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Reinsurance (Tables)
 12 Months Ended
Dec. 31, 2022
Insurance [Abstract]  
Reinsurance Recoverable, Allowance for Credit Loss
Years Ended December 31,
(in millions)20222021
Balance, beginning of year
$101 $83 
Current period provision for expected credit losses and disputes8 18 
Write-offs charged against the allowance for credit losses and disputes— — 
Other changes(25)— 
Balance, end of year
$84 $101 
Summary of Assets Supporting Funds Withheld Arrangements
December 31, 2022December 31, 2021
(in millions)Carrying ValueFair ValueCarrying ValueFair ValueCorresponding Accounting Policy
Fixed maturity securities - available for sale$16,339 $16,339 $27,180 $27,180 Fair value through other comprehensive income
Fixed maturity securities - fair value option3,485 3,485 1,593 1,593 Fair value through net investment income
Commercial mortgage loans3,490 3,241 3,179 3,383 Amortized cost
Real estate investments133 348 201 395 Amortized cost
Private equity funds/hedge funds1,893 1,893 1,606 1,606 Fair value through net investment income
Policy loans355 355 380 380 Amortized cost
Short-term Investments69 69 50 50 Fair value through net investment income
Funds withheld investment assets25,764 25,730 34,189 34,587 
Derivative assets, net(a)
90 90 81 81 Fair value through realized gains (losses)
Other(b)
731 731 476 476 Amortized cost
Total
$26,585 $26,551 $34,746 $35,144 
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(a)The derivative assets and liabilities have been presented net of cash collateral. The derivative assets supporting the Fortitude Re funds withheld arrangements had a fair market value of $189 million and $387 million as of December 31, 2022 and December 31, 2021, respectively. These derivative assets and liabilities are fully collateralized either by cash or securities.
Summary of The Impact of Funds Withheld Arrangements
Years Ended December 31,
(in millions)202220212020
Net investment income - Fortitude Re funds withheld assets$891 $1,775 $1,427 
Net realized gains (losses) on Fortitude Re funds withheld assets:
Net realized gains (losses) Fortitude Re funds withheld assets(397)924 1,002 
Net realized gains (losses) Fortitude Re funds withheld embedded derivatives6,347 (687)(3,978)
Net realized gains (losses) on Fortitude Re funds withheld assets
5,950 237 (2,976)
Income (loss) before income tax benefit (expense)
6,841 2,012 (1,549)
Income tax benefit (expense)*(1,437)(423)325 
Net income (loss)
5,404 1,589 (1,224)
Change in unrealized appreciation (depreciation) of the invested assets supporting the Fortitude Re modco arrangement classified as available for sale*(5,064)(1,488)1,165 
Comprehensive income (loss)
$340 $101 $(59)
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*The income tax expense (benefit) and the tax impact in accumulated other comprehensive income was computed using Corebridge’s U.S. statutory tax rate of 21%.