v3.25.4
Investments (Tables)
 12 Months Ended
Dec. 31, 2025
Equity Method Investments, Joint Ventures, Investments, Debt And Equity Securities [Abstract]  
Schedule of Amortized Cost and Fair Value of Available for Sale Securities
The following table presents the amortized cost or cost and fair value of our available-for-sale securities:
(in millions)
Amortized
Cost or
Costs
Allowance
for Credit
Losses(a)
Gross
Unrealized
Gains(b)
Gross
Unrealized
Losses(b)
Fair
Value
December 31, 2025
Bonds available-for-sale:
U.S. government and government sponsored entities$1,655 $— $11 $(329)$1,337 
Obligations of states, municipalities and political subdivisions5,146 — 30 (690)4,486 
Non-U.S. governments5,021 — 83 (617)4,487 
Corporate debt134,444 (94)2,099 (14,378)122,071 
Mortgage-backed, asset-backed and collateralized:
RMBS16,297 (8)658 (597)16,350 
CMBS9,749 (23)78 (497)9,307 
CLO9,036 — 104 (48)9,092 
ABS22,500 (5)259 (503)22,251 
Total mortgage-backed, asset-backed and collateralized57,582 (36)1,099 (1,645)57,000 
Total bonds available-for-sale
$203,848 $(130)$3,322 $(17,659)$189,381 
December 31, 2024
Bonds available-for-sale:
U.S. government and government sponsored entities$1,698 $— $7 $(337)$1,368 
Obligations of states, municipalities and political subdivisions5,479 — 20 (838)4,661 
Non-U.S. governments4,734 — 26 (856)3,904 
Corporate debt123,134 (86)927 (17,497)106,478 
Mortgage-backed, asset-backed and collateralized:
RMBS16,077 (15)562 (840)15,784 
CMBS10,260 (18)73 (738)9,577 
CLO10,020 — 156 (58)10,118 
ABS19,656 — 146 (852)18,950 
Total mortgage-backed, asset-backed and collateralized56,013 (33)937 (2,488)54,429 
Total bonds available-for-sale
$191,058 $(119)$1,917 $(22,016)$170,840 
(a)Changes in the allowance for credit losses are recorded through Net realized gains (losses) and are not recognized in OCI.
(b)Includes mark-to-market movement (“MTM”) relating to embedded derivatives and fair value hedge basis adjustment.
Schedule of Unrealized Loss on Investments
The following table summarizes the fair value and gross unrealized losses on our available-for-sale securities, aggregated by major investment category and length of time that individual securities have been in a continuous unrealized loss position for which no allowance for credit loss has been recorded:
Less Than 12 Months
12 Months or More
Total
(in millions)
Fair Value
Gross Unrealized Losses*
Fair Value
Gross Unrealized Losses*
Fair Value
Gross Unrealized Losses*
December 31, 2025
Bonds available-for-sale:
U.S. government and government sponsored entities$54 $1 $875 $328 $929 $329 
Obligations of states, municipalities and political subdivisions407 46 3,303 644 3,710 690 
Non-U.S. governments360 32 2,515 585 2,875 617 
Corporate debt16,178 1,351 55,136 13,002 71,314 14,353 
RMBS1,949 139 4,146 446 6,095 585 
CMBS1,023 14 4,785 478 5,808 492 
CLO2,826 36 658 12 3,484 48 
ABS3,231 66 5,697 437 8,928 503 
Total bonds available-for-sale
$26,028 $1,685 $77,115 $15,932 $103,143 $17,617 
December 31, 2024
Bonds available-for-sale:
U.S. government and government sponsored entities$264 $17 $676 $320 $940 $337 
Obligations of states, municipalities and political subdivisions645 46 3,504 792 4,149 838 
Non-U.S. governments922 76 2,587 780 3,509 856 
Corporate debt24,777 2,176 60,591 15,291 85,368 17,467 
RMBS3,164 101 4,964 716 8,128 817 
CMBS839 32 5,665 700 6,504 732 
CLO1,293 31 935 27 2,228 58 
ABS3,620 86 7,711 766 11,331 852 
Total bonds available-for-sale
$35,524 $2,565 $86,633 $19,392 $122,157 $21,957 
*Includes mark to market movement relating to embedded derivatives and fair value hedge basis adjustment.
Schedule of Fixed Maturity Securities Available for Sale by Contractual Maturity
The following table presents the amortized cost and fair value of fixed maturity securities available-for-sale by contractual maturity:
Total Fixed Maturity Securities
Available-for-sale
(in millions)Amortized Cost,
Net of Allowance		Fair Value
December 31, 2025
Due in one year or less$3,428 $3,418 
Due after one year through five years25,404 25,441 
Due after five years through ten years31,883 31,830 
Due after ten years85,457 71,692 
Mortgage-backed, asset-backed and collateralized57,546 57,000 
Total$203,718 $189,381 
Schedule of Realized Gain (Loss) on Investments
The following table presents the gross realized gains and gross realized losses from sales or maturities of our available-for-sale securities:
Years Ended December 31,
202520242023
(in millions)Gross
Realized
Gains		Gross
Realized
Losses		Gross
Realized
Gains		Gross
Realized
Losses		Gross
Realized
Gains		Gross
Realized
Losses
Fixed maturity securities$85 $(894)$80 $(1,274)$100 $(451)
The following table presents the components of Net realized gains (losses):
Years Ended December 31,
202520242023
(in millions)Excluding Fortitude
Re Funds
Withheld
Assets		Fortitude
Re Funds
Withheld
Assets		TotalExcluding
Fortitude
Re Funds
Withheld
Assets		Fortitude
Re Funds
Withheld
Assets		TotalExcluding
Fortitude
Re Funds
Withheld
Assets		Fortitude
Re Funds
Withheld
Assets		Total
Sales of fixed maturity securities$(789)$(20)$(809)$(1,141)$(53)$(1,194)$(278)$(73)$(351)
Intent to sell(a)
(275)— (275)(15)(32)(47)— — — 
Change in allowance for credit losses on fixed maturity securities(131)(21)(152)(237)(7)(244)(162)(9)(171)
Change in allowance for credit losses on loans(24)2 (22)(66)18 (48)(138)(66)(204)
Foreign exchange transactions, net of related hedges(145)9 (136)134 7 141 (195)(10)(205)
Index-Linked interest credited embedded derivatives, net of related hedges(400)— (400)(19)— (19)(776)— (776)
All other derivatives and hedge accounting(b)
(334)(54)(388)128 (202)(74)(53)(66)(119)
Sales of alternative investments and real estate investments33 3 36 159 21 180 50 (2)48 
Other
(120)(19)(139)(60)— (60)(62)2 (60)
Net realized losses – excluding Fortitude Re funds withheld embedded derivative(2,185)(100)(2,285)(1,117)(248)(1,365)(1,614)(224)(1,838)
Net realized losses on Fortitude Re funds withheld embedded derivative— (1,673)(1,673)— (518)(518)— (1,734)(1,734)
Net realized losses$(2,185)$(1,773)$(3,958)$(1,117)$(766)$(1,883)$(1,614)$(1,958)$(3,572)
(a)Includes the impairment of fixed maturity securities in 2025 that Corebridge has or will transfer or sell in conjunction with the Reinsurance Agreements discussed in Note 1.
(b)Derivative activity related to hedging certain MRBs is recorded in Change in the fair value of MRBs, net. For additional disclosures about MRBs, see Note 14.
Schedule of Fixed Maturity Securities and Equity Securities at Fair Value
The following table presents the fair value of fixed maturity securities measured at fair value, including securities in the modco agreement with Fortitude Re, based on our election of the fair value option and equity securities measured at fair value:
December 31, 2025December 31, 2024
(in millions)
Fair
Value
Percent
of Total
Fair
Value
Percent
of Total
Fixed maturity securities:
U.S. government and government sponsored entities$192 4 %$188 4 %
Obligations of states, municipalities and political subdivisions34 1 34 1 
Non-U.S. governments75 1 27 1 
Corporate debt2,914 53 2,936 54 
Mortgage-backed, asset-backed and collateralized:
RMBS137 2 151 3 
CMBS217 4 220 4 
CLO585 11 478 9 
ABS1,253 23 1,228 23 
Total mortgage-backed, asset-backed and collateralized2,192 40 2,077 39 
Total fixed maturity securities5,407 99 5,262 99 
Equity securities79 1 56 1 
Total$5,486 100 %$5,318 100 %
Schedule of Other Invested Assets
The following table summarizes the carrying amounts of other invested assets:
(in millions)December 31, 2025December 31, 2024
Alternative investments(a)(b)
$8,123 $7,829 
Investment real estate(c)
985 1,426 
All other investments(d)
1,127 596 
Total
$10,235 $9,851 
(a)At December 31, 2025, included hedge funds of $121 million and private equity funds of $8.0 billion. At December 31, 2024, included hedge funds of $210 million and private equity funds of $7.6 billion.
(b)All liquid hedge fund investments have been redeemed. The remaining investments, excluding those in the modco agreement with Fortitude Re, are in illiquid and/or side pocket vehicles whose liquidation horizons are uncertain and likely to extend over the coming quarters and/or years.
(c)Net of accumulated depreciation of $406 million and $528 million as of December 31, 2025 and December 31, 2024, respectively.
(d)Includes Corebridge’s ownership interest in Fortitude Re Bermuda, which is recorded using the measurement alternative for equity securities. Our investment in Fortitude Re Bermuda totaled $156 million and $156 million at December 31, 2025 and December 31, 2024, respectively.
Equity Method Investments
The following is the aggregated summarized financial information of our equity method investees, including those for which the fair value option has been elected:
Years Ended December 31,
(in millions)202520242023
Operating results:
Total revenues$4,515 $3,400 $2,319 
Total expenses(722)(652)(521)
Net income$3,793 $2,748 $1,798 
December 31,
(in millions)20252024
Balance sheet:
Total assets$30,717 $26,231 
Total liabilities$(2,245)$(1,338)
Schedule of Components of Net Investment Income
The following table presents the components of Net investment income:
Years Ended December 31,
202520242023
(in millions)Excluding
Fortitude
Re Funds
Withheld
Assets		Fortitude
Re Funds
Withheld
Assets		TotalExcluding
Fortitude
Re Funds
Withheld
Assets		Fortitude
Re Funds
Withheld
Assets		TotalExcluding
Fortitude
Re Funds
Withheld
Assets		Fortitude
Re Funds
Withheld
Assets		Total
Available-for-sale fixed maturity securities, including short-term investments
$9,210 $672 $9,882 $8,796 $740 $9,536 $7,894 $822 $8,716 
Other fixed maturity securities
56 407 463 43 326 369 49 291 340 
Equity securities86 — 86 4 — 4 40 — 40 
Interest on mortgage and other loans2,720 169 2,889 2,485 193 2,678 2,160 199 2,359 
Alternative investments*378 115 493 159 146 305 18 86 104 
Real estate32 (1)31 45 (4)41 38 — 38 
Other investments48 — 48 60 — 60 61 (1)60 
Total investment income12,530 1,362 13,892 11,592 1,401 12,993 10,260 1,397 11,657 
Investment expenses738 30 768 734 31 765 550 29 579 
Net investment income$11,792 $1,332 $13,124 $10,858 $1,370 $12,228 $9,710 $1,368 $11,078 
*Included income from hedge funds and private equity funds. Hedge funds are recorded as of the balance sheet date. Private equity funds are generally reported on a one-quarter lag.
Schedule of Components of Unrealized Gain (Loss) on Investments
The following table presents the increase (decrease) in unrealized appreciation (depreciation) of our available-for-sale securities:
Years Ended December 31,
(in millions)
20252024
Increase (decrease) in unrealized appreciation (depreciation) of investments:
Fixed maturity securities
$5,750 $(1,703)
Other investments— 3
Total increase (decrease) in unrealized appreciation (depreciation) of investments
$5,750 $(1,700)

The following table summarizes the unrealized gains and losses recognized in Net investment income during the reporting period on equity securities and other invested assets still held at the reporting date:
Years Ended December 31,
20252024
(in millions)
Equities
Other Invested Assets
Total
Equities
Other Invested Assets
Total
Net gains recognized during the period on equity securities and other investments$86 $509 $595 $4 $408 $412 
Less: Net gains recognized during the period on equity securities and other investments sold during the period73 7 80 12 16 28 
Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date$13 $502 $515 $(8)$392 $384 
Schedule of Rollforward of the Changes In Allowance for Credit Losses
The following table presents a rollforward of the changes in allowance for credit losses on available-for-sale fixed maturity securities by major investment category:
Years Ended December 31,
202520242023
(in millions)
Structured
Non-Structured
Total
Structured
Non-Structured
Total
Structured
Non-Structured
Total
Balance, beginning of year
$33 $86 $119 $55 $73 $128 $27 $121 $148 
Additions:
Securities for which allowance for credit losses were not previously recorded
19 143 162 21 90 111 59 84 143 
Reductions:
Securities sold during the period
— (21)(21)(21)(34)(55)(2)(30)(32)
Additional net increases or decreases to the allowance for credit losses on securities that had an allowance recorded in a previous period, for which there was no intent to sell before recovery, amortized cost basis
(11)1 (10)46 87 133 (10)38 28 
Write-offs charged against the allowance
(7)(116)(123)(68)(131)(199)(19)(140)(159)
Other
2 1 3 — 1 1 — — — 
Balance, end of year$36 $94 $130 $33 $86 $119 $55 $73 $128 
Schedule of Financial Instruments Owned and Pledged as Collateral
The following table presents the fair value of securities pledged to counterparties under secured financing transactions, including repurchase and securities lending agreements:
(in millions)December 31, 2025December 31, 2024
Fixed maturity securities available-for-sale
$4,405 $2,921 
The following table presents the fair value of securities pledged under our repurchase agreements by collateral type and by remaining contractual maturity:
Remaining Contractual Maturity of the Repurchase Agreements
(in millions)Overnight and ContinuousUp to 30 Days31 - 90 Days91 - 364 Days365 Days or GreaterTotal
December 31, 2025
Bonds available-for-sale:
Non-U.S. governments$— $25 $34 $— $— $59 
Corporate debt6 598 486 — — 1,090 
Total$6 $623 $520 $— $— $1,149 
December 31, 2024
Bonds available-for-sale:
Corporate debt$12 $675 $— $— $— $687 
Total$12 $675 $— $— $— $687 
The following table presents the fair value of securities pledged under our securities lending agreements by collateral type and by remaining contractual maturity:
Remaining Contractual Maturity of the Securities Lending Agreements
(in millions)Overnight and ContinuousUp to 30 Days31 - 90 Days91 - 364 Days365 Days or GreaterTotal
December 31, 2025
Bonds available for sale:
Non-U.S. government$— $57 $— $— $— $57 
Corporate debt— 3,199 — — — 3,199 
Total$— $3,256 $— $— $— $3,256 
December 31, 2024
Bonds available-for-sale:
Corporate debt$— $2,234 $— $— $— $2,234 
Total$— $2,234 $— $— $— $2,234