v3.25.4
Debt
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Debt 15. Debt
Short-term and long-term debt is carried at the principal amount borrowed, including unamortized discounts, and fair value adjustments, when applicable.
The following table lists our total debt outstanding at December 31, 2025 and December 31, 2024. The interest rates presented in the following table are the range of contractual rates in effect at December 31, 2025, including fixed and variable rates:
(in millions)Range of
Interest Rate(s)		Maturity
Date(s)		December 31, 2025December 31, 2024
Current portion of long-term debt:
Senior unsecured notes
3.50 %2025$—$1,000
CRBGLH notes
7.50 %2025$—$101
Total short-term debt $—$1,101
Long-term debt issued by Corebridge:
Senior unsecured notes*
3.65% - 6.05%
2027 - 2052$6,750$6,750
Hybrid junior subordinated notes
6.375% - 6.875%
2052 - 20642,3502,350
Long-term debt issued by Corebridge subsidiaries:
CRBGLH notes
6.63%
20299999
CRBGLH junior subordinated debentures
7.57% - 8.50%
2030 - 2046227227
Total long-term debt9,4269,426
Debt issuance costs(67)(73)
Total short-term and long-term debt, net of debt issuance costs
$9,359$10,454
Debt of consolidated investment entities - not guaranteed by Corebridge
0.01% - 6.39%
2026 - 20511,5471,938
Total debt, net of issuance costs$10,906$12,392
*    Interest rates reflect contractual amounts and do not reflect the effective borrowing rate after giving effect to the cash flow hedges.
The following table presents maturities of short-term and long-term debt (including unamortized original issue discount when applicable):
December 31, 2025Year Ending
(in millions)Total
2026
2027
2028
2029
2030
Thereafter
Long-term debt issued by Corebridge:
Senior unsecured notes$6,750$—$1,250$—$1,000$—$4,500
Hybrid junior subordinated notes2,350—————2,350
CRBGLH notes
99———99——
CRBGLH junior subordinated debentures
227————54173
Total long-term debt issued by Corebridge
$9,426$—$1,250$—$1,099$54$7,023
SENIOR UNSECURED NOTES AND DELAYED DRAW TERM LOAN
On April 5, 2022, Corebridge Parent issued $6.5 billion of senior unsecured notes consisting of: $1.0 billion aggregate principal amount of its 3.50% Senior Notes due 2025, $1.25 billion aggregate principal amount of its 3.65% Senior Notes due 2027, $1.0 billion aggregate principal amount of its 3.85% Senior Notes due 2029, $1.5 billion aggregate principal amount of its 3.90% Senior Notes due 2032, $500 million aggregate principal amount of its 4.35% Senior Notes due 2042 and $1.25 billion aggregate principal amount of its 4.40% Senior Notes due 2052. At maturity, in April 2025, Corebridge Parent repaid the aggregate principal and accrued interest of the $1.0 billion 3.50% Senior Notes.
On September 15, 2022, Corebridge Parent borrowed an aggregate principal amount of $1.5 billion under a Three-Year Delayed Draw Term Loan Agreement (the “Three-Year DDTL Facility”). This facility was terminated on September 12, 2024 after the final loan repayment.
On September 15, 2023, Corebridge Parent issued $500 million of 6.05% Senior Notes due 2033.
On December 8, 2023, Corebridge Parent issued $750 million of 5.750% Senior Notes due 2034.
HYBRID JUNIOR SUBORDINATED NOTES
On August 23, 2022, Corebridge Parent issued $1.0 billion of 6.875% fixed-to-fixed reset rate hybrid junior subordinated notes due 2052. Subject to certain redemption provisions and other terms of the hybrid junior subordinated notes, the interest rate and interest payment date reset every five years based on the average of the yields on five-year U.S. Treasury securities, as of the most recent interest rate determination on a reset plus a spread, payable semi-annually.
On September 12, 2024, Corebridge Parent issued $750 million aggregate principal amount of its 6.375% fixed-to-fixed reset rate junior subordinated notes due 2054 (“2054 Notes”). Subject to certain redemption provisions and other terms of the 2054 Notes, the interest rate resets on September 15, 2034 and each five-year anniversary thereafter, at an annual rate equal to the five-year treasury rate as of the most recent reset interest determination date plus 2.646%.
On November 22, 2024, Corebridge Parent issued $600 million aggregate principal amount of its 6.375% junior subordinated notes due 2064 (“2064 Notes”). Subject to certain redemption provisions and other terms of the 2064 Notes, the interest is payable quarterly in arrears on March 15, June 15, September 15 and December 15 of each year, beginning on March 15, 2025.
CRBGLH NOTES AND JUNIOR SUBORDINATED DEBENTURES
As of December 31, 2025, Corebridge Life Holdings, Inc. (“CRBGLH”) had outstanding $326 million aggregate principal amount, consisting of $227 million of junior subordinated debt due between 2030 and 2046 and $99 million of notes due 2029. At December 31, 2025, the junior subordinated debentures outstanding consisted of $54 million of 8.5% junior subordinated debentures due July 2030, $31 million of 7.57% junior subordinated debentures due December 2045 and $142 million of 8.125% junior subordinated debentures due March 2046, each guaranteed by AIG. At Maturity, in July 2025 CRBGLH repaid the aggregate principal and accrued interest of the $101 million 7.50% notes.
For details regarding guarantees provided by AIG related to these notes and debentures, see Note 16.
REVOLVING CREDIT AGREEMENT
On March 26, 2025, the 2022 Revolving Credit Agreement was terminated without penalty and Corebridge Parent entered into the 2025 Revolving Credit Agreement. The 2025 Revolving Credit Agreement provides for a five year total commitment of $3.0 billion revolving credit facility (the “2025 Credit Facility”). Under circumstances described in the 2025 Revolving Credit Agreement, the aggregate commitments may be increased by up to $500 million, for a total commitment under the 2025 Revolving Credit Agreement of $3.5 billion. Loans under the 2025 Revolving Credit Agreement will mature on March 26, 2030. Under the 2025 Revolving Credit Agreement, the applicable rate, commitment fee and letter of credit fee were determined by reference to the credit ratings of Corebridge Parent’s senior, unsecured, long-term indebtedness. Borrowings bear interest at a rate per annum equal to (i) with respect to loans in US Dollars, an alternative base rate plus an applicable margin or the adjusted Term SOFR Rate plus an applicable margin, (ii) with respect to loans in Euros, the adjusted European Union Interbank Offer Rate (“EURIBOR”) plus an applicable margin, (iii) with respect to loans in Pounds Sterling, the adjusted Daily Simple Sterling Overnight Index Average (“SONIA”) Rate plus an applicable margin and (iv) with respect to loans in Japanese Yen, the adjusted Tokyo Interbank Offered Rate (“TIBOR”) plus an applicable margin. There are no borrowings outstanding under the 2025 Credit Facility.
LETTERS OF CREDIT
As of December 31, 2025, Corebridge Parent and certain of our subsidiaries were parties to several letter of credit agreements with various financial institutions which issue letters of credit from time to time in support of our subsidiaries (primarily, insurance companies) totaled $276 million.
CONSOLIDATED INVESTMENT ENTITIES CREDIT FACILITIES
We also maintain revolving credit facilities that can exclusively be utilized by certain consolidated investment entities to acquire real estate assets. Draws under those credit facilities cannot be utilized for general corporate purposes. These credit facilities have consolidated limits of up to $319 million. As of December 31, 2025, we have drawn $173 million under the credit facilities. Each of these credit facilities have maturity dates ranging from 9 months to one year 5 months.