Schedule IV

12 Months Ended

Dec. 31, 2022

SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract]

At December 31, 2022, 2021 and 2020 and for the years then ended


									Schedule IV
(in millions)	Gross Amount		Ceded to Other Companies		Assumed from Other Companies		Net Amount		Percent of Amount Assumed to Net
2022
Life insurance in force	$	1,280,831	$	346,879	$	188	$	934,140	—	%
Premiums Earned:
Life Insurance and Annuities	$	4,651	934		1,318		5,035		26.2	%
Accident and Health	88		32		—		56		—
Total	$	4,739	966		1,318		5,091		25.9	%
2021
Life insurance in force	$	1,280,090	$	363,008	$	192	$	917,274	—
Premiums Earned:
Life Insurance and Annuities	$	4,503	1,179		2,265		5,589		40.5	%
Accident and Health	100		36		—		64		—
Total	$	4,603	1,215		2,265		5,653		40.1	%
2020
Life insurance in force	$	1,243,389	$	349,453	$	225	$	894,161	—
Premiums Earned:
Life Insurance and Annuities	$	4,273	1,072		1,073		4,274		25.1	%
Accident and Health	111		44		—		67		—
Total	$	4,384	$	1,116	$	1,073	$	4,341	24.7	%

Condensed Consolidated Balance Sheets (unaudited)


(in millions, except for share data)	March 31, 2023		December 31, 2022
Assets:
Investments:
Fixed maturity securities:
Bonds available for sale, at fair value, net of allowance for credit losses of $96 in 2023 and $148 in 2022 (amortized cost: 2023 - $179,471; 2022 - $181,274)*	$	159,061	$	156,793
Other bond securities, at fair value (See Note 5)*	4,103		3,769
Equity securities, at fair value (See Note 5)*	191		170
Mortgage and other loans receivable, net of allowance for credit losses of $659 in 2023 and $600 in 2022*	45,869		44,566
Other invested assets (portion measured at fair value: 2023 - $7,934; 2022 - $7,879)*	10,496		10,418
Short-term investments, including restricted cash of $55 in 2023 and $69 in 2022 (portion measured at fair value: 2023 - $1,540; 2022 - $1,357)*	4,006		4,400
Total investments	223,726		220,116
Cash*	465		552
Accrued investment income*	1,923		1,813
Premiums and other receivables, net of allowance for credit losses and disputes of $1 in 2023 and $1 in 2022	745		916
Reinsurance assets - Fortitude Re, net of allowance for credit losses and disputes of $0 in 2023 and $0 in 2022	27,238		26,844
Reinsurance assets - other, net of allowance for credit losses and disputes of $74 in 2023 and $84 in 2022	2,643		2,517
Deferred income taxes	8,435		8,831
Deferred policy acquisition costs and value of business acquired	10,641		10,563
Market risk benefit assets, at fair value	830		796
Other assets, including restricted cash of $4 in 2023 and $12 in 2022 (portion measured at fair value: 2023 - $690; 2022 - $299)*	2,688		2,521
Separate account assets, at fair value	87,357		84,853
Total assets	$	366,691	$	360,322
Liabilities:
Future policy benefits for life and accident and health insurance contracts	$	53,406	$	50,518
Policyholder contract deposits (portion measured at fair value: 2023 - $6,180; 2022 - $5,464)	158,025		156,058
Market risk benefit liabilities, at fair value	5,144		4,736
Other policyholder funds	2,897		2,885
Fortitude Re funds withheld payable (portion measured at fair value: 2023 - $1,774; 2022 - $1,262)	26,633		26,551
Other liabilities (portion measured at fair value: 2023 - $159; 2022 - $97)*	8,705		9,076
Short-term debt	1,500		1,500
Long-term debt	7,871		7,868
Debt of consolidated investment entities (portion measured at fair value: 2023 - $6; 2022 - $6)*	2,688		5,958
Separate account liabilities	87,357		84,853
Total liabilities	$	354,226	$	350,003


(in millions, except for share data)	March 31, 2023		December 31, 2022
Contingencies, commitments and guarantees (See Note 14)



Corebridge Shareholders' equity:
Common stock, $0.01 par value; 2,500,000,000 shares authorized; shares issued: 2023 - 648,129,652 and 2022 645,000,000	6		6


Additional paid-in capital	8,024		8,030
Retained earnings	17,592		18,207

Accumulated other comprehensive loss	(14,067)		(16,863)
Total Corebridge Shareholders' equity	11,555		9,380
Non-redeemable noncontrolling interests	910		939
Total equity	12,465		10,319
Total liabilities and equity	$	366,691	$	360,322

__________________

*See Note 8 for details of balances associated with variable interest entities.

See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited).

Corebridge Financial, Inc.

Condensed Consolidated Statements of Income (Loss) (unaudited)


	Three Months Ended March 31,
(in millions, except per common share data)		2023		2022
Revenues:
Premiums		$	2,105	$	735
Policy fees		698		730
Net investment income:
Net investment income - excluding Fortitude Re funds withheld assets		2,301		2,303
Net investment income - Fortitude Re funds withheld assets		394		278
Total net investment income		2,695		2,581
Net realized gains (losses):
Net realized gains (losses) - excluding Fortitude Re funds withheld assets and embedded derivative		(453)		173
Net realized gains (losses) on Fortitude Re funds withheld assets		20		(123)
Net realized gains (losses) on Fortitude Re funds withheld embedded derivative		(1,025)		2,837
Total net realized gains (losses)		(1,458)		2,887
Advisory fee income		116		131
Other income		106		176
Total revenues		4,262		7,240
Benefits and expenses:



Policyholder benefits (including remeasurement (gains) losses of $64 and $147, for the three months ended March 31, 2023 and 2022, respectively)		2,495		1,168
Change in the fair value of market risk benefits, net		196		(233)
Interest credited to policyholder account balances		1,026		878
Amortization of deferred policy acquisition costs and value of business acquired		256		243
Non-deferrable insurance commissions		136		144
Advisory fee expenses		65		71
General operating expenses		582		586
Interest expense		172		81

Net loss on divestitures		3		2

Total benefits and expenses		4,931		2,940
Income (loss) before income tax expense (benefit)		(669)		4,300



Income tax expense (benefit)		(216)		859
Net income (loss)		(453)		3,441
Less:
Net income (loss) attributable to noncontrolling interests		6		75
Net income (loss) attributable to Corebridge		$	(459)	$	3,366

Income (loss) per common share attributable to Corebridge common shareholders:

Common stock - Basic		$	(0.70)	$	5.22



Common stock - Diluted		$	(0.70)	$	5.22



Weighted averages shares outstanding:
Common stock - Basic		650.8		645.0
Common stock - Diluted		650.8		645.0

See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited).

Corebridge Financial, Inc.

Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited)


	Three Months Ended March 31,
(in millions)		2023		2022
Net income (loss)		$	(453)	$	3,441
Other comprehensive income (loss), net of tax
Change in unrealized appreciation (depreciation) of fixed maturity securities on which allowance for credit losses was taken		30		(51)
Change in unrealized appreciation (depreciation) of all other investments		3,132		(13,376)
Change in fair value of market risk benefits attributable to changes in the instrument-specific risk		74		782
Change in the discount rates used to measure traditional and limited payment long-duration insurance contracts		(465)		2,232
Change in cash flow hedges		(4)		177
Change in foreign currency translation adjustments		36		(23)
Change in retirement plan liabilities		2		—
Other comprehensive income (loss)		2,805		(10,259)
Comprehensive income (loss)		2,352		(6,818)
Less:
Comprehensive income attributable to noncontrolling interests		15		75
Comprehensive income (loss) attributable to Corebridge		$	2,337	(6,893)

See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited).