Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Net Realized and Unrealized Gains and Losses Included in Income (Loss) Related to Level 3 Assets and Liabilities

The following table presents information about assets and liabilities measured at fair value on a recurring basis and indicates the level of the fair value measurement based on the observability of the inputs used:


December 31, 2025	Level 1		Level 2		Level 3		Counterparty Netting(a)		Cash Collateral		Total
(in millions)
Assets:
Bonds available-for-sale:
U.S. government and government sponsored entities	$	10	$	1,327	$	—	$	—	$	—	$	1,337
Obligations of states, municipalities and political subdivisions	—		3,725		761		—		—		4,486
Non-U.S. governments	—		4,487		—		—		—		4,487
Corporate debt	—		121,390		681		—		—		122,071
RMBS	—		10,495		5,855		—		—		16,350
CMBS	—		8,563		744		—		—		9,307
CLO	—		7,037		2,055		—		—		9,092
ABS	—		1,814		20,437		—		—		22,251
Total bonds available-for-sale	10		158,838		30,533		—		—		189,381
Other bond securities:
U.S. government and government sponsored entities	—		192		—		—		—		192
Obligations of states, municipalities and political subdivisions	—		33		1		—		—		34
Non-U.S. governments	—		75		—		—		—		75
Corporate debt	—		2,709		205		—		—		2,914
RMBS	—		50		87		—		—		137
CMBS	—		201		16		—		—		217
CLO	—		542		43		—		—		585
ABS	—		65		1,188		—		—		1,253
Total other bond securities	—		3,867		1,540		—		—		5,407
Equity securities	10		—		69		—		—		79
Other invested assets(b)	—		—		1,498		—		—		1,498
Derivative assets:
Interest rate contracts	—		894		22		—		—		916
Foreign exchange contracts	—		711		—		—		—		711
Equity contracts	6		7,519		863		—		—		8,388
Credit contracts	—		—		—		—		—		—
Other contracts	—		—		14		—		—		14
Counterparty netting and cash collateral	—		—		—		(6,106)		(3,482)		(9,588)
Total derivative assets	6		9,124		899		(6,106)		(3,482)		441
Short-term investments	661		963		—		—		—		1,624
Market risk benefit assets	—		—		2,392		—		—		2,392
Separate account assets	91,582		4,003		—		—		—		95,585
Total	$	92,269	$	176,795	$	36,931	$	(6,106)	$	(3,482)	$	296,407
Liabilities:
Policyholder contract deposits(c)	$	—	$	134	$	12,022	$	—	$	—	$	12,156
Derivative liabilities:
Interest rate contracts	—		1,611		22		—		—		1,633
Foreign exchange contracts	—		554		—		—		—		554
Equity contracts	7		4,795		98		—		—		4,900

Other contracts	—		—		4		—		—		4
Counterparty netting and cash collateral	—		—		—		(6,106)		(686)		(6,792)
Total derivative liabilities	7		6,960		124		(6,106)		(686)		299
Fortitude Re funds withheld payable(d)	—		—		3,795		—		—		3,795
Other liabilities	—		23		—		—		—		23
Market risk benefit liabilities	—		—		7,309		—		—		7,309

Total	$	7	$	7,117	$	23,250	$	(6,106)	$	(686)	$	23,582


December 31, 2024	Level 1		Level 2		Level 3		Counterparty Netting(a)		Cash Collateral		Total
(in millions)
Assets:
Bonds available-for-sale:
U.S. government and government sponsored entities	$	9	$	1,359	$	—	$	—	$	—	$	1,368
Obligations of states, municipalities and political subdivisions	—		3,916		745		—		—		4,661
Non-U.S. governments	—		3,904		—		—		—		3,904
Corporate debt	—		104,644		1,834		—		—		106,478
RMBS	—		9,739		6,045		—		—		15,784
CMBS	—		8,956		621		—		—		9,577
CLO	—		7,956		2,162		—		—		10,118
ABS	—		1,384		17,566		—		—		18,950
Total bonds available-for-sale	9		141,858		28,973		—		—		170,840
Other bond securities:
U.S. government and government sponsored entities	—		188		—		—		—		188
Obligations of states, municipalities and political subdivisions	—		33		1		—		—		34
Non-U.S. governments	—		27		—		—		—		27
Corporate debt	—		2,727		209		—		—		2,936
RMBS	—		53		98		—		—		151
CMBS	—		206		14		—		—		220
CLO	—		419		59		—		—		478
ABS	—		68		1,160		—		—		1,228
Total other bond securities	—		3,721		1,541		—		—		5,262
Equity securities	15		—		41		—		—		56
Other invested assets(b)	—		—		1,647		—		—		1,647
Derivative assets:
Interest rate contracts	—		2,556		364		—		—		2,920
Foreign exchange contracts	—		1,271		—		—		—		1,271
Equity contracts	1		2,390		654		—		—		3,045

Other contracts	—		1		13		—		—		14
Counterparty netting and cash collateral	—		—		—		(4,494)		(2,563)		(7,057)
Total derivative assets	1		6,218		1,031		(4,494)		(2,563)		193
Short-term investments	351		1,088		—		—		—		1,439
Market risk benefit assets	—		—		1,332		—		—		1,332
Separate account assets	90,400		3,488		—		—		—		93,888
Total	$	90,776	$	156,373	$	34,565	$	(4,494)	$	(2,563)	$	274,657
Liabilities:
Policyholder contract deposits(c)	$	—	$	120	$	9,415	$	—	$	—	$	9,535
Derivative liabilities:
Interest rate contracts	—		3,452		—		—		—		3,452
Foreign exchange contracts	—		268		—		—		—		268
Equity contracts	7		1,530		9		—		—		1,546

Other contracts	—		—		2		—		—		2
Counterparty netting and cash collateral	—		—		—		(4,494)		(664)		(5,158)
Total derivative liabilities	7		5,250		11		(4,494)		(664)		110
Fortitude Re funds withheld payable(d)	—		—		2,223		—		—		2,223
Market risk benefit liabilities	—		—		5,616		—		—		5,616

Total	$	7	$	5,370	$	17,265	$	(4,494)	$	(664)	$	17,484

(a)Represents netting of derivative exposures covered by qualifying master netting agreements.

(b)Excludes private equity fund and hedge fund investments that are measured at fair value using the net asset value (“NAV”) per share (or its equivalent). Total private equity fund investments measured at NAV were $6.5 billion and $5.9 billion as of December 31, 2025 and December 31, 2024, respectively. Total hedge fund investments measured at NAV were $121 million and $210 million as of December 31, 2025 and December 31, 2024.

(c)Excludes basis adjustments for fair value hedges.

(d)As discussed in Note 7, the Fortitude Re funds withheld payable is created through modco and funds withheld reinsurance arrangements where the investments supporting the reinsurance agreements are withheld by and continue to reside on Corebridge’s Consolidated Balance Sheets. This embedded derivative is valued as a total return swap with reference to the fair value of the invested assets held by Corebridge, which are primarily available-for-sale securities.

The following tables present changes during the years ended December 31, 2025 and 2024 in Level 3 assets and liabilities measured at fair value on a recurring basis, and the realized and unrealized gains (losses) related to the Level 3 assets and liabilities in the Consolidated Balance Sheets at December 31, 2025 and 2024:


(in millions)	Fair Value Beginning of Year		Net Realized and Unrealized Gains (Losses) Included in Income		Other Comprehensive Income (Loss)		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers In		Gross Transfers Out		Other		Fair Value End of Year		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Year		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Year
Year Ended December 31, 2025
Assets:
Bonds available-for-sale:
Obligations of states, municipalities and political subdivisions	$	745	$	(3)	$	(1)	$	(4)	$	24	$	—	$	—	$	761	$	—	$	(19)
Corporate debt	1,834		(49)		1		369		626		(2,100)		—		681		—		(20)
RMBS	6,045		167		54		(179)		80		(312)		—		5,855		—		62
CMBS	621		24		31		(156)		224		—		—		744		—		30
CLO	2,162		20		4		339		15		(485)		—		2,055		—		5
ABS	17,566		188		435		1,567		1,254		(573)		—		20,437		—		302
Total bonds available-for-sale	28,973		347		524		1,936		2,223		(3,470)		—		30,533		—		360
Other bond securities:
Obligations of states, municipalities and political subdivisions	1		—		—		—		—		—		—		1		—		—
Corporate debt	209		(2)		—		(14)		199		(187)		—		205		(3)		—
RMBS	98		5		—		(8)		—		(8)		—		87		5		—
CMBS	14		2		—		—		—		—		—		16		2		—
CLO	59		(5)		—		7		—		(18)		—		43		(9)		—
ABS	1,160		40		—		(14)		2		—		—		1,188		22		—
Total other bond securities	1,541		40		—		(29)		201		(213)		—		1,540		17		—
Equity securities	41		17		—		4		7		—		—		69		15		—
Other invested assets	1,647		(47)		54		(116)		—		(40)		—		1,498		(15)		—

Total(a)	$	32,202	$	357	$	578	$	1,795	$	2,431	$	(3,723)	$	—	$	33,640	$	17	$	360

(in millions)	Fair Value Beginning of Year		Net Realized and Unrealized (Gains) Losses Included in Income		Other Comprehensive (Income) Loss		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers In		Gross Transfers Out		Other		Fair Value End of Year		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Year		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Year
Liabilities:
Policyholder contract deposits	$	9,415	$	1,921	$	—	$	686	$	—	$	—	$	—	$	12,022	$	796	$	—
Derivative liabilities, net:
Interest rate contracts	(364)		105		—		259		—		—		—		—		—		—

Equity contracts	(645)		33		—		(153)		—		—		—		(765)		98		—

Other contracts	(11)		(63)		—		64		—		—		—		(10)		62		—
Total derivative liabilities, net(b)	(1,020)		75		—		170		—		—		—		(775)		160		—
Fortitude Re funds withheld payable	2,223		1,673		—		(152)		—		—		51		3,795		(472)		—


Total(c)	$	10,618	$	3,669	$	—	$	704	$	—	$	—	$	51	$	15,042	$	484	$	—


(in millions)	Fair Value Beginning of Year		Net Realized and Unrealized Gains (Losses) Included in Income		Other Comprehensive Income (Loss)		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers In		Gross Transfers Out		Other		Fair Value End of Year		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Year		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Year
Year Ended December 31, 2024
Assets:
Bonds available-for-sale:
Obligations of states, municipalities and political subdivisions	$	844	$	(1)	$	(72)	$	(4)	$	—	$	(22)	$	—	$	745	$	—	$	(77)
Corporate debt	1,357		12		(2)		(94)		1,057		(496)		—		1,834		—		(34)
RMBS	5,854		290		31		155		21		(304)		(2)		6,045		—		30
CMBS	608		1		95		(180)		252		(155)		—		621		—		22
CLO	1,843		17		28		553		41		(320)		—		2,162		—		29
ABS	12,906		391		305		3,282		1,161		(479)		—		17,566		—		272
Total bonds available-for-sale	23,412		710		385		3,712		2,532		(1,776)		(2)		28,973		—		242
Other bond securities:
Obligations of states, municipalities and political subdivisions	1		—		—		—		—		—		—		1		—		—
Corporate debt	167		15		—		10		20		(3)		—		209		10		—
RMBS	107		5		—		(11)		—		(3)		—		98		3		—
CMBS	17		1		—		(4)		—		—		—		14		1		—
CLO	69		(2)		—		7		—		(16)		1		59		—		—
ABS	962		66		—		223		21		(112)		—		1,160		29		—
Total other bond securities	1,323		85		—		225		41		(134)		1		1,541		43		—
Equity securities	42		1		—		5		—		—		(7)		41		—		—
Other invested assets	1,850		(49)		(15)		13		—		(136)		(16)		1,647		(56)		—

Total(a)	$	26,627	$	747	$	370	$	3,955	$	2,573	$	(2,046)	$	(24)	$	32,202	$	(13)	$	242
(in millions)	Fair Value Beginning of Year		Net Realized and Unrealized (Gains) Losses Included in Income		Other Comprehensive (Income) Loss		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers In		Gross Transfers Out		Other		Fair Value End of Year		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Year		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Year
Liabilities:
Policyholder contract deposits	$	7,942	$	859	$	—	$	614	$	—	$	—	$	—	$	9,415	$	1,472	$	—
Derivative liabilities, net:
Interest rate contracts	(449)		(170)		—		(84)		—		—		339		(364)		255		—

Equity contracts	(761)		(38)		—		141		—		—		13		(645)		(107)		—

Other contracts	(10)		(45)		—		44		—		—		—		(11)		44		—
Total derivative liabilities, net(b)	(1,220)		(253)		—		101		—		—		352		(1,020)		192		—
Fortitude Re funds withheld payable	2,182		518		—		(477)		—		—		—		2,223		531		—

Debt of consolidated investment entities	—		—		—		—		—		—		—		—		—		—
Total(c)	$	8,904	$	1,124	$	—	$	238	$	—	$	—	$	352	$	10,618	$	2,195	$	—

(a)Excludes MRB assets of $2.4 billion at December 31, 2025 and $1.3 billion at December 31, 2024. See Note 14 for additional information.

(b)Total Level 3 derivative exposures have been netted in these tables for presentation purposes only.

(c)Excludes MRB liabilities of $7.3 billion at December 31, 2025 and $5.6 billion at December 31, 2024. See Note 14 for additional information.

Change in the fair value of market risk benefits, net and net realized and unrealized gains and losses included in income related to Level 3 assets and liabilities shown above are reported in the Consolidated Statements of Income (Loss) as follows:


(in millions)	Policy Fees		Net Investment Income (Loss)		Net Realized and Unrealized Gains (Losses)		Change in the Fair Value of Market Risk Benefits, net(a)		Total












Year Ended December 31, 2025
Assets:
Bonds available-for-sale	$	—	$	363	$	(16)	$	—	$	347
Other bond securities	—		40		—		—		40
Equity securities	—		17		—		—		17
Other invested assets	—		(20)		(27)		—		(47)
Year Ended December 31, 2024
Assets:
Bonds available-for-sale	$	—	$	748	$	(38)	$	—	$	710
Other bond securities	—		85		—		—		85
Equity securities	—		1		—		—		1
Other invested assets	—		(49)		—		—		(49)
















Year Ended December 31, 2025
Liabilities:
Policyholder contract deposits(b)	$	—	$	—	$	(1,921)	$	—	$	(1,921)
Derivative liabilities, net	65		—		(140)		—		(75)
Fortitude Re funds withheld payable	—		—		(1,673)		—		(1,673)
Market risk benefit liabilities, net(c)	—		—		—		(164)		(164)

Year Ended December 31, 2024
Liabilities:
Policyholder contract deposits(b)	$	—	$	—	$	(859)	$	—	$	(859)
Derivative liabilities, net	44		—		269		(60)		253
Fortitude Re funds withheld payable	—		—		(518)		—		(518)
Market risk benefit liabilities, net(c)	—		—		3		1,526		1,529

(a)The portion of the fair value change attributable to our own credit risk is recognized in Other comprehensive income (loss) (“OCI”).

(b)Primarily embedded derivatives.

(c)Market risk benefit assets and liabilities have been netted in these tables for presentation purposes only.

The following table presents the gross components of purchases, sales, issuances and settlements, net, shown above, for the year ended December 31, 2025 and 2024 related to Level 3 assets and liabilities in the Consolidated Balance Sheets:


(in millions)	Purchases		Sales		Issuances and Settlements		Purchases, Sales, Issuances and Settlements, Net























































Year Ended December 31, 2025
Assets:
Bonds available-for-sale:
Obligations of states, municipalities and political subdivisions	$	67	$	(69)	$	(2)	$	(4)
Corporate debt	773		(116)		(288)		369
RMBS	614		(63)		(730)		(179)
CMBS	20		(39)		(137)		(156)
CLO	800		(2)		(459)		339
ABS	7,205		(1,891)		(3,747)		1,567
Total bonds available-for-sale	9,479		(2,180)		(5,363)		1,936
Other bond securities:

Corporate debt	10		(12)		(12)		(14)
RMBS	26		(26)		(8)		(8)
CMBS	1		(1)		—		—
CLO	12		—		(5)		7
ABS	122		(17)		(119)		(14)
Total other bond securities	171		(56)		(144)		(29)
Equity securities	17		(6)		(7)		4
Other invested assets	224		—		(340)		(116)

Total assets*	$	9,891	$	(2,242)	$	(5,854)	$	1,795
Liabilities:
Policyholder contract deposits	$	—	$	1,917	$	(1,231)	$	686
Derivative liabilities, net	—		—		170		170
Fortitude Re funds withheld payable	—		—		(152)		(152)


Total liabilities	$	—	$	1,917	$	(1,213)	$	704

Year Ended December 31, 2024
Assets:
Bonds available-for-sale:
Obligations of states, municipalities and political subdivisions	$	22	$	(24)	$	(2)	$	(4)
Corporate debt	507		(330)		(271)		(94)
RMBS	1,552		(583)		(814)		155
CMBS	59		(113)		(126)		(180)
CLO	1,247		(153)		(541)		553
ABS	6,087		(649)		(2,156)		3,282
Total bonds available-for-sale	9,474		(1,852)		(3,910)		3,712
Other bond securities:

Corporate debt	10		—		—		10
RMBS	—		—		(11)		(11)
CMBS	—		(4)		—		(4)
CLO	23		—		(16)		7
ABS	427		(36)		(168)		223
Total other bond securities	460		(40)		(195)		225
Equity securities	7		(2)		—		5
Other invested assets	282		—		(269)		13

Total assets*	$	10,223	$	(1,894)	$	(4,374)	$	3,955
Liabilities:
Policyholder contract deposits	$	—	$	1,564	$	(950)	$	614
Derivative liabilities, net	—		—		101		101
Fortitude Re funds withheld payable	—		—		(477)		(477)


Total liabilities	$	—	$	1,564	$	(1,326)	$	238

*There were no issuances during the years ended December 31, 2025 and 2024 for invested assets

Schedule of Fair Value Measurement Inputs and Valuation Techniques

The table below presents information about the significant unobservable inputs used for recurring fair value measurements for certain Level 3 instruments, and includes only those instruments for which information about the inputs is reasonably available to us, such as data from independent third-party valuation service providers and from internal valuation models. Because input information from third parties with respect to certain Level 3 instruments (primarily CLO/ABS) may not be reasonably available to us, balances shown below may not equal total amounts reported for such Level 3 assets and liabilities:


(in millions)	Fair Value at December 31, 2025		Valuation Technique	Unobservable Input(a)	Range (Weighted Average)(b)
Assets:
Obligations of states, municipalities and political subdivisions	$	723	Discounted cash flow	Yield	5.62% - 5.87% (5.74%)
Corporate debt	$	701	Discounted cash flow	Yield	4.92% - 7.62% (5.80%)
RMBS(c)	$	2,847	Discounted cash flow	Prepayment speed	4.11% - 7.62% (5.87%)
				Default rate	0.39% - 1.98% (1.18%)
				Yield	5.17% - 6.39% (5.78%)
				Loss severity	38.09% - 84.11% (61.10%)
CLO(c)	$	1,939	Discounted cash flow	Yield	5.02% - 6.32% (5.67%)
ABS(c)	$	18,129	Discounted cash flow	Yield	4.64% - 7.24% (5.94%)
CMBS	$	696	Discounted cash flow	Yield	3.80% - 19.92% (11.58%)
Market risk benefit assets	$	2,392	Discounted cash flow	Equity volatility	5.85% - 45.85%
				Base lapse rate	0.16% - 28.80%
				Dynamic lapse multiplier(e)	20.00% - 186.18%
				Mortality multiplier(e)(f)	38.25% - 160.01%
				Utilization(g)	80.00% - 100.00%
				Equity / interest-rate correlation	0.00% - 6.30%
				NPA(h)	0.15% - 2.13%


(in millions)	Fair Value at December 31, 2025		Valuation Technique	Unobservable Input(a)	Range (Weighted Average)(b)
Liabilities(d):
Market risk benefit liabilities:
Variable annuities guaranteed benefits	$	1,651	Discounted cash flow	Equity volatility	5.85% - 45.85%
				Base lapse rate	0.16% - 28.80%
				Dynamic lapse multiplier(e)	20.00% - 186.18%
				Mortality multiplier(e)(f)	38.25% - 160.01%
				Utilization(g)	80.00% - 100.00%
				Equity / interest-rate correlation	0.00% - 6.30%
				NPA(h)	0.15% - 2.13%
Fixed annuities guaranteed benefits	$	1,817	Discounted cash flow	Base lapse rate	0.20% - 15.75%
				Dynamic lapse multiplier(e)	20.00% - 186.18%
				Mortality multiplier(e)(f)	40.26% - 168.43%
				Utilization(g)	90.00% - 97.50%
				NPA(h)	0.16% - 2.13%
Fixed index annuities guaranteed benefits	$	3,841	Discounted cash flow	Equity volatility	5.85% - 45.85%
				Base lapse rate	0.20% - 60.00%
				Dynamic lapse multiplier(e)	20.00% - 186.18%
				Mortality multiplier(e)(f)	24.13% - 130.80%
				Utilization(g)	60.00% - 97.50%
				Option budget	0.00% - 6.00%
				Equity / interest-rate correlation	0.00% - 6.30%
				NPA(h)	0.16% - 2.13%
Embedded derivatives within Policyholder contract deposits:
Index credits on fixed index annuities(i)	$	9,996	Discounted cash flow	Equity volatility	5.85% - 45.85%
				Base lapse rate	0.20% - 60.00%
				Dynamic lapse multiplier(e)	20.00% - 186.18%
				Mortality multiplier(e)(f)	24.13% - 130.80%
				Utilization(g)	60.00% - 97.50%
				Option budget	0.00% - 6.00%
				Equity / interest-rate correlation	0.00% - 6.30%
				NPA(h)	0.16% - 2.13%
Registered index-linked annuities	$	765	Discounted cash flow	Equity volatility	5.85% - 45.85%
				Base lapse rate	1.00% - 50.00%
				Dynamic lapse multiplier(e)	95.00% - 220.00%
				Mortality multiplier(e)(f)	96.65% - 147.29%
				Utilization(g)	1.70% - 18.09%
				Equity / interest-rate correlation	0.00% - 6.30%
				NPA(h)	0.16% - 2.13%

Index universal life	$	1,261	Discounted cash flow	Base lapse rate	0.00% - 37.97%
				Mortality rates	0.00% - 100.00%
				Equity volatility	5.88% - 20.17%
				NPA(h)	0.16% - 2.13%


(in millions)	Fair Value at December 31, 2024		Valuation Technique	Unobservable Input(a)	Range (Weighted Average)(b)
Assets:
Obligations of states, municipalities and political subdivisions	$	746	Discounted cash flow	Yield	5.53% - 5.88% (5.70%)
Corporate debt	$	1,822	Discounted cash flow	Yield	4.94% - 10.38% (7.35%)
RMBS(c)	$	2,892	Discounted cash flow	Prepayment speed	3.92% - 8.91% (6.42%)
				Default rate	0.57% - 2.32% (1.45%)
				Yield	5.75% - 6.90% (6.33%)
				Loss severity	40.19% - 80.78% (60.49%)
CLO(c)	$	2,104	Discounted cash flow	Yield	6.13% - 7.40% (6.77%)
ABS(c)	$	15,888	Discounted cash flow	Yield	5.10% - 7.83% (6.47%)
CMBS	$	607	Discounted cash flow	Yield	4.80% - 20.87% (12.56%)
Market risk benefit assets	$	1,332	Discounted cash flow	Equity volatility	5.85% - 46.05%
				Base lapse rate	0.16% - 28.80%
				Dynamic lapse multiplier(e)	20.00% - 186.18%
				Mortality multiplier(e)(f)	38.25% - 160.01%
				Utilization(g)	80.00% - 100.00%
				Equity / interest-rate correlation	0.00% - 6.30%
				NPA(h)	0.27% - 2.65%

Liabilities(d):
Market risk benefit liabilities:
Variable annuities guaranteed benefits	$	1,424	Discounted cash flow	Equity volatility	5.85% - 46.05%
				Base lapse rate	0.16% - 28.80%
				Dynamic lapse multiplier(e)	20.00% - 186.18%
				Mortality multiplier(e)(f)	38.25% - 160.01%
				Utilization(g)	80.00% - 100.00%
				Equity / interest-rate correlation	0.00% - 6.30%
				NPA(h)	0.27% - 2.65%
Fixed annuities guaranteed benefits	$	1,359	Discounted cash flow	Base lapse rate	0.20% - 15.75%
				Dynamic lapse multiplier(e)	20.00% - 186.18%
				Mortality multiplier(e)(f)	40.26% - 168.43%
				Utilization(g)	90.00% - 97.50%
				NPA(g)	0.27% - 2.65%
Fixed index annuities guaranteed benefits	$	2,833	Discounted cash flow	Equity volatility	5.85% - 46.05%
				Base lapse rate	0.20% - 50.00%
				Dynamic lapse multiplier(e)	20.00% - 186.18%
				Mortality multiplier(e)(f)	24.13% - 130.80%
				Utilization(g)	60.00% - 97.50%
				Option budget	0.00% - 6.00%
				Equity / interest-rate correlation	0.00% - 6.30%
				NPA(h)	0.27% - 2.65%
Embedded derivatives within Policyholder contract deposits:
Index credits on fixed index annuities(i)	$	8,390	Discounted cash flow	Equity volatility	5.85% - 46.05%
				Base lapse rate	0.20% - 50.00%
				Dynamic lapse multiplier(e)	20.00% - 186.18%
				Mortality multiplier(e)(f)	24.13% - 130.80%
				Utilization(g)	60.00% - 97.50%
				Option budget	0.00% - 6.00%
				Equity / interest-rate correlation	0.00% - 6.30%
				NPA(h)	0.27% - 2.65%


(in millions)	Fair Value at December 31, 2024		Valuation Technique	Unobservable Input(a)	Range (Weighted Average)(b)
Registered index-linked annuities(i)	$	17	Discounted cash flow	Equity volatility	5.85% - 46.05%
				Base lapse rate	1.00% - 50.00%
				Dynamic lapse multiplier(e)	95.00% - 220.00%
				Mortality multiplier(e)(f)	96.65% - 147.29%
				Utilization(g)	1.70% - 18.09%
				Equity / interest-rate correlation	0.00% - 6.30%
				NPA(h)	0.27% - 2.65%
Index universal life	$	1,008	Discounted cash flow	Base lapse rate	0.00% - 37.97%
				Mortality rates	0.00% - 100.00%
				Equity volatility	5.85% - 19.63%
				NPA(h)	0.27% - 2.65%

(a)Represents discount rates, estimates and assumptions that we believe would be used by market participants when valuing these assets and liabilities.

(b)The weighted averaging for fixed maturity securities is based on the estimated fair value of the securities. Because the valuation methodology for embedded derivatives within policyholder contract deposits and MRBs uses a range of inputs that vary at the contract level over the cash flow projection period, management believes that presenting a range, rather than weighted average, is a more meaningful representation of the unobservable inputs used in the valuation.

(c)Information received from third-party valuation service providers. The ranges of the unobservable inputs for constant prepayment rate, loss severity and constant default rate relate to each of the individual underlying mortgage loans that comprise the entire portfolio of securities in the RMBS and CLO securitization vehicles and not necessarily to the securitization vehicle bonds (tranches) purchased by us. The ranges of these inputs do not directly correlate to changes in the fair values of the tranches purchased by us because there are other factors relevant to the fair values of specific tranches owned by us, including, but not limited to, purchase price, position in the waterfall, senior versus subordinated position and attachment points.

(d)The Fortitude Re funds withheld payable has been excluded from the above table. As discussed in Note 7, the Fortitude Re funds withheld payable is created through modco and funds withheld reinsurance arrangements where the investments supporting the reinsurance agreements are withheld by and continue to reside on Corebridge’s Consolidated Balance Sheets. This embedded derivative is valued as a total return swap with reference to the fair value of the invested assets held by Corebridge. Accordingly, the unobservable inputs utilized in the valuation of the embedded derivative are a component of the invested assets supporting the reinsurance agreements that are held on Corebridge’s Consolidated Balance Sheets.

(e)The ranges for these inputs vary due to the different GMWB product specification and policyholder characteristics across in-force policies. Policyholder characteristics that affect these ranges include age, policy duration, and gender.

(f)Mortality inputs are shown as multipliers of the 2012 Individual Annuity Mortality Basic table.

(g)The partial withdrawal utilization unobservable input range shown applies only to policies with GMWB riders.

(h)The NPA applied as a spread over risk-free curve for discounting. The NPA for ceded market risk benefits includes the NPA of CSLR at December 31, 2025.

(i)The fixed index annuities embedded derivative associated with index credits related to the contracts with guaranteed product features included in policyholder contract deposits was $2.0 billion and $1.8 billion at December 31, 2025 and December 31, 2024, respectively.

Schedule of Fair Value Option

The following table presents the gains or losses recorded related to the eligible instruments for which we elected the fair value option:


Years Ended December 31,	Gain (Loss)

(in millions)	2025		2024		2023
Assets:
Other bond securities(a)	$	463	$	369	$	340
Alternative investments(b)	445		307		115
Total assets	908		676		455
Liabilities:
Policyholder contract deposits(c)	(1)		4		3

Total liabilities	(1)		4		3
Total gain (loss)	$	907	$	680	$	458

(a)Includes certain securities supporting the funds withheld arrangements with Fortitude Re. For additional information regarding the gains and losses for Other bond securities, see Note 5. For additional information regarding the funds withheld arrangements with Fortitude Re, see Note 7.

(b)Includes certain hedge funds, private equity funds and other investment partnerships.

(c)Represents GICs.

Schedule of Fair Value Measurements on a Non-Recurring Basis

The following table presents assets measured at fair value on a non-recurring basis at the time of impairment and the related impairment charges recorded during the periods presented:



	Assets at Fair Value									Impairment Charges
	Non-Recurring Basis								Years Ended December 31,
(in millions)	Level 1		Level 2		Level 3		Total			2025		2024		2023
December 31, 2025
Other investments	$	—	$	—	$	164	$	164		$	61	$	66	$	13


Total	$	—	$	—	$	164	$	164		$	61	$	66	$	13
December 31, 2024
Other investments	$	—	$	—	$	117	$	117
Total	$	—	$	—	$	117	$	117

Schedule of Fair Value Information about Financial Instruments not Measured a Fair Value

The following table presents the carrying amounts and estimated fair values of our financial instruments not measured at fair value and indicates the level in the fair value hierarchy of the estimated fair value measurement based on the observability of the inputs used:


	Estimated Fair Value
(in millions)	Level 1		Level 2		Level 3		Total		Carrying Value
December 31, 2025
Assets:
Mortgage and other loans receivable	$	—	$	26	$	52,705	$	52,731	$	54,481
Other invested assets	—		—		306		306		306
Short-term investments	—		4,051		—		4,051		4,051
Cash	447		—		—		447		447
Other assets*	—		1		2,189		2,190		2,470
Liabilities:
Policyholder contract deposits associated with investment-type contracts	—		49		159,937		159,986		163,638
Fortitude Re funds withheld payable	—		—		19,853		19,853		19,853
Other liabilities	—		4,493		2		4,495		4,493
Short-term and long-term debt	—		9,119		—		9,119		9,359
Debt of consolidated investment entities	—		27		1,367		1,394		1,547
Separate account liabilities - investment contracts	—		90,864		—		90,864		90,864
December 31, 2024
Assets:
Mortgage and other loans receivable	$	—	$	21	$	49,560	$	49,581	$	52,768
Other invested assets	—		279		—		279		279
Short-term investments	—		3,542		—		3,542		3,542
Cash	806		—		—		806		806
Other assets	13		1		—		14		14
Liabilities:
Policyholder contract deposits associated with investment-type contracts	—		69		146,345		146,414		151,082
Fortitude Re funds withheld payable	—		—		22,068		22,068		22,068
Other liabilities	—		3,027		—		3,027		3,027
Short-term and long-term debt	—		10,083		—		10,083		10,454
Debt of consolidated investment entities	—		29		1,772		1,801		1,938
Separate account liabilities - investment contracts	—		89,802		—		89,802		89,802

* Primarily includes balances related to reinsurance deposit assets.