Corebridge adopts LDTI, recasts historical financials; net equity impact +$1.2B

Corebridge Financial, Inc.

Adopted LDTI on Jan 1, 2023 with transition date Jan 1, 2021; recasts financials for 2021-2022.
Net decrease to beginning AOCI of $2.3B and net increase to beginning shareholders' net investment of $1.2B.
Key changes: MRBs at fair value, discount rate updates, elimination of unrealized gains/losses from AOCI.
Adjusted Operating Income revised to exclude MRB changes.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Corebridge Financial, Inc. reported financial results for for the year ended December 31, 2022.

Period: for the year ended December 31, 2022
Result: reported results

Exact text from the filing

The financial information in Exhibit 99.1 is based on Corebridge Financial, Inc.’s (the “Company”) adoption of the Financial Accounting Standards Board’s Accounting Standard Update 2018-12 Financial Services - Insurance: Targeted Improvements to the Accounting for Long-Duration Contracts (“LDTI”). The recast quarterly financial supplement is unaudited.

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Corebridge Financial, Inc. filing history →

Source: SEC EDGAR

accession 0001140361-23-022946

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