Variable Interest Entities (Tables)

6 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

The following table presents the total assets and total liabilities associated with our variable interests in consolidated VIEs, as classified in the Condensed Consolidated Balance Sheets:


(in millions)	Real Estate and Investment Entities(c)		Securitization and Repackaging Vehicles		Total
June 30, 2024
Assets:
Bonds available-for-sale	$	38	$	2	$	40
Other bond securities	46		—		46
Equity securities	20		—		20
Mortgage and other loans receivable	—		1,950		1,950
Other invested assets
Alternative investments(a)	2,487		—		2,487
Investment real estate	1,288		—		1,288
Short-term investments	188		1		189
Cash	58		—		58
Accrued investment income	2		5		7
Other assets	78		1		79
Total assets(b)	$	4,205	$	1,959	$	6,164
Liabilities:
Debt of consolidated investment entities	$	903	$	1,136	$	2,039
Other liabilities	69		—		69
Total liabilities	$	972	$	1,136	$	2,108
December 31, 2023
Assets:
Bonds available-for-sale	$	36	$	76	$	112
Other bond securities	45		—		45
Equity securities	8		—		8
Mortgage and other loans receivable	—		1,941		1,941
Other invested assets
Alternative investments(a)	2,695		—		2,695
Investment real estate	1,488		—		1,488
Short-term investments	125		5		130
Cash	61		—		61
Accrued investment income	2		5		7
Other assets	93		2		95
Total assets(b)	$	4,553	$	2,029	$	6,582
Liabilities:
Debt of consolidated investment entities	$	1,117	$	1,149	$	2,266
Other liabilities	82		1		83
Total liabilities	$	1,199	$	1,150	$	2,349

(a)Composed primarily of investments in real estate joint ventures at June 30, 2024 and December 31, 2023.

(b)The assets of each VIE can be used only to settle specific obligations of that VIE.

(c)Off-balance-sheet exposure primarily consisting of commitments by insurance operations and affiliates into real estate and investment entities. At June 30, 2024 and December 31, 2023, together, the Company and AIG affiliates have commitments to internal parties of $1.3 billion and $1.8 billion and commitments to external parties of $0.4 billion and $0.4 billion, respectively. At June 30, 2024, $0.7 billion out of the internal commitments was from subsidiaries of Corebridge entities and $0.6 billion was from other AIG affiliates. At December 31, 2023, $1.2 billion out of the internal commitments was from subsidiaries of Corebridge entities, and $0.6 billion was from other AIG affiliates.

The following table presents the revenue, net income (loss) attributable to noncontrolling interests and net income (loss) attributable to Corebridge associated with our variable interests in consolidated VIEs, as classified in the Condensed Consolidated Statements of Income (Loss):


	Real Estate and		Securitization
	Investment		and Repackaging
(in millions)	Entities		Vehicles		Total
Three Months Ended June 30, 2024
Total revenue	$	6	$	19	$	25
Net (loss) attributable to noncontrolling interests	$	(24)	$	—	$	(24)
Net income attributable to Corebridge	$	11	$	9	$	20
Three Months Ended June 30, 2023
Total revenue	$	16	$	18	$	34
Net (loss) attributable to noncontrolling interests	$	(20)	$	—	$	(20)
Net income attributable to Corebridge	$	19	$	9	$	28
Six Months Ended June 30, 2024
Total revenue	$	(57)	$	35	$	(22)
Net (loss) attributable to noncontrolling interests	$	(75)	$	—	$	(75)
Net income (loss) attributable to Corebridge	$	(21)	$	18	$	(3)
Six Months Ended June 30, 2023
Total revenue	$	69	$	77	$	146
Net (loss) attributable to noncontrolling interests	$	(14)	$	—	$	(14)
Net income attributable to Corebridge	$	52	$	54	$	106

The following table presents total assets of unconsolidated VIEs in which we hold a variable interest, as well as our maximum exposure to loss associated with these VIEs:


			Maximum Exposure to Loss
(in millions)	Total VIE Assets			On-Balance Sheet(b)		Off-Balance Sheet (c)		Total
June 30, 2024
Real estate and investment entities(a)	$	410,042		$	5,574	$	2,839	$	8,413

Total	$	410,042		$	5,574	$	2,839	$	8,413
December 31, 2023
Real estate and investment entities(a)	$	398,978		$	5,532	$	2,870	$	8,402

Total	$	398,978		$	5,532	$	2,870	$	8,402

(a)Composed primarily of hedge funds and private equity funds.

(b)At June 30, 2024 and December 31, 2023, $5.5 billion and $5.5 billion, respectively, of our total unconsolidated VIE assets were recorded as other invested assets.

(c)These amounts represent our unfunded commitments to invest in private equity funds and hedge funds.

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details