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Equity
 3 Months Ended
Mar. 31, 2024
Equity [Abstract]  
Equity
17. Equity
COMMON STOCK
The following table presents a rollforward of outstanding shares:
Three Months Ended March 31, 2024Common Stock IssuedTreasury StockCommon Stock Outstanding
Shares, beginning of year648,148,737 (26,484,411)621,664,326 
Shares issued under long-term incentive compensation plans2,041,112 1,169,261 3,210,373 
Shares repurchased— (9,464,016)(9,464,016)
Shares, end of period650,189,849 (34,779,166)615,410,683 
Repurchase of Corebridge Common Stock
Shares may be repurchased from time to time in the open market, through private purchases, through forward, derivative, accelerated repurchase or automatic repurchase transactions or otherwise. Certain of our share repurchases have been and may from time to time be effected through the Securities and Exchange Act of 1934, as amended (the Exchange Act) Rule 10b5-1 repurchase plans. On May 4, 2023, our Board of Directors authorized a $1 billion share repurchase program. The authorization for the share repurchase program may be terminated, increased or decreased by the Board of Directors at any time.
From April 1, 2024 to April 26, 2024, we repurchased approximately 3.8 million shares of Corebridge Common Stock for an aggregate purchase price of approximately $105 million, leaving approximately $154 million under the share repurchase authorization as of April 26, 2024.
On April 30, 2024, our Board of Directors authorized an additional $2.0 billion share repurchase program. Under this program, Corebridge Parent may, from time to time, purchase up to $2.0 billion of its common stock but is not obligated to purchase any particular number of shares. The authorization for the share repurchase program may be terminated, increased or decreased by the Board of Directors at any time.
RETAINED EARNINGS
Dividends
Declaration DateRecord DatePayment DateDividend Paid Per Common Share
February 14, 2024March 15, 2024March 29, 2024$0.23 
Dividends Declared
On May 2, 2024, the Company declared a cash dividend on Corebridge common stock of $0.23 per share, payable on June 28, 2024 to shareholders of record at close of business on June 14, 2024.
Accumulated Other Comprehensive Income (Loss)
The following table presents a rollforward of Accumulated other comprehensive income (loss):
(in millions)Unrealized Appreciation (Depreciation) of Fixed Maturity Securities on Which allowance for credit losses was TakenUnrealized Appreciation (Depreciation) of All Other Investments
Change in fair value of market risk benefits attributable to changes in our own credit risk
Change in the discount rates used to measure traditional and limited payment long-duration insurance contractsCash Flow HedgesForeign Currency Translation AdjustmentsRetirement Plan Liabilities AdjustmentTotal
Balance, December 31, 2023, net of tax$(79)$(14,650)$(909)$2,095 $146 $(63)$2 $(13,458)
Change in unrealized depreciation of investments *
45 (1,120)— — — — — (1,075)
Change in fair value of market risk benefits attributable to changes in our own credit risk— — (29)— — — — (29)
Change in discount rates assumptions of certain liabilities— — — 695 — — — 695 
Change in future policy benefits and other— (127)— — — — — (127)
Change in cash flow hedges— — — — (25)— — (25)
Change in foreign currency translation adjustments— — — — — (4)— (4)
Change in net actuarial loss— — — — — — — — 
Change in deferred tax asset (liability)(10)71 6 (152)5 1 — (79)
Total other comprehensive income (loss)35 (1,176)(23)543 (20)(3)— (644)
Other
— (39)— — 1 — — (38)
Less: Noncontrolling interests
— — — — — (1)— (1)
Balance, March 31, 2024, net of tax$(44)$(15,865)$(932)$2,638 $127 $(65)$2 $(14,139)
Balance, December 31, 2022, net of tax
$(92)$(19,380)$(365)$2,908 $157 $(100)$9 $(16,863)
Change in unrealized depreciation of investments38 3,982 — — — — — 4,020 
Change in fair value of market risk benefits attributable to changes in our own credit risk— — 94 — — — — 94 
Change in discount rates assumptions of certain liabilities— — — (595)— — — (595)
Change in future policy benefits and other— (116)— — — — — (116)
Change in cash value hedges— — — — (7)— — (7)
Change in foreign currency translation adjustments— — — — — 37 — 37 
Change in net actuarial loss— — — — — — 3 3 
Change in deferred tax asset (liability)(8)(734)(20)130 3 (1)(1)(631)
Total other comprehensive income (loss)30 3,132 74 (465)(4)36 2 2,805 
Other
— — — — — — — — 
Less: Noncontrolling interests
— — — — — 9 — 9 
Balance, March 31, 2023, net of tax$(62)$(16,248)$(291)$2,443 $153 $(73)$11 $(14,067)
    
*    Includes the change in net unrealized gains and losses attributable to held-for-sale businesses at March 31, 2024 and December 31, 2023.
The following table presents the OCI reclassification adjustments for the three months ended March 31, 2024 and 2023, respectively:
(in millions)Unrealized Appreciation (Depreciation) of Fixed Maturity Securities on Which Allowance for Credit Losses Was TakenUnrealized Appreciation (Depreciation) of All Other InvestmentsChange in fair value of market risk benefits attributable to changes in our own credit riskChange in the discount rates used to measure traditional and limited payment long-duration insurance contractsCash Flow HedgesForeign Currency Translation AdjustmentsRetirement Plan Liabilities AdjustmentTotal
Three Months Ended March 31, 2024
Unrealized change arising during period$39 $(1,583)$(29)$695 $(25)$(4)$— $(907)
Less: Reclassification adjustments included in net income(6)(336)— — — — — (342)
Total other comprehensive income (loss), before income tax expense (benefit)45 (1,247)(29)695 (25)(4)— (565)
Less: Income tax expense (benefit)10 (71)(6)152 (5)(1)— 79 
Total other comprehensive income (loss), net of income tax expense (benefit)$35 $(1,176)$(23)$543 $(20)$(3)$— $(644)
Three Months Ended March 31, 2023
Unrealized change arising during period$24 $3,779 $94 $(595)$(7)$37 $3 $3,335 
Less: Reclassification adjustments included in net income(14)(87)— — — — — (101)
Total other comprehensive income (loss), before income tax expense (benefit)38 3,866 94 (595)(7)37 3 3,436 
Less: Income tax expense (benefit)8 734 20 (130)(3)1 1 631 
Total other comprehensive income (loss), net of income tax expense (benefit)$30 $3,132 $74 $(465)$(4)$36 $2 $2,805 
The following table presents the effect of the reclassification of significant items out of Accumulated other comprehensive income on the respective line items in the Condensed Consolidated Statements of Income (Loss)*:
Amount Reclassified from AOCI
Affected Line Item in the Condensed Consolidated Statements of Income (Loss)
Three Months Ended March 31,
(in millions)20242023
Unrealized appreciation (depreciation) of fixed maturity securities on which allowance for credit losses was taken
Investments$(6)$(14)Net realized gains (losses)
Total(6)(14)
Unrealized appreciation (depreciation) of all other investments
Investments(336)(87)Net realized gains (losses)
Total(336)(87)
Total reclassifications for the period$(342)$(101)
*    The following items are not reclassified out of AOCI and included in the Condensed 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.
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:
Three Months Ended March 31,
(in millions)20242023
Beginning balance$869$939
Net income (loss) attributable to redeemable noncontrolling interest(51)6
Other comprehensive income (loss), net of tax(1)9
Changes in noncontrolling interests due to divestitures and acquisitions1(19)
Contributions from noncontrolling interests2125
Distributions to noncontrolling interests(29)(50)
Ending balance$810$910
Refer to Note 9 for additional information related to Variable Interest Entities.