v3.26.1
Investments (Tables)
 3 Months Ended
Mar. 31, 2026
Equity Method Investments, Joint Ventures, Investments, Debt And Equity Securities [Abstract]  
Schedule of Amortized Cost and Fair Value of Available for Sale Securities
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 subdivisions4,835 — 25 (691)4,169 
Non-U.S. governments4,781 — 43 (699)4,125 
Corporate debt135,689 (129)1,300 (15,662)121,198 
Mortgage-backed, asset-backed and collateralized:
RMBS16,791 (10)581 (618)16,744 
CMBS9,955 (22)67 (508)9,492 
CLO8,788 — 54 (87)8,755 
ABS22,252 (7)174 (556)21,863 
Total mortgage-backed, asset-backed and collateralized57,786 (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 subdivisions5,146 — 30 (690)4,486 
Non-U.S. governments5,021 — 83 (617)4,487 
Corporate debt134,444 (94)2,099 (14,378)122,071 
Mortgage-backed, asset-backed and collateralized:
RMBS16,297 (8)658 (597)16,350 
CMBS9,749 (23)78 (497)9,307 
CLO9,036 — 104 (48)9,092 
ABS22,500 (5)259 (503)22,251 
Total mortgage-backed, asset-backed and collateralized57,582 (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.
Schedule of Unrealized Loss on Investments
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 subdivisions522 54 2,929 637 3,451 691 
Non-U.S. governments935 70 2,113 629 3,048 699 
Corporate debt30,961 1,772 51,582 13,824 82,543 15,596 
RMBS3,210 84 4,574 517 7,784 601 
CMBS2,400 20 4,557 484 6,957 504 
CLO3,964 56 1,619 31 5,583 87 
ABS5,984 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 subdivisions407 46 3,303 644 3,710 690 
Non-U.S. governments360 32 2,515 585 2,875 617 
Corporate debt16,178 1,351 55,136 13,002 71,314 14,353 
RMBS1,949 139 4,146 446 6,095 585 
CMBS1,023 14 4,785 478 5,808 492 
CLO2,826 36 658 12 3,484 48 
ABS3,231 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.
Schedule of Fixed Maturity Securities Available for Sale by Contractual Maturity
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 years26,702 26,468 
Due after five years through ten years31,302 30,812 
Due after ten years85,515 70,229 
Mortgage-backed, asset-backed and collateralized57,747 56,854 
Total$204,584 $187,673 
Schedule of Realized Gain (Loss) on Investments
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,
20262025
(in millions)Gross
Realized
Gains		Gross
Realized
Losses		Gross
Realized
Gains		Gross
Realized
Losses
Fixed maturity securities$40 $(239)$23 $(179)
The following table presents the components of Net realized gains (losses):
20262025
(in millions)Excluding Fortitude
Re Funds
Withheld
Assets		Fortitude
Re Funds
Withheld
Assets		TotalExcluding
Fortitude
Re Funds
Withheld
Assets		Fortitude
Re Funds
Withheld
Assets		Total
Three Months Ended March 31,
Sales of fixed maturity securities$(186)$(13)$(199)$(141)$(15)$(156)
Intent to sell
(60)— (60)— — — 
Change in allowance for credit losses on fixed maturity securities(56)— (56)(20)(8)(28)
Change in allowance for credit losses on loans(22)(11)(33)(16)(2)(18)
Foreign exchange transactions, net of related hedges200 7 207 (121)13 (108)
Index-Linked interest credited embedded derivatives, net of related hedges(41)— (41)(288)— (288)
All other derivatives and hedge accounting*
(178)12 (166)(244)37 (207)
Sales of alternative investments and real estate investments7 (7)— 12 (2)10 
Other
7 (9)(2)(4)(19)(23)
Net realized gains (losses) – excluding Fortitude Re funds withheld embedded derivative(329)(21)(350)(822)4 (818)
Net realized gains (losses) on Fortitude Re funds withheld embedded derivative— 14 14 — (596)(596)
Net realized losses$(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.
Schedule of Fixed Maturity Securities and Equity Securities 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, 2026December 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 subdivisions34 1 34 1 
Non-U.S. governments72 1 75 1 
Corporate debt2,966 45 2,914 53 
Mortgage-backed, asset-backed and collateralized:
RMBS134 2 137 2 
CMBS203 3 217 4 
CLO591 9 585 11 
ABS1,195 18 1,253 23 
Total mortgage-backed, asset-backed and collateralized2,123 32 2,192 40 
Total fixed maturity securities5,386 82 5,407 99 
Equity securities1,157 18 79 1 
Total$6,543 100 %$5,486 100 %
Schedule of Other Invested Assets
The following table summarizes the carrying amounts of other invested assets:
(in millions)March 31, 2026December 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.
Schedule of Components of Net Investment Income
The following table presents the components of Net investment income:
20262025
(in millions)Excluding
Fortitude
Re Funds
Withheld
Assets		Fortitude
Re Funds
Withheld
Assets		TotalExcluding
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 loans675 36 711 665 43 708 
Alternative investments*59 33 92 80 4 84 
Real estate9 (1)8 5 (2)3 
Other investments20 — 20 (2)— (2)
Total investment income3,143 265 3,408 3,034 340 3,374 
Investment expenses206 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.
Schedule of Components of Unrealized Gain (Loss) on 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)
20262025
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)$2,019
The following table summarizes the unrealized gains and losses recognized in Net investment income during the reporting period on equity securities and other invested assets still held at the reporting date:
20262025
(in millions)
Equities
Other Invested Assets
Total
Equities
Other Invested Assets
Total
Three Months Ended March 31,
Net gains (losses) recognized during the period on equity securities and other investments$(11)$119 $108 $(2)$65 $63 
Less: Net gains (losses) recognized during the period on equity securities and other investments sold during the period30 4 34 16 (1)15 
Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date$(41)$115 $74 $(18)$66 $48 
Schedule of Rollforward of the Changes In Allowance for Credit Losses
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:
20262025
(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 
Schedule of Financial Instruments Owned and Pledged as Collateral
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, 2026December 31, 2025
Fixed maturity securities available-for-sale
$6,169 $4,405 
The following table presents the fair value of securities pledged under our repurchase agreements by collateral type and by remaining contractual maturity:
Remaining Contractual Maturity of the Repurchase Agreements
(in millions)Overnight and ContinuousUp to 30 Days31 - 90 Days91 - 364 Days365 Days or GreaterTotal
March 31, 2026
Bonds available-for-sale:
Non-U.S. governments$— $— $30 $— $— $30 
Corporate debt6 — 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 debt6 598 486 — — 1,090 
Total$6 $623 $520 $— $— $1,149 
The following table presents the fair value of securities pledged under our securities lending agreements by collateral type and by remaining contractual maturity:
Remaining Contractual Maturity of the Securities Lending Agreements
(in millions)Overnight and ContinuousUp to 30 Days31 - 90 Days91 - 364 Days365 Days or GreaterTotal
March 31, 2026
Bonds available for sale:
Non-U.S. government$— $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