v3.26.1
Equity
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Equity
16. Equity
PREFERRED STOCK
Issuance of Corebridge Preferred Stock
On November 18, 2025, Corebridge Parent issued 500,000 shares of its 6.875% Fixed Rate Reset Non-Cumulative Preferred Stock, Series A (the “Series A Preferred Stock”), $1.00 par value per share, with a liquidation preference of $1,000 per share, for aggregate net cash proceeds of $493 million ($500 million gross). The preferred stock ranks senior to Corebridge common stock with respect to the payment of dividends and liquidation. Corebridge will pay dividends on the Series A Preferred Stock on a noncumulative basis only when, as and if declared by the Company’s Board of Directors (or a duly authorized committee of the Board) and will be payable semi-annually in arrears, commencing on June 1, 2026. Dividends will accrue on a noncumulative basis at a fixed rate per annum of 6.875% and from, and including, December 1, 2030, during each reset period at a rate per annum equal to the five-year treasury rate plus 3.181%. In connection with the issuance of the Series A Preferred Stock we incurred $7 million of issuance costs, which has been recorded as a reduction of additional paid-in capital. The Series A Preferred Stock is redeemable at Corebridge’s option, in whole or in part, on any dividend payment date on or after December 1, 2030, at a redemption price of $1,000 per share plus declared and unpaid dividends.
Preferred Stock Dividends Declared
On May 5, 2026, the Company declared a cash dividend on Corebridge Parent Series A Preferred Stock of $36.86 per share, payable on June 1, 2026 to holders of record at close of business on May 15, 2026.
COMMON STOCK
The following table presents a rollforward of outstanding shares:
Three Months Ended March 31, 2026Common Stock IssuedTreasury StockCommon Stock Outstanding
Shares, beginning of year650,189,849 (153,816,103)496,373,746 
Shares issued under long-term incentive compensation plans— 1,375,163 1,375,163 
Shares repurchased— (41,021,643)(41,021,643)
Shares, end of period650,189,849 (193,462,583)456,727,266 
Repurchase of Corebridge Common Stock
Shares may be repurchased from time to time in the open market, through private purchases, through forward, derivative, accelerated repurchase or automatic repurchase transactions or otherwise. Certain of our share repurchases have been and may from time to time be effected through the Securities and Exchange Act of 1934, as amended (the “Exchange Act”) Rule 10b5-1 repurchase plans. On May 4, 2023, our Board of Directors authorized a share repurchase program, which has subsequently been expanded. Most recently, on June 23, 2025, our Board of Directors authorized an additional $2.0 billion increase in the share repurchase amount under the share repurchase program. Under this program, Corebridge Parent may, from time to time, purchase shares of Corebridge Parent common stock but is not obligated to purchase any particular number of shares. The authorization for the share repurchase program may be terminated, increased or decreased by the Board of Directors at any time.
The following table presents by announcement date, common stock repurchases authorized by Corebridge’s Board of Directors:
March 31, 2026
Announcement date
Authorized amount
Authorization Remaining*
(in millions)
June 23, 2025$2,000 $1,342 
February 11, 2025$2,000 $— 
April 30, 2024$2,000 $— 
May 4, 2023$1,000 $— 
*     The authorization remaining at March 31, 2026 does not reflect the applicable excise tax payable due to the Inflation Reduction Act of 2022.
RETAINED EARNINGS
Dividends
Declaration DateRecord DatePayment DateDividend Paid Per Common Share
February 9, 2026March 17, 2026March 31, 2026$0.25 
Dividends Declared
On May 4, 2026, the Company declared a cash dividend on Corebridge Parent common stock of $0.25 per share, payable on June 30, 2026 to shareholders of record at close of business on June 16, 2026.
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
The following table presents a rollforward of Accumulated other comprehensive income (loss):
(in millions)
Unrealized appreciation (depreciation) of Fixed maturity securities on which allowance for credit losses was taken
Unrealized appreciation (depreciation) of all Other Investments
Change in fair value of market risk benefits attributable to changes in our own credit risk
Change in the discount rates used to measure traditional and limited payment long-duration insurance contracts
Cash flow hedges
Foreign currency translation adjustments
Retirement plan liabilities adjustment
Total
Three Months Ended March 31, 2026
Balance, December 31, 2025, net of tax$(29)$(11,656)$(1,116)$3,250 $66 $31 $2 $(9,452)
Change in unrealized appreciation (depreciation) of investments
(43)(2,519)— — — — — (2,562)
Change in fair value of market risk benefits attributable to changes in our own credit risk— — 601 — — — — 601 
Change in discount rates assumptions of certain liabilities— — — 837 — — — 837 
Change in future policy benefits and other— 50 — — — — — 50 
Change in cash flow hedges— — — — (52)— — (52)
Change in foreign currency translation adjustments— — — — — — — — 
Change in deferred tax asset (liability)9 441 (130)(182)12 — — 150 
Total other comprehensive income (loss)(34)(2,028)471 655 (40)— — (976)
Less: Noncontrolling interests
— — — — — — — — 
Balance, March 31, 2026, net of tax$(63)$(13,684)$(645)$3,905 $26 $31 $2 $(10,428)
Three Months Ended March 31, 2025
Balance, December 31, 2024, net of tax
$(43)$(16,229)$(690)$3,342 $(46)$(17)$2 $(13,681)
Change in unrealized appreciation (depreciation) of investments
16 2,003 — — — — — 2,019 
Change in fair value of market risk benefits attributable to changes in our own credit risk— — (60)— — — — (60)
Change in discount rates assumptions of certain liabilities— — — 50 — — — 50 
Change in future policy benefits and other— (32)— — — — — (32)
Change in cash flow hedges
— — — — 175 — — 175 
Change in foreign currency translation adjustments— — — — — 5 — 5 
Change in deferred tax asset (liability)(3)(487)13 (10)(38)— — (525)
Total other comprehensive income (loss)13 1,484 (47)40 137 5 — 1,632 
Less: Noncontrolling interests
— — — — — — — — 
Balance, March 31, 2025, net of tax$(30)$(14,745)$(737)$3,382 $91 $(12)$2 $(12,049)
The following table presents the OCI reclassification adjustments for the three months ended March 31, 2026 and 2025, respectively:
(in millions)
Unrealized appreciation (depreciation) of Fixed maturity securities on which allowance for credit losses was taken
Unrealized appreciation (depreciation) of all Other Investments
Change in fair value of market risk benefits attributable to changes in our own credit risk
Change in the discount rates used to measure traditional and limited payment long-duration insurance contracts
Cash flow hedges
Foreign currency translation adjustments
Total
Three Months Ended March 31, 2026
Unrealized change arising during period$(39)$(2,732)$601 $837 $(52)$— $(1,385)
Less: Reclassification adjustments included in net income4 (263)— — — — (259)
Total other comprehensive income (loss), before income tax expense (benefit)(43)(2,469)601 837 (52)— (1,126)
Less: Income tax expense (benefit)(9)(441)130 182 (12)— (150)
Total other comprehensive income (loss), net of income tax expense (benefit)$(34)$(2,028)$471 $655 $(40)$— $(976)
Three Months Ended March 31, 2025
Unrealized change arising during period$15 $1,816 $(60)$83 $175 $5 $2,034 
Less: Reclassification adjustments included in net income(1)(155)— 33 — — (123)
Total other comprehensive income (loss), before income tax expense (benefit)16 1,971 (60)50 175 5 2,157 
Less: Income tax expense (benefit)3 487 (13)10 38 — 525 
Total other comprehensive income (loss), net of income tax expense (benefit)$13 $1,484 $(47)$40 $137 $5 $1,632 
The following table presents the effect of the reclassification of significant items out of Accumulated other comprehensive income on the respective line items in the Condensed Consolidated Statements of Income (Loss)*:
Amount Reclassified from AOCI
Affected Line Item in the Condensed Consolidated Statements of Income (Loss)
Three Months Ended March 31,
(in millions)20262025
Unrealized appreciation (depreciation) of fixed maturity securities on which allowance for credit losses was taken
Investments$4$(1)Net realized gains (losses)
Total$4$(1)
Unrealized appreciation (depreciation) of all other investments
Investments$(263)$(155)Net realized gains (losses)
Total$(263)$(155)
Effect of changes in the discount rates used to measure traditional and limited-payment long duration insurance contracts
Reinsurance recapture$—$33Policyholder benefits
Total$—$33 
Total reclassifications for the period$(259)$(123)
*The following items are not reclassified out of AOCI and included in the Condensed Consolidated Statements of Income (Loss) and thus have been excluded from the table:(a) Change in fair value of MRBs attributable to changes in our own credit risk; and (b) Change in the discount rates used to measure traditional and limited-payment long-duration insurance contracts.
NON-REDEEMABLE NONCONTROLLING INTEREST
The activity in non-redeemable noncontrolling interest primarily relates to activities with consolidated investment entities.
The changes in non-redeemable noncontrolling interest due to divestitures and acquisitions primarily relate to the formation and funding of new consolidated investment entities. The majority of the funding for these consolidated investment entities comes from affiliated companies of Corebridge.
The changes in non-redeemable noncontrolling interest due to contributions from noncontrolling interests primarily relate to the additional capital calls related to consolidated investment entities.
The changes in non-redeemable noncontrolling interest due to distributions to noncontrolling interests primarily relate to dividends or other distributions related to consolidated investment entities.
The following table presents a rollforward of non-redeemable noncontrolling interest:
Three Months Ended March 31,
(in millions)20262025
Beginning balance$759$864
Net income (loss) attributable to redeemable noncontrolling interest(8)7
Contributions from noncontrolling interests88
Distributions to noncontrolling interests(21)(20)
Other(2)(3)
Ending balance$736$856
See Note 8 for additional information related to Variable Interest Entities.