v3.24.2.u1
Fair Value Measurements
 6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements 4. Fair Value Measurements
FAIR VALUE MEASUREMENTS ON A RECURRING BASIS
Assets and liabilities recorded at fair value in the Condensed 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.
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:
June 30, 2024Level 1Level 2Level 3
Counterparty
Netting(a)
Cash
Collateral		Total
(in millions)
Assets:
Bonds available-for-sale:
U.S. government and government sponsored entities$8$1,363$—$—$—$1,371
Obligations of states, municipalities and political subdivisions—4,239796——5,035
Non-U.S. governments—3,756———3,756
Corporate debt—99,8521,393——101,245
RMBS(b)
—9,8026,453——16,255
CMBS—9,775529——10,304
CLO—9,8541,772——11,626
ABS
—1,37316,355——17,728
Total bonds available-for-sale
8140,01427,298——167,320
Other bond securities:
U.S. government and government sponsored entities——————
Obligations of states, municipalities and political subdivisions—381——39
Non-U.S. governments—27———27
Corporate debt—2,638195——2,833
RMBS(c)
—60103——163
CMBS—22117——238
CLO
—40361——464
ABS—861,193——1,279
Total other bond securities—3,4731,570——5,043
Equity securities25—48——73
Other invested assets(d)
——1,655——1,655
Derivative assets:
Interest rate contracts—3,108427——3,535
Foreign exchange contracts—1,032———1,032
Equity contracts52,4381,055——3,498
Credit contracts—76———76
Other contracts—112——13
Counterparty netting and cash collateral———(4,940)(2,723)(7,663)
Total derivative assets56,6551,494(4,940)(2,723)491
Short-term investments16594———610
Market risk benefit assets——1,187——1,187
Separate account assets90,7673,355———94,122
Total$90,821$154,091$33,252$(4,940)$(2,723)$270,501
Liabilities:
Policyholder contract deposits(e)
$—$115$9,036$—$—$9,151
Derivative liabilities:
Interest rate contracts—3,4114——3,415
Foreign exchange contracts—335———335
Equity contracts61,64132——1,679
Credit contracts——————
Other contracts——————
Counterparty netting and cash collateral———(4,940)(305)(5,245)
Total derivative liabilities65,38736(4,940)(305)184
Fortitude Re funds withheld payable(f)
——1,913——1,913
Market risk benefit liabilities——5,124——5,124
Total $6$5,502$16,109$(4,940)$(305)$16,372
December 31, 2023Level 1Level 2Level 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—4,987844——5,831
Non-U.S. governments—4,057———4,057
Corporate debt—104,7251,357——106,082
RMBS(b)
—8,4235,854——14,277
CMBS—9,373608——9,981
CLO
—9,3011,843——11,144
ABS
—1,02912,906——13,935
Total bonds available-for-sale
20143,09523,412——166,527
Other bond securities:
Obligations of states, municipalities and political subdivisions—391——40
Non-U.S. governments—13———13
Corporate debt—2,486167——2,653
RMBS(c)
—63107——170
CMBS—21117——228
CLO
—35469——423
ABS—89962——1,051
Total other bond securities—3,2551,323——4,578
Equity securities
21—42——63
Other invested assets(d)
——1,850——1,850
Derivative assets:
Interest rate contracts—2,498449——2,947
Foreign exchange contracts—940———940
Equity contracts71,186824——2,017
Credit contracts—8———8
Other contracts—112——13
Counterparty netting and cash collateral———(3,646)(1,886)(5,532)
Total derivative assets74,6331,285(3,646)(1,886)393
Short-term investments211,387———1,408
Market risk benefit assets——912——912
Separate account assets87,8133,192———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 contracts268063——745
Other contracts——2——2
Counterparty netting and cash collateral———(3,646)(801)(4,447)
Total derivative liabilities24,52165(3,646)(801)141
Fortitude Re funds withheld payable(f)
——2,182——2,182
Market risk benefit liabilities——5,705——5,705
Total$2$4,629$15,894$(3,646)$(801)$16,078
(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 $0 million and $5 million classified as Level 2 and Level 3, respectively, as of June 30, 2024. Additionally, includes investments in RMBS issued by related parties of $36 million and $7 million classified as Level 2 and Level 3, respectively, as of December 31, 2023.
(c)Includes $0 million and less than $1 million of investments in RMBS issued by related parties classified as Level 2 as of June 30, 2024 and December 31, 2023.
(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 $5.8 billion as of June 30, 2024 and December 31, 2023, respectively.
(e)Excludes basis adjustments for fair value hedges.
(f)As discussed in Note 7, 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 Condensed 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 assets that were reclassified to Assets held-for-sale in the Condensed Consolidated Balance Sheets of $167 million, as of December 31, 2023. See Note 4 in the 2023 Form 10-K for additional information.
CHANGES IN LEVEL 3 RECURRING FAIR VALUE MEASUREMENTS
The following tables present changes during the three and six months ended June 30, 2024 and 2023 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 Condensed Consolidated Balance Sheets at June 30, 2024 and 2023:
(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		OtherFair Value
 End
of Period		Changes in
 Unrealized
Gains
 (Losses)
 Included in
Income on
Instruments
Held at
End of Period		Changes in
Unrealized
Gains (Losses)
Included in
 Other Comprehensive Income (Loss)
for Recurring
 Level 3 Instruments
 Held at
 End of Period
Three Months Ended June 30, 2024
Assets:
Bonds available-for-sale:
Obligations of states, municipalities and political subdivisions$829 $— $(33)$— $— $— $— $796 $— $(33)
Corporate debt1,575 — 2 (79)183 (288)— 1,393 — (43)
RMBS6,354 74 (90)208 21 (112)(2)6,453 — (101)
CMBS547 3 3 (24)— — — 529 — 2 
CLO1,729 18 8 57 32 (72)— 1,772 — 6 
ABS15,033 99 75 1,318 162 (332)— 16,355 — 64 
Total bonds available-for-sale
26,067 194 (35)1,480 398 (804)(2)27,298 — (105)
Other bond securities:
Obligations of states, municipalities and political subdivisions1 — — — — — — 1 — — 
Corporate debt177 7 — 10 1 — — 195 7 — 
RMBS106 — — (3)— — — 103 (1)— 
CMBS17 — — — — — — 17 1 — 
CLO71 (2)— (8)— — — 61 — — 
ABS947 21 — 209 20 (4)— 1,193 12 — 
Total other bond securities1,319 26 — 208 21 (4)— 1,570 19 — 
Equity securities45 (2)— 5 — — — 48 — — 
Other invested assets1,671 (2)(2)(12)— — — 1,655 (8)— 
Total(a)
$29,102 $216 $(37)$1,681 $419 $(808)$(2)$30,571 $11 $(105)
(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		OtherFair Value
 End
of Period		Changes in
 Unrealized
Gains
 (Losses)
 Included in Income on Instruments Held at
End of Period		Changes in
Unrealized
Gains (Losses)
Included in
 Other Comprehensive Income (Loss)
for Recurring
 Level 3 Instruments
 Held at
 End of Period
Liabilities:
Policyholder contract deposits$8,550 $272 $— $214 $— $— $— $9,036 $191 $— 
Derivative liabilities, net:
Interest rate contracts(407)(119)— (27)— — 130 (423)112 — 
Equity contracts(1,018)45 — (62)— — 12 (1,023)(16)— 
Other contracts(11)(16)— 14 — — 1 (12)15 — 
Total derivative liabilities, net(b)
(1,436)(90)— (75)— — 143 (1,458)111 — 
Fortitude Re funds withheld payable2,211 (36)— (262)— — — 1,913 271 — 
Total(c)
$9,325 $146 $— $(123)$— $— $143 $9,491 $573 $— 
(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
Gains (Losses)
Included in
 Other Comprehensive Income (Loss)
for Recurring
 Level 3 Instruments
 Held at
 End of Period
Three Months Ended June 30, 2023
Assets:
Bonds available-for-sale:
Obligations of states, municipalities and political subdivisions$858 $— $(4)$(1)$— $— $— $853 $— $(13)
Corporate debt1,704 10 (2)(41)44 (412)— 1,303 — 1 
RMBS5,687 75 133 (174)32 — — 5,753 — 131 
CMBS718 (7)(37)(40)— (129)— 505 — (46)
CLO1,834 (54)44 (66)11 (62)1 1,708 — — 
ABS10,707 53 (103)436 38 (4)— 11,127 — (118)
Total bonds available-for-sale
21,508 77 31 114 125 (607)1 21,249 — (45)
Other bond securities:
Obligations of states, municipalities and political subdivisions1 — — 2 — — — 3 — — 
Corporate debt130 1 — (20)— (1)— 110 3 — 
RMBS114 2 — (4)— — — 112 1 — 
CMBS27 (1)— — — — — 26 (1)— 
CLO71 — — (47)38 (37)— 25 1 — 
ABS781 (6)— 124 — (35)— 864 (13)— 
Total other bond securities1,124 (4)— 55 38 (73)— 1,140 (9)— 
Equity securities50 — — 1 — (7)— 44 — — 
Other invested assets1,852 (19)2 79 — — — 1,914 (21)— 
Total(a)
$24,534 $54 $33 $249 $163 $(687)$1 $24,347 $(30)$(45)
(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		OtherFair Value
 End
of Period		Changes in
 Unrealized
Gains
 (Losses)
Included in
Income on
Instruments
Held at
End of Period		Changes in
Unrealized
Gains (Losses)
Included in
 Other Comprehensive Income (Loss)
for Recurring
 Level 3 Instruments
 Held at
 End of Period
Liabilities:
Policyholder contract deposits$6,064 $429 $— $320 $— $— $— $6,813 $(308)$— 
Derivative liabilities, net:
Interest rate contracts(344)37 — (21)— — — (328)(23)— 
Equity contracts(497)7 — (149)— — — (639)5 — 
Other contracts(14)(16)— 15 — — — (15)16 — 
Total derivative liabilities, net(b)
(855)28 — (155)— — — (982)(2)— 
Fortitude Re funds withheld payable1,774 (122)— (192)— — — 1,460 213 — 
Debt of consolidated investment entities6 1 — (7)— — — — — — 
Total(c)
$6,989 $336 $— $(34)$— $— $— $7,291 $(97)$— 
(in millions)Fair Value
 Beginning
 of Year		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		OtherFair Value
 End
of Period		Changes in
 Unrealized
Gains
 (Losses)
 Included in
Income on
Instruments
Held at
End of Period		Changes in
Unrealized
Gains (Losses)
Included in
 Other Comprehensive Income (Loss)
for Recurring
 Level 3 Instruments
 Held at
 End of Period
Six Months Ended June 30, 2024
Assets:
Bonds available-for-sale:
Obligations of states, municipalities and political subdivisions$844 $— $(47)$(1)$— $— $— $796 $— $(49)
Corporate debt1,357 1 3 (70)427 (325)— 1,393 — (44)
RMBS5,854 142 (24)612 21 (150)(2)6,453 — (30)
CMBS608 (2)49 (127)127 (126)— 529 — 13 
CLO1,843 (3)59 78 32 (237)— 1,772 — 56 
ABS12,906 190 163 2,589 839 (332)— 16,355 — 147 
Total bonds available-for-sale
23,412 328 203 3,081 1,446 (1,170)(2)27,298 — 93 
Other bond securities:
Obligations of states, municipalities and political subdivisions1 — — — — — — 1 — — 
Corporate debt167 16 — 10 2 — — 195 16 — 
RMBS107 2 — (6)— — — 103 1 — 
CMBS17 — — — — — — 17 — — 
CLO69 — — (7)— (1)— 61 1 — 
ABS962 34 — 181 20 (4)— 1,193 15 — 
Total other bond securities1,323 52 — 178 22 (5)— 1,570 33 — 
Equity securities42 1 — 5 — — — 48 — — 
Other invested assets1,850 (82)(11)(42)— (44)(16)1,655 (87)— 
Total(a)
$26,627 $299 $192 $3,222 $1,468 $(1,219)$(18)$30,571 $(54)$93 
(in millions)Fair Value
 Beginning
 of Year		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		OtherFair Value
 End
of Period		Changes in
 Unrealized
Gains
 (Losses)
 Included in Income on Instruments Held at
End of Period		Changes in
Unrealized
Gains (Losses)
Included in
 Other Comprehensive Income (Loss)
for Recurring
 Level 3 Instruments
 Held at
 End of Period
Liabilities:
Policyholder contract deposits$7,942 $724 $— $370 $— $— $— $9,036 $188 $— 
Derivative liabilities, net:
Interest rate contracts(449)(227)— (80)— — 333 (423)310 — 
Equity contracts(761)(147)— (128)— — 13 (1,023)171 — 
Other contracts(10)(31)— 29 — — — (12)30 — 
Total derivative liabilities, net(b)
(1,220)(405)— (179)— — 346 (1,458)511 — 
Fortitude Re funds withheld payable2,182 (58)— (211)— — — 1,913 466 — 
Total(c)
$8,904 $261 $— $(20)$— $— $346 $9,491 $1,165 $— 
(in millions)Fair Value
 Beginning
 of Year		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
Gains (Losses)
Included in
 Other Comprehensive Income (Loss)
for Recurring
 Level 3 Instruments
 Held at
 End of Period
Six Months Ended June 30, 2023
Assets:
Bonds available-for-sale:
Obligations of states, municipalities and political subdivisions$805 $— $51 $(3)$— $— $— $853 $— $27 
Corporate debt1,968 (92)42 (27)211 (783)(16)1,303 — 54 
RMBS5,670 156 93 (182)32 (16)— 5,753 — 65 
CMBS718 — (41)(40)24 (156)— 505 — (71)
CLO1,670 (45)26 (45)65 (154)191 1,708 — (47)
ABS9,595 95 166 1,240 38 (7)— 11,127 — 137 
Total bonds available-for-sale
20,426 114 337 943 370 (1,116)175 21,249 — 165 
Other bond securities:
Obligations of states, municipalities and political subdivisions— — — 3 — — — 3 — — 
Corporate debt417 1 — (116)— (192)— 110 2 — 
RMBS107 6 — (1)— — — 112 3 — 
CMBS28 (2)— — — — — 26 (2)— 
CLO11 9 — (46)39 (42)54 25 1 — 
ABS741 20 — 138 — (35)— 864 5 — 
Total other bond securities1,304 34 — (22)39 (269)54 1,140 9 — 
Equity securities26 — — 25 — (7)— 44 — — 
Other invested assets1,832 (63)7 138 — — — 1,914 (63)— 
Total(a)
$23,588 $85 $344 $1,084 $409 $(1,392)$229 $24,347 $(54)$165 
(in millions)Fair Value
 Beginning
 of Year		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		OtherFair Value
 End
of Period		Changes in
 Unrealized
Gains
 (Losses)
Included in
Income on
Instruments
Held at
End of Period		Changes in
Unrealized
Gains (Losses)
Included in
 Other Comprehensive Income (Loss)
for Recurring
 Level 3 Instruments
 Held at
 End of Period
Liabilities:
Policyholder contract deposits$5,367 $810 $— $636 $— $— $— $6,813 $(676)$— 
Derivative liabilities, net:
Interest rate contracts(303)115 — (140)— — — (328)(52)— 
Equity contracts(267)(200)— (315)— — 143 (639)189 — 
Other contracts(14)(32)— 31 — — — (15)32 — 
Total derivative liabilities, net(b)
(584)(117)— (424)— — 143 (982)169 — 
Fortitude Re funds withheld payable1,262 903 — (705)— — — 1,460 (420)— 
Debt of consolidated investment entities6 1 — (7)— — — — — — 
Total(c)
$6,051 $1,597 $— $(500)$— $— $143 $7,291 $(927)$— 
(a)Excludes MRB assets of $1.2 billion at June 30, 2024 and $954 million at June 30, 2023. Refer to Note 14 for additional information.
(b)Total Level 3 derivative exposures have been netted in these tables for presentation purposes only.
(c)Excludes MRB liabilities of $5.1 billion at June 30, 2024 and $5.0 billion at June 30, 2023. Refer to Note 14 for additional information.
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 Condensed Consolidated Statements of Income (Loss) as follows:
(in millions)Policy
Fees		Net Investment Income (Loss)Net Realized and Unrealized Gains
(Losses)
Change in the Fair Value of Market Risk Benefits, net(a)
Total
Three Months Ended June 30, 2024
Assets:
Bonds available-for-sale
$—$200$(6)$—$194
Other bond securities—26——26
Equity securities—(2)——(2)
Other invested assets—(6)4—(2)
Three Months Ended June 30, 2023
Assets:
Bonds available-for-sale
$—$118$(41)$—$77
Other bond securities—(4)——(4)
Equity securities—————
Other invested assets—(21)2—(19)
Six Months Ended June 30, 2024
Assets:
Bonds available-for-sale$—$359$(31)$—$328
Other bond securities—52——52
Equity securities—1——1
Other invested assets—(84)2—(82)
Six Months Ended June 30, 2023
Assets:
Bonds available-for-sale$—$150$(36)$—$114
Other bond securities— 34— —34
Equity securities—————
Other invested assets—(64)1—(63)
Three Months Ended June 30, 2024
Liabilities:
Policyholder contract deposits(b)
$—$—$(272)$—$(272)
Derivative liabilities, net14—76—90
Fortitude Re funds withheld payable——36—36
Market risk benefit liabilities, net(c)
——2129131
Three Months Ended June 30, 2023
Liabilities:
Policyholder contract deposits(b)
$—$—$(429)$—$(429)
Derivative liabilities, net15 —3 (46)(28)
Fortitude Re funds withheld payable——122—122
Market risk benefit liabilities, net(c)
——3884887
Debt of consolidated investment entities—(1)——(1)
Six Months Ended June 30, 2024
Liabilities:
Policyholder contract deposits(b)
$—$—$(724)$—$(724)
Derivative liabilities, net29—439(63)405
Fortitude Re funds withheld payable——58—58
Market risk benefit liabilities, net(c)
——41,1981,202
Six Months Ended June 30, 2023
Liabilities:
Policyholder contract deposits(b)
$—$—$(810)$—$(810)
Derivative liabilities, net31 —231 (145)117
Fortitude Re funds withheld payable——(903)—(903)
Market risk benefit liabilities, net(c)
——3797800
Debt of consolidated investment entities—(1)——(1)
(a)The portion of the fair value change attributable to our own credit risk is recognized in Other comprehensive income (loss) (“OCI”).
(b)Primarily embedded derivatives.
(c)Market risk benefit assets and liabilities have been netted in these tables for presentation purposes only.
The following table presents the gross components of purchases, sales, issuances and settlements, net, shown above, for the three and six months ended June 30, 2024 and 2023 related to Level 3 assets and liabilities in the Condensed Consolidated Balance Sheets:
(in millions)PurchasesSalesIssuances
and
Settlements		Purchases, Sales,
Issuances and
Settlements,
Net
Three Months Ended June 30, 2024
Assets:
Bonds available-for-sale:
Obligations of states, municipalities and political subdivisions$—$—$—$—
Corporate debt54(8)(125)(79)
RMBS465(49)(208)208
CMBS9—(33)(24)
CLO90—(33)57
ABS1,987(50)(619)1,318
Total bonds available-for-sale
2,605(107)(1,018)1,480
Other bond securities:
Obligations of states, municipalities and political subdivisions————
Corporate debt10——10
RMBS——(3)(3)
CMBS————
CLO8—(16)(8)
ABS228—(19)209
Total other bond securities246—(38)208
Equity securities7(2)—5
Other invested assets27—(39)(12)
Total assets*$2,885$(109)$(1,095)$1,681
Liabilities:
Policyholder contract deposits$—$392$(178)$214
Derivative liabilities, net1—(76)(75)
Fortitude Re funds withheld payable——(262)(262)
Total liabilities$1$392$(516)$(123)
Three Months Ended June 30, 2023
Assets:
Bonds available-for-sale:
Obligations of states, municipalities and political subdivisions$—$— $(1)$(1)
Corporate debt2— (43)(41)
RMBS64(42)(196)(174)
CMBS—(21)(19)(40)
CLO72— (138)(66)
ABS345— 91 436
Total bonds available-for-sale
483(63)(306)114
Other bond securities:
Obligations of states, municipalities and political subdivisions2—— 2
Corporate debt67—(87)(20)
RMBS——(4)(4)
CMBS————
CLO—— (47)(47)
ABS81— 43 124 
Total other bond securities150—(95)55
Equity securities1——1
Other invested assets81—(2)79
Total assets*$715$(63)$(403)$249
(in millions)PurchasesSalesIssuances
and
Settlements		Purchases, Sales,
Issuances and
Settlements,
Net
Liabilities:
Policyholder contract deposits$—$402$(82)$320
Derivative liabilities, net(100)—(55)(155)
Fortitude Re funds withheld payable——(192)(192)
Debt of consolidated investment entities——(7)(7)
Total liabilities$(100)$402$(336)$(34)
Six Months Ended June 30, 2024
Assets:
Bonds available-for-sale:
Obligations of states, municipalities and political subdivisions$—$—$(1)$(1)
Corporate debt69(8)(131)(70)
RMBS1,039(49)(378)612
CMBS9(30)(106)(127)
CLO220(2)(140)78
ABS3,691(103)(999)2,589
Total bonds available-for-sale
5,028(192)(1,755)3,081
Other bond securities:
Obligations of states, municipalities and political subdivisions————
Corporate debt10——10
RMBS——(6)(6)
CMBS————
CLO9—(16)(7)
ABS257—(76)181
Total other bond securities276—(98)178
Equity securities7(2)—5
Other invested assets89—(131)(42)
Total assets*$5,400$(194)$(1,984)$3,222
Liabilities:
Policyholder contract deposits$—$724$(354)$370
Derivative liabilities, net——(179)(179)
Fortitude Re funds withheld payable——(211)(211)
Total liabilities$—$724$(744)$(20)
(in millions)PurchasesSalesIssuances
and
Settlements		Purchases, Sales,
Issuances and
Settlements,
Net
Six Months Ended June 30, 2023
Assets:
Bonds available-for-sale:
Obligations of states, municipalities and political subdivisions$—$— $(3)$(3)
Corporate debt30— (57)(27)
RMBS231(42)(371)(182)
CMBS9(27)(22)(40)
CLO82— (127)(45)
ABS1,203— 37 1,240
Total bonds available-for-sale
1,555(69)(543)943
Other bond securities:
Obligations of states, municipalities and political subdivisions3—— 3
Corporate debt67—(183)(116)
RMBS6—(7)(1)
CMBS————
CLO1— (47)(46)
ABS113— 25 138 
Total other bond securities190—(212)(22)
Equity securities25——25
Other invested assets151—(13)138
Total assets*$1,921$(69)$(768)$1,084
Liabilities:
Policyholder contract deposits$—$728$(92)$636
Derivative liabilities, net(201)—(223)(424)
Fortitude Re funds withheld payable——(705)(705)
Debt of consolidated investment entities——(7)(7)
Total liabilities$(201)$728$(1,027)$(500)
*There were no issuances during the three and six months ended June 30, 2024 and 2023 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 June 30, 2024 and 2023 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 $3 million and $0 million of net gains (losses) related to assets transferred into Level 3 during the three months ended June 30, 2024 and 2023, respectively, and $(5) million and $7 million of net gains (losses) related to assets transferred into Level 3 during the six months ended June 30, 2024 and 2023, respectively, and includes $9 million and $(1) million of net gains (losses) related to assets transferred out of Level 3 during the three months ended June 30, 2024 and 2023, respectively, and $13 million and $10 million of net gains (losses) related to assets transferred out of Level 3 during the six months ended June 30, 2024 and 2023, respectively.
Transfers of Level 3 Assets
During the three and six months ended June 30, 2024 and 2023, transfers into Level 3 assets primarily included certain investments in private placement corporate debt, commercial mortgage backed securities (“CMBS”), collateralized loan obligations (“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.
During the three and six months ended June 30, 2024 and 2023, 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 three and six months ended June 30, 2024 and 2023
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 June 30, 2024Valuation
Technique
Unobservable Input(a)
Range
(Weighted Average)(b)
Assets:
Obligations of states, municipalities and political subdivisions$773 Discounted cash flowYield
5.27% - 5.70% (5.49%)
Corporate debt$1,468 Discounted cash flowYield
5.63% - 8.49% (7.06%)
RMBS(c)
$3,156 Discounted cash flowPrepayment Speed
4.43% - 10.26% (7.34%)
Default Rate
0.72% - 2.51% (1.61%)
Yield
6.24% - 7.49% (6.86%)
Loss Severity
42.30% - 78.37% (60.33%)
CLO(c)
$1,705 Discounted cash flowYield
6.61% - 7.75% (7.18%)
ABS(c)
$14,401 Discounted cash flowYield
5.67% - 7.68% (6.68%)
CMBS$522 Discounted cash flowYield
5.38% - 16.30% (10.83%)
Market risk benefit assets$1,187 Discounted cash flowEquity volatility
6.25% - 49.35%
Base lapse rate
0.16% - 28.80%
Dynamic lapse multiplier(e)
20.00% - 186.18%
Mortality multiplier(e)(f)
38.25% - 160.01%
Utilization(g)
80.00% - 100.00%
Equity / interest-rate correlation
0.00% - 30.00%
NPA(h)
0.09% - 2.49%
Liabilities(d):
Market risk benefit liabilities
Variable annuities guaranteed benefits$1,582 Discounted cash flowEquity volatility
6.25% - 49.35%
Base lapse rate
0.16% - 28.80%
Dynamic lapse multiplier(e)
20.00% - 186.18%
Mortality multiplier(e)(f)
38.25% - 160.01%
Utilization(g)
80.00% - 100.00%
Equity / interest-rate correlation
0.00% - 30.00%
NPA(h)
0.09% - 2.49%
Fixed annuities guaranteed benefits$1,182 Discounted cash flowBase lapse rate
0.20% - 15.75%
Dynamic lapse multiplier(e)
20.00% - 186.18%
Mortality multiplier(e)(f)
40.26% - 168.43%
Utilization(g)
90.00% - 97.50%
NPA(h)
0.09% - 2.49%
(in millions)Fair Value at June 30, 2024Valuation
Technique
Unobservable Input(a)
Range
(Weighted Average)(b)
Fixed index annuities guaranteed benefits$2,360 Discounted cash flowEquity volatility
6.25% - 49.35%
Base lapse rate
0.20% - 50.00%
Dynamic lapse multiplier(e)
20.00% - 186.18%
Mortality multiplier(e)(f)
24.00% - 146.00%
Utilization(g)
60.00% - 97.50%
Option budget
0.00% - 6.00%
Equity / interest-rate correlation
0.00% - 30.00%
NPA(h)
0.09% - 2.49%
Embedded derivatives within Policyholder contract deposits:
Index credits on fixed index annuities(i)
$8,033 Discounted cash flowEquity volatility
6.25% - 49.35%
Base lapse rate
0.20% - 50.00%
Dynamic lapse multiplier(e)
20.00% - 186.18%
Mortality multiplier(e)(f)
24.00% - 146.00%
Utilization(g)
60.00% - 97.50%
Option Budget
0.00% - 6.00%
Equity / interest-rate correlation
0.00% - 30.00%
NPA(h)
0.09% - 2.49%
Index universal life
$1,003 Discounted cash flowBase lapse rate
0.00% - 37.97%
Mortality rates
0.00% - 100.00%
Equity Volatility
5.85% - 19.69%
NPA(h)
0.09% - 2.49%
(in millions)Fair Value at December 31, 2023Valuation
Technique
Unobservable Input(a)
Range
(Weighted Average)(b)
Assets:
Obligations of states, municipalities and political subdivisions$821 Discounted cash flowYield
 4.97% - 5.31% (5.14%)
Corporate debt$1,471 Discounted cash flowYield
  5.26% - 8.16% (6.71%)
RMBS(c)
$3,315 Discounted cash flowPrepayment 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 flowYield
 6.06% - 7.81% (6.93%)
ABS(c)
$11,367 Discounted cash flowYield
5.63% - 7.82% (6.73%)
CMBS$565 Discounted cash flowYield
  5.49% - 17.84% (11.66%)
Market risk benefit assets$912 Discounted cash flowEquity 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(g)
80.00% - 100.00%
Equity / interest-rate correlation
0.00% - 30.00%
NPA(h)
0.00% - 2.29%
Liabilities(d):
Market risk benefit liabilities
Variable annuities guaranteed benefits$2,174 Discounted cash flowEquity 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(g)
80.00% - 100.00%
Equity / interest-rate correlation
0.00% - 30.00%
NPA(h)
0.00% - 2.29%
(in millions)Fair Value at December 31, 2023Valuation
Technique
Unobservable Input(a)
Range
(Weighted Average)(b)
Fixed annuities guaranteed benefits$1,111 Discounted cash flowBase lapse rate
0.20% - 15.75%
Dynamic lapse multiplier(e)
20.00% - 186.18%
Mortality multiplier(e)(f)
40.26% - 168.43%
Utilization(g)
90.00% - 97.50%
NPA(g)
0.00% - 2.29%
Fixed index annuities guaranteed benefits$2,420 Discounted cash flowEquity 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(g)
60.00% - 97.50%
Option budget
0.00% - 6.00%
Equity / interest-rate correlation
0.00% - 30.00%
NPA(h)
0.00% - 2.29%
Embedded derivatives within Policyholder contract deposits:
Index credits on fixed index annuities(i)
$6,953 Discounted cash flowEquity 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(g)
60.00% - 97.50%
Option Budget
0.00% - 6.00%
Equity / interest-rate correlation
0.00% - 30.00%
NPA(h)
0.00% - 2.29%
Index universal life
$989 Discounted cash flowBase lapse rate
 0.00% - 37.97%
Mortality rates
 0.00% - 100.00%
Equity Volatility
 5.85% - 20.36%
NPA(h)
 0.00% - 2.29%
(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 7, 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 Condensed 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 Condensed 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 partial withdrawal utilization unobservable input range shown applies only to policies with GMWB riders.
(h)The NPA applied as a spread over risk-free curve for discounting.
(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 $1.8 billion and $1.5 billion at June 30, 2024 and December 31, 2023, 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.
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 Accumulated other comprehensive income (“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 gains (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.
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:
June 30, 2024December 31, 2023
(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 buyoutDebt 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$2,595 $1,721 $2,445 $1,755 
Real estateInvestments in real estate properties and infrastructure positions, including power plants and other energy generating facilities1,020 564 1,074 540 
Venture capitalEarly-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 company199 82 203 91 
Growth equityFunds that make investments in established companies for the purpose of growing their businesses478 103 485 109 
MezzanineFunds that make investments in the junior debt and equity securities of leveraged companies124 30 152 42 
OtherIncludes 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		1,179 200 1,182 233 
Total private equity funds5,595 2,700 5,541 2,770 
Hedge funds:
Event-drivenSecurities of companies undergoing material structural changes, including mergers, acquisitions and other reorganizations5 — 4 — 
Long-shortSecurities that the manager believes are undervalued, with corresponding short positions to hedge market risk176 — 161 — 
MacroInvestments that take long and short positions in financial instruments based on a top-down view of certain economic and capital market conditions1 — 69 — 
OtherIncludes investments held in funds that are less liquid, as well as other strategies which allow for broader allocation between public and private investments47 — 65 — 
Total hedge funds229 — 299 — 
Total$5,824 $2,700 $5,840 $2,770 
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.
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
The following table presents the gains or losses recorded related to the eligible instruments for which we elected the fair value option:
Three Months Ended
 June 30,		Six Months Ended
 June 30,
(in millions)2024202320242023
Assets:
Other bond securities(a)
$91 $14 $175 $129 
Alternative investments(b)
58 80 109 81 
Total assets149 94 284 210 
Liabilities:
Policyholder contract deposits(c)
2 3 3 2 
Total liabilities2 3 3 2 
Total gain (loss)$151 $97 $287 $212 
(a)Includes certain securities supporting the funds withheld arrangements with Fortitude Re. For additional information regarding the gains and losses for Other bond securities, see Note 5. For additional information regarding the funds withheld arrangements with Fortitude Re, see Note 7.
(b)Includes certain hedge funds, private equity funds and other investment partnerships.
(c)Represents GICs.
We calculate the effect of these credit spread changes using discounted cash flow techniques that incorporate current market interest rates, our observable credit spreads on these liabilities and other factors that mitigate the risk of non-performance such as cash collateral posted.
FAIR VALUE MEASUREMENTS ON A NON-RECURRING BASIS
The following table presents assets measured at fair value on a non-recurring basis at the time of impairment and the related impairment charges recorded during the periods presented:
Assets at Fair ValueImpairment Charges
Non-Recurring BasisThree Months Ended
June 30,		Six Months Ended
June 30,
(in millions)Level 1Level 2Level 3Total2024202320242023
June 30, 2024
Other investments$—$—$109$109$21$—$46$—
Total$—$—$109$109$21$—$46$—
December 31, 2023
Other investments$—$—$80$80
Total$—$—$80$80
In addition to the assets presented in the table above, at June 30, 2024, Corebridge had no loans held for sale which are carried at fair value, determined on an individual loan basis. There is no associated impairment charge.
FAIR VALUE INFORMATION ABOUT FINANCIAL INSTRUMENTS NOT MEASURED AT FAIR VALUE
The following table presents the carrying amounts and estimated fair values of our financial instruments not measured at fair value and indicates the level in the fair value hierarchy of the estimated fair value measurement based on the observability of the inputs used:
Estimated Fair Value
(in millions)Level 1Level 2Level 3TotalCarrying
Value
June 30, 2024
Assets:
Mortgage and other loans receivable$— $28 $45,475 $45,503 $48,663 
Other invested assets— 273 — 273 273 
Short-term investments— 4,388 — 4,388 4,388 
Cash637 — — 637 637 
Other assets13 — — 13 13 
Liabilities:
Policyholder contract deposits associated with investment-type contracts— 78 137,768 137,846 145,933 
Fortitude Re funds withheld payable— — 23,027 23,027 23,027 
Other liabilities— 1,567 — 1,567 1,567 
Short-term debt— 250 — 250 250 
Long-term debt— 8,599 — 8,599 9,121 
Debt of consolidated investment entities— 30 2,055 2,085 2,364 
Separate account liabilities - investment contracts— 90,162 — 90,162 90,162 
December 31, 2023
Assets:
Mortgage and other loans receivable$— $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 assets13 — — 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 
(a)Excludes assets that were reclassified to Assets held-for-sale in the Condensed Consolidated Balance Sheets of $11 million as of December 31, 2023. See Note 4 in the 2023 Form 10-K for additional information.
(b)Excludes assets that were reclassified to Assets held-for-sale in the Condensed Consolidated Balance Sheets of $3 million as of December 31, 2023. See Note 4 in the 2023 Form 10-K