v3.26.1
Segment Information
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Information 3. Segment Information
We report our results of operations consistent with the manner in which our Chief Executive Officer, who is the chief operating decision maker (“CODM”), reviews the business to assess performance and allocate resources.
We report our results of operations as five reportable segments:
•Individual Retirement – consists of fixed annuities, fixed index annuities and registered index-linked annuities.
•Group Retirement – consists of recordkeeping, plan administrative and compliance services, financial planning and advisory solutions offered in-plan, along with proprietary and limited non-proprietary annuities, advisory and brokerage products offered out-of-plan.
•Life Insurance – consists of term and universal life insurance products in the United States.
•Institutional Markets – consists of stable value wrap (“SVW”) products, structured settlement and pension risk transfer (“PRT”) annuities, guaranteed investment contracts (“GICs”) and Corporate Markets products that include corporate- and bank-owned life insurance (“COLI-BOLI”), private placement variable universal life and private placement variable annuity products.
•Corporate and Other – consists primarily of:
–corporate expenses not attributable to our other segments;
–interest expense on financial debt;
–results of our consolidated investment entities;
–institutional asset management business, which includes managing assets for non-consolidated affiliates;
–results of our legacy insurance lines ceded to Fortitude Re; and
–results of our individual variable annuity business that is reinsured to CSLR.
The closing with respect to the AGL Reinsurance Agreement occurred on August 1, 2025. Accordingly, retrospectively, effective in the third quarter of 2025, our individual variable annuity business previously reported in the Individual Retirement segment, is now included within Corporate and Other, consistent with how the CODM assesses its performance and allocates its resources. Prior periods presented herein have been recast to conform to the new segment presentation. Additionally, the results of operations from the variable annuity business have been excluded from Adjusted Pre-Tax Operating Income (“APTOI”) as they are not indicative of our ongoing business operations.
The CODM assesses segment performance and allocates capital and resources to the segments based on an evaluation of each segments’ adjusted revenues and APTOI. Adjusted revenues are derived by excluding certain items from total revenues. APTOI is derived by excluding certain items from income from operations before income tax. These items generally fall into one or more of the following broad categories: legacy matters having no relevance to our current businesses or operating performance; adjustments to enhance transparency to the underlying economics of transactions; and adjustments that we believe to be common to the industry. Legal entities are attributed to each segment based upon the predominance of activity in that legal entity.
APTOI excludes the impact of the following items:
Fortitude Re related adjustments:
The modified coinsurance (“modco”) reinsurance agreements with Fortitude Re transfer the economics of the invested assets supporting the reinsurance agreements to Fortitude Re. Accordingly, the net investment income on Fortitude Re funds withheld assets and the net realized gains (losses) on Fortitude Re funds withheld assets are excluded from APTOI. Similarly, changes in the Fortitude Re funds withheld embedded derivative are also excluded from APTOI.
The ongoing results associated with the reinsurance agreement with Fortitude Re have been excluded from APTOI as these are not indicative of our ongoing business operations.
Investment-related adjustments:
APTOI excludes “Net realized gains (losses)”, except for gains (losses) related to the disposition of real estate investments. Net realized gains (losses), except for gains (losses) related to the disposition of real estate investments, are excluded as the timing of sales on invested assets or changes in allowances depend largely on market credit cycles and can vary considerably across periods. In addition, changes in interest rates may create opportunistic scenarios to buy or sell invested assets. Our derivative results, including those used to economically hedge insurance liabilities, or those recognized as embedded derivatives at fair value, are also included in Net realized gains (losses) and are similarly excluded from APTOI except earned income (periodic settlements and changes in settlement accruals) on derivative instruments used for non-qualifying (economic) hedges or for asset replication. Earned income on such economic hedges is reclassified from Net realized gains and losses to specific APTOI line items based on the economic risk being hedged (e.g., Net investment income and Interest credited to policyholder account balances).
Market Risk Benefits adjustments:
Certain of our variable annuity, fixed annuity and fixed index annuity contracts contain guaranteed minimum withdrawal benefits (“GMWBs”) and/or guaranteed minimum death benefits (“GMDBs”) which are accounted for as MRBs. Changes in the fair value of these MRBs (excluding changes related to our own credit risk), including certain rider fees attributed to the MRBs are excluded from APTOI. MRBs related to the variable annuity business subject to the reinsurance agreements with CSLR are reported in the “Businesses exited through reinsurance” line item.
Businesses exited through reinsurance:
Represents the results of businesses that have been or will be economically exited through reinsurance. This includes MRBs, along with changes in the fair value of derivatives used to hedge MRBs which are recorded through “Change in the fair value of MRBs, net.” The results of operations from these businesses have been excluded from APTOI as they are not indicative of our ongoing business operations.
Other adjustments:
Other adjustments represent all other adjustments that are excluded from APTOI and includes the net pre-tax operating income (losses) from noncontrolling interests related to consolidated investment entities. The excluded adjustments include, as applicable:
•restructuring and other costs related to initiatives designed to reduce operating expenses, improve efficiency and simplify our organization;
•non-recurring costs associated with the implementation of non-ordinary course legal or regulatory changes or changes to accounting principles;
•separation costs;
•non-operating litigation reserves and settlements;
•loss (gain) on extinguishment of debt, if any;
•losses from the impairment of goodwill, if any; and
•income and loss from divested or run-off business, if any.
The following table presents Corebridge’s operations by segment:
(in millions)Individual RetirementGroup RetirementLife InsuranceInstitutional MarketsCorporate & OtherTotal CorebridgeAdjustmentsTotal Consolidated
Three Months Ended March 31, 2026
Premiums$16 $1 $361 $9 $— $387 $— $387 
Policy fees77 109 356 52 — 594 16 610 
Net investment income(a)
1,535 433 324 698 (1)2,989 208 3,197 
Net realized gains (losses)(a)(b)
— — — — 9 9 (345)(336)
Advisory fee and other income— 98 1 1 6 106 — 106 
Total adjusted revenues1,628 641 1,042 760 14 4,085 (121)3,964 
Policyholder benefits17 3 648 314 — 982 (8)974 
Change in the fair value of market risk benefits, net— — — — — — 378 378 
Interest credited to policyholder account balances920 299 78 270 1 1,568 (43)1,525 
Amortization of deferred policy acquisition costs130 27 83 5 — 245 — 245 
Non-deferrable insurance commissions52 31 13 5 — 101 3 104 
Advisory fee expenses6 37 1 — — 44 — 44 
General operating expenses(c)
88 104 123 23 62 400 68 468 
Interest expense— — — — 124 124 7 131 
Net (gain) on divestitures
— — — — — — (2)(2)
Total benefits and expenses1,213 501 946 617 187 3,464 403 3,867 
Noncontrolling interests— — — — 8 8 
Adjusted pre-tax operating income (loss)$415 $140 $96 $143 $(165)$629 
Adjustments to:
Total revenue(121)
Total expenses403 
Noncontrolling interests(8)
Income before income tax expense (benefit)$97 $97 
(in millions)Individual RetirementGroup RetirementLife InsuranceInstitutional MarketsCorporate & OtherTotal CorebridgeAdjustmentsTotal Consolidated
Three Months Ended March 31, 2025
Premiums$17 $4 $340 $500 $— $861 $10 $871 
Policy fees67 108 364 50 — 589 131 720 
Net investment income(a)
1,419 485 336 589 12 2,841 348 3,189 
Net realized gains (losses)(a)(b)
— — — — 13 13 (1,427)(1,414)
Advisory fee and other income— 87 1 1 7 96 110 206 
Total adjusted revenues1,503 684 1,041 1,140 32 4,400 (828)3,572 
Policyholder benefits23 5 636 742 11 1,417 40 1,457 
Change in the fair value of market risk benefits, net— — — — — — 385 385 
Interest credited to policyholder account balances775 296 80 230 — 1,381 36 1,417 
Amortization of deferred policy acquisition costs112 22 85 4 — 223 52 275 
Non-deferrable insurance commissions42 30 14 5 1 92 64 156 
Advisory fee expenses6 33 — — — 39 31 70 
General operating expenses (c)
91 103 118 22 57 391 135 526 
Interest expense— — — — 140 140 8 148 
Net (gain) on divestitures
— — — — — — — — 
Total benefits and expenses1,049 489 933 1,003 209 3,683 751 4,434 
Noncontrolling interests— — — — (7)(7)
Adjusted pre-tax operating income (loss)$454 $195 $108 $137 $(184)$710 
Adjustments to:
Total revenue(828)
Total expenses751 
Noncontrolling interests7 
Income before income tax expense (benefit)$(862)$(862)
(a)Adjustments include Fortitude Re activity of $253 million and $(261) million for the three months ended March 31, 2026 and 2025, respectively.
(b)Net realized gains (losses) includes the gains (losses) related to the disposition of real estate investments.
(c)Adjustments include restructuring and other costs. For the three months ended March 31, 2026 and 2025, restructuring and other costs primarily include severance related costs and ongoing modernization initiatives.