v3.25.4
Schedule II
 12 Months Ended
Dec. 31, 2025
Condensed Financial Information Disclosure [Abstract]  
Schedule II
Condensed Financial Information of Registrant
Balance Sheets - Parent Company Only
Schedule II
December 31,
(in millions, except per common share data)20252024
Assets:
Short-term investments$2,333$2,224
Other investments157197
Total investments2,4902,421
Cash——
Due from affiliates*
3033
Current tax receivable5428
Deferred income taxes236140
Investment in consolidated subsidiaries*19,72319,373
Other assets163204
Total assets$22,696$22,199
Liabilities:
Due to affiliate*$279$503
Current tax payable
—12
Short-term and long-term debt9,03310,027
Other liabilities183195
Total liabilities9,49510,737
Corebridge Shareholders’ equity:
Preferred stock and additional paid-in capital493—
Common stock
77
Treasury stock
(4,382)(2,282)
Additional paid-in capital8,1628,161
Retained earnings18,37319,257
Accumulated other comprehensive income(9,452)(13,681)
Total Corebridge Shareholders’ equity13,20111,462
Total liabilities and equity$22,696$22,199
*    Eliminated for the consolidated Corebridge financial statements.
See accompanying Notes to Condensed Financial Information of Registrant.
Condensed Financial Information of Registrant (Continued)
Statements of Income (Loss) and Comprehensive Income (Loss) - Parent Company Only
Schedule II
Years Ended December 31,
(in millions)202520242023
Revenues:
Equity in undistributed net income (loss) of consolidated subsidiaries*
$(3,724)$530 $(743)
Dividend income from consolidated subsidiaries*
3,810 2,1602,017
Interest income64 7667
Net realized gains (losses)(6)18(3)
Total revenues1442,7841,338
Expenses:
Interest expense437 409398
Net (gain) loss on sale of divested businesses— (245)(620)
Other expenses187 385507
Total expenses624549285
Income from continuing operations before income tax expense (benefit)(480)2,2351,053
Income tax expense (benefit)(114)5(51)
Net income (loss) attributable to Corebridge Parent(366)2,2301,104
Less: Preferred stock dividends— ——
Net income (loss) available to Corebridge Parent Common Shareholders
(366)2,2301,104
Other comprehensive income (loss)4,229(185)3,405
Total comprehensive income (loss)$3,863$2,045$4,509
*    Eliminated for the consolidated Corebridge financial statements.
See accompanying Notes to Condensed Financial Information of Registrant.
Condensed Financial Information of Registrant (Continued)
Statements of Cash Flows - Parent Company Only
Schedule II
Years Ended December 31,
(in millions)202520242023
Net cash provided by (used in) operating activities$3,106 $1,548$1,532
Cash flows from investing activities:
Contributions to subsidiaries—(200)—
Return of capital from subsidiaries175——
Sales of divested businesses
—577752
Net change in short-term investments(109)(630)(95)
Net change in derivative assets and liabilities——(3)
Net cash provided by (used in) investing activities66(253)654
Cash flows from financing activities:
Dividends paid on common stock(511)(544)(1,722)
Issuance of long-term debt—1,3291,240
Issuance of short-term debt—30—
Repayments of short-term debt(1,000)(280)(1,250)
Issuance of common stock—1—
Repurchase of common stock(2,118)(1,792)(498)
Issuance of preferred stock493——
Other financing
(36)(39)35
Net cash used in financing activities(3,172)(1,295)(2,195)
Net increase (decrease) in cash and restricted cash——(9)
Cash and restricted cash at beginning of year——9
Cash and restricted cash at end of year$—$—$—
Supplementary disclosure of cash flow information:
Years Ended December 31,
(in millions)202520242023
Cash$— $—$—
Total cash and restricted cash shown in Statements of Cash Flows –
Corebridge Parent Company Only$—$—$—
Cash (paid) received during the period for:
Taxes:
Income tax$8$(32)$259
See accompanying Notes to Condensed Financial Information of Registrant.
NOTES TO CONDENSED FINANCIAL INFORMATION OF REGISTRANT
1. Basis of Presentation
Corebridge’s investments in consolidated subsidiaries are stated at cost plus equity in undistributed income of consolidated subsidiaries. The condensed financial statements of Corebridge Parent (the “Registrant”) should be read in conjunction with the consolidated financial statements of Corebridge and the notes thereto (the “Consolidated Financial Statements”). The accounting policies of the Registrant are consistent with the accounting policies disclosed on the consolidated financial statements as applicable.
The Registrant includes in its Statement of Income dividends from its subsidiaries and equity in undistributed income (loss) of consolidated subsidiaries, which represents the net income (loss) of each of its wholly-owned subsidiaries.
2. Debt
Short-term and long-term debt is carried at the principal amount borrowed, including unamortized discounts, and fair value adjustments, when applicable.
The following table lists our total debt outstanding at December 31, 2025 and December 31, 2024. The interest rates presented in the following table are the range of contractual rates in effect at December 31, 2025, including fixed and variable rates:
(in millions)Range of
Interest Rate(s)		Maturity
Date(s)		December 31, 2025December 31, 2024
Current portion of long-term debt:
Senior unsecured notes3.50 %2025$—$1,000
Total short-term debt —1,000
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 - 2064
2,3502,350
Total long-term debt9,1009,100
Debt issuance costs(67)(73)
Total short-term and long-term debt, net of debt issuance costs$9,033$10,027
*    Interest rates reflect contractual amounts and do not reflect the effective borrowing rate after giving effect to the cash flow hedges.
SENIOR UNSECURED NOTES AND DELAYED DRAW TERM LOAN
For further details regarding the Senior unsecured notes and Three-Year DDTL Facility, see Note 15 to the Consolidated Financial Statements.
HYBRID JUNIOR SUBORDINATED NOTES
For further details regarding the Hybrid junior subordinated notes, see Note 15 to the Consolidated Financial Statements.
INTERCOMPANY LENDING FACILITIES
Corebridge Parent has two revolving loan facilities where our participating subsidiaries can, on a several basis, borrow monies from Corebridge Parent subject to the terms and conditions stated therein. Principal amounts borrowed under each of these facilities could be repaid and re-borrowed, in whole or in part, from time to time, without penalty. As of December 31, 2025, there were no amounts owed under these facilities.
REVOLVING CREDIT AGREEMENT
On May 12, 2022, Corebridge Parent entered into the Revolving Credit Agreement (the“2022 Revolving Credit Agreement”). On March 26, 2025 the 2022 Revolving Credit Agreement was terminated without penalty.
On March 26, 2025, Corebridge Parent entered into the Revolving Credit Agreement (the “2025 Revolving Credit Agreement”). The 2025 Revolving Credit Agreement replaced the 2022 Revolving Credit Agreement. Loans under the 2025 Revolving Credit Agreement will mature on March 26, 2030.
For further details regarding the revolving credit agreements, see Note 15 to the Consolidated Financial Statements.
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.
For further details regarding the letters of credits, see Note 15 to the Consolidated Financial Statements.
3. Guarantees
Corebridge Parent is the guarantor of a promissory note between AGL and SAFG Capital LLC to fund warehousing the origination of group real estate (“GRE”) transactions.
Corebridge Parent is the guarantor of promissory notes issued by CRBGLH to AGL.
Corebridge Parent entered into a general guarantee in favor of each holder of any monetary obligation or liability of Corebridge Markets, LLC, which transacts in various capital markets instruments.
Corebridge Parent entered into a Capital and Liquidity Support Agreement with VALIC Trust Company Inc. and CRBG Bermuda for regulatory reasons.
Corebridge Parent guarantees to reimburse banks for any drawdowns on letters of credit where it is the applicant and the beneficiary is one of its subsidiaries.
For further details regarding guarantees, see Note 16 to the Consolidated Financial Statements.
4. Subsequent Event
On January 5, 2026, Corebridge Parent made a capital contribution of $75 million to CRBGLH.