v3.26.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements 4. Fair Value Measurements
FAIR VALUE MEASUREMENTS ON A RECURRING BASIS
Assets and liabilities recorded at fair value in the Condensed Consolidated Balance Sheets are measured and classified in accordance with a fair value hierarchy consisting of three “levels” based on the observability of valuation inputs:
•Level 1: Fair value measurements based on quoted prices (unadjusted) in active markets that we have the ability to access for identical assets or liabilities. Market price data generally is obtained from exchange or dealer markets. We do not adjust the quoted price for such instruments.
•Level 2: Fair value measurements based on inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals.
•Level 3: Fair value measurements based on valuation techniques that use significant inputs that are unobservable. Both observable and unobservable inputs may be used to determine the fair values of positions classified in Level 3. The circumstances for using these measurements include those in which there is little, if any, market activity for the asset or liability. Therefore, we must make certain assumptions about the inputs a hypothetical market participant would use to value that asset or liability.
In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
ASSETS AND LIABILITIES MEASURED AT FAIR VALUE ON A RECURRING BASIS
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:
March 31, 2026Level 1Level 2Level 3
Counterparty
Netting(a)
Cash
Collateral		Total
(in millions)
Assets:
Bonds available-for-sale:
U.S. government and government sponsored entities$—$1,327$—$—$—$1,327
Obligations of states, municipalities and political subdivisions—3,424745——4,169
Non-U.S. governments—4,125———4,125
Corporate debt—120,499699——121,198
RMBS
—11,5775,167——16,744
CMBS—8,776716——9,492
CLO—6,7571,998——8,755
ABS
—1,75720,106——21,863
Total bonds available-for-sale
—158,24229,431——187,673
Other bond securities:
U.S. government and government sponsored entities—191———191
Obligations of states, municipalities and political subdivisions—331——34
Non-U.S. governments—72———72
Corporate debt—2,759207——2,966
RMBS
—6866——134
CMBS—1967——203
CLO
—55833——591
ABS—631,132——1,195
Total other bond securities—3,9401,446——5,386
Equity securities1,108—49——1,157
Other invested assets(b)
——1,477——1,477
Derivative assets:
Interest rate contracts—82722——849
Foreign exchange contracts—950———950
Equity contracts435,697590——6,330
Credit contracts—185———185
Other contracts——18——18
Counterparty netting and cash collateral———(4,717)(2,697)(7,414)
Total derivative assets437,659630(4,717)(2,697)918
Short-term investments903811———1,714
Market risk benefit assets——2,628——2,628
Separate account assets86,4794,041———90,520
Total$88,533$174,693$35,661$(4,717)$(2,697)$291,473
Liabilities:
Policyholder contract deposits(c)
$—$144$11,573$—$—$11,717
Derivative liabilities:
Interest rate contracts—1,63922——1,661
Foreign exchange contracts—435———435
Equity contracts23,37724——3,403
Other contracts——2——2
Counterparty netting and cash collateral———(4,717)(599)(5,316)
Total derivative liabilities25,45148(4,717)(599)185
Fortitude Re funds withheld payable(d)
——3,663——3,663
Other liabilities
—(60)———(60)
Market risk benefit liabilities——7,333——7,333
Total $2$5,535$22,617$(4,717)$(599)$22,838
December 31, 2025Level 1Level 2Level 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—3,725761——4,486
Non-U.S. governments—4,487———4,487
Corporate debt—121,390681——122,071
RMBS
—10,4955,855——16,350
CMBS—8,563744——9,307
CLO
—7,0372,055——9,092
ABS
—1,81420,437——22,251
Total bonds available-for-sale
10158,83830,533——189,381
Other bond securities:
U.S. government and government sponsored entities—192———192
Obligations of states, municipalities and political subdivisions—331——34
Non-U.S. governments—75———75
Corporate debt—2,709205——2,914
RMBS
—5087——137
CMBS—20116——217
CLO
—54243——585
ABS—651,188——1,253
Total other bond securities—3,8671,540——5,407
Equity securities
10—69——79
Other invested assets(b)
——1,498——1,498
Derivative assets:
Interest rate contracts—89422——916
Foreign exchange contracts—711———711
Equity contracts67,519863——8,388
Other contracts——14——14
Counterparty netting and cash collateral———(6,106)(3,482)(9,588)
Total derivative assets69,124899(6,106)(3,482)441
Short-term investments661963———1,624
Market risk benefit assets——2,392——2,392
Separate account assets91,5824,003———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—1,61122——1,633
Foreign exchange contracts—554———554
Equity contracts74,79598——4,900
Other contracts——4——4
Counterparty netting and cash collateral———(6,106)(686)(6,792)
Total derivative liabilities76,960124(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
(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 $6.6 billion and $6.5 billion as of March 31, 2026 and December 31, 2025, respectively. Total hedge fund investments measured at NAV were $108 million and $121 million as of March 31, 2026 and December 31, 2025.
(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 Condensed 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.
CHANGES IN LEVEL 3 RECURRING FAIR VALUE MEASUREMENTS
The following tables present changes during the three months ended March 31, 2026 and 2025 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 Condensed Consolidated Balance Sheets at March 31, 2026 and 2025:
(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		OtherFair Value End of PeriodChanges in Unrealized Gains (Losses) Included in Income on Instruments Held at End of PeriodChanges in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Three Months Ended March 31, 2026
Assets:
Bonds available-for-sale:
Obligations of states, municipalities and political subdivisions$761 $(3)$(3)$(10)$— $— $— $745 $— $(9)
Corporate debt681 (11)(8)(2)209 (170)— 699 — (8)
RMBS5,855 19 (59)198 2 (848)— 5,167 — (59)
CMBS744 4 5 (53)16 — — 716 — 2 
CLO2,055 (1)(42)96 15 (125)— 1,998 — (42)
ABS20,437 (3)(119)255 45 (509)— 20,106 — (129)
Total bonds available-for-sale
30,533 5 (226)484 287 (1,652)— 29,431 — (245)
Other bond securities:
Obligations of states, municipalities and political subdivisions1 — — — — — — 1 — — 
Corporate debt205 (2)— 4 — — — 207 (2)— 
RMBS87 (1)— (1)— (19)— 66 — — 
CMBS16 1 — (10)— — — 7 — — 
CLO43 (11)— — 1 — — 33 (10)— 
ABS1,188 (1)— (55)— — — 1,132 (3)— 
Total other bond securities1,540 (14)— (62)1 (19)— 1,446 (15)— 
Equity securities69 (20)— — — — — 49 (19)— 
Other invested assets1,498 (5)(9)(7)— — — 1,477 (6)— 
Total(a)
$33,640 $(34)$(235)$415 $288 $(1,671)$— $32,403 $(40)$(245)
(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		OtherFair Value End of PeriodChanges in Unrealized Gains (Losses) Included in Income on Instruments Held at End of PeriodChanges in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Liabilities:
Policyholder contract deposits$12,022 $(649)$— $200 $— $— $— $11,573 $1,291 $— 
Derivative liabilities, net:
Interest rate contracts— — — — — — — — — — 
Equity contracts(765)256 — (57)— — — (566)(187)— 
Other contracts(10)(23)— 17 — — — (16)23 — 
Total derivative liabilities, net(b)
(775)233 — (40)— — — (582)(164)— 
Fortitude Re funds withheld payable3,795 (14)— (118)— — — 3,663 234 — 
Total(c)
$15,042 $(430)$— $42 $— $— $— $14,654 $1,361 $— 
(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 PeriodChanges in Unrealized Gains (Losses) Included in Income on Instruments Held at End of PeriodChanges in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Three Months Ended March 31, 2025
Assets:
Bonds available-for-sale:
Obligations of states, municipalities and political subdivisions$745 $— $14 $(1)$24 $— $— $782 $— $7 
Corporate debt1,834 (4)24 105 333 (1,208)— 1,084 — 15 
RMBS6,045 58 83 54 58 (94)— 6,204 — 86 
CMBS621 5 18 (8)68 — — 704 — 16 
CLO2,162 7 2 81 — (93)— 2,159 — 3 
ABS17,566 102 182 832 124 (38)— 18,768 — 143 
Total bonds available-for-sale
28,973 168 323 1,063 607 (1,433)— 29,701 — 270 
Other bond securities:
Obligations of states, municipalities and political subdivisions1 — — — — — — 1 — — 
Corporate debt209 (3)— (13)8 (187)— 14 (3)— 
RMBS98 3 — (4)— (8)— 89 2 — 
CMBS14 2 — — — — — 16 1 — 
CLO59 1 — (2)— (6)— 52 1 — 
ABS1,160 16 — (28)— — — 1,148 7 — 
Total other bond securities1,541 19 — (47)8 (201)— 1,320 8 — 
Equity securities41 — — — — — — 41 — — 
Other invested assets1,647 4 19 3 — (40)— 1,633 5 — 
Total(a)
$32,202 $191 $342 $1,019 $615 $(1,674)$— $32,695 $13 $270 
(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		OtherFair Value End of PeriodChanges in Unrealized Gains (Losses) Included in Income on Instruments Held at End of PeriodChanges in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Liabilities:
Policyholder contract deposits$9,415 $(222)$— $148 $— $— $— $9,341 $784 $— 
Derivative liabilities, net:
Interest rate contracts(364)54 — 27 — — — (283)99 — 
Equity contracts(645)107 — (9)— — — (547)(112)— 
Other contracts(11)(16)— 16 — — — (11)16 — 
Total derivative liabilities, net(b)
(1,020)145 — 34 — — — (841)3 — 
Fortitude Re funds withheld payable2,223 596 — (17)— — 51 2,853 (273)— 
Debt of consolidated investment entities— — — — — — — — — — 
Total(c)
$10,618 $519 $— $165 $— $— $51 $11,353 $514 $— 
(a)Excludes MRB assets of $2.6 billion at March 31, 2026 and $1.2 billion at March 31, 2025. 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 March 31, 2026 and $6.3 billion at March 31, 2025. See Note 14 for additional information.
Change in the fair value of market risk benefits, net and net realized and unrealized gains and losses included in income related to Level 3 assets and liabilities shown above are reported in the Condensed Consolidated Statements of Income (Loss) as follows:
(in millions)Policy
Fees		Net Investment Income (Loss)Net Realized and Unrealized Gains
(Losses)
Change in the Fair Value of Market Risk Benefits, net(a)
Total
Three Months Ended March 31, 2026
Assets:
Bonds available-for-sale$—$29$(24)$—$5
Other bond securities—(14)——(14)
Equity securities—(20)——(20)
Other invested assets—(6)1—(5)
Three Months Ended March 31, 2025
Assets:
Bonds available-for-sale$—$146$22$—$168
Other bond securities—19——19
Equity securities—————
Other invested assets—4——4
Three Months Ended March 31, 2026
Liabilities:
Policyholder contract deposits(b)
$—$—$649$—$649
Derivative liabilities, net16 —(249)—(233)
Fortitude Re funds withheld payable——14—14
Market risk benefit liabilities, net(c)
———(378)(378)
Three Months Ended March 31, 2025
Liabilities:
Policyholder contract deposits(b)
$—$—$222$—$222
Derivative liabilities, net15—(160)—(145)
Fortitude Re funds withheld payable——(596)—(596)
Market risk benefit liabilities, net(c)
——(2)(575)(577)
(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 three months ended March 31, 2026 and 2025 related to Level 3 assets and liabilities in the Condensed Consolidated Balance Sheets:
(in millions)PurchasesSalesIssuances
and
Settlements		Purchases, Sales,
Issuances and
Settlements,
Net
Three Months Ended March 31, 2026
Assets:
Bonds available-for-sale:
Obligations of states, municipalities and political subdivisions$13$(23)$— $(10)
Corporate debt190— (192)(2)
RMBS453(79)(176)198 
CMBS17(5)(65)(53)
CLO98—(2)96
ABS1,422(342)(825)255
Total bonds available-for-sale
2,193(449)(1,260)484
Other bond securities:
Corporate debt12—(8)4
RMBS——(1)(1)
CMBS——(10)(10)
CLO———— 
ABS40(37)(58)(55)
Total other bond securities52(37)(77)(62)
Equity securities————
Other invested assets7—(14)(7)
Total assets*$2,252$(486)$(1,351)$415
Liabilities:
Policyholder contract deposits$—$430$(230)$200
Derivative liabilities, net——(40)(40)
Fortitude Re funds withheld payable——(118)(118)
Total liabilities$—$430$(388)$42
Three Months Ended March 31, 2025
Assets:
Bonds available-for-sale:
Obligations of states, municipalities and political subdivisions$25$(25)$(1)$(1)
Corporate debt340(86)(149)105
RMBS266(43)(169)54 
CMBS7(7)(8)(8)
CLO183— (102)81
ABS1,880(539)(509)832
Total bonds available-for-sale
2,701(700)(938)1,063
Other bond securities:
Corporate debt5(13)(5)(13)
RMBS14(14)(4)(4)
CMBS————
CLO—— (2)(2)
ABS38(17)(49)(28)
Total other bond securities57(44)(60)(47)
Equity securities————
Other invested assets130—(127)3
Total assets*$2,888$(744)$(1,125)$1,019
Liabilities:
Policyholder contract deposits$—$309$(161)$148
Derivative liabilities, net——3434
Fortitude Re funds withheld payable——(17)(17)
Total liabilities$—$309$(144)$165
*There were no issuances during the three months ended March 31, 2026 and 2025 for invested assets.
Both observable and unobservable inputs may be used to determine the fair values of positions classified in Level 3 in the tables above. As a result, the unrealized gains (losses) on instruments held at March 31, 2026 and 2025 may include changes in fair value that were attributable to both observable (e.g., changes in market interest rates) and unobservable inputs (e.g., changes in unobservable long-dated volatilities).
Transfers of Level 3 Assets and Liabilities
We record transfers of assets and liabilities into or out of Level 3 at their fair values as of the end of each reporting period, consistent with the date of the determination of fair value. The Net realized and unrealized gains (losses) included in net income (loss) or OCI as shown in the table above excludes $17 million and $4 million of net gains (losses) related to assets transferred into Level 3 during the three months ended March 31, 2026 and 2025, respectively, and includes $(12) million and $14 million of net gains (losses) related to assets transferred out of Level 3 during the three months ended March 31, 2026 and 2025, respectively.
Transfers of Level 3 Assets
During the three months ended March 31, 2026 and 2025, transfers into Level 3 assets primarily included certain investments in private placement corporate debt, CMBS, CLO and ABS. Transfers of private placement corporate debt and certain ABS into Level 3 assets were primarily the result of limited market pricing information that required us to determine fair value for these securities based on inputs that are adjusted to better reflect our own assumptions regarding the characteristics of a specific security or associated market liquidity. The transfers of investments in CMBS, CLO and certain ABS into Level 3 assets were due to diminished market transparency and liquidity for individual security types.
During the three months ended March 31, 2026 and 2025, transfers out of Level 3 assets primarily included private placement and other corporate debt, CMBS, RMBS, CLO, ABS and certain investments in municipal securities. Transfers of certain investments in municipal securities, corporate debt, RMBS, CMBS and CLO and ABS out of Level 3 assets were based on consideration of market liquidity as well as related transparency of pricing and associated observable inputs for these investments. Transfers of certain investments in private placement corporate debt and certain ABS out of Level 3 assets were primarily the result of using observable pricing information that reflects the fair value of those securities without the need for adjustment based on our own assumptions regarding the characteristics of a specific security or the current liquidity in the market.
Transfers of Level 3 Liabilities
There were no significant transfers of derivative or other liabilities into or out of Level 3 for the three months ended March 31, 2026 and 2025.
QUANTITATIVE INFORMATION ABOUT LEVEL 3 FAIR VALUE MEASUREMENTS
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 March 31, 2026Valuation
Technique
Unobservable Input(a)
Range
(Weighted Average)(b)
Assets:
Obligations of states, municipalities and political subdivisions$720 Discounted cash flowYield
5.64% - 5.93% (5.78%)
Corporate debt$808 Discounted cash flowYield
5.05% - 6.61% (5.83%)
RMBS(c)
$2,204 Discounted cash flowPrepayment speed
3.79% - 7.19% (5.49%)
Default rate
0.46% - 1.85% (1.15%)
Yield
5.33% - 6.64% (5.98%)
Loss severity
39.82% - 66.46% (53.14%)
CLO(c)
$1,952 Discounted cash flowYield
4.91% - 8.56% (6.19%)
ABS(c)
$17,751 Discounted cash flowYield
5.10% - 7.07% (6.08%)
CMBS$700 Discounted cash flowYield
4.95% - 15.67% (10.31%)
Market risk benefit assets$2,628 Discounted cash flowEquity volatility
6.45% - 50.65%
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)
0.25% - 2.49%
(in millions)Fair Value at March 31, 2026Valuation
Technique
Unobservable Input(a)
Range
(Weighted Average)(b)
Liabilities(d):
Market risk benefit liabilities:
Variable annuities guaranteed benefits$1,659 Discounted cash flowEquity volatility
6.45% - 50.65%
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)
0.25% - 2.49%
Fixed annuities guaranteed benefits$1,823 Discounted cash flowBase 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)
0.46% - 2.49%
Fixed index annuities guaranteed benefits
$3,851 Discounted cash flowEquity volatility
6.45% - 50.65%
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)
0.46% - 2.49%
Embedded derivatives within Policyholder contract deposits:
Index credits on fixed index annuities(i)
$9,602 Discounted cash flowEquity volatility
6.45% - 50.65%
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)
0.46% - 2.49%
Registered index-linked annuities
$721 Discounted cash flowEquity volatility
6.45% - 50.65%
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)
0.46% - 2.49%
Index universal life
$1,250 Discounted cash flowBase lapse rate
0.00% - 37.97%
Mortality rates
0.00% - 100.00%
Equity volatility
5.88% - 22.08%
NPA(h)
0.46% - 2.49%
(in millions)Fair Value at December 31, 2025Valuation
Technique
Unobservable Input(a)
Range
(Weighted Average)(b)
Assets:
Obligations of states, municipalities and political subdivisions$723 Discounted cash flowYield
 5.62% - 5.87% (5.74%)
Corporate debt$701 Discounted cash flowYield
 4.92% - 7.62% (5.80%)
RMBS(c)
$2,847 Discounted cash flowPrepayment 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 flowYield
 5.02% - 6.32% (5.67%)
ABS(c)
$18,129 Discounted cash flowYield
4.64% - 7.24% (5.94%)
CMBS$696 Discounted cash flowYield
 3.80% - 19.92% (11.58%)
Market risk benefit assets$2,392 Discounted cash flowEquity 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%
Liabilities(d):
Market risk benefit liabilities:
Variable annuities guaranteed benefits$1,651 Discounted cash flowEquity 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 flowBase 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)
0.16% - 2.13%
Fixed index annuities guaranteed benefits$3,841 Discounted cash flowEquity 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 flowEquity 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%
(in millions)Fair Value at December 31, 2025Valuation
Technique
Unobservable Input(a)
Range
(Weighted Average)(b)
Registered index-linked annuities(i)
$765 Discounted cash flowEquity 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 flowBase lapse rate
 0.00% - 37.97%
Mortality rates
 0.00% - 100.00%
Equity volatility
 5.88% - 20.17%
NPA(h)
 0.16% - 2.13%
(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 Condensed 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 Condensed 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.
(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 $2.0 billion at March 31, 2026 and December 31, 2025, respectively.
The ranges of reported inputs for obligations of states, municipalities and political subdivisions, corporate debt, RMBS, CLO/ABS and CMBS valued using a discounted cash flow technique consist of one standard deviation in either direction from the value-weighted average. The preceding table does not give effect to our risk management practices that might offset risks inherent in these Level 3 assets and liabilities.
Interrelationships Between Unobservable Inputs
We consider unobservable inputs to be those for which market data is not available and that are developed using the best information available to us about the assumptions that market participants would use when pricing the asset or liability. Relevant inputs vary depending on the nature of the instrument being measured at fair value. The following paragraphs provide a general description of significant unobservable inputs along with interrelationships between and among the significant unobservable inputs and their impact on the fair value measurements. In practice, simultaneous changes in assumptions may not always have a linear effect on the inputs discussed below. Interrelationships may also exist between observable and unobservable inputs. Such relationships have not been included in the discussion below. For each of the individual relationships described below, the inverse relationship would also generally apply.
Fixed Maturity Securities
The significant unobservable input used in the fair value measurement of fixed maturity securities is yield. The yield is affected by the market movements in credit spreads and U.S. Treasury yields. The yield may be affected by other factors, including constant prepayment rates, loss severity and constant default rates. In general, increases in the yield would decrease the fair value of investments, and conversely, decreases in the yield would increase the fair value of investments.
MRBs and Embedded Derivatives within Policyholder Contract Deposits
For MRBs (including ceded MRBs) and embedded derivatives, the assumptions for unobservable inputs vary throughout the period over which cash flows are projected for valuation purposes. The following are applicable unobservable inputs:
•Long-term equity volatilities represent equity volatility beyond the period for which observable equity volatilities are available. Increases in assumed volatility will generally increase the fair value of both the projected cash flows from rider fees as well as the projected cash flows related to benefit payments. Therefore, the net change in the fair value of the liability may be either a decrease or an increase, depending on the relative changes in projected rider fees and projected benefit payments.
•Equity and interest rate correlation estimates the relationship between changes in equity returns and interest rates in the economic scenario generator used to value our MRBs. In general, a higher positive correlation assumes that equity markets and interest rates move in a more correlated fashion, which generally increases the fair value of the liability. Only our fixed index annuities with a GMWB rider are subject to the equity and interest correlation assumption. Other policies such as accumulation fixed index annuity and index universal life products do not use a correlation assumption.
•Base lapse rate assumptions are determined by company experience and judgment and are adjusted at the contract level using a dynamic lapse function, which reduces the base lapse rate when the contract is in-the-money (when the contract holder’s guaranteed value, as estimated by the company, is worth more than their underlying account value). Lapse rates are also generally assumed to be lower in periods when a surrender charge applies. Increases in assumed lapse rates will generally decrease the fair value of the liability as fewer policyholders would persist to collect guaranteed benefit amounts.
•Mortality rate assumptions, which vary by age and gender, are based on company experience and include a mortality improvement assumption. Increases in assumed mortality rates will decrease the fair value of the GMWB liability, while lower mortality rate assumptions will generally increase the fair value of the liability because guaranteed withdrawal payments will be made for a longer period of time and generally exceed any decrease in guaranteed death benefits.
•Utilization assumptions estimate the timing when policyholders with a GMWB will elect to utilize their benefit and begin taking withdrawals. The assumptions may vary by the type of guarantee, tax-qualified status, the contract’s withdrawal history and the age of the policyholder. Utilization assumptions are based on company experience, which includes partial withdrawal behavior. Increases in assumed utilization rates will generally increase the fair value of the liability.
•Non-performance or “own credit” risk adjustment used in the valuation of MRBs and embedded derivatives, which reflects a market participant’s view of our claims-paying ability by incorporating a different spread (the “NPA spread”) to the curve used to discount projected cash flows. When corporate credit spreads widen, the change in the NPA spread generally reduces the fair value of the MRBs and embedded derivatives, resulting in a gain in Accumulated other comprehensive income (“AOCI”) or Net realized gains (losses), respectively, and when corporate credit spreads narrow or tighten, the change in the NPA spread generally increases the fair value of the MRBs and embedded derivatives, resulting in a loss in AOCI or Net realized gains (losses), respectively. Additionally, the nonperformance risk assumption includes the counterparty credit risk used in the fair value measurement of ceded market risk benefits associated with reinsurance arrangements for certain individual variable annuities, which is determined using the current market credit spreads based on the counterparty credit rating.
•Policyholder behavior assumptions including lapses, withdrawals, benefit utilization and mortality incorporate a risk margin that a market participant would require to accept the risk and uncertainty of the projected cash flows.
•For embedded derivatives, option budgets estimate the expected long-term cost of options used to hedge exposures associated with index price changes. The level of option budgets determines future costs of the options, which impacts the growth in account value and the valuation of embedded derivatives.
Embedded Derivatives within Reinsurance Contracts
The fair value of embedded derivatives associated with funds withheld reinsurance contracts is determined based upon a total return swap technique with reference to the fair value of the investments held by Corebridge related to Corebridge’s funds withheld payable. The fair value of the underlying assets is generally based on market observable inputs using industry standard valuation techniques. The valuation also requires certain significant inputs, which are generally not observable, and accordingly, the valuation is considered Level 3 in the fair value hierarchy.
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:

Three months Ended March 31,
(in millions)20262025
Assets:
Other bond securities(a)
$11 $139 
Alternative investments(b)
88 49 
Total assets99 188 
Liabilities:
Policyholder contract deposits(c)
— (2)
Total liabilities— (2)
Total gain (loss)$99 $186 
(a)Includes certain securities supporting the funds withheld arrangements with Fortitude Re. For additional information regarding the gains and losses for Other bond securities, see Note 5. For additional information regarding the funds withheld arrangements with Fortitude Re, see Note 7.
(b)Includes certain hedge funds, private equity funds and other investment partnerships.
(c)Represents GICs.
We calculate the effect of these credit spread changes using discounted cash flow techniques that incorporate current market interest rates, our observable credit spreads on these liabilities and other factors that mitigate the risk of non-performance such as cash collateral posted.
FAIR VALUE MEASUREMENTS ON A NON-RECURRING BASIS
The following table presents assets measured at fair value on a non-recurring basis at the time of impairment and the related impairment charges recorded during the periods presented:
Assets at Fair ValueImpairment Charges
Non-Recurring BasisThree Months Ended March 31,
(in millions)Level 1Level 2Level 3Total20262025
March 31, 2026
Other investments$—$—$43$43$23$—
Total$—$—$43$43$23$—
December 31, 2025
Other investments$—$—$164$164
Total$—$—$164$164
FAIR VALUE INFORMATION ABOUT FINANCIAL INSTRUMENTS NOT MEASURED AT FAIR VALUE
The following table presents the carrying amounts and estimated fair values of our financial instruments not measured at fair value and indicates the level in the fair value hierarchy of the estimated fair value measurement based on the observability of the inputs used:
Estimated Fair Value
(in millions)Level 1Level 2Level 3TotalCarrying
Value
March 31, 2026
Assets:
Mortgage and other loans receivable$— $26 $52,040 $52,066 $54,353 
Other invested assets— 303 — 303 303 
Short-term investments— 3,014 — 3,014 3,014 
Cash373 — — 373 373 
Other assets*
— 1 2,411 2,412 2,688 
Liabilities:
Policyholder contract deposits associated with investment-type contracts— 46 166,052 166,098 165,327 
Fortitude Re funds withheld payable— — 19,435 19,435 19,435 
Other liabilities— 6,212 5 6,217 6,212 
Long-term debt
— 8,960 — 8,960 9,361 
Debt of consolidated investment entities— 26 1,395 1,421 1,563 
Separate account liabilities - investment contracts— 85,879 — 85,879 85,879 
Estimated Fair Value
December 31, 2025
Assets:
Mortgage and other loans receivable$— $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 
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 
*    Primarily includes balances related to reinsurance deposit assets.