Segment Information (Tables)

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Operations by Segment

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
Three Months Ended March 31, 2024
Premiums			$	41		$	5		$	434		$	1,796		$	19		$	—		$	2,295		$	—		$	2,295
Policy fees			191			107			368			48			—			—			714			—			714
Net investment income(a)			1,339			495			326			487			(10)			(8)			2,629			295			2,924
Net realized gains (losses)(a)(b)			—			—			—			—			(8)			—			(8)			(312)			(320)
Advisory fee and other income			116			83			—			1			23			—			223			—			223
Total adjusted revenues			1,687			690			1,128			2,332			24			(8)			5,853			(17)			5,836
Policyholder benefits			36			3			748			2,023			—			—			2,810			(3)			2,807
Change in the fair value of market risk benefits, net			—			—			—			—			—			—			—			(369)			(369)
Interest credited to policyholder account balances			639			298			83			169			—			—			1,189			10			1,199
Amortization of deferred policy acquisition costs			149			21			94			3			—			—			267			—			267
Non-deferrable insurance commissions			90			29			19			5			—			—			143			—			143
Advisory fee expenses			35			33			—			—			—			—			68			—			68
General operating expenses			116			106			130			20			86			—			458			114			572
Interest expense			—			—			—			—			137			(5)			132			6			138

Net (gain) loss on divestitures			—			—			—			—			—			—			—			(5)			(5)

Total benefits and expenses			1,065			490			1,074			2,220			223			(5)			5,067			(247)			4,820
Noncontrolling interests			—			—			—			—			51			—			51
Adjusted pre-tax operating income (loss)			$	622		$	200		$	54		$	112		$	(148)		$	(3)		$	837
Adjustments to:
Total revenue																					(17)
Total expenses																					(247)
Noncontrolling interests																					(51)
Income before income tax expense (benefit)																					$	1,016					$	1,016

Three Months Ended March 31, 2023
Premiums			$	78		$	6		$	425		$	1,575		$	20		$	—		$	2,104		$	1		$	2,105
Policy fees			174			100			375			49			—			—			698			—			698
Net investment income(a)			1,128			500			317			332			68			(10)			2,335			360			2,695
Net realized gains (losses)(a)(b)			—			—			—			—			4			—			4			(1,462)			(1,458)
Advisory fee and other income			103			76			29			—			14			—			222			—			222
Total adjusted revenues			1,483			682			1,146			1,956			106			(10)			5,363			(1,101)			4,262
Policyholder benefits			65			9			708			1,718			—			—			2,500			(5)			2,495
Change in the fair value of market risk benefits, net			—			—			—			—			—			—			—			196			196
Interest credited to policyholder account balances			519			291			82			123			—			—			1,015			11			1,026
Amortization of deferred policy acquisition costs			137			21			96			2			—			—			256			—			256
Non-deferrable insurance commissions			86			28			17			5			—			—			136			—			136
Advisory fee expenses			34			29			2			—			—			—			65			—			65
General operating expenses			108			118			159			23			91			—			499			83			582
Interest expense			—			—			—			—			172			(10)			162			10			172

Net (gain) loss on divestitures			—			—			—			—			—			—			—			3			3
Total benefits and expenses			949			496			1,064			1,871			263			(10)			4,633			298			4,931
Noncontrolling interests			—			—			—			—			(6)			—			(6)
Adjusted pre-tax operating income (loss)			$	534		$	186		$	82		$	85		$	(163)		$	—		$	724
Adjustments to:
Total revenue																					(1,101)
Total expenses																					298
Noncontrolling interests																					6
Income before income tax expense (benefit)																					$	(669)					$	(669)

(a)Adjustments include Fortitude Re activity of $190 million and $(611) million for the three months ended March 31, 2024 and 2023, respectively.

(b)Net realized gains (losses) includes the gains (losses) related to the disposition of real estate investments.