Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Net Realized and Unrealized Gains and Losses Included in Income (Loss) Related to Level 3 Assets and Liabilities

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, 2026	Level 1		Level 2		Level 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	—		3,424		745		—		—		4,169
Non-U.S. governments	—		4,125		—		—		—		4,125
Corporate debt	—		120,499		699		—		—		121,198
RMBS	—		11,577		5,167		—		—		16,744
CMBS	—		8,776		716		—		—		9,492
CLO	—		6,757		1,998		—		—		8,755
ABS	—		1,757		20,106		—		—		21,863
Total bonds available-for-sale	—		158,242		29,431		—		—		187,673
Other bond securities:
U.S. government and government sponsored entities	—		191		—		—		—		191
Obligations of states, municipalities and political subdivisions	—		33		1		—		—		34
Non-U.S. governments	—		72		—		—		—		72
Corporate debt	—		2,759		207		—		—		2,966
RMBS	—		68		66		—		—		134
CMBS	—		196		7		—		—		203
CLO	—		558		33		—		—		591
ABS	—		63		1,132		—		—		1,195
Total other bond securities	—		3,940		1,446		—		—		5,386
Equity securities	1,108		—		49		—		—		1,157
Other invested assets(b)	—		—		1,477		—		—		1,477
Derivative assets:
Interest rate contracts	—		827		22		—		—		849
Foreign exchange contracts	—		950		—		—		—		950
Equity contracts	43		5,697		590		—		—		6,330
Credit contracts	—		185		—		—		—		185
Other contracts	—		—		18		—		—		18
Counterparty netting and cash collateral	—		—		—		(4,717)		(2,697)		(7,414)
Total derivative assets	43		7,659		630		(4,717)		(2,697)		918
Short-term investments	903		811		—		—		—		1,714
Market risk benefit assets	—		—		2,628		—		—		2,628
Separate account assets	86,479		4,041		—		—		—		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	—		1,639		22		—		—		1,661
Foreign exchange contracts	—		435		—		—		—		435
Equity contracts	2		3,377		24		—		—		3,403

Other contracts	—		—		2		—		—		2
Counterparty netting and cash collateral	—		—		—		(4,717)		(599)		(5,316)
Total derivative liabilities	2		5,451		48		(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, 2025	Level 1		Level 2		Level 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	—		3,725		761		—		—		4,486
Non-U.S. governments	—		4,487		—		—		—		4,487
Corporate debt	—		121,390		681		—		—		122,071
RMBS	—		10,495		5,855		—		—		16,350
CMBS	—		8,563		744		—		—		9,307
CLO	—		7,037		2,055		—		—		9,092
ABS	—		1,814		20,437		—		—		22,251
Total bonds available-for-sale	10		158,838		30,533		—		—		189,381
Other bond securities:
U.S. government and government sponsored entities	—		192		—		—		—		192
Obligations of states, municipalities and political subdivisions	—		33		1		—		—		34
Non-U.S. governments	—		75		—		—		—		75
Corporate debt	—		2,709		205		—		—		2,914
RMBS	—		50		87		—		—		137
CMBS	—		201		16		—		—		217
CLO	—		542		43		—		—		585
ABS	—		65		1,188		—		—		1,253
Total other bond securities	—		3,867		1,540		—		—		5,407
Equity securities	10		—		69		—		—		79
Other invested assets(b)	—		—		1,498		—		—		1,498
Derivative assets:
Interest rate contracts	—		894		22		—		—		916
Foreign exchange contracts	—		711		—		—		—		711
Equity contracts	6		7,519		863		—		—		8,388

Other contracts	—		—		14		—		—		14
Counterparty netting and cash collateral	—		—		—		(6,106)		(3,482)		(9,588)
Total derivative assets	6		9,124		899		(6,106)		(3,482)		441
Short-term investments	661		963		—		—		—		1,624
Market risk benefit assets	—		—		2,392		—		—		2,392
Separate account assets	91,582		4,003		—		—		—		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	—		1,611		22		—		—		1,633
Foreign exchange contracts	—		554		—		—		—		554
Equity contracts	7		4,795		98		—		—		4,900

Other contracts	—		—		4		—		—		4
Counterparty netting and cash collateral	—		—		—		(6,106)		(686)		(6,792)
Total derivative liabilities	7		6,960		124		(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.

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		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes 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 debt	681		(11)		(8)		(2)		209		(170)		—		699		—		(8)
RMBS	5,855		19		(59)		198		2		(848)		—		5,167		—		(59)
CMBS	744		4		5		(53)		16		—		—		716		—		2
CLO	2,055		(1)		(42)		96		15		(125)		—		1,998		—		(42)
ABS	20,437		(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 subdivisions	1		—		—		—		—		—		—		1		—		—
Corporate debt	205		(2)		—		4		—		—		—		207		(2)		—
RMBS	87		(1)		—		(1)		—		(19)		—		66		—		—
CMBS	16		1		—		(10)		—		—		—		7		—		—
CLO	43		(11)		—		—		1		—		—		33		(10)		—
ABS	1,188		(1)		—		(55)		—		—		—		1,132		(3)		—
Total other bond securities	1,540		(14)		—		(62)		1		(19)		—		1,446		(15)		—
Equity securities	69		(20)		—		—		—		—		—		49		(19)		—
Other invested assets	1,498		(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		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes 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 payable	3,795		(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 Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes 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 debt	1,834		(4)		24		105		333		(1,208)		—		1,084		—		15
RMBS	6,045		58		83		54		58		(94)		—		6,204		—		86
CMBS	621		5		18		(8)		68		—		—		704		—		16
CLO	2,162		7		2		81		—		(93)		—		2,159		—		3
ABS	17,566		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 subdivisions	1		—		—		—		—		—		—		1		—		—
Corporate debt	209		(3)		—		(13)		8		(187)		—		14		(3)		—
RMBS	98		3		—		(4)		—		(8)		—		89		2		—
CMBS	14		2		—		—		—		—		—		16		1		—
CLO	59		1		—		(2)		—		(6)		—		52		1		—
ABS	1,160		16		—		(28)		—		—		—		1,148		7		—
Total other bond securities	1,541		19		—		(47)		8		(201)		—		1,320		8		—
Equity securities	41		—		—		—		—		—		—		41		—		—
Other invested assets	1,647		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		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes 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 payable	2,223		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, net	16		—		(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, net	15		—		(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)	Purchases		Sales		Issuances 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 debt	190		—		(192)		(2)
RMBS	453		(79)		(176)		198
CMBS	17		(5)		(65)		(53)
CLO	98		—		(2)		96
ABS	1,422		(342)		(825)		255
Total bonds available-for-sale	2,193		(449)		(1,260)		484
Other bond securities:

Corporate debt	12		—		(8)		4
RMBS	—		—		(1)		(1)
CMBS	—		—		(10)		(10)
CLO	—		—		—		—
ABS	40		(37)		(58)		(55)
Total other bond securities	52		(37)		(77)		(62)
Equity securities	—		—		—		—
Other invested assets	7		—		(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 debt	340		(86)		(149)		105
RMBS	266		(43)		(169)		54
CMBS	7		(7)		(8)		(8)
CLO	183		—		(102)		81
ABS	1,880		(539)		(509)		832
Total bonds available-for-sale	2,701		(700)		(938)		1,063
Other bond securities:

Corporate debt	5		(13)		(5)		(13)
RMBS	14		(14)		(4)		(4)
CMBS	—		—		—		—
CLO	—		—		(2)		(2)
ABS	38		(17)		(49)		(28)
Total other bond securities	57		(44)		(60)		(47)
Equity securities	—		—		—		—
Other invested assets	130		—		(127)		3

Total assets*	$	2,888	$	(744)	$	(1,125)	$	1,019
Liabilities:
Policyholder contract deposits	$	—	$	309	$	(161)	$	148
Derivative liabilities, net	—		—		34		34
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

Schedule of Fair Value Measurement Inputs and Valuation Techniques

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, 2026		Valuation Technique	Unobservable Input(a)	Range (Weighted Average)(b)
Assets:
Obligations of states, municipalities and political subdivisions	$	720	Discounted cash flow	Yield	5.64% - 5.93% (5.78%)
Corporate debt	$	808	Discounted cash flow	Yield	5.05% - 6.61% (5.83%)
RMBS(c)	$	2,204	Discounted cash flow	Prepayment 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 flow	Yield	4.91% - 8.56% (6.19%)
ABS(c)	$	17,751	Discounted cash flow	Yield	5.10% - 7.07% (6.08%)
CMBS	$	700	Discounted cash flow	Yield	4.95% - 15.67% (10.31%)
Market risk benefit assets	$	2,628	Discounted cash flow	Equity 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, 2026		Valuation Technique	Unobservable Input(a)	Range (Weighted Average)(b)
Liabilities(d):
Market risk benefit liabilities:
Variable annuities guaranteed benefits	$	1,659	Discounted cash flow	Equity 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 flow	Base 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 flow	Equity 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 flow	Equity 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 flow	Equity 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 flow	Base 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, 2025		Valuation Technique	Unobservable Input(a)	Range (Weighted Average)(b)
Assets:
Obligations of states, municipalities and political subdivisions	$	723	Discounted cash flow	Yield	5.62% - 5.87% (5.74%)
Corporate debt	$	701	Discounted cash flow	Yield	4.92% - 7.62% (5.80%)
RMBS(c)	$	2,847	Discounted cash flow	Prepayment 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 flow	Yield	5.02% - 6.32% (5.67%)
ABS(c)	$	18,129	Discounted cash flow	Yield	4.64% - 7.24% (5.94%)
CMBS	$	696	Discounted cash flow	Yield	3.80% - 19.92% (11.58%)
Market risk benefit assets	$	2,392	Discounted cash flow	Equity 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 flow	Equity 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 flow	Base 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 flow	Equity 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 flow	Equity 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, 2025		Valuation Technique	Unobservable Input(a)	Range (Weighted Average)(b)
Registered index-linked annuities(i)	$	765	Discounted cash flow	Equity 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 flow	Base 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.

Schedule of 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)	2026		2025
Assets:
Other bond securities(a)	$	11	$	139
Alternative investments(b)	88		49
Total assets	99		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.

Schedule of 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 Value									Impairment Charges
	Non-Recurring Basis								Three Months Ended March 31,
(in millions)	Level 1		Level 2		Level 3		Total			2026		2025
March 31, 2026
Other investments	$	—	$	—	$	43	$	43		$	23	$	—


Total	$	—	$	—	$	43	$	43		$	23	$	—
December 31, 2025
Other investments	$	—	$	—	$	164	$	164
Total	$	—	$	—	$	164	$	164

Schedule of Fair Value Information about Financial Instruments not Measured a 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 1		Level 2		Level 3		Total		Carrying 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
Cash	373		—		—		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.