Corebridge Financial, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Corebridge Financial, Inc. has filed its 2023 annual report (10-K) detailing its financial performance and business operations.</b>

AI Summary

Corebridge Financial, Inc. (CRBD) filed a Annual Report (10-K) with the SEC on February 15, 2024. Corebridge Financial, Inc. filed its 2023 Form 10-K on February 15, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business is Life Insurance, SIC code 6311. Corebridge Financial, Inc. was formerly known as SAFG Retirement Services, Inc. The company is incorporated in Delaware.

Why It Matters

For investors and stakeholders tracking Corebridge Financial, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Corebridge Financial's financial health, operational strategies, and risk factors for the fiscal year 2023, crucial for investors and stakeholders to assess the company's performance and future outlook. The detailed financial statements and disclosures within the 10-K are essential for understanding the company's position in the life insurance market, its growth drivers, and potential challenges.

Risk Assessment

Risk Level: medium — Corebridge Financial, Inc. shows moderate risk based on this filing. The company operates in the life insurance industry, which is subject to significant regulatory oversight and market fluctuations, as detailed in the risk factors section of the 10-K.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to assess Corebridge Financial's performance and strategic positioning.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-02-15 — Filing Date (Filed as of date)
• 6311 — SIC Code (Standard Industrial Classification for Life Insurance)
• 001-41504 — SEC File Number (SEC file number for the filing)

Key Players & Entities

• Corebridge Financial, Inc. (company) — Filer name
• SAFG Retirement Services, Inc. (company) — Former company name
• Delaware (location) — State of incorporation
• Houston (location) — City for business and mail address
• 2919 Allen Parkway (address) — Street address for business and mail

FAQ

Industry Context

Corebridge Financial operates within the Life Insurance industry, a sector characterized by long-term financial products and significant regulatory oversight.

Regulatory Implications

The life insurance industry is subject to extensive regulation at both state and federal levels, impacting product development, solvency requirements, and consumer protection.

What Investors Should Do

1. Review the consolidated financial statements for the fiscal year ended December 31, 2023.
2. Analyze the risk factors section to understand potential challenges and uncertainties.
3. Examine management's discussion and analysis of financial condition and results of operations.

Key Dates

• 2023-12-31: Fiscal Year End — Covers the full fiscal year's financial performance.
• 2024-02-15: 10-K Filing Date — Indicates when the annual report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial 10-K filing for Corebridge Financial, Inc. as a standalone public company, following its separation and IPO.

Key Financial Figures

• $0.01 — ich registered Common Stock, Par Value $0.01 Per Share CRBG New York Stock Exchange
• $17 — date on the New York Stock Exchange of $17.66, was approximately $ 2.79 billion.
• $383.8 billion — of products, managing or administering $383.8 billion in client assets as of December 31, 202
• $3.9 b — r businesses generated spread income of $3.9 billion, fee income of $1.9 billion and u
• $1.9 billion — d income of $3.9 billion, fee income of $1.9 billion and underwriting margin of $1.5 billion
• $1.5 b — $1.9 billion and underwriting margin of $1.5 billion, resulting in a balanced mix of 5
• $18.2 billion — ar ended December 31, 2023, we recorded $18.2 billion in total individual annuity sales. Div

Filing Documents

• crbg-20231231.htm (10-K) — 12800KB
• q42023exhibit412.htm (EX-4.12) — 22KB
• q42023exhibit1051.htm (EX-10.51) — 156KB
• q42023exhibit211.htm (EX-21.1) — 22KB
• q42023exhibit231.htm (EX-23.1) — 2KB
• q42023exhibit311.htm (EX-31.1) — 15KB
• q42023exhibit321.htm (EX-32.1) — 7KB
• q42023exhibit97.htm (EX-97) — 29KB
• crbg-20231231_g1.jpg (GRAPHIC) — 42KB
• crbg-20231231_g2.jpg (GRAPHIC) — 39KB
• crbg-20231231_g3.jpg (GRAPHIC) — 39KB
• crbg-20231231_g4.jpg (GRAPHIC) — 139KB
• image.jpg (GRAPHIC) — 2KB
• 0001889539-24-000006.txt (&nbsp;) — 58998KB
• crbg-20231231.xsd (EX-101.SCH) — 224KB
• crbg-20231231_cal.xml (EX-101.CAL) — 257KB
• crbg-20231231_def.xml (EX-101.DEF) — 1966KB
• crbg-20231231_lab.xml (EX-101.LAB) — 2327KB
• crbg-20231231_pre.xml (EX-101.PRE) — 2272KB
• crbg-20231231_htm.xml (XML) — 14129KB

, Items 10, 11, 12, 13 and 14

Part III, Items 10, 11, 12, 13 and 14 TABLE OF CONTENTS COREBRIDGE FINANCIAL, INC. ANNUAL REPORT ON FORM 10-K FOR THE YEAR ENDED DECEMBER 31, 2023 TABLE OF CONTENTS FORM 10-K Item Number Description Page Part I ITEM 1 . Business 4 ITEM 1A . Risk Factors 40 ITEM 1B . Unresolved Staff Comments 69 ITEM 1C . Cybersecurity 69 ITEM 2 . Properties 70 ITEM 3 . Legal Proceedings 70 ITEM 4 . Mine Safety Disclosures 70 Part II ITEM 5 . Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 71 ITEM 6 . [Reserved] 72 ITEM 7 .

Management's Discussion and Analysis of Financial Condition and Results of Operations 73

Management's Discussion and Analysis of Financial Condition and Results of Operations 73 ITEM 7A .

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 154 ITEM 8 .

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 157 Reference to Financial Statements and Schedules 157 ITEM 9 . Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 283 ITEM 9A .

Controls and Procedures 283

Controls and Procedures 283 ITEM 9 B. Other Information 283 ITEM 9C . Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 283 Part III ITEM 10 . Directors, Executive Officers and Corporate Governance 284 ITEM 11 .

Executive Compensation 284

Executive Compensation 284 ITEM 12 .

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 284

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 284 ITEM 13 . Certain Relationships and Related Transactions, and Director Independence 284 ITEM 14 . Principal Accounting Fees and Services 284 Part IV ITEM 15 . Exhibits, Financial Statement Schedules 285 ITEM 16. Form 10-K Summary 285

Signatures

Signatures 290 Corebridge | 2023 Form 10-K 1 TABLE OF CONTENTS Cautionary Statement Regarding Forward-Looking Information This Annual Report on Form 10-K may include statements, which, to the extent they are not statements of historical or present fact, constitute "forward looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the use of terms such as "believes," "expects," "may," "will," "shall," "should," "would," "could," "seeks," "aims," "projects," "is optimistic," "intends," "targets," "plans," "estimates," "anticipates" or other comparable terms. Forward-looking statements include, without limitation, all matters that are not historical facts. They appear in a number of places throughout this Annual Report on Form 10-K and include, without limitation, statements regarding our intentions, beliefs, assumptions or current plans and expectations concerning, among other things, financial position and future financial condition; results of operations; expected operating and non-operating relationships; ability to meet debt service obligations and financing plans; product sales; distribution channels; retention of business; investment yields and spreads; investment portfolio and ability to manage asset-liability cash flows; financial goals and targets; prospects; growth strategies or expectations; laws and regulations; customer retention; the outcome (by judgment or settlement) and costs of legal, administrative or regulatory proceedings, investigations or inspections, including, without limitation, collective, representative or class action litigation; the impact of our separation from AIG; geopolitical events, including the ongoing armed conflicts between Ukraine and Russia and in the Middle East; and the impact of prevailing capital markets and economic conditions. Forward-looking statements are subject to known and unknown risks and uncertainties, many of which

| Business

ITEM 1 | Business Part I

| Business

Item 1. | Business Index to Business Page O ur Company 5 Our Segments 6 Investment Management 21 Human Capital Management 24 Environmental, Social and Governance 25 Intellectual Property 26 Regulation 26 Information about our Executive Officers 37 Corebridge | 2023 Form 10-K 4 TABLE OF CONTENTS

| Business

ITEM 1 | Business Our Company OVERVIEW We are one of the largest providers of retirement solutions and insurance products in the United States, committed to helping individuals plan, save for and achieve secure financial futures. Our addressable markets are large, with powerful, long-term secular trends given an aging U.S. population and a growing need for retirement solutions. We offer a broad set of products and services through our market leading Individual Retirement, Group Retirement, Life Insurance and Institutional Markets businesses, each of which features capabilities and industry experience we believe are difficult to replicate. These four businesses collectively seek to enhance stockholder returns while maintaining our attractive risk profile, which has historically resulted in consistent and strong cash flow generation. Our strong competitive position is supported by: our scaled platform and position as a leading life and annuity company across a broad range of products, managing or administering $383.8 billion in client assets as of December 31, 2023; our four businesses, which provide a diversified and attractive mix of spread income, fee income and underwriting margin; our broad distribution platform, which gives us access to end customers, consultants, retirement plan sponsors, banks, broker-dealers, general agencies, independent marketing organizations and independent insurance agents; our proven expertise in product design, which positions us to optimize risk-adjusted returns as we grow our business; our strategic partnership with Blackstone Inc. and its subsidiaries ("Blackstone"), which we believe will allow us to further grow both our retail and institutional product lines, and enhance risk-adjusted returns; our high-quality liability profile, supported by our strong balance sheet and disciplined approach to risk management, which has limited our exposure to product features and portfolios with less attractive risk-adjusted returns;

| Business

ITEM 1 | Business Our Segments INDIVIDUAL RETIREMENT Overview Our three product categories, fixed, fixed index and variable annuities, address a range of savings, investment, and income needs. We offer a variety of optional benefits within these products, including lifetime income guarantees and death benefits and sell our annuity products through our extensive distribution platform. For the year ended December 31, 2023, we recorded $18.2 billion in total individual annuity sales. Diversified product portfolio Our diverse and broad product suite allows us to quickly adapt our offerings in response to shifting customer needs and economic and competitive dynamics, targeting areas where we see the greatest opportunity for risk-adjusted returns. As an example, we typically re-price our full fixed annuity product suite on a weekly basis to respond to market conditions, distributor preferences and competitive actions and can re-price more frequently if needed. Our product diversification, as evidenced by balanced new business sales across all three annuity product categories, allows for further new business flexibility in meeting customer demand and changing macroeconomic conditions. Disciplined product risk management Our products and product features are designed with both customer needs and our risk management in mind. We have a disciplined approach designed to manage risk exposure to our balance sheet by managing margins and capital and stress testing results under varied market conditions. As an example, our fixed index annuities are designed purposefully so that we can effectively manage the index crediting risk through our hedging program. Further, our fixed annuity block reflects a history of disciplined rate setting, with minimal exposure to guaranteed crediting rates above 4.0%. Our variable annuity business has pioneered risk-mitigating features such as volatility index ("VIX")-indexed fees and flexible income choices which offer value for our customer

| Business

ITEM 1 | Business Similar to our fixed annuities, our fixed index annuities generate spread-based income on the difference between the investment income earned on the general account assets backing the policy and the interest credits our clients earn. We bear the risk associated with the interest credits that our clients earn, which is managed through hedging (as discussed below) in order to minimize the index exposure on our balance sheet. This is in addition to the pricing and renewal rate management that we employ against both fixed annuity and fixed index annuity products. Variable annuities We offer variable annuities that allow a customer to choose from a selection of investment options. Our variable annuity products generate fee-based income that is typically paid as a percentage of the assets in the investment options selected by the policyholder and held in one of our separate accounts. Policyholders generally bear the risk of the investment performance of assets held in a separate account. These products typically offer, and in some cases in order to limit volatility, require a portion of the account value to be allocated to general account investment options. Our variable annuity products offer guaranteed benefit features (collectively known as "GMxBs"), including GMDBs and living benefits which provide guaranteed lifetime income, such as GMWBs. We presently offer simple GMDBs, with 88% of our variable annuity GMDB account value as of December 31, 2023 either providing for a return of premium or locking-in a maximum anniversary value, and have limited exposure to legacy GMDB options, including rollups which represented 4% of variable annuity GMDB account value as of December 31, 2023. As of December 31, 2023, 76% of our variable annuity account value has a GMWB and we have a small portion of in-force contracts with guaranteed minimum income benefits ("GMIBs"), although as of 2006 we no longer offer this guaranteed benefit feature and the majority of

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View this 10-K filing on SEC EDGAR