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Equity (Tables)
3 Months Ended
Mar. 31, 2024
Stockholders' Equity Note [Abstract]  
Rollforward of Common Stock Outstanding
The following table presents a rollforward of outstanding shares:
Three Months Ended March 31, 2024
Common
Stock Issued
Treasury
Stock
Common Stock
Outstanding
(in millions)
Shares, beginning of year1,906.7 (1,217.9)688.8 
Shares issued 5.6 5.6 
Shares repurchased (23.4)(23.4)
Shares, end of period1,906.7 (1,235.7)671.0 
Schedule of 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
Foreign
Currency
Translation
Adjustments
Retirement
Plan
Liabilities
Adjustment
Total
Balance, December 31, 2023, net of tax$(106)$(10,888)$(476)$1,233 $(2,979)$(821)$(14,037)
Change in unrealized appreciation (depreciation) of investments*
72 (1,274)    (1,202)
Change in other 5     5 
Change in fair value of market risk benefits, net  (29)   (29)
Change in discount rates   697   697 
Change in future policy benefits (126)    (126)
Change in foreign currency translation adjustments    (339) (339)
Change in net actuarial loss     7 7 
Change in prior service cost     2 2 
Change in deferred tax asset (liability)(15)105 6 (152)(14)(2)(72)
Total other comprehensive income (loss)57 (1,290)(23)545 (353)7 (1,057)
Corebridge noncontrolling interests (83)(5)15   (73)
Noncontrolling interests17 (559)(11)258 (3) (298)
Balance, March 31, 2024, net of tax$(66)$(11,702)$(493)$1,535 $(3,329)$(814)$(14,869)
Balance, December 31, 2022, net of tax$(136)$(20,675)$(284)$2,459 $(3,056)$(924)$(22,616)
Change in unrealized appreciation (depreciation) of investments4,996 — — — — 5,005 
Change in other— 106 — — — — 106 
Change in fair value of market risk benefits, net— — 95 — — — 95 
Change in discount rates— — — (527)— — (527)
Change in future policy benefits— (100)— — — — (100)
Change in foreign currency translation adjustments— — — — (19)— (19)
Change in net actuarial loss— — — — — 27 27 
Change in deferred tax asset (liability)(3)(750)(20)107 (9)(674)
Total other comprehensive income (loss)4,252 75 (420)(28)28 3,913 
Noncontrolling interests706 17 (111)10 — 626 
Balance, March 31, 2023, net of tax$(134)$(17,129)$(226)$2,150 $(3,094)$(896)$(19,329)
*Includes net unrealized gains and losses attributable to businesses held for sale at March 31, 2024.
Schedule of Other Comprehensive Income (Loss) Reclassification Adjustments
The following table presents the other comprehensive income (loss) reclassification adjustments for the three months ended March 31, 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
Foreign
Currency
Translation
Adjustments
Retirement
Plan
Liabilities
Adjustment
Total
Three Months Ended March 31, 2024
Unrealized change arising during period$66 $(1,832)$(29)$697 $(339)$2 $(1,435)
Less: Reclassification adjustments included in net income(6)(437)   (7)(450)
Total other comprehensive income (loss), before of income tax expense (benefit)72 (1,395)(29)697 (339)9 (985)
Less: Income tax expense (benefit)15 (105)(6)152 14 2 72 
Total other comprehensive income (loss), net of income tax expense (benefit)$57 $(1,290)$(23)$545 $(353)$7 $(1,057)
Three Months Ended March 31, 2023
Unrealized change arising during period$(7)$4,566 $95 $(527)$(19)$18 $4,126 
Less: Reclassification adjustments included in net income(16)(436)— — — (9)(461)
Total other comprehensive income (loss), before income tax expense (benefit)5,002 95 (527)(19)27 4,587 
Less: Income tax expense (benefit)750 20 (107)(1)674 
Total other comprehensive income (loss), net of income tax expense (benefit)$$4,252 $75 $(420)$(28)$28 $3,913 
Schedule of Effect of the Reclassification of Significant Items out of Accumulated Other Comprehensive Income on the Respective Line Items in the Consolidated Statements of Income
The following table presents the effect of the reclassification of significant items out of AOCI on the respective line items in the Condensed Consolidated Statements of Income (Loss)(a):
Amount Reclassified from AOCIAffected Line Item in the
Three Months Ended March 31,Condensed Consolidated
(in millions)20242023Statements of Income (Loss)
Unrealized appreciation (depreciation) of fixed maturity securities on which allowance for credit losses was taken
Investments$(6)$(16)Net realized gains (losses)
Total(6)(16)
Unrealized appreciation (depreciation) of all other investments
Investments(437)(436)Net realized gains (losses)
Total(437)(436)
Change in retirement plan liabilities adjustment
Prior-service credit (1)
(b)
Actuarial losses(7)(8)
(b)
Total(7)(9)
Total reclassifications for the period$(450)$(461)
(a)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 market risk benefits 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 own credit risk.
(b)These AOCI components are included in the computation of net periodic pension cost.