, AIG transferred AIG Life and Laya to us.

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 Consolidated Statements of Income (Loss) were $34 million, $95 million and $85 million for the years ended December 31, 2023, 2022 and 2021, respectively.

Corebridge | 2023 Form 10-K 271

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ITEM 8 | Notes to Consolidated Financial Statements | 25. Related Parties

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. AIG Markets, Inc. (“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 Consolidated Statements of Income (Loss) were $0 million, $15 million and $17 million for the years ended December 31, 2023, 2022 and 2021, respectively. The derivative assets, net of gross assets and gross liabilities after collateral were $13 million and $12 million as of December 31, 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 December 31, 2023 and December 31, 2022, respectively. The collateral posted to AIGM was $0 million and $1.5 billion as of December 31, 2023 and December 31, 2022, respectively. The collateral held by us was $377 million and $380 million as of December 31, 2023 and December 31, 2022, respectively.

The suite of capital markets services previously provided by AIGM are now provided by our consolidated subsidiary Corebridge Markets, LLC (“CRBGM”). The majority of transactions previously outstanding with AIGM have been legally transferred to CRBGM as of December 31, 2023.

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 December 31, 2023 and December 31, 2022, respectively. There were no derivative net liabilities as of December 31, 2023 and December 31, 2022, respectively.

For further details regarding derivatives, see Note 10.

General Services Agreements

Pursuant to the provisions of a Service and Expense Agreement (the “AIG Service and Expense Agreement”) effective February 1, 1974, as amended, we and AIG have provided various services to each other at cost, including, but not limited to, advertising, accounting, actuarial, tax, legal, data processing, claims adjustment, employee cafeteria, office space, payroll, information technology services, capital markets services, services that support financial transactions and budgeting, risk management and compliance services, human resources services, insurance, operations and other support services.

On September 14, 2022, we entered into a 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 $39 million and $311 million as of December 31, 2023 and December 31, 2022, respectively. Amounts due from AIG were $38 million and $54 million as of December 31, 2023 and December 31, 2022, respectively. The total service expenses incurred specific to these agreements reflected in General operating and other expenses on the Consolidated Statements of Income (Loss) were $161 million, $114 million and $229 million for the years ended December 31, 2023, 2022 and 2021, respectively.

Reinsurance Transactions

From time to time, AIG Life has entered into various coinsurance agreements with American International Reinsurance Company, Ltd., a consolidated subsidiary of AIG (“AIRCO”) as follows:

•In 2018, AIG Life 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 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 $67 million and $70 million as of December 31, 2023 and December 31, 2022, respectively. Amounts payable to AIRCO were $13 million and $32 million as of December 31, 2023 and December 31, 2022, respectively. Ceded premiums related to these agreements were $37 million, $41 million and $42 million for the years ended December 31, 2023, 2022 and 2021, respectively. Reinsurance assets and amounts payable related to these agreements have been reclassified to Assets held-for-sale and Liabilities held-for-sale, respectively.

For further details of reinsurance transactions, see Note 8.

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.

Corebridge | 2023 Form 10-K 272

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ITEM 8 | Notes to Consolidated Financial Statements | 25. Related Parties

Certain of our insurance subsidiaries benefit from General Guarantee Agreements under which AHAC or NUFIC has unconditionally and irrevocably guaranteed all present and future obligations arising from certain insurance policies issued by these subsidiaries (a “Guaranteed Policy” or the “Guaranteed Policies”). AHAC and NUFIC are required to perform under the agreements if one of the insurance subsidiaries fails to make payments due under a Guaranteed Policy. These General Guarantee Agreements have all been terminated as to insurance policies issued after the date of termination. AHAC and NUFIC have not been required to perform under any of the agreements but remain contingently liable for all policyholder obligations associated with the Guaranteed Policies. We did not pay any fees under these agreements for the years ended December 31, 2023 and 2022.

AGC was a party to a CMA with AIG. Among other things, the CMA provided that AIG would maintain the total adjusted capital of AGC at or above a specified minimum percentage of AGC’s projected Company Action Level Risk Based Capital. AIG did not make any capital contributions to AGC under the CMA during the year ended December 31, 2023. As of December 31, 2023 and 2022, the specified minimum capital percentage in the CMA was 250%. Effective December 31, 2023, the CMA was terminated.

AIG Parent provided a full and unconditional guarantee of CRBGLH Notes and Junior Subordinated Debentures. This included:

•the CRBGLH External Debt Guarantee; and

•a guarantee in connection with a sale-leaseback transaction in 2020. Pursuant to this transaction, CRBGLH 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 years ended December 31, 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 CRBGLH 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 CRBGLH long-term unsecured indebtedness below specified levels or (ii) the failure by CRBGLH 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 CRBGLH External Debt.

For further details regarding guarantees previously provided by AIG, see Note 18.

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 December 31, 2023 and December 31, 2022, respectively, were recorded in Short-term investments on the Consolidated Balance Sheets. Interest earned on these deposits, reflected in Net investment income - excluding Fortitude Re funds withheld assets on the Consolidated Statements of Income (Loss), were $8 million $14 million and $3 million for the years ended December 31, 2023, 2022 and 2021, 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 Consolidated Statements of Income (Loss) was $46 million for the year ended December 31, 2022. We repaid the principal and accrued interest of this note during the year ended December 31, 2022.

For further details on promissory notes, see Note 17.

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.

Corebridge | 2023 Form 10-K 273

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ITEM 8 | Notes to Consolidated Financial Statements | 25. Related Parties

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. Amounts receivable (payable) from or to AIG pursuant to the tax sharing agreements were $(371) million and $524 million as of December 31, 2023 and December 31, 2022, respectively.

The table below summarizes payments to or refunds from AIG in connection with the tax sharing agreements for the years ended December 31, 2023, 2022 and 2021:


Years Ended December 31,
(in millions)	2023		2022		2021
Payment or (refund):
Corebridge	$	(494)	$	1,018	$	1,537
SAFG Capital LLC	—		14		(5)
Total	$	(494)	$	1,032	$	1,532

For further details on tax impact of the IPO, see Note 24.

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 December 31, 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.

Repurchase of Corebridge Common Stock

During 2023, we repurchased approximately 17.2 million shares of Corebridge Common Stock from AIG for an aggregate purchase price of approximately $315 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 were $175 million and $147 million for the years ended December 31, 2023 and 2022, respectively.

Repurchase of Corebridge Common Stock

During 2023, we repurchased approximately 1.9 million shares of Corebridge Common Stock from Blackstone for an aggregate purchase price of approximately $35 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 $102 million and $308 million as of December 31, 2023 and December 31, 2022, respectively. The interest expense incurred on the debt reflected in Interest expense on the Consolidated Statements of Income (Loss) were $9 million, $33 million and $64 million for the years ended December 31, 2023, 2022 and 2021, respectively.

The noncontrolling interest included in the Consolidated Balance Sheets related to the VIEs held by affiliates was $518 million and $537 million as of December 31, 2023 and December 31, 2022, respectively. The gain/(loss) attributable to noncontrolling interest of consolidated VIEs held by affiliates were $(3) million, $52 million and $499 million for the years ended December 31, 2023, 2022 and 2021, respectively.

In addition to transactions with VIEs, Corebridge has entered into other structured financing arrangements supporting real estate properties and other types of assets with other AIG affiliates. These financing arrangements are reported in Other invested assets in the Consolidated Balance Sheets. Certain of these and the VIE structures above also include commitments for funding from other AIG affiliates.

For additional information related to VIEs and other investments, see Notes 6 and 9.

Corebridge | 2023 Form 10-K 274

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Schedules | Schedule I

Summary of Investments – Other than Investments in Related Parties


					Schedule I
December 31, 2023					Amount at which shown in the Balance Sheet
(in millions)	Cost(a)(b)		Fair Value(b)
Fixed maturities:
U.S. government and government sponsored entities	$	1,436	$	1,220	$	1,220
Obligations of states, municipalities and political subdivisions	6,506		5,871		5,871
Non-U.S. governments	4,708		4,070		4,070
Public utilities	20,112		17,092		17,092
All other corporate debt securities	103,195		91,643		91,643
Mortgage-backed, asset-backed and collateralized	53,567		51,209		51,209
Total fixed maturity securities	189,524		171,105		171,105
Equity securities and mutual funds:
Common stock:
Public utilities	—		—		—
Banks, trust and insurance companies	—		—		—
Industrial, miscellaneous and all other	7		7		7
Total common stock	7		7		7
Preferred stock	47		47		47
Mutual funds	9		9		9
Total equity securities and mutual funds	63		63		63
Mortgage and other loans receivable, net of allowance
Commercial mortgages	34,172		31,414		34,172
Residential mortgages	8,445		7,585		8,445
Life insurance policy loans	1,746		1,748		1,746
Commercial loans, other loans and notes receivable	3,202		3,202		3,202
Total mortgage and other loans receivable	47,565		43,949		47,565
Allowance for credit losses	(698)		—		(698)
Total mortgage and other loans receivable, net of allowance	46,867		43,949		46,867
Other invested assets(c)	10,937		10,257		10,257
Short-term investments, at cost (approximates fair value)	4,336		4,336		4,336
Derivative assets(d) (e)	393		393		393
Total investments	$	252,120	$	230,103	$	233,021

(a)Original cost of fixed maturities is reduced by repayments and adjusted for amortization of premiums or accretion of discounts.

(b)The table above includes available-for-sale securities issued by related parties. This includes RMBS securities which had a fair value of $43 million and an amortized cost of $45 million.

(c)Includes $0.6 million of investments in related parties.

(d)Includes $12 million of derivative assets with related parties.

(e)Excludes $141 million of derivative liabilities.

Corebridge | 2023 Form 10-K 275

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Schedules | Schedule II

Condensed Financial Information of Registrant

Balance Sheets - Parent Company Only


	Schedule II
December 31,
(in millions, except per common share data)	2023		2022
Assets:
Short-term investments	$	1,594	$	1,499
Other investments	197		198
Total investments	1,791		1,697
Cash	—		9
Due from affiliates*	114		42
Current tax receivable	26		292
Deferred income taxes	323		108
Investment in consolidated subsidiaries*	19,170		16,543
Other assets	162		83
Total assets	$	21,586	$	18,774
Liabilities:
Due to affiliate*	$	461	$	271
Current tax payable	198		—
Deferred tax liabilities	—		10
Short term debt	250		1,500
Long term debt	8,691		7,441
Other liabilities	220		172
Total liabilities	9,820		9,394
Corebridge Shareholders’ equity:
Common stock	6		6
Treasury stock	(503)		—
Additional paid-in capital	8,149		8,030
Retained earnings	17,572		18,207
Accumulated other comprehensive income	(13,458)		(16,863)
Total Corebridge Shareholders’ equity	11,766		9,380
Total liabilities and equity	$	21,586	$	18,774

* Eliminated for the consolidated Corebridge financial statements.

See accompanying Notes to Condensed Financial Information of Registrant.

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Schedules | Schedule II

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)	2023		2022		2021
Revenues:
Equity in undistributed net income (loss) of consolidated subsidiaries*	$	(743)	$	6,897	$	4,392
Dividend income from consolidated subsidiaries*	2,017		1,781		1,893
Interest income	67		79		365
Net realized gains (losses)	(3)		4		62
Total revenues	1,338		8,761		6,712
Expenses:
Interest expense	398		266		18
Net (gain) loss on sale of divested businesses	(620)		—		(2,438)
Other expenses	507		507		191
Total expenses	285		773		(2,229)
Income from continuing operations before income tax expense (benefit)	1,053		7,988		8,941
Income tax expense (benefit)	(51)		(171)		698
Net income attributable to Corebridge Parent	1,104		8,159		8,243
Other comprehensive income (loss)	3,405		(25,096)		(4,091)
Total comprehensive income (loss) attributable to Corebridge Parent	$	4,509	$	(16,937)	$	4,152

* Eliminated for the consolidated Corebridge financial statements.

See accompanying Notes to Condensed Financial Information of Registrant.

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Schedules | Schedule II

Condensed Financial Information of Registrant (Continued)

Statements of Cash Flows - Parent Company Only


			Schedule II
Years Ended December 31,
(in millions)	2023		2022		2021
Net cash provided by (used in) operating activities	$	1,532	$	1,149	$	519
Cash flows from investing activities:

Sales or distributions of:
Available-for-sale securities	—		1		132
Other invested assets	—		—		232
Maturities of fixed maturity securities available-for-sale	—		—		86
Principal payments received on mortgage and other loans receivable	—		—		61
Purchase of:
Other invested assets	—		—		(23)
Mortgage and other loans receivable issued	—		—		(26)
Acquisition of businesses, net of cash and restricted cash acquired	—		(107)		—
Sales of divested businesses	752		—		—
Net change in short-term investments	(95)		(1,034)		54
Net change in derivative assets and liabilities	(3)		223		—
Net cash provided by (used in) investing activities	654		(917)		516
Cash flows from financing activities:
Dividends paid on common stock	(1,722)		(876)		—
Issuance of long-term debt	1,240		7,451		—
Issuance of short-term debt	—		1,500		—
Repayments of short-term debt	(1,250)		(8,300)		—
Distributions to AIG	—		—		(1,008)
Distributions to Class B shareholder	—		—		(34)
Repurchase of common stock	(498)		—		—
Other financing	35		—		—
Net cash used in financing activities	(2,195)		(225)		(1,042)
Net increase (decrease) in cash and restricted cash	(9)		7		(7)
Cash and restricted cash at beginning of year	9		2		9
Cash and restricted cash at end of year	$	—	$	9	$	2

Supplementary disclosure of cash flow information:
	Years ended December 31,
(in millions)	2023		2022		2021
Cash	$	—	$	9	$	2

Total cash and restricted cash shown in Statements of Cash Flows –
Corebridge Parent Company Only	$	—	$	9	$	2
Cash (paid) received during the period for:
Taxes:
Income tax	$	259	$	116	$	32
Intercompany non-cash financing and investing activities:
Capital distributions	$	—	$	—	$	12,144
Capital contributions	$	—	$	—	$	403

See accompanying Notes to Condensed Financial Information of Registrant.

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Schedules | Schedule II

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.

2. Debt

Short-term and long-term debt is carried at the principal amount borrowed, including unamortized discounts, and fair value adjustments, when applicable.


(in millions)	Range of Interest Rate(s)		Maturity Date(s)	December 31, 2023		December 31, 2022
Short-term debt issued or borrowed by Corebridge:
Three-Year DDTL Facility	6.46	%	2024	250		1,500

Total short-term debt				$	250	$	1,500
Long-term debt issued by Corebridge:
Senior unsecured notes(a)	3.50% - 6.05%		2025 - 2052	$	7,750	$	6,500
Hybrid junior subordinated notes	6.875%		2052	1,000		1,000
Total long-term debt				8,750		7,500
Debt issuance costs				(59)		(59)
Total long-term debt, net of debt issuance costs				$	8,691	$	7,441

(a) Interest rates reflect contractual amounts and do not reflect the effective borrowing rate after giving effect to the cash flow hedges.

SENIOR UNSECURED NOTES AND DELAYED DRAW TERM LOAN

For further details regarding the Senior unsecured notes and Three-Year DDTL Facility, see Note 17 to the Consolidated Financial Statements.

HYBRID JUNIOR SUBORDINATED NOTES

For further details regarding the Hybrid junior subordinated notes, see Note 17 to the Consolidated Financial Statements.

AFFILIATED NOTE

In November 2021, Corebridge Parent issued an $8.3 billion senior promissory note 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 17 to the 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.

INTERCOMPANY LENDING 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, 2023, there were no amounts owed under these facilities.

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 17 to the Consolidated Financial Statements.

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Schedules | Schedule II

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. 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’s capital position and will be counted as Tier 2 capital under EU Solvency II regulations as approved by the Prudential Regulation Authority. Effective February 17, 2023, the letter of credit was reduced from £80 million to £26 million, and further reduced to £20 million on September 22, 2023.

CRBG Bermuda had a $250 million letter of credit guaranteed by AIG that is used to support the credit for reinsurance provided by CRBG 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. Effective May 25, 2023, the letter of credit was reduced from $175 million to $125 million.

For further details regarding the letters of credits, see Note 17 to the 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 group real estate (“GRE”) transactions.

On August 1, 2023, AIG Parent novated to Corebridge Parent the guarantee of promissory notes issued by CRBGLH to AGL.

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.

For further details regarding guarantees, see Note 18 to the Consolidated Financial Statements.

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Schedules | Schedule III

Supplementary Insurance Information


At December 31, 2023 and 2022							Schedule III
Segment (in millions)	Deferred Policy Acquisition Costs and Value of Business Acquired *		Future Policy Benefits *		Policy and Contract Claims		Unearned Premiums
2023
Individual Retirement	$	4,779	$	1,470	$	34	$	—
Group Retirement	1,056		227		1		—
Life Insurance	4,106		13,400		789		6
Institutional Markets	70		20,025		39		—
Corporate and Other	—		21,986		115		5
Total Corebridge	$	10,011	$	57,108	$	978	$	11
2022
Individual Retirement	$	4,646	$	1,359	$	41	$	—
Group Retirement	1,061		223		1		—
Life Insurance	4,805		13,354		1,229		54
Institutional Markets	51		13,745		40		—
Corporate and Other	—		21,837		122		6
Total Corebridge	$	10,563	$	50,518	$	1,433	$	60

* Excludes balances that have been reclassified to held-for-sale.


For the years ended December 31, 2023, 2022 and 2021
Segment (in millions)	Premiums and Policy Fees		Net Investment Income		Other Income(a)		Benefits(b)		Amortization of Deferred Policy Acquisition Costs and Value of Business Acquired		Other Operating Expenses
2023
Individual Retirement	$	921	$	4,884	$	426	$	2,535	$	572	$	929
Group Retirement	426		1,965		309		1,224		82		716
Life Insurance	3,264		1,251		93		3,171		379		753
Institutional Markets	5,799		1,546		2		6,862		9		109
Corporate and Other	78		1,432		54		(3)		—		702
Total Corebridge	$	10,488	$	11,078	$	884	$	13,789	$	1,042	$	3,209
2022
Individual Retirement	$	976	$	3,872	$	463	$	2,222	$	523	$	936
Group Retirement	435		1,976		312		1,186		80		705
Life Insurance	3,427		1,386		126		3,338		410		740
Institutional Markets	3,085		1,017		3		3,706		7		96
Corporate and Other	82		1,325		121		—		—		680
Total Corebridge	$	8,005	$	9,576	$	1,025	$	10,452	$	1,020	$	3,157
2021
Individual Retirement	$	991	$	4,356	$	592	$	2,112	$	451	$	1,049
Group Retirement	502		2,396		337		1,191		78		722
Life Insurance	3,126		1,614		110		3,211		416		790
Institutional Markets	3,953		1,134		2		4,435		6		103
Corporate and Other	86		2,172		134		—		—		385
Total Corebridge	$	8,658	$	11,672	$	1,175	$	10,949	$	951	$	3,049

(a) Other income represents advisory fee income and other income balances.

(b) Benefits represents policyholder benefits and interest credited to policyholder account balances.

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Schedules | Schedule IV

Reinsurance

At December 31, 2023, 2022 and 2021 and for the years then ended


									Schedule IV
(in millions)	Gross Amount		Ceded to Other Companies		Assumed from Other Companies		Net Amount		Percent of Amount Assumed to Net
2023
Life insurance in force	$	1,308,474	$	363,471	$	173	$	945,176	—%
Premiums Earned:
Life Insurance and Annuities	$	4,623	1,096		4,111		7,638		53.8%
Accident and Health	83		30		—		53		—
Total	$	4,706	$	1,126	$	4,111	$	7,691	53.5%
2022
Life insurance in force	$	1,280,831	$	346,879	$	188	$	934,140	—
Premiums Earned:
Life Insurance and Annuities	$	4,651	934		1,318		5,035		26.2%
Accident and Health	88		32		—		56		—
Total	$	4,739	966		1,318		5,091		25.9%
2021
Life insurance in force	$	1,280,090	$	363,008	$	192	$	917,274	—
Premiums Earned:
Life Insurance and Annuities	$	4,503	1,179		2,265		5,589		40.5%
Accident and Health	100		36		—		64		—
Total	$	4,603	$	1,215	$	2,265	$	5,653	40.1%

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ITEM 9 | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

ITEM 9 | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

None.

ITEM 9A | Controls and Procedures

EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES

Disclosure controls and procedures are designed to ensure that information required to be disclosed in reports filed or submitted under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), is recorded, processed, summarized and reported within the time periods specified in U.S. Securities and Exchange Commission (“SEC”) rules and forms and that such information is accumulated and communicated to management, including the Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosures. In connection with the preparation of this Annual Report on Form 10-K, an evaluation was carried out by Corebridge management, with the participation of Corebridge’s Chief Executive Officer and Chief Financial Officer, of the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act), as of December 31, 2023. Based on this evaluation, Corebridge’s Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of December 31, 2023.

MANAGEMENT’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING

Management of Corebridge is responsible for establishing and maintaining adequate internal control over financial reporting. Corebridge’s internal control over financial reporting is a process, under the supervision of Corebridge’s Chief Executive Officer and Chief Financial Officer, designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of Corebridge’s financial statements for external purposes in accordance with U.S. GAAP.

Corebridge management conducted an assessment of the effectiveness of our internal control over financial reporting as of December 31, 2023 based on the criteria established in the 2013 Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”).

Corebridge management has concluded that, as of December 31, 2023, our internal control over financial reporting was effective based on the criteria articulated in the 2013 Internal Control – Integrated Framework issued by the COSO. The effectiveness of our internal control over financial reporting as of December 31, 2023 has been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in their report, which is included in this Annual Report on Form 10-K.

CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING

During the first quarter of 2023, Corebridge adopted LDTI, which resulted in a change to our recognition and measurement of long-duration contracts. In connection with the adoption of this standard, Corebridge changed processes, systems and controls related to certain of our long-duration contracts. Many of these controls are similar to those previously maintained under the historical GAAP framework but have been updated to reflect changes necessitated by the adoption of LDTI. There have been no changes in our internal control over financial reporting (as defined in Rule 13a-15(f) and 15d-15(f)) that have occurred during the quarter ended December 31, 2023 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

ITEM 9B | Other Information

None.

ITEM 9C | Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Not Applicable.

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ITEM 10 | Directors, Executive Officers and Corporate Governance

Part III

ITEM 10 | Directors, Executive Officers and Corporate Governance

For information about our executive officers, see “Business — Information about our Executive Officers.”

Other information required by Items 10, 11, 12, 13 and 14 of this Annual Report on Form 10-K but not included herein is incorporated by reference from the definitive proxy statement for Corebridge’s 2024 Annual Meeting of Shareholders, which will be filed with the SEC not later than 120 days after the close of the fiscal year pursuant to Regulation 14A.

ITEM 11 | Executive Compensation

See Item 10 herein.

ITEM 12 | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

See Item 10 herein.

ITEM 13 | Certain Relationships and Related Transactions, and Director Independence

See Item 10 herein.

ITEM 14. | Principal Accounting Fees and Services

See Item 10 herein.

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ITEM 15 | Exhibits, Financial Statement Schedules

Part IV

ITEM 15. | Exhibits, Financial Statement Schedules

The following documents are filed as part of this report:


			Page
1.	ITEM 8.	Financial Statements and Supplementary Data	157
2.		Financial Statement Schedules:	285
	SCHEDULE I	Summary of Investments – Other than Investments in Related Parties at December 31, 2023	275
	SCHEDULE II	Condensed Financial Information of Registrant at December 31, 2023 and 2022 and for the years ended December 31, 2023, 2022 and 2021	276
	SCHEDULE III	Supplementary Insurance Information at December 31, 2023 and 2022 and for the years ended December 31, 2023, 2022 and 2021	281
	SCHEDULE IV	Reinsurance at December 31, 2023 and 2022 and for the years ended December 31, 2023, 2022 and 2021	282
3.	EXHIBITS	Exhibit Index	286

ITEM 16. | Form 10-K Summary

None.

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Exhibit Index


Exhibit Number			Description
3.1			Amended and Restated Certificate of Incorporation of Corebridge Financial, Inc., incorporated by reference to Exhibit 4.1 to Corebridge Financial, Inc.’s Registration Statement on Form S-8, filed on September 15, 2022 (File No. 333-267427).
3.2			Second Amended and Restated By-laws of Corebridge Financial, Inc., incorporated by reference to Exhibit 4.2 to Corebridge Financial, Inc.’s Registration Statement on Form S-8, filed on September 15, 2022 (File No. 333-267427).
4.1			Indenture, dated April 5, 2022, between Corebridge Financial, Inc. and The Bank of New York Mellon, as Trustee, incorporated by reference to Exhibit 4.2 to Corebridge Financial, Inc.’s Registration Statement on Form S-1, filed on September 12, 2022 (File No. 333-263898).
4.2			First Supplemental Indenture, dated April 5, 2022, between Corebridge Financial, Inc. and The Bank of New York Mellon, as Trustee, relating to the 2025 Notes, incorporated by reference to Exhibit 4.3 to Corebridge Financial, Inc.’s Registration Statement on Form S-1, filed on September 12, 2022 (File No. 333-263898).
4.3			Second Supplemental Indenture, dated April 5, 2022, between Corebridge Financial, Inc. and The Bank of New York Mellon, as Trustee, relating to the 2027 Notes, incorporated by reference to Exhibit 4.4 to Corebridge Financial, Inc.’s Registration Statement on Form S-1, filed on September 12, 2022 (File No. 333-263898).
4.4			Third Supplemental Indenture, dated April 5, 2022, between Corebridge Financial, Inc. and The Bank of New York Mellon, as Trustee, relating to the 2029 Notes, incorporated by reference to Exhibit 4.5 to Corebridge Financial, Inc.’s Registration Statement on Form S-1, filed on September 12, 2022 (File No. 333-263898).
4.5			Fourth Supplemental Indenture, dated April 5, 2022, between Corebridge Financial, Inc. and The Bank of New York Mellon, as Trustee, relating to the 2032 Notes, incorporated by reference to Exhibit 4.6 to Corebridge Financial, Inc.’s Registration Statement on Form S-1, filed on September 12, 2022 (File No. 333-263898).
4.6			Fifth Supplemental Indenture, dated April 5, 2022, between Corebridge Financial, Inc. and The Bank of New York Mellon, as Trustee, relating to the 2042 Notes, incorporated by reference to Exhibit 4.7 to Corebridge Financial, Inc.’s Registration Statement on Form S-1, filed on September 12, 2022 (File No. 333-263898).
4.7			Sixth Supplemental Indenture, dated April 5, 2022, between Corebridge Financial, Inc. and The Bank of New York Mellon, as Trustee, relating to the 2052 Notes, incorporated by reference to Exhibit 4.8 to Corebridge Financial, Inc.’s Registration Statement on Form S-1, filed on September 12, 2022 (File No. 333-263898).
4.8			Seventh Supplemental Indenture, dated September 15, 2023, between Corebridge Financial, Inc. and The Bank of New York Mellon, as Trustee, relating to the 2033 Notes, incorporated by reference to Exhibit 4.2 to Corebridge Financial, Inc.’s Current Report on Form 8-K, filed on September 15, 2023.
4.9			Eighth Supplemental Indenture, dated December 8, 2023, between Corebridge Financial, Inc. and The Bank of New York Mellon, as Trustee, relating to the 2034 Notes, incorporated by reference to Exhibit 4.2 to Corebridge Financial, Inc.’s Current Report on Form 8-K, filed on December 8, 2023.
4 .10			Subordinated Indenture, dated August 23, 2022, between Corebridge Financial, Inc. and The Bank of New York Mellon, as Trustee, incorporated by reference to Exhibit 4.8 to Corebridge Financial Inc.’s Registration Statement on Form S-1, as amended, filed on September 12, 2022 (File No. 333-263898).
4 .11			First Supplemental Indenture, dated August 23, 2022, between Corebridge Financial, Inc. and The Bank of New York Mellon, as Trustee, relating to the Hybrid Notes, incorporated by reference to Exhibit 4.9 to Corebridge Financial Inc.’s Registration Statement on Form S-1, as amended, filed on September 12, 2022 (File No. 333-263898).
4.12*			Description of registrant’s securities registered pursuant to Section 12 of the Securities Exchange Act of 1934.
10.1			Employee Matters Agreement, dated as of September 14, 2022, between Corebridge Financial, Inc. and American International Group, Inc., incorporated by reference to Exhibit 10.1 to Corebridge Financial Inc.’s Quarterly Report on Form 10-Q, filed November 9, 2022.
10.2			Intellectual Property Assignment Agreement, dated as of September 14, 2022, between Corebridge Financial, Inc. and American International Group, Inc., incorporated by reference to Exhibit 10.2 to Corebridge Financial Inc.’s Quarterly Report on Form 10-Q, filed November 9, 2022.
10.3			Separation Agreement, dated as of September 14, 2022, between Corebridge Financial, Inc. and American International Group, Inc., incorporated by reference to Exhibit 10.3 to Corebridge Financial Inc.’s Quarterly Report on Form 10-Q, filed November 9, 2022.
10.4			Registration Rights Agreement, dated as of September 14, 2022, between Corebridge Financial, Inc. and American International Group, Inc., incorporated by reference to Exhibit 10.5 to Corebridge Financial Inc.’s Quarterly Report on Form 10-Q, filed November 9, 2022.
10.5			Transition Services Agreement, dated as of September 14, 2022, between Corebridge Financial, Inc. and American International Group, Inc., incorporated by reference to Exhibit 10.6 to Corebridge Financial Inc.’s Quarterly Report on Form 10-Q, filed November 9, 2022.
10.6			AIG Trademark License Agreement, dated as of September 14, 2022, between Corebridge Financial, Inc. and American International Group, Inc., incorporated by reference to Exhibit 10.6 to Corebridge Financial Inc.’s Quarterly Report on Form 10-Q, filed November 9, 2022.
10.7			Grantback License Agreement, dated as of September 14, 2022, between Corebridge Financial, Inc. and American International Group, Inc., incorporated by reference to Exhibit 10.7 to Corebridge Financial Inc.’s Quarterly Report on Form 10-Q, filed November 9, 2022.

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Exhibit Index


Exhibit Number			Description
10.8			Membership Interest Purchase Agreement, dated September 9, 2022, between The Variable Annuity Life Insurance Company, incorporated by reference to Exhibit 10.8 to Corebridge Financial Inc.’s Quarterly Report on Form 10-Q, filed November 9, 2022.
10.9			Collateral Agreement, dated September 4, 2022, among AIG Life Holdings, Inc.; Corebridge Financial, Inc.; and American International Group, Inc., incorporated by reference to Exhibit 10.9 to Corebridge Financial, Inc.’s Quarterly Report on Form 10-Q, filed November 9, 2022.
10.10			Tax Matters Agreement, dated as of September 14, 2022, between Corebridge Financial, Inc. and American International Group, Inc., incorporated by reference to Exhibit 10.16 to Corebridge Financial, Inc.’s Quarterly Report on Form 10-Q, filed November 9, 2022.
10.11			Guarantee Reimbursement Agreement, dated September 4, 2022, among AIG Life Holdings, Inc.; Corebridge Financial, Inc.; and American International Group, Inc., incorporated by reference to Exhibit 10.11 to Corebridge Financial, Inc.’s Quarterly Report on Form 10-Q, filed November 9, 2022.
10.12			Stock Purchase Agreement, dated as of July 14, 2021, between American International Group, Inc. and Argon Holdco LLC (a wholly-owned subsidiary of Blackstone Inc.), incorporated by reference to Exhibit 10.2 to Corebridge Financial, Inc.’s Registration Statement on Form S-1, filed on September 12, 2022 (File No. 333-263898).
10.13			Commitment Letter, dated as of November 2, 2021, between Blackstone ISG-I Advisors L.L.C. and Corebridge Financial, Inc., incorporated by reference to Exhibit 10.7 to Corebridge Financial, Inc.’s Registration Statement on Form S-1, filed on September 12, 2022 (File No. 333-263898).
10.14			Separately Managed Account Agreement, dated as of November 2, 2021, between Blackstone ISG-I Advisors L.L.C. and American General Life Insurance Company, incorporated by reference to Exhibit 10.8 to Corebridge Financial, Inc.’s Registration Statement on Form S-1, filed on September 12, 2022 (File No. 333-263898).
10.15			Separately Managed Account Agreement, dated as of November 2, 2021, between Blackstone ISG-I Advisors L.L.C. and The Variable Annuity Life Insurance Company, incorporated by reference to Exhibit 10.9 to Corebridge Financial, Inc.’s Registration Statement on Form S-1, filed on September 12, 2022 (File No. 333-263898).
10.16			Separately Managed Account Agreement, dated as of November 2, 2021, between Blackstone ISG-I Advisors L.L.C. and AGC Life Insurance Company, incorporated by reference to Exhibit 10.10 to Corebridge Financial, Inc.’s Registration Statement on Form S-1, filed on September 12, 2022 (File No. 333-263898).
10.17			Separately Managed Account Agreement, dated as of November 2, 2021, between Blackstone ISG-I Advisors L.L.C. and AIG Life of Bermuda, Ltd., incorporated by reference to Exhibit 10.11 to Corebridge Financial, Inc.’s Registration Statement on Form S-1, filed on September 12, 2022 (File No. 333-263898).
10.18			Separately Managed Account Agreement, dated as of November 2, 2021, between Blackstone ISG-I Advisors L.L.C. and AIG Life Ltd., incorporated by reference to Exhibit 10.12 to Corebridge Financial, Inc.’s Registration Statement on Form S-1, filed on September 12, 2022 (File No. 333-263898).
10.19			Amended and Restated Combination Coinsurance and Modified Coinsurance Agreement, dated as of June 2, 2020 between Fortitude Reinsurance Company, Ltd. and American General Life Insurance Company, incorporated by reference to Exhibit 10.13 to Corebridge Financial, Inc.’s Registration Statement on Form S-1, filed on September 12, 2022 (File No. 333-263898).
10.20			Amended and Restated Combination Coinsurance and Modified Coinsurance Agreement, dated as of June 2, 2020, between Fortitude Reinsurance Company, Ltd. and The Variable Annuity Life Insurance Company, incorporated by reference to Exhibit 10.14 to Corebridge Financial, Inc.’s Registration Statement on Form S-1, filed on September 12, 2022 (File No. 333-263898).
10.21			Amended and Restated Modified Coinsurance Agreement, dated as of June 2, 2020, between Fortitude Reinsurance Company, Ltd. and The United States Life Insurance Company In The City of New York, incorporated by reference to Exhibit 10.15 to Corebridge Financial, Inc.’s Registration Statement on Form S-1, filed on September 12, 2022 (File No. 333-263898).
10.22			Senior Promissory Note dated as of November 1, 2021, by American International Group, Inc., as payee, and Corebridge Financial, Inc., as maker, incorporated by reference to Exhibit 10.18 to Corebridge Financial, Inc.’s Registration Statement on Form S-1, filed on September 12, 2022 (File No. 333-263898).
10.23			18-Month Delayed Draw Term Loan Agreement, dated as of February 25, 2022, among Corebridge Financial, Inc., as borrower, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent, incorporated by reference to Exhibit 10.19 to Corebridge Financial, Inc.’s Registration Statement on Form S-1, filed on September 12, 2022 (File No. 333-263898).
10.24			Three-Year Delayed Draw Term Loan Agreement, dated as of February 25, 2022, among Corebridge Financial, Inc., as borrower, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent, incorporated by reference to Exhibit 10.20 to Corebridge Financial, Inc.’s Registration Statement on Form S-1, filed on September 12, 2022 (File No. 333-263898).
10.25			Amendment Letter dated May 11, 2022 to the Three-Year Delayed Draw Term Loan Agreement, dated as of February 25, 2022, among Corebridge Financial, Inc. the lenders party thereto, and JPMorgan Chase Bank, N.A., as administrative agent, incorporated by reference to Exhibit 10.20 to Corebridge Financial, Inc.’s Registration Statement on Form S-1, filed on September 12, 2022 (File No. 333-263898).
1 0.2 6			Amendment Letter dated August 24, 2022 to the Three-Year Delayed Draw Term Loan Agreement, dated as of February 25, 2022, among Corebridge Financial, Inc., as borrower, the lenders party thereto, and JPMorgan Chase Bank, N.A., as administrative agent, incorporated by reference to Exhibit 10.25 to Corebridge Financial, Inc.’s Quarterly Report on Form 10-Q, filed on November 3, 2023.

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Exhibit Index


Exhibit Number			Description
10.27			Revolving Credit Agreement, dated as of May 12, 2022, among Corebridge Financial, Inc., the Subsidiary Borrowers party thereto, the Lenders party thereto, JPMorgan Chase Bank, N.A., as Administrative Agent, and the Several L/C Agent party thereto, incorporated by reference to Exhibit 10.21 to Corebridge Financial, Inc.’s Registration Statement on Form S-1, filed on September 12, 2022 (File No. 333-263898).
10.2 8 †			Letter Agreement, dated August 14, 2013, between AIG and Kevin Hogan, incorporated by reference to Exhibit 10.22 to Corebridge Financial, Inc.’s Registration Statement on Form S-1, filed on September 12, 2022 (File No. 333-263898).
10.29 †			Non-Solicitation and Non-Disclosure Agreement, dated August 14, 2013, between AIG and Kevin Hogan, incorporated by reference to Exhibit 10.23 to Corebridge Financial, Inc.’s Registration Statement on Form S-1, filed on September 12, 2022 (File No. 333-263898).
10.3 0 †			Executive Officer Form of Release and Restrictive Covenant Agreement, incorporated by reference to Exhibit 10.24 to Corebridge Financial, Inc.’s Registration Statement on Form S-1, filed on September 12, 2022 (File No. 333-263898).
10.3 1 †			AIG Annual Short-Term Incentive Plan (as amended and restated effective March 1, 2016), incorporated by reference to Exhibit 10.25 to Corebridge Financial, Inc.’s Registration Statement on Form S-1, filed on September 12, 2022 (File No. 333-263898).
10.3 2 †			AIG 2013 Omnibus Incentive Plan, incorporated by reference to Exhibit 10.26 to Corebridge Financial, Inc.’s Registration Statement on Form S-1, filed on September 12, 2022 (File No. 333-263898).
10.3 3 †			Form of Long Term Incentive Stock Option Award Agreement, incorporated by reference to Exhibit 10.27 to Corebridge Financial, Inc.’s Registration Statement on Form S-1, filed on September 12, 2022 (File No. 333-263898).
10.3 4 †			AIG Long Term Incentive Plan (as amended March 2018), incorporated by reference to Exhibit 10.28 to Corebridge Financial, Inc.’s Registration Statement on Form S-1, filed on September 12, 2022 (File No. 333-263898).
10.3 5 †			Form of AIG Long Term Incentive Award Agreement (as of April 2019), incorporated by reference to Exhibit 10.29 to Corebridge Financial, Inc.’s Registration Statement on Form S-1, filed on September 12, 2022 (File No. 333-263898).
10.3 6 †			Form of AIG Long Term Incentive Award Agreement (as of January 2020), incorporated by reference to Exhibit 10.30 to Corebridge Financial, Inc.’s Registration Statement on Form S-1, filed on September 12, 2022 (File No. 333-263898).
10.3 7 †			AIG 2012 Executive Severance Plan (as amended and restated February 2021), incorporated by reference to Exhibit 10.31 to Corebridge Financial, Inc.’s Registration Statement on Form S-1, filed on September 12, 2022 (File No. 333-263898).
10.3 8 †			AIG Long Term Incentive Plan (as amended and restated February 2021), incorporated by reference to Exhibit 10.32 to Corebridge Financial, Inc.’s Registration Statement on Form S-1, filed on September 12, 2022 (File No. 333-263898).
10.39 †			AIG Non-Qualified Retirement Income Plan (as amended and restated February 2021), incorporated by reference to Exhibit 10.33 to Corebridge Financial, Inc.’s Registration Statement on Form S-1, filed on September 12, 2022 (File No. 333-263898).
10.4 0 †			American International Group, Inc. 2021 Omnibus Incentive Plan, incorporated by reference to Exhibit 10.34 to Corebridge Financial, Inc.’s Registration Statement on Form S-1, filed on September 12, 2022 (File No. 333-263898).
10.4 1 †			AIG Long Term Incentive Plan (as amended and restated April 2021), incorporated by reference to Exhibit 10.35 to Corebridge Financial, Inc.’s Registration Statement on Form S-1, filed on September 12, 2022 (File No. 333-263898).
10.4 2 †			AIG Long Term Incentive Plan Form of Award Agreement (April 2021), incorporated by reference to Exhibit 10.36 to Corebridge Financial, Inc.’s Registration Statement on Form S-1, filed on September 12, 2022 (File No. 333-263898).
10.4 3 †			AIG Long Term Incentive Plan (as amended and restated September 2021), incorporated by reference to Exhibit 10.37 to Corebridge Financial, Inc.’s Registration Statement on Form S-1, filed on September 12, 2022 (File No. 333-263898).
10.4 4 †			AIG Long Term Incentive Plan Form of Award Agreement (September 2021), incorporated by reference to Exhibit 10.38 to Corebridge Financial, Inc.’s Registration Statement on Form S-1, filed on September 12, 2022 (File No. 333-263898).
10.45†			Corebridge Executive Severance Plan (as amended and restated on June 27, 2023), incorporated by reference to Exhibit 10.2 to Corebridge Financial, Inc.’s Quarterly Report on Form 10-Q filed on August 4, 2023.
10.4 6 †			AIG Continuity Award Agreement, dated as of October 29, 2020, between American International Group, Inc. and Elias Habayeb, incorporated by reference to Exhibit 10.40 to Corebridge Financial, Inc.’s Registration Statement on Form S-1, filed on September 12, 2022 (File No. 333-263898).
10.4 7 †			AIG Leadership Continuity Award Agreement, dated as of July 28, 2021, between American International Group, Inc. and Sabra Purtill incorporated by reference to Exhibit 10.49 to Corebridge Financial, Inc.’s Annual Report on Form 10-K filed on February 24, 2023.
10.4 8 †			Offer Letter, dated as of October 28, 2021, between American International Group, Inc., and Elias Habayeb, incorporated by reference to Exhibit 10.42 to Corebridge Financial, Inc.’s Registration Statement on Form S-1, filed on September 12, 2022 (File No. 333-263898).
10.49†			Offer Letter, dated as of June 19, 2023, between Corebridge Financial, Inc. and Chris Smith, incorporated by reference to Exhibit 10.1 to Corebridge Financial, Inc.’s Quarterly Report on Form 10-Q filed August 4, 2023.

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Exhibit Index


Exhibit Number			Description
10.5 0 †			Corebridge Financial, Inc. 2022 Omnibus Incentive Plan, as amended and restated on February 16, 2023, incorporated by reference to Exhibit 10.58 to Corebridge Financial, Inc.’s Quarterly Report on Form 10-Q, filed May 11, 2023.
10.51†*			Corebridge Financial, Inc. Long Term Incentive Plan, as amended and restated on November 15, 2023.
1 0.52			Corebridge Financial, Inc. Short Term Incentive Plan, effective as of February 21, 2023, incorporated by reference to Exhibit 10.59 to Corebridge Financial, Inc.’s Quarterly Report on Form 10-Q filed on May 11, 2023.
10.5 3 †			Form of Corebridge Financial, Inc. 2022 Omnibus Incentive Plan, Deferred Stock Units Award Agreement, incorporated by reference to Exhibit 10.45 to Corebridge Financial, Inc.’s Registration Statement on Form S-1, filed on September 12, 2022 (File No. 333-263898).
10.5 4 †			Form of Corebridge Financial, Inc. Long Term Incentive Plan, Long Term Incentive Award Agreement, incorporated by reference to Exhibit 10.46 to Corebridge Financial, Inc.’s Registration Statement on Form S-1, filed on September 12, 2022 (File No. 333-263898).
10.55			Form of Class A Note Purchase Agreement among American General Life Insurance Company or The United States Life Insurance Company in the City of New York, as applicable, certain subsidiaries of Corebridge Financial, Inc. and certain subsidiaries of American International Group, Inc. incorporated by reference to Exhibit 10.55 to Corebridge Financial, Inc.’s Annual Report on Form 10-K filed on February 27, 2023.
10.56			Sale, Transfer and Assignment Agreement among American General Life Insurance Company or The United States Life Insurance Company in the City of New York, as applicable and certain subsidiaries of American International Group, Inc. dated December 23, 2022 incorporated by reference to Exhibit 10.56 to Corebridge Financial, Inc’s Annual Report on Form 10-K filed on February 27, 2023.
1 0.57			Share Repurchase Agreement, dated as of June 21, 2023, by and among Corebridge Financial, Inc., American International Group, Inc. and Argon Holdco LLC, incorporated by reference to Exhibit 10.1 to Corebridge Financial, Inc.’s Current Report on Form 8-K, filed on June 22, 2023.
1 0.58			Share Repurchase Agreement, dated as of December 14, 2023, by and among Corebridge Financial, Inc., American International Group, Inc. and Argon Holdco LLC, incorporated by reference to Exhibit 10.1 to Corebridge Financial, Inc.’s Current Report on Form 8-K, filed on December 14, 2023.











21.1*			Subsidiaries of Corebridge Financial, Inc.
23.1*			Consent of PricewaterhouseCoopers LLP.
31.1*			13a-14(a) and Rule 15d-14(a) Certifications.
32.1**			Section 1350 Certifications.
97*			Corebridge Financial, Inc. Accounting Restatement Clawback Policy adopted December 1, 2023.
101**			Interactive data files pursuant to Rule 405 of Regulation S-T formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) the Consolidated Balance Sheets as of December 31, 2023 and December 31, 2022, (ii) the Consolidated Statements of Income (Loss) for the years ended December 31, 2023 and 2022, (iii) the Consolidated Statements of Equity for the years ended December 31, 2023 and 2022, (iv) the Consolidated Statements of Cash Flows for the years ended December 31, 2023 and 2022, (v) the Consolidated Statements of Comprehensive Income (Loss) for the years ended December 31, 2023 and 2022, and (vi) the Notes to the Consolidated Financial Statements
104*			Cover Page Interactive Data File (formatted as inline XBRL with applicable taxonomy extension information contained in exhibits 101).
*			Filed herewith.
**			This information is furnished and not filed for purposes of Sections 11 and 12 of the Securities Act of 1933 and Section 18 of the Securities Exchange Act of 1934, as amended.
†			Identifies each management contract or compensatory plan or arrangement.

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Signatures


Signatures

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this Annual Report on Form 10-K to be signed on its behalf by the undersigned, thereunto duly authorized, on the 15th of February, 2024.


			COREBRIDGE FINANCIAL, INC.
			(Registrant)
			/s/ KEVIN HOGAN
			Kevin Hogan
			Chief Executive Officer

KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Kevin Hogan and Elias Habayeb, and each of them severally, his or her true and lawful attorney-in-fact, with full power of substitution and resubstitution, to sign in his or her name, place and stead, in any and all capacities, to do any and all things and execute any and all instruments that such attorney may deem necessary or advisable under the Securities Exchange Act of 1934, as amended, and any rules, regulations and requirements of the U.S. Securities and Exchange Commission in connection with this Annual Report on Form 10-K and any and all amendments hereto, as fully for all intents and purposes as he or she might or could do in person, and hereby ratifies and confirms all said attorneys-in-fact and agents, each acting alone, and his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, this Annual Report on Form 10-K has been signed below by the following persons on behalf of the Registrant and in the capacities indicated on the 15th of February, 2024.

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Signatures


Signature			Title

/s/ KEVIN HOGAN			Chief Executive Officer and Director (Principal Executive Officer)
Kevin Hogan

/s/ ELIAS HABAYEB			Executive Vice President and Chief Financial Officer (Principal Financial Officer)
Elias Habayeb

/s/ CHRISTOPHER FILIAGGI			Senior Vice President and Chief Accounting Officer (Principal Accounting Officer)
Christopher Filiaggi

/s/ PETER ZAFFINO			Chairman of the Board
Peter Zaffino

/s/ ADAM BURK			Director
Adam Burk

/s/ ALAN COLBERG			Director
Alan Colberg

/s/ LUCY FATO			Director
Lucy Fato

/s/ JONATHAN GRAY			Director
Jonathan Gray

/s/ MARILYN HIRSCH			Director
Marilyn Hirsch

/s/ CHRISTOPHER LYNCH			Director
Christopher Lynch

/s/ SABRA PURTILL			Director
Sabra Purtill

/s/ CHRISTOPHER SCHAPER			Director
Christopher Schaper

/s/ AMY SCHIOLDAGER			Director
Amy Schioldager

/s/ MIA TARPEY			Director
Mia Tarpey

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