CRBG 10-Q Quarter ended June 30, 2024

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1. Overview and Basis of Presentation

Corebridge Financial, Inc. (“Corebridge Parent”) is a leading provider of retirement solutions and life insurance products in the United States. Our primary business operations consist of sales of individual and group annuities and life insurance products to individuals and institutional markets products. Corebridge Parent common stock, par value $ 0.01 per share, is listed on the New York Stock Exchange (NYSE:CRBG). The terms “Corebridge,” “we,” “us,” “our” or the “Company” mean Corebridge Parent and its consolidated subsidiaries, unless the context refers to Corebridge Parent only. Subsidiaries of Corebridge Parent include: AGC Life Insurance Company (“AGC”), American General Life Insurance Company (“AGL”), The Variable Annuity Life Insurance Company (“VALIC”), The United States Life Insurance Company in the City of New York (“USL”), Corebridge Insurance Company of Bermuda, Ltd. (" CRBG Bermuda") and SAFG Capital LLC and its subsidiaries. American International Group, Inc. (“AIG Parent”) is a publicly traded entity, listed on the New York Stock Exchange (NYSE: AIG). The term “AIG” means AIG Parent and its consolidated subsidiaries, unless the context refers to AIG Parent only.

These unaudited Condensed Consolidated Financial Statements present the results of operations, financial condition and cash flows of the Company.

On September 19, 2022, we completed an initial public offering (the “IPO”) in which AIG Parent sold 80.0 million shares of Corebridge Parent common stock to the public. Since our IPO, AIG Parent has sold portions of its interest in Corebridge through secondary public offerings. As of June 30, 2024, AIG Parent owned approximately 49.0 % of the outstanding Corebridge Parent common stock.

On May 16, 2024, Corebridge Parent entered into a stock purchase agreement (the “Purchase Agreement”) with AIG Parent and Nippon Life Insurance Company, a mutual company organized under the laws of Japan (“Nippon”), pursuant to which AIG Parent agreed to sell approximately 122.0 million shares of Corebridge Parent common stock, representing approximately 20 % of the issued and outstanding Corebridge Parent common stock at signing, to Nippon (the “Nippon Transaction”). The Nippon Transaction is expected to close in the first quarter of 2025, subject to certain closing conditions, including the receipt of specified regulatory approvals. On May 16, 2024, in connection with the execution of the Purchase Agreement, the Company entered into an Amendment to the Separation Agreement, dated as of September 14, 2022, by and between the Company and AIG Parent (the “Separation Agreement”), pursuant to which the Company and AIG Parent agreed to certain changes with respect to AIG’s board designation rights and AIG’s right to consent over certain actions by the Company, as set forth in the Separation Agreement.

On June 9, 2024, AIG Parent waived its right under the Separation Agreement to include a majority of the candidates on each slate of candidates recommended by the Corebridge Board of Directors to Corebridge’s stockholders in connection with a meeting of stockholders. On June 10, 2024, AIG Parent announced that it has met the requirements for the deconsolidation for accounting purposes of Corebridge.

These Condensed Consolidated Financial Statements include the results of Corebridge Parent, its controlled subsidiaries (generally through a greater than 50% ownership of voting rights and voting interests) and variable interest entities (“VIEs”) of which we are the primary beneficiary. Equity investments in entities that we do not consolidate, including corporate entities in which we have significant influence and partnership and partnership-like entities in which we have more than minor influence over the operating and financial policies, are accounted for under the equity method unless we have elected the fair value option.

The accompanying Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States (‘‘GAAP’’). All material intercompany accounts and transactions between consolidated entities have been eliminated.

The Company has recorded affiliated transactions with certain AIG subsidiaries that are not subsidiaries of Corebridge which have not been eliminated in the Condensed Consolidated Financial Statements of the Company. The accompanying Condensed Consolidated Financial Statements reflect all normal recurring adjustments, including eliminations of material intercompany accounts and transactions, necessary in the opinion of management for a fair statement of our financial position, results of operations and cash flows for the periods presented.

SALE OF BUSINESSES

AIG Life Limited (“AIG Life U.K.”)

On April 8, 2024, Corebridge completed the sale of AIG Life Limited (“AIG Life U.K.”) to Aviva plc (“Aviva”) and received gross proceeds of £ 453 million ($ 569 million) resulting in a pre-tax gain of $ 246 million for the six months ended June 30, 2024.

Laya Healthcare Ltd. (“Laya”)

On October 31, 2023 Corebridge completed the sale of Laya to AXA and received gross proceeds of € 691 million ($ 731 million) resulting in a pre-tax gain of $ 652 million for the year ended December 31, 2023.

Held-For-Sale Classification

Assets classified as held-for-sale are segregated and reported in Assets held-for-sale in our Condensed Consolidated Balance Sheets beginning in the period in which the assets are classified as held-for-sale. At June 30, 2024, we recorded Assets held-for-sale, primarily consisting of real estate, of $ 113 million. At December 31, 2023, we recorded Assets held-for-sale and Liabilities held-for-sale, primarily consisting of AIG Life U.K. and real estate, of $ 2.2 billion and $ 1.7 billion, respectively.

USE OF ESTIMATES

The preparation of financial statements in accordance with GAAP requires the application of accounting policies that often involve a significant degree of judgment. Accounting policies that we believe are most dependent on the application of estimates and assumptions are considered our critical accounting estimates and are related to the determination of:

• fair value measurements of certain financial assets and liabilities;

• valuation of market risk benefits (“MRBs”) related to guaranteed benefit features of variable annuity, fixed annuity and fixed index annuity products; valuation of embedded derivative liabilities for fixed index annuity and index universal life products;

• valuation of future policy benefit liabilities and recognition of remeasurement gains and losses;

• reinsurance assets, including the allowance for credit losses;

• goodwill impairment;

• allowance for credit losses primarily on loans and available-for-sale fixed maturity securities; and

• income tax assets and liabilities, including recoverability of our net deferred tax asset and the predictability of future tax operating profitability of the character necessary to realize the net deferred tax asset.

These accounting estimates require the use of assumptions about matters, some of which are highly uncertain at the time of estimation. To the extent actual experience differs from the assumptions used, our consolidated financial condition, results of operations and cash flows could be materially affected.

Out-of-period adjustment

In the first quarter of 2024, the Company recorded a $ 67 million out-of-period adjustment, which increased earnings, primarily related to the correction of net investment income for certain securities. The Company evaluated the impact of the error and out-of-period adjustment and concluded it was not material to any previously issued interim or annual consolidated financial statements and the adjustment is not expected to be material to the year ending December 31, 2024.

2. Summary of Significant Accounting Policies

ACCOUNTING STANDARDS ADOPTED DURING 2024

Changes to GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of accounting standards updates (“ASU”) to the FASB Accounting Standards Codification. The Company considers the applicability and impact of all ASUs.

Fair Value Measurement

On June 30, 2022, the FASB issued an ASU to address diversity in practice by clarifying that a contractual sale restriction should not be considered in the measurement of the fair value of an equity security. It also requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. The Company adopted the standard on January 1, 2024, prospectively for entities other than investment companies. The adoption of the standard did not have a material impact to our consolidated financial statements.

FUTURE APPLICATION OF ACCOUNTING STANDARDS

Income Taxes

In December 2023, the FASB issued an ASU to address improvements to income tax disclosures. The standard requires disaggregated information about a company’s effective tax rate reconciliation as well as information on income taxes paid. The standard is effective for public companies for annual periods beginning after December 15, 2024, with early adoption permitted. The standard will be applied on a prospective basis with the option to apply the standard retrospectively. We are assessing the impact of this standard.

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Segment Reporting

In November 2023, the FASB issued an ASU to address improvements to reportable segment disclosures. The standard primarily requires the following disclosure on an annual and interim basis: i) significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss, and ii) other segment items and description of its composition. The standard also requires current annual disclosures about a reportable segment’s profits or losses and assets to be disclosed in interim periods and the title and position of the CODM with an explanation of how the CODM uses the reported measure(s) of segment profits or losses in assessing segment performance. The guidance is effective for public companies for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The ASU is applied retrospectively to all prior periods presented. We are assessing the impact of this standard.

We report our results of operations consistent with the manner in which our chief operating decision maker reviews the business to assess performance and allocate resources.

We report our results of operations as five reportable segments:

• Individual Retirement – consists of fixed annuities, fixed index annuities and variable annuities.

• Group Retirement – consists of recordkeeping, plan administrative and compliance services, financial planning and advisory solutions offered in-plan, along with proprietary and limited non-proprietary annuities, advisory and brokerage products offered out-of-plan.

• Life Insurance – primary products in the United States include term life and universal life insurance. The International Life business issued individual and group life insurance in the United Kingdom and distributed private medical insurance in Ireland. On October 31, 2023 Corebridge completed the sale of Laya and on April 8, 2024 completed the sale of AIG Life U.K.

• Institutional Markets – consists of stable value wrap (“SVW”) products, structured settlement and pension risk transfer (“PRT”) annuities, guaranteed investment contracts (“GICs”) and Corporate Markets products that include corporate- and bank-owned life insurance (“COLI-BOLI”), private placement variable universal life and private placement variable annuity products.

• Corporate and Other – consists primarily of:

– corporate expenses not attributable to our other segments;

– interest expense on financial debt;

– results of our consolidated investment entities;

– institutional asset management business, which includes managing assets for non-consolidated affiliates; and

– results of our legacy insurance lines ceded to Fortitude Re.

We evaluate segment performance based on adjusted revenues and adjusted pre-tax operating income (loss) (“APTOI”). Adjusted revenues are derived by excluding certain items from total revenues. APTOI is derived by excluding certain items from income from operations before income tax. These items generally fall into one or more of the following broad categories: legacy matters having no relevance to our current businesses or operating performance; adjustments to enhance transparency to the underlying economics of transactions; and adjustments that we believe to be common to the industry. Legal entities are attributed to each segment based upon the predominance of activity in that legal entity.

APTOI excludes the impact of the following items:

Fortitude Re related adjustments:

The modified coinsurance (“modco”) reinsurance agreements with Fortitude Re transfer the economics of the invested assets supporting the reinsurance agreements to Fortitude Re. Accordingly, the net investment income on Fortitude Re funds withheld assets and the net realized gains (losses) on Fortitude Re funds withheld assets are excluded from APTOI. Similarly, changes in the Fortitude Re funds withheld embedded derivative are also excluded from APTOI.

The ongoing results associated with the reinsurance agreement with Fortitude Re have been excluded from APTOI as these are not indicative of our ongoing business operations.

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Investment-related adjustments:

APTOI excludes “Net realized gains (losses)”, except for gains (losses) related to the disposition of real estate investments. Net realized gains (losses), except for gains (losses) related to the disposition of real estate investments, are excluded as the timing of sales on invested assets or changes in allowances depend largely on market credit cycles and can vary considerably across periods. In addition, changes in interest rates may create opportunistic scenarios to buy or sell invested assets. Our derivative results, including those used to economically hedge insurance liabilities or are recognized as embedded derivatives at fair value are also included in Net realized gains (losses) and are similarly excluded from APTOI except earned income (periodic settlements and changes in settlement accruals) on derivative instruments used for non-qualifying (economic) hedges or for asset replication. Earned income on such economic hedges is reclassified from Net realized gains and losses to specific APTOI line items based on the economic risk being hedged (e.g., Net investment income and Interest credited to policyholder account balances).

Market Risk Benefits adjustments:

Certain of our variable annuity, fixed annuity and fixed index annuity contracts contain guaranteed minimum withdrawal benefits (“GMWBs”) and/or guaranteed minimum death benefits (“GMDBs”) which are accounted for as MRBs. Changes in the fair value of these MRBs (excluding changes related to our own credit risk), including certain rider fees attributed to the MRBs, along with changes in the fair value of derivatives used to hedge MRBs are recorded through “Change in the fair value of MRBs, net” and are excluded from APTOI.

Changes in the fair value of securities used to economically hedge MRBs are excluded from APTOI.

Other adjustments:

Other adjustments represent all other adjustments that are excluded from APTOI and includes the net pre-tax operating income (losses) from noncontrolling interests related to consolidated investment entities. The excluded adjustments include, as applicable:

• restructuring and other costs related to initiatives designed to reduce operating expenses, improve efficiency and simplify our organization;

• non-recurring costs associated with the implementation of non-ordinary course legal or regulatory changes or changes to accounting principles;

• separation costs;

• non-operating litigation reserves and settlements;

• loss (gain) on extinguishment of debt, if any;

• losses from the impairment of goodwill, if any; and

• income and loss from divested or run-off business, if any.

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The following table presents Corebridge’s operations by segment:

(in millions)			Individual Retirement			Group Retirement			Life Insurance			Institutional Markets			Corporate & Other			Eliminations			Total Corebridge			Adjustments			Total Consolidated
Three Months Ended June 30, 2024
Premiums			$	30		$	—		$	331		$	167		$	19		$	—		$	547		$	—		$	547
Policy fees			200			108			366			47			—			—			721			—			721
Net investment income (a)			1,405			487			322			489			18			( 5 )			2,716			272			2,988
Net realized gains (losses) (a)(b)			—			—			—			—			( 9 )			—			( 9 )			( 738 )			( 747 )
Advisory fee and other income			108			83			1			1			8			—			201			—			201
Total adjusted revenues			1,743			678			1,020			704			36			( 5 )			4,176			( 466 )			3,710
Policyholder benefits			33			( 2 )			627			394			—			—			1,052			( 3 )			1,049
Change in the fair value of market risk benefits, net			—			—			—			—			—			—			—			25			25
Interest credited to policyholder account balances			695			300			84			187			—			—			1,266			8			1,274
Amortization of deferred policy acquisition costs			152			21			84			3			—			—			260			—			260
Non-deferrable insurance commissions			94			30			16			5			1			—			146			—			146
Advisory fee expenses			38			32			1			—			—			—			71			—			71
General operating expenses			110			102			113			19			75			—			419			113			532
Interest expense			—			—			—			—			132			( 5 )			127			11			138
Net (gain) on divestitures			—			—			—			—			—			—			—			( 241 )			( 241 )
Total benefits and expenses			1,122			483			925			608			208			( 5 )			3,341			( 87 )			3,254
Noncontrolling interests			—			—			—			—			24			—			24
Adjusted pre-tax operating income (loss)			$	621		$	195		$	95		$	96		$	( 148 )		$	—		$	859
Adjustments to:
Total revenue																					( 466 )
Total expenses																					( 87 )
Noncontrolling interests																					( 24 )
Income before income tax expense (benefit)																					$	456					$	456
Three Months Ended June 30, 2023
Premiums			$	66		$	4		$	443		$	1,911		$	20		$	—		$	2,444		$	( 1 )		$	2,443
Policy fees			172			102			371			49			—			—			694			—			694
Net investment income (loss) (a)			1,224			504			327			407			19			( 1 )			2,480			234			2,714
Net realized gains (losses) (a)(b)			—			—			—			—			1			—			1			( 321 )			( 320 )
Advisory fee and other income			108			76			26			—			16			—			226			—			226
Total adjusted revenues			1,570			686			1,167			2,367			56			( 1 )			5,845			( 88 )			5,757
Policyholder benefits			71			6			721			2,081			( 3 )			—			2,876			—			2,876
Change in the fair value of market risk benefits, net			—			—			—			—			—			—			—			( 262 )			( 262 )
Interest credited to policyholder account balances			553			294			85			133			—			—			1,065			13			1,078
Amortization of deferred policy acquisition costs			138			20			98			2			—			—			258			—			258
Non-deferrable insurance commissions			94			33			21			4			1			—			153			—			153
Advisory fee expenses			36			29			( 1 )			—			—			—			64			—			64
General operating expenses			104			107			167			21			85			—			484			120			604
Interest expense			—			—			—			—			129			—			129			5			134
Net (gain) on divestitures			—			—			—			—			—			—			—			( 59 )			( 59 )
Total benefits and expenses			996			489			1,091			2,241			212			—			5,029			( 183 )			4,846
Noncontrolling interests			—			—			—			—			20			—			20
Adjusted pre-tax operating income (loss)			$	574		$	197		$	76		$	126		$	( 136 )		$	( 1 )		$	836
Adjustments to:
Total revenue																					( 88 )
Total expenses																					( 183 )
Noncontrolling interests																					( 20 )
Income before income tax expense (benefit)																					$	911					$	911

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(in millions)			Individual Retirement			Group Retirement			Life Insurance			Institutional Markets			Corporate & Other			Eliminations			Total Corebridge			Adjustments			Total Consolidated
Six Months Ended June 30, 2024
Premiums			$	71		$	5		$	765		$	1,963		$	38		$	—		$	2,842		$	—		$	2,842
Policy fees			391			215			734			95			—			—			1,435			—			1,435
Net investment income (a)			2,744			982			648			976			8			( 13 )			5,345			567			5,912
Net realized gains (losses) (a)(b)			—			—			—			—			( 17 )			—			( 17 )			( 1,050 )			( 1,067 )
Advisory fee and other income			224			166			1			2			31			—			424			—			424
Total adjusted revenues			3,430			1,368			2,148			3,036			60			( 13 )			10,029			( 483 )			9,546
Policyholder benefits			69			1			1,375			2,417			—			—			3,862			( 6 )			3,856
Change in the fair value of market risk benefits, net			—			—			—			—			—			—			—			( 344 )			( 344 )
Interest credited to policyholder account balances			1,334			598			167			356			—			—			2,455			18			2,473
Amortization of deferred policy acquisition costs			301			42			178			6			—			—			527			—			527
Non-deferrable insurance commissions			184			59			35			10			1			—			289			—			289
Advisory fee expenses			73			65			1			—			—			—			139			—			139
General operating expenses			226			208			243			39			161			—			877			227			1,104
Interest expense			—			—			—			—			269			( 10 )			259			17			276
Net (gain) on divestitures			—			—			—			—			—			—			—			( 246 )			( 246 )
Total benefits and expenses			2,187			973			1,999			2,828			431			( 10 )			8,408			( 334 )			8,074
Noncontrolling interests			—			—			—			—			75			—			75
Adjusted pre-tax operating income (loss)			$	1,243		$	395		$	149		$	208		$	( 296 )		$	( 3 )		$	1,696
Adjustments to:
Total revenue																					( 483 )
Total expenses																					( 334 )
Noncontrolling interests																					( 75 )
Income before income tax expense (benefit)																					$	1,472					$	1,472
Six Months Ended June 30, 2023
Premiums			$	144		$	10		$	868		$	3,486		$	40		$	—		$	4,548		$	—		$	4,548
Policy fees			346			202			746			98			—			—			1,392			—			1,392
Net investment income (a)			2,352			1,004			644			739			87			( 11 )			4,815			594			5,409
Net realized gains (losses) (a)(b)			—			—			—			—			5			—			5			( 1,783 )			( 1,778 )
Advisory fee and other income			211			152			55			—			30			—			448			—			448
Total adjusted revenues			3,053			1,368			2,313			4,323			162			( 11 )			11,208			( 1,189 )			10,019
Policyholder benefits			136			15			1,429			3,799			( 3 )			—			5,376			( 5 )			5,371
Change in the fair value of market risk benefits, net			—			—			—			—			—			—			—			( 66 )			( 66 )
Interest credited to policyholder account balances			1,072			585			167			256			—			—			2,080			24			2,104
Amortization of deferred policy acquisition costs			275			41			194			4			—			—			514			—			514
Non-deferrable insurance commissions			180			61			38			9			1			—			289			—			289
Advisory fee expenses			70			58			1			—			—			—			129			—			129
General operating expenses			212			225			326			44			176			—			983			203			1,186
Interest expense			—			—			—			—			301			( 10 )			291			15			306
Net (gain) on divestitures			—			—			—			—			—			—			—			( 56 )			( 56 )
Total benefits and expenses			1,945			985			2,155			4,112			475			( 10 )			9,662			115			9,777
Noncontrolling interests			—			—			—			—			14			—			14
Adjusted pre-tax operating income (loss)			$	1,108		$	383		$	158		$	211		$	( 299 )		$	( 1 )		$	1,560
Adjustments to:
Total revenue																					( 1,189 )
Total expenses																					115
Noncontrolling interests																					( 14 )
Income before income tax expense (benefit)																					$	242					$	242

(a) Adjustments include Fortitude Re activity of $ 268 million and $ 262 million for the three months ended June 30, 2024 and 2023, respectively, and $ 458 million and $( 349 ) million for the six months ended June 30, 2024 and 2023, respectively.

(b) Net realized gains (losses) includes the gains (losses) related to the disposition of real estate investments.

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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.

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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 1						Level 2						Level 3						Total						Carrying 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
Cash						637						—						—						637						637
Other assets						13						—						—						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 assets						13						—						—						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 .

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5. Investments

SECURITIES AVAILABLE-FOR-SALE

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 subdivisions						5,809						—						26						( 800 )						5,035
Non-U.S. governments						4,530						—						26						( 800 )						3,756
Corporate debt						118,159						( 57 )						890						( 17,747 )						101,245
Mortgage-backed, asset-backed and collateralized:
RMBS						16,616						( 20 )						568						( 909 )						16,255
CMBS						11,219						( 18 )						39						( 936 )						10,304
CLO						11,537						—						161						( 72 )						11,626
ABS						18,582						—						98						( 952 )						17,728
Total mortgage-backed, asset-backed and collateralized						57,954						( 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 subdivisions						6,466						—						58						( 693 )						5,831
Non-U.S. governments						4,695						( 2 )						43						( 679 )						4,057
Corporate debt						120,654						( 71 )						1,294						( 15,795 )						106,082
Mortgage-backed, asset-backed and collateralized:
RMBS						14,491						( 25 )						599						( 788 )						14,277
CMBS						11,045						( 30 )						22						( 1,056 )						9,981
CLO						11,203						—						90						( 149 )						11,144
ABS						14,956						—						63						( 1,084 )						13,935
Total mortgage-backed, asset-backed and collateralized						51,695						( 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.

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Securities Available-for-Sale in a Loss Position for Which No Allowance for Credit Loss Has Been Recorded

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 subdivisions						630						82						3,803						718						4,433						800
Non-U.S. governments						636						113						2,700						687						3,336						800
Corporate debt						16,144						2,531						66,557						15,177						82,701						17,708
RMBS						3,498						142						5,471						738						8,969						880
CMBS						1,209						50						6,472						878						7,681						928
CLO						1,442						31						1,479						41						2,921						72
ABS						3,008						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 subdivisions						1,124						110						3,676						583						4,800						693
Non-U.S. governments						470						82						2,981						592						3,451						674
Corporate debt						11,338						1,760						75,045						14,009						86,383						15,769
RMBS						2,676						174						4,855						577						7,531						751
CMBS						1,840						159						6,570						886						8,410						1,045
CLO						2,992						60						3,823						89						6,815						149
ABS						2,599						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.

At June 30, 2024, we he ld 14,489 in dividual fixed maturity securities that were in an unrealized loss position and for which no allowance for credit losses has been recorded (including 11,979 individual fixed maturity securities that were in a continuous unrealized loss position for 12 months or more). At December 31, 2023, we held 15,034 individual fixed maturity securities that were in an unrealized loss position and for which no allowance for credit losses has been recorded (including 12,787 individual fixed maturity securities that were in a continuous unrealized loss position for 12 months or more). We did not recognize the unrealized losses in earnings on these fixed maturity securities at June 30, 2024 because it was determined that such losses were due to non-credit factors. Additionally, we neither intend to sell the securities nor do we believe that it is more likely than not that we will be required to sell these securities before recovery of their amortized cost basis. For fixed maturity securities with significant declines, we performed fundamental credit analyses on a security-by-security basis, which included consideration of credit enhancements, liquidity position, expected defaults, industry and sector analysis, forecasts and available market data.

Contractual Maturities of Fixed Maturity Securities Available-for-Sale

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 years						22,942						22,280
Due after five years through ten years						23,038						21,172
Due after ten years						81,139						65,007
Mortgage-backed, asset-backed and collateralized						57,916						55,913
Total						$	188,021					$	167,320

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Actual maturities may differ from contractual maturities because certain borrowers have the right to call or prepay certain obligations with or without call or prepayment penalties.

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,
						2024												2023												2024												2023
(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 )

For the three and six months ended June 30, 2024, the aggregate fair value of available-for-sale securities sold wa s $ 2.5 billion a nd $ 5.0 billion, respectively, which resulted in Net realized gains (losses) of $( 542 ) million and $( 884 ) million, respectively. Included within the Net realized gains (losses) are $( 49 ) million and $( 71 ) million o f realized gains (losses) for the three and six months ended June 30, 2024, respectively, which relate to the Fortitude Re funds withheld assets held by Corebridge in support of Fortitude Re’s reinsurance obligations to Corebridge (Fortitude Re funds withheld assets). These Net realized gains (losses) are included in Net realized gains (losses) on Fortitude Re funds withheld assets.

For the three and six months ended June 30, 2023, the aggregate fair value of available-for-sale securities sold was $ 3.0 billion and $ 5.7 billion, respectively, which resulted in Net realized gains (losses) of $( 241 ) million and $( 334 ) million, respectively. Included within the Net realized gains (losses) are $( 46 ) million and $( 63 ) million of Net realized gains (losses) for the three and six months ended June 30, 2023, respectively, which relate to the Fortitude Re funds withheld assets held by Corebridge in support of Fortitude Re’s reinsurance obligations to Corebridge (Fortitude Re funds withheld assets). These Net realized gains (losses) are included in Net realized gains (losses) on Fortitude Re funds withheld assets.

OTHER SECURITIES MEASURED 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, 2024												December 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. governments						27						1						13						—
Corporate debt						2,833						55						2,653						57
Mortgage-backed, asset-backed and collateralized:
RMBS						163						3						170						4
CMBS						238						5						228						5
CLO						464						9						423						9
ABS						1,279						25						1,051						23
Total mortgage-backed, asset-backed and collateralized						2,144						42						1,872						41
Total fixed maturity securities						5,043						99						4,578						99
Equity securities						73						1						63						1
Total						$	5,116					100		%				$	4,641					100		%

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OTHER INVESTED ASSETS

The following table summarizes the carrying amounts of other invested assets:

(in millions)						June 30, 2024						December 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.

Other Invested Assets – Equity Method Investments

The carrying amount of equity method investments totaled $ 2.7 billion and $ 2.9 billion as of June 30, 2024 and December 31, 2023, respectively, representing various ownership percentages each period.

NET INVESTMENT INCOME

The following table presents the components of Net investment income:

						2024																		2023
(in millions)						Excluding Fortitude Re Funds Withheld Assets						Fortitude Re Funds Withheld Assets						Total						Excluding 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 securities						13						78						91						8						6						14
Equity securities						( 7 )						—						( 7 )						3						—						3
Interest on mortgage and other loans						592						48						640						564						49						613
Alternative investments*						52						26						78						80						13						93
Real estate						10						( 1 )						9						15						—						15
Other investments						15						—						15						8						—						8
Total investment income						2,849						334						3,183						2,583						276						2,859
Investment expenses						186						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 securities						3						—						3						32						—						32
Interest on mortgage and other loans						1,172						96						1,268						1,076						99						1,175
Alternative investments*						—						59						59						79						44						123
Real estate						22						( 8 )						14						19						—						19
Other investments						27						—						27						11						—						11
Total investment income						5,608						674						6,282						5,036						679						5,715
Investment expenses						353						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.

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NET REALIZED GAINS AND LOSSES

The following table presents the components of Net realized gains (losses):

						2024																		2023
(in millions)						Excluding Fortitude Re Funds Withheld Assets						Fortitude Re Funds Withheld Assets						Total						Excluding 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 hedges						55						( 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 investments						11						( 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 hedges						101						—						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 investments						31						( 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.

CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF 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)						2024						2023						2024						2023
Increase (decrease) in unrealized appreciation (depreciation) of investments:
Fixed maturity securities						$	( 1,222 )					$	( 1,783 )					$	( 2,309 )					$	2,236
Other investments						3						11						3						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.

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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:

						2024																		2023
(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

EVALUATING INVESTMENTS FOR AN ALLOWANCE FOR CREDIT LOSSES AND IMPAIRMENTS

Credit Impairments

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:

						2024																		2023
(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

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Purchased Credit Deteriorated Securities

We purchase certain RMBS securities that have experienced more-than-insignificant deterioration in credit quality since origination. These are referred to as purchased credit deteriorated assets. At the time of purchase an allowance is recognized for these purchased credit deteriorated assets by adding it to the purchase price to arrive at the initial amortized cost. There is no credit loss expense recognized upon acquisition of a purchased credit deteriorated asset. When determining the initial allowance for credit losses, management considers the historical performance of underlying assets and available market information as well as bond-specific structural considerations, such as credit enhancement and the priority of payment structure of the security. In addition, the process of estimating future cash flows includes, but is not limited to, the following critical inputs:

• current delinquency rates;

• expected default rates and the timing of such defaults;

• loss severity and the timing of any recovery; and

• expected prepayment speeds.

Subsequent to the acquisition date, the purchased credit deteriorated assets follow the same accounting as other structured securities that are not of high credit quality.

We did not purchase securities with more-than-insignificant credit deterioration since their origination during the six months ended June 30, 2024 and 2023.

PLEDGED INVESTMENTS

Secured Financing and Similar Arrangements

We enter into secured financing transactions whereby certain securities are sold under agreements to repurchase (repurchase agreements), in which we transfer securities in exchange for cash, with an agreement by us to repurchase the same or substantially similar securities. Our secured financing transactions also include those that involve the transfer of securities to financial institutions in exchange for cash (securities lending agreements). In all of these secured financing transactions, the securities transferred by us (pledged collateral) may be sold or repledged by the counterparties. These agreements are recorded at their contracted amounts plus accrued interest, other than those that are accounted for at fair value.

Pledged collateral levels are monitored daily and are generally maintained at an agreed-upon percentage of the fair value of the amounts borrowed during the life of the transactions. In the event of a decline in the fair value of the pledged collateral under these secured financing transactions, we may be required to transfer cash or additional securities as pledged collateral under these agreements. At the termination of the transactions, we and our counterparties are obligated to return the amounts borrowed and the securities transferred, respectively.

The following table presents the fair value of securities pledged to counterparties under secured financing transactions, including repurchase agreements:

(in millions)						June 30, 2024						December 31, 2023
Fixed maturity securities available-for-sale						$	1,590					$	2,655

At June 30, 2024 and December 31, 2023, amounts borrowed under repurchase agreements tot aled $ 1.6 billion and $ 2.5 billion, respectively.

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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 Continuous						Up to 30 Days						31 - 90 Days						91 - 364 Days						365 Days or Greater						Total
June 30, 2024
Bonds available-for-sale:
Non-U.S. governments						$	—					$	50					$	—					$	—					$	—					$	50
Corporate debt						24						1,516						—						—						—						1,540
Total						$	24					$	1,566					$	—					$	—					$	—					$	1,590
December 31, 2023
Bonds available-for-sale:
Non-U.S. governments						$	—					$	209					$	—					$	—					$	—					$	209
Corporate debt						38						2,408						—						—						—						2,446
Total						$	38					$	2,617					$	—					$	—					$	—					$	2,655

There we re no sec urities lending agreements at June 30, 2024 and December 31, 2023.

There w ere no r everse repurchase agreements at June 30, 2024 and December 31, 2023.

We do not currently offset any secured financing transactions. All such transactions are collateralized and margined daily consistent with market standards and subject to enforceable master netting arrangements with rights of set off.

Insurance – Statutory and Other Deposits

The total carrying value of cash and securities deposited by our insurance subsidiaries under requirements of regulatory authorities or other insurance-related arrangements, including certain annuity-related obligations and certain reinsurance treaties, was $ 9.8 billion and $ 8.1 billion at June 30, 2024 and December 31, 2023, respectively.

Other Pledges and Restrictions

Certain of our subsidiaries are members of Federal Home Loan Banks (“FHLB”) and such membership requires the members to own stock in these FHLBs. We owned an aggregate of $ 273 million and $ 268 million of stock in FHLBs at June 30, 2024 and December 31, 2023, respectively. In addition, our subsidiaries have pledged securities available-for-sale and residential loans associated with borrowings and funding agreements from FHLBs, with a fair value of $ 4.3 billion and $ 3.0 billion, respectively, at June 30, 2024 and $ 4.8 billion and $ 3.0 billion, respectively, at December 31, 2023.

Certain GICs recorded in policyholder contract deposits with a carrying value of $ 49 million and $ 53 million at June 30, 2024 and December 31, 2023, respectively, have provisions that require collateral to be posted or payments to be made by us upon a downgrade of our Insurer Financial Strength (“IFS”) ratings. The actual amount of collateral required to be posted to the counterparties in the event of such downgrades and the aggregate amount of payments that we could be required to make depend on market conditions, the fair value of outstanding affected transactions and other factors prevailing at and after the time of the downgrade. The fair value of securities pledged as collateral with respect to these obligations was approximately $ 46 million and $ 63 million at June 30, 2024 and December 31, 2023, respectively. This collateral primarily consists of securities of the U.S. government and government-sponsored entities and generally cannot be repledged or resold by the counterparties.

As part of our collateralized reinsurance transactions, we pledge collateral to cedants as contractually required. The fair value of securities pledged as excess collateral with respect to these obligations was approximately $ 577 million and $ 490 million at June 30, 2024 and December 31, 2023, respectively. Additionally, assets supporting these transactions are held solely for the benefit of the cedants and insulated from obligations owed to our other policyholders and general creditors.

Reinsurance transactions between Corebridge and Fortitude Re were structured as modco with funds withheld.

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6. Lending Activities

The following table presents the composition of Mortgage and other loans receivable, net:

(in millions)						June 30, 2024						December 31, 2023
Commercial mortgages (a)						$	34,686					$	34,172
Residential mortgages						9,670						8,445
Life insurance policy loans						1,747						1,746
Commercial loans, other loans and notes receivable (b)						3,318						3,202
Total mortgage and other loans receivable						49,421						47,565
Allowance for credit losses (c)						( 758 )						( 698 )
Mortgage and other loans receivable, net						$	48,663					$	46,867

(a) Commercial mortgages primarily represent loans for apartments, offices and retail properties, with exposures in New York and New Jersey representing the largest geographic concentrations (aggregating approximately 19 % and 11 %, respectively, at June 30, 2024, and 19 % and 10 %, respectively, at December 31, 2023). The weighted average loan-to-value ratio for NY and NJ was 63 % and 60 % at June 30, 2024, respectively, and 61 % and 58 % at December 31, 2023, respectively. The debt service coverage ratio for NY and NJ was 1.8 X and 1.8 X at June 30, 2024, respectively, and 1.9 X and 1.9 X at December 31, 2023, respectively.

(b) There were no loans that were held for sale which are carried at lower of cost or market as of June 30, 2024 and December 31, 2023.

(c) Does not include allowance for credit losses of $ 43 million and $ 58 million at June 30, 2024 and December 31, 2023, respectively, in relation to off-balance-sheet commitments to fund commercial mortgage loans, which is recorded in Other liabilities.

Interest income is not accrued when payment of contractual principal and interest is not expected. Any cash received on impaired loans is generally recorded as a reduction of the current carrying amount of the loan. Accrual of interest income is generally resumed when delinquent contractual principal and interest are repaid or when a portion of the delinquent contractual payments are made, and the ongoing required contractual payments have been made for an appropriate period. As of June 30, 2024, $ 48 million and $ 828 million of residential mortgage loans and commercial mortgage loans, respectively, were placed on nonaccrual status. As of December 31, 2023, $ 27 million and $ 419 million of residential mortgage loans and commercial mortgage loans, respectively, were placed on nonaccrual status.

Accrued interest is presented separately and is included in Accrued investment income on the Condensed Consolidated Balance Sheets. As of June 30, 2024, accrued interest receivable was $ 36 million and $ 168 million associated with residential mortgage loans and commercial mortgage loans, respectively. As of December 31, 2023, accrued interest receivable was $ 20 million and $ 162 million associated with residential mortgage loans and commercial mortgage loans, respectively.

A significant majority of commercial mortgages in the portfolio are non-recourse loans and, accordingly, the only guarantees are for specific items that are exceptions to the non-recourse provisions. It is therefore extremely rare for us to have cause to enforce the provisions of a guarantee on a commercial real estate or mortgage loan.

Nonperforming loans are generally those loans where payment of contractual principal or interest is more than 90 days past due. Nonperforming loans were not significant for all periods presented.

CREDIT QUALITY OF COMMERCIAL MORTGAGES

The following table presents debt service coverage ratios for commercial mortgages by year of vintage*:

June 30, 2024
(in millions)						2024						2023						2022						2021						2020						Prior						Total
>1.2X						$	916					$	2,160					$	6,236					$	2,127					$	1,270					$	15,711					$	28,420
1.00 - 1.20X						230						325						1,099						1,019						312						2,411						5,396
<1.00X						—						—						39						—						—						831						870
Total commercial mortgages						$	1,146					$	2,485					$	7,374					$	3,146					$	1,582					$	18,953					$	34,686
December 31, 2023
(in millions)						2023						2022						2021						2020						2019						Prior						Total
>1.2X						$	2,156					$	6,042					$	1,955					$	1,252					$	4,813					$	11,675					$	27,893
1.00 - 1.20X						291						1,077						1,320						312						156						2,334						5,490
<1.00X						—						40						—						—						—						749						789
Total commercial mortgages						$	2,447					$	7,159					$	3,275					$	1,564					$	4,969					$	14,758					$	34,172

* The debt service coverage ratio compares a property’s net operating income to its debt service payments, including principal and interest. Our weighted average debt service coverage ratio was 1.9 X at both periods ended June 30, 2024 and December 31, 2023. The debt service coverage ratios are updated when additional relevant information becomes available.

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The following table presents loan-to-value ratios for commercial mortgages by year of vintage*:

June 30, 2024
(in millions)						2024						2023						2022						2021						2020						Prior						Total
Less than 65%						$	1,075					$	2,099					$	4,878					$	2,285					$	1,140					$	12,132					$	23,609
65% to 75%						71						386						1,915						642						285						4,357						7,656
76% to 80%						—						—						—						47						—						724						771
Greater than 80%						—						—						581						172						157						1,740						2,650
Total commercial mortgages						$	1,146					$	2,485					$	7,374					$	3,146					$	1,582					$	18,953					$	34,686
December 31, 2023
(in millions)						2023						2022						2021						2020						2019						Prior						Total
Less than 65%						$	2,088					$	4,470					$	2,249					$	1,126					$	2,676					$	10,186					$	22,795
65% to 75%						280						1,748						658						287						1,916						2,853						7,742
76% to 80%						—						343						89						—						377						340						1,149
Greater than 80%						79						598						279						151						—						1,379						2,486
Total commercial mortgages						$	2,447					$	7,159					$	3,275					$	1,564					$	4,969					$	14,758					$	34,172

* The loan-to-value ratio compares the current unpaid principal balance of the loan to the estimated fair value of the underlying property collateralizing the loan. Our weighted average loan-to-value ratio was 60 % at June 30, 2024 and 59 % at December 31, 2023. The loan-to-value ratios have been updated within the last three months to reflect the current carrying values of the loans. We update the valuations of collateral properties by obtaining independent appraisals, generally at least once per year.

The following table presents the credit quality performance indicators for commercial mortgages:

(dollars in millions)						Number of Loans						Class																																										Percent of Total
												Apartments						Offices						Retail						Industrial						Hotel						Others						Total
June 30, 2024
Credit Quality Performance Indicator:
In good standing						588						$	14,114					$	8,299					$	3,723					$	5,963					$	1,785					$	431					$	34,315					99 %
90 days or less delinquent						1						—						112						—						—						—						—						112						— %
>90 days delinquent or in process of foreclosure (a)						3						—						79						180						—						—						—						259						1 %
Total (b)						592						$	14,114					$	8,490					$	3,903					$	5,963					$	1,785					$	431					$	34,686					100 %
Allowance for credit losses												$	68					$	383					$	96					$	71					$	31					$	5					$	654					2		%
December 31, 2023
Credit Quality Performance Indicator:
In good standing						600						$	13,861					$	8,468					$	3,787					$	5,908					$	1,805					$	325					$	34,154					100 %
90 days or less delinquent						1						—						18						—						—						—						—						18						— %
>90 days delinquent or in process of foreclosure						—						—						—						—						—						—						—						—						— %
Total (b)						601						$	13,861					$	8,486					$	3,787					$	5,908					$	1,805					$	325					$	34,172					100 %
Allowance for credit losses												$	85					$	340					$	74					$	83					$	27					$	5					$	614					2		%

(a) Includes $ 61 million of Offices loans and $ 20 million of Retail loans supporting the Fortitude Re Funds Withheld arrangements, greater than 90 days delinquent or in process of foreclosure, at June 30, 2024

(b) Does not reflect allowance for credit losses.

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The following table presents credit quality performance indicators for residential mortgages by year of vintage:

June 30, 2024
(in millions)						2024						2023						2022						2021						2020						Prior						Total
FICO*:
780 and greater						$	120					$	624					$	663					$	2,276					$	633					$	819					$	5,135
720 - 779						399						1,092						579						563						151						370						3,154
660 - 719						147						354						240						144						41						217						1,143
600 - 659						—						12						37						23						11						83						166
Less than 600						—						2						21						11						4						34						72
Total residential mortgages						$	666					$	2,084					$	1,540					$	3,017					$	840					$	1,523					$	9,670
December 31, 2023
(in millions)						2023						2022						2021						2020						2019						Prior						Total
FICO*:
780 and greater						$	514					$	528					$	2,280					$	619					$	239					$	497					$	4,677
720 - 779						1,121						608						558						168						99						209						2,763
660 - 719						313						256						113						40						37						120						879
600 - 659						2						20						11						8						9						51						101
Less than 600						—						—						2						2						4						17						25
Total residential mortgages						$	1,950					$	1,412					$	2,964					$	837					$	388					$	894					$	8,445

* Fair Isaac Corporation (“FICO”) is the credit quality indicator used to evaluate consumer credit risk for residential mortgage loan borrowers and have been updated within the last twelve months. FICO scores for residential mortgage investor loans to corporate entities are those of the guarantor at time of purchase. On June 30, 2024 and December 31, 2023 residential loans direct to consumers totaled $ 7.1 billion and $ 6.7 billion, respectively.

ALLOWANCE FOR CREDIT LOSSES

The following table presents a rollforward of the changes in the allowance for credit losses on Mortgage and other loans receivable*:

						2024																		2023
(in millions)						Commercial Mortgages						Other Loans						Total						Commercial Mortgages						Other Loans						Total
Three Months Ended June 30,
Allowance, beginning of period						$	634					$	80					$	714					$	586					$	73					$	659
Loans charged off						—						—						—						( 4 )						—						( 4 )
Net charge-offs						—						—						—						( 4 )						—						( 4 )
Addition to (release of) allowance for loan losses						20						24						44						39						( 5 )						34
Allowance, end of period						$	654					$	104					$	758					$	621					$	68					$	689
Six Months Ended June 30,
Allowance, beginning of period						$	614					$	84					$	698					$	531					$	69					$	600
Loans charged off						—						( 6 )						( 6 )						( 4 )						—						( 4 )
Net charge-offs						—						( 6 )						( 6 )						( 4 )						—						( 4 )
Addition to (release of) allowance for loan losses						40						26						66						94						( 1 )						93
Allowance, end of period						$	654					$	104					$	758					$	621					$	68					$	689

* Does not include allowance for credit losses of $ 43 million and $ 74 million, respectively, at June 30, 2024 and 2023 in relation to the off-balance-sheet commitments to fund commercial mortgage loans, which is recorded in Other liabilities in the Condensed Consolidated Balance Sheets.

Our expectations and models used to estimate the allowance for losses on commercial and residential mortgage loans are regularly updated to reflect the current economic environment.

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LOAN MODIFICATIONS

The allowance for credit losses incorporates an estimate of lifetime expected credit losses and is recorded on each asset upon asset origination or acquisition. The starting point for the estimate of the allowance for credit losses is historical loss information, which includes losses from modifications of receivables to borrowers experiencing financial difficulty. We use a probability of default/loss given default model to determine the allowance for credit losses for our commercial and residential mortgage loans. An assessment of whether a borrower is experiencing financial difficulty is made on the date of a modification.

Because the effect of most modifications made to borrowers experiencing financial difficulty is already included in the allowance for credit losses utilizing the measurement methodologies used to estimate the allowance, a change to the allowance for credit losses is generally not recorded upon modification.

When modifications are executed, they often will be in the form of principal forgiveness, term extensions, interest rate reductions, or some combination of any of these concessions. When principal is forgiven, the amortized cost basis of the asset is written off against the allowance for credit losses. The amount of the principal forgiveness is deemed to be uncollectible; therefore, that portion of the loan is written off, resulting in a reduction of the amortized cost basis and a corresponding adjustment to the allowance for credit losses.

We assess whether a borrower is experiencing financial difficulty based on a variety of factors, including the borrower’s current default on any of its outstanding debt, the probability of a default on any of its debt in the foreseeable future without the modification, the insufficiency of the borrower’s forecasted cash flows to service any of its outstanding debt (including both principal and interest), and the borrower’s inability to access alternative third party financing at an interest rate that would be reflective of current market conditions for a non-troubled debtor.

During the six months ended June 30, 2024, commercial mortgage loans with an amortized cost of $ 11 million supporting the funds withheld arrangements with Fortitude Re and commercial loans, other loans and notes receivable with an amortized cost of $ 168 million (none of which were supporting the funds withheld arrangements with Fortitude Re, and $ 168 million of which is related to the loans previously modified in 2023) were granted term extensions. The modified loans represent less than 1 % and 6 %, respectively, of these portfolio segments. These modifications added less than one year to the weighted average life of loans in each of these two portfolio segments.

There were no loans that defaulted during the six months ended June 30, 2024 and 2023, that had been previously modified with borrowers experiencing financial difficulties.

Corebridge closely monitors the performance of the loans modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. All loans with borrowers with financial difficulty that have been modified in the previous 12 months are current and performing in conjunction with its modified terms.

In the ordinary course of business, our insurance companies may use ceded reinsurance to limit potential losses, provide additional capacity for growth, minimize exposure to significant risks or to provide greater diversification of our businesses. We may also use assumed reinsurance to diversify our business. Our reinsurance is principally under yearly renewable term (“YRT”) treaties, along with a large modco treaty reinsuring the majority of our legacy business to Fortitude Re. Reinsurance premiums ceded are recognized when due, along with corresponding benefits. Amounts recoverable from reinsurers are presented as a component of Reinsurance assets.

Reinsurance assets include the balances due from reinsurance and insurance companies under the terms of our reinsurance agreements for ceded future policy benefits for life and accident and health insurance contracts and benefits paid and unpaid. We remain liable to the extent that our reinsurers do not meet their obligations under the reinsurance contracts, and as such, we regularly evaluate the financial condition of our reinsurers and monitor concentration of our credit risk. The estimation of the allowance for credit losses and disputes requires judgment for which key inputs typically include historical trends regarding uncollectible balances, disputes and credit events as well as specific reviews of balances in dispute or subject to credit impairment. Changes in the allowance for credit losses and disputes on reinsurance assets are reflected in policyholder benefits within the Consolidated Statements of Income (Loss).

Reinsurance recoverables are recognized in a manner consistent with the liabilities relating to the underlying reinsured contracts.

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FORTITUDE RE

AGL, VALIC and USL, have modco agreements with Fortitude Re, a registered Class 4 and Class E reinsurer in Bermuda.

In the modco, the investments supporting the reinsurance agreements, which consist mostly of available-for-sale securities, and which reflect the majority of the consideration that would be paid to the reinsurer for entering into the transaction, are withheld by, and therefore continue to reside on the balance sheet of, the ceding company (i.e., Corebridge), thereby creating an obligation for the ceding company to pay the reinsurer (i.e., Fortitude Re) at a later date. Additionally, as Corebridge maintains ownership of these investments, Corebridge will maintain its existing accounting for these assets (e.g., the changes in fair value of available-for-sale securities will be recognized within OCI). Corebridge has established a funds withheld payable to Fortitude Re while simultaneously establishing a reinsurance asset representing liabilities for the insurance coverage that Fortitude Re has assumed. The funds withheld payable contains an embedded derivative and changes in fair value of the embedded derivative related to the funds withheld payable are recognized in earnings through realized gains (losses). This embedded derivative is considered a total return swap with contractual returns that are attributable to various assets and liabilities associated with these reinsurance agreements.

There is a diverse pool of assets supporting the funds withheld arrangements with Fortitude Re. The following summarizes the composition of the pool of assets:

						June 30, 2024												December 31, 2023
(in millions)						Carrying Value						Fair Value						Carrying Value						Fair Value						Corresponding Accounting Policy
Fixed maturity securities - available-for-sale						$	13,896					$	13,896					$	15,204					$	15,204					Fair value through other comprehensive income
Fixed maturity securities - fair value option						4,680						4,680						4,212						4,212						Fair value through net investment income
Commercial mortgage loans						3,277						3,040						3,378						3,157						Amortized cost
Real estate investments						171						286						184						329						Amortized cost
Private equity funds/hedge funds						1,892						1,892						1,910						1,910						Fair value through net investment income
Policy loans						323						323						330						330						Amortized cost
Short-term Investments						217						217						129						129						Fair value through net investment income
Funds withheld investment assets						24,456						24,334						25,347						25,271
Derivative assets, net (a)						1						1						45						45						Fair value through realized gains (losses)
Other (b)						605						605						641						641						Amortized cost
Total						$	25,062					$	24,940					$	26,033					$	25,957

(a) The derivative assets and liabilities have been presented net of cash collateral. The derivative assets and liabilities supporting the Fortitude Re funds withheld arrangements had a fair market value of $ 2 million and $ 11 million, respectively, as of June 30, 2024. The derivative assets and liabilities supporting the Fortitude Re funds withheld arrangements had a fair market value of $ 62 million and $ 6 million, respectively, as of December 31, 2023. These derivative assets and liabilities are fully collateralized either by cash or securities.

(b) Primarily comprised of Cash and Accrued investment income.

The impact of the funds withheld arrangements with Fortitude Re was as follows:

						Three Months Ended June 30,												Six Months Ended June 30,
(in millions)						2024						2023						2024						2023
Net investment income - Fortitude Re funds withheld assets						$	325					$	270					$	657					$	664
Net realized losses on Fortitude Re funds withheld assets:
Net realized losses Fortitude Re funds withheld assets						( 93 )						( 130 )						( 257 )						( 110 )
Net realized gains (losses) Fortitude Re funds withheld embedded derivatives						36						122						58						( 903 )
Net realized losses on Fortitude Re funds withheld assets						( 57 )						( 8 )						( 199 )						( 1,013 )
Income (loss) before income tax expense (benefit)						268						262						458						( 349 )
Income tax expense (benefit)*						56						55						96						( 73 )
Net income (loss)						212						207						362						( 276 )
Change in unrealized appreciation (depreciation) of the invested assets supporting the Fortitude Re modco arrangement classified as available-for-sale*						( 216 )						( 165 )						( 332 )						286
Comprehensive income (loss)						$	( 4 )					$	42					$	30					$	10

* The income tax expense (benefit) and the tax impact in OCI was computed using the U.S. statutory tax rate of 21%.

Various assets supporting the Fortitude Re funds withheld arrangements are reported at amortized cost, and as such, changes in the fair value of these assets are not reflected in the financial statements. However, changes in the fair value of these assets are included in the embedded derivative in the Fortitude Re funds withheld arrangement and the appreciation (depreciation) of the assets is the primary driver of the comprehensive income (loss) reflected above.

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REINSURANCE – CREDIT LOSSES

The estimation of reinsurance recoverables involves a significant amount of judgment. Reinsurance assets include reinsurance recoverables on future policy benefits and policyholder contract deposits that are estimated as part of our insurance liability valuation process and, consequently, are subject to similar judgments and uncertainties as the estimation of gross benefit liabilities.

We assess the collectability of reinsurance recoverable balances in each reporting period, through either historical trends of disputes and credit events or financial analysis of the credit quality of the reinsurer. We record adjustments to reflect the results of these assessments through an allowance for credit losses and disputes on uncollectible reinsurance that reduces the carrying amount of reinsurance and other assets on the Condensed Consolidated Balance Sheets (collectively, the reinsurance recoverable balances). This estimate requires significant judgment for which key considerations include:

• paid and unpaid amounts recoverable;

• whether the balance is in dispute or subject to legal collection;

• the relative financial health of the reinsurer as classified by the Obligor Risk Ratings (“ORRs”) we assign to each reinsurer based upon our financial reviews; insurers that are financially troubled (i.e., in run-off, have voluntarily or involuntarily been placed in receivership, are insolvent, are in the process of liquidation or otherwise subject to formal or informal regulatory restriction) are assigned ORRs that will generate a significant allowance; and

• whether collateral and collateral arrangements exist.

An estimate of the reinsurance recoverable’s lifetime expected credit losses is established utilizing a probability of default and loss given default method, which reflects the reinsurer’s ORR. The allowance for credit losses excludes disputed amounts. An allowance for disputes is established for a reinsurance recoverable using the losses incurred model for contingencies.

The total reinsurance recoverables as of June 30, 2024 were $ 27.0 billion. As of that date, utilizing Corebridge’s ORRs, (i) approximately 100 % of the reinsurance recoverables were investment grade, (ii) less than 1 % were non-investment grade reinsurance recoverables and (iii) none of the reinsurance recoverables were related to entities t hat were not rated by Corebridge.

Reinsurance Recoverable Allowance

The following table presents a rollforward of the reinsurance recoverable allowance:

						Three Months Ended June 30,												Six Months Ended June 30,
(in millions)						2024						2023						2024						2023
Balance, beginning of period						$	18					$	74					$	30					$	84
Current period provision for expected credit losses and disputes						( 6 )						( 8 )						( 8 )						( 18 )
Write-offs charged against the allowance for credit losses and disputes						—						—						( 10 )						—
Balance, end of period						$	12					$	66					$	12					$	66

There w ere no material recoveries of credit losses previously written off for th e six months ended June 30, 2024 or 2023.

Past-Due Status

We consider a reinsurance asset to be past due when it is 90 days past due and record an allowance for disputes when there is reasonable uncertainty of the collectability of a disputed amount during the reporting period. Past-due balances were not significant for any of the periods presented.

For further discussion of arbitration proceedings against us, see Note 15.

8. Variable Interest Entities

A VIE is a legal entity that does not have sufficient equity at risk to finance its activities without additional subordinated financial support or is structured such that equity investors lack the ability to make significant decisions relating to the entity’s operations through voting rights or do not substantively participate in the gains and losses of the entity. Consolidation of a VIE by its primary beneficiary is not based on majority voting interest but is based on other criteria discussed below.

We enter into various arrangements with VIEs in the normal course of business and consolidate the VIEs when we determine we are the primary beneficiary. This analysis includes a review of the VIE’s capital structure, related contractual relationships and terms, nature of the VIE’s operations and purpose, nature of the VIE’s interests issued and our involvement with the entity. When assessing the need to consolidate a VIE, we evaluate the design of the VIE as well as the related risks to which the entity was designed to expose the variable interest holders.

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The primary beneficiary is the entity that has both (i) the power to direct the activities of the VIE that most significantly affect the entity’s economic performance and (ii) the obligation to absorb losses or the right to receive benefits that could be potentially significant to the VIE. While also considering these factors, the consolidation conclusion depends on the breadth of our decision-making ability and our ability to influence activities that significantly affect the economic performance of the VIE.

BALANCE SHEET CLASSIFICATION AND EXPOSURE TO LOSS

Creditors or beneficial interest holders of VIEs for which the Company is the primary beneficiary generally have recourse only to the assets and cash flows of the VIEs and do not have recourse to the Company. 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.

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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

We calculate our maximum exposure to loss to be (i) the amount invested in the debt or equity of the VIE, (ii) the notional amount of VIE assets or liabilities where we have also provided credit protection to the VIE with the VIE as the referenced obligation and (iii) other commitments and guarantees to the VIE.

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.

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9. Derivatives and Hedge Accounting

We use derivatives and other financial instruments as part of our financial risk management programs and as part of our investment operations. Interest rate derivatives (such as interest rate futures, swaps and options), equity derivatives (such as equity futures, swaps and options) and fixed maturity securities are used to economically mitigate interest rate risk, equity risk and credit spread exposure associated with MRBs and embedded derivatives contained in insurance contract liabilities. Interest rate derivatives are used to manage interest rate risk associated with fixed maturity securities as well as other interest rate sensitive assets and liabilities. Equity derivatives are used to economically mitigate financial risk associated with embedded derivatives and MRBs in certain insurance liabilities. In addition, equity derivatives are used to economically hedge certain investments. Foreign exchange derivatives (principally foreign exchange forwards and swaps) are used to economically mitigate risk associated with foreign denominated investments, net capital exposures and foreign currency transactions. We use credit derivatives to manage our credit exposures. The derivatives are effective economic hedges of the exposures that they are meant to offset. As part of our strategy to enhance investment income, in addition to hedging activities, we also enter into derivative contracts with respect to investment operations, which may include, among other things, credit default swaps (“CDS”), total return swaps and purchases of investments with embedded derivatives, such as equity-linked notes and convertible bonds.

Interest rate, currency and equity swaps, credit contracts, swaptions, options and forward transactions are accounted for as derivatives, recorded on a trade-date basis and carried at fair value. Unrealized gains and losses are generally reflected in income, except in certain situations in which hedge accounting is applied and unrealized gains and losses are reflected in AOCI. Aggregate asset or liability positions are netted on the Condensed Consolidated Balance Sheets only to the extent permitted by qualifying master netting arrangements in place with each respective counterparty. Cash collateral posted with counterparties in conjunction with transactions supported by qualifying master netting arrangements is reported as a reduction of the corresponding net derivative liability, while cash collateral received in conjunction with transactions supported by qualifying master netting arrangements is reported as a reduction of the corresponding net derivative asset.

Derivatives, with the exception of embedded derivatives, are reported at fair value in the Condensed Consolidated Balance Sheets in Other assets and Other liabilities. Embedded derivatives are generally presented with the host contract in the Condensed Consolidated Balance Sheets. A bifurcated embedded derivative is measured at fair value and accounted for in the same manner as a freestanding derivative contract. The corresponding host contract is accounted for according to the accounting guidance applicable for that instrument.

For additional information on embedded derivatives and MRBs, see Notes 4, 13 and 14.

The following table presents the notional amounts of our derivatives and the fair value of derivative assets and liabilities in the Condensed Consolidated Balance Sheets:

						June 30, 2024																								December 31, 2023
						Gross Derivative Assets												Gross Derivative Liabilities												Gross Derivative Assets												Gross Derivative Liabilities
(in millions)						Notional Amount						Fair Value						Notional Amount						Fair Value						Notional Amount						Fair Value						Notional Amount						Fair Value
Derivatives designated as hedging instruments: (a)
Interest rate contracts						$	1,560					$	217					$	4,977					$	85					$	2,213					$	238					$	833					$	18
Foreign exchange contracts						5,607						447						1,957						55						2,918						354						4,829						164
Derivatives not designated as hedging instruments: (a)
Interest rate contracts						53,412						3,318						35,930						3,330						41,056						2,709						41,225						3,260
Foreign exchange contracts						9,509						585						5,108						280						6,260						586						7,878						399
Equity contracts						81,499						3,498						22,247						1,679						76,561						2,017						14,144						745
Credit contracts (b)						2,005						76						5						—						305						8						5						—
Other contracts (c)						43,737						13						47						—						44,640						13						47						2
Total derivatives, gross						$	197,329					$	8,154					$	70,271					$	5,429					$	173,953					$	5,925					$	68,961					$	4,588
Counterparty netting (d)												( 4,940 )												( 4,940 )												( 3,646 )												( 3,646 )
Cash collateral (e)												( 2,723 )												( 305 )												( 1,886 )												( 801 )
Total derivatives on Condensed Consolidated Balance Sheets (f)												$	491											$	184											$	393											$	141

(a) Fair value amounts are shown before the effects of counterparty netting adjustments and offsetting cash collateral.

(b) Includes written credit default swaps linked to certain actively traded indices. In the case of a credit event, the maximum future payment is limited to the constituent’s representation within the index.

(c) Consists primarily of stable value wraps and contracts with multiple underlying exposures.

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(d) Represents netting of derivative exposures covered by a qualifying master netting agreement.

(e) Represents cash collateral posted and received that is eligible for netting.

(f) Freestanding derivatives only, excludes embedded derivatives. Derivative instrument assets and liabilities are recorded in Other assets and Other liabilities, respectively. The fair value of assets related to bifurcated embedded derivatives were both zero at June 30, 2024 and December 31, 2023. The fair value of liabilities related to bifurcated embedded derivatives was $ 11.1 billion and $ 10.2 billion at June 30, 2024 and December 31, 2023, respectively. A bifurcated embedded derivative is generally presented with the host contract in the Condensed Consolidated Balance Sheets. Embedded derivatives are primarily related to guarantee features in fixed index annuities, index universal life contracts and bonds available-for-sale, which include equity and interest rate components and the funds withheld arrangement with Fortitude Re. For additional information, see Note 7.

The following table presents the gross notional amounts of our derivatives and the fair value of derivative assets and liabilities with related parties and third parties:

						June 30, 2024																								December 31, 2023
						Gross Derivative Assets												Gross Derivative Liabilities												Gross Derivative Assets												Gross Derivative Liabilities
(in millions)						Notional Amount						Fair Value						Notional Amount						Fair Value						Notional Amount						Fair Value						Notional Amount						Fair Value
Total derivatives with related parties						$	3,362					$	65					$	1					$	—					$	53,163					$	622					$	5,720					$	232
Total derivatives with third parties						193,967						8,089						70,270						5,429						120,790						5,303						63,241						4,356
Total derivatives, gross						$	197,329					$	8,154					$	70,271					$	5,429					$	173,953					$	5,925					$	68,961					$	4,588

As of June 30, 2024 and December 31, 2023, the following amounts were recorded on the Condensed Consolidated Balance Sheets related to the carrying amount of the hedged assets (liabilities) and cumulative basis adjustments included in the carrying amount for fair value hedges:

						June 30, 2024												December 31, 2023
(in millions)						Carrying Amount of the Hedged Assets (Liabilities)						Cumulative Amount of Fair Value Hedging Adjustments Included In the Carrying Amount of the Hedged Assets Liabilities						Carrying Amount of the Hedged Assets (Liabilities)						Cumulative Amount of Fair Value Hedging Adjustments Included In the Carrying Amount of the Hedged Assets Liabilities
Balance sheet line item in which hedged item is recorded:
Fixed maturities, available-for-sale, at fair value						$	6,662					$	—					$	7,412					$	—
Commercial mortgage and other loans (a)						—						( 22 )						—						( 24 )
Policyholder contract deposits (b)						( 7,422 )						43						( 4,756 )						( 31 )

(a) This relates to hedge accounting that has been discontinued, but the respective loans are still held. The cumulative adjustment is being amortized into earnings over the remaining life of the loan.

(b) This relates to fair value hedges on GICs.

COLLATERAL

We engage in derivative transactions that are not subject to a clearing requirement directly with related parties and unaffiliated third parties, in most cases under International Swaps and Derivatives Association, Inc. (“ISDA”) Master Agreements. Many of the ISDA Master Agreements also include Credit Support Annex provisions, which provide for collateral postings that may vary based on criteria such as ratings and threshold levels. We attempt to reduce our risk with certain counterparties by entering into agreements that enable collateral to be obtained from a counterparty on an up-front or contingent basis. We minimize the risk that counterparties might be unable to fulfill their contractual obligations by monitoring counterparty credit exposure and collateral value and generally requiring additional collateral to be posted upon the occurrence of certain events or circumstances.

Collateral posted by us to third parties for derivative transactions was $ 1.1 billion and $ 1.4 billion at June 30, 2024 and December 31, 2023, respectively. No collateral was posted by us to related parties for derivative transactions at June 30, 2024 and December 31, 2023, respectively. In the case of collateral posted under derivative transactions that are not subject to clearing, this collateral can generally be repledged or resold by the counterparties. Collateral provided to us from third parties for derivative transactions was $ 3.2 billion and $ 1.9 billion at June 30, 2024 and December 31, 2023, respectively. Collateral provided to us from related parties for derivative transactions was $ 66 million and $ 377 million at June 30, 2024 and December 31, 2023, respectively. In the case of collateral provided to us under derivative transactions that are not su bject to clearing, we generally can repledge or resell collateral.

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OFFSETTING

We have elected to present all derivative receivables and derivative payables, and the related cash collateral received and paid, on a net basis on our Condensed Consolidated Balance Sheets when a legally enforceable ISDA Master Agreement exists between us and our derivative counterparty. An ISDA Master Agreement is an agreement governing multiple derivative transactions between two counterparties. The ISDA Master Agreement generally provides for the net settlement of all, or a specified group, of these derivative transactions, as well as transferred collateral, through a single payment, and in a single currency, as applicable. The net settlement provisions apply in the event of a default on, or affecting any, one derivative transaction or a termination event affecting all, or a specified group of, derivative transactions governed by the ISDA Master Agreement.

HEDGE ACCOUNTING

We designated certain derivatives entered into with related parties as fair value hedges of available-for-sale securities held by our insurance subsidiaries. The fair value hedges include foreign currency forwards and cross-currency swaps designated as hedges of the change in fair value of foreign currency denominated available-for-sale securities attributable to changes in foreign exchange rates. We also designated certain interest rate swaps entered into with related parties as fair value hedges of fixed rate GICs and commercial mortgage loans attributable to changes in benchmark interest rates.

In 2022, we designated certain interest rate swaps entered into with related parties as cash flow hedges of forecasted coupon payments associated with anticipated long-term debt issuances. For the three and six months ended June 30, 2024, $ 7 million and $ 14 million, respectively, and for the three and six months ended June 30, 2023, $ 7 million and $ 14 million, respectively, have been reclassified into Interest expense. The remaining amount in AOCI, of $ 160 million, will be reclassified into Interest expense over the life of the hedging relationship, which can extend up to 30 years. We expect $ 28 million to be reclassified into Interest expense over the next 12 months. There are no amounts excluded from the assessment of hedge effectiveness that are recognized in earnings.

For additional information related to the debt issuances, see Note 17 to the Consolidated Financial Statements in the 2023 Form 10-K.

We also designated certain interest rate swaps as cash flow hedges of floating-rate investment assets. Related to such swaps, for the three and six months ended June 30, 2024, we recognized derivative gains (losses) of $ 5 million and $( 13 ) million, respectively, in AOCI and $( 4 ) million and $( 7 ) million, respectively, in net investment income. As it relates to such hedges, we do not expect any reclassifications into net investment income over the next 12 months and there are no amounts excluded from the assessment of hedge effectiveness that are recognized in earnings.

We use cross-currency swaps as hedging instruments in net investment hedge relationships to mitigate the foreign exchange risk associated with our non-U.S. dollar functional currency foreign subsidiaries. For net investment hedge relationships that use derivatives as hedging instruments, we assess hedge effectiveness and measure hedge ineffectiveness using changes in forward rates. We recognized gains (losses) for the three and six months ended June 30, 2024 of $ 1 million and $ 3 million, respectively, and for the three and six months ended June 30, 2023 of $( 1 ) million and $( 2 ) million, respectively, included in Change in foreign currency translation adjustment in OCI related to the net investment hedge relationships. T he gains (losses) recognized primarily include transactions with related parties. A qualitative methodology is utilized to assess hedge effectiveness for net investment hedges, while regression analysis is employed for all other hedges.

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The following table presents the gain (loss) recognized in earnings on our derivative instruments in fair value hedging relationships in the Condensed Consolidated Statements of Income (Loss):

						Gains/(Losses) Recognized in Earnings for:
(in millions)						Hedging Derivatives (a)(c)						Excluded Components (b)(c)						Hedged Items						Net Impact
Three Months Ended June 30, 2024
Interest rate contracts:
Interest credited to policyholder account balances						$	( 10 )					$	—					$	4					$	( 6 )
Foreign exchange contracts:
Realized gains (losses)						$	25					$	53					$	( 25 )					$	53
Three Months Ended June 30, 2023
Interest rate contracts:
Interest credited to policyholder account balances						$	( 43 )					$	—					$	37					$	( 6 )
Foreign exchange contracts:
Realized gains (losses)						$	( 79 )					$	30					$	79					$	30
Six Months Ended June 30, 2024
Interest rate contracts:
Interest credited to policyholder account balances						$	( 69 )					$	—					$	69					$	—
Foreign exchange contracts:
Realized gains (losses)						$	169					$	42					$	( 169 )					$	42
Six Months Ended June 30, 2023
Interest rate contracts:
Interest credited to policyholder account balances						$	43					$	—					$	( 51 )					$	( 8 )
Foreign exchange contracts:
Realized gains (losses)						( 162 )						109						162						109

(a) Gains and losses on derivative instruments designated and qualifying in fair value hedges that are included in the assessment of hedge effectiveness.

(b) Includes gains and losses with related parties for the three and six months ended June 30, 2024 and 2023.

(c) Gains and losses on derivative instruments designated and qualifying in fair value hedges that are excluded from the assessment of hedge effectiveness and recognized in earnings on a mark-to-market basis.

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DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS

The following table presents the effect of derivative instruments not designated as hedging instruments in the Condensed Consolidated Statements of Income (Loss):

						Gains (Losses) Recognized in Earnings
						Three Months Ended June 30,												Six Months Ended June 30,
(in millions)						2024						2023						2024						2023
By Derivative Type:
Interest rate contracts						$	3					$	( 148 )					$	( 364 )					$	( 116 )
Foreign exchange contracts						( 60 )						( 123 )						164						( 190 )
Equity contracts						14						( 131 )						203						( 48 )
Credit contracts						3						—						26						—
Other contracts						15						152						31						25
Embedded derivatives						( 275 )						( 435 )						( 837 )						( 819 )
Fortitude Re funds withheld embedded derivative						36						122						58						( 903 )
Total (a)						$	( 264 )					$	( 563 )					$	( 719 )					$	( 2,051 )
By Classification:
Policy fees						$	14					$	16					$	29					$	32
Net investment income (loss) - Fortitude Re funds withheld assets						6						—						11						( 2 )
Net realized gains (losses) - excluding Fortitude Re funds withheld assets (b)						( 129 )						9						169						( 405 )
Net realized losses on Fortitude Re funds withheld assets						( 37 )						( 85 )						( 132 )						( 42 )
Net realized gains (losses) on Fortitude Re funds withheld embedded derivatives						36						122						58						( 903 )
Policyholder benefits						—						( 3 )						—						—
Change in the Fair value of market risk benefits (c)						( 154 )						( 622 )						( 854 )						( 731 )
Total (a)						$	( 264 )					$	( 563 )					$	( 719 )					$	( 2,051 )

(a) Includes gains (losses) with related parties of $ 49 million and $( 246 ) million for the three months ended June 30, 2024 and 2023, respectively, and $ 36 million and $( 240 ) million for the six months ended June 30, 2024 and 2023, respectively.

(b) Includes a $ 5 million gain related to the sale of AIG Life U.K. reported in net (gain) loss on divestitures for the six months ended June 30, 2024. For further details on this transaction, see Note 1.

(c) This represents activity related to derivatives that economically hedged changes in fair value of certain MRBs.

In addition to embedded derivatives within policyholder contract deposits, certain guaranteed benefits within insurance contracts are classified as MRBs. The change in the fair value of these benefits is disclosed in Note 14 . The change in the fair value of MRBs and the derivative instruments that hedge those risks are recognized in “Change in the fair value of MRBs, net” in the Condensed Consolidated Statements of Income (Loss).

HYBRID SECURITIES WITH EMBEDDED CREDIT DERIVATIVES

We invest in hybrid securities (such as credit-linked notes) with the intent of generating income, and not specifically to acquire exposure to embedded derivative risk. As is the case with our other investments in RMBS, CMBS, CLOs, ABS and collateralized debt obligation s (“CDOs”), our investments in these hybrid securities are exposed to losses only up to the amount of our initial investment in the hybrid security. Other than our initial investment in the hybrid securities, we have no further obligation to make payments on the embedded credit derivatives in the related hybrid securities.

We elect to account for our investments in these hybrid securities with embedded written credit derivatives at fair value, with changes in fair value recognized in Net investment income. Our investments in these hybrid securities are reported as Other bond securities in the Condensed Consolidated Balance Sheets. The fair values of these hybrid securities were both zero at June 30, 2024 and December 31, 2023. These securities have par amounts of $ 25 million and $ 25 million at June 30, 2024 and December 31, 2023, respectively, and have remaining stated maturity dates that extend to 2052.

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10. Deferred Policy Acquisition Costs

Deferred policy acquisition costs (“DAC”) represent those costs that are incremental and directly related to the successful acquisition of new or renewal of existing insurance contracts. We defer incremental costs that result directly from, and are essential to, the acquisition or renewal of an insurance contract. Such DAC generally include agent or broker commissions and bonuses, and medical fees that would not have been incurred if the insurance contract had not been acquired or renewed. Each cost is analyzed to assess whether it is fully deferrable. We partially defer costs, including certain commissions, when we do not believe that the entire cost is directly related to the acquisition or renewal of insurance contracts. Commissions that are not deferred to DAC are recorded in Non-deferrable insurance commissions in the Condensed Consolidated Statements of Income (Loss).

We also defer a portion of employee total compensation and payroll-related fringe benefits directly related to time spent performing specific acquisition or renewal activities, including costs associated with the time spent on underwriting, policy issuance and processing, and sales force contract selling. The amounts deferred are derived based on successful efforts for each distribution channel and/or cost center from which the cost originates.

DAC for all contracts, except for those with limited to no exposure to policyholder behavior risk, (i.e., certain investment contracts), is grouped and amortized on a constant level basis over the expected term of the related contracts.

Value of Business Acquired (“VOBA”): VOBA is determined at the time of acquisition and is reported in the Condensed Consolidated Balance Sheets with DAC. This value is based on the present value of future pre-tax profits discounted at yields applicable at the time of purchase. VOBA is amortized, consistent with DAC, i.e., over the life of the business on a constant level basis.

The following table presents a rollforward of deferred policy acquisition costs and value of business acquired related to long-duration contracts for the six months ended June 30, 2024 and 2023:

						Individual Retirement						Group Retirement						Life Insurance						Institutional Markets						Total
(in millions)
DAC:
Balance at January 1, 2024 (a)						$	4,777					$	1,055					$	4,092					$	70					$	9,994
Capitalization						395						41						226						22						684
Amortization expense						( 301 )						( 42 )						( 177 )						( 6 )						( 526 )
Other, including foreign exchange						—						—						( 7 )						—						( 7 )
Dispositions						—						—						( 27 )						—						( 27 )
Balance at June 30, 2024						$	4,871					$	1,054					$	4,107					$	86					$	10,118
Balance at January 1, 2023						$	4,643					$	1,060					$	4,718					$	51					$	10,472
Capitalization						358						37						221						10						626
Amortization expense						( 274 )						( 41 )						( 189 )						( 4 )						( 508 )
Other, including foreign exchange						—						—						33						—						33
Balance at June 30, 2023						$	4,727					$	1,056					$	4,783					$	57					$	10,623
VOBA:
Balance at January 1, 2024 (b)						$	2					$	1					$	14					$	—					$	17
Amortization expense						—						—						( 1 )						—						( 1 )
Other, including foreign exchange						—						—						( 1 )						—						( 1 )
Balance at June 30, 2024						$	2					$	1					$	12					$	—					$	15
Balance at January 1, 2023						$	3					$	1					$	87					$	—					$	91
Amortization expense						( 1 )						—						( 5 )						—						( 6 )
Other, including foreign exchange						—						( 1 )						8						—						7
Balance at June 30, 2023						$	2					$	—					$	90					$	—					$	92
Total DAC and VOBA:
Balance at June 30, 2024																														$	10,133
Balance at June 30, 2023																														$	10,715

(a) Excludes $ 740 million of DAC reclassified to Assets held-for-sale at the beginning of the period and was derecognized concurrent with the closing of the sale of AIG Life U.K..

(b) Excludes $ 74 million of VOBA reclassified to Assets held-for-sale at the beginning of the period and was derecognized concurrent with the closing of the sale of AIG Life U.K..

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DEFERRED SALES INDUCEMENTS

We offer deferred sales inducements (“DSI”) which include enhanced crediting rates or bonus payments to contract holders (bonus interest) on certain annuity and investment contract products. To qualify for accounting treatment as an asset, the bonus interest must be explicitly identified in the contract at inception. We must also demonstrate that such amounts are incremental to amounts we credit on similar contracts without bonus interest and are higher than the contracts’ expected ongoing crediting rates for periods after the bonus period. DSI is reported in Other assets, while amortization related to DSI is recorded in Interest credited to policyholder account balances. DSI amounts are deferred and amortized on a constant level basis over the life of the contract consistent with DAC.

The following table presents a rollforward of deferred sales inducement assets related to long-duration contracts for the six months ended June 30, 2024 and 2023:

Six Months Ended June 30,						2024																		2023
						Individual Retirement						Group Retirement						Total						Individual Retirement						Group Retirement						Total
(in millions)
Balance, beginning of year						$	333					$	164					$	497					$	381					$	177					$	558
Capitalization						3						1						4						4						1						5
Amortization expense						( 26 )						( 7 )						( 33 )						( 27 )						( 7 )						( 34 )
Balance, end of period						$	310					$	158					$	468					$	358					$	171					$	529
Other reconciling items*																		1,872																		2,151
Other assets, including restricted cash																		$	2,340																	$	2,680

* Other reconciling items include prepaid expenses, goodwill, intangible assets and any similar items.

We report variable contracts within the separate accounts when investment income and investment gains and losses accrue directly to, and investment risk is borne by, the contract holder and the separate account meets additional accounting criteria to qualify for separate account treatment. The assets supporting the variable portion of variable annuity and variable universal life contracts that qualify for separate account treatment are carried at fair value and are reported as separate account assets, with an equivalent summary total reported as separate account liabilities. The assets of insulated accounts are legally segregated and are not subject to claims that arise from any of our other businesses.

Policy values for variable products and investment contracts are expressed in terms of investment units. Each unit is linked to an asset portfolio. The value of a unit increases or decreases based on the value of the linked asset portfolio. The current liability at any time is the sum of the current unit value of all investment units in the separate accounts, plus any liabilities for MRBs.

Amounts assessed against the policyholders for mortality, administrative and other services are included in policy fees. Investment performance (including investment income, net investment gains (losses) and changes in unrealized gains (losses)) and the corresponding amounts credited to policyholders of such separate accounts are offset within the same line in the Condensed Consolidated Statements of Income (Loss).

For discussion of the fair value measurement of guaranteed benefits that are accounted for as MRBs, see Note 4.

The following table presents fair value of separate account investment options:

			Individual Retirement						Group Retirement						Life Insurance						Institutional Markets						Total
(in millions)
June 30, 2024
Equity funds			$	26,698					$	30,033					$	914					$	650					$	58,295
Bond funds			4,059						3,207						45						1,279						8,590
Balanced funds			17,753						5,635						55						2,103						25,546
Money market funds			698						804						17						172						1,691
Total			$	49,208					$	39,679					$	1,031					$	4,204					$	94,122
December 31, 2023
Equity funds			$	25,451					$	28,675					$	819					$	593					$	55,538
Bond funds			4,037						3,292						44						1,303						8,676
Balanced funds			17,711						5,479						53						1,923						25,166
Money market funds			694						742						16						173						1,625
Total			$	47,893					$	38,188					$	932					$	3,992					$	91,005

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The following table presents the balances and changes in separate account liabilities:

			Individual Retirement						Group Retirement						Life Insurance						Institutional Markets						Total
(in millions)
Six Months Ended June 30, 2024
Separate accounts balance, beginning of year			$	47,893					$	38,188					$	932					$	3,992					$	91,005
Premiums and deposits			621						712						17						82						1,432
Policy charges			( 570 )						( 233 )						( 24 )						( 47 )						( 874 )
Surrenders and withdrawals			( 2,502 )						( 2,145 )						( 17 )						( 53 )						( 4,717 )
Benefit payments			( 478 )						( 302 )						( 4 )						( 11 )						( 795 )
Investment performance			4,208						3,607						128						214						8,157
Net transfers from (to) general account and other			36						( 148 )						( 1 )						27						( 86 )
Separate accounts balance, end of period			$	49,208					$	39,679					$	1,031					$	4,204					$	94,122
Cash surrender value *			$	48,277					$	39,478					$	1,010					$	4,200					$	92,965
Six Months Ended June 30, 2023
Separate accounts balance, beginning of year			$	45,178					$	34,361					$	799					$	4,515					$	84,853
Premiums and deposits			807						697						18						30						1,552
Policy charges			( 662 )						( 221 )						( 25 )						( 47 )						( 955 )
Surrenders and withdrawals			( 1,776 )						( 1,390 )						( 12 )						( 422 )						( 3,600 )
Benefit payments			( 432 )						( 250 )						( 3 )						( 58 )						( 743 )
Investment performance			4,172						4,169						113						146						8,600
Net transfers from (to) general account and other			122						( 121 )						( 2 )						12						11
Separate accounts balance, end of period			$	47,409					$	37,245					$	888					$	4,176					$	89,718
Cash surrender value *			$	46,307					$	37,050					$	854					$	4,178					$	88,389

* The cash surrender value represents the amount of the contract holder’s account balance distributable at the balance sheet date less applicable surrender charges.

Separate account liabilities primarily represent the contract holder's account balance in separate account assets and will be equal and offsetting to total separate account assets.

12. Future Policy Benefits

Future policy benefits primarily include reserves for traditional life and annuity payout contracts, which represent an estimate of the present value of future benefits less the present value of future net premiums. Included in Future policy benefits are liabilities for annuities issued in structured settlement arrangements whereby a claimant receives life contingent payments over their lifetime. Also included are pension risk transfer arrangements whereby an upfront premium is received in exchange for guaranteed retirement benefits. All payments under these arrangements are fixed and determinable with respect to their amounts and dates. Structured settlement or other annuitization elections (e.g., certain single premium immediate annuities) that do not involve life contingent payments, but rather payments for a stated period are included in Policyholder contract deposits.

For traditional and limited pay long-duration products, benefit reserves are accrued and benefit expense is recognized using a net premium ratio (“NPR”) methodology for each annual cohort of business.

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The following tables present the balances and changes in the liability for future policy benefits and a reconciliation of the net liability for future policy benefits to the liability for future policy benefits in the Condensed Consolidated Balance Sheets:

			Individual Retirement						Group Retirement						Life Insurance						Institutional Markets						Corporate and Other						Total
(in millions, except for liability durations)
Six Months Ended June 30, 2024
Present value of expected net premiums
Balance, beginning of year			$	—					$	—					$	8,379					$	—					$	973					$	9,352
Effect of changes in discount rate assumptions (AOCI)			—						—						1,482						—						44						1,526
Reclassified to Liabilities held-for-sale			—						—						4,287						—						—						4,287
Beginning balance at original discount rate			—						—						14,148						—						1,017						15,165
Effect of actual variances from expected experience			—						—						( 12 )						—						( 6 )						( 18 )
Adjusted beginning of year balance			—						—						14,136						—						1,011						15,147
Issuances			—						—						572						—						—						572
Interest accrual			—						—						202						—						22						224
Net premium collected			—						—						( 634 )						—						( 57 )						( 691 )
Foreign exchange impact			—						—						( 46 )						—						—						( 46 )
Other			—						—						( 4 )						—						—						( 4 )
Dispositions			—						—						( 5,108 )						—						—						( 5,108 )
Ending balance at original discount rate			—						—						9,118						—						976						10,094
Effect of changes in discount rate assumptions (AOCI)			—						—						( 845 )						—						( 66 )						( 911 )
Balance, end of period			$	—					$	—					$	8,273					$	—					$	910					$	9,183
Present value of expected future policy benefits
Balance, beginning of year			$	1,353					$	217					$	17,531					$	18,482					$	20,654					$	58,237
Effect of changes in discount rate assumptions (AOCI)			132						( 3 )						2,745						1,906						437						5,217
Reclassified to Liabilities held-for-sale			—						—						5,119						—						—						5,119
Beginning balance at original discount rate			1,485						214						25,395						20,388						21,091						68,573
Effect of actual variances from expected experience (a)			( 21 )						( 2 )						( 10 )						( 12 )						( 16 )						( 61 )
Adjusted beginning of year balance			1,464						212						25,385						20,376						21,075						68,512
Issuances			62						6						565						1,892						3						2,528
Interest accrual			32						6						435						439						503						1,415
Benefit payments			( 67 )						( 12 )						( 814 )						( 594 )						( 731 )						( 2,218 )
Foreign exchange impact			—						—						( 61 )						( 75 )						—						( 136 )
Other			—						( 5 )						( 2 )						—						( 5 )						( 12 )
Dispositions			—						—						( 6,796 )						—						—						( 6,796 )
Ending balance at original discount rate			1,491						207						18,712						22,038						20,845						63,293
Effect of changes in discount rate assumptions (AOCI)			( 170 )						( 3 )						( 1,717 )						( 2,848 )						( 1,406 )						( 6,144 )
Balance, end of period			$	1,321					$	204					$	16,995					$	19,190					$	19,439					$	57,149
Net liability for future policy benefits, end of period			1,321						204						8,722						19,190						18,529						47,966
Liability for future policy benefits for certain participating contracts			—						—						12						—						1,280						1,292
Liability for universal life policies with secondary guarantees and similar features (b)			—						—						3,916						—						55						3,971
Deferred profit liability			78						9						21						1,602						837						2,547
Other reconciling items (c)			30						—						457						—						92						579
Future policy benefits for life and accident and health insurance contracts			1,429						213						13,128						20,792						20,793						56,355
Less: Reinsurance recoverable:			( 4 )						—						( 699 )						( 39 )						( 20,793 )						( 21,535 )
Net liability for future policy benefits after reinsurance recoverable			$	1,425					$	213					$	12,429					$	20,753					$	—					$	34,820
Weighted average liability duration of the liability for future policy benefits (d)			7.5						6.6						10.9						11.8						10.9

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			Individual Retirement						Group Retirement						Life Insurance						Institutional Markets						Corporate and Other						Total
(in millions, except for liability durations)
Six Months Ended June 30, 2023
Present value of expected net premiums
Balance, beginning of year			$	—					$	—					$	11,654					$	—					$	991					$	12,645
Effect of changes in discount rate assumptions (AOCI)			—						—						1,872						—						66						1,938
Beginning balance at original discount rate			—						—						13,526						—						1,057						14,583
Effect of actual variances from expected experience			—						—						10						—						6						16
Adjusted beginning of year balance			—						—						13,536						—						1,063						14,599
Issuances			—						—						666						—						—						666
Interest accrual			—						—						214						—						23						237
Net premium collected			—						—						( 719 )						—						( 59 )						( 778 )
Foreign exchange impact			—						—						206						—						—						206
Other			—						—						10						—						—						10
Ending balance at original discount rate			—						—						13,913						—						1,027						14,940
Effect of changes in discount rate assumptions (AOCI)			—						—						( 1,904 )						—						( 61 )						( 1,965 )
Balance, end of period			$	—					$	—					$	12,009					$	—					$	966					$	12,975
Present value of expected future policy benefits
Balance, beginning of year			$	1,223					$	211					$	21,179					$	12,464					$	20,429					$	55,506
Effect of changes in discount rate assumptions (AOCI)			167						2						3,424						2,634						1,083						7,310
Beginning balance at original discount rate			1,390						213						24,603						15,098						21,512						62,816
Effect of actual variances from expected experience (a)			( 1 )						—						36						17						( 8 )						44
Adjusted beginning of year balance			1,389						213						24,639						15,115						21,504						62,860
Issuances			120						6						656						3,301						3						4,086
Interest accrual			25						5						450						301						513						1,294
Benefit payments			( 65 )						( 13 )						( 943 )						( 521 )						( 739 )						( 2,281 )
Foreign exchange impact			—						—						236						308						—						544
Other			—						—						5						—						( 6 )						( 1 )
Ending balance at original discount rate			1,469						211						25,043						18,504						21,275						66,502
Effect of changes in discount rate assumptions (AOCI)			( 158 )						( 1 )						( 3,386 )						( 2,752 )						( 822 )						( 7,119 )
Balance, end of period			$	1,311					$	210					$	21,657					$	15,752					$	20,453					$	59,383
Net liability for future policy benefits, end of period			1,311						210						9,648						15,752						19,487						46,408
Liability for future policy benefits for certain participating contracts			—						—						13						—						1,316						1,329
Liability for universal life policies with secondary guarantees and similar features (b)			—						—						3,402						—						56						3,458
Deferred profit liability			86						10						17						1,468						869						2,450
Other reconciling items (c)			35						3						513						—						92						643
Future policy benefits for life and accident and health insurance contracts			1,432						223						13,593						17,220						21,820						54,288
Less: Reinsurance recoverable:			( 4 )						—						( 1,148 )						( 39 )						( 21,820 )						( 23,011 )
Net liability for future policy benefits after reinsurance recoverable			$	1,428					$	223					$	12,445					$	17,181					$	—					$	31,277
Weighted average liability duration of the liability for future policy benefits (d)			7.8						6.9						12.5						11.6						11.5

(a) Effect of changes in cash flow assumptions and variances from actual experience are partially offset by changes in the deferred profit liability.

(b) Additional details can be found in the table that presents the balances and changes in the liability for universal life policies with secondary guarantees and similar features.

(c) Other reconciling items primarily include the Accident and Health as well as Group Benefits (short-duration) contracts.

(d) The weighted average liability durations are calculated as the modified duration using projected future net liability cashflows that are aggregated at the segment level, utilizing the segment level weighted average interest rates and current discount rate, which can be found in the table below.

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For the six months ended June 30, 2024 and 2023 in the traditional and term life insurance block, capping of net premium ratios at 100% caused a (credit)/charge to net income of $ 1 million and $ 32 million, respectively. The discount rate was updated based on market observable information. Relative to the prior period, the increase in upper-medium-grade fixed income yields resulted in a decrease in the liability for future policy benefits.

The following table presents the amount of undiscounted expected future benefit payments and undiscounted and discounted expected gross premiums for future policy benefits for nonparticipating contracts:

									Six Months Ended June 30,
(in millions)									2024						2023
Individual Retirement			Undiscounted expected future benefits and expense						$	2,139					$	2,115
			Undiscounted expected future gross premiums						$	—					$	—
			Discounted expected future gross premiums (at current discount rate)						$	—					$	—
Group Retirement			Undiscounted expected future benefits and expense						$	306					$	316
			Undiscounted expected future gross premiums						$	—					$	—
			Discounted expected future gross premiums (at current discount rate)						$	—					$	—
Life Insurance (a)			Undiscounted expected future benefits and expense						$	30,783					$	39,848
			Undiscounted expected future gross premiums						$	21,815					$	29,792
			Discounted expected future gross premiums (at current discount rate)						$	14,318					$	19,207
Institutional Markets			Undiscounted expected future benefits and expense						$	42,543					$	33,474
			Undiscounted expected future gross premiums						$	—					$	—
			Discounted expected future gross premiums (at current discount rate)						$	—					$	—
Corporate and other (b)			Undiscounted expected future benefits and expense						$	42,304					$	43,791
			Undiscounted expected future gross premiums						$	2,060					$	2,179
			Discounted expected future gross premiums (at current discount rate)						$	1,356					$	1,435

(a) 2023 includes balances related to AIG Life U.K.

(b)    Represents activity ceded to Fortitude Re.

The following table presents the amount of revenue and interest recognized in the Condensed Consolidated Statements of Income (Loss) for future policy benefits for nonparticipating contracts:

			Gross Premiums												Interest Accretion
			Six Months Ended June 30,												Six Months Ended June 30,
(in millions)			2024						2023												2024						2023
Individual Retirement			$	70					$	136											$	32					$	25
Group Retirement			5						10												6						5
Life Insurance			1,070						1,175												233						236
Institutional Markets			1,981						3,500												439						301
Corporate and Other			103						107												481						490
Total			$	3,229					$	4,928											$	1,191					$	1,057

The following table presents the weighted-average interest rate for future policy benefits for nonparticipating contracts:

			Individual Retirement						Group Retirement						Life Insurance						Institutional Markets						Corporate and Other
June 30, 2024
Weighted-average interest rate, original discount rate			3.79		%				5.13		%				4.68		%				4.27		%				4.86		%
Weighted-average interest rate, current discount rate			5.48		%				5.44		%				5.56		%				5.43		%				5.54		%
June 30, 2023
Weighted-average interest rate, original discount rate			3.73		%				5.14		%				4.09		%				3.95		%				4.88		%
Weighted-average interest rate, current discount rate			5.27		%				5.26		%				5.27		%				5.34		%				5.25		%

The weighted average interest rates are calculated using projected future net liability cash flows that are aggregated to the segment level, and are represented as an annual rate.

Additional Liabilities: For universal-life type products, insurance benefits in excess of the account balance are generally recognized as expenses in the period incurred unless the design of the product is such that future charges are insufficient to cover the benefits, in which case an “additional liability” is accrued over the life of the contract. These additional liabilities are included in Future policy benefits for life and accident and health insurance contracts in the Condensed Consolidated Balance Sheets.

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Our additional liabilities primarily consist of universal life policies with secondary guarantees and these additional liabilities are recognized in addition to the Policyholder account balances. For universal life policies with secondary guarantees, as well as other universal life policies for which profits followed by losses are expected at contract inception, a liability is recognized based on a benefit ratio of (a) the present value of total expected payments, in excess of the account value, over the life of the contract, divided by (b) the present value of total expected assessments over the life of the contract. For universal life policies without secondary guarantees, for which profits followed by losses are first expected after contract inception, we establish a liability, in addition to policyholder account balances, so that expected future losses are recognized in proportion to the emergence of profits in the earlier (profitable) years. Universal life account balances are reported within Policyholder contract deposits, while these additional liabilities are reported within the liability for future policy benefits in the Condensed Consolidated Balance Sheets. These additional liabilities are also adjusted to reflect the effect of unrealized gains or losses on fixed maturity securities available-for-sale on accumulated assessments, with related changes recognized through Other comprehensive income. The policyholder behavior assumptions for these liabilities include mortality, lapses and premium persistency. The capital market assumptions used for the liability for universal life secondary guarantees include discount rates and net earned rates.

The following table presents the balances and changes in the liability for universal life policies with secondary guarantees and similar features:

			Six Months Ended June 30,
			2024																		2023
			Life Insurance						Corporate and Other						Total						Life Insurance						Corporate and Other						Total
(in millions, except duration of liability)
Balance, beginning of year			$	3,731					$	55					$	3,786					$	3,300					$	55					$	3,355
Effect of changes in experience			192						( 2 )						190						149						( 1 )						148
Adjusted beginning balance			$	3,923					$	53					$	3,976					$	3,449					$	54					$	3,503
Assessments			288						1						289						341						1						342
Excess benefits paid			( 413 )						—						( 413 )						( 457 )						—						( 457 )
Interest accrual			78						1						79						61						1						62
Other			—						—						—						( 3 )						—						( 3 )
Changes related to unrealized appreciation (depreciation) of investments			40						—						40						11						—						11
Balance, end of period			$	3,916					$	55					$	3,971					$	3,402					$	56					$	3,458
Less: Reinsurance recoverable			( 175 )						( 55 )						( 230 )						( 172 )						—						( 172 )
Balance, end of period, net of Reinsurance recoverable			$	3,741					$	—					$	3,741					$	3,230					$	56					$	3,286
Weighted average duration of liability *			25.1						9.0												26.2						9.2

* The weighted average duration of liabilities is calculated as the modified duration using projected future net liability cashflows that are aggregated at the segment level, utilizing the segment level weighted average interest rates, which can be found in the table below.

The following table presents the amount of revenue and interest recognized in the Condensed Consolidated Statements of Income (Loss) for the liability for universal life policies with secondary guarantees and similar features:

			Gross Assessments												Interest Accretion
			Six Months Ended June 30,															Six Months Ended June 30,
(in millions)			2024						2023									2024						2023
Life Insurance			$	500					$	573								$	78					$	61
Corporate and Other			19						20									1						1
Total			$	519					$	593								$	79					$	62

The following table presents the calculation of weighted average interest rate for the liability for universal life policies with secondary guarantees and similar features:

June 30,									2024												2023
									Life Insurance						Corporate and Other						Life Insurance						Corporate and Other
Weighted-average interest rate									3.92		%				4.20		%				3.77		%				4.20		%

The weighted average interest rates are calculated using projected future net liability cash flows that are aggregated to the segment level, and are represented as an annual rate.

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The following table presents details concerning our universal life policies with secondary guarantees and similar features:

						Six Months Ended June 30,
(in millions, except for attained age of contract holders)						2024						2023
Account value						$	3,846					$	3,604
Net amount at risk						$	74,076					$	70,850
Average attained age of contract holders						54						53

13. Policyholder Contract Deposits and Other Policyholder Funds

POLICYHOLDER CONTRACT DEPOSITS

The liability for Policyholder contract deposits is primarily recorded at accumulated value (deposits received and net transfers from separate accounts, plus accrued interest credited, less withdrawals and assessed fees). Deposits collected on investment-oriented products are not reflected as revenues. They are recorded directly to Policyholder contract deposits upon receipt. Amounts assessed against the contract holders for mortality, administrative, and other services are included as Policy fees in revenues.

In addition to liabilities for universal life, fixed annuities, fixed options within variable annuities, annuities without life contingencies, funding agreements and GICs, policyholder contract deposits also include our liability for (i) index features accounted for as embedded derivatives at fair value, (ii) annuities issued in a structured settlement arrangement with no life contingency and (iii) certain contracts we have elected to account for at fair value. Changes in the fair value of the embedded derivatives related to policy index features and the fair value of derivatives hedging these liabilities are recognized in realized gains and losses.

For additional information on index credits accounted for as embedded derivatives, see Note 4.

Under a funding agreement-backed notes issuance program, an unaffiliated, non-consolidated statutory trust issues medium-term notes to investors, which are secured by funding agreements issued to the trust by one of our subsidiaries through our Institutional Markets business.

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The following table presents the balances and changes in Policyholder contract deposits account balances (a) :

			Individual Retirement						Group Retirement						Life Insurance						Institutional Markets									Corporate and other						Total
(in millions, except for average crediting rate)
Six Months Ended June 30, 2024
Policyholder contract deposits account balance, beginning of year			$	94,896					$	41,299					$	10,231					$	13,649								$	3,333					$	163,408
Deposits			11,696						2,637						816						2,682									21						17,852
Policy charges			( 360 )						( 250 )						( 753 )						( 34 )									( 29 )						( 1,426 )
Surrenders and withdrawals			( 8,902 )						( 4,859 )						( 148 )						( 53 )									( 39 )						( 14,001 )
Benefit payments			( 1,422 )						( 993 )						( 153 )						( 1,028 )									( 143 )						( 3,739 )
Net transfers from (to) separate account			2,570						2,026						9						—									—						4,605
Interest credited			1,670						611						243						320									80						2,924
Other			1						( 207 )						17						201									( 1 )						11
Policyholder contract deposits account balance, end of period			100,149						40,264						10,262						15,737									3,222						169,634
Other reconciling items (b)			( 1,286 )						( 212 )						161						27									—						( 1,310 )
Policyholder contract deposits			$	98,863					$	40,052					$	10,423					$	15,764								$	3,222					$	168,324
Weighted average crediting rate			2.84		%				3.08		%				4.43		%				4.45		%							4.98		%
Cash surrender value (c)			$	93,131					$	39,262					$	9,068					$	2,596								$	1,666					$	145,723
Six Months Ended June 30, 2023
Policyholder contract deposits account balance, beginning of year			$	89,554					$	43,395					$	10,224					$	11,734								$	3,587					$	158,494
Deposits			8,898						2,597						809						1,608									22						13,934
Policy charges			( 462 )						( 238 )						( 764 )						( 34 )									( 31 )						( 1,529 )
Surrenders and withdrawals			( 6,585 )						( 3,979 )						( 122 )						( 421 )									( 42 )						( 11,149 )
Benefit payments			( 2,012 )						( 1,080 )						( 100 )						( 283 )									( 171 )						( 3,646 )
Net transfers from (to) separate account			1,637						1,221						—						473									—						3,331
Interest credited			863						554						188						218									85						1,908
Other			( 3 )						4						( 32 )						( 1 )									8						( 24 )
Policyholder contract deposits account balance, end of period			91,890						42,474						10,203						13,294									3,458						161,319
Other reconciling items (b)			( 1,598 )						( 254 )						135						42									—						( 1,675 )
Policyholder contract deposits			$	90,292					$	42,220					$	10,338					$	13,336								$	3,458					$	159,644
Weighted average crediting rate			2.59		%				2.84		%				4.30		%				3.54		%							4.95		%
Cash surrender value (c)			$	85,417					$	41,550					$	8,976					$	2,555								$	1,762					$	140,260

(a) Transactions between the general account and the separate account are presented in this table on a gross basis (e.g., a policyholder's funds are initially deposited into the general account and then simultaneously transferred to the separate account), and thus, did not impact the ending balance of policyholder contract deposits.

(b) Reconciling items principally relate to MRBs that are bifurcated and reported separately, net of embedded derivatives that are recorded in policyholder contract deposits.

(c) Cash surrender value is related to the portion of policyholder contract deposits that have a defined cash surrender value (e.g. GICs do not have a cash surrender value).

For information related to net amount at risk, refer to the table that presents the balances of and changes in MRBs in Note 14.

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The following table presents Policyholder contract deposits account balance by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between rates being credited to policyholders and the respective guaranteed minimums:

June 30, 2024						At Guaranteed Minimum						1 Basis Point - 50 Basis Points Above						More than 50 Basis Points Above Minimum Guarantee						Total
(in millions, except percentage of total)
Individual Retirement			Range of Guaranteed Minimum Credited Rate
			<= 1 %			$	6,010					$	1,794					$	31,449					$	39,253
			> 1 % - 2 %			3,380						21						1,262						4,663
			> 2 % - 3 %			7,367						12						1,898						9,277
			> 3 % - 4 %			6,114						34						5						6,153
			> 4 % - 5 %			418						—						4						422
			> 5 %			32						2						3						37
			Total			$	23,321					$	1,863					$	34,621					$	59,805
Group Retirement			Range of Guaranteed Minimum Credited Rate
			<= 1 %			$	2,103					$	1,841					$	8,062					$	12,006
			> 1 % - 2 %			3,449						781						933						5,163
			> 2 % - 3 %			11,277						272						113						11,662
			> 3 % - 4 %			588						—						—						588
			> 4 % - 5 %			6,503						—						—						6,503
			> 5 %			140						—						—						140
			Total			$	24,060					$	2,894					$	9,108					$	36,062
Life Insurance			Range of Guaranteed Minimum Credited Rate
			<= 1 %			$	—					$	—					$	—					$	—
			> 1 % - 2 %			—						109						367						476
			> 2 % - 3 %			9						623						1,299						1,931
			> 3 % - 4 %			1,179						479						7						1,665
			> 4 % - 5 %			2,785						—						—						2,785
			> 5 %			212						—						—						212
			Total			$	4,185					$	1,211					$	1,673					$	7,069
Total*						$	51,566					$	5,968					$	45,402					$	102,936
Percentage of total						50 %						6 %						44 %						100 %

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June 30, 2023						At Guaranteed Minimum						1 Basis Point - 50 Basis Points Above						More than 50 Basis Points Above Minimum Guarantee						Total
(in millions, except percentage of total)
Individual Retirement			Range of Guaranteed Minimum Credited Rate
			<= 1 %			$	7,044					$	2,390					$	23,797					$	33,231
			> 1 % - 2 %			4,151						23						2,067						6,241
			> 2 % - 3 %			8,831						11						732						9,574
			> 3 % - 4 %			7,122						39						6						7,167
			> 4 % - 5 %			446						—						4						450
			> 5 %			32						—						4						36
			Total			$	27,626					$	2,463					$	26,610					$	56,699
Group Retirement			Range of Guaranteed Minimum Credited Rate
			<= 1 %			$	2,018					$	2,574					$	6,382					$	10,974
			> 1 % - 2 %			4,050						1,624						391						6,065
			> 2 % - 3 %			13,123						89						62						13,274
			> 3 % - 4 %			651						—						—						651
			> 4 % - 5 %			6,799						—						—						6,799
			> 5 %			151						—						—						151
			Total			$	26,792					$	4,287					$	6,835					$	37,914
Life Insurance			Range of Guaranteed Minimum Credited Rate
			<= 1 %			$	—					$	—					$	—					$	—
			> 1 % - 2 %			—						131						350						481
			> 2 % - 3 %			10						872						1,083						1,965
			> 3 % - 4 %			1,190						322						201						1,713
			> 4 % - 5 %			2,909						—						—						2,909
			> 5 %			221						—						—						221
			Total			$	4,330					$	1,325					$	1,634					$	7,289
Total*						$	58,748					$	8,075					$	35,079					$	101,902
Percentage of total						58 %						8 %						34 %						100 %

* Excludes policyholder contract deposits account balances that are not subject to guaranteed minimum crediting rates.

OTHER POLICYHOLDER FUNDS

Other policyholder funds include unearned revenue reserve (“URR”), consisting of front-end loads on investment-oriented contracts, representing those policy loads that are non-level and typically higher in initial policy years than in later policy years. Amortization of URR is recorded in Policy fees.

URR for investment-oriented contracts are generally deferred and amortized into income using the same assumptions and factors used to amortize DAC (i.e., on a constant level basis).

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The following table presents a rollforward of the unearned revenue reserve for the six months ended June 30, 2024 and 2023:

			Life Insurance						Institutional Markets						Corporate and Other						Total
(in millions)
Six Months Ended June 30, 2024
Balance, beginning of year			$	1,770					$	1					$	94					$	1,865
Revenue deferred			80						—						—						80
Amortization			( 56 )						—						( 5 )						( 61 )
Balance, end of period			$	1,794					$	1					$	89					$	1,884
Other reconciling items*																					969
Other policyholder funds																					$	2,853
Six Months Ended June 30, 2023
Balance, beginning of year			$	1,727					$	2					$	105					$	1,834
Revenue deferred			76						—						—						76
Amortization			( 55 )						( 1 )						( 5 )						( 61 )
Balance, end of period			$	1,748					$	1					$	100					$	1,849
Other reconciling items*																					1,042
Other policyholder funds																					$	2,891

* Other reconciling items include policyholders' dividend accumulations, provisions for future dividends to participating policyholders, dividends to policyholders and any similar items.

14. Market Risk Benefits

MRBs are defined as contracts or contract features that both provide protection to the contract holder from other-than-nominal capital market risk and expose Corebridge to other-than nominal capital market risk. The MRB represents an amount that a policyholder receives in addition to the account balance upon the occurrence of a specific event or circumstance, such as death, annuitization, or periodic withdrawal that involves protection from other-than-nominal capital market risk. Certain contract features, such as GMWBs, GMDBs and guaranteed minimum income benefits (“GMIBs”) commonly found in variable, fixed index and fixed annuities, are MRBs. MRBs are assessed at contract inception using a non-option method involving attributed fees that results in an initial fair value of zero or an option method that results in a fair value greater than zero.

MRBs are recorded at fair value, and Corebridge applies a non-option attributed fee valuation method for variable annuity products, and an option-based valuation method (host offset) for both fixed index and fixed products.

Changes in the fair value of Market Risk Benefits, net represents changes in the fair value of market risk benefit liabilities and assets (with the exception of our own credit risk changes), and includes attributed rider fees and benefits, net of changes in the fair value of derivative instruments and fixed maturity securities that are used to economically hedge market risk from the variable annuity GMWB riders.

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The following table presents the balances of and changes in MRBs:

						Individual Retirement						Group Retirement						Total
(in millions, except for attained age of contract holders)
Six Months Ended June 30, 2024
Balance, beginning of year						$	4,562					$	308					$	4,870
Effect of changes in our own credit risk						( 1,072 )						( 88 )						( 1,160 )
Balance, beginning of year, before effect of changes in our own credit risk						$	3,490					$	220					$	3,710
Issuances						303						24						327
Interest accrual						78						6						84
Attributed fees						338						30						368
Expected claims						( 34 )						( 1 )						( 35 )
Effect of changes in interest rates						( 605 )						( 48 )						( 653 )
Effect of changes in interest rate volatility						22						3						25
Effect of changes in equity markets						( 670 )						( 62 )						( 732 )
Effect of changes in equity index volatility						( 37 )						( 2 )						( 39 )
Actual outcome different from model expected outcome						( 43 )						2						( 41 )
Effect of changes in other future expected assumptions						( 5 )						—						( 5 )
Other, including foreign exchange						—						( 2 )						( 2 )
Balance, end of period before effect of changes in our own credit risk						2,837						170						3,007
Effect of changes in our own credit risk						914						73						987
Balance, end of period						3,751						243						3,994
Less: Reinsured MRB, end of period						( 57 )						—						( 57 )
Net Liability Balance after reinsurance recoverable						$	3,694					$	243					$	3,937
Net amount at risk
GMDB only						$	609					$	130					$	739
GMWB only						$	130					$	11					$	141
Combined *						$	533					$	13					$	546
Weighted average attained age of contract holders						71						64
Six Months Ended June 30, 2023
Balance, beginning of year						$	3,738					$	296					$	4,034
Effect of changes in our own credit risk						( 441 )						( 24 )						( 465 )
Balance, beginning of year, before effect of changes in our own credit risk						$	3,297					$	272					$	3,569
Issuances						379						19						398
Interest accrual						78						8						86
Attributed fees						442						33						475
Expected claims						( 48 )						( 1 )						( 49 )
Effect of changes in interest rates						34						3						37
Effect of changes in interest rate volatility						( 84 )						( 4 )						( 88 )
Effect of changes in equity markets						( 843 )						( 78 )						( 921 )
Effect of changes in equity index volatility						8						( 4 )						4
Actual outcome different from model expected outcome						93						12						105
Effect of changes in other future expected assumptions						( 94 )						( 29 )						( 123 )
Other, including foreign exchange						—						( 2 )						( 2 )
Balance, end of period before effect of changes in our own credit risk						3,262						229						3,491
Effect of changes in our own credit risk						564						47						611
Balance, end of period						3,826						276						4,102
Less: Reinsured MRB, end of period						( 79 )						—						( 79 )
Net liability balance after reinsurance recoverable						$	3,747					$	276					$	4,023
Net amount at risk
GMDB only						$	1,068					$	212					$	1,280
GMWB only						$	56					$	4					$	60
Combined*						$	1,435					$	23					$	1,458
Weighted average attained age of contract holders						70						64

* Certain contracts contain both guaranteed GMDB and GMWB features and are modeled together for the purposes of calculating the MRB.

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The following is a reconciliation of MRBs by amounts in an asset position and in a liability position to the MRBs amount in the Condensed Consolidated Balance Sheets:

						June 30, 2024																		June 30, 2023
(in millions)						Asset*						Liability*						Net						Asset*						Liability*						Net
Individual Retirement						$	984					$	4,678					$	3,694					$	787					$	4,534					$	3,747
Group Retirement						203						446						243						167						443						276
Total						$	1,187					$	5,124					$	3,937					$	954					$	4,977					$	4,023

* Cash flows and attributed fees for MRBs are determined on a policy level basis and are reported based on their asset or liability position at the balance sheet date.

For additional information related to fair value measurements of MRBs, see Note 4.

15. Contingencies, Commitments and Guarantees

In the normal course of business, we enter into various contingent liabilities and commitments. Although we cannot currently quantify our ultimate liability for unresolved litigation and investigation matters, including those referred to below, it is possible that such liability could have a material adverse effect on our consolidated financial condition, consolidated results of operations or consolidated cash flows for an individual reporting period.

LEGAL CONTINGENCIES

Overview

In the normal course of business, we are subject to regulatory and government investigations and actions, and litigation and other forms of dispute resolution in a large number of proceedings pending in various domestic and foreign jurisdictions. Certain of these matters involve potentially significant risk of loss due to potential for significant jury awards and settlements, punitive damages or other penalties. Many of these matters are also highly complex and may seek recovery on behalf of a class or similarly large number of plaintiffs. It is therefore inherently difficult to predict the size or scope of potential future losses arising from these matters. In our insurance and reinsurance operations, litigation and arbitration concerning the scope of coverage under insurance and reinsurance contracts, and litigation and arbitration in which our subsidiaries defend or indemnify their insureds under insurance contracts, are generally considered in the establishment of our future policy benefits. Separate and apart from the foregoing matters involving insurance and reinsurance coverage, we and our respective officers and directors are subject to a variety of additional types of legal proceedings brought by holders of our securities, customers, employees and others, alleging, among other things, breach of contractual or fiduciary duties, bad faith, indemnification and violations of federal and state statutes and regulations. With respect to these other categories of matters not arising out of claims for insurance or reinsurance coverage, we establish reserves for loss contingencies when it is probable that a loss will be incurred, and the amount of the loss can be reasonably estimated. In many instances, we are unable to determine whether a loss is probable or to reasonably estimate the amount of such a loss and, therefore, the potential future losses arising from legal proceedings may exceed the amount of liabilities that we have recorded in our financial statements covering these matters. While such potential future charges could be material, based on information currently known to management, management does not believe, other than as may be discussed below, that any such charges are likely to have a material adverse effect on our financial position or results of operations.

Additionally, from time to time, various regulatory and governmental agencies review our transactions and practices in connection with industry-wide and other inquiries or examinations into, among other matters, the business practices of current and former operating subsidiaries. Such investigations, inquiries or examinations could develop into administrative, civil or criminal proceedings or enforcement actions, in which remedies could include fines, penalties, restitution or alterations in our business practices, and could result in additional expenses, limitations on certain business activities and reputational damage.

Yearly Renewable Term Agreements

Certain of our reinsurers have sought rate increases on certain YRT agreements. We are disputing the requested rate increases under these agreements. Certain reinsurers with whom we have disputes have initiated arbitration proceedings against us, may initiate additional proceedings, and other reinsurers may initiate them in the future. To the extent reinsurers have sought retroactive premium increases, we have accrued our current estimate of probable loss with respect to these matters.

For additional information, see Note 7.

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Moriarty Litigation

AGL continues to defend against Moriarty v. American General Life Insurance Co. (S.D. Cal.), a putative class action involving Sections 10113.71 and 10113.72 of the California Insurance Code, which was instituted against AGL on July 18, 2017. In general, those statutes require that for life-insurance policies issued and delivered in California: (1) the policy must contain a 60-day grace period following non-payment of premium during which the policy remains in force; (2) the insurer must provide a 30-day pre-lapse notice; and (3) the insurer must notify policy owners of the right to designate a secondary recipient for lapse notices. The plaintiff contends AGL did not comply with these requirements for a policy issued before these statutes went into effect. The plaintiff seeks damages and other relief. AGL asserts various defenses to the plaintiff’s claims and to class certification. In 2022, the District Court held that a trial was necessary to determine whether AGL was liable on the plaintiff’s breach of contract claim, and it denied class certification. In May 2023, the case was reassigned to a new judge. On August 14, 2023, the District Court granted the plaintiff’s motion for summary judgment on the plaintiff’s breach of contract claim. On September 26, 2023, the District Court decided that good cause exists to allow the plaintiff to file a third motion for class certification. At the same time, however, the District Court certified its August 14, 2023 order for interlocutory appeal to the Ninth Circuit and stayed trial court proceedings pending the outcome of AGL’s appeal. The Ninth Circuit granted AGL’s petition for interlocutory appeal on November 21, 2023, which remains pending. AGL filed its opening brief on April 15, 2024. The Ninth Circuit granted the plaintiff’s third request for an extension of time to file an answering brief, which is now due on July 22, 2024. AGL’s reply brief will be due 21 days after the answering brief is filed. If the Ninth Circuit schedules oral arguments, it will not occur until all briefing is complete.

AGL is also defending other actions in California involving similar issues: Allen v. Protective Life Insurance Co. and American General Life Insurance Co. (E.D. Cal.), which was filed in state court on September 26, 2022. After being removed to federal court, the plaintiffs filed a motion on August 11, 2023, seeking leave to amend the complaint to add class action allegations against AGL. On November 8, 2023, the District Court issued an order that plaintiffs’ motion will be held in abeyance pending resolution of the class certification issues in Moriarty . On June 24, 2024, Protective Life and AGL filed a motion to stay the entire lawsuit (not just plaintiffs’ motion for leave to amend the complaint) pending resolution of Moriarty . On July 8, 2024, plaintiffs filed a response in opposition to the motion to stay; Chuck v. American General Life Insurance Co. (C.D. Cal.), which was filed in state court on September 6, 2023, as a putative class action. After being removed to federal court, the plaintiffs filed an amended complaint on January 8, 2024, dropping the class action allegation against AGL and adding a sales agent as a defendant. On April 15, 2024, the District Court entered a scheduling order setting the case for trial on February 18, 2025; and Koch Family Insurance Trust v. American General Life Insurance Co. (C.D. Cal.), which was filed in state court on May 15, 2024, and removed to federal court on June 28, 2024.

These cases are in the early stages, and AGL expects their progress will be influenced by future developments in Moriarty and cases against other insurers involving the same insurance statutes. AGL has accrued its current estimate of probable loss with respect to these litigation matters.

OTHER COMMITMENTS

In the normal course of business, we enter into commitments to invest in limited partnerships, private equity funds and hedge funds and to purchase and develop real estate in the United States and abroad. These commitments totaled $ 4.3 billion at June 30, 2024.

GUARANTEES

Asset Dispositions

We are subject to guarantees and indemnity arrangements in connection with the completed sales of businesses. The various arrangements may be triggered by, among other things, declines in asset values; the occurrence of specified business contingencies; the realization of contingent liabilities; developments in litigation; or breaches of representations, warranties or covenants provided by us. These arrangements are typically subject to various time limitations, defined by the contract or by operation of law, such as statutes of limitations. In some cases, the maximum potential obligation is subject to contractual limitations, while in other cases such limitations are not specified or are not applicable.

We are unable to develop a reasonable estimate of the maximum potential payout under certain of these arrangements. Overall, we believe that it is unlikely we will have to make any material payments related to completed sales under these arrangements, and no material liabilities related to these arrangements have been recorded in the Condensed Consolidated Balance Sheets.

Guarantees provided by AIG

Prior to the IPO, AIG provided certain guarantees to us as described below. Pursuant to the Separation Agreement we will indemnify, defend and hold harmless AIG against or from any liability arising from or related to these guarantees.

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Certain of our insurance subsidiaries benefit from General Guarantee Agreements under which American Home Assurance Company (“AHAC”) or National Union Fire Insurance Company of Pittsburgh, PA (“NUFIC”) has unconditionally and irrevocably guaranteed all present and future obligations arising from certain insurance policies issued by these subsidiaries (a “Guaranteed Policy” or the “Guaranteed Policies”). AHAC and NUFIC are required to perform under the agreements if one of the insurance subsidiaries fails to make payments due under a Guaranteed Policy. These General Guarantee Agreements have all been terminated as to insurance policies issued after the date of termination. AHAC and NUFIC have not been required to perform under any of the agreements but remain contingently liable for all policyholder obligations associated with the Guaranteed Policies. We did not pay any fees under these agreements for the six months ended June 30, 2024 or 2023.

AIG Parent provides a full and unconditional guarantee of all outstanding notes and junior subordinated debentures of Corebridge Life Holdings, Inc. (“CRBGLH”). This includes:

• a guarantee (the “CRBGLH External Debt Guarantee”) in connection with CRBGLH junior subordinated debentures and certain CRBGLH notes (the “CRBGLH External Debt”); and

• a guarantee in connection with a sale-leaseback transaction in 2020. Pursuant to this transaction, CRBGLH issued promissory notes to AGL with maturity dates of up to five years . These promissory notes were guaranteed by AIG Parent for the benefit of AGL. We paid no fees for these guarantees during the six months ended June 30, 2024 or 2023. On August 1, 2023, the guarantee of these promissory notes was novated from AIG Parent to Corebridge Parent.

In addition to the Separation Agreement, we have entered into a guarantee reimbursement agreement with AIG Parent which provides that we will reimburse AIG Parent for the full amount of any payment made by or on behalf of AIG Parent pursuant to the CRBGLH External Debt Guarantee. We have also entered into a collateral agreement with AIG Parent which provides that in the event of: (i) a ratings downgrade of Corebridge Parent or CRBGLH long-term unsecured indebtedness below specified levels or (ii) the failure by CRBGLH to pay principal and interest on the External Debt when due, we must collateralize an amount equal to the sum of: (a) 100 % of the principal amount outstanding, (b) accrued and unpaid interest and (c) 100 % of the net present value of scheduled interest payments through the maturity dates of the CRBGLH External Debt.

• For additional discussion on commitments and guarantees associated with VIEs, see Note 8.

• For additional disclosures about derivatives, see Note 9.

16. Equity

COMMON STOCK

The following table presents a rollforward of outstanding shares :

Six Months Ended June 30, 2024			Common Stock Issued			Treasury Stock			Common Stock Outstanding
Shares, beginning of year			648,148,737			( 26,484,411 )			621,664,326
Shares issued under long-term incentive compensation plans			2,041,112			1,229,028			3,270,140
Shares repurchased			—			( 24,607,065 )			( 24,607,065 )
Shares, end of period			650,189,849			( 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.

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RETAINED EARNINGS

Dividends

Declaration Date			Record Date			Payment Date			Dividend Paid Per Common Share
May 2, 2024			June 14, 2024			June 28, 2024			$	0.23
February 14, 2024			March 15, 2024			March 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 Taken						Unrealized 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 contracts						Cash Flow Hedges						Foreign Currency Translation Adjustments						Retirement Plan Liabilities Adjustment						Total
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 investments						55						( 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 )

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(in millions)						Unrealized Appreciation (Depreciation) of Fixed Maturity Securities on Which allowance for credit losses was Taken						Unrealized 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 contracts						Cash Flow Hedges						Foreign Currency Translation Adjustments						Retirement Plan Liabilities Adjustment						Total
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 investments						93						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 )

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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 Taken						Unrealized 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 contracts						Cash Flow Hedges						Foreign Currency Translation Adjustments						Retirement Plan Liabilities Adjustment						Total
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

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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)						2024						2023						2024						2023
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)						2024						2023						2024						2023
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 interests						32						18						53						43
Distributions to noncontrolling interests						( 2 )						( 3 )						( 31 )						( 53 )
Other						1						1						1						1
Ending balance						$	816					$	907					$	816					$	907

Refer to Note 8 for additional information related to Variable Interest Entities.

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The basic earnings per common share (“EPS”) computation is based on the weighted average number of common shares outstanding, adjusted to reflect all stock splits. The diluted EPS computation is based on those shares used in the basic EPS computation plus common shares that would have been outstanding assuming issuance of common shares for all dilutive potential common shares outstanding and adjusted to reflect all stock splits, using the treasury stock method.

The following table presents the computation of basic and diluted EPS for the three and six months ended June 30, 2024 and 2023:

			Three Months Ended June 30,												Six Months Ended June 30,
(in millions, except per common share data)			2024						2023						2024						2023
Numerator for EPS:
Net income (loss)			$	341					$	751					$	1,168					$	298
Less: Net income (loss) attributable to noncontrolling interests			( 24 )						( 20 )						( 75 )						( 14 )
Net income (loss) attributable to Corebridge common shareholders			$	365					771						$	1,243					$	312
Denominator for EPS:
Weighted average common shares outstanding - basic			611.6						650.7						617.8						650.8
Dilutive common shares			1.0						1.5						0.9						1.7
Weighted average common shares outstanding - diluted			612.6						652.2						618.7						652.5
Income per common share attributable to Corebridge common shareholders
Common stock - basic			$	0.60					$	1.18					$	2.01					$	0.48
Common stock - diluted			$	0.59					$	1.18					$	2.01					$	0.48

18. Income Taxes

RECENT TAX LAW CHANGES

The Inflation Reduction Act of 2022 (H.R. 5376), (the “Inflation Reduction Act”) includes a 15% corporate alternative minimum tax (“CAMT”) on adjusted financial statement income for corporations with average profits over $1 billion over a three-year period and a 1% stock buyback tax. Although the U.S. Treasury and Internal Revenue Service (“IRS”) issued interim CAMT guidance during 2023, many details and specifics of application of the CAMT remain subject to future guidance. Our estimated CAMT liability will continue to be refined based on future guidance.

BASIS OF PRESENTATION

Prior to the IPO, Corebridge Parent and certain U.S. subsidiaries were included in the consolidated federal income tax return of AIG as well as certain state tax returns where AIG files on a combined or unitary basis. Following the IPO, AIG owned less than 80 % interest in Corebridge, resulting in tax deconsolidation of Corebridge from the AIG Consolidated Tax Group. In addition, under the tax law, AGC and its directly owned life insurance subsidiaries (the “AGC Group”) will not be permitted to join in the filing of a U.S. consolidated federal income tax return with our other subsidiaries (collectively, the “Non-Life Group”) for the five-year waiting period. Instead, the AGC Group is expected to file separately as members of the AGC Group consolidated U.S. federal income tax return during the five-year waiting period. Following the five-year waiting period, the AGC Group is expected to join the U.S. consolidated federal income tax return with the Non-Life Group.

RECLASSIFICATION OF CERTAIN TAX EFFECTS FROM AOCI

We use an item-by-item approach to release the stranded or disproportionate income tax effects in AOCI related to our available-for-sale securities. Under this approach, a portion of the disproportionate tax effects is assigned to each individual security lot at the date the amount becomes lodged. When the individual securities are sold, mature or are otherwise impaired on an other-than-temporary basis, the assigned portion of the disproportionate tax effect is reclassified from AOCI to income (loss) from operations.

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INTERIM TAX CALCULATION METHOD

We use the estimated annual effective tax rate method in computing our interim tax provision. Certain items, including those deemed to be unusual or infrequent or that cannot be reliably estimated, are excluded from the estimated annual effective tax rate. In these cases, the actual tax expense or benefit is reported in the same period as the related item. Certain tax effects are also not reflected in the estimated annual effective tax rate, primarily certain changes in uncertain tax positions and realizability of deferred tax assets, and are recorded in the period in which the change occurs.

INTERIM TAX EXPENSE (BENEFIT)

For the three months ended June 30, 2024, the effective tax rate on income from operations was 25.2 %. The effective tax rate on income from operations differs from the statutory tax rate of 21 % primarily due to tax charges associated with the establishment of additional U.S. federal and state valuation allowance and with state and local income taxes. These tax charges were partially offset by dividends received deduction, tax adjustments related to prior year returns including interest, renewable energy tax credits, and reclassifications from AOCI to income from operations related to the disposal of available-for-sale securities.

For the six months ended June 30, 2024, the effective tax rate on income from operations was 20.7 %. The effective tax rate on income from operations differs from the statutory tax rate of 21 % primarily due to tax benefits associated with dividends received deduction, excess tax benefits related to share based compensation payments recorded through the income statement, adjustments to deferred tax assets, renewable energy tax credits, and reclassifications from AOCI to income from operations related to the disposal of available-for-sale securities. These tax benefits were partially offset by the establishment of additional U.S. federal, state and foreign valuation allowance and tax charges associated with state and local income taxes.

For the three months ended June 30, 2023, the effective tax rate on income from operations was 17.6 %. The effective tax rate on income from operations differs from the statutory tax rate of 21 % primarily due to the dividends received deduction, tax adjustments related to prior year returns, and reclassifications from AOCI to income from operations related to the disposal of available-for-sale securities. These tax benefits were partially offset by the establishment of additional valuation allowance and tax charges associated with state and local income taxes.

For the six months ended June 30, 2023, the effective tax rate on income from operations was ( 23.1 )%. The effective tax rate on income from operations differs from the statutory tax rate of 21 % primarily due to the dividends received deduction, adjustments to deferred tax assets, reclassifications from AOCI to income from operations related to the disposal of available-for-sale securities, tax adjustments related to prior year returns, and excess tax benefits related to share based compensation payments recorded through the income statement. These tax benefits were partially offset by the establishment of additional valuation allowance and tax charges associated with state and local income taxes.

ASSESSMENT OF DEFERRED TAX ASSET VALUATION ALLOWANCE

The evaluation of the recoverability of our deferred tax asset and the need for a valuation allowance requires us to weigh all positive and negative evidence to reach a conclusion that it is more likely than not that all or some portion of the deferred tax asset will not be realized. The weight given to the evidence is commensurate with the extent to which it can be objectively verified. The more negative evidence that exists, the more positive evidence is necessary and the more difficult it is to support a conclusion that a valuation allowance is not needed.

As discussed above, under the tax law, the AGC Group will not be permitted to join in the filing of a U.S. consolidated federal income tax return with the Non-Life Group for the five-year waiting period following the IPO. Instead, the AGC Group is expected to file separately as members of the AGC consolidated U.S. federal income tax return during this period. Following the five-year waiting period, the AGC Group is expected to join U.S. consolidated federal income tax return with the Non-Life Group. Each separate U.S. federal tax filing group or separate U.S. tax filer is required to consider this five-year waiting period when assessing realization of their respective deferred tax assets including net operating loss and tax credit carryforwards.

Our separation from AIG resulted in an “ownership change” for U.S. federal income tax purposes under Section 382 of the Code. As a result of the ownership change, a limitation has been imposed upon the utilization of our U.S. net operating loss carryforwards and certain built-in losses and deductions to offset future taxable income. Our utilization is limited to approximately $ 648 million per year. These limitation amounts accumulate for future use to the extent they are not utilized in a given year.

Recent events, changes in target interest rates by the Board of Governors of the Federal Reserve System and significant market volatility, impacted actual and projected results of our business operations as well as our views on potential effectiveness of certain prudent and feasible tax planning strategies. In order to demonstrate the predictability and sufficiency of future taxable income necessary to support the realizability of the net operating losses and foreign tax credit carryforwards, we have considered forecasts of future income for each of our businesses, including assumptions about future macroeconomic and Corebridge-specific conditions and events, and any impact these conditions and events may have on our prudent and feasible tax planning strategies.

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To the extent that the valuation allowance is attributed to changes in forecast of current year taxable income, the impact is included in our estimated annualized effective tax rate. A valuation allowance related to changes in forecasts of income in future periods as well as other items not related to the current year is recorded discretely. For the three and six months ended June 30, 2024, we recorded an increase in valuation allowance of $ 30 million and $ 45 million primarily attributable to current year activity. As of June 30, 2024, the balance sheet reflects a valuation allowance of $ 207 million related to our tax attribute carryforwards and a portion of certain other deferred tax assets that are no longer more-likely-than-not to be realized.

Estimates of future taxable income, including income generated from prudent and feasible actions and tax planning strategies, impact of settlements with taxing authorities, and any changes to interpretations and assumptions related to the impact of the Inflation Reduction Act or the Tax Act, could change in the near term, perhaps materially, which may require us to consider any potential impact to our assessment of the recoverability of the deferred tax asset. Such potential impact could be material to our consolidated financial condition or results of operations for an individual reporting period.

For the three and six months ended June 30, 2024, recent changes in market conditions, including rising interest rates, impacted the unrealized tax capital gains and losses in the U.S. life insurance companies’ available-for-sale securities portfolio, resulting in a deferred tax asset related to net unrealized tax capital losses. The deferred tax asset relates to the unrealized capital losses for which the carryforward period has not yet begun, and as such, when assessing its recoverability, we consider our ability and intent to hold the underlying securities to recovery. As of June 30, 2024, based on all available evidence, we concluded that a valuation allowance should be established on a portion of the deferred tax asset related to unrealized capital losses that are not more-likely-than-not to be realized. For the three and six months ended June 30, 2024, we recorded an increase in valuation allowance of $ 96 million and $ 290 million, respectively, associated with the unrealized tax capital losses in the U.S. life insurance companies’ available-for-sale securities portfolio. As of June 30, 2024, the balance sheet reflects a valuation allowance of $ 1.3 billion associated with the unrealized tax capital losses in the U.S. Life Insurance Companies’ available-for-sale securities portfolio, all of which was allocated to OCI. Additionally, as of June 30, 2024, based on all available evidence, we concluded that a valuation allowance should be established on a portion of the deferred tax asset related to realized tax capital losses that are not more-likely-than-not to be realized. As of June 30, 2024, we established $ 57 million of valuation allowance associated with the realized tax capital losses from the insurance companies’ available-for-sale securities portfolio.

For the six months ended June 30, 2024, we recognized a $ 2 million increase in deferred tax asset valuation allowance associated with certain foreign jurisdictions.

TAX EXAMINATIONS AND LITIGATION

Corebridge Parent and certain U.S. subsidiaries are included in a consolidated U.S. federal income tax return with AIG through the date of IPO (short-period tax year 2022), and income tax expense is recorded, based on applicable U.S. and foreign laws.

The AIG Consolidated Tax Group is currently under IRS examination for the tax years 2011 through 2019 and is continuing to engage in the appeals process for years 2007 through 2010.

19. Related Parties

RELATED PARTY TRANSACTIONS

We may enter into a significant number of transactions with related parties in the normal course of business. Parties are considered to be related if one party has the ability to control or exercise significant influence over the other party in making financial or operating decisions, or if a party, directly or indirectly through one or more of its intermediaries, controls, is controlled by or is under common control with an entity. Our material transactions with related parties are described below.

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Related Party Transactions with AIG

We have historically entered into various transactions with AIG, some of which are continuing and are described below. In addition, on September 14, 2022, we entered into a Separation Agreement with AIG, which governs the relationship between AIG and us following the IPO, including matters related to the allocation of assets and liabilities between the parties, indemnification obligations, our corporate governance, information rights for each party and consent rights of AIG with respect to certain business activities that we may undertake. On May 16, 2024, in connection with the execution of the Purchase Agreement with AIG Parent and Nippon, the Company entered into an Amendment to the Separation Agreement, by and between the Company and AIG Parent, pursuant to which the Company and AIG Parent agreed to certain changes with respect to AIG’s board designation rights and AIG’s right to consent over certain actions by the Company, as set forth in the original Separation Agreement. Additionally, on June 9, 2024, AIG Parent waived its right under the Separation Agreement to include a majority of the director candidates on each slate of candidates recommended by the Corebridge Board of Directors.

For further information on the Nippon Transaction, the Separation Agreement and the amendment and waiver thereto, see Note 1.

Advisory Transactions

Certain of our investment management subsidiaries provide advisory, management, allocation, structuring, planning, oversight, administration and similar services (collectively, “Investment Services”) with respect to the investment portfolios of AIG. Investment Services are provided primarily pursuant to investment management, investment advisory and similar agreements (“IMAs”), under which our subsidiaries are appointed as investment manager and are authorized to manage client investment portfolios on a fully discretionary basis, subject to agreed investment guidelines. Certain of our subsidiaries are also authorized under the IMAs to retain, oversee and direct third-party investment advisers and managers for and on behalf of these AIG clients. In some cases, Investment Services are provided through the clients’ participation in private investment funds, RMBS, CLO and other pooled investment vehicles and investment products (collectively, “Funds”) sponsored or managed by us.

Separately, certain of our subsidiaries provide portfolio administration and investment planning, performance evaluation and oversight services to AIG Property Casualty International, LLC (“AIGPCI”), on a non-discretionary basis, with respect to the investment portfolios of various of AIGPCI’s non-U.S. subsidiaries. In some cases, these services are directly provided to AIGPCI’s non-US subsidiaries. We offer our Funds to AIGPCI’s non-U.S. subsidiaries. Our subsidiaries earn investment management and advisory fees under the IMAs and other service agreements, as well as management fees and carried interest distributions or similar performance-based compensation under the Funds’ operating agreements, the majority of which are based on, or calibrated to approximate, the costs of providing the services. With respect to a minority of the AIG client portfolios, which relate to assets backing risks that have been transferred to third parties, our subsidiaries earn market-based fees. Management and advisory fee income for these Investment Services and related services reflected in Other income on the Condensed Consolidated Statements of Income (Loss) were $ 6 million and $ 13 million for the three and six months ended June 30, 2024, respectively, and $ 7 million and $ 20 million for the three and six months ended June 30, 2023, respectively.

Capital Markets Agreements

Historically, we received a suite of capital markets services, including securities lending, collateral management, repurchase transactions, derivatives execution and support, and operational support services, from AIG for which we pay a fee. AIG Markets, Inc. (“AIGM”) provided these services through various services agreements.

The suite of capital markets services previously provided by AIGM are now provided by our consolidated subsidiary Corebridge Markets, LLC (“CRBGM”). The majority of transactions previously outstanding with AIGM were legally transferred to CRBGM as of December 31, 2023.

In addition, in the ordinary course of business, we enter into over-the-counter derivative transactions with AIGM under standard ISDA Master Agreements. We previously had certain unsecured derivative transactions with AIG. On May 4, 2023, these previously unsecured derivative transactions became fully collateralized.

The total expenses incurred for services provided by AIGM reflected in Net investment income - excluding Fortitude Re funds withheld assets on the Condensed Consolidated Statements of Income (Loss) were $ 0 million and $ 0 million for the three and six months ended June 30, 2024, respectively, and $ 0 million and $ 0 million for the three and six months ended June 30, 2023, respectively. The derivative assets, net of gross assets and gross liabilities after collateral were $ 0 million and $ 13 million as of June 30, 2024 and December 31, 2023, respectively. The derivative liabilities, net of gross assets and gross liabilities after collateral were $ 0 million and $ 0 million as of June 30, 2024 and December 31, 2023, respectively. The collateral posted to AIGM was $ 0 million and $ 0 million as of June 30, 2024 and December 31, 2023, respectively. The collateral held by us was $ 66 million and $ 377 million as of June 30, 2024 and December 31, 2023, respectively.

For further details regarding derivatives, see Note 9.

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General Services Agreements

Pursuant to the provisions of a Service and Expense Agreement (the “AIG Service and Expense Agreement”) effective February 1, 1974, as amended, we and AIG have provided various services to each other at cost, including, but not limited to, advertising, accounting, actuarial, tax, legal, data processing, claims adjustment, employee cafeteria, office space, payroll, information technology services, capital markets services, services that support financial transactions and budgeting, risk management and compliance services, human resources services, insurance, operations and other support services.

On September 14, 2022, we entered into a Transition Services Agreement (the “TSA”) with AIG regarding the continued provision of services between the Company and AIG on a transitional basis. The TSA has generally replaced the AIG Service and Expense Agreement for services provided between the parties.

Amounts due to AIG under these agreements were $ 19 million and $ 39 million as of June 30, 2024 and December 31, 2023, respectively. Amounts due from AIG were $ 12 million and $ 38 million as of June 30, 2024 and December 31, 2023, respectively. The total service expenses incurred specific to these agreements reflected in General operating expenses on the Condensed Consolidated Statements of Income (Loss) were $ 12 million and $ 25 million for the three and six months ended June 30, 2024, respectively, and $ 46 million and $ 93 million for the three and six months ended June 30, 2023, respectively.

Reinsurance Transactions

From time to time, AIG Life U.K. entered into various coinsurance agreements with American International Reinsurance Company, Ltd., a consolidated subsidiary of AIG (“AIRCO”) as follows:

• In 2018, AIG Life U.K. ceded risks to AIRCO relating to the payment of obligations of life-contingent annuity claims in the annuitization phase of the contracts on or after June 30, 2018.

• In 2019 and 2020, AIG Life U.K. ceded risks to AIRCO relating to certain whole life policies issued prior to and subsequent to July 1, 2019, respectively.

Reinsurance assets related to these agreements were $ 67 million as of December 31, 2023. Amounts payable to AIRCO were $ 13 million as of December 31, 2023. Ceded premiums related to these agreements were $ 0 million and $ 9 million for the three and six months ended June 30, 2024, respectively, and $ 11 million and $ 18 million for the three and six months ended June 30, 2023, respectively. Reinsurance assets and amounts payable related to these agreements were reclassified to Assets held-for-sale and Liabilities held-for-sale, respectively at December 31, 2023.

On April 8, 2024, Corebridge completed the sale of AIG Life U.K. to Aviva and AIG Life U.K. terminated its reinsurance agreements with AIRCO.

Guarantees

Prior to the IPO, AIG provided certain guarantees to us. Pursuant to the Separation Agreement, we will indemnify, defend and hold harmless AIG against or from any liability arising from or related to such guarantees.

For further details regarding guarantees previously provided by AIG, see Note 15.

Tax Sharing Agreements

On September 14, 2022, we entered into a tax matters agreement with AIG that governs the parties’ respective rights, responsibilities, and obligations with respect to taxes, including the allocation of current and historic tax liabilities (whether income or non-income consolidated or stand-alone) between us and AIG (the “Tax Matters Agreement”). The Tax Matters Agreement governs, among other things, procedural matters, such as filing of tax returns, tax elections, control and settlement of tax controversies and entitlement to tax refunds and tax attributes.

Prior to the IPO, Corebridge and SAFG Capital LLC were included in the consolidated federal income tax return of AIG as well as certain state tax returns where AIG files on a combined or unitary basis. There were no payments to AIG in connection with the tax sharing agreements for the six months ended June 30, 2024 and 2023. Amounts receivable (payable) from or to AIG pursuant to the tax sharing agreements were $( 381 ) million and $( 371 ) million as of June 30, 2024 and December 31, 2023, respectively.

Employee Compensation and Benefits

Our employees participate in certain of AIG’s employee benefit programs. We had a payable of $ 18 million and $ 32 million as of June 30, 2024 and December 31, 2023, respectively, with respect to these programs. On September 14, 2022, we entered into an employee matters agreement with AIG (the “EMA”). The EMA allocates liabilities and responsibilities relating to employment matters, employee compensation and benefits plans and programs, and other related matters between us and AIG. The EMA generally provides that, unless otherwise specified, each party is responsible for liabilities associated with their current and former employees for purposes of compensation and benefit matters following the IPO.

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Related Party Transactions with Blackstone Inc. (“Blackstone”)

Investment Expense

We entered into a long-term asset management relationship with Blackstone to manage a portion of our investment portfolio. The investment expense incurred were $ 60 million and $ 111 million for the three and six months ended June 30, 2024, respectively, and $ 37 million and $ 72 million for the three and six months ended June 30, 2023, respectively.

Related Party Transactions with Variable Interest Entities

In the ordinary course of business, we enter into various arrangements with VIEs, and we consolidate the VIE if we are determined to be the primary beneficiary. In certain situations, we may have a variable interest in a VIE that is consolidated by an affiliate, and in other instances, affiliates may have variable interests in a VIE that is consolidated by us. The total debt of consolidated VIEs held by affiliates was $ 136 million and $ 102 million as of June 30, 2024 and December 31, 2023, respectively. The interest expense incurred on the debt reflected in Interest expense on the Condensed Consolidated Statements of Income (Loss) were $ 1 million and $ 2 million for the three and six months ended June 30, 2024, respectively, and $ 1 million and $ 8 million for the three and six months ended June 30, 2023, respectively.

The noncontrolling interest included in the Condensed Consolidated Balance Sheets related to the VIEs held by affiliates was $ 474 million and $ 518 million as of June 30, 2024 and December 31, 2023, respectively. The gain/(loss) attributable to noncontrolling interest of consolidated VIEs held by affiliates were $( 18 ) million and $( 39 ) million for the three and six months ended June 30, 2024, respectively, and $( 8 ) million and $ 11 million for the three and six months ended June 30, 2023, respectively.

In addition to transactions with VIEs, Corebridge has entered into other structured financing arrangements supporting real estate properties and other types of assets with other AIG affiliates. These financing arrangements are reported in Other invested assets in the Condensed Consolidated Balance Sheets. Certain of these and the VIE structures above also include commitments for funding from other AIG affiliates.

For additional information related to VIEs and other investments, see Notes 5 and 8.

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