v3.24.1.u1
Investments (Tables)
 3 Months Ended
Mar. 31, 2024
Equity Method Investments, Joint Ventures, Investments, Debt And Equity Securities [Abstract]  
Schedule of Amortized Cost and Fair Value of Available For Sale Securities
The following table presents the amortized cost or cost and fair value of our available-for-sale securities:
(in millions)
Amortized
Cost or
Costs(a)
Allowance
for Credit
Losses(b)
Gross
Unrealized
Gains(c)
Gross
Unrealized
Losses(c)
Fair
Value(a)
March 31, 2024
Bonds available-for-sale:
U.S. government and government sponsored entities$1,626 $— $10 $(272)$1,364 
Obligations of states, municipalities and political subdivisions6,130 — 41 (730)5,441 
Non-U.S. governments4,713 — 33 (759)3,987 
Corporate debt120,047 (61)1,053 (16,868)104,171 
Mortgage-backed, asset-backed and collateralized:
RMBS15,807 (19)625 (823)15,590 
CMBS11,215 (17)43 (939)10,302 
CLO11,729 — 125 (86)11,768 
ABS17,136 — 79 (1,012)16,203 
Total mortgage-backed, asset-backed and collateralized55,887 (36)872 (2,860)53,863 
Total bonds available-for-sale
$188,403 $(97)$2,009 $(21,489)$168,826 
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 subdivisions6,466 — 58 (693)5,831 
Non-U.S. governments4,695 (2)43 (679)4,057 
Corporate debt120,654 (71)1,294 (15,795)106,082 
Mortgage-backed, asset-backed and collateralized:
RMBS14,491 (25)599 (788)14,277 
CMBS11,045 (30)22 (1,056)9,981 
CLO11,203 — 90 (149)11,144 
ABS14,956 — 63 (1,084)13,935 
Total mortgage-backed, asset-backed and collateralized51,695 (55)774 (3,077)49,337 
Total bonds available-for-sale
$184,946 $(128)$2,186 $(20,477)$166,527 
(a)     The table above includes available-for-sale securities issued by related parties. This includes RMBS which had a fair value of $42 million and $43 million, and an amortized cost of $45 million and $45 million as of March 31, 2024 and December 31, 2023, respectively.
(b)    Changes in the allowance for credit losses are recorded through Net realized gains (losses) and are not recognized in OCI.
(c)    At March 31, 2024 includes mark-to-market movement (“MTM”) relating to embedded derivatives.
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:
Three Months Ended March 31,20242023
(in millions)
Structured
Non-Structured
Total
Structured
Non-Structured
Total
Balance, beginning of period
$55 $73 $128 $27 $121 $148 
Additions:
Securities for which allowance for credit losses were not previously recorded
13 17 30 2 12 14 
Reductions:
Securities sold during the period
(15)(9)(24)(2)(17)(19)
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
22 16 38 — 3 3 
Write-offs charged against the allowance
(39)(37)(76)— (50)(50)
Other
— 1 1 — — — 
Balance, end of period
$36 $61 $97 $27 $69 $96 
Schedule of Unrealized Loss on Investments
The following table summarizes the fair value and gross unrealized losses on our available-for-sale securities, aggregated by major investment category and length of time that individual securities have been in a continuous unrealized loss position for which no allowance for credit loss has been recorded:
Less Than 12 Months
12 Months or More
Total
(in millions)
Fair Value
Gross Unrealized Losses*
Fair Value
Gross Unrealized Losses*
Fair Value
Gross Unrealized Losses*
March 31, 2024
Bonds available-for-sale:
U.S. government and government sponsored entities$209 $6 $713 $266 $922 $272 
Obligations of states, municipalities and political subdivisions975 110 3,580 620 4,555 730 
Non-U.S. governments646 105 2,832 654 3,478 759 
Corporate debt12,342 2,040 72,528 14,798 84,870 16,838 
RMBS2,889 121 5,354 678 8,243 799 
CMBS828 35 6,766 898 7,594 933 
CLO2,550 24 3,047 61 5,597 85 
ABS2,942 110 8,285 902 11,227 1,012 
Total bonds available-for-sale
$23,381 $2,551 $103,105 $18,877 $126,486 $21,428 
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 subdivisions1,124 110 3,676 583 4,800 693 
Non-U.S. governments470 82 2,981 592 3,451 674 
Corporate debt11,338 1,760 75,045 14,009 86,383 15,769 
RMBS2,676 174 4,855 577 7,531 751 
CMBS1,840 159 6,570 886 8,410 1,045 
CLO2,992 60 3,823 89 6,815 149 
ABS2,599 110 8,138 974 10,737 1,084 
Total bonds available-for-sale
$23,061 $2,458 $105,834 $17,940 $128,895 $20,398 
*    At March 31, 2024 includes mark to market movement relating to embedded derivatives.
Fixed Maturity Securities Available For Sale by Contractual Maturity
The following table presents the amortized cost and fair value of fixed maturity securities available-for-sale by contractual maturity:
Total Fixed Maturity Securities
Available-for-sale
(in millions)Amortized Cost,
Net of Allowance		Fair Value
March 31, 2024
Due in one year or less$3,145 $3,108 
Due after one year through five years22,934 22,317 
Due after five years through ten years23,340 21,467 
Due after ten years83,036 68,071 
Mortgage-backed, asset-backed and collateralized55,851 53,863 
Total$188,306 $168,826 
Realized Gain (Loss) on Investments
The following table presents the gross realized gains and gross realized losses from sales or maturities of our available-for-sale securities:
Three Months Ended March 31,
20242023
(in millions)Gross
Realized
Gains		Gross
Realized
Losses		Gross
Realized
Gains		Gross
Realized
Losses
Fixed maturity securities$3 $(345)$46 $(139)
The following table presents the components of Net realized gains (losses):
Three Months Ended March 31,20242023
(in millions)Excluding Fortitude
Re Funds
Withheld
Assets		Fortitude
Re Funds
Withheld
Assets		TotalExcluding
Fortitude
Re Funds
Withheld
Assets		Fortitude
Re Funds
Withheld
Assets		Total
Sales of fixed maturity securities$(320)$(22)$(342)$(76)$(17)$(93)
Intent to sell
(15)(32)(47)— — — 
Change in allowance for credit losses on fixed maturity securities(62)(6)(68)(17)— (17)
Change in allowance for credit losses on loans(14)2 (12)(34)(19)(53)
Foreign exchange transactions, net of related hedges46 1 47 11 7 18 
Index-Linked interest credited embedded derivatives, net of related hedges90 — 90 (178)— (178)
All other derivatives and hedge accounting*105 (106)(1)(164)48 (116)
Sales of alternative investments and real estate investments20 (1)19 5 1 6 
Other
(28)— (28)— — — 
Net realized gains (losses) – excluding Fortitude Re funds withheld embedded derivative(178)(164)(342)(453)20 (433)
Net realized gains (losses) on Fortitude Re funds withheld embedded derivative
— 22 22 — (1,025)(1,025)
Net realized gains (losses)$(178)$(142)$(320)$(453)$(1,005)$(1,458)
*    Derivative activity related to hedging MRBs is recorded in Change in the fair value of MRBs, net. For additional disclosures about MRBs, see Note 15.
The following table presents the increase (decrease) in unrealized appreciation (depreciation) of our available-for-sale securities:
Three Months Ended March 31,
(in millions)
20242023
Increase (decrease) in unrealized appreciation (depreciation) of investments:
Fixed maturity securities
$(1,087)$4,019
Other investments— 1
Total increase (decrease) in unrealized appreciation (depreciation) of investments*
$(1,087)$4,020
*    Excludes net unrealized gains and losses attributable to business Held-for-sale at March 31, 2024 and December 31, 2023.
Fixed Maturity Securities and Equity Securities at Fair Value
The following table presents the fair value of fixed maturity securities measured at fair value, including securities in the modco agreement with Fortitude Re, based on our election of the fair value option and equity securities measured at fair value:
March 31, 2024December 31, 2023
(in millions)
Fair
Value
Percent
of Total
Fair
Value
Percent
of Total
Fixed maturity securities:
Obligations of states, municipalities and political subdivisions$39 1 %$40 1 %
Non-U.S. governments13 — 13 — 
Corporate debt2,704 57 2,653 57 
Mortgage-backed, asset-backed and collateralized:
RMBS169 4 170 4 
CMBS240 5 228 5 
CLO446 9 423 9 
ABS1,035 22 1,051 23 
Total mortgage-backed, asset-backed and collateralized1,890 40 1,872 41 
Total fixed maturity securities4,646 98 4,578 99 
Equity securities76 2 63 1 
Total$4,722 100 %$4,641 100 %
Schedule of Other Invested Assets
The following table summarizes the carrying amounts of other invested assets:
(in millions)March 31, 2024December 31, 2023
Alternative investments(a)(b)
$7,523 $7,690 
Investment real estate(c)
1,896 1,932 
All other investments(d)
617 635 
Total
$10,036 $10,257 
(a)At March 31, 2024, included hedge funds of $256 million and private equity funds of $7.3 billion. At December 31, 2023, included hedge funds of $299 million and private equity funds of $7.4 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 $660 million and $680 million as of March 31, 2024 and December 31, 2023, 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 March 31, 2024 and December 31, 2023, respectively.
Components of Net Investment Income
The following table presents the components of Net investment income:
Three Months Ended March 31,20242023
(in millions)Excluding
Fortitude
Re Funds
Withheld
Assets		Fortitude
Re Funds
Withheld
Assets		TotalExcluding
Fortitude
Re Funds
Withheld
Assets		Fortitude
Re Funds
Withheld
Assets		Total
Available-for-sale fixed maturity securities, including short-term investments
$2,184 $195 $2,379 $1,896$217$2,113
Other fixed maturity securities
13 71 84 10 105 115 
Equity securities10 — 10 29 — 29 
Interest on mortgage and other loans580 48 628 512 50 562 
Alternative investments*(52)33 (19)(1)31 30 
Real estate12 (7)5 4 — 4 
Other investments12 — 12 3 — 3 
Total investment income2,759 340 3,099 2,453 403 2,856 
Investment expenses167 8 175 152 9 161 
Net investment income$2,592 $332 $2,924 $2,301 $394 $2,695 
*    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.
Components of Unrealized Gain (Loss) on 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:
Three Months Ended March 31,20242023
(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
$10 $70 $80 $29 $31 $60 
Less: Net gains (losses) recognized during the period on equity securities and other investments sold during the period
18 2 20 33 1 34 
Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date
$(8)$68 $60 $(4)$30 $26 
Schedule of Financial Instruments Owned and Pledged as Collateral
The following table presents the fair value of securities pledged to counterparties under secured financing transactions, including repurchase agreements:
(in millions)March 31, 2024December 31, 2023
Fixed maturity securities available-for-sale
$3,651 $2,655 
The following table presents the fair value of securities pledged under our repurchase agreements by collateral type and by remaining contractual maturity:
Remaining Contractual Maturity of the Repurchase Agreements
(in millions)Overnight and ContinuousUp to 30 Days31 - 90 Days91 - 364 Days365 Days or GreaterTotal
March 31, 2024
Bonds available-for-sale:
Non-U.S. governments$— $51 $— $— $— $51 
Corporate debt14 3,586 — — — 3,600 
Total$14 $3,637 $— $— $— $3,651 
December 31, 2023
Bonds available-for-sale:
Non-U.S. governments$— $209 $— $— $— $209 
Corporate debt38 2,408 — — — 2,446 
Total$38 $2,617 $— $— $— $2,655