Investments

3 Months Ended

Mar. 31, 2026

Equity Method Investments, Joint Ventures, Investments, Debt And Equity Securities [Abstract]

5. Investments

SECURITIES AVAILABLE-FOR-SALE

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
March 31, 2026
Bonds available-for-sale:
U.S. government and government sponsored entities	$	1,661	$	—	$	7	$	(341)	$	1,327
Obligations of states, municipalities and political subdivisions	4,835		—		25		(691)		4,169
Non-U.S. governments	4,781		—		43		(699)		4,125
Corporate debt	135,689		(129)		1,300		(15,662)		121,198
Mortgage-backed, asset-backed and collateralized:
RMBS	16,791		(10)		581		(618)		16,744
CMBS	9,955		(22)		67		(508)		9,492
CLO	8,788		—		54		(87)		8,755
ABS	22,252		(7)		174		(556)		21,863
Total mortgage-backed, asset-backed and collateralized	57,786		(39)		876		(1,769)		56,854
Total bonds available-for-sale	$	204,752	$	(168)	$	2,251	$	(19,162)	$	187,673

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 subdivisions	5,146		—		30		(690)		4,486
Non-U.S. governments	5,021		—		83		(617)		4,487
Corporate debt	134,444		(94)		2,099		(14,378)		122,071
Mortgage-backed, asset-backed and collateralized:
RMBS	16,297		(8)		658		(597)		16,350
CMBS	9,749		(23)		78		(497)		9,307
CLO	9,036		—		104		(48)		9,092
ABS	22,500		(5)		259		(503)		22,251
Total mortgage-backed, asset-backed and collateralized	57,582		(36)		1,099		(1,645)		57,000
Total bonds available-for-sale	$	203,848	$	(130)	$	3,322	$	(17,659)	$	189,381

(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.

Securities Available-for-Sale in a Loss Position for Which No Allowance for Credit Loss Has Been Recorded

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*
March 31, 2026
Bonds available-for-sale:
U.S. government and government sponsored entities	$	72	$	2	$	872	$	339	$	944	$	341
Obligations of states, municipalities and political subdivisions	522		54		2,929		637		3,451		691
Non-U.S. governments	935		70		2,113		629		3,048		699
Corporate debt	30,961		1,772		51,582		13,824		82,543		15,596
RMBS	3,210		84		4,574		517		7,784		601
CMBS	2,400		20		4,557		484		6,957		504
CLO	3,964		56		1,619		31		5,583		87
ABS	5,984		91		5,416		465		11,400		556
Total bonds available-for-sale	$	48,048	$	2,149	$	73,662	$	16,926	$	121,710	$	19,075

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 subdivisions	407		46		3,303		644		3,710		690
Non-U.S. governments	360		32		2,515		585		2,875		617
Corporate debt	16,178		1,351		55,136		13,002		71,314		14,353
RMBS	1,949		139		4,146		446		6,095		585
CMBS	1,023		14		4,785		478		5,808		492
CLO	2,826		36		658		12		3,484		48
ABS	3,231		66		5,697		437		8,928		503
Total bonds available-for-sale	$	26,028	$	1,685	$	77,115	$	15,932	$	103,143	$	17,617

*Includes mark to market movement relating to embedded derivatives and fair value hedge basis adjustment.

At March 31, 2026, we held 12,907 individual fixed maturity securities that were in an unrealized loss position and for which no allowance for credit losses has been recorded (including 8,390 individual fixed maturity securities that were in a continuous unrealized loss position for 12 months or more). At December 31, 2025, we held 11,154 individual fixed maturity securities that were in an unrealized loss position and for which no allowance for credit losses has been recorded (including 8,986 individual fixed maturity securities that were in a continuous unrealized loss position for 12 months or more). We did not recognize the unrealized losses in earnings on these fixed maturity securities at March 31, 2026 because it was determined that such losses were due to non-credit factors. Additionally, we neither intend to sell the securities nor do we believe that it is more likely than not that we will be required to sell these securities before recovery of their amortized cost basis. For fixed maturity securities with significant declines, we performed fundamental credit analyses on a security-by-security basis, which included consideration of credit enhancements, liquidity position, expected defaults, industry and sector analysis, forecasts and available market data.

Contractual Maturities of Fixed Maturity Securities Available-for-Sale

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
March 31, 2026
Due in one year or less	$	3,318	$	3,310
Due after one year through five years	26,702		26,468
Due after five years through ten years	31,302		30,812
Due after ten years	85,515		70,229
Mortgage-backed, asset-backed and collateralized	57,747		56,854
Total	$	204,584	$	187,673

Actual maturities may differ from contractual maturities because certain borrowers have the right to call or prepay certain obligations with or without call or prepayment penalties.

The following table presents the gross realized gains and gross realized losses from sales or maturities of our available-for-sale securities:



	Three Months Ended March 31,
		2026	2025
(in millions)			Gross Realized Gains		Gross Realized Losses		Gross Realized Gains		Gross Realized Losses
Fixed maturity securities			$	40	$	(239)	$	23	$	(179)

For the three months ended March 31, 2026 and 2025, the aggregate fair value of available-for-sale securities sold was $ 2.4 billion and $3.1 billion, respectively, which resulted in Net realized gains (losses) of $(199) million and $(156) million, respectively. Included within the Net realized gains (losses) are $(13) million and $(15) million of realized gains (losses) for the three months ended March 31, 2026 and 2025, respectively, which relate to the Fortitude Re funds withheld assets held by Corebridge in support of Fortitude Re’s reinsurance obligations to Corebridge (Fortitude Re funds withheld assets). These realized gains (losses) are included in Net realized gains (losses) on Fortitude Re funds withheld assets.

OTHER SECURITIES MEASURED 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:


	March 31, 2026				December 31, 2025
(in millions)	Fair Value		Percent of Total		Fair Value		Percent of Total
Fixed maturity securities:

U.S. government and government sponsored entities	$	191	3	%	$	192	4	%
Obligations of states, municipalities and political subdivisions	34		1		34		1
Non-U.S. governments	72		1		75		1
Corporate debt	2,966		45		2,914		53
Mortgage-backed, asset-backed and collateralized:
RMBS	134		2		137		2
CMBS	203		3		217		4
CLO	591		9		585		11
ABS	1,195		18		1,253		23
Total mortgage-backed, asset-backed and collateralized	2,123		32		2,192		40
Total fixed maturity securities	5,386		82		5,407		99
Equity securities	1,157		18		79		1
Total	$	6,543	100	%	$	5,486	100	%

OTHER INVESTED ASSETS

The following table summarizes the carrying amounts of other invested assets:


(in millions)	March 31, 2026		December 31, 2025
Alternative investments(a)(b)	$	8,197	$	8,123
Investment real estate(c)	1,023		985
All other investments(d)	1,130		1,127
Total	$	10,350	$	10,235

(a)At March 31, 2026, included hedge funds of $108 million and private equity funds of $8.1 billion. At December 31, 2025, included hedge funds of $121 million and private equity funds of $8.0 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 $436 million and $406 million as of March 31, 2026 and December 31, 2025, 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 March 31, 2026 and December 31, 2025, respectively.

Other Invested Assets – Equity Method Investments

The carrying amount of equity method investments totaled $2.8 billion and $2.8 billion as of March 31, 2026 and December 31, 2025, respectively, representing various ownership percentages each period.

NET INVESTMENT INCOME

The following table presents the components of Net investment income:



	2026						2025
(in millions)	Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets		Total		Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets		Total












Three Months Ended March 31,

Available-for-sale fixed maturity securities, including short-term investments	$	2,400	$	177	$	2,577	$	2,269	$	175	$	2,444
Other fixed maturity securities	(9)		20		11		19		120		139
Equity securities	(11)		—		(11)		(2)		—		(2)
Interest on mortgage and other loans	675		36		711		665		43		708
Alternative investments*	59		33		92		80		4		84
Real estate	9		(1)		8		5		(2)		3
Other investments	20		—		20		(2)		—		(2)
Total investment income	3,143		265		3,408		3,034		340		3,374
Investment expenses	206		5		211		176		9		185
Net investment income	$	2,937	$	260	$	3,197	$	2,858	$	331	$	3,189

*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.

NET REALIZED GAINS AND LOSSES

The following table presents the components of Net realized gains (losses):



	2026						2025
(in millions)	Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets		Total		Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets		Total














Three Months Ended March 31,

Sales of fixed maturity securities	$	(186)	$	(13)	$	(199)	$	(141)	$	(15)	$	(156)
Intent to sell	(60)		—		(60)		—		—		—
Change in allowance for credit losses on fixed maturity securities	(56)		—		(56)		(20)		(8)		(28)
Change in allowance for credit losses on loans	(22)		(11)		(33)		(16)		(2)		(18)
Foreign exchange transactions, net of related hedges	200		7		207		(121)		13		(108)
Index-Linked interest credited embedded derivatives, net of related hedges	(41)		—		(41)		(288)		—		(288)
All other derivatives and hedge accounting*	(178)		12		(166)		(244)		37		(207)
Sales of alternative investments and real estate investments	7		(7)		—		12		(2)		10
Other	7		(9)		(2)		(4)		(19)		(23)
Net realized gains (losses) – excluding Fortitude Re funds withheld embedded derivative	(329)		(21)		(350)		(822)		4		(818)
Net realized gains (losses) on Fortitude Re funds withheld embedded derivative	—		14		14		—		(596)		(596)
Net realized losses	$	(329)	$	(7)	$	(336)	$	(822)	$	(592)	$	(1,414)

* 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.

CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENTS

The following table presents the increase (decrease) in unrealized appreciation (depreciation) of our available-for-sale securities:


	Three Months Ended March 31,
(in millions)		2026		2025
Increase (decrease) in unrealized appreciation (depreciation) of investments:
Fixed maturity securities		$	(2,562)	$	2,019
Other investments		—		—
Total increase (decrease) in unrealized appreciation (depreciation) of investments		$	(2,562)	$	2,019

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:



	2026						2025
(in millions)	Equities		Other Invested Assets		Total		Equities		Other Invested Assets		Total
Three Months Ended March 31,





Net gains (losses) recognized during the period on equity securities and other investments	$	(11)	$	119	$	108	$	(2)	$	65	$	63
Less: Net gains (losses) recognized during the period on equity securities and other investments sold during the period	30		4		34		16		(1)		15
Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date	$	(41)	$	115	$	74	$	(18)	$	66	$	48

EVALUATING INVESTMENTS FOR AN ALLOWANCE FOR CREDIT LOSSES AND IMPAIRMENTS

Credit Impairments

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:



	2026						2025
(in millions)	Structured		Non-Structured		Total		Structured		Non-Structured		Total
Three Months Ended March 31,













Balance, beginning of year	$	36	$	94	$	130	$	33	$	86	$	119
Additions:
Securities for which allowance for credit losses were not previously recorded	7		34		41		—		40		40


Reductions:
Securities sold during the period	(3)		(1)		(4)		—		(2)		(2)
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	(1)		16		15		1		(13)		(12)
Write-offs charged against the allowance	—		(14)		(14)		(3)		(28)		(31)

Balance, end of period	$	39	$	129	$	168	$	31	$	83	$	114

PLEDGED INVESTMENTS

Secured Financing and Similar Arrangements

We enter into secured financing transactions whereby certain securities are sold under agreements to repurchase (repurchase agreements), in which we transfer securities in exchange for cash, with an agreement by us to repurchase the same or substantially similar securities. Our secured financing transactions also include those that involve the transfer of securities to financial institutions in exchange for cash (securities lending agreements). In all of these secured financing transactions, the securities transferred by us (pledged collateral) may be sold or repledged by the counterparties. These agreements are recorded at their contracted amounts plus accrued interest, other than those that are accounted for at fair value.

Pledged collateral levels are monitored daily and are generally maintained at an agreed-upon percentage of the fair value of the amounts borrowed during the life of the transactions. In the event of a decline in the fair value of the pledged collateral under these secured financing transactions, we may be required to transfer cash or additional securities as pledged collateral under these agreements. At the termination of the transactions, we and our counterparties are obligated to return the amounts borrowed and the securities transferred, respectively.

The following table presents the fair value of securities pledged to counterparties under secured financing transactions, including repurchase and securities lending agreements:


(in millions)	March 31, 2026		December 31, 2025
Fixed maturity securities available-for-sale	$	6,169	$	4,405

At March 31, 2026 and December 31, 2025, amounts borrowed under repurchase and securities lending agreements totaled $6.2 billion and $4.5 billion, respectively.

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 Continuous		Up to 30 Days		31 - 90 Days		91 - 364 Days		365 Days or Greater		Total
March 31, 2026
Bonds available-for-sale:


Non-U.S. governments	$	—	$	—	$	30	$	—	$	—	$	30
Corporate debt	6		—		3,118		—		—		3,124
Total	$	6	$	—	$	3,148	$	—	$	—	$	3,154




December 31, 2025
Bonds available-for-sale:


Non-U.S. governments	$	—	$	25	$	34	$	—	$	—	$	59
Corporate debt	6		598		486		—		—		1,090
Total	$	6	$	623	$	520	$	—	$	—	$	1,149

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 Continuous		Up to 30 Days		31 - 90 Days		91 - 364 Days		365 Days or Greater		Total
March 31, 2026
Bonds available for sale:

Non-U.S. government	$	—	$	25	$	16	$	—	$	—	$	41
Corporate debt	—		1,752		1,222		—		—		2,974
Total	$	—	$	1,777	$	1,238	$	—	$	—	$	3,015




December 31, 2025
Bonds available-for-sale:

Non-U.S. government	$	—	$	57	$	—	$	—	$	—	$	57
Corporate debt	—		3,199		—		—		—		3,199
Total	$	—	$	3,256	$	—	$	—	$	—	$	3,256

There were no reverse repurchase agreements at March 31, 2026 and December 31, 2025.

We do not currently offset any secured financing transactions. All such transactions are collateralized and margined daily consistent with market standards and subject to enforceable master netting arrangements with rights of set off.

Insurance – Statutory and Other Deposits

The total carrying value of cash and securities deposited by our insurance subsidiaries under requirements of regulatory authorities or other insurance-related arrangements, including certain annuity-related obligations and certain reinsurance treaties, was $11.8 billion and $12.1 billion at March 31, 2026 and December 31, 2025, respectively.

Other Pledges and Restrictions

Certain of our subsidiaries are members of Federal Home Loan Banks (“FHLBs”) and such membership requires the members to own stock in these FHLBs. We owned an aggregate of $303 million and $306 million of stock in FHLBs at March 31, 2026 and December 31, 2025, respectively. In addition, our subsidiaries have pledged securities available-for-sale and residential loans associated with borrowings and funding agreements from FHLBs, with a fair value of $4.1 billion and $8.2 billion, respectively, at March 31, 2026 and $2.9 billion and $8.5 billion, respectively, at December 31, 2025.

Certain GICs recorded in policyholder contract deposits with a carrying value of $63 million and $48 million at March 31, 2026 and December 31, 2025, respectively, have provisions that require collateral to be posted or payments to be made by us upon a downgrade of our Insurer Financial Strength (“IFS”) ratings. The actual amount of collateral required to be posted to the counterparties in the event of such downgrades and the aggregate amount of payments that we could be required to make depend on market conditions, the fair value of outstanding affected transactions and other factors prevailing at and after the time of the downgrade. The fair value of securities pledged as collateral with respect to these obligations was approximately $119 million and $121 million at March 31, 2026 and December 31, 2025, respectively. This collateral primarily consists of securities of the U.S. government and government-sponsored entities and generally cannot be repledged or resold by the counterparties.

As part of our collateralized reinsurance transactions, we pledge collateral to cedants as contractually required. The fair value of securities pledged as excess collateral with respect to these obligations was approximately $637 million and $650 million at March 31, 2026 and December 31, 2025, respectively. Additionally, assets supporting these transactions are held solely for the benefit of the cedants and insulated from obligations owed to our other policyholders and general creditors.

Reinsurance transactions between Corebridge and Fortitude Re were structured as modified coinsurance.