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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2022
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following table presents information about assets and liabilities measured at fair value on a recurring basis and indicates the level of the fair value measurement based on the observability of the inputs used:
December 31, 2022Level 1Level 2Level 3
Counterparty
Netting(a)
Cash
Collateral		Total
(in millions)
Assets:
Bonds available for sale:
U.S. government and government sponsored entities$— $1,198 $— $— $— $1,198 
Obligations of states, municipalities and political subdivisions— 5,121 805 — — 5,926 
Non-U.S. governments— 4,392 — — — 4,392 
Corporate debt— 102,724 1,968 — — 104,692 
RMBS(b)
— 6,274 5,670 — — 11,944 
CMBS— 9,350 718 — — 10,068 
December 31, 2022Level 1Level 2Level 3
Counterparty
Netting(a)
Cash
Collateral		Total
(in millions)
CLO(c)
— 6,516 1,670 — — 8,186 
ABS
— 792 9,595 — — 10,387 
Total bonds available for sale
— 136,367 20,426 — — 156,793 
Other bond securities:
Obligations of states, municipalities and political subdivisions— 37 — — — 37 
Non-U.S. governments— 22 — — — 22 
Corporate debt— 1,805 417 — — 2,222 
RMBS(d)
— 58 107 — — 165 
CMBS— 204 28 — — 232 
CLO— 268 11 — — 279 
ABS— 71 741 — — 812 
Total other bond securities
— 2,465 1,304 — — 3,769 
Equity securities
141 3 26 — — 170 
Other invested assets(e)
— — 1,832 — — 1,832 
Derivative assets:
Interest rate contracts1 1,269 303 — — 1,573 
Foreign exchange contracts— 1,247 — — — 1,247 
Equity contracts11 124 282 — — 417 
Credit contracts— — — — — — 
Other contracts— 1 14 — — 15 
Counterparty netting and cash collateral— — — (2,547)(406)(2,953)
Total derivative assets
12 2,641 599 (2,547)(406)299 
Short-term investments
1 1,356 — — — 1,357 
Separate account assets
81,655 3,198 — — — 84,853 
Total
$81,809 $146,030 $24,187 $(2,547)$(406)$249,073 
Liabilities:
Policyholder contract deposits(f)
$— $97 $7,119 $— $— $7,216 
Derivative liabilities:
Interest rate contracts— 2,676 — — — 2,676 
Foreign exchange contracts— 632 — — — 632 
Equity contracts2 10 15 — — 27 
Credit contracts— — — — — — 
Other contracts— — — — — — 
Counterparty netting and cash collateral— — — (2,547)(691)(3,238)
December 31, 2022Level 1Level 2Level 3
Counterparty
Netting(a)
Cash
Collateral		Total
(in millions)
Total derivative liabilities
2 3,318 15 (2,547)(691)97 
Fortitude Re funds withheld payable(g)
— — 1,262 — — 1,262 
Debt of consolidated investment entities
— — 6 — — 6 
Total
$2 $3,415 $8,402 $(2,547)$(691)$8,581 
December 31, 2021Level 1Level 2Level 3
Counterparty Netting(a)
Cash
Collateral		Total
(in millions)
Assets:
Bonds available for sale:
U.S. government and government sponsored entities$— $1,712 $— $— $— $1,712 
Obligations of states, municipalities and political subdivisions— 7,281 1,395 — — 8,676 
Non-U.S. governments7 6,390 — — — 6,397 
Corporate debt— 138,156 1,907 — — 140,063 
RMBS(b)
— 7,363 7,595 — — 14,958 
CMBS— 10,228 1,072 — — 11,300 
CLO(c)
— 4,364 3,038 — — 7,402 
ABS
— 660 7,400 — — 8,060 
Total bonds available for sale
7 176,154 22,407 — — 198,568 
Other bond securities:
Obligations of states, municipalities and political subdivisions— 50 — — — 50 
Non-U.S. governments— 17 — — — 17 
Corporate debt— 866 134 — — 1,000 
RMBS(d)
— 93 106 — — 199 
CMBS— 201 33 — — 234 
CLO— 134 149 — — 283 
ABS— 94 205 — — 299 
Total other bond securities
— 1,455 627 — — 2,082 
Equity securities
238 2 2 — — 242 
Other invested assets(e)
— — 1,892 — — 1,892 
Derivative assets:
Interest rate contracts— 1,911 — — — 1,911 
Foreign exchange contracts— 672 — — — 672 
Equity contracts7 4,184 479 — — 4,670 
Credit contracts— — 1 — — 1 
Other contracts— 1 12 — — 13 
Counterparty netting and cash collateral— — — (5,785)(798)(6,583)
Total derivative assets
7 6,768 492 (5,785)(798)684 
Short-term investments
1 1,454 — — — 1,455 
Separate account assets
105,221 3,890 — — — 109,111 
Total
$105,474 $189,723 $25,420 $(5,785)$(798)$314,034 
Liabilities:
Policyholder contract deposits(f)
$— $130 $9,694 $— $— $9,824 
Derivative liabilities:
Interest rate contracts1 1,575 — — — 1,576 
Foreign exchange contracts— 366 — — — 366 
Equity contracts1 4,048 22 — — 4,071 
Credit contracts— — — — — — 
Other contracts— — — — — — 
December 31, 2021Level 1Level 2Level 3
Counterparty Netting(a)
Cash
Collateral		Total
(in millions)
Counterparty netting and cash collateral— — — (5,785)(37)(5,822)
Total derivative liabilities
2 5,989 22 (5,785)(37)191 
Fortitude Re funds withheld payable(g)
— — 7,974 — — 7,974 
Debt of consolidated investment entities
— — 5 — — 5 
Total
$2 $6,119 $17,695 $(5,785)$(37)$17,994 
___________________
(a)Represents netting of derivative exposures covered by qualifying master netting agreements.
(b)Includes investments in RMBS issued by related parties of $37 million and $2 million classified as Level 2 and Level 3, respectively, as of December 31, 2022. Additionally, includes investments in RMBS issued by related parties of $38 million and $9 million classified as Level 2 and Level 3, respectively, as of December 31, 2021.
(c)Includes investments in collateralized debt obligations (“CDOs”) issued by related parties of $0 and $862 million as of December 31, 2022 and December 31, 2021, respectively. The $862 million of CDOs are classified as Level 3.
(d)Includes less than $1 million of investments in RMBS issued by related parties classified as Level 2 as of December 31, 2022 and December 31, 2021.
(e)Excludes investments that are measured at fair value using the net asset value (“NAV”) per share (or its equivalent), which totaled $6.0 billion and $5.2 billion as of December 31, 2022 and December 31, 2021, respectively.
(f)Excludes basis adjustments for fair value hedges.
(g)As discussed in Note 7, the Fortitude Re funds withheld payable is created through modco and funds withheld reinsurance arrangements where the investments supporting the reinsurance agreements are withheld by and continue to reside on Corebridge’s balance sheet. This embedded derivative is valued as a total return swap with reference to the fair value of the invested assets held by Corebridge, which are primarily available-for-sale securities.
Schedule of Assets Measured on a Recurring Basis
The following tables present changes during the years ended December 31, 2022 and 2021 in Level 3 assets and liabilities measured at fair value on a recurring basis, and the realized and unrealized gains (losses) related to the Level 3 assets and liabilities in the Consolidated Balance Sheets at December 31, 2022 and 2021:
(in millions)Fair Value
 Beginning
 of Period		Net
 Realized
 and
Unrealized Gains
 (Losses)
 Included
in Income		Other
 Comprehensive
Income (Loss)		Purchases,
 Sales,
 Issuances
 and
 Settlements,
Net		Gross
Transfers
 In		Gross
 Transfers
 Out
Other(a)
Fair Value
 End
of Period		Changes in
 Unrealized
Gains
 (Losses)
 Included in
Income on
Instruments
Held at
End of Period		Changes in
Unrealized
Gain (Losses)
Included in
 Other Comprehensive Income (Loss)
for Recurring
 Level 3 Instruments
 Held at
 End of Period
December 31, 2022
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions$1,395 $1 $(525)$(95)$40 $(11)$— $805 $— $(221)
Corporate debt1,907 17 (192)(159)911 (516)— 1,968 — (174)
RMBS7,595 322 (986)(834)7 (434)— 5,670 — (610)
CMBS1,072 9 (140)38 45 (306)— 718 — (115)
CLO3,038 (31)(163)(105)1,305 (1,673)(701)1,670 — (76)
ABS7,400 131 (1,417)3,283 218 (20)— 9,595 — (1,369)
Total bonds available for sale
22,407 449 (3,423)2,128 2,526 (2,960)(701)20,426 — (2,565)
Other bond securities:
Corporate debt134 (5)— 158 335 (205)— 417 (2)— 
RMBS106 (23)— 24 — — — 107 (22)— 
CMBS33 (5)— — — — — 28 (4)— 
CLO149 1 — (131)70 (78)— 11 (5)— 
ABS205 (117)— 653 — — — 741 (132)— 
Total other bond securities
627 (149)— 704 405 (283)— 1,304 (165)— 
Equity securities2 (1)— 23 2 — — 26 (1)— 
Other invested assets1,892 313 (22)(195)24 (180)— 1,832 329 — 
Total
$24,928 $612 $(3,445)$2,660 $2,957 $(3,423)$(701)$23,588 $163 $(2,565)
(in millions)Fair Value
 Beginning
 of Period		Net
 Realized
 and
Unrealized (Gains)
 Losses
 Included
in Income		Other
 Comprehensive
(Income) Loss		Purchases,
 Sales,
 Issuances
 and
 Settlements,
Net		Gross
Transfers
 In		Gross
 Transfers
 Out		Other(a)Fair Value
 End
of Period		Changes in
 Unrealized
Gains
 (Losses)
 Included in Income on Instruments Held at
End of Period		Changes in
Unrealized
Gain (Losses)
Included in
 Other Comprehensive Income (Loss)
for Recurring
 Level 3 Instruments
 Held at
 End of Period
Liabilities:
Policyholder contract deposits$9,694 $(3,602)$— $1,027 $— $— $— $7,119 $3,857 $— 
Derivative liabilities, net:
Interest rate contracts— 1 — (304)— — — (303)(1)— 
Foreign exchange contracts— (1)— 1 — — — — — — 
Equity contracts(457)494 — (304)— — — (267)(249)— 
Credit contracts(1)1 — — — — — — — — 
Other contracts(12)(63)— 61 — — — (14)63 — 
Total derivative liabilities, net(b)
(470)432 — (546)— — — (584)(187)— 
Fortitude Re funds withheld payable7,974 (6,348)— (364)— — — 1,262 6,689 — 
Debt of consolidated investment entities5 — — 1 — — — 6 (1)— 
Total
$17,203 $(9,518)$— $118 $— $— $— $7,803 $10,358 $— 
(in millions)Fair Value
 Beginning
 of Period		Net
 Realized
 and
Unrealized
Gains
(Losses)
 Included
in Income		Other
 Comprehensive
Income (Loss)		Purchases,
 Sales,
 Issuances
 and
 Settlements,
Net		Gross
Transfers
 In		Gross
 Transfers
 Out		OtherFair Value
 End
of Period		Changes in
 Unrealized
Gains
 (Losses)
Included in
Income on
Instruments
Held at
End of Period		Changes in
Unrealized
Gain (Losses)
Included in
 Other Comprehensive Income (Loss)
for Recurring
 Level 3 Instruments
 Held at
 End of Period
December 31, 2021
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions$2,057 $7 $(5)$(342)$— $(260)$(62)$1,395 $— $36 
Corporate debt1,709 (10)(25)109 373 (249)— 1,907 — 31 
RMBS8,104 415 (104)(782)8 (46)— 7,595 — 787 
CMBS886 25 (45)253 53 (100)— 1,072 — 21 
CLO3,362 (5)(173)48 655 (849)— 3,038 — (164)
ABS5,526 29 (97)1,942 — — — 7,400 — 80 
Total bonds available for sale
21,644 461 (449)1,228 1,089 (1,504)(62)22,407 — 791 
Other bond securities:
Corporate debt— (1)— 135 — — — 134 (1)— 
RMBS96 2 — 8 — — — 106 — — 
CMBS45 — — (17)5 — — 33 (2)— 
CLO193 (4)— (40)— — — 149 15 — 
ABS— — — 205 — — — 205 (1)— 
Total other bond securities
334 (3)— 291 5 — — 627 11 — 
Equity securities42 11 — (120)70 (1)— 2 — — 
Other invested assets1,771 641 (15)(569)64 — — 1,892 612 — 
Total
$23,791 $1,110 $(464)$830 $1,228 $(1,505)$(62)$24,928 $623 $791 
(in millions)Fair Value
 Beginning
 of Period		Net
 Realized
 and
Unrealized
(Gains)
Losses
 Included
in Income		Other
 Comprehensive
(Income) Loss		Purchases,
 Sales,
 Issuances
 and
 Settlements,
Net		Gross
Transfers
 In		Gross
 Transfers
 Out		OtherFair Value
 End
of Period		Changes in
 Unrealized
Gains
 (Losses)
Included in
Income on
Instruments
Held at
End of Period		Changes in
Unrealized
Gain (Losses)
Included in
 Other Comprehensive Income (Loss)
for Recurring
 Level 3 Instruments
 Held at
 End of Period
Liabilities:
Policyholder contract deposits$10,038 $(769)$— $479 $— $(54)$— $9,694 $1,860 $— 
Derivative liabilities, net:
Interest rate contracts— — — — — — — — — — 
Foreign exchange contracts— — — — — — — — — — 
Equity contracts(146)(22)— (271)(71)53 — (457)19 — 
Credit contracts(2)11 — (10)— — — (1)(2)— 
Other contracts(7)(62)— 57 — — — (12)63 — 
Total derivative liabilities, net(b)
(155)(73)— (224)(71)53 — (470)80 — 
Fortitude Re funds withheld payable7,749 687 — (462)— — — 7,974 1,766 — 
Debt of consolidated investment entities951 179 — (1,125)— — — 5 4 — 
Total
$18,583 $24 $— $(1,332)$(71)$(1)$— $17,203 $3,710 $— 
__________________
(a)On September 9, 2022, certain of our insurance companies purchased from AIG senior debt issued by, as well as 100% of the ownership interests in, special purpose entities that held CDOs. As a result of these transactions, we own all of the interests related to these investments and consolidate them in our financial statements.
(b)Total Level 3 derivative exposures have been netted in these tables for presentation purposes only.
The following table presents the gross components of purchases, sales, issuances and settlements, net, shown above, for years ended December 31, 2022 and 2021 related to Level 3 assets and liabilities in the Consolidated Balance Sheets:
(in millions)PurchasesSalesIssuances
and
Settlements*		Purchases, Sales,
Issuances and
Settlements,
Net*
December 31, 2022
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions$— $(60)$(35)$(95)
Corporate debt85 (39)(205)(159)
RMBS377 — (1,211)(834)
CMBS118 (9)(71)38 
CLO514 (27)(592)(105)
ABS3,110 — 173 3,283 
Total bonds available for sale
4,204 (135)(1,941)2,128 
Other bond securities:
Corporate debt29 (3)132 158 
RMBS38 — (14)24 
CMBS— — — — 
CLO16 (123)(24)(131)
ABS675 — (22)653 
Total other bond securities
758 (126)72 704 
Equity securities22 — 1 23 
Other invested assets652 — (847)(195)
Total assets
$5,636 $(261)$(2,715)$2,660 
Liabilities:
Policyholder contract deposits$— $1,107 $(80)$1,027 
Derivative liabilities, net(421)— (125)(546)
Fortitude Re funds withheld payable— — (364)(364)
Debt of consolidated investment entities— — 1 1 
Total liabilities
$(421)$1,107 $(568)$118 
(in millions)PurchasesSalesIssuances
and
Settlements*		Purchases, Sales,
Issuances and
Settlements,
Net*
December 31, 2021
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions$36 $(212)$(166)$(342)
Corporate debt424 (36)(279)109 
RMBS637 (1)(1,418)(782)
CMBS334 (15)(66)253 
CLO923 — (875)48 
ABS3,202 (21)(1,239)1,942 
Total bonds available for sale
5,556 (285)(4,043)1,228 
Other bond securities:
Corporate debt86 — 49 135 
RMBS28 — (20)8 
CMBS— (17)— (17)
CLO7 — (47)(40)
ABS207 — (2)205 
Total other bond securities
328 (17)(20)291 
Equity securities2 — (122)(120)
Other invested assets578 — (1,147)(569)
Total assets
$6,464 $(302)$(5,332)$830 
Liabilities:
Policyholder contract deposits$— $812 $(333)$479 
Derivative liabilities, net(272)— 48 (224)
Fortitude Re funds withheld payable— — (462)(462)
Debt of consolidated investment entities— — (1,125)(1,125)
Total liabilities
$(272)$812 $(1,872)$(1,332)
__________________
*There were no issuances during the years ended December 31, 2022 and 2021.
Schedule of Liabilities Measured on a Recurring Basis
The following tables present changes during the years ended December 31, 2022 and 2021 in Level 3 assets and liabilities measured at fair value on a recurring basis, and the realized and unrealized gains (losses) related to the Level 3 assets and liabilities in the Consolidated Balance Sheets at December 31, 2022 and 2021:
(in millions)Fair Value
 Beginning
 of Period		Net
 Realized
 and
Unrealized Gains
 (Losses)
 Included
in Income		Other
 Comprehensive
Income (Loss)		Purchases,
 Sales,
 Issuances
 and
 Settlements,
Net		Gross
Transfers
 In		Gross
 Transfers
 Out
Other(a)
Fair Value
 End
of Period		Changes in
 Unrealized
Gains
 (Losses)
 Included in
Income on
Instruments
Held at
End of Period		Changes in
Unrealized
Gain (Losses)
Included in
 Other Comprehensive Income (Loss)
for Recurring
 Level 3 Instruments
 Held at
 End of Period
December 31, 2022
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions$1,395 $1 $(525)$(95)$40 $(11)$— $805 $— $(221)
Corporate debt1,907 17 (192)(159)911 (516)— 1,968 — (174)
RMBS7,595 322 (986)(834)7 (434)— 5,670 — (610)
CMBS1,072 9 (140)38 45 (306)— 718 — (115)
CLO3,038 (31)(163)(105)1,305 (1,673)(701)1,670 — (76)
ABS7,400 131 (1,417)3,283 218 (20)— 9,595 — (1,369)
Total bonds available for sale
22,407 449 (3,423)2,128 2,526 (2,960)(701)20,426 — (2,565)
Other bond securities:
Corporate debt134 (5)— 158 335 (205)— 417 (2)— 
RMBS106 (23)— 24 — — — 107 (22)— 
CMBS33 (5)— — — — — 28 (4)— 
CLO149 1 — (131)70 (78)— 11 (5)— 
ABS205 (117)— 653 — — — 741 (132)— 
Total other bond securities
627 (149)— 704 405 (283)— 1,304 (165)— 
Equity securities2 (1)— 23 2 — — 26 (1)— 
Other invested assets1,892 313 (22)(195)24 (180)— 1,832 329 — 
Total
$24,928 $612 $(3,445)$2,660 $2,957 $(3,423)$(701)$23,588 $163 $(2,565)
(in millions)Fair Value
 Beginning
 of Period		Net
 Realized
 and
Unrealized (Gains)
 Losses
 Included
in Income		Other
 Comprehensive
(Income) Loss		Purchases,
 Sales,
 Issuances
 and
 Settlements,
Net		Gross
Transfers
 In		Gross
 Transfers
 Out		Other(a)Fair Value
 End
of Period		Changes in
 Unrealized
Gains
 (Losses)
 Included in Income on Instruments Held at
End of Period		Changes in
Unrealized
Gain (Losses)
Included in
 Other Comprehensive Income (Loss)
for Recurring
 Level 3 Instruments
 Held at
 End of Period
Liabilities:
Policyholder contract deposits$9,694 $(3,602)$— $1,027 $— $— $— $7,119 $3,857 $— 
Derivative liabilities, net:
Interest rate contracts— 1 — (304)— — — (303)(1)— 
Foreign exchange contracts— (1)— 1 — — — — — — 
Equity contracts(457)494 — (304)— — — (267)(249)— 
Credit contracts(1)1 — — — — — — — — 
Other contracts(12)(63)— 61 — — — (14)63 — 
Total derivative liabilities, net(b)
(470)432 — (546)— — — (584)(187)— 
Fortitude Re funds withheld payable7,974 (6,348)— (364)— — — 1,262 6,689 — 
Debt of consolidated investment entities5 — — 1 — — — 6 (1)— 
Total
$17,203 $(9,518)$— $118 $— $— $— $7,803 $10,358 $— 
(in millions)Fair Value
 Beginning
 of Period		Net
 Realized
 and
Unrealized
Gains
(Losses)
 Included
in Income		Other
 Comprehensive
Income (Loss)		Purchases,
 Sales,
 Issuances
 and
 Settlements,
Net		Gross
Transfers
 In		Gross
 Transfers
 Out		OtherFair Value
 End
of Period		Changes in
 Unrealized
Gains
 (Losses)
Included in
Income on
Instruments
Held at
End of Period		Changes in
Unrealized
Gain (Losses)
Included in
 Other Comprehensive Income (Loss)
for Recurring
 Level 3 Instruments
 Held at
 End of Period
December 31, 2021
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions$2,057 $7 $(5)$(342)$— $(260)$(62)$1,395 $— $36 
Corporate debt1,709 (10)(25)109 373 (249)— 1,907 — 31 
RMBS8,104 415 (104)(782)8 (46)— 7,595 — 787 
CMBS886 25 (45)253 53 (100)— 1,072 — 21 
CLO3,362 (5)(173)48 655 (849)— 3,038 — (164)
ABS5,526 29 (97)1,942 — — — 7,400 — 80 
Total bonds available for sale
21,644 461 (449)1,228 1,089 (1,504)(62)22,407 — 791 
Other bond securities:
Corporate debt— (1)— 135 — — — 134 (1)— 
RMBS96 2 — 8 — — — 106 — — 
CMBS45 — — (17)5 — — 33 (2)— 
CLO193 (4)— (40)— — — 149 15 — 
ABS— — — 205 — — — 205 (1)— 
Total other bond securities
334 (3)— 291 5 — — 627 11 — 
Equity securities42 11 — (120)70 (1)— 2 — — 
Other invested assets1,771 641 (15)(569)64 — — 1,892 612 — 
Total
$23,791 $1,110 $(464)$830 $1,228 $(1,505)$(62)$24,928 $623 $791 
(in millions)Fair Value
 Beginning
 of Period		Net
 Realized
 and
Unrealized
(Gains)
Losses
 Included
in Income		Other
 Comprehensive
(Income) Loss		Purchases,
 Sales,
 Issuances
 and
 Settlements,
Net		Gross
Transfers
 In		Gross
 Transfers
 Out		OtherFair Value
 End
of Period		Changes in
 Unrealized
Gains
 (Losses)
Included in
Income on
Instruments
Held at
End of Period		Changes in
Unrealized
Gain (Losses)
Included in
 Other Comprehensive Income (Loss)
for Recurring
 Level 3 Instruments
 Held at
 End of Period
Liabilities:
Policyholder contract deposits$10,038 $(769)$— $479 $— $(54)$— $9,694 $1,860 $— 
Derivative liabilities, net:
Interest rate contracts— — — — — — — — — — 
Foreign exchange contracts— — — — — — — — — — 
Equity contracts(146)(22)— (271)(71)53 — (457)19 — 
Credit contracts(2)11 — (10)— — — (1)(2)— 
Other contracts(7)(62)— 57 — — — (12)63 — 
Total derivative liabilities, net(b)
(155)(73)— (224)(71)53 — (470)80 — 
Fortitude Re funds withheld payable7,749 687 — (462)— — — 7,974 1,766 — 
Debt of consolidated investment entities951 179 — (1,125)— — — 5 4 — 
Total
$18,583 $24 $— $(1,332)$(71)$(1)$— $17,203 $3,710 $— 
__________________
(a)On September 9, 2022, certain of our insurance companies purchased from AIG senior debt issued by, as well as 100% of the ownership interests in, special purpose entities that held CDOs. As a result of these transactions, we own all of the interests related to these investments and consolidate them in our financial statements.
(b)Total Level 3 derivative exposures have been netted in these tables for presentation purposes only.
The following table presents the gross components of purchases, sales, issuances and settlements, net, shown above, for years ended December 31, 2022 and 2021 related to Level 3 assets and liabilities in the Consolidated Balance Sheets:
(in millions)PurchasesSalesIssuances
and
Settlements*		Purchases, Sales,
Issuances and
Settlements,
Net*
December 31, 2022
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions$— $(60)$(35)$(95)
Corporate debt85 (39)(205)(159)
RMBS377 — (1,211)(834)
CMBS118 (9)(71)38 
CLO514 (27)(592)(105)
ABS3,110 — 173 3,283 
Total bonds available for sale
4,204 (135)(1,941)2,128 
Other bond securities:
Corporate debt29 (3)132 158 
RMBS38 — (14)24 
CMBS— — — — 
CLO16 (123)(24)(131)
ABS675 — (22)653 
Total other bond securities
758 (126)72 704 
Equity securities22 — 1 23 
Other invested assets652 — (847)(195)
Total assets
$5,636 $(261)$(2,715)$2,660 
Liabilities:
Policyholder contract deposits$— $1,107 $(80)$1,027 
Derivative liabilities, net(421)— (125)(546)
Fortitude Re funds withheld payable— — (364)(364)
Debt of consolidated investment entities— — 1 1 
Total liabilities
$(421)$1,107 $(568)$118 
(in millions)PurchasesSalesIssuances
and
Settlements*		Purchases, Sales,
Issuances and
Settlements,
Net*
December 31, 2021
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions$36 $(212)$(166)$(342)
Corporate debt424 (36)(279)109 
RMBS637 (1)(1,418)(782)
CMBS334 (15)(66)253 
CLO923 — (875)48 
ABS3,202 (21)(1,239)1,942 
Total bonds available for sale
5,556 (285)(4,043)1,228 
Other bond securities:
Corporate debt86 — 49 135 
RMBS28 — (20)8 
CMBS— (17)— (17)
CLO7 — (47)(40)
ABS207 — (2)205 
Total other bond securities
328 (17)(20)291 
Equity securities2 — (122)(120)
Other invested assets578 — (1,147)(569)
Total assets
$6,464 $(302)$(5,332)$830 
Liabilities:
Policyholder contract deposits$— $812 $(333)$479 
Derivative liabilities, net(272)— 48 (224)
Fortitude Re funds withheld payable— — (462)(462)
Debt of consolidated investment entities— — (1,125)(1,125)
Total liabilities
$(272)$812 $(1,872)$(1,332)
__________________
*There were no issuances during the years ended December 31, 2022 and 2021.
Net Realized and Unrealized Gains and Losses Included in Income Related to Level 3 Assets and Liabilities
Net realized and unrealized gains and losses included in income related to Level 3 assets and liabilities shown above are reported in the Consolidated Statements of Income (Loss) as follows:
(in millions)Policy
Fees		Net Investment IncomeNet Realized and Unrealized Gains
(Losses)		Interest ExpenseTotal
December 31, 2022
Assets:
Bonds available for sale$— $516 $(67)$— $449 
Other bond securities— (149)— — (149)
Equity securities— (1)— — (1)
Other invested assets— 321 (8)— 313 
December 31, 2021
Assets:
Bonds available for sale$— $472 $(11)$— $461 
Other bond securities— (3)— — (3)
Equity securities— 11 — — 11 
Other invested assets— 630 11 — 641 
December 31, 2022
Liabilities:
Policyholder contract deposits$— $— $3,602 $— $3,602 
Derivative liabilities, net61 — (493)— (432)
Fortitude Re funds withheld payable— — 6,348 — 6,348 
Debt of consolidated investment entities— — — — — 
December 31, 2021
Liabilities:
Policyholder contract deposits$— $— $769 $— $769 
Derivative liabilities, net59 — 14 — 73 
Fortitude Re funds withheld payable— — (687)— (687)
Debt of consolidated investment entities*— — — 179 179 
__________________
*For the year ended December 31, 2021, includes $145 million of loss on extinguishment of debt, and $34 million of interest expense.
Fair Value Measurement Inputs and Valuation Techniques
The table below presents information about the significant unobservable inputs used for recurring fair value measurements for certain Level 3 instruments, and includes only those instruments for which information about the inputs is reasonably available to us, such as data from independent third-party valuation service providers and from internal valuation models. Because input information from third parties with respect to certain Level 3 instruments (primarily CLO/ABS) may not be reasonably available to us, balances shown below may not equal total amounts reported for such Level 3 assets and liabilities:
(in millions)Fair Value at December 31, 2022Valuation
Technique
Unobservable Input(a)
Range
(Weighted Average)(b)
Assets:
Obligations of states, municipalities and political subdivisions$780 Discounted cash flowYield
5.33%-5.92% (5.63%)
Corporate debt1,988 Discounted cash flowYield
4.90% - 9.54% (7.22%)
RMBS(c)
3,725 Discounted cash flowConstant prepayment rate
4.84% - 10.35% (7.60%)
Loss severity
45.01% - 77.28% (61.14%)
Constant default rate
0.79% - 2.67% (1.73%)
Yield
5.95% - 7.72% (6.84%)
CLO(c)
1,547 Discounted cash flowYield
7.13% - 7.59% (7.36%)
ABS(c)
6,591 Discounted cash flowYield
6.01% - 7.96% (6.98%)
CMBS663 Discounted cash flowYield
4.72% - 10.21% (7.46%)
(in millions)Fair Value at December 31, 2022Valuation
Technique
Unobservable Input(a)
Range
(Weighted Average)(b)
Liabilities(d):
Embedded derivatives within Policyholder contract deposits:
Variable annuity guaranteed minimum withdrawal benefits (GMWB)677 Discounted cash flowEquity volatility
6.45%- 50.75%
Base lapse rate
0.16%- 12.60%
Dynamic lapse multiplier(e)
20.00%- 186.00%
Mortality multiplier(e)(f)
38.00%- 147.00%
Utilization
90.00%- 100.00%
Equity/interest-rate correlation
10.00%- 30.00%
NPA(g)
0.00% - 2.03%
Fixed index annuities including certain GMWBs5,718 Discounted cash flowLapse rate
0.50% - 50.00%
Dynamic lapse multiplier
20.00% - 186.00%
Mortality multiplier(f)
24.00% - 180.00%
Utilization(h)
60.00% - 95.00%
Option budget
0.00% - 5.00%
Equity volatility
6.45%- 50.75%
NPA(g)
0.00% - 2.03%
Index Life710 Discounted cash flowBase lapse rate
0.00% - 37.97%
Mortality rate
0.00% - 100.00%
Equity volatility
5.75%- 23.63%
NPA(g)
0.00% - 2.03%

(in millions)Fair Value at December 31, 2021Valuation
Technique
Unobservable Input(a)
Range
(Weighted Average)(b)
Assets:
Obligations of states, municipalities and political subdivisions$1,364 Discounted cash flow Yield
2.92% - 3.27% (3.10%)
Corporate debt1,789 Discounted cash flow Yield
1.75% - 7.05% (4.40%)
RMBS(c)
7,141 Discounted cash flow Constant prepayment
5.18% - 18.41% (11.79%)
 Loss severity
24.87% - 72.64% (48.75%)
 Constant default rate
1.01% - 5.74% (3.37%)
 Yield
1.72% - 4.08% (2.90%)
CLO(c)
3,174 Discounted cash flowYield
2.94% - 4.93% (3.94%)
ABS(c)
5,077 Discounted cash flowYield
1.89% - 3.36% (2.63%)
CMBS887 Discounted cash flow Yield
1.54% - 4.49% (3.02%)
Liabilities(d):
Embedded derivatives within Policyholder contract deposits:
Variable annuity GMWB2,472 Discounted cash flow Equity volatility
5.95% - 46.65%
 Base lapse rate
0.16% - 12.60%
 Dynamic lapse multiplier(e)
20.00% - 186.00%
Mortality multiplier(e)(f)
38.00% - 147.00%
 Utilization
90.00% – 100.00%
 Equity/interest-rate correlation
20.00% - 40.00%
NPA(g)
0.01% - 1.40%
Fixed index annuities including certain GMWBs6,445 Discounted cash flow Lapse rate
0.50% - 50.00%
 Dynamic lapse
multiplier
20.00% - 186.00%
Mortality multiplier(f)
24.00% - 180.00%
 Utilization(h)
60.00% - 95.00%
 Option budget
0.00% - 4.00%
Equity volatility
5.95% - 46.65%
NPA(g)
0.01% - 1.40%
Index Life765 Discounted cash flow Base lapse rate
0.00% - 37.97%
 Mortality rate
0.00% - 100.00%
Equity volatility
7.65% - 20.70%
NPA(g)
0.01% - 1.40%
__________________
(a)Represents discount rates, estimates and assumptions that we believe would be used by market participants when valuing these assets and liabilities.
(b)The weighted averaging for fixed maturity securities is based on the estimated fair value of the securities. Because the valuation methodology for embedded derivatives within policyholder contract deposits uses a range of inputs that vary at the contract level over the cash flow projection period, management believes that presenting a range, rather than weighted average, is a more meaningful representation of the unobservable inputs used in the valuation. Information received from third-party valuation service providers.
(c)Information received from third-party valuation service providers. The ranges of the unobservable inputs for constant prepayment rate, loss severity and constant default rate relate to each of the individual underlying mortgage loans that comprise the entire portfolio of securities in the RMBS and CLO securitization vehicles and not necessarily to the securitization vehicle bonds (tranches) purchased by us. The ranges of these inputs do not directly correlate to changes in the fair values of the tranches purchased by us because there are other factors relevant to the fair values of specific tranches owned by us, including, but not limited to, purchase price, position in the waterfall, senior versus subordinated position and attachment points.
(d)The Fortitude Re funds withheld payable has been excluded from the above table. As discussed in Note 7, the Fortitude Re funds withheld payable is created through modco and funds withheld reinsurance arrangements where the investments supporting the reinsurance agreements are withheld by and continue to reside on Corebridge’s balance sheet. This embedded derivative is valued as a total return swap with reference to the fair value of the invested assets held by Corebridge. Accordingly, the unobservable inputs utilized in the valuation of the embedded derivative are a component of the invested assets supporting the reinsurance agreements that are held on Corebridge’s balance sheet.
(e)The ranges for these inputs vary due to the different GMWB product specification and policyholder characteristics across in force policies. Policyholder characteristics that affect these ranges include age, policy duration, and gender.
(f)Mortality inputs are shown as multipliers of the 2012 Individual Annuity Mortality Basic table.
(g)The non-performance risk adjustment (“NPA”) applied as a spread over risk-free curve for discounting.
(h)The partial withdrawal utilization unobservable input range shown applies only to policies with GMWB riders that are accounted for as an embedded derivative. The total embedded derivative liability at December 31, 2022 is approximately $1.0 billion. The remaining GMWB riders on the fixed index annuities are valued under the accounting guidance for certain nontraditional long-duration contracts.
Investments in Certain Entities that Calculate Net Asset Value Per Share The following table includes information related to our investments in certain other invested assets, including private equity funds, hedge funds and other alternative investments that calculate net asset value per share (or its equivalent). For these investments, which are measured at fair value on a recurring basis, we use the net asset value per share to measure fair value.
December 31, 2022December 31, 2021
(in millions)Investment Category IncludesFair Value
Using NAV
Per Share (or
its equivalent)		Unfunded
Commitments		Fair Value
Using NAV
Per Share (or
its equivalent)		Unfunded
Commitments
Investment Category
Private equity funds:
Leveraged buyoutDebt and/or equity investments made as part of a transaction in which assets of mature companies are acquired from the current shareholders, typically with the use of financial leverage$2,014 $1,719 $1,762 $1,229 
Real estateInvestments in real estate properties and infrastructure positions, including power plants and other energy generating facilities1,082 549 490 365 
Venture capitalEarly-stage, high-potential, growth companies expected to generate a return through an eventual realization event, such as an initial public offering or sale of the company212 118 194 135 
Growth equityFunds that make investments in established companies for the purpose of growing their businesses510 40 637 37 
MezzanineFunds that make investments in the junior debt and equity securities of leveraged companies443 78 306 268 
OtherIncludes distressed funds that invest in securities of
companies that are in default or under bankruptcy protection, as well as funds that have multi-strategy, and other strategies		902 284 921 324 
Total private equity funds
5,163 2,788 4,310 2,358 
Hedge funds:
Event-drivenSecurities of companies undergoing material structural changes, including mergers, acquisitions and other reorganizations5 — 18 — 
Long-shortSecurities that the manager believes are undervalued, with corresponding short positions to hedge market risk335 — 404 — 
MacroInvestments that take long and short positions in financial instruments based on a top-down view of certain economic and capital market conditions366 — 370 — 
OtherIncludes investments held in funds that are less liquid, as well as other strategies which allow for broader allocation between public and private investments178 — 110 — 
Total hedge funds
884 — 902 — 
Total
$6,047 $2,788 $5,212 $2,358 
Fair Value Option
The following table presents the gains or losses recorded related to the eligible instruments for which we elected the fair value option:
Years Ended December 31,Gain (Loss)
(in millions)202220212020
Assets:
Other bond securities(a)
$(408)$26 $72 
Alternative investments(b)
191 1,083 290 
Total assets
(217)1,109 362 
Liabilities:
Policyholder contract deposits(c)
20 7 (9)
Debt of consolidated investment entities(d)
— (179)(102)
Total liabilities
20 (172)(111)
Total gain (loss)
$(197)$937 $251 
__________________
(a)Includes certain securities supporting the funds withheld arrangements with Fortitude Re. For additional information regarding the gains and losses for Other bond securities, see Note 5. For additional information regarding the funds withheld arrangements with Fortitude Re, see Note 7.
(b)Includes certain hedge funds, private equity funds and other investment partnerships.
(c)Represents GICs.
(d)Primarily related to six transactions securitizing certain debt portfolios previously owned by Corebridge and its affiliates and were terminated during 2021. For additional information, see Note 9.
Fair Value Measurements, Nonrecurring
Assets at Fair ValueImpairment Charges
Non-Recurring BasisDecember 31,
(in millions)Level 1Level 2Level 3Total202220212020
December 31, 2022
Other investments$— $— $12 $12 $25 $6 $77 
Other assets— — — — — 1 5 
Total
$— $— $12 $12 $25 $7 $82 
December 31, 2021
Other investments$— $— $89 $89 
Mortgage and other loans receivable*— — 15 15 
Other assets— 14 — 14 
Total
$— $14 $104 $118 
__________________
*Mortgage and other loans receivable are carried at lower of cost or fair value.
Fair Value, by Balance Sheet Grouping
The following table presents the carrying amounts and estimated fair values of our financial instruments not measured at fair value and indicates the level in the fair value hierarchy of the estimated fair value measurement based on the observability of the inputs used:
Estimated Fair Value
(in millions)Level 1Level 2Level 3TotalCarrying
Value
December 31, 2022
Assets:
Mortgage and other loans receivable$— $31 $40,936 $40,967 $44,403 
Other invested assets— 222 — 222 222 
Short-term investments— 3,043 — 3,043 3,043 
Cash552 — — 552 552 
Other assets4 8 — 12 12 
Liabilities:
Policyholder contract deposits associated with investment-type contracts— 119 131,844 131,963 138,243 
Fortitude Re funds withheld payable— — 25,289 25,289 25,289 
Other liabilities— 3,056 — 3,056 3,056 
Short-term debt1,500 — 1,500 1,500 
Long-term debt— 7,172 — 7,172 7,868 
Debt of consolidated investment entities— 3,055 2,488 5,543 5,952 
Separate account liabilities - investment contracts— 80,649 — 80,649 80,649 
December 31, 2021
Assets:
Mortgage and other loans receivable$— $52 $41,077 $41,129 $39,373 
Other invested assets— 193 — 193 193 
Short-term investments— 4,016 — 4,016 4,016 
Cash537 — — 537 537 
Other assets7 — — 7 7 
Liabilities:
Policyholder contract deposits associated with investment-type contracts— 169 142,974 143,143 133,043 
Fortitude Re funds withheld payable— — 27,170 27,170 27,170 
Other liabilities— 3,704 — 3,704 3,704 
Short-term debt— — 8,317 8,317 8,317 
Long-term debt— 586 — 586 427 
Debt of consolidated investment entities— 3,077 3,810 6,887 6,931 
Separate account liabilities - investment contracts— 104,126 — 104,126 104,126