v3.24.2.u1
Equity
 6 Months Ended
Jun. 30, 2024
Equity [Abstract]  
Equity
16. Equity
COMMON STOCK
The following table presents a rollforward of outstanding shares:
Six Months Ended June 30, 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 1,229,028 3,270,140 
Shares repurchased— (24,607,065)(24,607,065)
Shares, end of period650,189,849 (49,862,448)600,327,401 
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 $1.0 billion share repurchase program. On April 30, 2024, our Board of Directors authorized an additional $2.0 billion increase in the share repurchase amount under the share repurchase program. Under this program, Corebridge Parent may, from time to time, purchase up to $3.0 billion of Corebridge Parent 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.
From July 1, 2024 to July 26, 2024, we repurchased approximately 8.3 million shares of Corebridge Parent common stock for an aggregate purchase price of approximately $246 million, leaving approximately $1.6 billion under the share repurchase authorizations as of July 26, 2024.
RETAINED EARNINGS
Dividends
Declaration DateRecord DatePayment DateDividend Paid Per Common Share
May 2, 2024June 14, 2024June 28, 2024$0.23 
February 14, 2024March 15, 2024March 29, 2024$0.23 
Dividends Declared
On July 30, 2024, the Company declared a cash dividend on Corebridge Parent common stock of $0.23 per share, payable on September 30, 2024 to shareholders of record at close of business on September 16, 2024.
Accumulated Other Comprehensive Income (Loss)
The following table presents a rollforward of Accumulated other comprehensive income (loss):
(in millions)Unrealized Appreciation (Depreciation) of Fixed Maturity Securities on Which allowance for credit losses was TakenUnrealized Appreciation (Depreciation) of All Other Investments
Change in fair value of market risk benefits attributable to changes in our own credit risk
Change in the discount rates used to measure traditional and limited payment long-duration insurance contractsCash Flow HedgesForeign Currency Translation AdjustmentsRetirement Plan Liabilities AdjustmentTotal
Three Months Ended June 30, 2024
Balance, March 31, 2024, net of tax$(44)$(15,865)$(932)$2,638 $127 $(65)$2 $(14,139)
Change in unrealized depreciation of investments
(12)(1,150)— — — — — (1,162)
Change in fair value of market risk benefits attributable to changes in our own credit risk— — 202 — — — — 202 
Change in discount rates assumptions of certain liabilities— — — 472 — — — 472 
Change in future policy benefits and other— 86 — — — — — 86 
Change in cash flow hedges— — — — (3)— — (3)
Change in foreign currency translation adjustments— — — — — 70 — 70 
Change in deferred tax asset (liability)3 97 (43)(93)1 — — (35)
Total other comprehensive income (loss)(9)(967)159 379 (2)70 — (370)
Less: Noncontrolling interests
— — — — — (1)— (1)
Balance, June 30, 2024, net of tax$(53)$(16,832)$(773)$3,017 $125 $6 $2 $(14,508)
Three Months Ended June 30, 2023
Balance, March 31, 2023, net of tax
$(62)$(16,248)$(291)$2,443 $153 $(73)$11 $(14,067)
Change in unrealized depreciation of investments55 (1,827)— — — — — (1,772)
Change in fair value of market risk benefits attributable to changes in our own credit risk— — (240)— — — — (240)
Change in discount rates assumptions of certain liabilities— — — 628 — — — 628 
Change in future policy benefits and other— 49 — — — — — 49 
Change in cash value hedges— — — — (8)— — (8)
Change in foreign currency translation adjustments— — — — — 28 — 28 
Change in deferred tax asset (liability)(12)294 51 (142)2 8 — 201 
Total other comprehensive income (loss)43 (1,484)(189)486 (6)36 — (1,114)
Less: Noncontrolling interests
— — — — — 1 — 1 
Balance, June 30, 2023, net of tax$(19)$(17,732)$(480)$2,929 $147 $(38)$11 $(15,182)
(in millions)Unrealized Appreciation (Depreciation) of Fixed Maturity Securities on Which allowance for credit losses was TakenUnrealized Appreciation (Depreciation) of All Other Investments
Change in fair value of market risk benefits attributable to changes in our own credit risk
Change in the discount rates used to measure traditional and limited payment long-duration insurance contractsCash Flow HedgesForeign Currency Translation AdjustmentsRetirement Plan Liabilities AdjustmentTotal
Six Months Ended June 30, 2024
Balance at December 31, 2023, net of tax$(79)$(14,650)$(909)$2,095 $146 $(63)$2 $(13,458)
Change in unrealized depreciation of investments
33 (2,270)— — — — — (2,237)
Change in fair value of market risk benefits attributable to changes in our own credit risk— — 173 — — — — 173 
Change in discount rates assumptions of certain liabilities— — — 1,167 — — — 1,167 
Change in future policy benefits and other— (41)— — — — — (41)
Change in cash flow hedges— — — — (28)— — (28)
Change in foreign currency translation adjustments— — — — — 66 — 66 
Change in deferred tax asset (liability)(7)168 (37)(245)6 1 — (114)
Total other comprehensive income (loss)26 (2,143)136 922 (22)67 — (1,014)
Other
— (39)— — 1 — — (38)
Less: Noncontrolling interests— — — — — (2)— (2)
Balance, June 30, 2024, net of tax$(53)$(16,832)$(773)$3,017 $125 $6 $2 $(14,508)
Six Months Ended June 30, 2023
Balance, December 31, 2022, net of tax
$(92)$(19,380)$(365)$2,908 $157 $(100)$9 $(16,863)
Change in unrealized depreciation of investments93 2,155 — — — — — 2,248 
Change in fair value of market risk benefits attributable to changes in our own credit risk— — (146)— — — — (146)
Change in discount rates assumptions of certain liabilities— — — 33 — — — 33 
Change in future policy benefits and other— (67)— — — — — (67)
Change in cash value hedges— — — — (15)— — (15)
Change in foreign currency translation adjustments— — — — — 65 — 65 
Change in net actuarial loss— — — — — — 3 3 
Change in deferred tax asset (liability)(20)(440)31 (12)5 7 (1)(430)
Total other comprehensive income (loss)73 1,648 (115)21 (10)72 2 1,691 
Less: Noncontrolling interests— — — — — 10 — 10 
Balance, June 30, 2023, net of tax
$(19)$(17,732)$(480)$2,929 $147 $(38)$11 $(15,182)
The following table presents the OCI reclassification adjustments for the three and six months ended June 30, 2024 and 2023, respectively:
(in millions)Unrealized Appreciation (Depreciation) of Fixed Maturity Securities on Which Allowance for Credit Losses Was TakenUnrealized Appreciation (Depreciation) of All Other InvestmentsChange in fair value of market risk benefits attributable to changes in our own credit riskChange in the discount rates used to measure traditional and limited payment long-duration insurance contractsCash Flow HedgesForeign Currency Translation AdjustmentsRetirement Plan Liabilities AdjustmentTotal
Three Months Ended June 30, 2024
Unrealized change arising during period$(14)$(1,665)$202 $718 $(3)$3 $— $(759)
Less: Reclassification adjustments included in net income(2)(601)— 246 — (67)— (424)
Total other comprehensive income (loss), before income tax expense (benefit)(12)(1,064)202 472 (3)70 — (335)
Less: Income tax expense (benefit)(3)(97)43 93 (1)— — 35 
Total other comprehensive income (loss), net of income tax expense (benefit)$(9)$(967)$159 $379 $(2)$70 $— $(370)
Three Months Ended June 30, 2023
Unrealized change arising during period$52 $(2,009)$(240)$628 $(8)$28 $— $(1,549)
Less: Reclassification adjustments included in net income(3)(231)— — — — — (234)
Total other comprehensive income (loss), before income tax expense (benefit)55 (1,778)(240)628 (8)28 — (1,315)
Less: Income tax expense (benefit)12 (294)(51)142 (2)(8)— (201)
Total other comprehensive income (loss), net of income tax expense (benefit)$43 $(1,484)$(189)$486 $(6)$36 $— $(1,114)
Six Months Ended June 30, 2024
Unrealized change arising during period$25 $(3,248)$173 $1,413 $(28)$(1)$— $(1,666)
Less: Reclassification adjustments included in net income(8)(937)— 246 — (67)— (766)
Total other comprehensive income (loss), before income tax expense (benefit)33 (2,311)173 1,167 (28)66 — (900)
Less: Income tax expense (benefit)7 (168)37 245 (6)(1)— 114 
Total other comprehensive income (loss), net of income tax expense (benefit)$26 $(2,143)$136 $922 $(22)$67 $— $(1,014)
Six Months Ended June 30, 2023
Unrealized change arising during period$76 $1,770 $(146)$33 $(15)$65 $3 $1,786 
Less: Reclassification adjustments included in net income(17)(318)— — — — — (335)
Total other comprehensive income (loss), before income tax expense (benefit)93 2,088 (146)33 (15)65 3 2,121 
Less: Income tax expense (benefit)20 440 (31)12 (5)(7)1 430 
Total other comprehensive income (loss), net of income tax expense (benefit)$73 $1,648 $(115)$21 $(10)$72 $2 $1,691 
The following table presents the effect of the reclassification of significant items out of Accumulated other comprehensive income on the respective line items in the Condensed Consolidated Statements of Income (Loss)*:
Amount Reclassified from AOCI
Affected Line Item in the Condensed Consolidated Statements of Income (Loss)
Three Months Ended
June 30,		Six Months Ended
June 30,
(in millions)2024202320242023
Unrealized appreciation (depreciation) of fixed maturity securities on which allowance for credit losses was taken
Investments$(2)$(3)$(8)$(17)Net realized gains (losses)
Total$(2)$(3)$(8)$(17)
Unrealized appreciation (depreciation) of all other investments
Investments$(540)$(231)$(876)$(318)Net realized gains (losses)
Sale of business(61)— (61)— Net (gain) loss on divestitures
Total$(601)$(231)$(937)$(318)
Effect of changes in the discount rates used to measure traditional and limited-payment long duration insurance contracts
Sale of business$246$— $246$— Net (gain) loss on divestitures
Total$246$— $246$— 
Foreign Currency Translation Adjustments
Sale of business$(67)$— $(67)$— Net (gain) loss on divestitures
Total$(67)$— $(67)$— 
Total reclassifications for the period$(424)$(234)$(766)$(335)
*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
June 30,		Six Months Ended
June 30,
(in millions)2024202320242023
Beginning balance$810$910$869$939
Net (loss) attributable to redeemable noncontrolling interest(24)(20)(75)(14)
Other comprehensive income (loss), net of tax(1)1(2)10
Changes in noncontrolling interests due to divestitures and acquisitions——1(19)
Contributions from noncontrolling interests32185343
Distributions to noncontrolling interests(2)(3)(31)(53)
Other1111
Ending balance$816$907$816$907
Refer to Note 8 for additional information related to Variable Interest Entities.