
(in millions)	March 31, 2024		December 31, 2023
Commercial mortgages(a)	$	34,651	$	34,172
Residential mortgages	9,000		8,445
Life insurance policy loans	1,747		1,746
Commercial loans, other loans and notes receivable(b)	3,146		3,202
Total mortgage and other loans receivable	48,544		47,565
Allowance for credit losses(c)	(714)		(698)
Mortgage and other loans receivable, net	$	47,830	$	46,867

(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 March 31, 2024, and 19% and 10%, respectively, at December 31, 2023). The weighted average loan-to-value ratio for NY and CA was 61% and 56% at March 31, 2024, respectively, and 61% and 55% at December 31, 2023, respectively. The debt service coverage ratio for NY and CA was 1.9X and 2.1X at March 31, 2024, respectively, and 1.9X and 2.1X at December 31, 2023, respectively.

(c)Does not include allowance for credit losses of $48 million and $58 million at March 31, 2024 and December 31, 2023, respectively, in relation to off-balance-sheet commitments to fund commercial mortgage loans, which is recorded in Other liabilities.

Interest income is not accrued when payment of contractual principal and interest is not expected. Any cash received on impaired loans is generally recorded as a reduction of the current carrying amount of the loan. Accrual of interest income is generally resumed when delinquent contractual principal and interest are repaid or when a portion of the delinquent contractual payments are made, and the ongoing required contractual payments have been made for an appropriate period. As of March 31, 2024, $32 million and $546 million of residential mortgage loans and commercial mortgage loans, respectively, were placed on nonaccrual status. As of December 31, 2023, $27 million and $419 million of residential mortgage loans and commercial mortgage loans, respectively, were placed on nonaccrual status.

Accrued interest is presented separately and is included in Accrued investment income on the Condensed Consolidated Balance Sheets. As of March 31, 2024, accrued interest receivable was $33 million and $166 million associated with residential mortgage loans and commercial mortgage loans, respectively. As of December 31, 2023, accrued interest receivable was $20 million and $162 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 loans were not significant for all periods presented.


March 31, 2024
(in millions)	2024		2023		2022		2021		2020		Prior		Total
>1.2X	$	631	$	2,037	$	6,197	$	2,135	$	1,274	$	16,026	$	28,300
1.00 - 1.20X	71		389		1,070		1,272		311		2,461		5,574
<1.00X	—		—		40		—		—		737		777
Total commercial mortgages	$	702	$	2,426	$	7,307	$	3,407	$	1,585	$	19,224	$	34,651
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

* 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 both periods ended March 31, 2024 and December 31, 2023. The debt service coverage ratios are updated when additional relevant information becomes available.


March 31, 2024
(in millions)	2024		2023		2022		2021		2020		Prior		Total
Less than 65%	$	702	$	2,148	$	4,559	$	2,341	$	1,148	$	12,289	$	23,187
65% to 75%	—		278		2,162		660		286		4,811		8,197
76% to 80%	—		—		—		89		—		773		862
Greater than 80%	—		—		586		317		151		1,351		2,405
Total commercial mortgages	$	702	$	2,426	$	7,307	$	3,407	$	1,585	$	19,224	$	34,651

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

* 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 both periods ended March 31, 2024, and December 31, 2023. 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.


(dollars in millions)	Number of Loans	Class														Percent of Total
		Apartments		Offices		Retail		Industrial		Hotel		Others		Total
March 31, 2024
Credit Quality Performance Indicator:
In good standing	600	$	13,970	$	8,391	$	3,743	$	6,092	$	1,793	$	403	$	34,392	99%

90 days or less delinquent(a)	2	—		61		180		—		—		—		241		1%
>90 days delinquent or in process of foreclosure	1	—		18		—		—		—		—		18		—%
Total(b)	603	$	13,970	$	8,470	$	3,923	$	6,092	$	1,793	$	403	$	34,651	100%
Allowance for credit losses		$	75	$	355	$	79	$	89	$	31	$	5	$	634	2	%

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	—	—		—		—		—		—		—		—		—%
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	%


March 31, 2024
(in millions)	2024		2023		2022		2021		2020		Prior		Total
FICO*:
780 and greater	$	55	$	639	$	592	$	2,292	$	642	$	737	$	4,957
720 - 779	198		1,117		537		542		150		313		2,857
660 - 719	69		363		232		131		40		158		993
600 - 659	—		11		35		18		10		57		131
Less than 600	—		2		18		9		5		28		62
Total residential mortgages	$	322	$	2,132	$	1,414	$	2,992	$	847	$	1,293	$	9,000

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

* 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 twelve months. FICO scores for residential mortgage investor loans to corporate entities are those of the guarantor at time of purchase. On March 31, 2024 and December 31, 2023 residential loans direct to consumers totaled $2.3 billion and $1.7 billion, respectively.










Three Months Ended March 31,	2024						2023
(in millions)	Commercial Mortgages		Other Loans		Total		Commercial Mortgages		Other Loans		Total
Allowance, beginning of period	$	614	$	84	$	698	$	531	$	69	$	600
Loans charged off	—		(6)		(6)		—		—		—

Net charge-offs	—		(6)		(6)		—		—		—
Addition to (release of) allowance for loan losses	20		2		22		55		4		59
Divestitures	—		—		—		—		—		—


Allowance, end of period	$	634	$	80	$	714	$	586	$	73	$	659

* Does not include allowance for credit losses of $48 million and $54 million, respectively, at March 31, 2024 and 2023 in relation to the off-balance-sheet commitments to fund commercial mortgage loans, which is recorded in Other liabilities in the Condensed Consolidated Balance Sheets

The allowance for credit losses incorporates an estimate of lifetime expected credit losses and is recorded on each asset upon asset origination or acquisition. The starting point for the estimate of the allowance for credit losses is historical loss information, which includes losses from modifications of receivables to borrowers experiencing financial difficulty. We use a probability of default/loss given default model to determine the allowance for credit losses for our commercial and residential mortgage loans. An assessment of whether a borrower is experiencing financial difficulty is made on the date of a modification.

Because the effect of most modifications made to borrowers experiencing financial difficulty is already included in the allowance for credit losses utilizing the measurement methodologies used to estimate the allowance, a change to the allowance for credit losses is generally not recorded upon modification.

When modifications are executed, they often will be in the form of principal forgiveness, term extensions, interest rate reductions, or some combination of any of these concessions. When principal is forgiven, the amortized cost basis of the asset is written off against the allowance for credit losses. The amount of the principal forgiveness is deemed to be uncollectible; therefore, that portion of the loan is written off, resulting in a reduction of the amortized cost basis and a corresponding adjustment to the allowance for credit losses.

We assess whether a borrower is experiencing financial difficulty based on a variety of factors, including the borrower’s current default on any of its outstanding debt, the probability of a default on any of its debt in the foreseeable future without the modification, the insufficiency of the borrower’s forecasted cash flows to service any of its outstanding debt (including both principal and interest), and the borrower’s inability to access alternative third party financing at an interest rate that would be reflective of current market conditions for a non-troubled debtor.

During the three months ended March 31, 2024, commercial mortgage loans with an amortized cost of $11 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, and $168 million of which is related to the loans previously modified in 2023) were granted term extensions. The modified loans represent less than 1% and 6%, respectively, of these portfolio segments. These modifications added less than one year to the weighted average life of loans in each of these two portfolio segments.

Corebridge closely monitors the performance of the loans modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. All loans with borrowers with financial difficulty that have been modified in the previous 12 months are current and performing in conjunction with its modified terms.