v3.24.2.u1
Investments (Tables)
 6 Months Ended
Jun. 30, 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)
June 30, 2024
Bonds available-for-sale:
U.S. government and government sponsored entities$1,664 $— $7 $(300)$1,371 
Obligations of states, municipalities and political subdivisions5,809 — 26 (800)5,035 
Non-U.S. governments4,530 — 26 (800)3,756 
Corporate debt118,159 (57)890 (17,747)101,245 
Mortgage-backed, asset-backed and collateralized:
RMBS16,616 (20)568 (909)16,255 
CMBS11,219 (18)39 (936)10,304 
CLO11,537 — 161 (72)11,626 
ABS18,582 — 98 (952)17,728 
Total mortgage-backed, asset-backed and collateralized57,954 (38)866 (2,869)55,913 
Total bonds available-for-sale
$188,116 $(95)$1,815 $(22,516)$167,320 
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 $5 million and $43 million, and an amortized cost of $4 million and $45 million as of June 30, 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 June 30, 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:
20242023
(in millions)
Structured
Non-Structured
Total
Structured
Non-Structured
Total
Three Months Ended June 30,
Balance, beginning of period
$36 $61 $97 $27 $69 $96 
Additions:
Securities for which allowance for credit losses were not previously recorded
1 14 15 13 16 29 
Reductions:
Securities sold during the period
— (2)(2)1 (10)(9)
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
24 12 36 (1)— (1)
Write-offs charged against the allowance
(24)(28)(52)— (25)(25)
Other
1 — 1 — — — 
Balance, end of period
$38 $57 $95 $40 $50 $90 
Six Months Ended June 30,
Balance, beginning of year
$55 $73 $128 $27 $121 $148 
Additions:
Securities for which allowance for credit losses were not previously recorded
14 31 45 15 28 43 
Reductions:
Securities sold during the period
(15)(11)(26)(1)(27)(28)
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
46 28 74 (1)3 2 
Write-offs charged against the allowance
(63)(65)(128)— (75)(75)
Other
1 1 2 — — — 
Balance, end of period
$38 $57 $95 $40 $50 $90 
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*
June 30, 2024
Bonds available-for-sale:
U.S. government and government sponsored entities$224 $12 $689 $288 $913 $300 
Obligations of states, municipalities and political subdivisions630 82 3,803 718 4,433 800 
Non-U.S. governments636 113 2,700 687 3,336 800 
Corporate debt16,144 2,531 66,557 15,177 82,701 17,708 
RMBS3,498 142 5,471 738 8,969 880 
CMBS1,209 50 6,472 878 7,681 928 
CLO1,442 31 1,479 41 2,921 72 
ABS3,008 95 8,369 857 11,377 952 
Total bonds available-for-sale
$26,791 $3,056 $95,540 $19,384 $122,331 $22,440 
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 June 30, 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
June 30, 2024
Due in one year or less$2,986 $2,948 
Due after one year through five years22,942 22,280 
Due after five years through ten years23,038 21,172 
Due after ten years81,139 65,007 
Mortgage-backed, asset-backed and collateralized57,916 55,913 
Total$188,021 $167,320 
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
 June 30,		Six Months Ended
 June 30,
2024202320242023
(in millions)Gross
Realized
Gains		Gross
Realized
Losses		Gross
Realized
Gains		Gross
Realized
Losses		Gross
Realized
Gains		Gross
Realized
Losses		Gross
Realized
Gains		Gross
Realized
Losses
Fixed maturity securities$12 $(554)$38 $(279)$15 $(899)$84 $(418)
The following table presents the components of Net realized gains (losses):
20242023
(in millions)Excluding Fortitude
Re Funds
Withheld
Assets		Fortitude
Re Funds
Withheld
Assets		TotalExcluding
Fortitude
Re Funds
Withheld
Assets		Fortitude
Re Funds
Withheld
Assets		Total
Three Months Ended June 30,
Sales of fixed maturity securities$(493)$(49)$(542)$(195)$(46)$(241)
Intent to sell— — — — — — 
Change in allowance for credit losses on fixed maturity securities(50)(1)(51)(26)(2)(28)
Change in allowance for credit losses on loans(34)(5)(39)(48)(8)(56)
Foreign exchange transactions, net of related hedges55 (1)54 (115)2 (113)
Index-Linked interest credited embedded derivatives, net of related hedges(172)— (172)(141)— (141)
All other derivatives and hedge accounting*18 (34)(16)258 (77)181 
Sales of alternative investments and real estate investments11 (3)8 3 (1)2 
Other
(25)— (25)(48)2 (46)
Net realized gains (losses) – excluding Fortitude Re funds withheld embedded derivative(690)(93)(783)(312)(130)(442)
Net realized gains (losses) on Fortitude Re funds withheld embedded derivative— 36 36 — 122 122 
Net realized gains (losses)$(690)$(57)$(747)$(312)$(8)$(320)
Six Months Ended June 30,
Sales of fixed maturity securities$(813)$(71)$(884)$(271)$(63)$(334)
Intent to sell
(15)(32)(47)— — — 
Change in allowance for credit losses on fixed maturity securities(112)(7)(119)(43)(2)(45)
Change in allowance for credit losses on loans(48)(3)(51)(82)(27)(109)
Foreign exchange transactions, net of related hedges101 — 101 (104)9 (95)
Index-Linked interest credited embedded derivatives, net of related hedges(82)— (82)(319)— (319)
All other derivatives and hedge accounting*123 (140)(17)94 (29)65 
Sales of alternative investments and real estate investments31 (4)27 8 — 8 
Other
(53)— (53)(48)2 (46)
Net realized gains (losses) – excluding Fortitude Re funds withheld embedded derivative(868)(257)(1,125)(765)(110)(875)
Net realized gains (losses) on Fortitude Re funds withheld embedded derivative
— 58 58 — (903)(903)
Net realized gains (losses)$(868)$(199)$(1,067)$(765)$(1,013)$(1,778)
*Derivative activity related to hedging MRBs is recorded in Change in the fair value of MRBs, net. For additional disclosures about MRBs, see Note 14.
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:
June 30, 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. governments27 1 13 — 
Corporate debt2,833 55 2,653 57 
Mortgage-backed, asset-backed and collateralized:
RMBS163 3 170 4 
CMBS238 5 228 5 
CLO464 9 423 9 
ABS1,279 25 1,051 23 
Total mortgage-backed, asset-backed and collateralized2,144 42 1,872 41 
Total fixed maturity securities5,043 99 4,578 99 
Equity securities73 1 63 1 
Total$5,116 100 %$4,641 100 %
Schedule of Other Invested Assets
The following table summarizes the carrying amounts of other invested assets:
(in millions)June 30, 2024December 31, 2023
Alternative investments(a)(b)
$7,532 $7,690 
Investment real estate(c)
1,830 1,932 
All other investments(d)
595 635 
Total
$9,957 $10,257 
(a)At June 30, 2024, included hedge funds of $229 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 $652 million and $680 million as of June 30, 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 June 30, 2024 and December 31, 2023, respectively.
Components of Net Investment Income
The following table presents the components of Net investment income:
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
Three Months Ended June 30,
Available-for-sale fixed maturity securities, including short-term investments
$2,174 $183 $2,357 $1,905$208$2,113
Other fixed maturity securities13 78 91 8 6 14 
Equity securities(7)— (7)3 — 3 
Interest on mortgage and other loans592 48 640 564 49 613 
Alternative investments*52 26 78 80 13 93 
Real estate10 (1)9 15 — 15 
Other investments15 — 15 8 — 8 
Total investment income2,849 334 3,183 2,583 276 2,859 
Investment expenses186 9 195 139 6 145 
Net investment income$2,663 $325 $2,988 $2,444 $270 $2,714 
Six Months Ended June 30,
Available-for-sale fixed maturity securities, including short-term investments
$4,358 $378 $4,736 $3,801$425$4,226
Other fixed maturity securities
26 149 175 18 111 129 
Equity securities3 — 3 32 — 32 
Interest on mortgage and other loans1,172 96 1,268 1,076 99 1,175 
Alternative investments*— 59 59 79 44 123 
Real estate22 (8)14 19 — 19 
Other investments27 — 27 11 — 11 
Total investment income5,608 674 6,282 5,036 679 5,715 
Investment expenses353 17 370 291 15 306 
Net investment income$5,255 $657 $5,912 $4,745 $664 $5,409 
*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 presents the increase (decrease) in unrealized appreciation (depreciation) of our available-for-sale securities:
Three Months Ended
 June 30,		Six Months Ended
 June 30,
(in millions)
2024202320242023
Increase (decrease) in unrealized appreciation (depreciation) of investments:
Fixed maturity securities
$(1,222)$(1,783)$(2,309)$2,236
Other investments3 113 12
Total increase (decrease) in unrealized appreciation (depreciation) of investments*
$(1,219)$(1,772)$(2,306)$2,248
*    Excludes net unrealized gains and losses attributable to business Held-for-sale at December 31 2023.
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:
20242023
(in millions)
Equities
Other Invested Assets
Total
Equities
Other Invested Assets
Total
Three Months Ended June 30,
Net gains (losses) recognized during the period on equity securities and other investments
$(7)$83 $76 $4 $123 $127 
Less: Net gains (losses) recognized during the period on equity securities and other investments sold during the period
(2)2 — — 8 8 
Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date
$(5)$81 $76 $4 $115 $119 
Six Months Ended June 30,
Net gains (losses) recognized during the period on equity securities and other investments
$3 $153 $156 $33 $154 $187 
Less: Net gains (losses) recognized during the period on equity securities and other investments sold during the period
16 4 20 33 9 42 
Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date
$(13)$149 $136 $— $145 $145 
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)June 30, 2024December 31, 2023
Fixed maturity securities available-for-sale
$1,590 $2,655 
The following table presents the fair value of securities pledged under our repurchase agreements by collateral type and by remaining contractual maturity:
Remaining Contractual Maturity of the Repurchase Agreements
(in millions)Overnight and ContinuousUp to 30 Days31 - 90 Days91 - 364 Days365 Days or GreaterTotal
June 30, 2024
Bonds available-for-sale:
Non-U.S. governments$— $50 $— $— $— $50 
Corporate debt24 1,516 — — — 1,540 
Total$24 $1,566 $— $— $— $1,590 
December 31, 2023
Bonds available-for-sale:
Non-U.S. governments$— $209 $— $— $— $209 
Corporate debt38 2,408 — — — 2,446 
Total$38 $2,617 $— $— $— $2,655