Variable Interest Entities (Tables)

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

The following table presents the total assets and total liabilities associated with our variable interests in consolidated VIEs, as classified in the Consolidated Balance Sheets:


(in millions)	Real Estate and Investment Entities(c)		Securitization and Repackaging Vehicles		Total
December 31, 2025
Assets:
Bonds available-for-sale	$	33	$	—	$	33
Other bond securities	37		—		37
Equity securities	—		—		—
Mortgage and other loans receivable	—		1,750		1,750
Other invested assets
Alternative investments(a)	2,575		—		2,575
Investment real estate	492		—		492
Short-term investments	93		—		93
Cash	38		—		38
Accrued investment income	—		5		5
Other assets	50		—		50
Total assets(b)	$	3,318	$	1,755	$	5,073
Liabilities:
Debt of consolidated investment entities	$	409	$	883	$	1,292
Other liabilities	39		—		39
Total liabilities	$	448	$	883	$	1,331

December 31, 2024
Assets:
Bonds available-for-sale	$	38	$	—	$	38
Other bond securities	44		—		44
Equity securities	2		—		2
Mortgage and other loans receivable	—		1,919		1,919
Other invested assets
Alternative investments(a)	2,433		—		2,433
Investment real estate	926		—		926
Short-term investments	131		1		132
Cash	75		—		75
Accrued investment income	2		5		7
Other assets	77		—		77
Total assets(b)	$	3,728	$	1,925	$	5,653
Liabilities:
Debt of consolidated investment entities	$	658	$	977	$	1,635
Other liabilities	78		—		78
Total liabilities	$	736	$	977	$	1,713

(a)Composed primarily of investments in real estate joint ventures at December 31, 2025 and December 31, 2024.

(b)The assets of each VIE can be used only to settle specific obligations of that VIE.

(c)Off-balance-sheet exposure primarily consisting of commitments by insurance operations and affiliates into real estate and investment entities. At December 31, 2025 and December 31, 2024, the Company had commitments to internal parties of $0.9 billion and $0.7 billion and commitments to external parties of $0.3 billion and $0.4 billion, respectively.

The following table presents the revenue, net income (loss) attributable to noncontrolling interests and net income (loss) attributable to Corebridge associated with our variable interests in consolidated VIEs, as classified in the Consolidated Statements of Income (Loss):


	Real Estate and		Securitization
	Investment		and Repackaging
(in millions)	Entities		Vehicles		Total








Year Ended December 31, 2025
Total revenue	$	45	$	67	$	112
Net (loss) attributable to noncontrolling interests	(24)		—		(24)
Net income attributable to Corebridge	32		45		77
Year Ended December 31, 2024
Total revenue	$	104	$	68	$	172
Net (loss) attributable to noncontrolling interests	(27)		—		(27)
Net income attributable to Corebridge	47		42		89
Year Ended December 31, 2023
Total revenue	$	11	$	131	$	142
Net (loss) attributable to noncontrolling interests	(68)		—		(68)
Net income attributable to Corebridge	13		94		107

The following table presents total assets of unconsolidated VIEs in which we hold a variable interest, as well as our maximum exposure to loss associated with these VIEs:


			Maximum Exposure to Loss
(in millions)	Total VIE Assets			On-Balance Sheet(b)		Off-Balance Sheet (c)		Total
December 31, 2025
Real estate and investment entities(a)	$	501,904		$	6,249	$	3,405	$	9,654

Total	$	501,904		$	6,249	$	3,405	$	9,654
December 31, 2024
Real estate and investment entities(a)	$	463,464		$	5,837	$	2,800	$	8,637

Total	$	463,464		$	5,837	$	2,800	$	8,637

(a)Composed primarily of hedge funds and private equity funds.

(b)At December 31, 2025 and December 31, 2024, $6.2 billion and $5.8 billion, respectively, of our total unconsolidated VIE assets were recorded as other invested assets.

(c)These amounts represent our unfunded commitments to invest in private equity funds and hedge funds.

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details