v3.25.4
Segment Information
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segment Information 3. Segment Information
We report our results of operations consistent with the manner in which our Chief Executive Officer, who is the chief operating decision maker (“CODM”), reviews the business to assess performance and allocate resources.
We report our results of operations as five reportable segments:
•Individual Retirement – consists of fixed annuities, fixed index annuities and registered index-linked annuities.
•Group Retirement – consists of recordkeeping, plan administrative and compliance services, financial planning and advisory solutions offered in-plan, along with proprietary and limited non-proprietary annuities, advisory and brokerage products offered out-of-plan.
•Life Insurance – consists of term and universal life insurance products in the United States. The International Life business issued individual and group life insurance in the United Kingdom. On October 31, 2023 Corebridge completed the sale of Laya and on April 8, 2024, Corebridge completed the sale of AIG Life U.K.
•Institutional Markets – consists of stable value wrap (“SVW”) products, structured settlement and pension risk transfer (“PRT”) annuities, guaranteed investment contracts (“GICs”) and Corporate Markets products that include corporate- and bank-owned life insurance (“COLI-BOLI”), private placement variable universal life and private placement variable annuity products.
•Corporate and Other – consists primarily of:
–corporate expenses not attributable to our other segments;
–interest expense on financial debt;
–results of our consolidated investment entities;
–institutional asset management business, which includes managing assets for non-consolidated affiliates;
–results of our legacy insurance lines ceded to Fortitude Re; and
–results of our individual variable annuity business that is reinsured to CSLR.
The closing with respect to the AGL Reinsurance Agreement occurred on August 1, 2025. Accordingly, retrospectively, effective in the third quarter of 2025, our individual variable annuity business previously reported in the Individual Retirement segment, is now included within Corporate and Other, consistent with how the chief operating decision maker (“CODM”) assesses its performance and allocates its resources. Prior periods presented herein have been recast to conform to the new segment presentation. Additionally, the results of operations from the variable annuity business have been excluded from Adjusted Pre-Tax Operating Income (“APTOI”) as they are not indicative of our ongoing business operations.
The CODM assesses segment performance and allocates capital and resources to the segments based on an evaluation of each segments’ adjusted revenues and adjusted pre-tax operating income (loss) (“APTOI”). Adjusted revenues are derived by excluding certain items from total revenues. APTOI is derived by excluding certain items from income from operations before income tax. These items generally fall into one or more of the following broad categories: legacy matters having no relevance to our current businesses or operating performance; adjustments to enhance transparency to the underlying economics of transactions; and adjustments that we believe to be common to the industry. Legal entities are attributed to each segment based upon the predominance of activity in that legal entity.
APTOI excludes the impact of the following items:
Fortitude Re related adjustments:
The modified coinsurance (“modco”) reinsurance agreements with Fortitude Re transfer the economics of the invested assets supporting the reinsurance agreements to Fortitude Re. Accordingly, the net investment income on Fortitude Re funds withheld assets and the net realized gains (losses) on Fortitude Re funds withheld assets are excluded from APTOI. Similarly, changes in the Fortitude Re funds withheld embedded derivative are also excluded from APTOI.
The ongoing results associated with the reinsurance agreement with Fortitude Re have been excluded from APTOI as these are not indicative of our ongoing business operations.
Investment-related adjustments:
APTOI excludes “Net realized gains (losses)”, except for gains (losses) related to the disposition of real estate investments. Net realized gains (losses), except for gains (losses) related to the disposition of real estate investments, are excluded as the timing of sales on invested assets or changes in allowances depend largely on market credit cycles and can vary considerably across periods. In addition, changes in interest rates may create opportunistic scenarios to buy or sell invested assets. Our derivative results, including those used to economically hedge insurance liabilities, or those recognized as embedded derivatives at fair value, are also included in Net realized gains (losses) and are similarly excluded from APTOI except earned income (periodic settlements and changes in settlement accruals) on derivative instruments used for non-qualifying (economic) hedges or for asset replication. Earned income on such economic hedges is reclassified from Net realized gains and losses to specific APTOI line items based on the economic risk being hedged (e.g., Net investment income and Interest credited to policyholder account balances).
Market Risk Benefits adjustments:
Certain of our variable annuity, fixed annuity and fixed index annuity contracts contain guaranteed minimum withdrawal benefits (“GMWBs”) and/or guaranteed minimum death benefits (“GMDBs”) which are accounted for as MRBs. Changes in the fair value of these MRBs (excluding changes related to our own credit risk), including certain rider fees attributed to the MRBs are excluded from APTOI. MRBs related to the variable annuity business subject to the reinsurance agreements with CSLR are reported in the “Businesses exited through reinsurance” line item.
Businesses exited through reinsurance:
Represents the results of businesses that have been or will be economically exited through reinsurance. This includes MRBs, along with changes in the fair value of derivatives used to hedge MRBs which are recorded through “Change in the fair value of MRBs, net.” The results of operations from these businesses have been excluded from APTOI as they are not indicative of our ongoing business operations.
Other adjustments:
Other adjustments represent all other adjustments that are excluded from APTOI and includes the net pre-tax operating income (losses) from noncontrolling interests related to consolidated investment entities. The excluded adjustments include, as applicable:
•restructuring and other costs related to initiatives designed to reduce operating expenses, improve efficiency and simplify our organization;
•non-recurring costs associated with the implementation of non-ordinary course legal or regulatory changes or changes to accounting principles;
•separation costs;
•non-operating litigation reserves and settlements;
•loss (gain) on extinguishment of debt, if any;
•losses from the impairment of goodwill, if any; and
•income and loss from divested or run-off business, if any.
(in millions)Individual RetirementGroup RetirementLife InsuranceInstitutional MarketsCorporate & OtherTotal CorebridgeAdjustmentsTotal Consolidated
Year Ended December 31, 2025
Premiums$100 $10 $1,466 $4,260 $— $5,836 $28 $5,864 
Policy fees310 441 1,443 206 — 2,400 333 2,733 
Net investment income(a)
6,012 1,878 1,323 2,565 54 11,832 1,292 13,124 
Net realized gains (losses)(a)(b)
— — — — (1)(1)(3,957)(3,958)
Advisory fee and other income— 361 2 3 30 396 322 718 
Total adjusted revenues6,422 2,690 4,234 7,034 83 20,463 (1,982)18,481 
Policyholder benefits129 13 2,630 5,325 11 8,108 65 8,173 
Change in the fair value of market risk benefits, net— — — — — — 484 484 
Interest credited to policyholder account balances3,384 1,208 325 998 — 5,915 18 5,933 
Amortization of deferred policy acquisition costs475 91 335 17 — 918 132 1,050 
Non-deferrable insurance commissions172 127 60 20 2 381 172 553 
Advisory fee expenses22 127 2 — — 151 124 275 
General operating expenses(c)
357 400 469 87 214 1,527 475 2,002 
Interest expense— — — — 521 521 31 552 
Total benefits and expenses4,539 1,966 3,821 6,447 748 17,521 1,501 19,022 
Noncontrolling interests— — — — 24 24 
Adjusted pre-tax operating income (loss)$1,883 $724 $413 $587 $(641)$2,966 
Adjustments to:
Total revenue(1,982)
Total expenses1,501 
Noncontrolling interests(24)
Income before income tax expense (benefit)$(541)$(541)
Year Ended December 31, 2024
Premiums$107 $12 $1,483 $2,894 $— $4,496 $30 $4,526 
Policy fees266 442 1,465 197 — 2,370 531 2,901 
Net investment income(a)
5,413 1,920 1,321 2,127 11 10,792 1,436 12,228 
Net realized gains (losses)(a)(b)
— — — — 85 85 (1,968)(1,883)
Advisory fee and other income1 343 82 8 47 481 454 935 
Total adjusted revenues5,787 2,717 4,351 5,226 143 18,224 483 18,707 
Policyholder benefits99 13 2,681 3,821 — 6,614 18 6,632 
Change in the fair value of market risk benefits, net— — — — — — (227)(227)
Interest credited to policyholder account balances2,761 1,206 336 799 — 5,102 138 5,240 
Amortization of deferred policy acquisition costs405 85 344 13 — 847 213 1,060 
Non-deferrable insurance commissions132 120 58 20 2 332 256 588 
Advisory fee expenses18 134 2 — — 154 132 286 
General operating expenses332 415 469 78 224 1,518 498 2,016 
Interest expense— — — — 524 524 30 554 
Net (gain) on divestitures
— — — — — — (245)(245)
Total benefits and expenses3,747 1,973 3,890 4,731 750 15,091 813 15,904 
Noncontrolling interests— — — — 34 34 
Adjusted pre-tax operating income (loss)$2,040 $744 $461 $495 $(573)$3,167 
Adjustments to:
Total revenue483 
Total expenses813 
Noncontrolling interests(34)
Income before income tax expense (benefit)$2,803 $2,803 
(in millions)Individual RetirementGroup RetirementLife InsuranceInstitutional MarketsCorporate & OtherTotal CorebridgeAdjustmentsTotal Consolidated
Year Ended December 31, 2023
Premiums$179 $20 $1,776 $5,607 $— $7,582 $31 $7,613 
Policy fees210 406 1,488 195 — 2,299 498 2,797 
Net investment income(a)
4,605 1,996 1,282 1,586 67 9,536 1,542 11,078 
Net realized gains (losses)(a)(b)
— — — — (2)(2)(3,570)(3,572)
Advisory fee and other income — 309 93 2 54 458 426 884 
Total adjusted revenues4,994 2,731 4,639 7,390 119 19,873 (1,073)18,800 
Policyholder benefits172 31 2,838 6,298 (3)9,336 26 9,362 
Change in the fair value of market risk benefits, net— — — — — — (6)(6)
Interest credited to policyholder account balances2,167 1,182 340 600 — 4,289 138 4,427 
Amortization of deferred policy acquisition costs356 82 379 9 — 826 216 1,042 
Non-deferrable insurance commissions111 124 88 19 2 344 244 588 
Advisory fee expenses19 118 2 — — 139 122 261 
General operating expenses274 440 619 85 261 1,679 603 2,282 
Interest expense— — — — 552 552 28 580 
Net (gain) loss on divestitures— — — — — — (676)(676)
Total benefits and expenses 3,099 1,977 4,266 7,011 812 17,165 695 17,860 
Noncontrolling interests— — — — 68 68 
Adjusted pre-tax operating income (loss)$1,895 $754 $373 $379 $(625)$2,776 
Adjustments to:
Total revenue(1,073)
Total expenses695 
Noncontrolling interests(68)
Income before income tax expense (benefit)$940 $940 
(a)Adjustments include Fortitude Re activity of $(441) million, $604 million and $(590) million for the years ended December 31, 2025, 2024 and 2023, respectively.
(b)Net realized gains (losses) includes the gains (losses) related to the disposition of real estate investments.
(c)Adjustments include restructuring and other costs. For the year ended December 31, 2025, restructuring and other costs primarily include severance related costs and ongoing modernization initiatives.
Corebridge does not report total assets by segment, as we do not use this metric to allocate resources or evaluate segment performance.
The following table presents Corebridge’s consolidated total revenues by major geographic area:
Total Revenues*
(in millions)202520242023
North America$18,481 $18,596 $18,221 
International— 111 579 
Consolidated$18,481 $18,707 $18,800 
*    Revenues are generally reported according to the geographic location of the legal entity. International revenues consisted of revenues from Laya and AIG Life U.K. On October 31, 2023 Corebridge completed the sale of Laya and on April 8, 2024, Corebridge completed the sale of AIG Life U.K.